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The drop in US crude stocks adds to the sense of tighter supplies
The price of oil rose on Wednesday for the second consecutive day as an industry report revealed that U.S. crude stocks fell last week. This added to the feeling in markets about tightening supply. Brent futures were up 27 cents at $67.90 per barrel as of 0005 GMT. U.S. West Texas Intermediate Crude Futures rose 28 cents to $63.99. The benchmarks rose by more than $1 per barrel as the deal to resume oil exports from Iraqi Kurdistan fell through. This halted pipeline shipments from the region into Turkey, despite the hopes that a deal would be reached to end the deadlock. Two key producers demanded debt repayment guarantees. An agreement reached between the Kurdish region and federal government of Iraq and oil companies will allow for a return of exports of approximately 230,000 barrels of oil per day. Since March 2023, pipeline flows have been halted. API figures released later in the day showed that U.S. crude, gasoline, and distillate stock levels fell last week while they rose the previous week, according market sources who cited the API data. Sources said that crude stock levels fell by 3.82 millions barrels during the week ending September 19. Gasoline inventories also fell by 1,05 million barrels, and distillate stocks rose by 518,000. On Wednesday, the official U.S. energy data will be released. It is expected that crude oil and gasoline stocks have increased and distillates are likely to decline. Other signs of tightening of supply include reports that U.S. giant Chevron, which produces crude with Venezuelan partners at a rate of 240,000 barrels per day (bpd), will only be able export half. The company was granted a new operating permit in July to continue operations in Venezuela, but new rules mean that less heavy crude oil with high sulphur produced there will be exported to the U.S.
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New Mexico landmark bridge closes to pedestrians following record suicide numbers
The New Mexico Rio Grande Gorge Bridge was closed to pedestrians Monday due to a spate of suicides. Officials are looking for ways to prevent people from taking their lives on the bridge. Authorities said that three people have died after jumping off the span in the last three weeks. This has contributed to the record number of deaths on the bridge this year. Taos County Sheriff's Office has announced that the bridge will be closed indefinitely after deputies entered the gorge Sunday, which is 600 feet deep (183 meters). They were looking for the remains of 15-year old boy who was the sixth suicide victim at the bridge since 2025. The sheriff's report stated that on September 5, a 60 year-old U.S. Army Veteran suffering from post-traumatic disorder drove 15-hours from San Antonio, Texas to commit suicide at a bridge. Three days before, deputies from the sheriff's office had closed the bridge in order to recover the remains a man who was originally from Albuquerque. Since its construction in 1968, the 1,280-foot (390 meter) steel arch bridge has been featured in many movies and advertisements. The bridge is not only a popular tourist destination, but also a place where people want to end their life. The 600-foot drop is unsurvivable. "The closing of the bridge for pedestrian traffic is just a beginning," said Sheriff Steve Miera in a message. He added that this year's bridge suicides were at an all-time high. He said that the bridge will reopen for pedestrians as soon as the state installs effective barriers to stop suicides. It's too easy for people to kill themselves Ashley Roessler, a suicide prevention activist, said that safety barriers were needed to replace a railing which is only four feet high (1.2 meters) and easy to climb. Roessler said, "We make it too easy for people kill themselves." He is the founder of New Mexico Fight for Life Foundation. If you could just make it harder or jolt them, perhaps that kid would not have killed himself. In the United States, other bridges and buildings where suicides are frequent have nets or barriers. According to the authorities, a net placed on both sides of the Golden Gate Bridge, San Francisco, reduced the suicide rate by 73% during the first year of its installation in 2024. The number of deaths was cut from 30 to 8 in comparison to the average of 30 per year. After an 11-foot vertical net was installed at the Sunshine Skyway Bridge, Tampa, Florida in 2021, suicides have decreased from an average of 12 to 15 per year. The New Mexico Department of Transportation released a statement stating that the crisis call boxes were installed along the Rio Grande Gorge Bridge and upgraded earlier this summer. Press reports state that a 2018 study of this bridge found it necessary to reinforce the structure to support nets and fence. New Mexico Transportation Secretary Rick Serna stated that he is working with the consultant for the 2018 study in order to get a new evaluation. His department stated that the number of guards on the bridge had been increased from two to three until then. (Reporting from Andrew Hay in Taos New Mexico; Editing done by Frank McGurty, Bill Berkrot).
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US criticises UN Aviation Group for its social and climate focus
Sean Duffy, the U.S. Transportation secretary, criticized a United Nations group on aviation for failing to focus enough on safety and security. He called for reform. Duffy stated at the triennial meeting of the International Civil Aviation Organization, held in Montreal, that the organization has overstepped its mandate and wasted resources on programs for social welfare or climate finance initiatives which have no connection to the safety, security, and efficiency of global air transport systems. The United States and President Trump will evaluate ICAO's support based on our ability to implement this reform. Apostolos Tzitzikostas (European commissioner for sustainable tourism and transport) told the Assembly that its safety and security goals are aligned with environmental targets like achieving zero net emissions by 2050. He said that "none of these elements could be seen in isolation". Duffy said that, for the sake global safety, countries who threaten aviation security must be excluded from ICAO's leadership. All stakeholders, including Taiwan should be included in their technical work, regardless of politics. Duffy stated that "there is no place for politics in this question. This is about the safety and security of our global system, which we all benefit from and to which Taiwan is a key player." Liang Nan is the deputy administrator of China's Civil Aviation Administration. She reacted to Duffy's remarks on Taiwan. She told the audience that there was only one China. Last month, U.S. legislators urged ICAO not to support China's unilateral decision to extend a flight path in the Taiwan Strait. Environmentalists, as well as certain countries such France, Kenya, and Barbados have suggested charging fees for premium travel. The United States stated in a document to the assembly that the Global Solidarity Levies Task Force's proposed fees "undermine integrity and efficiency of global air transportation systems". Duffy said on Tuesday that the new taxes and charges "are at odds with ICAO's principles... Why should international aviation be singled-out? Why should air travelers be required to pay a new tax to a single country? (Reporting and editing by Lisa Shumaker; David Shepardson)
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LSEG data shows that Cheniere's largest LNG plant pulled less gas Tuesday.
According to preliminary data provided by financial firm LSEG, the gas flow into the United States' largest liquefied-natural gas (LNG), which can convert over 5 bcf of natural gases a day into LNG, fell nearly 600 millions cubic feet from Monday. This is 1.4 billion cubic foot (bcf) below peak demand. Cheniere Energy Sabine Pass in Texas, which converts over 5 bcf of natural gas a day into LNG, is down to 3.8 bcf, from 4.4 bcf Monday. This suggests that at least one of the company's processing plants (called trains) could be offline. The company didn't immediately respond to our request for comment. Cheniere is America's leading exporter of supercooled gas. It played a major role in making this country the world’s largest LNG exporter.
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Exelon CEO: We will intensify our efforts to own Mid-Atlantic Power Plants
Exelon, a major U.S. utility, plans to increase its efforts to acquire power plants in its Mid-Atlantic region next year. Electricity bills in this area are rising due to a growing demand, and new supply is slow to come on line, according to CEO Calvin Butler. Exelon is stepping up its efforts as PJM, the nation's largest grid, which provides electricity to 65 million people from the Midwest to Mid-Atlantic region, struggles to meet demand due to data centers, and electrification in industries such as transportation. Exelon, a Chicago-based company, said in July it was evaluating its options to build and own regulated power production. Electric utilities are prohibited from doing so in approximately half of the U.S. States. To prevent anticompetitive practices, these states allow independent power producers to own and operate their own power plants, while regulated utilities own the power lines. Butler said allowing Exelon and other electric utilities to build new regulated energy supplies would help ease grid power shortages, as well as bring down the prices. Butler said that his company has been talking with lawmakers and governors in preparation for next year's legislative meetings. Butler said at a Monday meeting in New York that he believed the 2026 legislative session would be an opportunity for our country. "We will be advocating it." Deregulation is generally considered to be in place in about half of the U.S. states. This means that electric utilities who own transmission and distribution systems cannot also own regulated electricity generation. Deregulation began in the 90s as a response to increasing electricity costs. Maryland and New Jersey are two of the 13 states that make up PJM. As their power bills continue to rise, they have thought about amending their laws so as to allow regulated electricity generation. Butler stated, "I am a staunch supporter of competitive markets that work. But we see the PJM marketplace is not working." According to the U.S. Energy Information Administration, U.S. electricity demand will reach record levels this year and in 2019. FIGHTING RISE IN BILLS Butler said that if the states allowed it, he would build community solar systems in neighborhoods with low to moderate incomes, which would, he claimed, reduce electricity bills. Butler stated that power supply costs account for 80% of the recent increases in household electricity bills, and not utility charges. Exelon, with nearly 11 million customers in the United States, is the largest power utility in the nation. It serves some of the poorest urban communities in the country, such as those in Philadelphia and Baltimore. Some of these cities also saw the largest increases in power bills over the summer. Independent power companies have opposed the idea of regulated electricity generation in states that are deregulated, claiming utilities would pass on the costs to their customers and raise the bills. Butler stated that regulated utilities are often able to build power supplies at a lower cost. He said that they have lower borrowing and capital costs, and can speed up the permitting process since utilities such as Exelon own land and easements for new power generation. Exelon earns about half as much on average from its assets, which is 9.5%. (Reporting and editing by Margueritachoy in New York, Laila Kearney from New York)
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Eurotunnel: A gradual rollout of the digital EU border system will prevent disruption in the UK
Eurotunnel's boss said that the European Union plan to roll out its digital border system post-Brexit in phases starting next month should prevent long queues at the UK border and confusion, he added. The EU will finally launch the much-delayed new Entry/Exit System on October 12 for UK nationals and non-EU citizens. This automated system requires that travellers register at the EU borders by scanning their passports, and taking their fingerprints and photographs. EES will eventually be used to replace passport stamping by all non-EU nationals, helping the bloc to track compliance with its 90 day visa-free travel policy and strengthen border control. The EU will gradually introduce the new system over a period of six months. This means that different ports and airports could have varying requirements up until April 2026. Eurotunnel Operator Confident There Won't be Delays British travelers using Eurotunnel, Port of Dover or Eurostar in St Pancras International (the so-called "juxtaposed ports") will be subject to a border process before leaving the UK. From October 12, only freight and coach traffic at the Eurotunnel Terminal and Port of Dover will be subject to EES inspections. In November, passenger vehicle checks will be conducted at Dover. By the end of this year, Eurotunnel will also conduct these checks. "You won't see any delays, because EES will be introduced gradually... we are very confident that there will be no problem," Yann Leriche said, CEO of Eurotunnel Operator Getlink. He said that if the processing time becomes excessively long, authorities will be able suspend checks for a short period of time. "If there's any unforeseeable issue on the field... The authorities will decide to move as slowly as necessary to make it work so that it can be managed after six months." EES is a requirement for entering Schengen countries. This includes non-EU nations like Iceland, Liechtenstein and Norway, but not EU members Ireland or Cyprus. EES is the precursor to a more advanced system called European Travel Information and Authorisation System (ETIAS), which will require citizens from outside of the Schengen Area to pay a fee prior to their travel. Since April, Europeans visiting Britain must purchase an electronic travel permit before their trip. ($1 = 0.7422 pound) (Reporting and editing by Ros Russell).
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Eurotunnel: A gradual rollout of the digital EU border system will prevent disruption in the UK
Eurotunnel's boss said that the European Union plan to roll out its digital border system post-Brexit in phases starting next month should prevent long queues at the UK border and confusion, he added. The EU will finally launch the much-delayed new Entry/Exit System on October 12 for UK nationals and non-EU citizens. This automated system requires that travellers register at the EU borders by scanning their passports, and taking their fingerprints and photographs. EES will eventually be used to replace passport stamping by all non-EU nationals, helping the bloc track and enforce its 90-day visa free travel rule. The EU will gradually introduce the new system over a period of six months. This means that different ports and airports could have varying requirements up until April 2026. Eurotunnel Operator Confident There Won't be Delays British travelers using Eurotunnel, Port of Dover or Eurostar in St Pancras International (the so-called "juxtaposed ports") will be subject to a border process before leaving the UK. From October 12, only freight and coach traffic at the Eurotunnel Terminal and Port of Dover will be subject to EES inspections. In November, passenger vehicle checks will be conducted at Dover. By the end of this year, Eurotunnel will also conduct these checks. "You won't see any delays, because EES will be introduced gradually... We are confident that there will be no problem," Yann Leriche said, CEO of Eurotunnel Operator Getlink. He said that port authorities would be able suspend inspections for short periods of time if the processing times became excessively long. "If there's any unforeseeable issue on the field... The authorities will decide to move as slowly as necessary to make it work so that it can be managed after six months." EES is a requirement for entering Schengen countries. This includes non-EU nations like Iceland, Liechtenstein and Norway, but not EU members Ireland or Cyprus. EES is the precursor to a more advanced system called European Travel Information and Authorisation System (ETIAS), which will require citizens from outside of the Schengen Area to pay a fee prior to their travel. Since April, Europeans visiting Britain must purchase a permit electronically in advance. ($1 = 0.7422 pound) (Reporting and editing by Ros Russell).
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Boeing offers remedies to EU for Spirit deal approval
According to an update posted on the website of the European Commission, Boeing has offered remedies to obtain EU approval for the buyback of Spirit AeroSystems. Spirit AeroSystems is the largest independent aerostructures manufacturer in the world. Boeing announced its $4.7 billion purchase in July of last year. Airbus would take over the supplier's Europe-focused, loss-making activities. The Commission, acting as the EU Competition enforcer, failed to provide details regarding the remedies in accordance with its policy, and extended the deadline for its decision on the deal until October 14. Boeing announced last year that Airbus would take over Spirit's Europe focused activities simultaneously with the close of Boeing's agreement with Spirit. Spirit will also sell its operations in Prestwick (Scotland) and Subang (Malaysia), which support Airbus programs, as well as those in Belfast, which do not. The Commission will seek feedback from the market before making a decision on whether or not to accept Boeing's remedy. If it has serious concerns, then they may open a four-month long investigation. The UK antitrust authority approved the deal unconditionally in December. Reporting by FooYunChee, Editing by RosRussell and Mark Potter
Super Typhoon Ragasa lashed Hong Kong with hurricane force winds and heavy rainfall
Super Typhoon Ragasa - the strongest tropical cyclone in the world this year - slammed Hong Kong on Wednesday with hurricane force winds and torrential rainfall. The city was shut down, and over 700 flights were cancelled.
The authorities told people to stay inside and the waves were surging over some of the Asian financial hub’s southern and eastern shores.
The observatory stated that "areas which were previously protected may become exposed...seas with phenomenal swells" will be a reality.
Ragasa will pass closest to the city within the next few hours. It will skirt around 60 miles (100 km) to the south.
The super typhoon is expected maintain its intensity as it moves closer to China's Guangdong Province, which is home to over 125 million residents. It is predicted to land on the coast between midday and late Wednesday.
Ragasa hit the Philippines' northern region on Monday, and Taiwan on Tuesday.
Fears that the shops might be closed for two full days sparked panic shopping this week. People crowded into supermarkets and left little on the shelves. In some cases, people waited for hours in line to buy goods.
Residents taped windows as the typhoon approached in an attempt to minimize any risk from broken glass.
Hong Kong issued its highest warning of typhoon 10, early Wednesday morning, urging businesses and transport services shut down. According to South China Morning Post, authorities also issued the Amber Rainstorm Signal, expecting heavy rainfall to continue. Some streets are already partially flooded.
Authorities have warned that sea levels could rise to the same level as those experienced during Typhoon Hato and Typhoon Mangkhut, both of which caused damage worth billions of dollars.
The observatory reported that "the water level will reach its maximum around noon (0400 GMT), usually to about 4 metres (13 ft)". The SCMP reported that a woman and her 5-year-old child were swept out to sea on Tuesday, after they watched the typhoon at the waterfront. They are currently in intensive care.
The government has announced that it has opened 49 shelters temporary in different districts, and 727 people are seeking refugee at these shelters.
Hong Kong Stock Exchange will be open. The stock exchange changed its policy in late 2013 to allow trading regardless of weather.
CCTV, the state broadcaster, reported that Guangdong authorities evacuated more than 770,000 people.
The authorities in Macau, the gambling hub next to Hong Kong and the home of Macau's casinos, also issued the No. 10 warning signal early on Wednesday. Early on Wednesday morning, authorities issued the No. 10 warning signal.
(source: Reuters)