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Saudi Aramco, Sonatrach and Sonatrach increase LPG prices in August
Saudi Arabian state oil producer Saudi Aramco raised its official prices for liquefied petroleum gas by between 6% and 7% in August, traders reported on Friday. This was due to a higher demand for the product on global markets. Algeria's Sonatrach raised LPG prices between 19% and 23 % for August, according to traders. Saudi Aramco’s August OSPs have increased by $40 per metric tonne to $620. For propane, the price has increased by $40 per ton up to $640. Butane is a good alternative. LPG comes in two types: Propane (also known as butane) and propane. Both have different boiling points. LPG is used primarily as fuel for vehicles, for heating and?as feedstock for other chemicals. Sonatrach has increased the price of its August?OSP propane by $100 per ton, to $540 And?for?butane, by $90 per ton to $570 . Saudi Aramco’s OSPs serve as a reference for contracts to supply LPG originating in the Middle East?to the Asia-Pacific area. Sonatrach’s?OSPs? are used as benchmarks in the Mediterranean and Black Sea regions, including Turkey. (Editing by Emelia Matarise Sithole)
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UAE Stocks Rise as Earnings Boost Sentiment
The stock markets of the United Arab Emirates closed higher on Friday. Abu Dhabi led the gains, as a strong corporate earnings boosted investor confidence. Abu Dhabi's benchmark index? jumped 0.4% in the second session of gains. Alpha Dhabi Holding rose 1.5% before its earnings announcement later that day. Adnoc Drilling gained 1.2% after it reported a 2% increase in net profit for Q2 to $359 Million, surpassing analyst estimates. Joseph Dahrieh said that despite external pressures the UAE stock market could continue to be resilient. Dubai's main index rose?0.1%, thanks to a rise of 1% in the Salik Company, a toll-gate operator. Commercial Bank of Dubai also saw a jump of 5.9%. Gains were limited due to a 0.7% drop in the top lender Emirates NBD Bank and a 0.5% decline in blue-chip developer Emaar Properties. Dubai Financial Market fell 1.4% following a?report by the exchange operator that its second-quarter profits had declined more than 60% to 229.8 millions dirhams (62.57million dollars). The price of oil, which is a major driver in the Gulf's financial markets, increased on Friday, as regional tensions and shipping restrictions fueled supply concerns. Brent crude rose 1.4% to $90.31 per barrel by 1146 GMT. Abu Dhabi's index rose by 0.9% for the week, while Dubai gained 0.2%. This ended a losing streak of three weeks.
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Enbridge's Mainline volume increases helped it beat second-quarter profit expectations
Enbridge beat expectations for the second-quarter adjusted profits?on Friday as the Canadian pipeline operator benefitted from higher volumes of liquids transported through its Mainline system. Enbridge has been able to maintain steady growth despite geopolitical tensions, commodity price volatility and increased demand for utility infrastructure, natural gas and power for data centers. Its Mainline System, which moves almost half of the crude oil in the United States?reported a second-quarter core adjusted profit of C$1,57 billion ($1.12billion), an increase from C$1.5billion a year ago. The largest pipeline system in North America transports light and heavy crude oil, natural gases liquids, and refined products to markets in Canada and U.S. Midwest. Enbridge's gas transmission unit reported a core adjusted profit of C$1.42 Billion, up from C$1.38 Billion a year ago. This was due to the increased revenue from East Tennessee settlement rates and an approved rate increase for Texas Eastern. The Line 5 Relocation?project in Wisconsin sanctioned this quarter added over C$1billion to the secured growth backlog. This brings the total to approximately C$41billion. Enbridge anticipates that the project will cost $1 billion, and it is expected to enter service by early 2027. CEO Greg Ebel stated that the company is well-positioned to take advantage of a "favorable" growth environment. He also said he would continue to give more visibility to its 5% growth forecast and extend it into the future. Peer TC Energy, which also topped the quarterly profit estimates Thursday, approved natural gas pipeline extension projects in North America worth approximately C$700 millions. According to LSEG, the company reported an adjusted profit per share of 63 'Canadian cents' for the quarter ended June 30. This was higher than analysts' expectations of 59 Canadian dollars. Reporting by Pooja menon in Bengaluru, Editing by Shreya biswas and Tasimzahid
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Market sources report that Russia imports gasoline from Morocco
Two industry sources have told? Two industry sources told? After repeated Ukrainian drone strikes on oil refineries caused shortages and price spikes, Moscow has introduced a "range" of measures to support its domestic fuel market. The measures include rail imports from Belarus and Kazakhstan of gasoline?and an export ban. Sources claim that a tanker flying the Panama flag loaded the cargo in Morocco's port Tangier at the end of July and is now dumping it at Russia's Arctic Port of Murmansk. Sources added that Lukoil was the supplier. The St. Petersburg International Mercantile Exchange (SPIMEX), which is a part of the Murmansk Port, has data that shows AI-92 gasoline being offered by rail from Kola Station. Lukoil didn't immediately respond to an inquiry for comment. Alexander Novak, Deputy Prime Minister of Russia, said in mid-July the country would import oil products to stabilize the domestic market amid fuel shortages due to refinery failures and increasing?demand. Sources had previously reported that Russia was also importing fuel from India via the sea. In early July, Russia’s gasoline production had fallen to 65% of the average summer consumption due to outages at major refineries after drone attacks that have increased in recent months. Gasoline sales were restricted in several Russian regions due to the drop in production. Reporting by In Moscow. Mark Potter is the editor.
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ADNOC purchases tankers amid Red Sea and Hormuz crises that reshape the oil trade
Three sources with knowledge of the matter said that Abu Dhabi National Oil Co. (ADNOC), has purchased 'five very large crude carrier (VLCC)s for $590 million. The company is expanding its fleet in response to the conflicting demands of the Strait of Hormuz and the Red Sea. The UAE producer is attempting to gain more control over its supply chain. This will allow it to deliver crude oil to customers despite geopolitical tensions that disrupt two of world's most important maritime routes. Sources claim that ADNOC Logistics and Services, (ADNOC L&S), recently purchased five VLCCs from Frontline Plc. Sources said that two vessels built in 2012 were bought for $115 million each and three vessels constructed in 2015 for $120 million. We do not comment on market speculation or rumours. ADNOC L&S constantly reviews its fleet requirements, strategic growth opportunities and company statements. "As an?issue of policy, any announcements made relating to?potential transactions' are done in accordance with?the?company?s internal governance processes and applicable disclosure obligations." Frontline has declined to comment. The United Arab Emirates, a former member of OPEC, has sold millions barrels directly to refiners and through spot auctions. ADNOC also purchased three very large gas carrier (VLGCs), each for about $115,000,000, according to a source. This source stated that ADNOC L&S also ordered 25-30 new vessels from different shipyards. These include crude tankers and LNG carriers as well as?LPG carriers. ADNOC L&S has more than 900 vessels, including seven VLGCs. After months of disruption, the investment in new vessels follows months of disruption for shipping through the Strait of Hormuz and the Red Sea. Source: After the crisis in the region escalated, the company expanded its own fleet and chartered 25 crude tankers with South Korea's Sinokor. Source: About 15 shuttle tankers were used to transport crude oil from storage terminals located in Fujairah, Oman and the Strait of Hormuz, while the rest of the vessels provided direct customer service. Sinokor has not responded to our request for comment. Reporting by Nidhi verma, Jonathan Saul, and Ahmad Ghaddar. Editing by Raju gopalakrishnan.
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Amadeus trims revenue forecasts for 2026 after beating profit expectations
Amadeus surpassed second-quarter profit estimates?on Friday. However, the 'travel technology company' lowered its revenue forecast for?2026 after the conflict in Middle East affected bookings and disrupted the air traffic. Amadeus expects a mid-to-high single-digit revenue increase in 2026. Previously, it had expected a high-single digit growth. According to LSEG, the company's?second quarter adjusted core profit was EUR672.8 millions ($774.2million) and exceeded analysts' average estimate of EUR657million. Amadeus reported that the turmoil in 'Middle East' caused an increase in cancellations of bookings and disruptions in air traffic, resulting in a 7.6% drop in bookings for the quarter. At the opening, shares?fell by as much as?3.5% before turning around and trading 1.6% higher at 0756 GMT. Amadeus, the world's biggest travel booking system, faces increased pressure due to an uncertain travel climate. The global airline association,?IATA, lowered its passenger demand forecast for 2026, from 4,9% to 2,1%, last month, because of?the U.S. and Israeli war with Iran. Amadeus reported that almost all regions experienced a'slower growth rate than the first quarter due to airline capacity adjustments and reduced air traffic. The company's hospitality and?Air IT businesses grew revenue the most, while traditional travel distribution slowed down as geopolitical tensions affected travel demand. The stock is still down 14% from the start of the year, despite Friday's gains.
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Air taxi developers turn to the military market amid delays in civil certification
Aerospace startups have promised for years to develop electric air cabs. However, they are now focusing their efforts on a market with less regulatory obstacles and more money to spend. Last week, at the Farnborough Airshow in England, some of the biggest companies competing to bring an electric vertical takeoff and landing (eVTOL), to market, talked about new efforts to develop a military version of their aircraft. This was a departure from the Jetsons'-style future where air taxis zoomed commuters all over that they had sold to investors. The process of turning that vision into a commercial reality takes longer and costs more than investors and companies expected. War in Ukraine and Middle East has increased the demand for unmanned aircraft. These aircraft do not require a runway and are cheaper to deploy than conventional models. They can also perform a variety of missions including surveillance, medical evacuations, and supply. Adam Goldstein, CEO of Archer Aviation at Farnborough, said that investors are interested in defense because it is growing rapidly and the products can be deployed without the long civil regulatory process. He said that the time it takes to get a product into the field is much shorter and if you are successful in a contract, there will be a 'known amount of money at the end. This is very different than a new category such as (a civil) eVTOL. Archer revealed an unmanned hybrid electric aircraft that can perform combat and logistics missions developed in collaboration with Anduril during the airshow. Vertical Aerospace’s tiltrotor completed a Farnborough transition flight, with the rotors pointed like a helicopter. The aircraft was able to fly like an airplane in the air because the rotors were tilted towards the forward. Just before the show the UK-based firm had once again pushed its certification and entry into service goal for its Valo planes by an additional year, to 2029. Three years ago, the company's target was set at 2025. Vertical Aerospace shares have also fallen more than 50% over the last year, just like its competitors. This is a volatile sector because it is dependent on certification (by regulators) and on the development and integration of a new, innovative technology, said Andres Sheppard. He said that some investors are perhaps becoming less patient. Sheppard is still confident that eVTOLs are coming to market before the end of this decade. But in the interim, "these companies must fortify their financial statements." Beta Technologies, meanwhile, has been working on military and civilian versions of the Alia eVTOL since several years. At the show, the MV250 unmanned military'version' of Alia was on display. In an interview at the airshow, Beta CEO Kyle Clark stated that "Beta had focused on making sure our defense product was identical to our commercial products." The motors, rotors and flight controllers are all identical between the two products. As a means to reduce development costs and time, the company developed both products simultaneously, along with an Alia CTOL model that is electric and can take off and land conventionally. He said: "That's where you get the strategic advantage, because doing both together is not a drag, or a distraction. It becomes an accelerator, to our commercial product." At the show, Beta announced that UK regional carrier Loganair has placed five provisional CTOL orders plus five options, with commercial service starting in 2029. Sheppard predicted that the CTOL version would be the first commercial electric plane certified by the U.S. Federal Aviation Administration by mid-2027. The eVTOL model will follow in 2028. Reporting by Shivansh Tiwary, Dan Catchpole and Jamie Freed
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IAG, the owner of British Airways, has seen its second-quarter profits drop 16% due to the Iran War.
IAG, the owner of British Airways, reported a 16 percent drop in its'second-quarter profits' on a Friday, due to soaring fuel prices and a weak travel demand tied to the Middle East conflict. It now expects capacity to remain flat this year. IAG, the company that owns Iberia, Aer Lingus and Iberia, said its fuel costs would be between EUR8.3 billion and EUR8.6?billion for the entire year, which is a little lower than the EUR9 billion estimate made in May. The company reported an operating profit of EUR1.41billion ($1.62billion) for the third quarter. This is lower than the EUR1.68billion reported a year earlier but slightly higher than the EUR1.37billion forecast by analysts in a poll compiled by the company. The 'quarterly' results reinforce the uncertainty and pressure highlighted by fellow carriers,?Ryanair & easyJet in this month as a prolonged escalating conflict raises costs and weakens demand for travel. Reporting from Shashwat awasthi and Joanna Plucinska, London. Editing by Subhranshu Sahu.
US to need rear seat belt pointers in automobiles in 2027
The U.S. Transport Department said Monday it will need rear seat reminder systems to increase safety belt use beginning in late 2027 in all new cars and trucks in a quote to minimize traffic crash deaths and injuries that have actually been rising recently.
The National Highway Traffic Safety Administration said its last rule will likewise update and expand existing warnings for the chauffeur and others in the front seats. The last regulation comes more than a years after Congress in 2012 directed the agency to consider mandating the systems for rear travelers. NHTSA price quotes the new guideline will eventually avoid more than 500 injuries and save about 50 lives yearly.
The last policies come more than a decade after Congress in 2012 directed the company to consider mandating the systems for rear passengers.
Safety belt cautioning systems, currently needed only for the chauffeur's seat, use visual and audible alerts to encourage seat belt use. The new guidelines likewise increase the period of existing cautions and also reach the front guest seat.
The proposal followed U.S. traffic deaths jumped considerably following the COVID-19 pandemic.
The brand-new guideline requires an indefinite visual caution and a. two-phase audible caution based in part on vehicle speed. staying active until the driver's safety belt is buckled. It. likewise extends enhanced motorist's seat belt caution requirements to. the front guest seat.
The guideline needs a visual warning upon automobile start-up to. notify the motorist of the status of the rear seat belts, which. must last a minimum of one minute. The rule likewise requires an. audio-visual signal whenever rear seat belts are unfastened. during driving.
Producers should satisfy front seat belt warning requirements. in September 2026 and rear seat cautions will be needed on new. lorries by September 2027.
NHTSA said seat belts minimize the threat of fatality for rear. seat occupants by 55% for vehicles and 74% for sport energy. vehicles. About half of all automobile residents killed in crashes. are not wearing seat belts.
The European Union has required rear seat reminder systems. given that 2019.
(source: Reuters)