Latest News
-
US extends Newark Airport flight reductions through October 2026
Federal Aviation Administration announced on Friday that it will extend the flight reductions at Newark Airport, one of three major airports in the New York City area, until October 2026. This is due to the fact that the agency continues to struggle with air traffic controller shortages and congestion. The FAA announced in May that it would be reducing flights at Newark Liberty International Airport, New Jersey until 2025. This was after a series major disruptions caused by United Airlines at its hub. These disruptions caused hundreds of flights to be delayed and raised concerns about the ageing U.S. Air Traffic Control System. The FAA stated on Friday that the goal of the reduced rates of flight is to "continue to maintain safety while alleviating delays due to staffing challenges and equipment issues, resulting to smoother travel to and from Newark." The Office of Inspector General of the Transportation Department announced last month that it would investigate FAA's decision in 2024 to move some Newark air traffic control to Philadelphia, from New York. This was to deal with staffing shortages as well as the congested airspace of New York City. This review was prompted by two major communications failures for air traffic control operators in Newark's airspace between April and May. FAA requirements 17 air traffic control officers The N90 Terminal Radar Approach Control in New York was moved to Philadelphia at the end of July last year. New York TRACON has one of the most busy facilities in the United States. The FAA cited "low staffing levels at N90 and low training effectiveness rate" as reasons for moving control of Newark airspace to increase staffing and ease congestion. The FAA published its July 2017 Annual Report. Minimum flight lengthened Requirements at New York City's congested airports until October 2026. About 3,500 air traffic control positions are not filled by the FAA. Safety concerns have been raised in recent years by a series of near miss incidents. The persistent staffing shortfall has caused delays and forced controllers to work six-day weekends and mandatory overtime. (Reporting and editing by Leslie Adler, Diane Craft, and David Shepardson)
-
CANADA-CRUDE-Discount on Western Canada Select widens
On Friday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) widened. WCS for Hardisty, Alberta delivery in September settled at $12.10 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with $11.95 per barrel on Thursday. * The difference between Canadian heavy crude oil and the U.S. benchmark is trending wider. Analysts say that this is due to a return to more normal market conditions after the discount was extremely tight due to wildfires which temporarily disrupted the oil sands production in Canada. The demand for Canadian heavy crude oil, which is used to make asphalt in the United States, usually peaks at the beginning of summer and then drops as traders start to plan ahead for the fall. * Oil prices fell sharply on Friday, as the markets awaited an upcoming meeting between Donald Trump and Vladimir Putin, president of Russia. The economic outlook was also a factor, with tariffs affecting oil prices. (Reporting and editing by Mohammed Safi Shamsi in Houston)
-
After fatal collision, US agency will investigate FAA oversight in Washington airspace
After a collision on January 29, involving an American Airlines regional plane and an Army helicopter, which killed 67 people, a U.S. government agency announced that it would open an investigation into how the government manages airspace around Reagan Washington National Airport. The Office of Inspector General of the U.S. Transportation Department is auditing Federal Aviation Administration management of airspace, and the allowance of exemptions for the use of ADS-B by military aircraft. Senators, the National Transportation Safety Board, and Transportation Secretary Sean Duffy have all criticized the FAA for not acting on reports of near miss incidents prior to the January collision. Jennifer Homendy, Chair of the NTSB, said during a hearing on the collision that "every sign indicated there was a risk to safety." "You moved people around instead of accepting responsibility for the fact that everyone in FAA and the tower was saying there was an issue... Fix it. "Do better" The FAA declined to comment immediately. The accident, which took place just southeast of the Potomac River airport, was the worst U.S. aviation disaster in over 20 years. After a close call on May 1, which forced two civilian aircraft to abort their landings, the FAA banned the Army in May from helicopter flights near the Pentagon. This week, the FAA said that the helicopter flights were still on hold despite the fact that the agency had announced it had signed a revised agreement with the Army in July. In March, the NTSB reported that between 2021 and 2015, there have been 15,200 incidents of air separation near Reagan Washington National Airport involving commercial aircrafts and helicopters. This includes 85 close calls. U.S. Senator Maria Cantwell applauded the audit and said it would "demand answers as to why the FAA overlooked more than 15,000 dangerous incidents involving helicopters, and allowed military aircraft fly without essential safety equipment in DCA’s congested space." DCA is the airport code of Reagan Washington National Airport. Cantwell urged the Army Inspector General to "step up and launch" their own audit. Last month, Senator Ted Cruz, along with several other Republican Senators, unveiled legislation that would require military helicopters to use ADS-B technology for tracking aircraft near civilian planes, and all civilian aircraft to use ADS-B. The helicopter that was involved in the January accident did not have ADS-B installed at the time. (Reporting and editing by Paul Simao; David Shepardson)
-
YPF, a subsidiary of Argentina's YPF, invests $400 million in a sustainable jet fuel venture
YPF, the state-owned oil company in Argentina, will invest $400 million to create a joint venture that will produce and sell sustainable aircraft fuel (SAF), according to a statement released on Friday. Santa Fe Bio will operate from YPF’s San Lorenzo Refinery in conjunction with Essential Energy. The project will be funded by Argentina's Large Investment Incentive Program and is divided into two phases. YPF stated that the location of the plant in San Lorenzo was ideal for exporting SAF. Demand from airlines is growing SAF is a key component to achieving the commitments made by airlines, who are major polluters, of reducing their carbon emissions. The fuel is made of waste products like used cooking oil and crop residues. But it's still in short supply in Latin America. Walter Bianchi, Kylie Madry and Brendan O'Boyle edited the article.
-
Officials say that Iraq has detained an oil tanker in a crackdown on smuggling.
Iraqi navy detained an oil tanker with Liberian flag in its territorial water as part of crackdown against fuel smuggling on sea, according to sources from the oil and transport ministry and navy. The sale of fuel on the black-market by some countries, heavily subventioned, to buyers in the Gulf region is a common practice. However, it was relatively rare for Iraqi authorities until recently to seize vessels. The tanker, which was identified as Liliana by the authorities and shipping companies, was carrying 93,000 tons of fuel oil at the time it was intercepted this week. It was located 26 nautical miles off the coast of Iraq near Basra’s oil terminal. The footage shows an armed Iraqi team searching and questioning the crew on the vessel. Passports were also checked. The footage also showed that another ship was stopped and searched. Farhan Al-Fartousi said that the General Company for Iraqi Ports had conducted a thorough inspection after receiving information on illegal oil and smuggling operations in the region. "Any vessel... engaging suspicious activities within Iraqi territory waters will be detained. Anyone proven guilty, and anyone involved, will be arrested," said he during an inspection of a tanker. Sources from the ministry and the navy said that the oil aboard was likely to be smuggled outside of Iraq. The vessel will remain at the site where it was impounded until the papers are referred to the court. The vessel would be towed into a port where a judge could rule on the case. The ship manager of Liliana, listed as Babylon Navigation based in Dubai, did not respond immediately to a comment request. LSEG's ship tracking data on Friday showed that the vessel was at anchor just off the Iraqi coastline, and its previous destination was listed as the Iraqi Port of Khor Al Zubair. Iraqi forces captured an unidentified vessel in March in Iraqi waters of the Gulf, which was suspected to be smuggling gasoline. Reporting by Mohammed Ati in Basra and Aref Mohammed in Baghdad; Writing by Jonathan Saul, Editing by Joe Bavier
-
South African tax authorities provide jet fuel to airports
South Africa's fuels sector body FIASA welcomed a one-year extension by tax authorities of special licences to import and store jet fuel. This helped to avoid a possible supply crisis at major international airports. Fuels Industry Association of South Africa said that the arrangement would allow its members to operate Special Storage Warehouse (SOS), licences, until October 31, next year. The extension allows continued imports. Aviation kerosene will be stored in tanks licensed by the government and then pumped into a multi-product pipeline to supply O.R.Tambo International Airport. This is one of Africa's most busy passenger hubs. The South African Revenue Service has extended the licence to cover the importation and storage separately of kerosene used primarily for household cooking. In a press release, FIASA stated that the extension was a crucial intervention to safeguard South Africa's supply security. This is especially true for the aviation industry and communities who rely on illuminating kerosene. SARS had previously stated that the South African Customs and Excise Act governs both the importation and transportation of aviation kerosene and illumination kerosene. Its provisions must be adhered to strictly, it said when issuing SOS licenses last year. South Africa, a net importer refined petroleum products has lost half its refinery capacity in the last five year, resulting in shortages of jet fuel at airports. The national transport department in January of this year took extraordinary measures to secure just under 121 million litres jet fuel for O.R. Tambo Airport after an fire at the Natref Refinery forced it to close operations. Natref crude refinery, South Africa's largest inland refinery and majority owned by Sasol, is one of the major suppliers of jet fuel for domestic airports. Reporting by Wendell Roelf, Editing by Mark Potter
-
White House: Azerbaijan, Armenia to sign peace accord
Azerbaijan will sign a first peace agreement with Armenia on Friday, the White House announced. President Donald Trump is expected to host the leaders of the two nations at a signing ceremony in the White House. Anna Kelly, White House spokesperson, told reporters Trump would sign separate agreements with Armenia and Azerbaijan in the areas of energy, technology and economic cooperation as well as border security, infrastructure, and trade. No additional details were given. One official said that the Azerbaijani president Ilham Aliyev, and the Armenian prime minister Nikol Pashinyan would arrive at the White House around 2:30 pm for the signing ceremony and to hold talks. The agreement grants the U.S. exclusive development rights over a strategic transit route through the South Caucasus. It is called the "Trump Route for International Peace and Prosperity." What's going on here with the Trump Route is that this is not charity. One senior official said, "This is a highly investmentable entity." He added that nine companies have been in contact in the last few days to discuss potential investments. Senior administration officials said reporters that the agreement would be the first in ending one of many frozen conflicts along Russia's border since the Cold War ended. They also stated it would send a strong signal to the region. This is not just about Armenia. This is not about Azerbaijan. It's not just about Azerbaijan. Since the late 1980s, Armenia and Azerbaijan are at odds. This is because Nagorno Karabakh - a region of Azerbaijan that was populated primarily by ethnic Armenians - separated from Azerbaijan. Both Armenia and Azerbaijan gained independence from the Soviet Union by 1991. Peace could be achieved in the South Caucasus region, a neighboring energy producing region. Russia Europe, Turkey, and Oil is crisscrossed across the surface of the earth. Pipelines but divided by closed borders and ethnic conflicts. Armenia intends to award the prize under a carefully negotiated part of the documents that the leaders will be signing on Friday. United States The officials said this week that the Trump Route for International Peace and Prosperity (TRIPP) will have exclusive development rights for a long period of time. (Reporting and writing by Andrea Shalal, editing by Alex Richardson & Mark Porter).
-
Asian spot LNG prices fall on weak demand, but sanctions are on the horizon
The Asian spot prices of liquefied gas (LNG), which are based on the current market price, declined due to a weaker demand. Markets also waited for further clarifications regarding U.S. Russian Energy Sanctions or secondary tariffs. Average LNG price for September deliveries into North-east Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is now $11.90, down from $12.10/mmBtu a week ago. Alex Froley is a senior LNG analyst with ICIS. He said that spot global gas prices had been fairly rangebound since April when the summer gas season began. There was a brief spike in June during the Iran strike. The market will pay close attention to any new developments regarding tariffs, peace talks and Russia between the U.S.A. and Ukraine. Tariffs that are raised on countries such as India may slow down global trade and reduce energy demand. He said that there is also the possibility of more targeted energy sanctions which could directly affect oil and gas consumption. Florence Schmit, energy strategist at Rabobank, says that President Trump's 25 percent tariff on India was imposed after a delay of 21 days. This led to a steep drop in the energy market, which included gas. While gas and LNG supply is not in danger under the current tariff and sanctions threats, the uncertainty over whether gas will be included at some point in the future keeps markets on edge. Gas markets will experience some downtime until then due to the ample supply," added she. Martin Senior, Argus' head of LNG pricing, says that in South Korea, the spot demand is weak. Many gas-fired plants are unable to compete with coal-fired generators on price. In southern China, however, strong hydro production following heavy rainfall and temperatures similar to seasonal averages has weighed down on gas-fired electricity generation. Prices in Europe remained stable, as Friday is the deadline for Russia's response to the U.S. ceasefire demand, and secondary oil tariffs are on the table. In the next few days, Donald Trump and Vladimir Putin will meet. Aly Blakeway is the manager of Atlantic LNG for S&P Global Commodity Insights. She said that the anticipated maintenance in Norway later this month and the need to inject more LNG into Europe's underground stores could support the price upwards during the second half August. S&P Global Commodity Insights estimated its daily North West Europe LNG Marker price benchmark (NWM) for cargoes to be delivered in September ex-ship on August 7 at $10.793/mmBtu, a $0.475/mmBtu reduction from the September futures prices at the TTF Hub. Spark Commodities placed the price at $10.764/mmBtu while Argus put it at $10.825/mmBtu. According to Spark Commodities analyst Qasim Afghanistan, the U.S. Arbitrage to North-East Asia via Cape of Good Hope only marginally encourages U.S. cargos for delivery to Europe while the arbitrage via Panama points to Asia. Afghan said that the global LNG freight rates were relatively stable. The Atlantic rates were assessed at $35750/day while Pacific rates were at $33,000/day. (Reporting and editing by Nina Chestney; Marwa Rashad)
Azeri BTC exports to fall in Sept
The differential between Brent and Urals crudes was unchanged in Friday's quiet trading, as neither buyers nor sellers rushed to trade due to the turbulent geopolitical environment, traders reported.
Indian Oil Corp. and Bharat Oil, India's two largest state refiners, have purchased at least 22,000,000 barrels of non Russian crude for delivery between September and October. This is after the U.S. pressed India to stop buying Russian crude.
According to participants on the market, September volumes of Russian crude oil had yet to begin trading and sellers still had plenty of time to negotiate a price with buyers.
The schedule for Friday shows that Azeri BTC crude exports to Turkey's Ceyhan Port are now set at 16,5 million barrels, down from 17,3 million barrels exported in August.
PLATTS WINDOW
On Friday, no bids or offers for Urals BTC, Azeri BTC Blend or CPC blend were made in the Platts Window.
Trade sources say that Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump and reduce Russian imports. (Reporting By)
(source: Reuters)