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Asian spot prices remain stable on low demand
The Asian spot LNG prices remained stable this week, as regional demand was muted. Meanwhile, a gas supply agreement between Russia and China could curb future LNG shipments by the largest Asian importer. Average LNG price for delivery in October to Northeast Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) was $11,30, a slight increase from $11,15/mmBtu in the previous week. Masanori Odaka of Rystad Energy said that east Asian importers showed a muted interest in purchasing cargoes, although some Japanese and Korean firms offered to deliver them by the fourth quarter. Current prices are still above what some end users consider acceptable. He added that Chinese importers also stayed away from the current spot price, and most utilities were only interested in buying at $10.50/mmBtu. Beijing and Moscow signed an agreement this week to increase the gas supply through the existing Power of Siberia pipe and to build the Power of Siberia 2 pipeline. However, they are yet to agree on the pricing. Klaas Dzeman, an analyst at Brainchild Commodity Intelligence, stated that China is sending out a geopolitical message that it wants to receive more Russian natural gas. This will reduce its LNG dependence from other sources by 2027, and influence the profitability of LNG producers. Analysts and industry players are also watching to see if more tankers sanctioned with Arctic LNG 2 supplies will deliver additional cargoes into China. In Europe, S&P Global Commodity Insights set its daily North West Europe Gas Marker benchmark price for cargoes to be delivered in October ex-ship at $10.475, a discount of $0.625/mmBtu from the October futures prices at the Dutch TTF Hub. Spark Commodities set the price at $10.442/mmBtu while Argus put it at $10.49/mmBtu. Aly Blakeway is the manager of Atlantic LNG for S&P Global Commodity Insights. This also comes as imports to Europe have experienced a slight decline, due to the cooling of heatwaves. Also, easing concerns over storage has added more bearish tailwinds in the market. Qasim Afghan, Spark Commodities analyst, stated that the U.S. arbitrage for Northeast Asia via Cape of Good Hope has shrunk significantly in recent weeks, and only marginally influenced U.S. cargo shipments to Europe. Arbitrage via Panama also increased and now opens to Asia. He said that the Atlantic LNG rates dropped to $28,500/day last Friday while Pacific LNG rates fell to $32,500/day.
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Energy chief: EU would welcome US support to stop using Russian oil
Energy Commissioner Dan Jorgensen said on Friday that the European Union would be happy to have President Donald Trump support its plans to stop purchasing Russian oil. These purchases are used to fund Moscow's war against Ukraine. The European Union has begun negotiating with Russia to end its decades-old energy relationship. A White House official confirmed that U.S. president Donald Trump called European leaders on Thursday and told them to stop buying Russian oil. Diplomatic efforts to end the conflict are still ongoing. Jorgensen is in charge of the EU's Energy Policy. He said that he was not under any pressure from the U.S. Administration to stop Russian oil purchases before the 2028 deadline. However, he would appreciate U.S. support for the EU Plan. "Putin has not only weaponised energy and blackmailed members states against us but we also indirectly finance Putin's War, which needs to stop. "If President Trump supports that, that's a very welcome support because that is our main goal," he stated in an interview. The White House official who quoted Trump's remarks has asked the Kremlin for comment. India accused the West for being hypocritical after the United States imposed punitive duties on India because of its continued purchase of Russian oil. HUNGARY AND SLOVAKIA OPPOSE PHASE OUT According to EU figures, the amount of gas Europe purchases from Russia is expected to drop to 13% this year. This compares to 45% in 2022 before Russia invaded Ukraine. Hungary and Slovakia continue importing Russian crude oil via the Druzhba pipe and oppose the EU's phase out plan, claiming it will increase energy prices. Jorgensen stated that he is in discussions with both governments to address their concerns, but if necessary, EU countries can approve phase-out plans even without them. He refused to confirm whether Brussels would provide funding or legal assurances to try to win support from the two countries. Jorgensen stated that if there are domestic reasons that prevent some countries from supporting it, this does not require unanimity. The EU proposals were designed to be approved by a consolidated majority of members countries. EU diplomats said they expect the energy ministers of member countries to approve these proposals at a meeting in a month. Next week, Jorgensen and U.S. Energy Secretary Chris Wright will meet in Brussels to discuss the EU's commitment to purchase $250 billion worth of U.S. supplies of energy per year as part of a U.S.-EU free trade agreement. Analysts say the EU's energy pledge is unrealistically large - partly because it has limited control over what energy its companies import. Jorgensen stated that they will discuss ways in which the EU and U.S. Administrations can ensure that the deal is implemented. The Commission, for example, has stated that it could pool the demand of European companies in order to purchase more U.S. Gas. It's obvious that our role is facilitation. "The EU is not a trader of gas," Jorgensen stated. (Reporting and editing by Jan Strupczewski, Barbara Lewis and Kate Abnett)
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Allegro CEO: E-commerce company not involved in any business disputes with partners
Allegro, the CEO of Polish ecommerce company Allegro, denied on Friday that Allegro was in dispute with its partners despite its relationship with InPost deteriorating in recent months. When asked by reporters about InPost, Allegro CEO Marcin Kusmierz said: "We don't believe that we are in any disputes or business with any entity." At 0945 GMT, InPost shares rose 4.8% after falling around 13% Tuesday, when it reported slower volume growth in Poland. Allegro shares were up 2.6%. Allegro has recently been sued by InPost for breaching their long-term agreement. According to JPMorgan, Allegro gets 30% of InPost's Polish revenues. Allegro, according to InPost, has been redirecting its customers to their own lockers. Rafal Brzoska, CEO of InPost, commented on the claim made on Tuesday. He said that the company must look out for the interests its shareholders.
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Zelenskiy will meet EU's Costa and Slovakia's PM to discuss energy issues
The Ukrainian president Volodymyr Zelenskiy announced that he will meet with the President of the European Council, Antonio Costa, and Slovak prime minister Robert Fico to discuss energy matters on Friday. Roman Andarak, Ukraine's deputy minister of energy, said on Friday in Copenhagen that Zelenskiy would be expected to discuss with Fico a phased out Russian oil delivery via Ukraine during their meeting. Slovakia relies heavily on oil supplies from Russia via Druzhba, whose infrastructure Ukrainian drones attacked recently. This caused repeated interruptions in supply, which prompted a furious response from Bratislava. Ukraine has been fighting a full-scale Russian invasion since February 2022. It has repeatedly asked other countries to stop purchasing Russian oil so that Moscow does not have the funds it needs to fight its war.
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Dutch Postal Operator PostNL Loses Second Bid for State Support
Dutch postal operator PostNL lost Friday its second attempt to get financial assistance from the Dutch government this year after a court rejected it again, saying that the state had no obligation grant the subsidy. The interim relief judge stated that the Netherlands Trade and Industry Appeals Tribunal wasn't convinced that the company’s situation was so dire as to require the Minister of Economic Affairs provide financial assistance this year and next, as requested. PostNL asked for the Dutch government to contribute 30 million euros ($35,1 million) and 38 millions in 2026. The request was rejected in early August. The Dutch tribunal stated that "the burden on PostNL can be eased by financial support or the UPD obligations" referring to the rules which require PostNL to deliver mail throughout the Netherlands for a set rate. The Minister would prefer this. By 0819 GMT, shares in the group had fallen 0.7%.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. SAFRAN The French aerospace group is looking to sell a significant part of its interiors business. SOFINA The Belgian holding reported a lower net asset value for the first half of 2024 than it did in 2010. It was 9.8 billion euro compared to 10.3 billion euros in the same period last year. The French group announced a half-year revenue totaling 2.5 billion Euros and confirmed its long term strategy. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
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US: 2 Venezuelan military aircraft flew close to US Navy vessel on international waters
The U.S. Department of Defense announced late Thursday that two Venezuelan military aircraft flew close to a U.S. Navy ship in international waters. On Tuesday, the U.S. Military killed 11 people on a Venezuelan vessel in the Caribbean that was allegedly carrying illegal drugs and belonged to a cartel that Donald Trump had designated as a terrorist organization. Legal experts raised questions regarding the attack. In a statement released by the Defense Department on Thursday, Venezuela was "strongly advised" not to continue any effort to obstruct or deter counter-narcotics operations and counter-terrorism carried out by U.S. forces. The statement didn't provide any further details. The Pentagon described the action as a "highly provocation move," which it said "was intended to interfere with our anti-narcoterrorism operations." The New York Times, citing a U.S. Defense official, reported that two Venezuelan F-16 jet fighters flew above the U.S. Navy's guided-missile destroyer Jason Dunham, in the southern Caribbean Sea. Newspaper cites a U.S. official as saying that the U.S. warship didn't engage. The use of military forces in Tuesday's assault was a first. Trump stated in a post on social media that the boat was carrying illegal drugs, and it would be the U.S. Coast Guard's responsibility to intercept them. Legal experts say that if the Coast Guard was fired at while trying to stop the vessel, then the Coast Guard would have been justified in defending itself. Trump, however, posted on social media a video that appeared to show an air strike destroying a boat speeding by. The administration failed to provide any evidence of an imminent attack on the United States, did not indicate that the boat was armed, and did not identify the targets who would be critical in a terrorist attack. Previous presidents had done this when similar attacks occurred. Legal experts say that many people will see the victims of the attack as civilians, and they will view it as extrajudicial.
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Qantas reduces bonuses for executives by 15% in fiscal 2025 due to cyber-hack
Qantas Airways, Australia's largest airline, has reduced short-term bonuses by 15% for its CEO and top executives in fiscal 2025 following a cyber attack that exposed millions of records earlier this year. The company revealed the news on Friday. The country's flag airline said that a hacker targeted its call center in July and gained access to a database with six million names and email addresses as well as phone numbers, dates of birth and frequent flyer numbers. Qantas issued a statement saying that "While we acknowledge that the investigation into this incident will not be completed for some time, it is important that both our executives as well as shareholders deal with the remuneration implications of this incident this year." It added that the bonus adjustment reflects shared responsibility among executives. Vanessa Hudson, Qantas' CEO, received a short-term bonus of A$250,000 (162,450 dollars) for the fiscal year ending June 30. Hudson earned A$6.3million for the year. This is up from A$4.4million a year earlier. Qantas profit increased by nearly one-sixth during fiscal 2025, thanks to a sustained recovery of domestic travel after the pandemic and improved macroeconomic conditions.
Transnet South Africa reports lower full-year losses
Transnet, the state-owned South African logistics group, reported on Friday a loss of 1.9 billion Rand ($108.18million) for the financial year ending March. This is down from the loss of 7.3 billion Rand in the prior year.
Due to equipment shortages, and maintenance backlogs, the debt-ridden company has struggled for years to provide adequate rail freight and port services.
Transnet's persistent underperformance has led to the stifling of exports for key commodities like coal and iron ore. Mineral exporters have lost billions in revenue. Kumba Iron Ore as well as thermal coal exporter Thungela Resources were forced to reduce production.
Tariff increases and increased rail volume boosted the logistics company's revenue by 7.8% in 2024/25 to 82.7 billion Rand.
Net operating expenses fell 4.9%, to 52.1 billion Rands. This was due to a decrease in third-party claims.
(source: Reuters)