Latest News
-
Trump unveils TrumpRx Website on Thursday
The White House announced that President Donald Trump will unveil "TrumpRx.gov" on Thursday night. This website is intended to give consumers discounted access to prescription drugs and to be a key part of his efforts to reduce drug prices in the U.S. Sixteen of the biggest drug manufacturers in the world have joined forces to create a new global alliance. Deals with "most-favorable nation" In exchange for exemptions from U.S. Tariffs,?the Trump Administration will lower drug prices in the United States. These agreements will lower the?prices for Medicaid and cash-paying customers via TrumpRX. Those deals include Agreements with obesity drug makers Eli Lilly and Novo Nordisk will slash prices on?popular GLP-1 diet drugs. According to the government, these drugs would cost between $149-$350 per month for Americans on average. Karoline Leavitt, White House spokesperson, said in a X post that the direct-to consumer?website will be "state-of-the-art" and "will help save millions of Americans' money." The exact website functionality and how much money consumers will be able to save are not yet known. U.S. patients pay much more for prescription drugs, sometimes nearly three times as much, than in other developed nations. Trump has been pressuring drugmakers?to lower prices to levels that are paid abroad. Pfizer Inc. AstraZeneca Merck GSK and Pfizer Inc. are among the other drugmakers who have signed these deals.
-
Urals diffs under pressure amid weak Indian demand
Urals crude differentials are under pressure after Thursday's'sellers' faced weak demand from India following a?trade?deal? that New Delhi made with Washington, which will result in India cutting purchases of Russian oil. The Russian oil market is increasingly exposed to China, so traders were forced to offer greater discounts to China as the largest buyer of Russian crude oil. The discounts on Russian oil exported to China have reached a new record this week, as sellers reduced prices to attract demand from the world's largest crude importer. They also cut their prices to offset the loss of India sales. PLATTS WINDOW Traders reported that no bids or offers for Urals, Azeri BTC, and CPC Blend were made on the Thursday. Trade sources reported on Thursday that India's Reliance industries?has purchased 2 million barrels from Vitol. This is its first purchase of Venezuelan oil in almost a year. Reliance Industries partially unloaded a jet fuel shipment in Italy. This is?India's?first export to the area since a European Union ban on products derived Russian oil went into effect on January 21. (Reporting and Editing by Susan Fenton).
-
Cheniere submits application for massive LNG plant to be built in Texas
Cheniere Energy, the largest exporter of liquefied gas in the world. The company has submitted a request to build a 24 metric tons per year LNG plant in Corpus Christi, Texas. According to a Federal Energy Regulatory Commission filing, the proposed project will be an expansion of Cheniere's Corpus Christi?plant. The plant currently has a capacity of 18 mtpa but could soon produce?as much as 25 mtpa with the ongoing Stage 3 expansion expected to be completed by 2026. The project is an expansion of Cheniere Corpus Christi's?plant. It currently has a production capacity of 18 mtpa, but it could soon reach 25 mtpa. If the Stage 4 Project is approved, Corpus Christi's capacity will eventually rise to 49 mtpa. According to FERC's filing, the latest expansion will include adding four 'new LNG processing plants', or?trains?, which will produce each 6 mtpa LNG. Cheniere estimates that Stage 4 will require 3.3 billion cubic feet of gas every day. It hopes to receive federal approval for the project by May 2019. According to preliminary data provided by financial firm LSEG, the U.S. will export 111 million metric tons of LNG in 2025. The United States. The?U.S. Cheniere and Venture Global have been competing to be the first U.S. company to reach 100 mtpa. Cheniere currently has a capacity of 52 mtpa, with an additional 8 mtpa in construction. Venture Global's capacity is 40 mtpa, with an additional 28 mtpa in construction.
-
Woman washed away by Storm Leonardo in Spain, man drowned in Portugal
On Thursday, Storm Leonardo lashed the Iberian Peninsula with torrential rainfall, prompting "more" flood warnings. A man died in a deluge while attempting to save his dog, and Spanish rescuers were searching for a woman who was swept by a river when she tried saving her pet. Leonardo is one of a half dozen winter storms that have hit Portugal and Spain in the past five years. Several people were killed, roofs were ripped off and towns flooded. Scientists say that flooding is becoming more common in Europe due to climate changes. The atmosphere is warming and retaining more moisture. In October 2024, 237 people died in Spain's Valencia Region due to unprecedented flash floods. Authorities in Portugal said that a man aged around 70 years old died Wednesday after his car was swept off a road near a dam on a flood-prone area. Authorities in southern Spain's Malaga Province searched for a woman who was dragged by the Turvilla River as she tried to save her dog. Yesterday, we spent all day and night searching. Manuel Marmolejo, Malaga's fire chief, said on Spanish TV that they found the dog but not the woman. "At First, We Thought It Was an Earthquake" The authorities ordered the evacuations of Grazalema’s 1,500 residents after water began to seep through the walls and steep streets of this popular mountain village. We were terrified. We thought at first it was an earthquake but it wasn't. The creaking was what we heard. Maria Fernandez said, "It was an awful night," as she swept the water out of her home. Juan Manuel Moreno of the regional government in Andalusia said that Grazalema received as much rain in 16-hours as the Madrid region receives in an entire year. Two reservoirs located down the mountainside from Grazalema?were in danger of overflowing. He said that authorities planned to drain the reservoirs. People in southern Portugal waded up to their waists through Alcacer do Sal when the river Sado broke its banks. Sandbags were stacked up in front of the doors of homes and shops to protect them from flooding. Anabela Ramalho said that everything was destroyed in the nursing home. She said, "Only walls remain." "There is a feeling that we can't do anything... "I don't recall seeing anything like that." Aemet, the state weather agency, predicts that Storm Marta will hit the region this weekend. Reporting by Jon Nazca, Miguel Pereira, and Emma Pinedo, in Gdansk; and Charlie Devereux and Alexandra Hudson, in Lisbon.
-
Shipping data shows that a tanker from Cuba has finished loading gasoline in Venezuela.
A shipping schedule viewed by on Thursday shows that a Venezuelan oil tanker has been transporting fuel from Venezuela to Cuba since April 20,25. This week, the vessel finished loading a cargo of 150,000 barrels of gasoline. It could be a sign that the OPEC nation is preparing to ship supplies to the island, under U.S. oversight. It was unclear as of Thursday if the vessel has left Venezuela. The last time it was spotted in Venezuelan waters was by TankerTrackers.com on Monday. Could not confirm the ultimate destination of the tanker. Due to the continued presence of the U.S. military in the Caribbean, and the?U.S. Since January, the U.S. has been in control of Venezuelan oil exports. Venezuela was Cuba's biggest oil supplier for 25 years, but the U.S. blockade of the country in December cut off shipments. The island had very few options for fuel and to keep the lights on. According to the ship monitoring services, Mexico, a small oil supplier to Cuba, has sent one fuel shipment in January but nothing else since. Residents and witnesses report that lines to purchase gasoline and diesel have increased at Cuban stations in recent weeks due to the lack of imported fuel. Cuban President Miguel Diaz Canel announced on Thursday that his government will implement a plan to address fuel shortages in the 'next week. Last week, tensions between Cubans and Americans rose after the U.S. announced it would impose tariffs on oil-producing countries. This led to higher prices for transportation, food, and fuel, and even blackouts in Havana. The White House dismissed Cuban demands that discussions with the United States only take place on an equal basis on Thursday. White House Press Secretary Karoline leavitt stated that "diplomacy" with Cuba is already taking place. Leavitt did not provide details.
-
Shipping schedules show that about 2 million barrels Venezuelan oil are being shipped to Spain’s Repsol.
According to the shipping schedules seen, 2 million barrels Venezuelan heavy oil are being sent to refineries in Spain owned by Repsol, after purchases made by Trafigura. Trafigura, Vitol and others were granted U.S. export licenses to ship millions of barrels Venezuelan oil from the U.S. to other countries. This was in response to the capture of President Nicolas Maduro by U.S. forces. Since then, the companies have been storing the oil in Caribbean terminals while marketing the cargoes to refiners throughout the U.S. Spain has not imported Venezuelan crude oil since the first quarter last year, before U.S. president Donald Trump revoked the authorizations for foreign companies to receive or carry oil from a?U.S. sanctioned country. The U.S. Treasury Department granted a license to U.S. firms on Friday that allows them to transport, refine, and sell Venezuelan oil. The company said that some Venezuelan heavy crudes are suitable for its refineries including Cartagena. It is interested in stable supplies coming from South America. Delcy Rodriguez met with executives of Repsol and Maurel & Prom on Wednesday in Caracas. This was after the approval last month of a sweeping reform to the main oil law of Venezuela. The reform allowed the government to update and negotiate the terms of their joint ventures with the state company PDVSA for six months. Repsol and Trafigura have declined to comment. PDVSA operated Jose port in early February, and one of two cargoes of Merey Heavy Crude for Repsol on Suezmax tanks left the port. According to the schedule, the second cargo is expected to be loaded this week. The staff in Houston and Madrid contributed to the report. Additional reporting was done by Julia Symmes Cobb, Matthew Lewis and other staff.
-
Shipping schedules show that about 2 million barrels Venezuelan oil are being shipped to Spain’s Repsol.
According to the shipping schedules seen, about 2 million barrels of Venezuelan heavy crude will be'sent to refineries owned and operated by Repsol in Spain following purchases made by Trafigura. Trafigura, Vitol and other companies were granted U.S. Last month, Trafigura and Vitol were granted?U.S. Since then, the companies have been storing oil at Caribbean terminals and marketing cargoes for refiners in the U.S. Repsol declined comment. Trafigura declined to comment when asked about Venezuelan sales. Spain has not imported Venezuelan oil since the first quarter last year, before U.S. president Donald Trump revoked the authorizations of foreign companies to receive and transport oil from the sanctioned country. The first of two Merey heavy oil cargoes for Repsol on Suezmax tanks left the Jose port operated by PDVSA in early February. According to the schedule, the second cargo is expected to be loaded this week. The report was written by Marianna Pararaga and Pietro Lombardi, with editing by Julia Symmes Cobb.
-
LME copper stock swells in US and Asia as cargoes are diverted to its warehouses
Available copper inventories The London Metal Exchange has seen its trading volume increase by 11 months, as traders from the U.S.A. and Asia have increasingly turned to the exchange for metal storage. After more than 20,000 tonnes of copper were delivered to New Orleans and Baltimore over the last three weeks as well as similar inflows into South Korea and Taiwan, the amount of copper available in LME warehouses reached 160,625 tons on Wednesday. This is the highest since late February of last year. Copper was shipped in large volumes to the United States before possible import tariffs. Higher?prices at the U.S. Comex Exchange encouraged the LME to ship metal. Recent price spreads or arbitrage between the two have flipped. Alastair Munro is a senior base metals analyst at broker Marex. He said that Comex 'copper now trades at a discounted price to LME. This means the latter will naturally attract the 'inflows, as it is the premium location. LSEG data show that the front-month Comex contract for copper is currently trading at a price of about $60 a ton lower than the LME. The arbitrage for shipping metal from the Shanghai Futures Exchange back to the LME is also open. Two industry sources have reported inquiries from traders who are delivering cargoes by sea and want to put the metal in U.S. LME storage facilities, as delivery into Comex, their original destination, is no longer profitable. One source, who declined to be identified because he wasn't authorised to talk to the media, said: "They are scrambling for room." LME copper inventories in New ?Orleans From zero on January 15, the number of tons has risen to 16,975 on February 4 - the highest level since April 2024. And 4,625 tonnes?has flown into Baltimore The highest total since August 20,22. This means that there are 21,600 tonnes of copper in U.S. LME storage warehouses, which is 13.4% of the available LME copper. Around 15,000 tons of copper have been shipped to LME warehouses from Asia. Gwangyang, South Korea Busan This week. Munro believes this is copper of African origin, as the downstream purchasing in China's top metals consumer pauses before the Lunar New Year holiday at the end of this month. (Reporting and editing by Pratima Deai, Alexander Smith, and Tom Daly)
Senators demand that the US disclose whether FAA administrator has sold stake in airline
Three Democratic U.S. Senators asked Thursday the Transportation Department if the head the Federal 'Aviation Administration had sold 'his -shares in Republic Airways, and if he would be forced to forfeit any gains resulting from not selling before a divestment deadline.
Bryan Bedford, FAA Administrator, said in 'December that he had not sold his shares of Republic. However he would continue to recuse him from any issues which could affect the airline's finances while he worked to sell his holdings. Senator Maria Cantwell claimed that Bedford, the former CEO of Republic Airlines, violated his ethics agreement because he hadn't completed a sale of shares, despite having agreed to do so by October. 7.
Cantwell and Senators Tammy Duckworth, Ed Markey, in a letter, seen by DOT, asked DOT to "initiate?appropriate disciplinary?or corrective action?to address M. Bedford's .... Lack of accountability would send the signal that senior DOT officials could disregard their ethical obligations without consequence."
(source: Reuters)