Latest News
-
Heavy rains in Southern California cause flash flooding and mud slides
On Wednesday, torrential rains caused flash flooding and mud slides across Southern California. Authorities warned drivers to stay off the roads while urging those in flood zones either to evacuate or to shelter in place. Christopher Prater, spokesperson for the San Bernardino County Fire Department, said that emergency crews were busy answering rescue calls in the mountain resort of Wrightwood east of Los Angeles. They also pulled drivers from submerged cars. According to Prater, no casualties had been reported by Wednesday night. The fire department posted aerial video footage online showing rivers of mud flowing through flooded cabin neighborhoods. The latest atmospheric storm in the region, a huge airborne current of "dense" moisture that was swept from the Pacific and into the greater Los Angeles area, caused downpours of up to?inch (2.54cm) of rain per hour. According to the U.S. National Weather Service, the storm that began on Christmas Eve was expected to continue into Friday. This would create unsafe driving conditions in a period of travel which is normally busy during holidays. The weather service warned that "widespread flash flooding" was expected to occur in Southern California on Christmas Day. The flash flood warning was displayed across Los Angeles County up until 6 pm PST. It warned motorists to avoid the area if they were not fleeing it, or if there was an evacuation order. Los Angeles officials have urged residents in the area where wildfires last year ravaged?Pacific Palisades to obey evacuation orders for 130 homes deemed especially vulnerable to debris flows and mudslides. San Bernardino County Sheriff's Department had issued an evacuation order for Wrightwood in the morning, but the advisory was upgraded to a shelter in place order as the flood conditions worsened. Flooding forced the closure of two sections of the Angeles Crest Highway (a major traffic route in San Gabriel Mountains). The heavy rain on Wednesday was accompanied with strong winds, which officials claimed were responsible for the downing of trees and powerlines. The storm was predicted to bring heavy snowfall in the Sierra Mountains' upper elevations. NWS meteorologist Ariel Cohen said that 4 to 8 inches had fallen on some foothill areas as of 9 a.m. Los Angeles City News Service and PST reported many rockslides. Forecasts predicted that more than one foot (30.48cm) of rain would fall over certain lower-terrain mountain regions by the end of this week. A rare tornado warning was issued for a small area of the east-central Los Angeles County, due to thunderstorm activity in Alhambra. Forecasters say that the rain in the area has subsided as of Wednesday night. However, a second storm system is expected to arrive on Thursday.
-
Los Angeles is flooded by an atmospheric river
Residents living in the foothills and canyons of wildfire-scarred foothills were urged to evacuate. The latest atmospheric river storm in the Los Angeles region, which is a huge airborne current of moist moisture that has been swept from the Pacific to the greater Los Angeles region, caused downpours up to an inch (2.54cm) or more per hour. According to the U.S. National Weather Service, it was predicted that the storm on Christmas Eve would?persist into Friday and create unsafe driving conditions in what is normally a busy holiday travel period. The weather service warned that "life-threatening" conditions would continue through Christmas Day in Southern California "where widespread flooding is taking place". The flash flood warning was posted across Los Angeles County up until 6 pm PST. It urged motorists to avoid the area if they were fleeing flooding or an evacuation order. Los Angeles officials have urged residents in the Pacific Palisades community to obey evacuation orders for 130 homes that are considered particularly vulnerable to mudslides or debris flows. Forecasters warned that the gusty winds accompanying Wednesday's heavy rain could topple trees and damage power lines. The storm was predicted to bring heavy snowfall in the Sierra Mountains' upper elevations. Ariel Cohen, a NWS meteorologist, said that 4 to 8 inches had fallen by 9 a.m. Pacific Standard Time in certain foothill areas. The Los Angeles City News Service reported numerous rockslides. Forecasts predicted that more than one foot (30.48cm) of rain would fall?over certain lower-terrain areas in the mountains by the end of this week. A rare tornado warning was issued for a small area of the east-central Los Angeles County, due to thunderstorm activity in Alhambra.
-
Serbia's NIS receives US approval for sale of Russian stake
According to Serbia's RTS TV, the U.S. granted Serbian oil refiner NIS until March 24th to 'negotiate' the sale of their 'Russian owner's' stake. RTS stated that NIS did not have an operating license which would allow it to purchase and process crude oil. After a series waivers granted since January, the Office of Foreign Assets Control of the U.S. Treasury Department imposed sanctions against NIS as part of broader measures taken against?Russian energy sector. The sanctions have stopped crude oil supplies through Croatia's JANAF pipe, which has shut down production at?Pancevo. Gazprom, the sanctioned oil unit of Russia's Gazprom, holds 44.9% of NIS. The Serbian government owns 29.9% of NIS, while the rest is held by employees and small shareholders. Aleksandar Vucic, the Serbian President, said that Gazprom is 'in talks' with Hungary MOL about a potential sale of its NIS majority stake. Reporting by Ivana Skularac Editing Mark Potter
-
Kazakhstan's crude exports in December fell to a 14-month low following Ukraine drone attacks
Two market sources reported on Wednesday that Kazakhstan's exports of its CPC Blend oil, the country's flagship, will be at their lowest level in 14 months?in December, due to bad weather delaying efforts to repair Russian loading facilities after Ukrainian drone attacks last month. In recent months, Ukraine has intensified its attacks on Russian energy infrastructure as it seeks lower revenues for Moscow. In this case, the damage caused by the explosion has affected oil sales both from Russia and Kazakhstan. Sources familiar with the loading program said that CPC Blend loadings would fall from 1.7 millions barrels per day to 1,14 million barrels daily. According to LSEG, this would be the lowest level since October 2024. On November 29, Ukrainian drones struck the Caspian pipeline consortium terminal near Russia's Black Sea Port of Novorossiysk. Only one of three jetties was operational, causing export delays. The bad weather has made it difficult to carry out the maintenance necessary to restore exports. OIL MAJOR RESIDE ON THE CPC TRADING TERMINAL TO EXPORT KAZAKH OIL The CPC Terminal is where oil from Kazakhstan's fields that belongs to U.S. and European?oil companies Chevron Exxon Mobil Eni and Shell is loaded. CPC's representative refused to comment on terminal operations and maintenance. Sources who asked not to be identified because they weren't authorised to comment publicly on this issue said that the reduction in loadings may be even greater depending on how well the repairs are progressing at the CPC terminal. After the drone attack, SPM-2 has been taken off line. Since November 29, only SPM-1 is operational. SPM-3 has been out of service since mid-November for maintenance. The weather was the main reason. Three separate sources in the trade have confirmed that a new round has been announced of cancellations. According to Kpler, the analytics firm, CPC Terminal, 26 cargoes were loaded with crude oil equivalent to?around 3,28 million metric tonnes, or 26 million barrels? between December 1 and 23. Kazakh production has to be moderated because there is only one SPM operational and the storage tanks are full. "Some buyers of CPC might have to cover because the North Sea is the only real alternative. Physical Brent has supported recent prices of CPC," Christopher Haines Energy Aspects head of oil said. Brent oil futures have risen by over $1 per barrel globally in the aftermath of the attack on November 29, and CPC Blend supplies have decreased as exporters of this grade have few alternative shipping routes. CPC expects to export CPC Blend crude in January, at a rate of around 1.65m bpd. One source said that exporters had been waiting since early December for SPM-3's return to service. They have adjusted their plans several times and diverted some volumes onto other routes including China and Baku-Tbilisi Ceyhan pipeline. (Reporting from Robert Harvey in London, and reporters in Moscow. Editing by Barbara Lewis.)
-
CPC oil loading plans revised down by 33% in December due to bad weather delays
Two market sources reported on Wednesday that oil shipments via the Caspian Pipeline Consortium will drop by one-third in December, to their lowest level since October 2024. This is after an attack by a Ukrainian drone damaged the main CPC terminal. Ukraine has intensified its attacks on Russian energy infrastructure over the past few months in an effort to reduce Moscow's revenue. In November, Ukrainian drones attacked the CPC terminal near Russia's Black Sea Port of Novorossiysk. The loading point is for oil from Kazakhstan fields, operated by U.S. oil giants Chevron, Exxon Mobil and Eni, and Shell. Sources familiar with the loading program said that the CPC blend loadings will drop to 1,14 million barrels a day, from the initial plan of?1.7million bpd. A CPC representative declined to comment on terminal operations and maintenance. The amount of time needed for repairs could affect the size of the cuts. They asked not to be named as they weren't authorised to make public statements on this issue. After the drone attack, SPM-2 has been taken off line. Since November 29, only SPM-1 is operational. SPM-3 has been out of service since mid-November for maintenance. The weather was a major factor in the delay. Three separate sources in the trade have confirmed that a new round of cancellations of cargo has been announced recently. According to Kpler, the CPC terminal loaded 26 cargoes containing around?3,28 million metric tonnes, or 26 million barrels of crude oil, between December 1 and 23. The price of oil has risen by $1 per barrel globally in the aftermath of the November 29th attack. Supplies of CPC Blend are also down as the grade's suppliers have limited other shipping routes. CPC expects to export CPC Blend crude in January, at a rate of around 1.65 millions bpd. One source said that exporters have been waiting since early December for SPM-3's return to service. They have had to change their plans several times and divert volumes to other routes including China and Baku, Tbilisi, Ceyhan pipeline. Reporting by Robert Harvey and reporters in Moscow, with editing by Barbara Lewis.
-
Asia spot LNG prices rise on South Korean demand
Asian spot liquefied gas prices rose this week, as colder weather forecasts boosted the demand in South Korea. However, weaker buying across China has led to a 34% drop since 2025. Average LNG price for February deliveries to Northeast Asia Industry sources estimate that the price per million British Thermal Units (mmBtu) is $9.60, up from $9.50 in the previous week and at its lowest level since April 2024. The market is still under pressure from the continued soft demand in Asia, with its weak economic indicators. There are also plenty of alternatives like coal in China. Klaas Dzeman, a market analyst with Brainchild Commodity Intelligence, said that La Nina did not bring the colder phases some were expecting. He added that colder weather in South Korea and China over the next week could modestly increase demand. Martin Senior, Argus' head of LNG prices, said that spot buying has been observed in South Korea. The temperatures are expected to drop to two-year lows by December 26. Five cargoes have already been diverted to South Korea from?China in the past few weeks. EUROPEAN GAS Prices Up Gas prices in Europe rose slightly during thin trading ahead of Christmas as forecasts for a cold snap boosted demand. S&P Global Energy's daily Northwest Europe LNG Marker was assessed on December 23 at $9.001/mmBtu, a $0.53 reduction to the Dutch TTF Hub. Argus set the price at $9.001/mmBtu while Spark Commodities put it at $9.110/mmBtu. Looking ahead, the key LNG gateways to Central and Eastern Europe are announcing that they will be firm buyers in early Q1 2026. They want to relieve pressure on declining Russian pipeline gas?and LNG flows. Aly Blakeway is the manager of Atlantic LNG for?S&P Global Energy. She said that Asia and North Africa are not interested in spot volumes. Seb Kennedy, an independent analyst, reported that hedge funds have dramatically changed their position on TTF futures in the past year. They went from being net long at the beginning of February to being net short by November. Kennedy said that 2025 would be remembered for the transition of EU gas markets as a year when a ramp-up in LNG supply ended years of scarcity pricing and crisis. With more than 450 funds actively trading TTF now, speculative money will continue to have a significant impact on EU gas prices through 2026. According to Spark Commodities analyst Qasim Afghanistan, in LNG freight, Atlantic rates have fallen for the fourth consecutive week, to $80750/day. Pacific rates are down to $71,250/day. The fall in Atlantic freight rates have narrowed U.S. arbitrage for the U.S. first-month to Northeast Asia via Cape of Good Hope. However, it still points towards Europe. Afghan said that the Panama route points marginally to Asia. Marwa Rashad reported. Mark Potter (Editing)
-
Drop in food exports due to Russian attacks on Ukrainian ports
A Ukrainian farmer's association said that the Russian attacks on Ukrainian ports have already harmed food exports. This could result in a significant drop?in trade, despite attempts to divert shipments by rail. Ukraine is the largest exporter of corn and wheat in the world, as well as sunflower oil. Early in the nearly four-year war, a de facto Russian blocade worsened global food shortages. Since 2023, the majority of Ukrainian food exports has resumed. This month, Russian drones and missiles have been attacking the Odesa region's ports almost daily. Export capacity has decreased. The UAC union reported that some wheat exporters have already failed to deliver on their contracts for?delivery shipments this month. UAC estimates that at least one of three major export ports is idle or only operating at 20% capacity. The union also stated that logistics routes connecting the rest Ukraine to Danube River port have been damaged. Since the beginning of the war, river ports have compensated for the loss major seaports. "Russia is attacking our ports and reducing our export capacity .... UAC stated in a report that without deep water and river waters, our exports would decline dramatically. The article added that "some large traders have already begun to sort out quotas on railway terminals. This means that some grain from our country may be sent across the border." Exports of wheat, corn, and vegoil are declining. UAC reports that as of December 22 only 375,000 tons of wheat have been shipped out of the 1 million tons contracted to be shipped during the month. In the case of?corn 1.5 million tons out of 2 million tons contracted have been shipped. Sunoil: 275,000 tons of the 410,000 tons contracted had already been shipped. Exports for the entire month are not expected to exceed 350,000 tonnes. UAC reported that "some traders have defaulted on wheat, and some contracts are being rescheduled to January due insufficient capacity at the ports." In December of last year, Ukraine export 800,000 tons wheat, 2.6 million tons corn, and 378,000 tonnes of sunflower oil. According to the Ukrainian Economy Ministry, grain exports fell to 1.82 millions tons from 2.88million tons between December 1-27, last year. This was mainly due to lower shipments of wheat and corn. (Reporting and editing by Peter Graff.)
-
India approves two new airlines to start operations after IndiGo's crisis
India has given initial approval to two airlines for them to start?operations. This comes after IndiGo, the largest airline in India, cancelled a large number of flights. These cancellations brought to light the lack of competition on the fastest-growing aviation markets. Minister Ram Mohan Naidu announced?on X late Tuesday that the civil aviation ministry had granted a 'no objection certificate' to regional airline alHind Air, and FlyExpress. He added that?the Government is working hard to encourage more competition on the domestic market. IndiGo's dominance was highlighted by the cancellation of 4,500 flights earlier this month due to poor staff planning. Tens of thousands were left stranded in airports across India as a result. Some analysts have called on the government to provide incentives to encourage more companies to operate. IndiGo's market share is?of approximately 65%. Air India Group, the rival airline, has about 27%. The rest is made up by smaller carriers. AlHind's website states that it aims to "begin operations" in southern India using a fleet ATR Turboprops. It is currently acquiring an Air Operator Certificate. FlyExpress also had a banner that said "coming soon." The government informed lawmakers in July that India had granted six air operators permits for operations to begin by 2020, including regional carriers. (Reporting and editing by Barbara Lewis; Abhijith Gaapavaram)
Can the US declare that China's presence in Panama violates the neutrality treaty with Panama?
Some U.S. officials and lawmakers are citing a nearly 50-year-old treaty signed between the United States of America and Panama as a way to justify Trump's threat to take back the Panama Canal, provided they can prove that the waterway's operations are threatened.
Some, however, believe that obstacles would arise if the U.S. tried to use the 1997 Panama Canal Neutrality Treaty - which went into effect in 1999 - to claim the canal. The treaty guarantees the canal will remain neutral and available to ships from any country.
Since 1999, the Panama Canal Authority has controlled the 82-km waterway. This autonomous agency is overseen by Panamanian government.
Donald Trump, during his inauguration speech on Jan. 20, falsely claimed that China was operating the second-largest interoceanic canal in the world. He has also complained about Panamanian firms based in China and Hong Kong, as well the tolls on the canal.
At a Senate hearing held on Tuesday, Federal Maritime Commission Chairman Louis Sola stated that the agency overseeing U.S. ocean transport and merchant marine will "consider broad reviews" of Panama's nautical sector and may impose fines or restrictions on Panamanian flagged vessels entering U.S. port.
Panama is the flag and registration country for more than 8,000 vessels worldwide.
In advance of the weekend visit by U.S. Secretary Marco Rubio to Panama, President Jose Mulino said on Thursday that he was unable "to negotiate and even less open a negotiation process on the canal."
He added, "The canal belongs Panama."
Is China a threat?
Some U.S. officials claim that, in addition to stipulating the canal will "remain secure and open for peaceful transit by vessels of all countries," the treaty gives the U.S. military the right to defend the canal.
During this week's hearing U.S. Senator Ted Cruz stated that a new bridge being built over the canal by Chinese contractors could cause a shutdown of transit. He also said the Chinese ports at both ends of the waterway posed "acute" risks to security.
After listening to U.S. officials, experts and other Texas Republicans, the Texas Republican stated that "Panama could well be violating this treaty."
After delays and contract modifications, the $1.3 billion bridge is expected to be finished by 2026.
CK Hutchison Holdings, a Hong Kong-based company, has operated the Balboa Port and Cristobal ports for more than 20 years. Hong Kong-based CK Hutchison Holdings, a publicly listed company, is not financially linked to the Chinese government.
At the hearing, Eugene Kontorovich of George Mason University, a law professor and research fellow with the Heritage Foundation (a conservative organization), said: "The presence and involvement of Chinese state-owned companies and the Chinese government raises serious questions and concerns about the neutrality and integrity of the treaty."
The favorable financial terms offered to the company by CK Hutchison led to criticism both in the U.S.A. and Panama. Security was not a concern at the time.
Hutchison Port Holdings is a global company that operates in hundreds of ports, including the U.S. Why don't the U.S. terminate Hutchison contracts in their own country if these ports are a threat to U.S. national security? In a recent opinion piece published in a local paper, Julio Yao wrote that he was one of Panama’s advisors at the time it signed its neutrality treaty.
The U.S. can't force Panama to terminate or review contracts with Chinese companies.
Yao, an expert in international relations, says that arguments for intervention are based upon 1978 amendments by the U.S. Senate, which guaranteed the U.S. protection of the canal from any threats. Panama should not acknowledge those amendments, said Yao.
The eight-paragraph agreement and its annexes don't include any provisions on the resolution of disputes, or an expiration date.
Do higher tolls on canals violate neutrality?
Several U.S. officials also claimed that the increase in Panama Canal passage fees in recent years "disproportionately impacts Americans".
The toll system for the canal does not distinguish between flags, origins or destinations.
The severe drought in the year ended September saw the canal report a 5% drop in toll revenues to $3.18billion. The annual reports show that the toll revenue of the canal increased by almost 26% between 2020 and 2023.
The canal's fee structure, however, is based on the number of reservations made by vessel type and size. This is combined with auctions to determine ships that arrive without reservations, and a variable surcharge for water.
The tolls for military vessels are different than those charged to commercial vessels. Priority is given to U.S. military vessels.
The treaty states only that "tolls, other charges, and fees for transit, ancillary service, and related services, shall be reasonable, fair, and consistent with international law principles."
Daniel Maffei, a commissioner from the FMC, said that the U.S. was disproportionately affected because "the U.S. uses it disproportionately."
He added, "We are aware that it is an important trade corridor. We want to continue using this corridor and to be treated fairly."
Shipping experts warned that toll increases were applied by Panama and other waterways, including the Suez Canal in recent years. This was due to a spike in demand, geopolitical conflict, and weather conditions made worse by climate change.
"The U.S. does not operate a fleet commercial vessels." In the 1960s, less than 10% of cargo entering or leaving the U.S. was under American flag. In a recent TV interview, John Feeley said that the toll has increased to 1.5%. He added that Panama's use of freshwater is what caused this increase.
(source: Reuters)