Latest News
-
Sources say that Russia's Tuapse Port resumes fuel exports following a drone attack.
According to three industry sources, and LSEG data, Russia's Black Sea Port of Tuapse resumed exports of oil?products last week following a?two -week suspension due to a Ukrainian??drone??? attack. The strike on December 31 damaged equipment at Rosneft and one berth in the port. According to the Krasnodar regional operational headquarters, there is a nearby export-oriented Tuapse refining plant. Since the beginning of the conflict, drones from Ukraine have repeatedly attacked the port and refinery. According to "market sources", at least five tankers have loaded diesel and fuel at Tuapse Port since last week. Cargoes from Rosneft refineries were delivered by rail. After the attack, unplanned maintenance is still being carried out at the?Tuapse Refinery - which exports a large portion of its output. Traders said that the?refinery may restart processing by the end of this month or later. The plant has a production capacity of 244,000 barrels per day. Rosneft has not responded to our request for comment.
-
Ukraine wheat exports are low amid Russian attacks and weak demand
Ukraine's wheat imports were relatively low in the first half January, despite Russian attacks on Ukrainian seaports. The Ukraine is one of the largest European wheat producers and exporters. Since the end last year, Russia's attacks on Ukrainian ports have accelerated, not only targeting port terminals, warehouses, and civilian vessels, but also increasing their intensity. UGA reported that Ukraine exported 292,000 metric tons of grain in the first six months of the year, compared to 293,000 tons during the same period in December. This compares with 610,000 tons between November 1-15. The?economy minister said that wheat exports have totaled 8.2 millions tons for the July-June 2025/26 season, compared to 10.3 million tons during the same period of 2024/25. Low shipments are attributed to the global trend and low demand for Ukrainian Wheat, as well as competition from cheaper Russian wheat. Barva Invest, an analyst on Telegram Messenger, said that "insufficient interest - from importers" was limiting the sales. CORN EXPORT RATE RISE UGA reported that despite the military risks, Ukraine continues to export high quantities of corn, increasing shipments from 1.06 million tons between December 1-15, and 822,000 tons during 'the first half November', UGA. Barva Invest stated that the corn market is "one of the most liquid, and it shows significant activity from both exporters and farmers". Ukraine has exported 7,07 million tons so far of corn in 2025/26 compared to 11,15 million tons for 2024/25. (Reporting by Pavel Polityuk Editing by Alexandra Hudson)
-
Spanish train drivers strike after fatal derailments
Spain's largest train drivers union called for a strike on Wednesday to demand guarantees for the safety of their profession after one of Europe's worst train accidents left at least 42 people dead, and a second derailment killed a driver. A commuter train derailled on Tuesday, after a retaining-wall collapsed onto track during heavy rains in Barcelona. The driver was killed and four passengers were seriously injured. Rail network operator Adif? said that a third derailment on Barcelona's regional rail network was not caused by an accident, but a rock fell on the track during the storm. In a press release, the SEMAF train drivers' union said that they would "demand criminal liability" from those who are responsible for the safety of the railway infrastructure. These accidents happened just two days after a derailment on Sunday in Cordoba, about 360km (223miles) south of Madrid. The train was hit by another train, killing 42 people, including the driver. SEMAF warned Adif last August about the severe wear and tear on the?railway tracks where the two trains collided. According to a copy seen by, potholes and bumps as well as imbalances of overhead power lines caused frequent breakdowns. PRISING APART CARRIAGE The Andalusian Regional Government said that rescuers were tearing apart the second carriage, which was the cafeteria of state operator Renfe. They wanted to find out if there were any more bodies. Overnight, cranes were used to remove the last carriage of the derailed Iryo train. Adif announced on Wednesday that it had added a speed limit to the Madrid-Barcelona route after a driver reported poor track conditions in a stretch of 78 kilometers. It had already ordered that drivers limit their speeds on Tuesday due to 'concerns over the condition of the track. Adif's maintenance team worked over night to inspect the track and found four areas that needed repair. Accidents are creating chaos for commuters and travellers who have to scramble for alternative routes. Wednesday, regional trains in Catalonia were stopped to allow track inspections following recent storms. Renfe published a photo showing its President Alvaro Fernandez Heredia boarding a replacement bus to travel back to Madrid after Adamuz.
-
Bousso: Europe's weak energy spot is re-emerging in Greenland dispute
The U.S.-Europe trade war over President Donald Trump’s bid to purchase Greenland has left the EU vulnerable because it is heavily dependent on one supplier for all its energy needs. In less than four years, Europe's economic situation was severely impacted by the full-scale Russian invasion of Ukraine. Nations were forced to find alternative sources to the Russian natural gas that they had been relying on for decades. This scramble caused a major supply shock, and the European gas price quadrupled in the first half of the conflict. Europe solved this problem by swapping one dependence for another. After the Russian share of EU gas imports dropped to 12% in 2012, from 45% prior to the invasion, Europe quickly turned to U.S. LNG. According to Kpler, the imports of U.S. LNG soared from 18 million metric ton in 2021, to 65 million ton last year. This represents 57% of all LNG that will be imported by Europe and Britain between 2025 and 2025. The U.S. currently supplies almost a quarter (25%) of all EU gas imports. In addition, the U.S. and EU trade agreement signed last August stipulated that Brussels would buy $250 billion worth of energy from the U.S. in 2026-2028. This figure dwarfs the $75 billion it spent on energy purchases last year. Now, fast forward to this past week. European leaders are faced with the uncomfortable truth that their lopsided relationship in the energy sector has made the region vulnerable. Trump may use Europe's dependence on energy as a bargaining tool?in an escalating battle over Greenland. STRATEGIC LIABILITY Trump threatened on Saturday to levy a 10% tax on imports coming from several European countries who have been opposed to his plan to take over Greenland. The EU ambassadors met quickly the next day to discuss possible responses. The EU could impose tariffs on imports from the US worth 107.7 billion euros or use its "Anti-Coercion Instrument", which is still untested. This would restrict services, reduce access to investments, and limit financial systems. France said it would support the suspension of the trade agreement if the spat intensified. The tit-fortat threats could spark a new economic war between two global powers. It is too early to tell how this conflict will unfold, but two things are certain. The showdown is a low in the transatlantic relations between NATO allies who have shared economic and security concerns for decades. Second, Europe's strategy on energy remains a liability for national security. LESSONS NOT LEARNED European Leaders do recognize this vulnerability and are attempting a longer-term solution. Several governments are attempting to increase the use of renewable energy and nuclear power. Others are rethinking their stance on exploitation of domestic oil and natural gas reserves. There are many reasons to not panic in the near future. To begin with, despite their size, the U.S. imports of LNG by the EU are far more secure than they were in the past, despite the rising tensions between Washington, Brussels and other countries. U.S. gas supplies are supported by a number of long-term contracts that are governed under international trade rules. Russian gas was primarily delivered through the Kremlin controlled Gazprom. The heavy dependence on Europe is a problem in both directions. Last year, around half of U.S. exports of LNG went to Europe. The U.S. has seen a meteoric rise in the past few years and is now the top producer of super-chilled fuel. A disruption of exports to Europe will have a tangible impact on LNG producers, gas drillers and the Trump administration. Energy as a weapon of political warfare has always been considered a high-risk strategy, which tends to drive buyers towards alternative suppliers. Gazprom's profits have been shrinking since 2022, as European customers moved away. This does not mean that Europe can relax. Under the Energy Policy and Conservation Act, the U.S. President has the power to limit exports of goods and energy for national security purposes. Trump declared a "national emergency" when he returned to the White House in January last year, giving him additional powers. The long-standing alliance that exists between Europe and Washington may allow the icy relations to ease. Europe's heavy dependence on U.S. Gas will remain a significant strategic vulnerability, if or when the next dispute arises with the White House. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
-
Murban crude oil prices are at a two-month high due to strong demand
The spot premiums for Murban oil produced in the United Arab Emirates have reached their highest level in the past two months. This is due to the?strong demand of Asian buyers who are replacing U.S. supplies now that the arbitrage has closed. Indian refiners also use Murban as a substitute for Russian oil. This is what drives the price of Abu Dhabi's flagship Light Sour Grade despite abundant supply. Data showed that the spot premium for Murban March loading was $2.38 per barley to Dubai quotations on Tuesday. It had reached $2.53 per barrel last Wednesday, its highest level since early November. Murban was the best-performing medium-sour grade this month, beating out other grades like Qatar's al Shaheen and Oman which were trading at a discount to Dubai benchmark. ARBITRAGE SUPPLIES ARE EXPENSIVE Since late December, the price spread between U.S. West Texas Intermediate (WTI), and Murban, delivered to North Asia, on a cost and freight basis, has been in a positive zone, indicating that the 'arbitrage' for WTI flows is over, according to Samuel Kong, senior analyst at FGENexant. He added that "Asian buyers are less inclined to buy long-haul sweet grades due to the wide Brent/Dubai differential and high freight costs." LSEG data shows that the premium of Brent crude oil to Dubai has risen since early December. It reached over $2 per barrel on Wednesday, the highest level since July. This was due to tensions in Iran, Venezuela and other countries. The cost of shipping West Texas Intermediate into the region has also increased, making Murban a more competitive product. Chartering a Very Large Crude Carrier for the?shipment of 2 million barrels from the U.S. Gulf Coast into China has risen 61% over two weeks to $13.5million on Tuesday. Murban is also a popular alternative to the Caspian Pipeline Consortium oil, according to traders. INDIA DEMAND Due to tougher sanctions from the west, Indian refiners are trying to reduce their reliance on Russian crude oil. Kpler data shows that India's crude imports to the Middle East in December reached 2.78 million barrels a day and have been at 2.86 million bpd this month. This is the highest level since April 2022. Bharat Petroleum, a state-run company, has won its tenders for one year to purchase Iraqi crude oil and Oman oil. It is also looking for Murban oil in a separate bid, traders reported. Each cargo contains 500,000 barrels.
-
Bousso: Europe's weak energy spot is re-emerging in Greenland dispute
The U.S.-Europe trade war over President Donald Trump’s attempt to purchase Greenland has left the EU vulnerable, due to its reliance on one supplier for all of its energy needs. In less than four years, Europe's economic situation was severely affected by Russia's invasion of Ukraine. The nations were forced to find alternative sources of gas to replace the Russian natural resources they had been relying on for decades. This scramble caused a "severe" supply shock, and the European gas price quadrupled in the first six month of the conflict. Europe solved this problem by swapping one dependence for another. After the Russian share of EU gas imports dropped to 12% in 2012, from 45% prior to the invasion, Europe quickly turned to U.S. LNG. According to Kpler, the imports of U.S. LNG soared from 18 million metric ton in 2021, to 65 million ton last year. This represents 57% of all LNG that will be imported by Europe and Britain by 2025. The U.S. currently supplies almost a quarter (25%) of all gas imported by the EU. In addition, the U.S. and EU trade agreement signed last August stipulated that Brussels would buy $250 billion worth of energy from the U.S. in the period 2026-2028. This figure dwarfs the $75 billion it spent on energy last year. Now, fast forward to this week. European leaders are faced with the uncomfortable truth that their lopsided relationship in energy has made the region vulnerable. Trump may try to use Europe's dependency on energy as a bargaining tool in the escalating battle over Greenland. STRATEGIC LIABILITY Trump threatened on Saturday to impose an import tax of 10% on goods from several European countries who have been opposed to his plan to take over Greenland. The EU ambassadors met quickly the next day to discuss possible responses. The EU could impose tariffs on imports from the United States worth 93 billion euro ($107.7billion) or use its "Anti-Coercion Instrument", which is still untested. This instrument could be used to restrict services, reduce access for public tenders and investments, and limit financial systems. France has said that it would be in favor of suspending the trade agreement if the spat escalated. These threats, which are essentially a retaliation for the other's tit-fortat actions, could spark a new economic war between two major global powers. It is too early to tell how this conflict will unfold, but two things are certain. The showdown is a low in the transatlantic relations between NATO allies who have shared economic and security concerns for decades. Second, Europe's strategy on energy remains a liability for national security. LESSONS NOT LEARNED European Leaders do recognize this vulnerability and are attempting a longer-term solution. Several governments are rethinking their stance on exploitation of domestic oil and natural gas reserves. There are many reasons to not panic in the near future. Even with the increasing tensions between Washington, Brussels and the EU, the U.S. LNG supplies to the EU are far more secure than they were before. U.S. gas supplies are supported by long-term contracts among a variety of companies, which are governed under international trade rules. Russian gas was primarily delivered through the Kremlin controlled?Gazprom. The heavy dependence on Europe is a problem in both directions. Last year, the U.S. exported around half its LNG to Europe. The U.S. has seen a meteoric rise in the past few years and is now the top producer of the super-chilled fuel. A disruption of exports to Europe will have a tangible impact on LNG producers, gas drillers and the Trump administration. Energy as a weapon of political warfare has always been high-risk, and tends to drive buyers towards alternative suppliers. Gazprom's profits have been shrinking since 2022, as European customers moved away. This does not mean that Europe can relax. Under the Energy Policy and Conservation Act, the U.S. President has the power to restrict the export of energy and goods for reasons of national security. Trump declared a "national emergency" when he returned to the White House in January last year, giving him additional powers. The long-standing alliance that exists between Europe and Washington may allow the icy relations to ease. Europe's reliance on U.S. natural gas will continue to be a strategic weakness if and when the next dispute arises with the White House. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
-
InPost reports 30% rise in fourth-quarter parcel volumes
InPost, a parcel?locker provider, reported on Wednesday that its fourth-quarter delivery volumes rose by a record?30% compared to the previous year. The company said that the growth was due to a strong business-to consumer growth, and momentum on its international markets. This was supported by strategic acquisitions made in Britain and Spain. InPost?also?said a special comittee continues to evaluate the?indicative?offer for all of its shares that it received from a?party unnamed, as announced on?6th January. The company reported that in Poland, the fourth-quarter volume rose by 5%, reaching a record high of 220.2 millions parcels. This was largely due to door-to-door deliveries. InPost said that on the busiest of days leading up to Christmas, it handled over 15 million parcels throughout Europe. "This is a new benchmark for operational excellence", they added. The number of parcels delivered increased by 25% in the entire year to 1,36 billion. InPost operates one of Europe's largest networks of automated parcel machines. The full results for the fourth quarter and year will be reported on March 18. Reporting by Adrianna ebert, Gdansk. Editing by Milli Nissi-Prussak
-
Maguire: Focus on the few markets where thermal coal can grow after a rare export decline
The thermal coal exporters are looking for new growth opportunities after their first annual decline in sales volume last year. COVID-19 has slammed the fuel demand in 2020. The problem is that growth markets are difficult to find. Data from commodities intelligence firm Kpler revealed that half of the 10 largest thermal coal buyers in 2025 registered a drop in their purchase volumes year-over-year. This included the top three buyers who collectively reduced imports by almost 50 million metric tonnes. The steep drop in thermal coal purchases led to a total decline of 33 million tons or 3% last year. This was the lowest annual shipment total for shipments since 2022. The simultaneous drop in imports to key markets raises the possibility that coal exports have peaked and may continue to decline as more energy systems choose cleaner sources of power generation. Exporters will continue to compete for coal-using countries in the future, even though coal usage in some primary markets appears to be declining. THE BIG 3. China, India, and Japan are the three largest thermal coal importers. They have accounted between them for 60% of all annual imports in 2017. In 2025 their collective purchases will be around 565 million tons or slightly less than 59% of global total. This total is 49 million tons or 8% less than in 2024 and the lowest level since 2022. Kpler data indicates that China was the largest coal importer in 2014, with 308 millions tons. India came second, with 157 million tonnes, followed by Japan, which imported 100 million tons. The collective appetite of the top three coal-importing countries remains the main focus for major coal exporters like Indonesia and Australia. The synchronised decline in collective imports of the three biggest power producers is likely to be a sign of what is to come, as coal gradually leaves power plants and industrial boilers for other sources of energy. The rapid deployment of renewables, other clean energy sources and efforts to maintain the domestic coal mining sector in China are likely to further decrease China's coal requirements in the future. India has a large coal-mining industry, which is the major beneficiary of government subsidies designed to maintain jobs and reduce national imports of energy products. In Japan, the steady restarting of the nuclear power sector (which was shuttered for some time after the Fukushima disaster in 2011) is reducing the reliance on coal to generate electricity. The coal share in utility power mixes is steadily decreasing, and coal exporters must look for other growth opportunities. BRIGHT SPOTS The top three coal importers will reduce their combined imports by almost 50 million tons by 2025. However, the next 10 largest importers increased their purchases last year by a total of 13 million tons. This total represents just 4% of China’s total imports in last year. However, it still represents a sales potential for those exporters who are trying to offset declines in the biggest coal markets. Bangladesh, among the next-largest coal markets, registered the largest annual increase in coal imports, with a 4.9-million ton rise, reaching a record high of 17 million tons. Turkey's coal purchases increased by 4.5 million tons to 32 million tonnes, while South Korea, the world's fourth-largest coal buyer, increased their purchases by around 3.65 million tons. Vietnam, Malaysia Thailand and the Netherlands all saw their coal imports increase by a similar amount in 2025. ELECTRIC GROWTH The main driver behind the increased coal imports from countries like Bangladesh, Turkey and South Korea has been the steady increase in the coal share of electricity generation. The steadily increasing power and energy demands in Bangladesh will lead to coal's share of the utility-supplied electric output rising above 40% by 2025. In South Korea coal generation accounted for the highest share of electricity in four years, following the reduction in nuclear power. The coal share in Turkey's electricity mix has declined to 34% in 2025 from 35% in 2024. However, it is still the largest source of power in the country. In fact, in most emerging markets coal is likely to remain the main power source for at least the next decade, as utilities strive to increase power supplies using the cheapest and fastest means possible. Coal is the cheapest energy source in Turkey, Southeast Asia, and some parts of Africa. These markets are only a fraction the size of China and India. But coal exporters who have seen their volume steadily decline in top economies will not be able to pick and choose and may need to look elsewhere for growth. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest Follow ROI on Twitter for the latest global financial news. Follow ROI on You can find us on LinkedIn. Listen to Morning Bid on the Morning Bid Daily Podcast Spotify Or the app. Subscribe to the podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
Grid monitor reports that Japan's power consumption is rising due to the growth of data centres and chips.
Grid monitors in Japan said that the demand for electricity is expected to increase by 5.3% in the next decade. This will be driven primarily by data centres and semiconductor factories.
According to the Organisation for Cross-regional Coordination of Transmission Operators in Japan (OCCTO), power consumption is expected to increase to 846.13 billion Kilowatt-hours by March 2036. This compares to an estimated 803.37 billion kWh for fiscal 2025.
This growth rate was slightly lower than the 5.8% predicted a year ago, due to delays in construction schedules, changes in design, and other data centre issues that pushed back planned start-up dates, and the timing of reaching full demand. OCCTO stated that this has delayed the expected surge in demand for power to later years.
According to the?sector?, industrial demand is expected to increase by 18.3% during the period. Meanwhile, household electricity consumption will fall by 5.7% because of a declining population and improvements in energy efficiency.
The forecast for last year predicted a rise of 19.2% in industrial demand, and a decline of 5.4% in household consumption.
The electricity demand for new data centres and chip plants is expected to increase by 56.8 bn kWh in fiscal 2035 compared to a forecast last year of 51.4 bn kWh growth by fiscal 2034.
OCCTO releases its yearly?electricity forecast for the next 10 years, based upon surveys of Japan's ten major electric utilities.
OCCTO's 2023 projection showed a decline in electricity demand due to population shrinkage, energy-saving devices, and data centres. However, by 2024 the OCCTO revised their projections and projected growth, citing a surge in demand from chip factories and data centres. (Reporting and editing by Louise Heavens, Yuka Obayashi)
(source: Reuters)