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TSX Futures fall as markets focus on US inflation data and assess Mideast risk
Investors awaited key U.S. data on inflation due later in the day, as they viewed the latest developments of the Iran War. As of 6:35 a.m., March futures for the?S&P/TSX 'composite index' had fallen 0.21%. ET, and futures for Wall Street’s main indexes fell as well. After the U.S., Israel and Iran exchanged airstrikes across the Middle East?as crucial shipping lanes through Strait of Hormuz were blocked?fears of a long-term conflict continued to grow. Toronto's benchmark indice?closed level on Tuesday. It is down over 3% from the levels before the conflict with Iran began. Consumer prices in the U.S. are due to be released at 8:30 am ET. ET. It is expected to show that prices in February likely increased, before tensions in?Middle East escalated. The oil prices rose the next day, after falling the previous session. Traders awaited the International Energy Agency (IEA)'s decision regarding plans to release reserves of crude oil that could counteract potential supply shocks. According to two sources, the oil release could be 400 million barrels. Canadian energy stocks are the best performers this year despite the recent fluctuations in oil prices. Information technology is a laggard. The focus would be on the shares of Canadian lender, goeasy. They fell more than 56% Tuesday after announcing an 'incremental charge off of C$178,000,000 ($131.16,000,000) against its C$5.5 Billion loan?book for the fourth quarter. Two brokerages have downgraded the rating of the stock while others have cut their price targets. CLICK?ON COMMENTS TO GET CANADIAN MARKETS UPDATES: TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory ($1 = 1.3571 Canadian Dollars) (Reporting and editing by Diti Pjara in Bengaluru)
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Lufthansa calls pilots' strike "incomprehensible" amid Iran War
Lufthansa criticised on Wednesday a planned 2-day walkout of its pilots in this week. This comes as the global aviation sector grapples with its 'deepest crisis since the pandemic. Michael Niggemann, a board member, said: "This escalation is?completely?incomprehensible. Especially at a time of new geopolitical uncertainties with the war on Iran. Passengers worldwide are affected." The pilots' union VC announced a strike for Thursday and Friday. They said that Lufthansa had not yet made any offer in their long-running dispute over company pensions. It said: "It is of no use to only show a willingness to talk, but to refuse to discuss substantive improvements to the company pension scheme." According to the union the walkout will affect Lufthansa passengers and cargo flights leaving German airports but will exclude flights to certain countries in the Middle East due to "the current situation" there. Due to the 'Iran conflict,' Lufthansa is currently not offering passenger flight to destinations like Tel Aviv or Dubai, or Abu Dhabi. The war in the region has created chaos, forcing airlines to cancel flights or take alternative routes. Lufthansa has announced that they are preparing a special flight schedule for the two-day strike. The schedule will be available by Wednesday at 2:00 pm (1300 GMT). The group's subsidiaries,?Discover Air and Lufthansa cityAirline?, will fly their regular schedule in?Germany and add additional flights when possible, they added. Thomas Seythal is reporting. Matthias Williams contributed additional reporting. Mark Potter (Editor)
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Dutch court lifts the cap on flights at Amsterdam Airport
The Dutch Supreme Court ruled on Wednesday that the government's?decision?to?limit _the number of flights?at Amsterdam's Schiphol Airport, one of Europe’s busiest hubs?was void. The court ruled that the decision made by 2024 to limit flights to 478 000 per year in order to "cut noise pollution" was not properly motivated. A spokesman said that the government was not able to immediately comment on the decision. Climate activists and residents living near the airport also called for more restrictive measures. The court ruled that the government's decision failed to?take into account the fact that different planes produce different noise levels, thus?setting an inappropriate general cap on the?number?of flights. The report also said that it was unclear whether the cap installed would actually lead to the "intended" reduction in noise pollution. The court allowed a reduction in nighttime flights because none of the parties had appealed this part of the decision of the government.
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Gasunie urges Dutch Government to Build Strategic Gas Reserve
Gasunie, the Dutch natural gas grid operator, urged on Wednesday that the government 'build a strategic?gas?reserve' to ensure that?the Netherlands is able to withstand a long-term disruption in supplies. Gasunie stated that the Netherlands is protected from short-term disruptions caused by cold weather but not long-term issues such as geopolitical tensions and sabotage. Hans Coenen, Gasunie's director, said that the current geopolitical environment requires a?realistic approach and preparations to the unexpected. Gas company has called for research into?the use as a reserve of the cushion gas? that is stored in large gas storages across the country. Cushion gas is stored permanently in natural gas storages for maintaining adequate pressure. The Netherlands, once a major gas supplier in Europe, has now become an importer of gas after shutting down its large Groningen gas field because of the earthquakes caused by gas extraction. The Netherlands is a major gas consumer. However, a growing part of the gas comes from the United States. In the form of liquid natural gas. Gasunie reported that the country has large underground gas storages. Approximately 85% of their capacity would be required to meet annual gas demand in normal circumstances. (Reporting by Bart Meijer. Mark Potter edited the article.
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Thailand's Phuket Airport closes its runway after Air India Express plane crash
Thailand's Phuket Airport said that it temporarily closed its runway on Wednesday to remove an Air -India Express aircraft which had experienced a malfunction after landing. Phuket Airport said that Air?India Express flight AXB938?arriving?from Hyderabad sustained?damage?to?its landing equipment as it hit?the runway. A spokesperson for Air India Express confirmed that the plane had "an issue with its nose wheel" at Phuket Airport. The crew followed standard protocol and passengers were deplaned. The runway is expected to open at 6 pm. The airport reported that the incident occurred at 1100 GMT (1100 local time). A picture posted by MCOT, the Thai state broadcaster, on X showed a part of the landing gear with a missing wheel, in contact with the tarmac, and a long, swerving scuff mark. Air India Express, the budget-friendly arm of Air India, operates a fleet that includes more than 100 Boeing and Airbus planes. India's aviation regulator reprimanded Air India Express last March for failing to replace the engine parts on an Airbus A320 as instructed by the European Union aviation safety agency. The airline was also criticized for falsifying records in order to prove compliance. Air India Express, India's civil Aviation ministry announced in December that it had reported 95 technical faults from January to November last year. This was the second highest number of defects among Indian airlines during this period. The ministry didn't provide any details about the nature of the faults. Parent Air India, a full service carrier, has been under scrutiny for the past few months due to a series safety lapses, and a fatal crash that occurred in Ahmedabad, last June, which killed 260 people. Phuket is Thailand's busiest airport, with hundreds daily flights from all over the world, including Europe, Asia and Middle East. There are also domestic flights. Reporting by Staff, Writing by Martin Petty, Editing by David Stanway
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Kazakhstan will produce 96-98 millions tons of oil by 2026, which is below plan
Yerlan AKkenzhenov, Energy Minister, said on 'Wednesday' that Kazakhstan oil and.gas condensate.production.this year.is.expected to.reach between 96 and 98 millions metric tons. This is below the 100.5 million tons planned. According to calculations, this would equal up to 2 million barrels of oil per day. calculations. Akkenzhenov, who spoke to reporters in the country's parliament, said that the shortfall is due to Ukrainian attacks against?the Caspian Pipeline Consortium which carries the majority?of Kazakhstan oil exports to Novorossiysk port, as well disruptions at Tengiz, the largest oilfield of the country. Tengiz suffered a series of outages in January that resulted in the production being halted. Akkenzhenov said that production at Tengiz has been restored and is now 120,000?tons/day. Kazakhstan's oil production has decreased in the last few months. Reporting by Tamara Vaal. Felix Light is the author. Editing by Louise Heavens, Mark Potter and Mark Potter.
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After ownership change, a US-sanctioned Chinese lubricant terminal reopens its doors.
According to two sources in the trade and a tanker tracking service, a Chinese oil terminal that was sanctioned by Washington in October is now operating again after a Sinopec logistics unit sold its stake to a local port operator. Sinopec had to divert cargo because of the U.S. sanctions imposed on the Rizhao-Shihua terminal, which handled Iranian oil on vessels sanctioned by Washington. Sinopec received a fifth its oil imports through this facility in Shandong Province. The terminal at Lanshan with its three berths that can handle very large crude carriers was idle for months as shipowners and traders feared secondary sanctions. Sources said that the facility has resumed discharges after Sinopec Kantons Holding transferred its 50% stake to an?port operator in the locality. Sinopec Kantons said on February 27 that Rizhao shihua had "commenced liquidation" and sold assets for 2.41 billion Yuan ($350m) without naming the buyer. Vortexa Analytics' ship-tracking shows that at least one 2-million barrel tanker, loaded with iranian oil, docked on one of the berths in February 28. This was one of the initial discharges following the ownership change. Rizhao port, which owned the other half of the terminal prior to the Sinopec purchase, did not return calls. Reporting by Chen Aizhu, Editing by Thomas Derpinghaus. $1 = 6.8857 Chinese Yuan Renminbi.
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Three vessels struck by projectiles on Strait of Hormuz
Sources and maritime security agencies said that three vessels were struck by unknown 'projectiles' in the Strait of Hormuz on Wednesday. One of the strikes caused a fire to break out?onboard? a ship, forcing the crew of the vessel to leave. Two maritime security sources confirmed that the bulk carrier Mayuree Naree, registered in Thailand, was damaged and targeted approximately 11 nautical mile north of Oman. UKMTO (United Kingdom Maritime Trade Operations) later stated, in reference to the incident, the fire was 'extinguished' and there were no environmental impacts. The necessary crew remained aboard the vessel. Two maritime security sources reported that the container ship One Majesty, flying the flag of Japan, had suffered minor damage earlier from an unknown projectile, located?25 nautical mile (46 km), northwest of Ras Al Khaimah, in the United Arab Emirates. The sources said that the crew is safe, and the ship is heading towards a secure anchorage. According to maritime security firms, an unidentified projectile also struck a third vessel, a bul carrier, approximately 50 miles north-west of Dubai. Vanguard, a maritime risk management company, said that the projectile damaged the hull on the Marshall Islands flagged Star Gwyneth. The crew was'safe,' Vanguard added. Since the Iran conflict began on February 28, traffic through the Strait of Hormuz has decreased rapidly. This is a major artery that accounts for 20% of global oil & gas supply. Since the beginning of the conflict, at least 14 ships have been attacked.
Some ships are struggling to fuel up as bunker prices in Asia reach record levels
Industry sources claim that some ships struggle to refuel in Asia's key ports as bunker prices soar. In anticipation of a tightening supply triggered by the conflict in the Middle East, bunker prices have reached record levels.
The longer waits for fuel could cause congestion in Asian ports like Singapore, Shanghai, and Ningbo/Zhoushan, China. This is because the Iran War will reduce traffic through the Strait of Hormuz causing delays or diversions.
Prices for marine fuel are up sharply, despite the fact that there are still daily offers on the market. This is because the Middle East conflict has curtailed fuel oil shipments.
Spot prices for bunkers in Singapore have doubled since Israel and the U.S. began their war against Iran on February 28. This includes high-sulfur fuels, marine gasoils, and low-sulfur fuels.
Market participants reported that the cost of refueling with low-sulfur fuel is now more than $1,000 a metric ton. The premiums, which are usually measured by fuel oil cargo prices, reached record highs Tuesday. They ranged widely and were well over $200.
A trader based in China said that some ships are unable to refuel at the Singapore port because of the soaring prices for oil, which is being supported by the Iran War. He declined to give his name as he wasn't authorised to talk to the media.
SELLERS Prefer Spot Offers
Sources said that due to the high premiums on the spot market, most sellers are now offering their products as spot contracts.
The executive declined to name the vessel because of commercial concerns. "There are some vessels that have been reluctant to fix bunkers in the past and are now looking for prompt supply," he said. They have no other choice than to wait and see if there are any available slots.
Several?marine-fuel suppliers in Zhoushan, China's biggest bunker port, have also reduced their prices after the Chinese government asked companies to halt signing new contracts for refined fuel exports.
Sources familiar with the situation said that although the restrictions don't apply to bunker sales bonded, the suppliers are rationing supply to prepare for further market tightness.
Linerlytica's maritime analytics firm, Linerlytica has reported that the queue-to berth ratios at ports in Singapore and Zhoushan have increased. The ratio compares how many ships are waiting at an anchorage to the number that are currently at a berth. A higher ratio indicates congestion.
Shanghai and Ningbo in China saw the ratio of queue to berth increase from 1.0 on 28 February to 1.4 by 7 March. Singapore's ratio remained at 0.6 for the same time period. (Reporting from Jeslyn Leh in Singapore and Ella Cao, Beijing; Additional reporting and editing by Sam Li and Tony Munroe)
(source: Reuters)