Latest News
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MISO, the US grid operator, says that it has enough buffer to cover peak summer days
The regional grid operator of 15 U.S. states in the 'Midwest' and 'South, said that its annual capacity auction showed there would be enough electricity this summer to meet peak demand. The auction prices of $424 per megawatt day indicate that the risk of summertime blackouts remains elevated in much of the territory controlled by the Midcontinent Independent System Operator. The annual auction ensures that the power plants can meet peak demand for electricity. The U.S. regional grid operators are struggling to keep reserve margins adequate due to the surge in demand from data centers that use a lot of energy and electric vehicles. MISO stated in a press release that "while summer prices reflect a tighter balance between demand and supply, the overall system shows enough capacity to satisfy expected needs throughout all seasons." MISO stated that there was more capacity than the target buffer. The auction cleared 3.5% above the 7.9% summer planning reserve margin. (Reporting by Tim McLaughlin, Editing by Chris Reese).
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ONEOK increases its profit forecast for 2026 after increased volumes drive quarterly beat
U.S. Pipeline Operator ONEOK increased its annual earnings forecast 'on Tuesday, after reporting a first-quarter core income that exceeded estimates. This was due to higher volumes in its natural /gas liquids, its gas?processing, and its pipeline systems. The 'company' raised its expectations for 2026 net profit to a range between $3.21 billion and $3.79 billion compared to its previous forecast of $3.19 to $3.71. The company also raised its EBITDA forecast to $8.0 to $8.5 billion from the previous range of $7.9 to $8.3billion. Midstream operators in the U.S. are benefiting from the rising production of shale gas, especially from the Permian basin, and from expectations that record-high flows will be achieved across?the U.S. Natural Gas System by 2026. This is due to stronger LNG exports as well as a rise in power demand from data centers. Pierce Norton, CEO of ONEOK, said, "Strong performance in a number of business segments is bolstering our outlook. It builds momentum throughout the year, and supports increased financial guidance expectations for 2026." According to LSEG data, the adjusted EBITDA for the quarter January-March rose to $1.997 Billion, exceeding analysts' average estimates of $1.95 Billion. Natural gas liquids segment (NGL) adjusted EBITDA quarterly rose by 11%, to $706m?from the year before. The company reported a 15% increase in the?NGL raw feed throughput volume, while refined product shipments increased by 12% and natural gas processing volumes increased by 5%. ONEOK?transports crude oil, refined products, and natural gas through its 60,000 mile-long pipeline network. Over the last two years, the company has acquired a number of companies, including Medallion Midstream, EnLink Midstream, and a Gulf Coast NGL pipeline from Easton Energy. (Reporting and editing by Sriraj Kalluvila in Bengaluru, Sumit Saha & Arunima K.)
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San Francisco and Port of Oakland resolve airport trademark litigation
According to a Tuesday press release, the City of San Francisco & the Port of Oakland have settled their dispute over the trademark "San Francisco". Port?of?Oakland decided to rename its airport to "San Francisco Bay Oakland International Airport" before. San Francisco claimed in a court case that the name would confuse people with its San Francisco International Airport. According to the press release, the agreement allows Port of Oakland to refer its airport as "Oakland San Francisco Bay Airport", but restricts its use of "San Francisco Bay" and "International". Port of Oakland attorney Mary Richardson stated: "We are proud that Oakland fought and preserved the right to keep our airport's name, which puts Oakland first. It also recognizes OAK’s location in San Francisco Bay." San Francisco City Attorney David Chiu stated that the city was "pleased" that they were able to reach a resolution that met Oakland's needs while protecting the San Francisco International Airport trademark. Port of Oakland has announced that it will change its name to Oakland International Airport in March 2024. San Francisco sued Oakland in April for infringement of its trademarks, claiming the Oakland airport would confuse travelers with its similar new name. Thomas Hixson, U.S. Magistrate judge, temporarily blocked the name change later that year. He found "San Francisco Bay Oakland International Airport", would likely confuse consumers into believing it is affiliated with the city of San Francisco. The port argued that this name accurately describes the airport's position on San Francisco Bay and stated that airports in Chicago, Dallas, London, Paris,?and Beijing shared their cities' names peacefully. Oakland International Airport is located just 30 miles (48 km) from San Francisco International Airport. Blake Brittain, Washington Bureau Chief; Daniel Walling, Editor
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US companies show resilience as Iran war threats mount
The top American companies, from GM and Coca-Cola to Coca-Cola, are trying to reassure their investors that they will be able to weather the financial fallout of the Iran War despite the fact that fuel prices and packaging costs have risen. Since the beginning of the conflict, oil prices have increased dramatically. This has pushed up the cost of inputs in industries that are already under pressure from U.S. Tariffs. This increase forces companies to consider price increases at a time consumers are already feeling the strain. Reviewing company statements from the'start of war' revealed that 24 companies had withdrawn or reduced their forecasts. 35 of them have indicated price increases and another 35 warned of financial losses. But on Tuesday, a number of executives sounded confident, relying on hedging and prior purchase contracts, strong demand, or the ability offset costs in other areas. Coca-Cola is one of the companies that has been optimistic, relying on the demand for their sodas. CFO John Murphy stated that, like PepsiCo had secured some lower prices prior to the start of the current disruption. Even though the beverage giant has a higher cost of packaging plastic and aluminum, it still faces a higher price for certain finished products. Murphy stated that the company "is working hard with our bottling partners" to deal with the consequences of the Middle East situation. Wall Street has also been influenced by the optimism. Analysts increased expectations for the first quarter S&P 500 'earnings to 16.1% by April 24, up from 14.3% before the war started. David Morrison is a senior analyst at Trade Nation. He noted that CFOs and CEOs were required to give bullish signals. The market could punish these stocks if they start to sound less bullish, citing increased energy costs, or the war in Iran. United Parcel Service, for example, took a more conservative approach, repeating its revenue targets for the full year, while also warning of the potential impact that rising fuel prices may have on demand. "It's early in the year, and there is war in the Middle East." UPS CEO Carol Tome stated that high gasoline prices may have an impact on demand at the end of the calendar year. Detroit automaker General Motors, for example, signaled they've been through this before and are in a good position to navigate the storm. Mary Barra, CEO of General Motors, said: "We clearly operate in a dynamic environment. This is not unusual for our industry." GM expects raw material, chip and logistics inflation to reduce annual earnings by $1.5 - $2 billion. This is $500 million more than what it had estimated at the end of last year. However, it still raised its earnings forecast for the full year, citing a strong U.S.'market and a tariff refund that was expected. Procter & Gamble, the global consumer goods bellwether, was the only one to be outliers, at least in comparison with airlines. Last week, the company warned that oil prices would cause a $1 billion loss on its fiscal 2027 profits. Jet fuel prices have nearly doubled in the last two months, putting airlines at risk of spiraling costs while also selling tickets. JetBlue Airways will?slow hiring, reduce capacity and raise fares to ease the blow following a larger first-quarter loss which threatens to derail their turnaround. The risk of further margin erosion and the 'limitation on how much cost can be passed along? still looms large. "If energy costs continue to rise, every sector of the economy will be affected." "The cost of manufacturing goods increases, which leads to higher inflation, which is then passed on to consumers, and this means a weaker consumer," said Peter Cardillo. Chief market economist at Spartan Capital Securities, New York. In other words, consumers are cutting back on their spending.
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Joby performs first point-topoint air taxi flight test in New York
Joby Aviation has been testing the first point to point?air taxi demonstration flight in New York City for a week as it gets closer to gaining government approval for commercial electric'vertical takeoff & landing?aircraft. The Federal Aviation Administration announced a pilot program in September that included the testing of eVTOLs. On Monday, a Joby aircraft departed JFK Airport and landed in the existing heliport networks of New York, including Downtown Skyport and the West 30th Street & East 34th Street Heliports located in Midtown. There are more tests planned throughout the week. Air taxi companies are racing to obtain?approvals for air taxi aircraft and to commercialize them to meet the demand for a faster, more efficient and sustainable urban transportation. They promote eVTOLs which can land and take off vertically, making it easier for them to get to airports. The company aims at connecting Lower Manhattan and?Midtown with JFK within 10?minutes, a journey that would otherwise take over an hour due to New York traffic. Joby has said that it is making progress on the FAA certification process after its recent flight. This was a necessary step before FAA Pilots could perform additional tests. Joby stated that the New York campaign builds on a series of piloted demonstrations in the San Francisco Bay Area. The New York campaign places the aircraft into real flight routes, and in real environments, within one of the most dynamic cities around the world, to demonstrate the acoustics, and performance metrics, which are critical for unlocking the urban aerial share market. In June, President Donald Trump signed an executive order to create the program. Other countries such as India, China, and the United Arab Emirates are also working to accelerate deployment of eVTOLs. These aircraft could start carrying paying passengers later this year. Delta Air Lines will invest $60 million and get a small stake in the partnership in?2022. The partnership will eventually provide air taxi transportation to and from New York Airport and Los Angeles Airport. (Reporting and editing by Edward Tobin; David Shepardson)
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Airline cancels flights due to Middle East conflict
Middle Eastern carriers increased capacity after the U.S. - Israel war against Iran caused severe disruption. Airlines outside the Gulf are continuing to reroute routes between Europe and Asia, away from major hubs within the region. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest airline in Greece will resume flights from Athens to Tel Aviv on April 28. Flights from Heraklion and Rhodes, as well as Larnaca and Rhodes, will be resumed on May 21. Thessaloniki-Tel Aviv flights are cancelled until June 26. Riyadh will resume its flights on May 21. The flights to Beirut will be cancelled until June 26. Flights to Dubai will be cancelled until June 29. Erbil, Baghdad and Baghdad are also affected until July 2. AIRBALTIC Latvian airline airBaltic has announced that flights to Tel Aviv are cancelled until 28 June. Dubai flights are cancelled until 24 October. AIR CANADA The Canadian carrier has canceled flights to Tel Aviv, Dubai and Abu Dhabi until September 7. AIR EUROPA Spanish Airlines has cancelled all flights to Tel Aviv till May 31. Air France-KLM Air France suspends its flights to Tel Aviv, Beirut and Dubai until May 10. KLM suspends flights to Riyadh and Dubai until the 14th of June. CATHAY PACIFIC Hong Kong Airlines has suspended its flights to Dubai, Riyadh and cargo freighter service to Dubai and Riyadh up until May 31, and until June 30, respectively. In April, the airline will increase passenger flights from London to Paris and Zurich to meet the increased demand for travel to Europe. It intends to continue operating all scheduled flights after June. The U.S. carrier cancelled flights between New York and Tel Aviv, and delayed the start of Atlanta-Tel Aviv until September 5. The launch of the Boston-Tel Aviv flight, scheduled for late October, was delayed. EL AL ISRAEL AIRLINES Israel's carrier announced that it will continue to expand its operations and, from April 27, operate flights to approximately 40?active Gateways. All flights to Dubai have been cancelled until May 31, 2019. EMIRATES The UAE airline announced that it will be operating a reduced schedule and flying to over 100 destinations. ETIHAD AERWAYS The United Arab Emirates carrier announced that it operates a commercial flight schedule from Abu Dhabi to around 80 destinations. FINNAIR The Finnish airline has cancelled all Doha flights up to July 2 and continues to avoid the airspaces of Iraq, Iran Syria, and Israel. The airline will only resume its Dubai flights by October. British Airways, owned by IAG, will reduce?flights in the Middle East once services resume. Jeddah?will be permanently dropped as a destination. Plans to reduce service to Dubai, Doha and Tel Aviv from two daily flights to one daily flight by July? Riyadh service will be reduced from two to one daily flight from mid-May. The changes will apply until the end of the summer season on October 24. One Dubai service will restart on October 16. Iberia Express, the Spanish low-cost carrier of IAG, has canceled flights to Tel Aviv until May 31. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until June 1 and until May 31. The Polish airline has suspended flights to Tel Aviv till May 31. The airline also cancelled flights from March 31 until May 30 to Beirut and Riyadh. The airline will operate its winter route from Dubai to October. LUFTHANSA GROUP Lufthansa has suspended flights from Switzerland, Austrian Airlines, Brussels Airlines, and Edelweiss to Dubai and Tel Aviv till May 31. The suspension of flights to Abu Dhabi is in effect until October 24, as are flights to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran. Eurowings, a low-cost carrier, has suspended flights from Tel Aviv to Beirut until May 11, Erbil and Beirut until May 14, and Dubai, Abu Dhabi and Amman to?October 24. ITA Airways has extended the suspension of flights from Tel Aviv, Riyadh, and Dubai to May 31. MALAYSIA AIRLINES Malaysian Airlines has suspended all flights to Doha through June 14. NORWEGIAN AIR Low-cost airline 'has delayed the launch of its Tel Aviv and Beirut service to June 15th. PEGASUS Pegasus Airlines, Turkey's national airline, has cancelled all flights to Iran, Iraq, Amman Beirut, Kuwait Bahrain Doha Dammam Riyadh Dubai Abu Dhabi Sharjah and Abu Dhabi until June 1. QANTAS Australia's flag airline is adding more flights to Rome and Paris in response to a surge in demand for European destinations. The number of flights to Paris is increasing from three to five per week, and the Perth to Singapore service will go from daily to ten flights a week. A new schedule will be implemented gradually for flights starting in mid-April, and running until late July. QATAR AIRWAYS From May 1, the carrier will resume daily flights to Damascus and Bahrain, as well as Kozhikode. Qatar Airways has announced that it will expand its international flight network from June 16 to more than 150 destinations. ROYAL MAROC The Moroccan carrier has announced that flights to Doha and Dubai have been cancelled until 30 June. SINGAPORE Airlines In response to increased demand, the carrier has extended its Singapore-Dubai suspension until May 31. TURKISH AIRLINES SunExpress - Turkish Airlines' joint venture Lufthansa has cancelled flights from Dubai to May 21. WIZZ AIR Low-cost carrier suspends flights from Europe to Amman, Dubai and Abu Dhabi until mid-September. All flights to Medina are suspended indefinitely. (Compiled by Josephine Mason and Jamie Freed. Elviira Louma, Tiago Branao, Agnieszka Olesnska, Bernadette HOG, Boleslaw LaSocki, Romolo Tosiani. Rod Nickel and Lisa Shumaker edited the book.
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FedEx and UPS promise to refund tariff refunds to their customers
FedEx and UPS, the two largest parcel delivery companies in the United States, said that they would refund any tariff refunds to customers on Tuesday as the U.S. Government began reclaiming the levies illegally collected. Last week, thousands of 'companies' rushed to submit claims following the launch of a system to refund tariffs to companies by the U.S. Government. The U.S. Supreme Court, in?February, struck down the tariffs that President Donald Trump sought under a law intended to be used in times of national emergency. This was a crushing defeat for the Republican president. Around $166 billion of U.S. tax collections could be refunded. Tariffs imposed by the Trump administration have disrupted global trade and affected earnings of a variety of companies including logistics providers. UPS CEO Carol Tome stated in an investor call after earnings that the company collected tariffs worth about $5 billion from its customers. "We are working closely with Customs Border Protection in order to obtain these refunds. We are working with the U.S. Tome said that the U.S. government should not be sued. She added, "We believe it will take some time before the Treasury sends us money. But as soon as it does, we will remit that money?right to our customers." FedEx also said it would refund customers "as quickly as it receives refunds from CBP." (Reporting by Nandan Mandayam in Bengaluru; Editing by Anil D'Silva)
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JetBlue to increase fares and reduce capacity as fuel costs rise, causing a quarterly loss
JetBlue Airways announced on Tuesday that it will slow hiring, reduce?capacity, and raise fares in order to lessen the impact of rising jet fuel prices. The carrier reportedly reported a larger first-quarter loss which threatens to derail its turnaround efforts. Joanna Geraghty, CEO of JetBlue Airways, said that the airline has also suspended its previous full-year forecast due to external factors. U.S. and Israeli attack on Iran closed the Strait of Hormuz. This has disrupted nearly a fifth of world oil and gas supply. Fuel costs are on the rise, and this puts pressure on smaller carriers such as JetBlue. They have less financial flexibility, and they're more exposed to uncertainty. Geraghty stated that the three main levers at our disposal are to adjust fares in order to align them with input costs, to moderate unproductive capacity, and to pursue?additional savings opportunities. The carrier's shares were up over 4% late in the morning as it saw its pricing power improve during the quarter. This was due to strong demand, its expansion into Florida and strength in the premium segment. JetBlue will continue to seek ways to improve its revenue performance for the remainder of the year. The airline said it plans to reduce capacity further during shoulder and off-peak periods during the second quarter, and the last half of the year following the peak summer travel season. JetBlue also said that it will slow down hiring in order to meet capacity expectations. It expects to save money on landing and maintenance fees by reducing flying. The airline expects to recover 30% to 40% of increased fuel costs by the second quarter and all of them by early 2027. The New York-based airline expects to see an average fuel cost per gallon between $4.13 and $4.28 during the second quarter. This compares with $2.40 a gallon in the same period of last year. Revenue per available seat mile (a metric that is commonly used to measure pricing power) increased by 6.5% during the same period. "While the demand outlook ?is encouraging and JetBlue ?is doing everything it can to manage (costs), we expect concerns around the competitive implications of a White House bailout of the ultra-low-cost-carrier segment to weigh on the shares," TD Cowen ?analyst Tom Fitzgerald said in a note. The airline stated that it would continue to expand in South Florida regardless of any potential bailout for?Spirit Airlines. It has also taken advantage of the gate availability. Geraghty said to employees that JetBlue did not consider 'bankruptcy', according a memo viewed by?. He added the carrier had access to additional capital and ample liquidity. The airline secured a $500m debt financing commitment with the option to raise $250m more using additional planes as collateral. JetBlue's adjusted loss per share was 87 cents, while analysts expected a loss of 71 cents.
HSBC expects UAE's exit to have a limited impact on OPEC+ in the near term
HSBC stated in a research note published on Tuesday that the United Arab Emirates' exit from OPEC, and the wider OPEC+ coalition from?May 20, 2026 will have a limited impact?on the oil markets. However, it could weaken OPEC's ability to manage prices and supply over time.
The?UAE?,?one OPEC+'s biggest producers?, announced on Tuesday that it would be leaving both OPEC+ and OPEC, dealing a major blow to the producer's group, as the U.S./Israeli war against Iran disrupts the energy flow.
HSBC predicts that global oil supplies will remain stable in the short term as disruptions to the Strait of Hormuz have effectively closed it since late February.
The bank stated that?any increase of UAE production is limited while shipping access remains restrictive. The bank said that the Abu 'Dhabi Crude Oil Pipeline which bypasses Hormuz and transports crude to Fujairah has a capacity of up to 1.8 million barrels a day. It is probably already at or near full utilization.
HSBC stated that once access to the Hormuz is restored, the UAE won't be bound by OPEC+ quotas, and can gradually increase output. The bank estimates Abu Dhabi National Oil Company's production could reach more than 4.5 millions barrels per day compared to an OPEC+ quota for May 2026 of approximately 3.4 million bpd.
The bank said that any increase in the supply of oil is expected to be phased-in over 12 to 18 months, rather than delivered instantly. This is in line with ADNOC’s stated intention to gradually raise production and to adapt to market and demand conditions. The bank stated that additional?UAE barrels will help to'rebuild global oil inventories following recent draws.
HSBC stated that the long-term impact of the loss of a key?Gulf Member could be detrimental to OPEC+'s cohesion, credibility and supply management. The UAE's growing production capacity, long-term investments, and $150 billion program until 2030 suggest an intention to monetise the reserves with less output constraints.
Loss of UAE participation may also increase the risk that other members will not adhere to their obligations. HSBC stated that if collective discipline is weakened, OPEC+ could struggle to manage the price during periods of softer demands or increasing non-OPEC supplies. (Reporting and editing by David Gregorio in Bengaluru, Anmol Choubey from Bengaluru)
(source: Reuters)