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Kyiv reports that Ukrainian drones have struck Russia's Syzran refinery.
Ukrainian military and President Volodymyr Zelenskiy announced on Thursday that drones had struck Rosneft's Syzran oil refining plant in the?Samara area overnight. Zelenskiy, a Telegram user, said: "Another Ukrainian sanction against Russian oil refinery - we will continue this line of action." "This time, it was Syzran oil refining -?more than 800 km away from our borders." Zelenskiy uploaded footage of "a fire and smoke" billowing into the skies. The local governor confirmed that two?people died in a drone strike on Syzran, in the Samara region. He did not mention whether or not any?infrastructure had been damaged. Ukraine's Unmanned Systems Forces stated that a large fire was caused at the?refinery. Its annual processing capacity is between 7 and 8.9 million tons of crude oil. The commander of Ukrainian drone forces Robert?Brovdi said that it was the '11th Russian oil refinery' targeted by Ukraine in May.
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EasyJet's outlook is uncertain as fuel prices rise and bookings decline
EasyJet, a British budget airline, reported a loss of £552 million ($741.39 millions) in the first half on Thursday. However the outlook for the full year remains uncertain due to the Iran War driving up fuel prices and bookings slipping during the summer peak season. The warning comes at a time when the Iran conflict is continuing to "disrupt" global aviation. Jet fuel prices have risen by more than 80% in the last few months, forcing airlines to raise fares or cut capacity, and even absorb margin pressure, as flow through the Strait of Hormuz has been constrained. In recent weeks, European airlines have reduced their profit expectations as fuel prices rise due to the possibility of a prolonged war and as hedges expire. Easyjet's 552 million-pound first-half loss was in line with the 540 to 560 million-pound loss that it warned about in April. EasyJet's Chief Executive Kentonjarvis stated that "our strategy is clear" - we will bounce back this year from the Middle East related setbacks through accelerated upgrades, disciplined growth and continued expansion of easyJet Holidays. The FUEL COST SURGE Tests Outlook Fuel costs were flagged by analysts as a "major risk". This is where things are dicey. The 72% hedge of $726 provides some protection but not immunity. EasyJet's spot price is $1,350, and every $100 change in the fuel cost amounts to approximately PS35m. Duncan Ferris, an investment writer for Freetrade, wrote in a report that EasyJet was "a little exposed". The second-half bookings accounted for 58%, a sign of a change in consumer behavior as travellers choose to book nearer their departure date and select destinations closer to home. In-month bookings were strong on an annual basis. This indicates a continuing shift towards later booking patterns. It has already started'reallocating capacity towards domestic and city routes' to respond to the weaker demand for long-haul destinations in eastern Mediterranean. The airline also plans to launch in 2027 a loyalty program aimed at retaining customers.
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EasyJet's losses are in line with predictions, and they signal continued Iran War pressure
The 'Iran War' has continued to impact?jet fuel prices and consumer bookings as we head into the crucial summer season. The war has impacted the global aviation industry, forcing airlines to increase fares or reduce capacity, as well as causing jet fuel prices to rise by more than 80%. Easyjet's April-September bookings accounted for 77% of the total at this point in time, a year earlier. Easyjet's bookings for April-September were 77% sold at the same point last year.
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Maguire: Texas cuts gas consumption as ERCOT clean energy momentum continues to grow
Texas's share of natural-gas power generation has dropped to a multi-year low so far this year, as the use of clean energy continues to supplant fossil fuels in the nation's top oil and gas production hub. The Electric?Reliability?Council?of Texas' (ERCOT), according to data from ERCOT, has generated less than 35% of the total electricity supplied by the utility in its power system in 2026. This gas share is up from over 40% two years ago and shows the rapid growth of clean energy in the biggest power producing state in the nation. RENEWABLES RISE The main driver for the growth of ERCOT's clean?power is an 11% increase in the combined output of Texas's wind and solar farms between January 1 and May 19, compared with the same period in the year 2025. The total clean energy generation this year up to May 19 has been 93.3 megawatt hours (MWh), an increase of 8% over the same period in 2025. ERCOT data, compiled by EIA, shows that solar power output has increased 27% to 27 million MWh. Wind output is up 5% at nearly 51 millionMWh. The growth in renewables has helped to offset the year-to date declines in nuclear and hydropower output. These accounted for approximately 8.8% and 0.1 % of ERCOT’s total mix this year. The record?clean energy generation has also helped boost total power supply by 2% compared to a year earlier, reaching all-time highs at 174 million MWh. This ensures that Texas' total power supply continues?to increase along with its total energy needs. FOSSIL MILESTONE Clean power through ERCOT's power system allows producers to reduce their production of both coal and gas-fired power stations until 2026. Total gas-fired production dropped by 3% compared to 2025, and is now at its lowest level since 2023. Coal-fired production dropped by 8% (to 21 million MWh), the lowest it has been since 2024. This year, the ERCOT generation mix has been shifted to include clean energy sources more than fossil fuels for the first ever time. Clean power generated nearly 54% share of the total generation from January 1 to May 19. Fossil fuels had a share of just 46%. The rapid shift towards cleaner power generation in Texas - so far this decade - is a testament to the energy transition that has been taking place. The production of gas-fired electricity is expected to increase steadily in the summer, to meet the increased demand for air conditioners when ERCOT’s total consumption of electricity reaches its annual peak. The rapid deployment of battery-storage systems to store excess solar power and discharge it later is also likely to extend the solar contribution to the mix well into the evening. This suggests that ERCOT is likely to continue to achieve additional clean energy milestones by 2026 in order to keep Texas at the forefront of the power system energy transformation efforts in the nation. These are the opinions of a columnist, who is also referred to as 'the author. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X 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 7 days a weeks.
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Australia is planning to increase its energy security by introducing biofuel mandates
Australia will introduce biofuel blend mandates in order to increase energy security and encourage 'local production,' a spokesperson for the government said. He added that the development of the policy was a top priority following the war with Iran, which threatened fuel imports. Australia is a major exporter of biofuels, such as canola and tallow. However, it imports most of its fuel. Since the Iran War began in late Feburary, many countries have sought to increase their biofuel production. This has resulted in a reduction of the hydrocarbons exported through the Strait of Hormuz. After the war, the front pages of Australian newspapers were dominated by the rising prices of?gasoline and diesel fuel and the threat that supplies would be in short supply. Fuel suppliers are required to make sure that they blend biofuels into a certain percentage of their fuel. In many countries, they have been implemented for petrol diesel and jet fuel. A spokesperson stated that the government would begin consultations in the next few months to determine what mandates it should introduce. It could have a policy prepared by the end the year. They said that the process was being "accelerated". The consultation will involve engagement with the industry, study of other countries' policies, cost/benefit analysis and assessment Australia's capacity as a producer of low-carbon fuel. In recent months, the government has intensified its efforts to develop a biofuels sector. This is something that?Australian's agricultural industry has long demanded. Last year, the centre-left Labor Government announced A$1.1billion ($783.86m) in funding for?the next decade. This money will be used to support production and infrastructure. The government said Australia would have a low carbon fuel industry worth hundreds of billions by the mid-century. $1 = 1.4033 Australian Dollars (Reporting and editing by Jamie Freed; Reporting by Peter Hobson)
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The wage drama at Samsung Electronics is not over.
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. Samsung Electronics is still fighting over the issue of pay. The planned strike that was due to begin today has been averted at the 11th hour by a deal reached between the company and its union last night. However, a group of disgruntled investors have threatened to ruin the entire thing. The details of the deal, which includes bonuses of about $416,000 for certain staff, paid mostly in stock, have attracted attention. Investors have largely ignored the drama and are bidding up Samsung shares by over 7%. They also lifted South Korean shares by more 7.5%. SK Hynix is the rival memory-chipmaker whose bonus package triggered the Samsung pay dispute. Its shares are up over 11%. The markets are in a positive mood following the crossing of the Strait of Hormuz by three supertankers with?6million barrels of crude oil. Meanwhile, signs have emerged that Iran has been consolidating control of the waterway. MSCI's broadest Asia-Pacific index outside Japan rose 3% following Nvidia’s better-than-expected forecast of revenue on Wednesday. The world's?most valuable company fell 1.3% after-hours as traders wanted more. This weighed on S&P 500?e-mini Futures, which had been last?flat. Japan's Nikkei 225 also jumped 3.6%, after S&P Global’s flash manufacturing PMI indicated expansion in May. However, at a slower rate than a week earlier. Exports increased by 14.8% annually in April, putting to rest fears of stagflation and confirming expectations that the Bank of Japan would raise rates next month. Markets are focusing on new geopolitical concerns as AI-related trading looks healthy, and SpaceX's IPO is a blockbuster. One example is that U.S. president Donald Trump has said he will speak with his Taiwanese equivalent Lai Ching Te, a decision which?is certain to infuriate China as it regards the island to be its own. On Thursday, the self-governing island’s?foreign?ministry stated that Lai would be pleased to speak to the U.S. This would mark the first direct talk since Washington transferred diplomatic recognition from Taipei to Beijing in 1979. China's Foreign Ministry has not yet responded. Early European trades showed that FTSE and German DAX were both flat. The following are key developments that may influence the markets on Thursday. Announcements about the company Easyjet, QinetiQ and Walmart Economic Events France: HCOB Manufacturing and?Services Flash PMI for May Germany: HCOB Manufacturing and Services Flash PMI for May UK Flash Manufacturing and Services PMI for May CBI Trends Orders in May Debt auctions: France: 3 year, 4 year, 6 years, 8 years, 10 years and 21-year debt Germany: 10-year government debt UK: 10-year government debt
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TASS reports that Russia and China will unveil a cable car across the Amur River.
The TASS news agency reported that Russia and China will unveil a cable car spanning a distance of nearly 1 km (0.62 miles), which will connect the cities of Blagoveshensk to Heihe, by the end this year. China is the largest buyer of energy from Russia and both countries have agreed to travel visa-free. Since the invasion of Ukraine in 2022, oil and gas exports from Russia to Europe have decreased. Since then, the European Union has tightened its visa policies for Russians. As a result, many Russian tourists have shifted their travel to Asia. China and Russia agreed to extend the visa-free program after President Vladimir Putin visited Beijing this week. A Russian construction firm told TASS that an iceberg-shaped terminal was 93% complete. Two gondolas, each capable of carrying up to 110 passengers, would travel?up to 70m above Amur River during a 'two and a half minute journey. The terminal will include shops, restaurants, cafés, duty-free zones, and border control checkpoints. According to TASS, the new route will allow passengers to travel between 'the two cities' in a matter of?six minutes. A bridge between Blagoveshensk, Russia and Heihe was inaugurated in June 2022.
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FAA: SpaceX wants to launch 10,000 launches per year within five years
SpaceX wants to launch 10,000 rockets annually in the next five years. However, government officials must first see that reliability has improved before they approve such an expansion. FAA Administrator Bryan Bedford stated that he had met with SpaceX president Gwynne shotwell who informed him of the ambitious goals set by the company. SpaceX will launch 170 satellites in 2025. Bedford claimed that Shotwell had told him about "the SpaceX five-year plan to reach 10,000 launches per year." Elon Musk, CEO of SpaceX, said in a Forbes interview that aired last week that the company has already launched 10,000 satellites into orbit. He also stated his desire to eventually launch 10,000 communication satellites per year. However, he didn't specify a specific timeframe. Bedford stated after a conference that the FAA needed to see greater reliability in order to approve such a goal. After the forum, Bedford told journalists that "we need to see more reliability". FAA licenses all commercial space launchers and streamlines key obstacles. The FAA imposes'restrictions' to ensure that launches or accidents in space do not disrupt passenger air traffic. Bedford stated that the purpose of meeting with SpaceX was "to go over the constraints that are seen and what we can do planning-wise now to be in a better position to accommodate this type of stretch goal." SpaceX didn't immediately respond to an inquiry for comment. Bedford told reporters that he and Shotwell had "a very honest conversation. We're going have to push ourselves; they're also going to need to push their reliability." He said that Donald Trump wanted to reach the moon by 2028. Bedford said that to achieve this, "we will have to work with industry to unlock the innovation." Bedford said that the FAA is not the current limiting factor in space launches. He said, "I can imagine a future in which we will be the limiting force because we do not put enough funding into our space team." Bedford said that the FAA is reviewing data from previous launches to better understand risk. Bedford said that the FAA must ban?flights from certain areas during launch to address safety concerns. SpaceX announced in January that it plans to launch 1 million satellites orbiting Earth to harness solar power to power AI data centres. (Reporting and editing by David Shepardson)
Gazprom shares drop on lack of dividends and pipeline to China
Gazprom shares fell on Thursday, despite the announcement that they would not be paying a dividend for '2025' results. They were also impacted by Russia's inability to reach a deal with China on a new pipeline.
The shares of Russia's biggest natural gas producer fell almost 1% in early trade at the Moscow stock exchange, continuing the previous day's decline of 3.5%.
"Yesterday the Moscow Exchange Index fell?by 1.2 percent, unable withstand a?double disappointment: reports from China regarding the 'lack of clarity about the 'timeframe for implementing the Power of Siberia?2 project and Gazprom refusing to pay dividends in 2025," Sinara Investbank stated in a report.
Gazprom’s capitalisation is now only 2.8 trillion rubles ($40 billion), far less than the $1 trillion that was promised by management back in 2008.
Since the Russian invasion of Ukraine in 2022, which shattered trade and political relations with Europe, the company has lost lucrative sales to Europe.
The Russian President Vladimir Putin met China's Xi Jinping on Wednesday in Beijing, but they failed to make any progress regarding the?planned Power of Siberia 2?pipeline?which would have allowed Russia to double its natural-gas exports to China. $1 = 70.8000 Rubels (Reporting and Editing by David Goodman)
(source: Reuters)