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The US has a glut of natural gas that is not being used by Asia or Europe.
By limiting Gulf exports, the war with Iran has increased prices for natural gas traded globally. Gas is so plentiful in West Texas that some producers have to pay for it to be taken away. Iran's attacks against Gulf energy producers and the?war have stopped 20% of the global supply of?liquefied?natural?gas. The Qatari LNG plants have been damaged, and tankers are unable to pass through the Strait of Hormuz at the Gulf's entrance because of Iranian threats of firing on them. The global gas market has been split by the crisis: import-dependent countries in Europe and Asia are scrambling to find scarce supplies while the United States, the world's biggest gas producer, consumer, and exporter, remains overflowing with fuel and prices remain near 17-month-lows. The U.S. is unable to export gas because its pipelines are full. LNG plants are also at capacity. This has created a more dramatic split than the oil market. Gas futures in Louisiana, the U.S. Henry Hub benchmark, have fallen by up to 12% since the start of the war against Iran on February 28. Prices have also risen by 84% and 108% globally to $2.52 for a million British thermal unit (mmBtu). The international benchmark Brent crude oil is currently trading at around $111 per barrel while the U.S. standard is $104 per barrel. Both have risen by?more than 50 percent as a result. PAYING FOR GAS TO BE TAKEN AWAY? The United States have enough gas both to satisfy domestic demand as well as to fill LNG export plants, which cool the gas into liquid form. These plants were already nearing their maximum capacity prior to the war. Therefore, no matter how high gas prices are, the U.S. will not be able to export much more LNG. The Permian Basin is the largest shale gas field in the United States. Prices are lower than benchmark futures. Spot gas is available at the Waha hub West Texas has Trade below Zero Gas pipelines from the Permian have been full this year. This means that there is no capacity left to transport fuel. Some producers are paying others to remove it, just like a waste product. According to the latest U.S. Energy Department outlook, U.S. Gas production will continue to rise to meet demand for data centers that are power hungry and supply new LNG export facilities. As oil reserves diminish, the output also increases as oil producers increase their output and their wells produce more gas. At best, additional pipeline capacity will be available in a few months. Bank of America analysts said that "meaningful transport relief?doesn’t appear until late this or early 2027 when it is anticipated that larger pipeline projects will begin," in a recent report. New England is one of those areas that are most exposed to international gas prices. It must import LNG at high costs and burn oil in winter to generate electricity because it lacks the connections to the national grid for gas to meet the heating demand. WINNERS AND LOSSES The firms with the most excess LNG were the best placed to benefit from the price fluctuations caused by the 'Iran War, at least for the short term. Energy firms from around the globe have bought additional cargoes of U.S.-produced LNG to replace the gas that Qatar has canceled. Venture Global is the second largest LNG producer in the United States behind Cheniere Energy. Bob Yawger is the director of energy futures for Mizuho. He said that Venture Global was (relatively new) to the LNG game. They had spot cargoes to sell to the highest bidder. "Suddenly, everyone needs LNG since QatarEnergy is no longer in the picture." Based on the plants that are currently being built, the U.S. capacity for LNG will nearly double in the next five year from 18 bcfd to 35 bcfd. U.S. Gas producers that sell to LNG companies haven't fared as well, because they are selling a large portion of their production?at domestic prices, which, in addition to the near-record output, was held down by a weak?spring market and an abundance of supply in storage. The low U.S. price has even prompted energy companies, like EQT (the second largest U.S. producer of gas behind Expand Energy), to reduce output as they wait for prices and demand to increase later in the year. Jeremy Knop, CFO of EQT, told analysts that "our strategic curtailments serve as a storage method for gas during seasonal low demand periods."
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Iraqi state news agency reports that work has begun on the Basra-Haditha pipeline.
Iraq began work on a 'oil pipeline connecting Basra and Haditha with a capacity of 2.5m barrels a day, according to the'state news agency, citing the Oil Ministry, in an effort to expand the export routes for the OPEC producer. The ministry stated that the project has received a budget of $1.5 billion, but its speed will be determined by the amount of additional funding. A spokesperson for the ministry said that the 700-kilometre pipeline (435-miles) will be used to transport crude oil via multiple routes including Syria's Baniyas and Turkey's Ceyhan, as well as Jordan's Aqaba. It will also supply refineries on its route. The Prime Minister Mohammed Shia al Sudani chaired on Sunday a meeting for a 'follow-up' of the Basra to Haditha pipeline approved in 2024. He said that it was conceived to anticipate current regional conditions, and to guard against any disruptions to existing export routes. Baghdad, the Kurdistan Regional Government and Kirkuk Regional Government all agreed to restart crude exports via the Kirkuk-Ceyhan pipeline in March. Baghdad is also working to reopen a disused oil pipeline, which would allow oil to?be pumped directly to Turkey's Ceyhan Port without having to?pass through the Kurdistan Region. Oil prices have risen due to the closure of the Strait of Hormuz because of the Iran war.
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The US has a glut of natural gas that is not being used by Asia or Europe.
By limiting Gulf exports, the war with Iran has increased?prices for natural gas traded globally. Gas is so plentiful in West Texas that some producers have to pay for it to be?taken out. Iran's attacks against Gulf?energy companies and the war have halted 20 percent of global liquefied gas (LNG). The Qatari LNG plants have been damaged and tankers are unable to cross the Strait of Hormuz at the Gulf's entrance because of Iranian threats. The global gas market has been split by the crisis: import-dependent countries in Europe and Asia are scrambling to find scarce supplies while the United States, the world's biggest gas producer, consumer, and exporter, remains overflowing with fuel and prices remain near 17-month-lows. The U.S. is unable to export cheap gas because its pipelines and LNG plants are over capacity. This has created a more extreme split than the oil market. Since the start of the war against Iran on February 28, the gas?futures in Louisiana at the U.S. Henry Hub benchmark have fallen by up to 12%, reaching a 17-month-low of $2.52 for a million British thermal unit (mmBtu). Prices around the world are up by 84% to $21 per mmBtu in Europe and 108% to $22 in Asia. The international benchmark Brent crude oil is currently trading at around $111 per barrel while the U.S. standard is $104 per barrel. Both have risen by more than 50% since the start of the war. PAYING FOR GAS TO BE TAKEN AWAY The United States have enough gas both to satisfy domestic demand as well as to fill LNG export plants, which cool the gas into liquid form. These plants were already nearing their maximum capacity prior to the war. Therefore, no matter how high the global gas price goes, the U.S. will not be able to export much more LNG. U.S. Prices in the top shale fields, the Permian Basin and the Marcellus Shale, are lower than benchmark futures. Spot gas at the Waha hub West Texas has Traded below zero Gas pipelines from the Permian have been full this year. This means that there is no capacity left to transport fuel. Some producers are paying others to remove it, just like they would a waste product. According to the latest U.S. Energy Department outlook, U.S. Gas production will continue to rise to meet demand for data centers that are power hungry and supply new LNG export facilities. As oil reserves diminish, the output also increases as oil producers increase their output and their wells produce more gas. At best, additional pipeline capacity will be available in a few months. Bank of America analysts said that "meaningful transport relief won't appear until late this year or in early 2027 when it is expected to begin larger pipeline projects." New England is one of those areas that are most exposed to international gas prices. It imports expensive LNG to heat its homes and burns oil during the winter because it lacks enough connections to the national pipeline grid. WINNERS AND LOSSES The firms with the most excess LNG were the ones that could best take advantage of global price disruptions caused by the Iran War, at least in the short-term. Energy firms from around the globe have bought additional cargoes of U.S. LNG to replace the gas that Qatar has canceled. Venture Global is the second largest LNG producer in the United States behind Cheniere Energy. Bob Yawger said that Venture Global was (relatively new) to the LNG market and had spot cargoes to sell to the highest bidder. "Suddenly, everyone needs LNG since QatarEnergy has 'left the picture. Based on the plants that are currently being built, the U.S. capacity for LNG will nearly double in the next five year from 18 bcfd to 35 bcfd. U.S. Gas producers that sell to LNG companies haven't fared as well, because they are selling a large portion of their production at the domestic price. This is due to a near-record amount of production and a lackluster spring demand, along with an abundance of gas in storage. The low U.S. price has even prompted energy firms such as EQT (the second largest U.S. producer of gas behind Expand Energy) to reduce output in order to wait for prices and demand to increase later this year. "Our strategic curtailments serve as a storage method, keeping the gas underground (during) seasonal low periods of demand", EQT CFO Jeremy Knop said to analysts last week following the company's earnings report.
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UN warns that the Iran crisis is hampering humanitarian aid as costs for supply chains soar.
The cost of sending aid to Sudan, which has the largest number of refugees in the world, has more than doubled because of the Iran war. Shipping disruptions have increased costs and delayed the delivery of the relief. The agency stated that the insecurity surrounding key Gulf shipping routes including the Strait of Hormuz as well as congestion in ports, higher fuel prices, and increased insurance premiums all hindered the delivery of humanitarian aid, especially in Africa. UNHCR spokesperson Carlotta Wolf told reporters in Geneva that ships delivering aid from Dubai are now being replaced with vessels from Europe, which travel around Cape of Good Hope. This could add up to 25 days to the delivery time, she said. She said that "people in desperate need are receiving items that are not ready when they are needed." Wolf stated that transport costs for moving relief items from Dubai into Sudan and neighbouring Chad have more than doubled from $927,000 up to $1.87million. According to the U.N., the humanitarian crisis caused by war in Sudan is the largest of all times. AN INCREASED RELIANCE ON OVERLAND ROUTES UNHCR's Dubai hub is home to the largest global stockpile for relief items. The stockpile is one of seven around the globe, including those in Copenhagen, Nairobi Douala Accra Panama City Termez. Wolf says that in addition to the disruption of shipping in the Strait of Hormuz, which has been caused by the U.S.-Israeli war against Iran, the congestion in?major port cities such as Jeddah, Saudi Arabia, and Mersin, Turkey, and the sharply increased war-risk insurance rates - between 0.5% and 1.5 % of the cargo value for Gulf?transits – are adding additional pressure. She added that the increased reliance on overland transport routes also contributes to truck shortages and higher transportation costs. Fuel prices in Nairobi, Kenya have increased by 15%. This has caused delays and reduced the availability of trucks to ship goods to Ethiopia, the Democratic Republic of the Congo, and South Sudan. UNHCR is facing severe funding restrictions due to global donor cuts. Its $8.5 billion appeal for 135 million refugees or displaced people only has 23% of its $8.5 billion budget funded. Wolf stated that "every dollar spent on transportation means that we are able to support fewer people or provide them with less assistance." UNHCR warned that fuel shortages and rising prices were causing food costs to rise, resulting in greater hardship for those who are most in need. Reporting by Olivia Le Poidevin, Editing by Aidan Lewis
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TC Energy approves a $1.5 billion expansion of Columbia Gas after profits exceed expectations
Canada's TC energy?approved a $1.5billion Columbia Gas expansion project? on Friday, after its first quarter profit barely surpassed?analysts? expectations. This was due to strong 'performance' in its 'North American 'operations. The Appalachia Project, which is expected to begin operations in 2030, will be backed by a contract for 20 years with a financially sound utility. It can move up to 0.8 billion cu ft of natural gases per day, to support the new gas-fired plants. Major pipeline 'operators' like TC Energy are doubling their efforts to meet the soaring demand for natural gas as liquefied gas export facilities grow and energy-hungry AI, cryptocurrency miners and?data centers?increase electricity consumption. The company's core adjusted profit from the U.S. Natural Gas Pipelines, its largest segment rose by about 10%, to C$1.50billion, while the earnings of its Canadian Natural Gas pipelines increased by about 3%, to C$919million, in the quarter ending March 31. The core profit of its Mexico Natural Gas Pipelines business rose 85.4%, to C$432 millions. Canadian natural gas deliveries increased by 3% to 29.7 Bcfpd in the third quarter. U.S. flows increased 5% to 32.6% bcfpd while deliveries to LNG facilities jumped 12 percent to 3.9 billion bcfpd. In March, the pipeline operator announced that it had signed agreements to advance its second phase with LNG Canada. LSEG data shows that TC Energy's adjusted earnings per share were 99 Canadian?cents (0.7294) for the three-month period ended March 31. This compares to an average analyst estimate of 98 Canadian?cents. ($1 = 1.3572 Canadian dollars) (Reporting by Sumit Saha in Bengaluru; Editing by Pooja Desai)
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SpaceX spends over $15 billion on Starship in rush to airline-like rocketry
SpaceX has spent $15 billion on its next-generation Starship launch vehicle, according to its IPO registration. This is a huge sum compared to its Falcon rocket which was its mainstay. Elon Musk’s space company has been working for a decade to develop a fully reusable rocket. SpaceX's future as it races?towards public markets with a $1.75 billion valuation is largely dependent on Starship. This is a 'towering' two-stage rocket that Musk wants to use to launch more Starlink satellites and to carry humans to the moon and Mars. He also hopes to deploy thousands of artificial-intelligence computing satellites in place of power-hungry Earth-based data centers. The previously unknown figure of $15 billion dwarfs the $400 million SpaceX invested in developing Falcon 9, which is the most commonly flown rocket in the world. Falcon 9 is the key to SpaceX's dominance in commercial launch services, as it enables rapid Starlink deployments. SpaceX stated in its confidential IPO filing that it has continued to make significant investments in order to increase our lead. This includes investing more than $15 billion into Starship, the next-generation rocket. According to the filing, the company plans to launch its latest generation Starlink satellites (known as V3) in the second half 2026. This is most likely to happen on Starship. Its payload bay can hold up to 60 upgraded satellites in one flight. This is a significant increase from the usual two dozen Starlinks launched by Falcon. It shows how closely Starlink's economics are tied to Starship. Starship consumes now the majority of the company's research and development expenditures. The filing shows that SpaceX spent $3 billion on research and development for its space segment in 2025, with the entire amount going to the Starship Program. This is a dramatic increase from the $1.8 million that was spent in this segment in the previous year. This surge in spending highlights the fundamental differences between Starship and Falcon, as well as any rockets that have come before. STARSHIP SUFFERS EXPLOSIVE FAILURES SpaceX has performed 11 Starship tests since 2023. These flights have produced both spectacular failures as well as eye-catching advancements. The rocket's Super Heavy booster was caught by massive mechanical arms on its return, which was designed to accelerate reusability. SpaceX admitted in its filing, that despite these gains, it will still take several years before Starship can achieve Musk's goal "of thousands of launches per year." This launch rate would be needed to "deploy 100 Gigawatts" of solar-powered AI satellites each year, which is roughly one quarter of the US energy consumption in a single year. Chris Quilty, President of Quilty Space a space industry research company, said that they were getting close. "But we don't yet know and won't for some time, is whether they can do it again." The biggest challenge for Starship will be to build the ground infrastructure required to support Musk's flight cadence. This includes fuel supplies, water system and, for the core of the ship, a heat shield capable of withstanding repeated atmospheric reentry. According to an analysis by the Federal Aviation Administration, a single Starship launch uses 244 tanker truck loads of natural gas. Around one million gallons are used to dampen the rocket's acoustic vibrating during launch. Quilty stated that there isn't enough water to launch Starship at this scale. In-orbit fueling is another formidable obstacle. It's a risky, unproven procedure in which Starships dock to tanker versions of vehicles in order to transfer fuel. This maneuver is essential for deep-space missions, and it would require multiple Starship launches. Hans Koenigsmann is a former SpaceX Vice-President of Flight Reliability, and one of SpaceX's first employees. If that happens, I think it will be a success from then on. It is not just the propellant that poses a problem. The liquid oxygen must be maintained at very low temperatures, and sealed tightly to prevent leakage into space. SpaceX stated in its filing that "in-orbit refueling" is complex and they haven't yet tried it. It added, "We may be unable to develop, commercialize or scale up these or other strategies within the timeframes that we anticipate or even at all." CITY OF THE STARS SpaceX, over the last decade, has built an extensive Starbase development site dedicated to Starship in South Texas. The facility is part of a manufacturing effort designed to produce rockets faster than traditional space vehicles. Koenigsmann explained that "when you build your production before having the product in hand, you run the obvious risk that you will change your mind... and every change to the rocket also has an impact on the factory." The vehicle has undergone hundreds of changes due to testing failures. Koenigsmann called Starship "a totally different animal" than Falcon 9. SpaceX has been preparing to launch its first Starship test since October. This is the longest gap between flights in the history of this program. This mission will be the first to fly the Starship V3 prototyp. In a video SpaceX published on X Friday, Charlie Cox, director of Starship Engineering said, "Version '3 is essentially a clean-sheet ship design." V3 Starship is a rocket with dozens and dozens of upgrades. It's designed for orbital flights, long-duration space tests, and crewed moon landings. This is the most difficult mission type for which NASA paid SpaceX $3 billion as part of its Artemis Moon Program. Kent Chojnacki said that HLS will be based on Version 3. He is the Deputy Manager for NASA's Human Landing System Program. This first flight is going to be crucial. (Reporting and editing by Joey Roulette, Nick Zieminski and Joe Brock)
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After Israeli interceptions, Gaza flotilla activists are taken to Crete
The flotilla organizers reported that more than 100 pro Palestinian activists on board aid ships bound for Gaza, were taken to the Greek island Crete after?Israeli troops seized their vessel in international waters near Greece. The 'activists' were part of the?second Global Sumud flotilla launched in recent months in an effort to break Israel’s blockade on Gaza by delivering humanitarian assistance. The ships left the Spanish port Barcelona on 12 April. Organisers and video footage show that on Friday, an Israeli navy ship transferred 168 crew members from the flotilla to Greek boats. These then brought them to shore, where they were met by?buses, ambulance cars and other vehicles,' organizers stated. The organizers stated that?two activists remain with Israeli authorities. Source who requested anonymity said that while Israel had intercepted 22 boats, 47 other vessels were still sailing south of Crete. They planned to anchor at a later date before continuing on to Gaza. The source stated that each ship is carrying a ton or more of food, medical equipment and other items. Israel seized the?22 ships late Wednesday night in international waters near Greece's Peloponnese Peninsula, hundreds of miles away from Gaza. Israel's Foreign Ministry called the flotilla's organisers "professional provocationists", while Germany's and Italy's Foreign Ministries issued a statement saying that they were closely following developments with "deep concerns." In a Thursday statement, the U.S. The State Department has threatened to "impose consequences" on those who support this flotilla which they have portrayed as pro-Hamas. Pro-Palestinian activist say Israel and the U.S. mistakenly confuse their advocacy for Palestinian rights with support for Hamas terrorists. In October last year, Israel's military stopped a previous flotilla assemble?by a similar organisation and arrested Swedish activist Greta Thunberg along with more than 450 other participants. This was after other attempts to reach Gaza by sea. Palestinians and international aid agencies say that supplies are still not enough in Gaza, despite the ceasefire agreement reached in October which included increased aid. Gaza's two million plus residents are mostly displaced. Many live in bombed out homes, makeshift tents, and on the open ground, along roadsides or atop the remains of destroyed buildings. Israel, which controls the Gaza Strip and all its access points, denies that it is denying supplies to its residents. Reporting by TV, Renee Maltezou, and Angeliki Koutantou; writing by Ivana Skularac and Editing by William Maclean
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Oscar statuette for 'Mr. The flight carrying 'Nobody Against Putin" is missing
The Oscar trophy that belongs to Pavel Talankin - the?Russian filmmaker who won this year's best documentary for "Mr. The Oscar statuette for 'Nobody Against Putin,' which was won by the?Russian director Pavel Talankin, who won best documentary this year for 'Mr. Talankin had been scheduled to fly on Lufthansa from John F. Kennedy International Airport in New York to Frankfurt. David Borenstein, the co-director of his film, said that Transportation Security Administration (TSA), agents informed him that the statuette was a security risk. Borenstein posted on Instagram that a TSA agent had stopped him at the airport and told him the Oscar could be a weapon. "Pavel did not have a bag in which to check in the Oscar, so the TSA placed it in a box, and sent it to the bottom the plane," said he, posting a series of pictures including one of the box. It never arrived in Frankfurt. Lufthansa responded to Borenstein's Instagram posting by saying that it takes the matter very seriously. It said: "We have escalated the situation and will do all we can to locate the Oscar as quickly as possible." Lufthansa didn't immediately reply to a request for a further comment Friday, which was a German public holiday. Talankin, who spoke to Deadline.com on arrival in?Germany Thursday morning, said that it was "completely baffling" how they considered an?Oscar a?weapon. Talankin told Deadline.com that he has flown on previous flights with the Oscar "in the cabin" and never had a problem. Talankin's and Borenstein's documentary utilised two years' worth of footage Talankin captured at a school in the?Chelyabinsk Region, Russia to demonstrate how students were exposed to anti-war messages. Talankin, a 35-year-old Russian who fled Russia 2024, defended the movie as a record to be preserved for posterity, showing how "an entire generations became angry and violent". (Reporting and editing by Kate Mayberry; Reporting by Matthias Williams)
After Israeli interceptions, Gaza flotilla activists are taken to Crete
Israeli forces captured their ships in international waters near Greece on Friday, bringing more than 100 pro Palestinian activists to the Greek island of Crete.
The activists were part of a second Global?flotilla launched in recent months to deliver humanitarian aid and break Israel's Gaza blockade. The ships left the Spanish port Barcelona on 12 April. The ships set sail from the Spanish port of Barcelona on April 12.
Israel's Foreign Ministry called the organizers of the flotilla "professional provocateurs".
TWO ACTIVISTS HOLDEN
Two activists, according to the organizers, remained in Israeli custody.
Spain's Foreign Minister, Jose Manuel Albares said that 30 Spaniards arrived in Crete, but one Spanish citizen, Saif Ab Keshek was "illegally arrested" and would be?taken back to Israel.
"We demand his release immediately," he said.
Israel's Foreign Ministry said Abu Keshek, suspected of belonging to a terrorist group, and a second activist - suspected of illegal activities - would be brought to Israel for interrogation.
The?foreign minister said that Israel will not allow the breach?of the lawful naval blocade on Gaza.
The foreign ministers of Germany and Italy issued a statement in which they said that they followed the developments with "deep concerns".
Source who requested anonymity said that while Israel had intercepted 22 boats, 47 other vessels were still sailing south of Crete. They planned to anchor at some point and continue on to Gaza. The source said that each ship was carrying approximately a ton worth of food, medical equipment and other items.
Organisers of the flotilla said that Israel seized 22 ships in international waters near Greece's Peloponnese Peninsula, hundreds of miles away from Gaza.
In a statement issued on Thursday, the U.S. State Department warned that it would "impose consequences" to those who supported the flotilla. It characterized the group as being pro-Hamas.
Pro-Palestinian activist say that Israel and the U.S. mistakenly confuse their advocacy of Palestinian rights with support for Hamas terrorists.
In October last year, Israel's military stopped a previous flotilla organized by the same organisation. Greta Thunberg was arrested along with more than 450 other participants. This was followed by other seaborne attempts to reach the blockaded Gaza.
Palestinians and international aid agencies say that supplies are still not enough to reach Gaza, despite an October ceasefire agreement which included guarantees for increased aid.
Gaza's 2 million plus people are mostly displaced. Many live in bombed out homes, makeshift tents, and open land, roadside, or on top of the ruins of buildings.
Israel, which controls the Gaza Strip and all its access points, denies that it is denying supplies to its residents. Reporting by TV, Renee Maltezou, and Angeliki Koutantou; Writing by Ivana Skularac and Editing by William Maclean & Alex Richardson
(source: Reuters)