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Mount Fuji in Japan sees snowfall 21 days later than normal
The top of Japan's Mount Fuji received snow on its summit for the first winter time ever, according to the Meteorological Agency. This is 21 days later than average, since records started in 1894. The snowfall this year was two weeks earlier than in 2024 when the snow fell on the 3,776 metre (12,388 ft) peak only on November 7 - the latest date since records began. The sacred mountain has been a symbol of Japan for centuries. Its snow-capped summit inspired many of Japan's greatest artworks, including Katsushika's "Great Wave Off of Kanagawa", which is now featured on the backside of the 1,000 yen note. Mamoru Mamatsumoto, of the Kofu Observatory office of the Meteorological Agency, told last year that the cause of the snowfall was unknown. In August, Japan's highest temperature ever was recorded in Isesaki, a city located northwest of Tokyo. It reached 41.8 degrees Celsius (107.8 Fahrenheit). According to the Kofu Observatory office of the Meteorological Agency, Fuji's first snowfall is the point in the summer when all or part the mountain is covered with snow or "white looking solid precipitation", as observed from below. (Reporting and editing by Kate Mayberry; Anton Bridge)
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Bulgarian fuel supply secure after Lukoil sanction, says PM
Rosen Zhelyazkov, the Prime Minister of Bulgaria, said that although U.S. sanctions have been imposed on Russia's Lukoil, which operates Bulgaria's largest refinery, there is still enough fuel to meet demand. The U.S. President Donald Trump has imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This has sent global oil prices up and prompted India to cut Russian imports. Lukoil operates the Burgas refinery in Bulgaria which produces 190,000 barrels per day. It also has more than 200 petrol station and a network of fuel depots and transport. Zhelyazkov, speaking to journalists in Brussels before a meeting of the European Council, said that "the refinery must continue operating." He said that the country had a month to decide how it would approach the refinery, as well as the refinery and its management. Fuel supplies are secure. He said, "I am not referring to the immediate future but rather in general." In a Thursday statement, the central bank of Bulgaria said it had been in touch with the ministry of finance and other authorities in order to discuss future steps. Lukoil already felt pressured to sell its refinery because of the sanctions imposed on Russia for the conflict in Ukraine. This is not a joke. "We could run out at some point," said Boyko Borissov who is the leader of GERB, the ruling party. He said that "it is) a very complex and delicate issue. We are prepared to take all possible actions if needed." Latchezar Bogdonov, chief economist of the Institute for Market Economics, Sofia, stated that Lukoil had three options for its Bulgarian operations: sell assets, place them under government management or shut down operations. Banks are likely to stop working with Lukoil, and its subsidiaries. How will you survive if you can't use the financial system? He told.
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JP Morgan expects gold to average $5,055 an ounce by the end of 2026
JP Morgan analysts maintained a bullish view on gold on Thursday, forecasting that prices could reach $5,055 an ounce on average by the fourth quarter 2026. The bank's forecast is based "on demand assumptions which see central bank and investor buying at an average of 566 tons per quarter in 2026," it said in a statement. Natasha Kaneva is the Head of Global Commodities Strategy for JP Morgan. She said, "Gold remains the highest conviction long term we have this year. We see further upsides as the market enters into a Fed rate cutting cycle." Gregory Shearer of Base & Precious Metals Strategy believes that the combination of a Fed cutting cycle, stagflation fears, concerns about Fed independence and broader debasement hedging will support gold's upward movement. The bank stated that, in regards to the dollar, it was "not a story of de-dollarization, or debasement, but most likely, a story of dollar diversification," noting that foreign investors are slowly shifting small amounts into gold. Analysts at JP Morgan also emphasized that recent market consolidation was healthy. Kaneva said that the pullback is a reflection of the market adjusting to the rapid rise in prices since August. It's perfectly normal to be paralyzed by fear because the price has moved so quickly. She said, "It's a very simple story. You have many buyers and no sellers." She reaffirmed a long-term goal of $6,000/oz in 2028 and stressed that gold should be seen on a multiyear horizon. The spot gold price has reached several records this year. Its latest high of $4,381.21 was achieved on Monday. This represents a year-to date gain of almost 57%, and sets the stage for the strongest annual performance in the history of the metal. (Reporting from Sherin Elizabeth Varighese in Bengaluru and Anmol Chaubey; Editing by Susan Fenton & Joe Bavier.)
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Russia at war faces double trouble - Trump's ultimatum, and the impact on oil sales to India
Russia, which is the second-largest oil exporter in the world, is considering how it will respond to U.S. sanction against top oil companies Rosneft, and Lukoil, and to the possibility of reduced sales to India, its largest buyer. Since months, President Donald Trump and Vladimir Putin have been discussing a way to end the conflict. However, there has not yet been a breakthrough. What did the U.S. do? The U.S. Department of the Treasury’s Office of Foreign Assets Control, or OFAC, imposed sanctions against Rosneft, Lukoil and several of their subsidiaries on October 22, while calling on Moscow to agree to an immediate ceasefire. Around half of Russia's crude oil production is produced by these two companies, and they account for more than 5% global crude production. The U.S. Treasury announced sanctions in January against the Russian energy industry, including the oil majors Gazprom and Surgutneftegaz. However, these measures did not have a significant impact on Russian oil exports. Some lawmakers are calling for even tougher sanctions. The U.S. already has introduced sanctions against this so-called "shadow fleet" that handles Russia's oil imports. These sanctions are aimed at more than 180 ships and dozens oil traders, oilfield services providers, insurance companies, and energy officials. What did India do? According to two sources with knowledge of the situation, Indian refiners and their top buyer Reliance Industries intend to reduce or stop their Russian oil imports. India is under increasing pressure from the United States to reduce its purchases in trade talks with Washington. According to the International Energy Agency, it bought 1.9 millions barrels per day (bpd), or 40% of Russia’s total exports in the first nine month of 2025. What does it mean for Russia? In order to maintain its exports, Russia will likely be forced to offer greater discounts to buyers as a result of increased sanctions. The oil and gas revenues account for up to one quarter of the Russian budget. They are also the main source of funds for Moscow's ongoing military campaign against Ukraine. These taxes on mineral extraction are only paid in the oilfield. Sanctions will only be imposed if Russia has to reduce production. How could Russia respond? The Kremlin reacted to Trump's warning earlier this month that the Russian economy would collapse by saying that Russia has considerable reserves and is strong enough to enable Putin to achieve his objectives. Stopping its crude exports would be one option, but it would harm allies like China and achieve what the West wants - a reduction in Moscow's revenues and war coffers. Other options for Russia include cutting off important exports like enriched uranium or palladium, but that would also harm its own economy. A second option is to intensify rare-earth collaboration with China. According to U.S. Geological Survey data, Russia has the fifth largest reserves of rare-earth metals in the world. A tie-up with China, which is the top player, would thwart U.S. attempts to counter Beijing’s dominance. Russia has leverage over Western oil giants, as it controls Black Sea exports through the Caspian Pipeline Consortium that mainly transports crude from Kazakhstan. This oil is being pumped by the U.S. giants Chevron & Exxon Mobil. Kazakhstan is a country with whom Russia has strong economic and security links. What about OPEC+? Russia is a major member of OPEC+, which unites the Organization of the Petroleum Exporting Countries (OPEC) and its allies. It accounts for approximately half of the oil production in the world. OPEC+ has unwinded production curbs in recent months to regain market shares, but a squeeze of Russia's exports may hamper the group's attempts to agree to further increases. What about China? China, along with India is the largest buyer of Russian crude. In February 2022, when Putin visited Beijing days before sending tens-of-thousands of troops to Ukraine, the two countries announced a partnership with "no limitations". About 20% of China's crude oil imports come from Russia China's Foreign Ministry reiterated on Oct 23 its position against unilateral sanctions when commenting about U.S. restrictions on Rosneft, Lukoil and other oil companies.
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Fuel prices are set to rise in Kyrgyzstan after Ukrainian strikes on Russian refineries
Fuel prices could increase by 15% in Kyrgyzstan in the next few weeks due to a shortage of supplies from Russia. The state anti-monopoly agency said this on Thursday. Kyrgyzstan is feeling the impact of Ukrainian drone strikes on Russian oil refineries. Due to domestic shortages caused in part by the Ukrainian attacks that have affected up to a quarter of Russian refinery capacity, Russia has extended its export restrictions until 2025. Officials in Kyrgyzstan said that current reserves will last for about a month. However, they expect the situation to improve when autumn agricultural work, which increases demand, concludes in Russia. This week, several gas stations in Bishkek, the capital of Kyrgyzstan, were temporarily out of fuel. This is not good timing for the government as it faces a snap election for parliament in November, where cost of living pressures will be the main issue. Syrgak Omorov, the deputy head of anti-monopoly services, stated that the government worked with Rosneft, a Russian oil company, and local distributors in order to stabilize prices and avoid "unjustified markups". The authorities have proposed temporary tax breaks and soft loans in order to reduce the impact of fuel traders. Official figures show that gasoline prices have increased by 8.8% in Kyrgyzstan since January. Diesel has risen by 6.3%. According to the economy ministry, these increases have been a major factor in inflation which was 8.4% annually in September. Kyrgyzstan has posted a 10% economic growth in the first nine months 2025. This is largely due to Western sanctions against Russia, which have led Moscow to import goods via Kyrgyzstan. Russia and Kyrgyzstan belong to a customs Union. The consequences of Russia’s invasion of Ukraine in 2022 have affected all five former Soviet Republics of Central Asia. Their economies are closely tied to Russia. Last week, Kyrgyzstan’s neighbor Kazakhstan implemented sweeping price controls for fuel and utility rates amid rising inflation. The fallout of the Ukraine war was blamed. The Karachaganak field in Kazakhstan has seen its production fall sharply due to a Ukrainian strike on the Russian Orenburg gas plant that processes Kazakh gas. Kyrgyzstan, under the populist and nationalist Sadyr Japarow, has adopted a pro-Russian stance on the Ukraine conflict. Several Kyrgyz bank have been sanctioned by Western countries for helping Russian sanctions to be evaded. Reporting by Aigerim Turgunbaeva; Writing by Felix Light, Editing by Mark Trevelyan
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CenterPoint exceeds profit expectations on industrial demand and regulatory recovery
CenterPoint Energy, a U.S. utility, posted higher-than expected third-quarter profits on Thursday, driven by regulatory recoveries and increasing industrial demand. This included new AI data centers in Houston, Texas. Houston Electric's industrial throughput has increased by over 11% in the past year. The Greater Houston region is experiencing strong economic growth, which is supported by the most diverse set of growth drivers within the sector. The impact of the CenterPoint CEO Jason Wells's initiative is not dependent on a single industry. U.S. Public power utilities are increasing their spending to meet the demand, as Big Tech builds more data centers for artificial intelligence technology. CenterPoint, which supplies electricity and natural gases to over 7 million customers in Indiana, Louisiana and Mississippi, Ohio, Texas and Mississippi, unveiled last month its $65 billion 10-year capital plan. According to LSEG, the Houston-based company posted adjusted earnings of $50 per share for three months ending September 30. This was above analysts' estimates of $44 per share. CenterPoint stated that the results were helped by $0.07 per share of growth and regulatory recovery, and $0.12 from lower operations and maintenance costs. The regulatory recovery is the cost that the state regulator permits utilities to recover through increased rates to customers. The higher interest costs offset these gains to a certain extent. Reporting by Khusbu Jennifer in Bengaluru, Editing by Sahal Muhammad
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Russell's mining wish list is dominated by decarbonisation, critical minerals and derisking for government.
The global mining industry is most concerned about three things: critical minerals and rare earths in particular, the need to continue decarbonising, and the role of governments. These are the main takeaways of this week's IMARC conference in Sydney. This event brings together over 10,000 industry participants at one of the largest mining conferences in the world. IMARC events are a great way for companies to meet and network, and to generate business. But they also give participants the opportunity to voice their concerns, and to share where they think the industry is headed. Participants range from buyers, governments, and suppliers to miners. This year's event was dominated by three broad themes. 1. The main buzz is about rare earths and critical minerals. The stalls at IMARC, which resemble a farmer's marketplace, are promoting mining projects instead of organic vegetables or artisanal cheese. The booths are mainly occupied by junior explorers who want to raise money from investors to further their projects. The event this year was dominated mostly by companies that are developing mines of critical minerals, including several rare earths and speciality mineral projects. There were also some more conventional energy transition materials such as lithium, as well as a few other specialty minerals. Investor marketplaces are a good indication of where hot money is heading to chase the next big thing. IMARC was a favourite five years ago when gold was the metal of choice, and ten years ago it became battery metals like cobalt, Nickel, and Lithium. The supply of minerals outside China is expected to grow in the coming years, even though not all projects will be mined. 2. Decarbonisation is important, but it must be economically viable. The IMARC conference agenda was packed with presentations and panels that addressed the need to decarbonise the mining industry. This may come as a surprise to some, given Donald Trump's return to power in the United States and the rise of the far-right in certain European countries. One panelist, who is the director of a junior miner, said that many of the companies he knew had reduced their efforts in decarbonisation to only what was required by law. Most mining companies are eager to tout their green credentials, and how they plan to move to a net-zero emissions operation. The focus shifted, however, as mining service companies that work in the decarbonisation area emphasized the lower operating costs of the switch, while the reduction in emissions was a welcomed side benefit. The focus on cost savings may actually be a positive for decarbonisation as every miner wants to save money. 3. The government has a key role to play when it comes to mining. IMARC began this week, just hours after Trump signed an agreement with the Australian Prime Minister Anthony Albanese to invest in vital mineral mining and processing. The agreement will see $8.5 billion invested into a range of projects that aim to increase the supply of essential minerals. A common theme is to reduce reliance on China as the dominant player in the sector. The two governments have de-risked investment in the mining industry. While the agreement at IMARC was widely welcomed, many felt that it was only a first step. Much more work is needed. The cost of building a supply network outside China is high, and the metals refined will likely be more expensive than those that can be purchased from China. Western governments and businesses that use these metals must answer the question: How much are they willing to pay to have a supply line that is not controlled by Beijing? The answer to this question will likely determine the future investment in mining and manufacturing in the coming years. IMARC's final thoughts: Sometimes what is not visible is just as important as the obvious. The absence of anti-mining protests was notable this year. In previous years, IMARC attracted loud but peaceful protests from activists opposing the industry. The absence of the mining industry this year has been interpreted as an indication that environmentalists are now aware that energy transition is dependent on mining and that the oil and gas sector will be the new bogeyman. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, who is also an author. (Editing by Lincoln Feast.
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Oil Futures Return to Structure Signaling Tight Supply on Russia Sanctions
The Brent crude futures contract for the immediate period on Thursday traded at a higher price than the six-month contract, after the new U.S. Sanctions on Russia revived concerns of a tighter market in the short term. This erased earlier signs of fear of a glut. Brent's first-month contract trades at a price of around $2 per barrel higher than the contract for delivery within six months Backwardation is a term used to describe a tight supply in the near future. The global oil price rose by more than 5% after U.S. president Donald Trump imposed sanctions on Russia's biggest oil companies, Lukoil & Rosneft. The EU has added two Chinese refiners, a trader and other sanctions to its list of Russia sanctions. Giovanni Staunovo, an analyst at UBS, said that market participants' concerns are now shifting from oversupplied markets towards disruptions in supply. He said that Lukoil, and Rosneft, accounted for between 50-55% (of Russian oil output) of the country's third largest oil producer. Brent prompt traded at a discount of up to 56 cents per barrel earlier this week. This was the first time in May that Brent had been discounted since October 16. This structure is a reflection of the perception that the market will be well-supplied in near term, as prompt barrels are trading at a discount compared to later supplies. The spread between the WTI Crude Futures Contract and its major U.S. counterpart Also, trading ended in backwardation Thursday after a brief time in contango. Reporting by Seher dareen, London. Editing by Alex Lawler & Chizu Nomiyama.
F-35s, fixing and fires: Ukraine, Gaza Wars threaten climate
Climate damage: Russia must pay!
Rebuilding Gaza will increase emissions
Massive gaps in military emissions data
Emma Batha
Researchers estimate that the first three years of the conflict generated 237 million tons of greenhouse gasses (GHG). This is equivalent to the annual emissions of Belgium Austria and Ireland combined or 120 million cars running on fossil fuels.
This is pushing us into the wrong direction, at a time we need to drastically cut emissions," said Lennard de Klerk of Climate Research, the lead author of a report that tallied the war's emission, published in this month.
De Klerk stated that the cost of climate damage due to the war, in which hundreds and thousands of people were killed on both sides, already exceeded $43 billion.
When post-conflict rebuilding is taken into account, a separate study on the Israeli-Hamas conflict in Gaza estimated the carbon footprint of the first 15 month's war topped 32 millions tons.
This is equivalent to the annual emissions from Ivory Coast.
Benjamin Neimark led the research of UK and U.S. based experts.
The projected reconstruction emissions were a real shock. This was a shocking revelation and it made us sit up.
The groundbreaking studies will be presented at the sidelines next month's COP30 Climate Summit in Brazil.
Researchers say that conflicts and climate changes create a destructive cycle. Not only do wars cause climate change but climate change also fuels conflict in fragile areas as the competition for water and other resources intensifies.
WILDFIRES
De Klerk was surprised that wildfires accounted for a fifth (of the war's) carbon footprint after Russia's invasion in 2022.
Unrelenting shelling caused thousands of fires that ravaged farmland and forests. Some of these fires were likely made worse by landmines or unexploded ordnance scattered across the landscape.
According to the report of the Initiative on GHG Accounting of War (an international research team headed by de Klerk), nearly 850,000 hectares of land were burned last year.
He said that the amount of rain was more than 20 times higher than the average annual rainfall. The summer of 2024, due to climate changes, was exceptionally dry. This allowed fires to spread.
As the Gaza war expanded, missile attacks across the Lebanon-Israel frontier also caused fires that destroyed forests and farmland.
Firefighters in war zones face many dangers, as in Ukraine.
RECONSTRUCTION
Emissions have also increased due to the destruction of energy infrastructure both in Ukraine and Gaza.
The Russians' attacks on oil depots have caused tons of fuel to burn, and the gas and electricity infrastructure has released powerful GHGs such as methane or sulphur-hexafluoride (SF6) which has a potential global warming 24,000 times higher than CO2.
Solar panels provided a quarter (one of the largest shares) of Gaza's electricity before Israel attacked the enclave in October 2023.
The destruction of solar infrastructure has led to a greater reliance on diesel generators, which are polluting.
Neimark stated that the carbon footprint from post-war reconstruction of Gaza, which has seen the deaths of 68,000 people, will dwarf the emissions caused by the conflict.
According to U.N. estimations, Israel's intensive bombardment destroyed over 90% of Gaza's housing, and has turned it into a wasteland. 60 million tons worth of debris were created.
Concrete and steel are used in huge quantities to rebuild homes and infrastructure. These materials have a high carbon footprint.
Neimark said that the loss of farmland and orchards, as well as shrubland in an area already susceptible to climate change effects, has increased the risk of desertification.
The two wars have also increased global emissions far from the frontlines.
Commercial flights have been forced to reroute due to airspace closures, increasing fuel consumption. De Klerk stated that flights from London to Tokyo take nearly three hours more.
The Middle East unrest has also disrupted the international shipping in the Red Sea. This is due to the longer routes, and the increased speed of sailing.
MILITARY DATA HOLE
This new research about Gaza and Ukraine is a part of an overall push to increase transparency regarding global military emissions.
Even during peacetime, the carbon footprint of armies is large - from maintenance of bases to transporting troops and equipment. Military exercises, weapons production, and military exercises all add up.
According to the Conflict and Environment Observatory (a UK non-profit), about 5,5% of greenhouse gas emissions are attributed to militaries around the world.
However, countries are not required by international climate bodies to report their military emission.
Experts warn that the lack of data could lead us to underestimate the amount of emissions needed to keep the temperature rise to 1.5 degrees Celsius.
Many countries are increasing their defence spending to respond to multiple crises. This is causing concern that this will increase emissions from military equipment and divert funds away from climate change efforts.
Climate scientists say that militaries should be required to report their emissions.
Neimark stated that "we can't begin making meaningful cuts until we have adequate baselines."
(source: Reuters)