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Two dead in British Supersport crash at Oulton park involving 11 riders
Motor Sport Vision (MSV), the circuit owners, said that Supersport riders Owen Jenner and Shane Richardson died in a crash on Monday involving 11 motorcycles at the start of an event at Oulton Park. Tom Tunstall, 47 was hospitalized with severe abdominal and back injuries. Five other riders with minor injuries were also taken to a medical centre at the circuit of northern England. After the crash, the race was immediately stopped. The British Superbike Championship event was then cancelled. MSV reported that British rider Jenner initially received treatment at the trackside but later died of a severe head injury when taken to a circuit medical center. Richardson, a New Zealander, was treated at both the trackside medical centre and at first at the medical center but died of severe chest injuries before arriving at Royal Stoke University Hospital. MSV and the Motorcycle Circuit Racing Control Board, along with the police and coroner, were conducting an investigation. (Reporting and editing by Pritha Sakar in London. Alan Baldwin reported from London)
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Environmental groups vow to fight after US TVA chief says coal plants can last longer
Environmental groups have criticized comments made by the Tennessee Valley Authority's head, who said that the utility's coal-fired plants would continue to run after the planned 2035 shutdown. TVA's CEO Don Moul stated last week that TVA was evaluating the executive orders signed last month by President Donald Trump that sought to save coal plant that were likely to close, reduce regulations on coal plants and reduce barriers for coal mining. Moul, after a financial quarterly call last week, said: "We're re-evaluating our end-of life study on our coal fleet. We are also taking a close look at our asset strategies in light of the regulatory environment that is before us." Moul stated that two plants, Shawnee in Kentucky and Gallatin, Tennessee, "have a strong potential to continue operating for the foreseeable, as long as the regulatory allowance is available." Moul said that the two other plants in Tennessee, Kingston and Cumberland are also more restricted by regulation, but more decisions will be made in the future. The four TVA plants are capable of producing 7,000 megawatts. This is enough power to run more than 4,000,000 homes. TVA announced in 2021 that it would shut down the plants by the year 2035 as they had reached the end-of-life cycle. In 2035, then-President Joe Biden also wanted to decarbonize the power grid in order to combat climate change. Utilities scramble to ensure power generation, as U.S. demand for electricity is increasing for the first decade on account of growth in artificial intelligence data centers. Scott Brooks said, on Monday, that TVA's future plans include additional needs for power generation into 2050. "We are exploring all options in order to meet these needs." Bonnie Swinford is an organizer with the Sierra Club and she said that her organization will oppose any extension. Swinford stated that "these expensive and unreliable coal-fired plants do not serve Tennesseans anymore than a screen on a sub." "We deserve affordable, clean energy that will lead to a healthier community." Howard Crystal, legal director for energy justice at the Center for Biological Diversity said he hoped that any extension of these plants would not set a precedent. It sends the wrong message to the world regarding our commitment to address climate change and clean up polluting energy sources. (Reporting and Editing by Margueritachoy)
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Oil prices fall as bond yields increase and global stock indexes dip
MSCI's global equity index fell on Monday due to the latest uncertainty surrounding tariffs, while oil prices dropped on the prospect that production would increase and U.S. Bond yields increased. The yields on U.S. Treasury bonds were slightly higher following data showing that the services sector of the world's biggest economy was resilient in January, with prices, a measure of inflation, reaching a two-year peak. The gold price rose, driven by a lower dollar and demand for safe havens ahead of the U.S. Federal Reserve’s rate policy announcement due later this week. After nine sessions of gains, MSCI's global stock index fell by 3.04 points or 0.36% to 846.21. The overall trading was subdued due to public holidays in many countries, including Britain China and Japan. The pan-European STOXX 600 Index closed earlier up 0.16%. Wall Street's three major averages all ended lower, with the S&P 500 index and Dow Jones Industrial Average ending nine-session winning streaks. Sahak Manuelian said that the stock market was taking a break on Monday after having moved higher for two weeks from early April's lows. He also noted that trading volumes were low. Equities opened lower due to renewed uncertainty over U.S. president Donald Trump's policies on trade after he announced that a 100% tariff would be imposed on movies produced outside of the United States, but provided little clarity about how it would be implemented. Adam Sarhan of 50 Park Investments, Orlando, Florida, said: "Markets love certainty. And investors woke (Monday) up with even more uncertainty about what could happen with tariffs." Shares of video streaming services such as Netflix, Paramount Global and Netflix fell after the news about movie tariffs. Sarhan stated that investors are worried about the possibility of more industries being targeted "if investors awaken to another 100% or a 200% levy against some other industry, which is integral to our economic." Sarhan said investors are concerned that more industries could be targeted "if investors wake up to another 100% or 200% levy on some other industry which is integral to our economy." In recent days, optimism about a possible de-escalation in trade tensions between China and the United States had boosted market sentiment. European shares were trading at levels just below those seen before Trump’s major tariff announcement on April 2, which roiled markets. Wall Street stocks saw the Dow Jones Industrial Average fall 98.60, or 0.24% to 41,218.83. The S&P 500 dropped 36.29, or 0.64% to 5,650.38, and the Nasdaq Composite lost 133.49, or 0.74% to 17,844.24. Oil prices dropped more than $1 a barrel in energy markets after OPEC+ announced over the weekend that they would increase oil production. This sparked investor concern about more supply at a time when demand is uncertain. Brent crude ended the day at $60.23 a barrel, down by $1.06 (1.73%) or $1.06 per barrel. The Taiwan dollar has seen a second session of strong gains against the U.S. Dollar, which reached a low of 28,815 and last traded at 29,104. The increase in the Taiwan dollar fueled speculation that Asian currencies would be revalued to gain concessions from the U.S. The dollar index measures the greenback in relation to a basket including the yen, the euro and other currencies. The price of 99.82 fell by 0.06%. The dollar fell 0.8% against the Japanese yen to 143.77. The yield on the benchmark U.S. 10 year notes increased 2.9 basis to 4.349% from 4.32% on Friday. Meanwhile, the 30-year bond's yield rose 4.1 to 4.8356%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Fed and moves as such, increased 0.3 basis points from Friday's 3.84% to 3.843%. Spot gold increased by 2.82%, to $3,331.35 per ounce. U.S. Gold Futures rose by 2.42% to an ounce of $3,310.10.
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Diamondback reduces its capex plan and production forecast amid macroeconomic uncertainties
Diamondback Energy, a U.S. shale oil and gas producer, lowered its production and capital budget forecasts for 2025 on Monday as global energy demand is impacted by macroeconomic uncertainty. The tariffs imposed by Donald Trump have increased uncertainty in the oil industry. A trade war that follows is expected to reduce global economic growth, and, therefore, energy demand. The company announced that it would reduce its capital budget for 2025 by approximately $400 million, to between $3.4 and $3.8 billion. The company said that during the current period of macro-instability, it would drill and complete fewer oil wells to maximize its free cash flow. Diamondback expects to produce between 857,000 and 910,000 barrels of oil-equivalent per day (boepd) in 2025, down from its earlier forecast of between 883,00 and 909,000 boepd. The company has also stated that it will continue to maintain its current level of activity, or even reduce it further if the oil price continues to fall or worsens. The output of the U.S. Shale Producer will remain high despite the reduction. Diamondback's first-quarter production increased by 84.5% over the previous year to 850.656 boepd. According to LSEG, the higher production, coupled with the increase in natural gas prices, helped Diamondback achieve an adjusted profit per share of $4.54 for its first quarter. This was better than Wall Street's expectations of $4.13. The average price of natural gas in the third quarter was $2.11 per 1,000 cubic feet, a more than two-fold increase from the previous year. The average natural gas price has risen in recent quarters. It reached a two-year-high on March 10 due to record flows of LNG export facilities, and fears over supply as we approach the summer season. (Reporting from Tanay Dhumal, Bengaluru. Editing by Leroy Leo.)
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Ford withdraws its guidance and warns that Trump's tariffs will cost it $1.5 billion
Ford Motors suspended its annual guidance Monday due to uncertainty surrounding U.S. president Donald Trump's new tariffs. The company said the levies could cost it about $1.5 billion before taxes and interest in adjusted earnings. The Dearborn, Michigan, automaker forecasted earnings before taxes, interest, and other expenses of between $7.0 billion and $8.5 billion by 2025. This forecast does not include tariffs. Ford's Chief Financial Officer Sherry house said that the company is on track to achieve this guidance, even if tariffs are not a factor. House stated, "We focus on managing what we can control." Ford executives have said that they are suspending their outlook until they know more about the impact of retaliatory duties and how consumers will react to any price hikes. Morningstar Research analyst David Whisto said: "It is a bold move to withdraw the guidance after GM revised its guidance, including tariffs. To be fair, things are still very uncertain." Ford announced its earnings after the end of the U.S. trading session. Its shares dropped about 2% after-hours. Ford's earnings-per-share fell to 14 cents during the first quarter. This was a far cry from the LSEG analysts estimate of 2 cents, but still a significant drop compared to 49 cents a full year ago. Ford executives claimed that cost and quality improvements allowed the company to beat expectations. The automaker warned earlier this year that production disruptions due to new product launches in several plants would affect the first-quarter results. The net income dropped sharply from $1.3 billion to $471 millions a year ago. Ford's quarterly revenue dropped 5%, to $40.7 billion. This was better than the expected $36 billion. The earnings were boosted as consumers bought vehicles in a rush, fearing that tariffs could lead to higher prices. Ford was among a handful of automakers who offered incentives to gain market share during the buying frenzy. Ford estimated that tariffs will add $2.5 billion to its costs for the entire year. This is primarily due to expenses incurred from importing cars from Mexico and China. Ford has suspended its automotive exports to China but continues to import vehicles from China like the Lincoln Nautilus. Ford has said that it was able to save about $1 billion by taking various steps, such as transporting cars from Mexico to Canada via bond carriers so they would not be subject to U.S. Tariffs, House stated. According to some estimates, Trump's 25% tariffs for automotive imports will cost automakers in the U.S. more than $100 billion this year. Last month, the president granted a reprieve on levies on auto parts. This allowed auto companies to receive credits of up to 15% of value of domestically assembled vehicles, and relief from other duties. This month, GM reduced its profit forecast. It said that tariffs would cost it as much as $5 billion. Investors prefer Ford to GM because Ford sells more cars in the U.S. and is assembled there, compared to GM. Stellantis, a Jeep manufacturer, has also suspended its forecasts due to the uncertainty surrounding tariffs. Ford's electric vehicle sales are suffering significant losses, on top of the headwinds caused by Trump's trade policies. This year, the automaker projected losses up to $5.5 Billion on its EV operations and software. The automaker has already suffered losses of more than $10 billion since 2023. Exclusively reported, Ford has ended an expensive effort in order to build a new generation electrical architecture called FNV4 for its vehicles after delays and rising costs stymied the development. Ford Pro, Ford's profitable segment of commercial vehicles, reported first-quarter revenues of $15,2 billion, a 16% drop from the previous year. Ford's gasoline engine division reported quarterly revenue of $11 billion. Model e, which includes software as well as EV efforts, reported revenue of $1.2billion for the quarter. Reporting by Nora Eckert, Nathan Gomes and David Gregorio.
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Brazil's Brava will drill two more wells in Atlanta by the end of this year
According to Decio Oddone, the Chief Executive of Brazilian energy company Brava Energia, the company will drill two additional wells in the Atlanta field located in the Santos Basin by the end the year. Oddone, speaking at the OTC Conference in Houston, said that the two wells will be producing by the middle of 2027. This brings the total to eight for the Atlanta field. The executive said that production is expected to stay at 45,000 barrels per days (bpd) at this field, and that the two newly-drilled wells will offset the declining production of other wells. We will connect two wells in June. He said that at the end the year we would start drilling for two additional wells, which we would connect by the end 2026. Oddone stated that Atlanta's oil is sold to Singapore for use as a maritime fuel, and also as a power source. It is regarded as a low-sulfur heavy oil. In recent months, the company announced deals to supply Atlanta's oil. Trafigura Shell. Brava, which was formed by the merger of 3R Petroleum with Enauta in 2012, began production at Atlanta, Georgia, in December. In February, It said Atlanta produced around 26,000 bpd, and that its floating vessel could handle up to 50,000 bpd. Reporting by Marianna Parra in Houston, Fabio Teixeira's writing; editing by Kylie Madry & Gabriel Araujo
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Ford withdraws its guidance and warns that Trump's tariffs will cost it $1.5 billion
Ford Motors suspended its annual guidance Monday due to uncertainty surrounding U.S. president Donald Trump's new tariffs. The company said the levies could cost it about $1.5 billion before taxes and interest in adjusted earnings. The Dearborn, Michigan, automaker forecasted earnings before taxes, interest, and other expenses of between $7.0 billion and $8.5 billion by 2025. This forecast does not include tariffs. Ford's Chief Financial Officer Sherry house said that the company is on track to achieve this guidance, even if tariffs are not a factor. House stated, "We focus on managing what we can control." Ford executives have said that they are suspending their outlook until they know more about the impact of retaliatory duties and how consumers will react to any price hikes. Ford's earnings-per-share fell to 14 cents during the first quarter. This was a far cry from the LSEG analysts estimate of 2 cents, but still a significant drop compared to 49 cents a full year ago. Ford executives claimed that cost and quality improvements allowed the company to beat expectations. The automaker warned earlier this year that production disruptions due to new product launches in several plants would affect the first-quarter results. The net income dropped sharply from $1.3 billion to $471 millions compared with a year ago. Ford's quarterly revenue dropped 5%, to $40.7 billion. This was better than the expected $36 billion. The earnings were boosted as consumers bought vehicles in a rush, fearing that tariffs could lead to a price increase. Ford was among a handful of automakers who offered incentives to gain market share during the buying frenzy. Ford estimated that tariffs will add $2.5 billion to its costs for the entire year. This is mainly due to expenses incurred from importing cars from Mexico and China. Ford has suspended its automotive exports to China but continues to import vehicles from China like the Lincoln Nautilus. Ford has said that it was able to save about $1 billion by taking various steps, such as transporting cars from Mexico to Canada via bond carriers so they would not be subject to U.S. Tariffs, House stated. According to some estimates, Trump's 25% tariffs for automotive imports will cost automakers in the U.S. more than $100 billion this year. Last month, the president granted a reprieve on levies placed upon automotive parts. This allowed auto companies to receive credits of up to 15% of value of domestically assembled vehicles, and relief from other duties. This month, GM reduced its profit forecast. It said that tariffs would cost it as much as $5 billion. Investors prefer Ford to GM because Ford sells more cars in the U.S. and is assembled there, compared to GM. Stellantis, a Jeep manufacturer, has also suspended its forecasts due to the uncertainty surrounding tariffs. Ford's electric vehicle sales are suffering significant losses, on top of the headwinds caused by Trump's trade policies. This year, the automaker projected losses up to $5.5 Billion on its EV operations and software. The automaker has already suffered losses of more than $10 billion since 2023. Exclusively reported, Ford has ended a costly effort to build an electrical architecture of the next generation for its cars called FNV4 after delays and rising costs slowed its development. Ford Pro, Ford's profitable segment of commercial vehicles, reported first-quarter revenues of $15,2 billion, down by 16% compared to a year earlier. Ford's gasoline engine division reported quarterly revenue of $11 billion. Model e, which includes EV and software efforts, had a revenue of $1.2billion for the quarter. Reporting by Nora Eckert, Nathan Gomes and David Gregorio.
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EIA: California fuel prices are rising due to supply issues and compliance costs
The U.S. Energy Information Administration reported on Monday that California drivers pay more at the pump due to issues with supply, environmental compliance, fuel requirements and high state taxes. The latest data shows that in March, environmental programs like Cap-and-Trade, Low Carbon Fuel Standard and Cap-and-Trade added $0.54 per gallon to the cost of gasoline. EIA reported that California consumers pay $0.90 per gallon, or the highest amount in the nation, in taxes and fees, as of March. Why it's important California is the biggest gasoline market in the United States, but many fuelmakers have closed less profitable stations citing regulatory issues and market dynamics. Since 2008, six plants have closed. Two of them have been converted to produce renewable fuels. As refinery closings increase pressure on fuel supplies, the state is likely to see higher gasoline prices. This will force it to import more fuel from countries such as India and South Korea. The EIA reported that the retail prices of regular grade gasoline in New York often exceed the average national price by more than one dollar per gallon. CONTEXT California Governor Gavin Newsom has signed ABX2-1 into law, a measure designed to avoid fuel shortages within the state. It gives regulators greater control over refiners' inventory levels. Phillips 66 announced shortly after that it would shut down its massive oil refinery located in Los Angeles, California by the fourth quarter 2025. Valero Energy, a major oil refinery in the San Francisco area, announced last month that it would cease operations next year. Reporting by Nicole Jao, New York; editing by Ni Williams
Asia replaces Russian crude oil quickly: Russell
Asia's crude markets are quickly adjusting to the new sanctions imposed against Russia, grabbing cargoes as they come and looking for alternatives to deliver in the coming months.
According to LSEG Oil Research, the top oil-importing continent Asia is expected to receive approximately 3.23 million barrels of Russian crude per day in February.
India and China both bought less, but this is a decrease of 7.4% compared to January's 3,49 million bpd.
In Asia, there are only two major buyers of Russian crude oil by sea, namely India and China. Myanmar does also take a small amount.
LSEG expects India's imports to Russian oil to reach a record high in three months, at least 1,71 million bpd. This figure may increase by the end February as more cargoes will be assessed.
After Western sanctions deprived Europe of its customers, the South Asian nation has become the largest buyer of Russian crude.
India was allowed to purchase Russian oil at discounted prices as the United States, and other Western countries, tried to keep Russian crude on the global market. However sanctions were imposed after the February 2022 invasion by Ukraine to cut off the revenue flowing to Moscow.
Last month, former president Joe Biden imposed restrictions on Russia's shadow tanker fleet in order to prevent the vessels from delivering crude oil.
The Indian refiners were scrambling to purchase as much Russian crude before the new measures took effect, resulting in an increase in arrivals in February before a possible decline in March.
Chinese refiners have cut back more quickly on Russian crude. Imports of seaborne crude in February are expected to be around 500,000 barrels per day, down from an average of 1.05 million barrels per day over the previous three months.
According to LSEG's estimates, China's crude imports are expected to total 10.35 million bpd for February, which is roughly the same as January's 10,10 million bpd but lower than 11.16 million bpd from February 2024.
China has replaced Russian crude oil with cargoes of other suppliers. So far, it appears to have mostly turned to Angola or Brazil.
Switching suppliers is a good way to save money.
The imports of Angolan crude oil in Asia are expected to jump to 1.13m bpd by February, up from 670,000 bpd last month. Brazil's exports are also set to increase to 1.05m bpd.
China's decision, as part of its response to the new president Donald Trump's 10% tariff on all Chinese imports, to levy 10% on crude oil imports from the United States has made the situation even more complicated.
It will take several more months before the tariffs on U.S. crude oil are applied to actual imports. This is because there are many delays between when cargoes arrive and when they're delivered.
Kpler, a commodity analyst firm, estimates that China's imports from the U.S. of crude oil will increase significantly in March and April. Arrivals for March are currently estimated at 339,000 barrels per day and those for April to be 461,000.
These cargoes have already been placed on the water, or arranged.
China's imports of crude oil from the United States are likely to fall in May, but India could pick up the slack.
These are the views of the columnist, an author for.
(source: Reuters)