Latest News
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A blast in a village in Myanmar has reportedly killed 55 people and injured dozens of others
A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The group expressed its condolences in a telegram post to the families of those killed, injured and damaged by the explosion. The explosion, which occurred at 12 noon local time (0530 GMT), is being investigated. Anyone found responsible will be held accountable. The statement said that the affected families would receive immediate relief, rehabilitation and healthcare. Reporting by Chandni Ghoshal and Devjyot Abraham Writing by Rhea Rosa Abraham Editing and Barbara Lewis by David Goodman
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All bodies found in Washington State chemical accident: 11 confirmed dead
The death toll in the United States from a ruptured?chemical tank has risen to 11. The death toll from a?chemical tank rupture in the United States has risen to 11 as crews have recovered all nine bodies, according authorities. The tank that contained "white liquor", a chemical mixture of sodium hydroxide and sulfide, used to make 'paper pulp, imploded on Tuesday at the Nippon Dynawave Packaging plant. Kurt Stitch, Cowlitz 2 Fire & Rescue deputy chief, stated that the search for missing persons continued throughout the week as crews cleared debris from indoor?areas, and drones were flown over the perimeter. Officials have confirmed that the ruptured tank held about 900,000.000 gallons of white liquor. Tests also showed contamination of the nearby Columbia River. However, no negative health effects were detected in the air or drinking water of the city of Longview. Nippon Dynawave Packaging, Japan's wholly-owned subsidiary, was established in 2016 by Nippon Paper Industries, Japan's second largest paper manufacturer. The company acquired the Longview plant from Seattle-based Weyerhaeuser Timber for $225m. (Reporting and editing by William Mallard in Bengaluru)
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PSG wins the Champions League with a shoot-out victory over Arsenal
Paris St Germain reclaimed their Champions League 'title' with a penalty-shootout victory? over Arsenal, after a 1-1 stalemate in a tense final at the Puskas arena on Saturday. Gabriel, of Arsenal, blasted his penalty over the?crossbar to give PSG a?4-3 victory? on spot-kicks. The French champions had the worst start possible after Kai Havertz scored an Arsenal goal?in just the sixth minute. He whipped a?rising shot?past PSG's goalkeeper Matvey Safonov. The PSG defence looked to be the most formidable in Europe, but Ousmane dembele equalized from the spot after a foul was committed by Cristhian Moquera against Khvicha Kvaratskhelia in the 65th minutes. PSG won the Champions League trophy for the second consecutive year after a scrappy extra-time period that could not separate both sides. (Reporting and editing by Christian Radnedge.)
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Russia's Rosatom says Ukrainian drone struck Zaporizhzhia nuclear plant
Rosatom, the Russian state-owned nuclear energy company, said that a Ukrainian drone 'hit' the Zaporizhzhia nuclear 'plant', Europe's biggest, on Saturday. The drone did not damage any key equipment but left a hole in a wall of the turbine hall. The building housing the turbine hall of Power Unit No. 6 was struck by a Ukrainian combat drone kamikaze this afternoon. The explosion was caused by the subsequent detonation of 6. The explosion did not cause any damage to the primary equipment, but it tore through a wall in the turbine hall. Ukraine has not yet commented. Likhachev described the incident as "deliberate". The Zaporizhzhia Nuclear Plant was captured by Russia on March 20, 2022. It remains close to the frontline of the Zaporizhzhia area in the south-east Ukrainian region. It has?come in for some fire at times during the four-year war, raising?fears about a nuclear incident. Likhachev stated, "We are a step closer to an incident which?will affect those who live beyond the borders of 'Russia and Ukraine but still think they are totally safe." (Reporting by Anastasia Lyrchikova. Felix Light wrote the article. Mark Potter (editing by Felix Light)
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in Krasnodar, which has 185,000 residents, reported that the fire in an oil depot located in the industrial zone of the city had been put out and there were no injuries. Slyusar, governor of Rostov, said that nearly 50 drones had been brought down in the region. Attacks were reported "across" the province, which borders Ukraine’s Donbas and is the focal point of the fighting between Russia & Ukraine. He said that only minor damage had been reported outside Taganrog. The commander of Ukraine’s drone forces claimed that they had hit Taganrog as well as an oil depot in Feodosiya, in Russian-controlled Crimea. He did not mention a strike against Armavir. Reporting by Felix Light, Writing by Ros Russell, and Kevin Liffey.
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Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.
Authorities in the southern regions Rostov and Krasnodar reported on Saturday that Ukrainian drones had struck a tanker overnight at the port of Taganrog in Russia and also hit an oil depot in Armavir. Yury Slyusar, Governor of Rostov Region, said via Telegram that the fires in Taganrog (a city with a population of 240,000) and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, confirmed that a local state of emergency introduced on May 27 had been extended. Authorities in Armavir in Krasnodar, a city with a population 185,000 people, reported that a fire at an oil depot located in the industrial zone of the city had been brought under control. Slyusar, Rostov's governor, said that nearly 50 drones were downed by the region. Attacks have been reported in the entire province which borders Ukraine’s Donbass, the focal point of the fighting between Russia and Ukraine. Only minor damage had been reported outside Taganrog. Reporting by Felix Light, Writing by Ros Russell; Editing by Ros Russel
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Concerns about consumer demand lower LIVESTOCK CME cattle futures
Chicago Mercantile Exchange?cattle futures and feeder cattle?ticked down on Friday due to a technical setback.?As a result, 'Americans' concerns about their ability to afford beef grew. Gas prices are high and consumer sentiment is gloomy, raising fears that Americans will reduce their beef purchases. Beef is the most expensive protein in grocery stores. Dan Basse is the president of 'AgResource' Company. He said that they are 'looking at consumers' disposable income and wondering if they will 'pay higher beef prices'. Oil futures dropped more than 2% Friday, marking their steepest weekly decline since early April. Traders awaited news that the U.S.?Israel and Iran reached an agreement on a truce. Live cattle for August fell by 1.95 cents, to 239,05 cents a pound. August feeder cattle futures dropped 4.60 cents at 348.425 per pound. The U.S. Department of Agriculture reported on Friday that the value of 'boxed beef' had dropped by 26 cents, to $392.06 a hundredweight. Select?cuts, however, fell by $2.26, to $382.32 a hundredweight. According to HedgersEdge.com, the Packers lost about $266.90 per head of cattle they slaughtered last Thursday. This is an improvement from the previous week. CME's lean-hog market saw a drop of 2.625 cents to 99.50 cents for each pound. According to USDA, the wholesale price of pork cutout has risen 91 cents per cwt to $100.02. Reporting by Heather Schlitz, Editing by Daniel Wallis
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IMF, World Bank and others warn that Middle East war strains energy supplies
The heads of the International Energy Agency, the International Monetary Fund (IMF), the World Bank, and the World Trade Organization warned on Friday that the war in the Middle East is straining the global energy supply and affecting vulnerable economies the most. The U.S. and Israel war against Iran has disrupted the trade, rattled the financial markets, and raised 'concerns about global energy supply, especially through Strait of Hormuz. This is a major route for oil and natural gas shipments. Global?institutions stated that the world's economy was resilient. However, the conflict disproportionately affected poorer countries by increasing fuel and fertilizer prices, increasing uncertainty, and creating job risks. In a joint press release, the heads of these groups met Thursday to discuss the economic impact of war. U.S. president Donald Trump said that he will decide on Friday whether to extend the ceasefire with Iran. This would include?opening up the waterway? and dismantling Tehran’s nuclear weapons capability. The institutions warned that if shipping 'flows' do not return to normal, the rapid depletion in global oil stocks ahead of the peak summer 'oil demand - in the Northern Hemisphere - would pose a heightened risk for fuel security and market conditions.
Is it time for us to give up on the hope that the Strait of Hormuz might open soon? Russell
The global oil market has been predicting that the closure of the Strait of Hormuz, which was a result of Israel and the U.S. attacking Iran in early February, would be temporary. This will also affect the supply of crude oil and refined products. This expectation is reflected in the price of crude oil futures. Although they have increased sharply since February 28, the prices are still far below the highs achieved in the aftermath of Russia's invasion in Ukraine in 2022. The paper 'crude market' has essentially believed U.S. president Donald Trump since the bombing began that the conflict would be short and Iran would accept U.S. conditions for a peace agreement.
The reality is not what's being said on social media, and the more the Strait of Hormuz stays closed, the worse the energy crisis becomes, particularly in Asia. Brent crude futures dropped 9.1% to $90.38 per barrel on April 17, following Trump's claim that the Strait of Hormuz is fully open. They jumped 6.9% to $96.59 in the early Asian trading on Monday when it became apparent that the waterway remained closed. Trump's April 17 social media post that the Strait of Hormuz was "fully opened and ready for passage" prompted the latest optimism. Trump's claim was backed even by some Iranian officials. However, the optimism was short-lived, as the Islamic Revolutionary guards Corps moved to keep it closed due to Trump's decision of maintaining a U.S. Naval Blockade against Iranian ports.
The market should ask itself several questions about the current state of affairs.
What does this mean? Does it mean that the United States has effectively closed the Strait of Hormuz?
Would it reopen if Trump lifted the blockade on Iranian ports?
Is there enough trust between warring parties to accept the principle that the Strait should be opened to all? Iran's leaders are willing to negotiate, but will they do so with an administration that is known for abandoning agreements and has a history of doing so? These are all valid points of debate. However, what really matters is the fact that the strait remains closed and that the threat of an attack will likely keep it so for the hundreds of vessels that wait either side.
SUPPLY STRESS During the?meantime, crude oil and refined products supply chains are more stressed. This is especially true in Asia which was the final destination of about 80% of the shipments that went through the Strait of Hormuz before the conflict.
The crude futures market has largely been driven by the daily news and the underlying belief that the conflict would be short-lived. However, the physical oil and refinery products have shown a more serious supply issue in the near term. Singapore, the Asian trading center, has seen extreme levels of refined products. Jet fuel is also at an all-time high.
Gasoil (the building block of diesel) ended the day at $145.27 per barrel on 17th April, up 59% from when the conflict began, but down from the $199.89 record set on 30th March. The biggest problem for Asia, however, is that the worst is yet to come as crude shipments in the region are falling sharply.
According to Kpler, data from commodity analysts, Asia's seaborne oil imports were estimated at 20,62 million barrels a day (bpd), down from 22,36 million bpd a month earlier.
The average of 26.76 millions bpd for the three months before the attack on Iran is now only about 26.2 million bpd in March and April.
This is a particularly worrying situation for countries which are important refining and fuel exporting centres in the region.
Singapore's crude oil imports will be?388,000 per day in April. This is down from?715,000 per day in March and?980,000 bpd?in January.
South Korea's crude oil imports were estimated at 1,68 million barrels per day (bpd) in April. This is down from 2,24 million in March and 2,74 million in January.
Japan's imports in April are expected to drop to 921,000 bpd from 1.63m bpd and 2.16m bpd?in March.
India is the only country that has bucked this trend. Kpler estimates April imports at 4,67 million bpd. This is up from March's 4.45 million, but still below January's 5,15 million. India was able to secure Russian crude oil to offset the loss in barrels from the Middle East. 1.64 million bpd arrived in April, compared to 1.06 million in February.
The problem with Asia's crude oil is that it's under pressure and that's why refineries will likely have to reduce their processing rates in the coming weeks.
The real impact of Trump's war will only be felt when supply of refined products is more restricted. How long can the crude oil paper market maintain its hope that the conflict is going to end soon when reality appears to be moving in the opposite direction?
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These are the views of a columnist who writes for.
(source: Reuters)