Latest News
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US oil prices drop on prospects of Middle East ceasefire alleviating supply disruption
U.S. crude oil futures dropped about 4% in early trading on 'Wednesday,' on the prospect that a possible ceasefire would ease?disruption of a global?oil supply. This was after reports that Washington sent Tehran a fifteen-point plan for ending the Middle East war. U.S. West Texas Intermediate crude (WTI),?futures, dropped as low as $87.80 per barrel at the?open and were down $3.49 or 3.8% at $88.86 per barrel by 2305 GMT. WTI gained 4.8% on the Tuesday before paring its gains in volatile trading after settlement. U.S. President Donald Trump said on Tuesday that the U.S. is making progress in its negotiations to end war with Iran. This includes winning an important concession by Tehran. A?source confirmed Washington sent Iran a settlement proposal of 15 points. Israel's Channel 12, which reported the plan first, stated that a ceasefire of one month would be announced by a mechanism developed by the U.S. Steve?Witkoff, Jared Kushner and other Middle East envoys are currently working on the plan. Tehran denies that direct talks have taken place. Mohammad Baqer Qalibaf, the powerful speaker of Iran's parliament, dismissed these reports on Monday as "fake". (Reporting and editing by Christopher Cushing; reporting by Yuka Obaashi)
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Brazil is the leader in beef production, which accounts for 40% of all agriculture-related forest destruction.
According to a new study, beef production accounts for 40% of the?all clearing of forest done to 'open up?spaces for food production. The study found that Brazil, which is the largest exporter in the world of beef and soya beans, topped the list of nations who have cleared the greatest amount of forest to expand agriculture. Researchers at Chalmers University of Technion in Sweden used satellite data and agricultural statistics combined with a model to study 184 agricultural products across 179 countries between 2001-2022. They produced what they call the most comprehensive global assessment of agriculture-linked?deforestation?todate. The data shows that palm oil accounts for 9% global deforestation. Soybeans are at 5%. Maize and rice each account for 4%. Cassava is at 3%. Cocoa and coffee each make up 2%. Brazil was responsible for nearly a third of the global deforestation (32%) during this period. Indonesia, China, the Democratic Republic of Congo, the U.S., and Ivory Coast were all in the top five. Between 2001 and 2022 121 million hectares (or 299 million acres), of forest was lost, leading to emissions of 41.2 gigatons CO2e. The study found that staple crops, such as maize, rice, and?cassava, together account for more than 11% of agriculture driven deforestation. This is more than export products, such as cocoa, coffee, and rubber, combined. Their impact is also spread around the world, rather than concentrated on specific regions. Martin Persson is one of the researchers who worked on the project. He said that the problem "extends" beyond the trade. This means that there are also actions needed in the producer countries where the domestic agricultural markets cause significant forest loss. The study found that although deforestation is a major source of greenhouse gases, it only accounts for 5% of global carbon dioxide emissions. Researchers plan to extend the model to the mining and energy sectors.
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Goldman raises Q2 aluminium forecast to $3.200 due to supply disruptions
Goldman Sachs has raised its LME aluminum average price forecast for the second quarter to $3,200 per tonne, up from $3,100. They cited a loss of supply due to 'Middle East disruptions' and the'shutdown of Mozal Smelter in Mozambique. LME Aluminium traded at $3.260.50 as of 2215 GMT. Goldman has removed approximately 850,000 tonnes of its supply forecast for 2026. This is due to the reduced production at Qatalum, in Qatar, which operates at 60% following a controlled shutdown. The bank also assumed a 30 percent drop in Iranian production due to damage to the energy infrastructure?and reduced Mozal’s 560,000-tonne capability after it was placed into?care and maintainance. Goldman has cut its outlook for 2026 by 600,000 tons due to higher energy prices weighing on the global GDP growth. It also reduced its forecast of aluminium demand growth from 0.9% to 0.1%. It now anticipates a 550,000-tonne excess in 2026. This is a smaller surplus than the 800,000.00-tonnes previously predicted. And it forecasts a sharp 900,000.00-tonnes deficit in Q2 due to inventories falling to 'historical lows. Goldman warned that the risks of price increases remain higher. They also said that disruptions in Strait of?Hormuz flow could lead to Middle East curtailments, and push up prices to $3,400 by 2026. The'speculative' positioning, the potential upside of 'Chinese supply, and the reduced demand for copper could limit gains. Reporting by Anmol Chaubey, Bengaluru. Editing by Mark Porter & Cynthia Osterman
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Oil prices rise as the war uncertainty increases, causing stocks to fall
Wall Street indexes dipped on Tuesday, and oil prices continued their recent gains. Worries persist over the?length of time that the U.S./Israeli war against Iran will continue. The U.S. was in contact with "the right people" to achieve an agreement that would end hostilities. Washington sent Iran a 15 point proposal aimed at ending war in the Middle East. Other media in the U.S., Israel and elsewhere reported this on Tuesday evening after the markets closed. Two people with knowledge of the matter said that the Pentagon was expected to send thousands more soldiers from the U.S. Army’s elite 82nd Airborne Division, to the Middle East. This would add to a large U.S. Military buildup. There's still confusion and lack clarity regarding Iran, how long military operations will last, and the implications for oil and the global trade. Oliver Pursche is the senior vice president at Wealthspire Advisors and he said that this was the main driver. He said: "Today, we're seeing more negative sentiment creep back into the markets." The Dow Jones Industrial Average dropped 84.41?points or 0.18% to 46,124.06; the S&P 500 declined 24.63??points or 0.37% to 6,556.37; and the Nasdaq Composite was down 184.86?points or 0.84% to 21,761.89. U.S. Treasury rates increased?after an auction of 2-year Treasury Notes that was weak,? and the dollar recovered lost ground. Monday, stocks rose after Trump announced that he had told the military to delay strikes against Iranian nuclear power plants due to "productive discussions" with Tehran. Iran has denied any talks with the United States. Brent futures closed higher at $104,49 per barrel. U.S. West Texas Intermediate rose 4.79% to $92.35. Oil prices are expected to remain high as the Strait of Hormuz is closed and only a fifth of the world’s oil and gas shipments pass through. The S&P 500's communication services and technology sectors were among the worst performing sectors on the day. The MSCI index of global stocks rose by 0.91 points or 0.09% to 985.82. The pan-European STOXX 600 Index rose by 0.43%. Data earlier showed that euro zone private sector growth almost stalled in this month, as inflation expectations rose and delivery times increased. This is adding to the mounting evidence that the bloc has already suffered a tangible drag from the U.S.-Israeli war on Iran. He said that the risk of inflation from the war in Iran was so great, it convinced him to support keeping interest rates at current levels rather than cutting them. The yield on the benchmark 10-year U.S. notes increased 2 basis points from?4.336% at close of business on Monday. The dollar index (which measures the greenback against a basket including the yen, the euro and the yen) rose by 0.06% at 99.24. Meanwhile, the euro fell by 0.09% to $1.1602. The dollar gained 0.18% against the Japanese yen to reach 158.72. Spot gold increased 1.34%, to $4464.66 per ounce.
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Valero shuts down Texas refinery following explosion, sources claim
Valero Energy Corp completed the temporary shutdown of ?its 380,000-barrel-per-day oil refinery in ?Port Arthur, Texas, on ?Tuesday ?following a Monday night explosion and fire in a diesel hydrotreater unit, people familiar with the plant operations said. The explosion of the diesel hydrotreater unit 243, which produces 47,000 bpd, did not cause any injuries. The date for the reopening has not been announced. Jefferson County Sheriff's Office said that the cause was unknown but they did not believe it to be an intentional act intended to?damage the refinery. Donta Miller said, "No, it's not that," when asked whether there was evidence of a deliberate act aimed at damaging refinery. Since the U.S. and Israel attacked Iran, oil, gasoline and diesel have been rising. People said that the blast could be heard up to 18 km (11 miles) away. In an email response on Tuesday, Valero confirmed that a fire had broken out in a unit of the Port Arthur refinery. The company also stated that all employees were accounted for. The people believed that shutting down the refinery would be necessary to put out the fire. As firefighters tried to extinguish the fire, they cut off water and steam supply. Hydrogen is used to remove sulfur from motor fuels in diesel hydrotreaters to meet U.S. environmental regulations. Port Arthur officials issued an order to shelter in place for residents of the west side of Port Arthur "to ensure the safety of all residents within the area in light of recent explosions at the Valero refinery." Shelter-in-place orders were lifted at 6 a.m. CDT (1100 GMT). Valero Port Arthur, its largest refinery, is located 86 miles (138 kilometers) east of Houston. (Reporting from Houston by Erwin Seba; Additional reporting in Bengaluru by Ishaan arora and Swati verma; Editing by Susan Fenton & Howard Goller).
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After a power line went out of service, the Moldovan Parliament backed a state of energy emergency.
The Moldovan parliament has approved the introduction of a 60-day state of energy emergency following Russian attacks in Ukraine, which knocked off service a power line that provided most of the country's electricity. The 72-member chamber of the parliament approved the measure, which was introduced by the pro-European Moldovan government. Socialists and Communists in opposition refused to support this measure that was designed to enable authorities to work efficiently and maintain services. Isaccea - Vulcanesti is a power line that carries electricity from Romania to Moldova. It passes through Ukraine for 40 km (25 mi). The line can provide up to 70% of the electricity needed in the area between Ukraine and Romania. "The consequences of war in Ukraine cannot be ignored." Prime Minister Alexandru Munteanu urged members to support the proposal, saying that these attacks directly affected us and that the risks posed to the power grid were real. "We have resisted?this in the past, and we'll withstand it again." He said that with the line down, Moldova would face power shortages up to 400 Megawatts during peak hours. He said that Ukrainian officials hoped to restore power to the line in five to seven working days. Munteanu stated, "You'll understand that power outages are very likely." "And more attacks cannot be excluded." Igor Grosu, the Speaker of the Parliament of Ukraine, described the Russian attack on the power lines as a "war crime" that aimed to leave thousands of people without electricity. It is a "direct attack against us." Maia Sandu, the president of Moldova, said that alternative power supply routes were already in place but the situation remained grave. Sandu has repeatedly condemned Russia's four year-old war on Ukraine. The?war has wracked Moldova with missiles landing frequently on its territory. Moscow claims that her government is fomenting antipathy toward "Russians". Sandu claimed that last week Moldova held Russia responsible for a massive contamination of the Dniester river and disruptions in water supplies. (Reporting and Writing by Alexander Tanas; Editing by Christian Schmollinger and Rod Nickel).
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Teenager arrested after two dead in shooting at school in western Mexico
Local authorities reported on Tuesday that a 15-year old 'boy' allegedly killed two female staff members at a private school in the western Mexican state of Michoacan. One of them was reportedly a?teacher. The local Department of Public Safety reported that a student from the Makarenko School in Lazaro Cardenas used a "high-powered assault weapon" during the attack. Local authorities posted on X that two victims had multiple gunshot injuries and the suspect was arrested. A second state government source said? Another state?government source told?ajungi copilului etajzeughrenwingtésprachscheinphen anderen "The victims are The office of the state prosecutor did not specify the positions that the two victims held in the school. The alleged attacker was a student in high school preparing to go to college. I tried to contact the school but did not receive a reply to my request for a comment. Michoacan is one of Mexico's violentest states. It has a long history of extortion and other criminal activity. The state is a major recruiting ground for criminal groups fighting over drug trafficking routes. Mexico has a low number of school shootings despite a high level of violence associated with organized crime. (Reporting and editing by Paul Simao; Lizbeth Diaz)
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Brazil announces a new plan to subsidise diesel prices as they rise
Dario Durigan, Brazil's Finance Minister, announced a new plan to help the states subsidize diesel imports on?Tuesday. This comes amid?concerns...over fuel supplies and high prices due...to the U.S./Israel war against Iran. The government proposed earlier this month that states eliminate the state ICMS taxes on diesel imports. The?minister said that the plan announced Tuesday would be quicker to implement because importers would receive direct payments from both the state and federal governments. Durigan stated that the state-level ICMS taxes on?imported Diesel are 1.20?reais (US$0.2280) per liter. This means both the federal and state governments would cover 0.60 reais through a subsidy. He said the subsidy would last until May, and that states had until Friday to respond. Durigan stated that the impact of this measure would be the same as a direct tax exemption, initially estimated at 3 billion reais per month. The high diesel prices are a major concern for Brazilian president Luiz Inacio Lula da Silva who is seeking reelection in this year. In 'March, the Brazilian government abolished federal?taxes for diesel and imposed a 12% levy on oil exports.
China's glacier surface has shrunk by 26% in six decades
Official data released in march showed that China's glacier areas have shrunk 26% due to global warming. 7,000 small glaciers have disappeared completely, and the glacial retreat has intensified in recent years.
According to a UNESCO study, glaciers are disappearing more quickly than ever. The largest glacial mass losses on record occurred in the past three years.
Environmental groups warn that the shrinking of important water towers will lead to a greater competition over water resources. The retreat of the glaciers also presents new disaster risks.
China's glaciers can be found mainly in the north and west of the country. They are in Tibet, Xinjiang and in the provinces Sichuan and Yunnan.
According to data published on the website of China's Northwest Institute of Eco-Environment and Resources on March 21, the total area of China's glaciers is around 46,000 square kilometers, with approximately 69,000 glaciers by 2020.
The study found that between 1960 and 1980 in China, there were around 59,000 square kilometers and 46,000 glaciers.
China uses artificial snow systems and snow blankets to slow down the melting of its glaciers.
For the vast amount of ice that has been trapped in this high-altitude wilderness, the Tibetan plateau is called the Third Pole.
Climate change caused by fossil fuel burning will likely accelerate the dramatic ice melt from the Arctic to Alps and from South America to Tibet Plateau.
The UNESCO report stated that this would likely exacerbate social, economic and environmental problems around the world, as sea levels increase and these important water sources diminish.
(source: Reuters)