Latest News
-
US diesel hits $4 per gallon mark as Middle East conflict drags on
As the 'U.S. - Israel 'war against Iran dragged along, the average U.S. diesel price surpassed $4 a litre?for nearly a?two year period on Wednesday. The Middle East conflict has paralyzed the Strait of Hormuz - a major global trade route through which 10% of the world's diesel supply passes. According to data from a market tracker, GasBuddy, the national average price for diesel has crossed $4 per gallon for first time since April 24th 2024. GasBuddy analyst Patrick De Haan said that the average price could rise to $4.25 - $4.45 per gallon in the coming days. However, any new developments may have an impact on the market. U.S. Diesel Futures reached $3.45 on their highest level on Wednesday. This is the highest since September 2024. According to Alex Hodes, StoneX's director of marketing strategy, diesel inventories are in short supply due to a structural shortage in refining capacity. This makes it more sensitive to the conflict in Middle East. Hodes said that the disruption in Middle East crude oil supplies also affects distillate supplies disproportionately because crude oil from this region tends to have higher distillate grades.
-
Cuban oil embargo causes blackouts across the country
The national electricity union UNE?said that a power outage had struck a majority of Cuba including Havana's capital on Wednesday. This was as the island's socialist-run government 'faces 'increasing' pressure from the Trump Administration. Cuba experienced several major blackouts over the past few years, before the U.S. stopped oil shipments. Cuba's government has blamed its economic crisis on decades of?economic?sanctions imposed by the U.S. The current shortages have been exacerbated by the recent scarcity of oil due to U.S.-imposed pressure from Venezuela and Mexico. The UNE electricity 'union' said that it was working on restoring services and that the 'blackout' affected the entire island, from Camaguey in the central province to Pinar del Rio at the far western end. Cuba's Energy Ministry said that the Felton 1 thermoelectric plant in Holguin Province in eastern Cuba is still?online, and recovery protocols are in place. Venezuela, Cuba's largest oil supplier, hasn't sent any shipments since the end of December. After the capture of its President,?Nicolas?Maduro in an attack by the U.S. on the capital at the beginning of January, the U.S. now controls the country's oil exports. Mexico announced it would stop supplying oil to Cuba after the U.S. threatened to impose tariffs on countries that supply Cuba with oil. The government has rationed services due to the power cuts. (Reporting and editing by Brendan O'Boyle, Daina Beth Solon and Sandra Gaillard)
-
US approves construction of Gates-backed TerraPower nuclear reactor in Wyoming
The U.S. Nuclear Regulatory Commission announced on Wednesday that it has approved the construction of a small nuclear reactor in Wyoming, backed by Bill Gates. TerraPower's 345 megawatt sodium-cooled Kemmerer reactor was approved by the Nuclear Regulatory Commission, marking the first commercial reactor approval in almost a decade. The reactor is to be constructed near a coal-fired power plant, and will become operational in the early 2030s. TerraPower announced in a press release that it will begin construction within the next few weeks. The NRC stated that the plant includes a system of energy storage to temporarily boost output up to 500 MW. The NRC completed its technical review of the design in less that 18 months. Last year, President Donald Trump issued executive orders to speed up the permitting process by the NRC. He wanted to reduce a multi-year permit process to just 18 months. TerraPower's Natrium nuclear reactor would use a fuel known as high-assay, low-enriched Uranium (HALEU), which is traditionally only produced in Russia. The NRC stated that its staff is expecting to issue the permit shortly. The U.S. Department of Energy has awarded American Centrifuge Operating (a subsidiary of Centrus Energy) and General Matter (backed by tech billionaire, Peter Thiel), $900 million to each of them for the 'development of domestic HALEU. HALEU fuel is uranium enriched to almost 20%, instead of the current 5% level used in reactors. HALEU is only enriched up to 12%, as non-proliferation activists want to avoid militants attempting to make crude nuclear weapons from targeting its supply chain. The Advanced Reactor Demonstration Program of the DOE provides funding up to $2 billion for the Natrium reactor.
-
Pentagon seeks fresh supply of 13 essential minerals a day before Iran attack
A document reviewed by? showed that the U.S. Military asked mining companies to boost supplies of 13 critical minerals, which are used in semiconductors, weapons, and other products. This request was made the day before the U.S., Israel and other countries launched their attacks on Iran. It is the latest in a series of recent requests by Washington for greater access to materials widely used in warfare. The Pentagon has asked the Defense Industrial Base Consortium, a grouping of companies, universities, and other suppliers to the military, for proposals by the 20th of March on projects that would mine, process, or recycle "select minerals", according to the document. No indication was given as to whether or not the timing of the strike on Iran was deliberately coordinated. List of 13 minerals wanted includes: arsenic (bismuth), bismuth (germanium), graphite (hafnium), nickel,?samarium(tungsten), vanadium, zirconium, ytterbium and yttrium. The Pentagon requested detailed information on the costs of building a mine or processing plant, including labor,?material and other expenses. According to the request, projects could receive development funds from $100 million up to $500 million. The document didn't specify why these 13 minerals were selected. China, which is the world's largest producer, has imposed export restrictions on some minerals, including graphite, germanium and yttrium. The aerospace industry has been alerted to the shortage of yttrium. As one of 17 rare earths yttrium can be used to create coatings which prevent engines and turbines melting at high temperature. Engines?cannot function without regular application of these coatings. Indonesia is the world's largest producer of nickel. Jakarta has slowed down?exports? of this metal, which is widely used in stainless steel production and battery production. Requests for comments from the White House, DIBC, and Pentagon were not immediately responded to. Separately, on Wednesday, the Defense Logistics Agency, which purchases a wide range of goods for the U.S. Military, asked miners for information on acquiring lithium and chromium for stockpiles. Reporting by Ernest Scheyder, with additional reporting from Jarrett Renshaw and Polina Devitt in London. Editing by Veronica Brown.
-
NYT reports that Iranian intelligence operatives have expressed an openness to dialogue with CIA about ending the war.
The 'New York Times' reported that operatives from Iran’s Ministry of Intelligence had expressed a willingness to talk with the U.S. Central Intelligence Agency about?ending the war. NYT reported that the offer came through a spy agency of an unnamed Middle Eastern nation, and officials from another Western country who spoke on condition of anonymity. Iran's semiofficial news agency, Tasnim, reported that a source in the Iranian intelligence ministry rejected the report. It called it "absolute lies" and "psychological warfare during a?war". The White House - and the CIA - did not respond immediately to a comment request. The report said that officials in Washington were sceptical about whether Iran or Trump's administration was really prepared for a "off-ramp", if not immediately. The Iranian ambassador to the United Nations in Geneva on Tuesday, after Israel and the U.S. launched joint strikes on Iran, ruled out a possible negotiating with the United States. On Tuesday, President Donald 'Trump' said that Tehran was willing to talk with the United States but it was too late as they continued their military campaign against Iran. (Reporting from Anusha in Bengaluru; additional reporting by Dubai Newsroom; editing by Gareth Jones, Emelia Sithole Matarise and Emelia Sithole)
-
Aluminum supply problems intensify after Bahrain stops shipments and Qatar shuts down its smelter
Aluminium Bahrain, one of the largest smelters in the world, informed customers that it had halted all shipments because of the "widening" Middle East conflict. This exacerbated supply concerns following a Qatari melter shutdown the day before. After the news, the London Metal Exchange saw an increase of up to 5.1% in aluminium prices to $3,418 per ton, the highest since April 2022. Analysts said that prices could rise even further, since about 8% world supply is made in the region. Goldman Sachs stated on Monday that prices could reach $3,600 per ton if the production in this region is lost for one month. SHIPPING HALTED in the Strait of?HORMUZ Alba declared force majeure Wednesday and informed the affected customers about delays, according to a spokesperson. The shipping through the Strait of Oman between Iran and Oman has almost halted after Iranian vessels retaliated against U.S. We are unable to ship because of what is happening in the Strait of Hormuz. We're producing, but the metals are here in Alba," said the spokesperson. The spokesperson said that "the force majeure... was not caused by any disruption or damage at the smelter." The team is actively working to identify alternative shipping solutions in order to minimize the impact. Alba's website states that its smelter, which is the world's largest outside China, will produce 1.62 million tons of aluminum in 2025. The?price for lightweight metals used in construction and transport, as well as packaging, has risen 9% since Wednesday, following the U.S.-Israeli attack on Iran at the weekend. QATARI Smelter? TO SHUT Investors were on edge on Tuesday after the news that Qatari Qatalum smelter began to?shut down? and Norsk Hydro, its shareholder, issued a "force majeure" notice. Hydro has said that the shutdown of its 648,000-metric-ton smelter is expected to be complete by the end of March. A full restart may take up to 12 months. Smelters from Bahrain, Qatar and Saudi Arabia, as well as the United Arab Emirates, ship more than 5 million metric tons of metal through the Hormuz Strait every year. Bauxite, alumina and other large quantities of metal are transported 'the other way' to feed smelters. The European Aluminium Premiums (paid on top of LME metal prices) have increased to $436 per ton in April EPDc2, which is the highest level for 3-1/2 years. Meanwhile, U.S. Premiums have reached a new record of $1.075.
-
SSR Mining, a Canadian company, will sell its Copler mine stake to Turkey for $1.5 billion.
SSR Mining, a Canadian company, announced on Wednesday that it had signed a binding agreement to sell its 80% stake in Turkey’s Copler Mine to Cengiz Holding A.S. in exchange for $1.5 billion. This boosted its stock by more than 12%. The gold miner also said that it was'reviewing its remaining platform in Turkey including a 20% interest in the Hod maden development project. The deal, which is expected to be completed in the third quarter of this year, will cover all SSR's mining licenses and assets located in eastern Anatolia. This includes Copler and nearby satellite deposits. Cengiz Holding A.S., one of Turkey's biggest industrial companies, has operations in copper, gold and aluminium mining and processing. SSR Mining suspended operations in Copler Mine, 2024. This was after a landslide that left at least nine missing miners. The company then conducted a review on the mine. According to RBC Capital Markets' analysts, SSR has spent approximately $149 million in reclamation and remediation activities since the landslide of February 2024. TD Cowen’s Steven Green noted that the purchase price was attractive “for a?what's seen as a?distressed asset." Green said that the deal also "supports" the Canadian miner’s strategic shift to assets in the Americas. (Reporting by Varun Sahay in Bengaluru; Editing by Shreya Biswas)
-
Sources say that Chinese investors are considering selling their stake in Redexis Gas Network Operator.
People with knowledge of the discussions said that Chinese investors Guoxin Guotong Fund and CNIC Corporation are considering selling their 33.3% share in Spanish 'gas network operator Redexis' as the country prepares to introduce a new framework for remuneration. Three sources confirmed that the two investors had begun a process of hiring?advisers in order to evaluate the sale. Two sources say that a?deal could value Redexis between 2 billion and 2.5 billion?euros (2.3-$2.9billion). * In 2018, the two Chinese investors bought?33.3% Redexis. According to the website of Redexis, pension funds?Arbejdsmarkedets Tillaegspension?and Universities?Superannuation Scheme own each 33.3%. Sources say that pension funds and infrastructure funds are likely to bid for the stake. * Guoxin Guotong Fund & CNIC Corporation did not reply to a request for comments via email. Redexis declined comment. According to Spain's competition watchdog, a new?"regulatory framework" for?gas pipelines covering the period of 2027-2032 is expected to be approved later this year. Sources said that the'regulatory changes' are expected to lead to more asset sales, as buyers prefer to buy regulated assets at the beginning of the regulatory cycle to reduce uncertainty.
US cities record highest temperatures in heat wave
The oppressive heatwave that has been sweeping the United States since last week is expected to reach its worst on Tuesday.
National Weather Service: Temperatures are expected to reach 101 degrees Fahrenheit in Washington and Boston, breaking previous records of up to 6 degrees.
Central Park in New York City could see temperatures reach 99 F (37 C), exceeding the previous high of 96. According to the NWS, there is the possibility of record heat in other parts across the Eastern U.S. including northern Georgia and the Carolinas.
Bob Oravec is the lead forecaster for the National Weather Service, College Park, Maryland. He said that the Northeast is experiencing the most intense heat.
Extreme heat in the Northeast is disrupting public transportation. Amtrak, a U.S. passenger rail company, has announced that it will have to reduce train speeds on Tuesday, between Washington and New York, and between Philadelphia to Harrisburg. This could cause delays.
Even some tourist attractions are affected. According to the National Park Service, the Washington Monument will close on Tuesday and Thursday due to heat.
Construction companies are compensating for severe weather in order to keep their workers safe. Jeff Wagner, the communications manager for Fluor Construction, told reporters that the company provided cooling stations and heavy duty water bottles to more than 2,000 workers working on an Indiana pharmaceutical project.
Wagner said that "we have safety meetings each morning. But knowing this would be an extremely hot week, we talked about hydration, and making sure employees are pacing themselves."
He said that workers will start their shifts one hour earlier to finish before the hot part of the day.
Residents in New York City who wanted to vote in the primary elections were forced to endure the high temperatures. Alex Antzoulatis (53), an accountant from Astoria in New York, said he regretted that he didn't vote by mail.
He went to the polling place in 100-degree heat because voting is his duty. "But the heat will keep many people away."
Warm weather in the Plains of the U.S. and Canada has affected crops. The dryness of June in Saskatchewan, Western Canada, where canola, wheat, and pulses are grown in large quantities, has affected newly-seeded plants.
Bill Prybylski of Yorkton in Saskatchewan said that recent rains came too late. The damage was partially mitigated by the smokey air caused by wildfires which prevented direct sunlight from scorching crops.
Oravec, at the NWS, said that temperatures would begin to drop on Wednesday. "Like, Thursday's high temperature in New York will be forecast at 84 F and it is supposed to reach 75 F on the following Friday." (Reporting and editing by Sandra Maler; Additional reporting in New York by Maria Tsvetkova, Ed White in Winnipeg and Heather Schlitz, Chicago.
(source: Reuters)