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Trump threatens to attack Pickaxe Mountain after he says the Iran war will end after US midterm elections
Donald Trump has said that he expects the war against Iran to end following the midterm elections in November. He also threatened to 'again' attack a nuclear site linked to the Islamic Republic after both sides launched their 'biggest wave of strikes on shipping since the beginning of the six-month war. Saudi civil defense authorities issued emergency alerts on Thursday in Khamis Mushait, a city in southwest Yemen, for the fourth consecutive day, after clashes with the Houthis, who are backed by Iran. Brent crude prices were above $100 per barrel, as both supply routes through the Strait of Hormuz (the Strait of Hormuz) and the Red Sea remained severely disrupted. Iran claimed that it had launched 10 attacks on Wednesday near the Strait of Hormuz after the U.S. destroyed five Iranian oil tanks. This was the latest of many tit-fortat strikes which have indicated that there is little chance of a rapid end to the hostilities. Trump's popularity has reached record lows due to the?war, and subsequent rise in fuel prices. The president claimed that Tehran is trying to influence November's U.S. midterm election, which will determine whether the Republican Party maintains control of Congress. "I believe war will end immediately after the elections because they cannot hold out anymore." "They're desperate to affect the election," Trump told reporters on Wednesday. Trump had previously set a deadline for the end of the war. The Wall Street Journal reported that later, top White House advisors, including Vice President JD?Vance and Secretary of State Marco Rubio had privately warned Trump that this conflict could last through his remaining presidency, which ends January 2029. Trump said that the U.S. could also strike Iran's Pickaxe Mountain. This heavily fortified area contains two deep-buried tunnel systems near Iran's damaged Natanz facility. "We've noticed that Pickaxe is a bit busy." Trump warned Iran to not be cute, because they will get hit very hard. He said this in a speech to the Republican midterm convention. Trump has been threatening to strike Pickaxe Mountain at least since mid-July. In February, the U.S. and Israel conducted military strikes against Iran partly because of concerns about Tehran's nuclear program. Iran claims its nuclear activities are peaceful. Washington cited in recent weeks?increasing successes guiding tankers across the Strait of Hormuz which carried around a fifth of the oil supply before the war. A resumption in fighting earlier this month appears to have set any gradual reopening back. On Thursday, preliminary data from ship tracking showed that only seven vessels had transited through the strait Wednesday. This is half of the average for the past 10 days. Saudi Arabia's war with the Houthis has escalated over the last few days. This is a second theater of conflict that threatens the global energy supply from the Middle East. The Saudi-led coalition reported on Tuesday that at least 73 people had been wounded in recent Houthi assaults on the world's biggest oil exporter in four southern Saudi towns, including Khamis Mushait. The militant group claimed that it attacked an airbase in the city of Khamis Mushait in the southwest and oil infrastructures in other cities nearby in one 'of the largest attacks on Saudi Arabia after the U.S./Israeli war against Iran in February. The Saudi Civil Defence authorities declared Thursday that the situation is under control following a second emergency alert in Khamis Mushait.
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Sinopec's researcher claims that China could have 80% of its population using electric vehicles by 2030.
A researcher from the state-owned oil company Sinopec stated on Thursday that the penetration rate of electric vehicles in China is expected to rise, but at a slower pace towards the end of the decade. Continued growth in this sector will reduce oil demand from the largest crude oil importer in the world. Fairy Wang, vice president of Sinopec’s Economics and Development Research Institute, said at the APPEC Conference in Singapore that EVs are expected to displace 56?metric tonnes, or approximately 1.2 million barrels a day?of oil demand?in China. She said that "it is equivalent to about 15% of China's total demand for refined oil products." About two-thirds (or about 63%) of the demand for gasoline-powered cars is displaced by diesel vehicles. According to Wang, EV penetration reached 65% in China in July. This is up from 53% in the previous year, and only 5% by 2020. These figures include both plug-in hybrid and battery electric?vehicles. Wang claimed that nearly all public transportation vehicles in China are now electric. She attributed the rapid adoption of EVs to the previous government subsidies as well as the country's?"extensive" charging infrastructure. Wang stated that China has approximately 23 million 'charging stations. Around two thirds are home chargers and the rest are public charging facilities. More consumers are switching to electric vehicles because of the?availability?of charging infrastructure?in both large and small cities.
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Morning bid Europe- Lagarde is the star of the show as oil rises above $100
Ankur Banerjee gives us a look at what the future holds for European and global markets Investors may be starting to realize that higher oil prices and elevated bond yields are the new norm as the Middle East war spreads in advance of central bank meetings, where policymakers might'struggle' to quell the markets' inflation anxiety. The European Central Bank is expected to kick off the central banking bonanza with a rate hike later today. Next week, the Federal Reserve will be followed by the Bank of Japan and the Federal Reserve. The focus will be on what comes next as ECB President Christine Lagarde addresses the audience in the aftermath of the largest wave of attacks against?shippings in the Middle East where the six-month conflict is escalating once again. Before the decision was made, the euro was stable at $1.1637. European stock futures indicated a muted opening. Brent crude futures are above $100 per barrel for the very first time since last July. Long-term bond rates have reached a high not seen since before the global financial crises. This toxic mix weighs on the sentiment, and there is no end in sight to a war which is likely to cast a dark shadow over U.S. Midterm Elections amid inflation concerns. The data on U.S. consumer prices will be released on Friday. Analysts expect the data to be a major factor in determining whether the Fed raises rates during its meeting on September 15-16. Fed funds futures traders are pricing about 60% odds that a rate increase will occur next week. What about the yen, then? The yen is up 4% in one month to 153.39 dollars, despite the increase in oil prices. Traders are bracing for an accelerated rate of rate increases from the BOJ. Kazuyuki masu, a board member, warned in a speech that was closely watched ahead of the policy meeting next week of "expanding price pressures" which have brought underlying inflation "very near" its 2% goal, hinting at a rapid rate increase. The following are key developments that may influence the markets on Thursday. Economic events: ECB Policy Meeting (A rate increase expected) Inflation data for August in Germany August U.S. inflation rate PPI
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Trump urges Tehran to 'not get cute' after he says that he has seen activity at Iran's Pickaxe Mountain
On Wednesday, President Donald Trump stated that the United States could strike Iran's Pickaxe Mountain and urged Tehran to be "cautious". "We've noticed that Pickaxe is a little busy." Trump told the Republican Convention that he would advise Iran to not be cute, because they will have to be hit very hard. Pickaxe Mountain is located near Iran's badly damaged Natanz uranium-enrichment facility. It has two deep-buried tunnel systems. Trump has been threatening strikes on Pickaxe Mountain at least since mid-July. Trump and the Republican Party are concerned about the rise in gas and oil prices as a result of the U.S. and Israeli war against Iran in the run-up to November's midterm elections. U.S.-Israeli'strikes on Iran and Israeli attacks on Lebanon have killed thousands and displaced millions. U.S. and Israeli?strikes against Iran and Israeli attacks on Lebanon have caused thousands of deaths and millions to be displaced. Trump said that he believed the war would end after the midterm elections, and that Tehran was trying influence the elections which will determine whether Republicans maintain control of Congress. Pickaxe Mountain is located 220 km (140 mi) south of Tehran, and only 2 km away from the Natanz complex. In March, the U.S. and Israeli military attacked Iran, including Natanz, which was home to two Iran's uranium-enrichment plants. Israel also struck Natanz in last year's 12-day Israel - Iran war. According to the Institute for Science and International Security (a U.S. think tank focusing on non-proliferation), "the tunnel facility under construction" at Pickaxe Mountain wasn't targeted during either of these wars. Trump's war objective is to weaken Iran's nuclear capability. Iran claims it does not possess nuclear weapons, and that its uranium-enrichment program is only for peaceful purposes. The U.S.?is a nuclear power. Israel is widely believed to be the sole nuclear-armed nation in the Middle East, but it has never confirmed or denied this publicly.
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Brent Brent rises above $100 after tanker attacks exacerbate supply fears
Sethuraman, N. R. NEW DELHI, September 10 - Oil prices held steady on Thursday, after Brent crude surpassed $100 per barrel. Traders braced for further supply disruptions, as 'Iran and United States launched their biggest attacks?on shipping since the six-month conflict began. Brent crude futures fell by 0.1%, to $101.10 per barrel at 0256 GMT. U.S. West Texas Intermediate Crude was $96.24 per barrel, an increase of 0.2%. Brent prices are up nearly 30% since the lows of early August. A permanent agreement between the U.S.A. and Iran on a cease-fire never materialised. Iran announced on Wednesday that it had attacked ten ships near the Strait of Hormuz, after the U.S. destroyed five Iranian oil tanks. The Islamic Revolutionary Guard Corps (IRGC) said it would 'escalate its response to further attacks. In a client letter, ANZ analyst Daniel Hynes stated that the tit-fortat attacks indicate oil?flows? from the Persian Gulf 'are likely to be disrupted in the near future. The Strait of Hormuz is still far below the pre-war level of oil flows. This waterway, which before the war transported about a fifth of the world's oil and gas, remains at a much lower level than it was during the war. The pressure is increasing on alternative routes for Gulf oil exports. Iran-aligned Houthi militants are stepping up their attacks against Saudi Arabia and threatening crude shipments through the Red Sea. In a recent note, OCBC analyst Christopher Wong said that uncertainty about actual oil volumes from the Strait of Hormuz as well as?continued?shipping?disruptions keep physical markets tight. This in turn supports a geopolitical premium on oil prices. According to LSEG data, the Brent crude benchmark price, which is used as a measure of how much oil is being sold, has been over $100 per barrel since September 3. Energy Information Administration (EIA) raised its oil prices forecasts on Wednesday for this year and the next as global stocks drop due to Middle Eastern supply.
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Brent Brent rises above $100 after tanker attacks exacerbate supply fears
NEW DELHI, September 10 - Oil Prices held firm on Thursday, after Brent crude broke through $100 per barrel. Traders braced for further supply disruption as Iran and the United States launched their biggest attacks against shipping since their six month-old conflict began. Brent crude futures were up 0.1% at $101.34 per barrel as of 0107 GMT. U.S. West Texas Intermediate Crude was $96.55?a barrel up 0.5%. Iran announced on Wednesday that it had 'attacked 10 ships near Strait of Hormuz following the?U.S. The U.S. sank five Iranian tankers and the Revolutionary Guard Corps of Iran said that it would escalate its response if any other?attacks were made. In a note to clients, ANZ analyst Daniel Hynes stated that the tit-fortat attacks imply oil flows out of the Persian Gulf will likely remain disrupted in the near future. The oil flow through the Strait o'Hormuz is still well below the pre-war level. U.S. Energy Information Administration raised their oil price predictions for this year and next as global stocks drop due to Middle Eastern supply loss. Hynes stated that the "widening of the conflict" could lead to an even greater disruption in oil supplies, which had already caused the oil market to scramble to adjust.
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WSJ reports that Trump advisors warn Iran war may continue through the end of Trump's term
The Wall Street Journal reported Wednesday that top 'White House' advisers, including Vice President JDVance and Secretary Marco Rubio have privately warned Donald Trump that the conflict could last 'throughout the rest of his presidency. The White House did not respond immediately to a comment request. Journal: The 'advisers' told Trump privately in the Situation Room and the Oval Office that Iran could continue to resist U.S. Pressure, possibly prolonging the conflict past Inauguration day in January 2029. The reported warning is in contrast to Trump's public statements about the war. The president stated on Wednesday that he expects 'the 'war to end 'immediately following" the U.S. Midterm Elections in November. He argued?that Iran is trying to influence the vote, but will be unable to maintain a resistance for much longer. Trump acknowledged that diplomatic talks are still possible, but not his preferred option.
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Sources say that Venezuela's opposition will soon lose control of US refiner Citgo
The Venezuelan opposition-controlled boards that have supervised U.S.-based refiner Citgo Petroleum for ?the last seven years are preparing to ?wind down as soon as this ?month, ?following a shake-up by Venezuelan interim President Delcy Rodriguez, two sources involved in the preparations said. Rodriguez started preparing to take control of the refinery owned by Venezuela earlier this year after Washington recognized her government. Her government replaced Nicolas Maduro’s administration, after he had been captured by U.S. troops in January. According to U.S. courts filings, the interim president's administration replaced law firms who had previously?represented Venezuelan and state-run PDVSA oil company in lawsuits and arbitral cases abroad. They were hired by a National Assembly led by opposition. One source said, "The boards no longer have the support of all legal and political counterparts. They can't continue." This is unfortunately happening without any prior discussion. The Venezuelan oil ministry, PDVSA and Citgo, as well as the supervising board, did not respond to comments immediately. Following U.S. imposition of sanctions on Venezuela's energy sector in 2019, Houston-based ?Citgo severed ties with its parent, Caracas-headquartered ?PDVSA, under orders from a National Assembly that the opposition then controlled. Even after the Venezuelan government lost control over the assembly, opposition-led boards in other countries continued to supervise the refiner. They were also involved in the appointment of its board of directors. CITGO AUCTION LOOMS: STATUS Unrealized is a U.S. court auction, in which a judge accepted a bid from an affiliate hedge fund Elliott Investment Management for Citgo Holding Company to pay creditors who are pursuing the refiner. The sale is awaiting final approval by the U.S. Treasury Department which has been protecting Citgo against creditors in recent years. Treasury extended the protection of a license to September 17 in early August. The U.S. Court of Appeals, which is considering the challenges against the 'auction process', has set an October hearing. After that date the court will rule on refiner ownership. The administration of Rodriguez has labelled the court-ordered sales as "theft", but it's unclear what it will do next as it works with Washington to revive OPEC's country's oil industry. The sources stated that Citgo's board and executive team led by CEO Carlos Jorda will not be changing anytime soon. Citgo remains profitable under the Venezuelan opposition?oversight. Citgo has recently gained access to Venezuelan crude oil for refining. The company registered a net income of 936 million dollars in the second quarter. This is up from 100 million dollars in the same period in last year, despite solid margins.
Singapore's Aster plans on increasing naphtha cracker usage, executive says
Aster Chemicals & 'Energy, Singapore's energy company, has run its naphtha cracker between?75% and 80% over the last five months. The company plans to increase utilisation rates even further.
Andre Khor told the APPEC Conference that Aster will continue to ramp up and start supplying petrochemicals.
Aster, a joint venture of Indonesia's ?Chandra Asri and trading major Glencore, operates a 1.1-million-metric-ton-per-year ?steam cracker on ?Singapore's Bukom Island.
He added that the naphtha cracker resumed its operations in September's first week after being shut down for maintenance in August.
Khor said the company is using naphtha ?from its 237,000-barrel-per-day refinery and studying the use of other feedstocks.
Aster declared force majeure in March on some of its contractual deliveries, citing the disruption in raw materials caused by the U.S./Israeli war against Iran.
After the Strait of Hormuz was almost completely shut down earlier this year, Glencore's global network allowed it to switch to crude oil from West Africa, Latin America, and Canada to fuel its refinery.
(source: Reuters)