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After fire, Phillips 66 Bayway refinery gasoline unit offers reduced prices
Two people with knowledge of the situation said that Phillips 66 reduced the gasoline production at its 258,000 barrels per day Bayway refinery, located in Linden, New Jersey, after a fire broke out near the gasoline-producing unit. The sources claim that an ancillary unit of the refinery’s Fluid Catalytic cracking unit caught on fire, causing the production to be halted. The cause of fire was not immediately known. One source said that the refinery will resolve the problem in the next few days and resume full production. Phillips 66 didn't immediately respond to a comment request. Bayway is one of America's largest fuel suppliers, producing around 155,000 barrels of gasoline per day. Last month, rainstorms led to a power failure at the refinery. This caused a spike in the price of refined products in the New York Harbor. Phillips 66 compensated for this by purchasing fuel on the open markets. (Reporting from Shariq Khan, Houston; additional reporting by Nicole Jao, New York).
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Trump believes Putin is willing to strike a deal
Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in the morning Putin said The United States is making "sincere attempts" to end this war in Ukraine. It was suggested that Moscow could and Washington might agree to a nuclear weapons deal as part a larger push to strengthen the peace. Trump said in the Fox interview that, for a possible second meeting with Putin and Ukraine President Volodymyr Zelenskiy he had three places in mind. However, he cautioned that it was not guaranteed. Trump said that he would call Zelensky if the meeting went well. Reporting by Nandita BOSE and Steve Holland, Washington; editing by Alexandra Hudson and Chizu NOMIYA
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Trump namess Rosner as Chair of Energy Regulator
The Federal Energy Regulatory Commission announced on Wednesday that President Donald Trump has named David Rosner chairman. He had served as a member of the commission since mid-2024. Rosner's appointment as a Democrat is likely to be temporary. In June, Trump nominated two of his Republican colleagues to the commission. They are awaiting confirmation by the Senate. FERC regulates power grids, liquefied gas projects, and the interstate transportation for oil and gas. It has a maximum five-member board. Mark Christie, the Republican member, left last Thursday. After the Senate confirms Laura Swett, the president will name her as chair. Trump nominated David LeCerte to be a Commissioner. If both are confirmed by the Senate (which is controlled by Republicans), FERC will have a 3-2 Republican minority. Rosner said that he felt honored to have been named. He has worked for the government and in the energy sector for over 20 years. Trump said that he wanted to build pipelines from Pennsylvania's huge gas fields to the Northeast. States have opposed the projects. (Reporting and editing by Timothy Gardner, Cynthia Osterman).
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Three people killed in wildfires across southern Europe; thousands forced to evacuate
On Thursday, hundreds of firefighters battled against wildfires in southern Europe. Some of the fires are believed to be deliberately set by arsonists. They were also stoked due to an extended heatwave that gripped the region. The European Union has sent reinforcements to Greece and Spain in order to combat fires that have caused the deaths of three firefighters and destroyed homes, buildings, and large areas of farmland and forest. This forced thousands of people from their homes. In the Mediterranean, hot and dry summers are common. Scientists say that wildfires, fanned and accelerated by heat and wind, are becoming more destructive and difficult to control. Firefighters from Portugal, Spain, Albania, and Greece all struggled to contain the towering walls that threatened life and property. According to the European Forest Fire Information System, the Iberian Peninsula alone accounted for about half the EU's total burned area this year of around 500,000 hectares (1 931 square miles). More than 200 firefighters in Greece were assisted by 11 aircraft to put out a fire near the western Peloponnese port city of Patras. Temperatures that were high fueled tinderbox conditions. Giannis Kefalogiannis, Minister of Civil Protection and Climate change in Greece said that a single spark can cause a fire to quickly spiral out-of-control. A senior police official, speaking on condition of anonymity, said that three people were arrested for allegedly deliberately starting wildfires in the area of Patras. They are expected to appear Thursday before a prosecutor. This year, Greece made available to the public a record-breaking number of firefighters. RAGING INFERNO Three people in Spain, including volunteer firemen, were killed in wildfires in the midst of a heatwave that lasted for 11 days, with temperatures reaching 44 degrees Celsius in some places. Local media reported that Jaime Aparicio was the 37-year old victim who had suffered burns on 85% of his entire body. He and another volunteer firefighter were trapped while they tried to create firebreaks using brush cutters. On Thursday, eleven large fires threatened developed areas. This forced authorities to evacuate more than 9,000 residents and cut off the roads and rail service. Nearly 1,000 firefighters in Portugal battled a fire near the picturesque mountain village of Piodao. Crews were able to control a wildfire that had been burning in the mountains of Vila Real for 11 days, the longest fire this season. Soldiers, firefighters and volunteers in Albania, backed by helicopters and a Canadair firejet, fought to control separate fronts between Delvina & Gjirokastra, after days of raging blazes damaged dozens homes and burned agricultural land. Edi Rama, the Prime Minister of Egypt, said that 137 arsonists had been identified and arrested since June. Clirim Conku is a 61 year old farmer from southern Albania who lost his vineyards, his olive groves, and all of his livestock to a wildfire. He was only relieved that he and his dog had survived. "I used everything to put out the fires. This napkin saved my life by fighting the smoke. "I put some water on the napkin, but it was more wet with sweat," said he. Some were angry that their lifetime's work had been wiped out in a matter of minutes. Dimitris daskas, Dimitris's restaurant owner, who owned a business near Patras and broke his arm trying to save it, was without power or water as the fires approached. He said: "My wife called (emergency service) to tell them we were on fire, but they didn't pick up." Reporting by Louiza Viradi in Patras; David Latona, in Madrid; Andrey Khalip, in Lisbon; Fatos Bityci, in Tirana. Additional reporting by Daria Sucic, in Sarajevo. Writing by Angeliki Kooutantou. Editing by Bernadette B. Baum.
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India's Vodafone Idea posts smaller-than-expected loss, names new CEO
India's Vodafone Idea on Thursday named insider Abhijith Kishore as CEO and reported a smaller-than-expected first-quarter loss as the telecom operator continued to benefit from the previous year's price hikes. Kishore, who is currently the chief operating officer of the company, will succeed Akshaya when her term ends on 18 August, according to a filing with an exchange. The debt-ridden telecom operator's loss after tax increased to 66.08 trillion rupees (roughly $754.49 million) for the quarter ending June 30 from a loss 64.32 trillion rupees one year earlier. According to LSEG data, analysts expected an average loss of 70 billion rupees. Vodafone Idea's ARPU (average revenue per user) has risen 15% in the last year to 177 Rupees. The number was still well below Bharti's 250 rupees, and Reliance Industries' Jio's 200.8 rupees. In July 2024, the three companies raised their mobile plan prices for the first in over two years as they shifted from fierce market competition to monetisation. Airtel and Jio both posted positive quarterly results due to the hikes. Vodafone Idea is 49% owned and controlled by the Indian Government. It was formed by a 2018 merger of the Indian arm (Indian Vodafone Group) with Aditya Birla Group’s Idea Cellular. Since then, it has lost money every quarter as the company continues losing market share to bigger rivals Airtel and Jio. It is also burdened by debts of more than 22 billion dollars and struggles to expand its 4G and 5G network at the same pace as its competitors. As of the end of June, Airtel and Jio had a combined user base of 197.7 millions. Analysts had predicted 111.39 billion rupies, but the actual revenue was 110.23 billion rupies.
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Citgo Petroleum returns to profitability in the second quarter
Citgo Petroleum, a U.S. refiner owned by Venezuela, reported a net profit of $100 million for the second quarter, compared to a loss of $25 million during the same period last year. The company ended the quarter with 2.6 billion dollars in liquid assets, the company said on Thursday. Before its second quarter results, the Houston-based refiner recorded two consecutive quarters with losses due to weak margins. PDV Holdings is the parent company. is being auctioned The seventh largest U.S. refiner, which processes an average of 858, 000 barrels of crude oil per day, increased its processing from 833,000 barrels of crude oil per day in the first quarter to 858,000 bpd on average between April and June. This represents a crude usage rate of 101%. In a press release, the company stated that "reliable operations in an environment more supportive of business" contributed to a better second quarter. Citgo will advance some key projects in the second half of this year. However, the company has shifted the turnaround activities for its Lemont and Lake Charles refineries, located in Illinois, to next year. The projected capital, turnaround and catalyst expenditures were reduced by approximately $696 million. Citgo's quarterly marketing sales volume increased slightly over the previous quarter to 431,000 bpd.
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Nayara, the Indian refiner that has been hit by sanctions, is in talks with the government to continue operations
Nayara Energy, a Russian-backed Indian refiner, said it was in contact with government officials and partners on Thursday to ensure the operational stability of its 400,000 bar per day refinery. Last month, the EU sanctioned the private refiner owned by Russian companies, including Rosneft. This was part of an EU package that targeted entities associated with Russian oil. In a court filing in Delhi, the private company said that it sold 70% of its refined fuels to Indian consumers through more than 6,600 retail outlets. Nayara said that it supplies fuels through its coastal, rail and road networks to its retail outlets. It said, "Our retail petrol stations will continue to operate normally while we work diligently to ensure an uninterrupted fuel supply across India." Nayara was forced to reduce its Vadinar refinery production on the West Coast by 70-80%, and to halt its exports. Former chief executives of the company resigned, and shippers pulled out of local movements for its refined fuels. It said that the company operates its refinery at "a healthy run rate" while supplying fuels. Nayara did not specify at what rate it operates its refinery. A government source confirmed on Thursday that Nayara had asked the Indian shipping ministry for help in obtaining vessels to transport its refined fuels. (Reporting and editing by Alexandra Hudson. Nidhi verma)
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Ukraine PM orders massive audit of mining licenses
Yulia Shvyrydenko, Ukraine's prime minister, ordered the review of all mining licences for strategic minerals on Thursday. This was part of an effort to aid the war-ravaged Ukrainian economy and to secure new investments under a deal to sell minerals to the United States. Ukraine and the United States signed a deal on minerals in April that was heavily promoted Donald Trump, President of the United States. The deal envisaged that the Ukrainian government would send half the revenue it earns through mineral extraction to a joint U.S. and Ukrainian investment fund. Svyrydenko announced on Thursday that the government would also run its tenders for extraction of gas at two sites in west Ukraine. "We will check to see who is working and who has licenses that are not being used." Svyrydenko, a Telegram user, said that these facilities must either produce results or be returned to auctions. Our natural resources should be used to boost the economy of Ukraine. The European Union considers 22 minerals to be critical for the European Union's industries, including defence, high-tech appliances, green energy and ferro alloys, precious and nonferrous metals that are used in construction and some rare elements. The United States' deal, which grants the latter preferential entry to Ukrainian minerals as an exchange for investment was seen as helping to rebuild the country's economy, which had been destroyed by Russia's invasion. It also helped Kyiv with its defence efforts. Officials from the Ukrainian government have said previously that Ukraine has about 3,000 mining permits, and around 10% may be dormant. (Reporting and editing by Hugh Lawson; Olena Hartmash)
Gold falls as US data boosts the dollar and yields.
Gold prices fell on Thursday, as the dollar and Treasury yields rose due to hotter than expected U.S. inflation figures and a decline in unemployment claims. This reduced the chances of a large September rate cut.
As of 9:15 am, spot gold was down 0.1% at $3,352.65 an ounce. ET (1315 GMT). U.S. Gold Futures for December Delivery were down 0.2% at $3,400.60.
The dollar index rose 0.2%, bringing it up from its two-week-low, and making gold less appealing to non-U.S. investors. Meanwhile, the benchmark 10-year yields increased from their one-week-low.
A stronger U.S. wholesale data has tempered bets for a more significant, half-point reduction next month. The traders are now leaning towards a quarter point move in October and another one next month, which confirms comments made by Fed's Mary Daly.
The Labor Department announced that the Producer Price Index rose 3.3% on an annual basis in July, exceeding expectations of 2.5%. The number of weekly jobless claims was also lower than expected. 224,000 against 228,000 predicted.
Ole Hansen, head of Saxo Bank’s commodity strategy, said: "Gold is trading lower due to the stronger than anticipated U.S. PCE inflation print. This may reduce rate cut expectations as it feeds into a higher Core PCE print for July, which will likely keep the Federal Reserve cautious about rate cuts."
The Fed will eventually have to decide between fighting inflation and supporting the economy.
Low interest rates tend to make gold a popular investment in times of economic and geopolitical stress.
Investors kept a close eye on geopolitical risk. U.S. president Donald Trump warned that "severe consequences would follow" if Russian president Vladimir Putin rejected a peace proposal for Ukraine at their upcoming meeting, hinting at an upcoming meeting with Ukraine's head of state.
The price of palladium increased 1.7%, to $1140.81, while platinum rose 1%, to $1352.60. Sherin Elizabeth Varighese, Bengaluru. Editing by Leroy Leo.
(source: Reuters)