Latest News
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Sources: Russian NORSI refinery partially closed after drone attack
Two 'industry sources' with direct knowledge of the situation confirmed on Thursday that NORSI, Russia’s fourth largest oil refinery, had?shut down its primary CDU-6?unit following a Ukrainian drone strike on Wednesday. Has reported that virtually all major refineries across central Russia were forced to stop or reduce production following a recent?Ukrainian 'drone attack. NORSI, Russia's second-largest gasoline producer, can process 16,000,000 metric tons of oil each year, which is equivalent to 320,000 barrels per day. The shutdown of CDU-6 at NORSI will lead to a sharp drop in the refinery’s output. This will add further uncertainty to Russia’s energy sector and fuel supplies. The unit can process 25,700 metric tons of oil per day. This is equivalent to 190,000 gallons. It accounts for 53% of the refinery’s total capacity. Gleb Nikitin said that a fire broke out at the industrial site in?Russia's Nizhny Novgorod Region on Wednesday. Ukraine's General Staff said that it struck an oil refinery owned by Lukoil near Kstovo, located in Nizhny Novgorod (about 450 km east of Moscow). Lukoil didn't immediately respond to a comment request. (Editing by Alexander Smith).
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Scientists predict a below-normal Atlantic hurricane season in 2026
Scientists from the U.S. Government said on Thursday that they anticipate a tropical storm season below normal in 2026. This will likely produce one to three hurricanes, with winds sustained at least 111 mph (179 kph). The National Oceanic and Atmospheric Administration has released its outlook for the coming season. It begins on June 1 and ends November 30. The forecasters predicted that eight to fourteen named tropical storms will form with winds at least 39mph. Three to six hurricanes, with winds at least 74mph, are likely to follow. Ken Graham, a director of the U.S. National Weather Service, said: "Don't allow words like below-normal to change your preparation." It only takes one." Graham urged residents along the 'Atlantic and Gulf coasts of the United States to stockpile non-perishable foods, medicines, and emergency supplies like radios and flashlights. NOAA's forecast is in line with other agencies NOAA's outlook is consistent with private and academic forecasts made earlier this year. These forecasts predicted limited storm formation between August and October during the peak tropical season, due to the formation of an El Nino system that sends strong wind across the south of the U.S., which rips apart potential storms. The National Weather Service predicts that El Nino is likely to form during this year's tropical seasons. Between 1991 and 2020, the average hurricane season produced three major storms out of seven named storms. Matthew Rosencrans is the lead hurricane season forecaster for NOAA. "The last forecast we made was in 2015," he said. He predicted that there was a 55% chance of the season producing fewer storms and hurricanes than average. The names of the first storms in this season are Arthur, Berta Cesar Dolly Edouard Fay. Reporting by Anjana Anil from Bengaluru, and Erwin Seba from Houston. Editing by Nathan Crooks. Franklin Paul. Rod Nickel.
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Rubio: chances of an agreement being negotiated with Cuba are "not high".
Marco Rubio, U.S. Secretary of State, said that the 'likelihood' of a peaceful, negotiated agreement between the United States, and Cuba, is not very high right now. Washington has been stepping up its pressure against Cuba's communist regime. Rubio stated that the United States prefer a negotiated solution. He told reporters, "That is still our preference." I'm being frank with you. The likelihood that this will happen, given who we are dealing with at the moment, is low. If they change their mind, we are here. In the meantime, we will continue to do what we have to." Donald Trump wants to "regime-change" in Cuba. Castro's communists are in power in Cuba since 1959, when his brother Fidel Castro started a revolution. Rubio said that Cuba had accepted the U.S. humanitarian aid offer of $100 Million. On Wednesday, the United States announced that?former Cuban president?Raul?Castro was charged with murder. This marked a significant escalation and a new low for?relations? between these Cold War rivals. Rubio denied that the U.S. is nation-building. He told reporters that it was not nation-building before he left for a NATO Ministers' Meeting in Sweden. "We're addressing a matter that is directly related to national security in the United States." Reporting by Katharine Jackson, Doina chiacu and Michelle Nichols. Editing by David Ljunggren
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SpaceX IPO filing boosts European space stocks
European space stocks rose?on Thursday?after Elon Musk filed for a listing on the stock market. This raised hopes that a historic debut could boost valuations throughout the sector. Eutelsat, the French satellite operator, rose by 20% and reached its highest level in over a year. German satellite manufacturer OHB rose 15%, while Luxembourg-based SES gained 3.7%. SpaceX would become the first U.S. company to list at its reported valuation if the listing is completed. Market debut initial public offerings worth more than $1 trillion. "I do not think that there will be a capital flight. IPOs of large size are generally good for the market. OHB CEO Marco Fuchs said that there is interest and opportunities. SpaceX predicts a substantial increase in the market for space-enabled products and services over the next few years. This is in line with OHB’s assessment: We are at a real space explosion! Analysts said that investors wanted to see a re-rating or higher market valuation for European satellite companies. Stephane Beyazian, an analyst at ODDO BHF, said that SpaceX's IPO is expected to have valuation multiples far above those of SES and Eutelsat. He said that some investors are interested in gaining exposure to this sector and hope for a possible upsizing of European valuations. ING analyst Jan Frederik Slijkerman stated that sentiment towards European?satellite operator? had improved following a weaker 2025 when investors feared low-Earth orbit constellations could disrupt the market and cause overcapacity. This was especially true for geostationary assets. He declined to comment specifically on SpaceX, but said that the narrative has shifted in recent years. SpaceX stated in its filing that it has a total market addressable of $28.5 trillion, which includes $1.6 trillion for Starlink.
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Ukraine repairs massive Trypilska Power Plant before Centrenergo Sale
The head of the State 'Fund' said on Thursday that Ukraine plans to repair the large thermal power plant owned by the state near Kyiv, after Russian airstrikes, and prepare the?parent company Centrenergo for privatisation in the next year. Since Russia's full-scale invasion in Ukraine 2022, it has repeatedly attacked Ukraine's power system with drone and missile strikes, striking both power plants that deliver electricity to customers and substations. Officials in Ukraine have confirmed that up to 80% thermal generation capacity has been lost. Dmytro Natalukha is the chairman of the State Property Fund which manages the state assets of Ukraine. He said that the State Property Fund intends to proceed in the privatisation of Centrenergo but first the Trypilska Plant would have to be restored. He said that three parallel processes are underway and should be completed by 2027. These include preparing the facility for the next heating seasons, restoring it, and drafting the documents for future tenders. Natalukha said, "We are dealing with a number of issues at once and none is easy." The main obstacle to implementing this ambitious project is the war. Russia intensifies its attacks on energy infrastructure in winter and often destroys what was repaired in the summer. PRIVATISATION Mykhailo Honchar, an independent energy analyst, said that the war context would make it unlikely for any privatisation to be successful. He said that "no one would invest in building or restoring new capacity if they knew it could be destroyed any minute." Trypilska, a power plant that supplies electricity to Kyiv, the region and beyond, was severely damaged by Russian air strikes during spring 2024. Since then, it has been virtually shut down. The plant has a capacity of 1.8 Gigawatts - roughly two nuclear reactors - and Natalukha says it's a?high risk?target. The roof of this vast facility has been removed, and inside, dozens of workers are trying to restore the blackened boilers, turbines and pipelines. Centrenergo owns three power plants, including Trypilska. The other two are located in eastern Ukraine, at?Vuhlehirska & Zmiivska. Vuhlehirska, which was taken over early in the conflict, was severely damaged by attacks in 2024. Natalukha stated that "I believe next year, we will try and reach an understanding (on the timeline for privatisation) - it will depend on how well we manage to get through the winter." He said he couldn't estimate the cost to restore the plant, or provide a timeline for its resumption of operations. And he didn't give any further details about the privatisation process. He said that major European and U.S. companies in the energy sector could be interested to buy Centrenergo.
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Oil market could reach a'red area' in July and August, IEA chief claims
The International Energy Agency's head said that the combination of the start of summer peak fuel demand, a lack of new Middle East oil exports and dwindling stocks could push oil prices into the "red" zone in July-August. Fatih Birol, speaking at Chatham House London in reference to oil supply problems caused by the Iran War, said: "We could be in the red zone as early as July or August." The Middle East is experiencing the worst oil crisis ever as a result of attacks on energy infrastructure, and the effective closing of the Strait of Hormuz by Iran. THE RED ZONE Birol didn't elaborate on the exact definition of a "red zone". ?But he stated that the combined effect of the IEA coordinated '400 million barrels strategic reserve release and 'commercial stockdraws are not enough to resolve the crisis. Birol stated that the "single most important solution" is to open up the Strait of Hormuz in its entirety and without condition. Birol stated that the 32-member IEA coordinated strategic reserve release is the largest release of its kind in history. It now flows to the market between 2.5 and 3 million barrels a day. Calculations show that if the initial 400 million barrels are released at the same pace, they will reach the market in August. This coincides with Birol's possible red zone. Birol said that the IEA was ready to coordinate any further releases if needed. The recovery of production in the Middle East will be slow Birol stated that it will take time to bring the Middle?East's oil production and refinery capacity back to their pre-war level. The recovery time will vary from one country to another. Birol stated that "my biggest fear is Iraq" as the country's finances were severely damaged by lower oil revenues. Iraq was also forced to close oil fields due to a lack in storage capacity, making it difficult to restart them. He added that countries like Saudi Arabia and the UAE, on the other hand, have access to leading technologies and finance, which could make the recovery easier. Brent oil futures traded at around $108 per barrel on Thursday. This is down from their highs during the war of $126 per barrel, but it's still above the $70 per barrel they were trading before the Iran War began.
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Ebola confirmed in rebel-held Congo far from the outbreak's epicentre
The rebel alliance in the area confirmed a case of Ebola on Thursday. It is located hundreds of kilometres away from the epicenter of the outbreak. The outbreak, which was undetected in Ituri Province, some 300 kilometres north of Bukavu for two months, has now been detected. According to the World Health Organization, 139 deaths have been linked to this outbreak. As of Wednesday, 600 suspected cases had been reported in Ituri province and North Kivu. Two cases were also confirmed in the neighboring country of Uganda. Alliance Fleuve Congo (which includes the Rwandan-backed M23 M23 rebels that seized eastern DRC in the past year) said the 28-year old patient was buried safe after he died. The individual was said to have travelled from Kisangani in the north, but no information on recent movements were provided. Earlier on Thursday, South Kivu's health spokesperson?Claude Bahizire said that two suspected cases were detected in the region. This included the fatal case. He said that the other patient was being held in isolation while he awaited test results. Last week, an Ebola outbreak was confirmed in Goma, capital of the neighbouring North Kivu Province, which is controlled by?M23. KNOWN CASES NOT THE COMPLETE PICTURE Over the weekend, the WHO declared the outbreak of Bundibugyo, the strain of the virus for which there is currently no vaccine available, as a public-health emergency of international concern. Jane Halton is the chairperson of the Coalition for Epidemic Preparedness Innovations. She said that the confirmed cases are likely only the "top of the iceberg". CEPI, a funding agency for vaccine development, evaluates potential candidates to fight Ebola. She said that it might be possible to reach CEPI's goal of having an effective, safe vaccine for major outbreaks in 100 days. However, this would require "a lot of work". The spread of the outbreak in densely-populated urban areas, and the ongoing conflict in eastern DRC have complicated efforts to contain it. The outbreak in 2018-2020 of the Zaire strain was the second deadliest ever recorded, with nearly?2,300 deaths. UGANDA CRITICIZES U.S. TRAVEL BAN First responders are complaining that they don't have the basic supplies. Some have blamed a?cut in foreign aid by?major donor countries, which has weakened local health care and disease surveillance. The UK announced on Thursday that it would allocate up to 27 million pounds (20 million pounds) towards the response. The United States has committed $23 millions to the response. They gave $600 million for 2018-2020. Uganda's Health Ministry said late Wednesday that the United States had not consulted it on plans to set up clinics. It also stressed there was no local transmission. Information Minister Chris 'Baryomunsi said the U.S. "overreacted" when it banned most travelers?from Uganda along with DRC, South Sudan and South Sudan earlier this week. He said, "We have dealt with cases of Ebola in other epidemics over a number years." "There are resources in the country that can contain these epidemics."
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Germany charges two men with plotting to kill Jewish leaders in Iran
German federal prosecutors have announced that they have brought criminal charges against two Danish nationals and one Afghani suspect of helping Iran to plot the murder of prominent Jewish leaders in Germany. According to?German data privacy law, the defendants are accused of committing a 'attempted murder'. The statement claimed that Ali S. worked for the 'intelligence service of Iran’s Revolutionary Guards and had close ties to their special 'unit, the Quds force. The prosecution said that in early 2025, he had been tasked to gather information about the President of Central Council of Jews in Germany Josef Schuster and the Chairman of German-Israeli Society Volker Beck. They also added that he was instructed to spy on Jewish grocers from Berlin. The prosecution said that "all of this was done to facilitate the planning of murders and arson attacks" in Germany. Could not immediately contact the lawyers of the suspects. In July of last year, German and Danish authorities reported that a Danish national was arrested in Denmark on suspicion of snooping for Iran. He was suspected to have collected information about Jewish sites in Berlin and on individuals. (Reporting and editing by Peter Graff.)
US is moving closer to imposing prohibitive tariffs for Russian palladium
After the Department of Commerce reached a final decision on a countervailing duty of 110.1%, the United States is moving closer to imposing prohibitive 'tariffs' on imports of Russian Palladium.
It also issued a final ruling in April 2026 setting a 132.83% anti-dumping duty for Russian palladium.
If an independent investigation by the International Trade Commission finds that the U.S. manufacturing industry has been harmed, the duties will be imposed.
These decisions "support" a petition from Johannesburg-based Sibanye-Stillwater which, last summer, along with the United Steelworkers'?union asked Washington to consider imposing tariffs on imports Russian palladium in order to "ensure the sustainability of U.S. supplies for the long-term".
Nornickel of Russia, the largest palladium producer in the world with a market share of about 40%, declined to make a comment on Thursday.
The U.S. Anti-dumping Investigation into Russian Palladium has 'increased the market volatility, but it is not expected that fundamental market conditions will be affected in the long run, the company stated previously.
Nornickel stated in a recent market report that "as long as palladium and the platinum market remain balanced and palladium remains a key metal for automotive catalyst manufacturing, we don't expect to see a significant increase in price on a long-term basis, since the global market can quickly reallocate materials flows."
Nornickel's palladium production is expected to fall to between 2.415 and 2.465 million ounces (75.1-76.7 tonnes) in 2026, from 2.725 millions ounces (84.8 tonnes) in 2020. This could be the lowest level in over 20 years.
Imports of Russian palladium in the United States grew to 27.6 tons by 2024, from 23.8 tons in 2023 and 20.4 tonnes?in 2022. The amount of Russian palladium imported into the United States increased to 27,6 tons by 2024 from 23.8 tonnes in 2023 and 200.4 tons in 2022.
Palladium used in gasoline vehicles to reduce emissions has avoided U.S. sanctions.
Since the beginning of the year, the spot palladium price has fallen by about 16 percent to $1,370 an ounce. (Reporting and editing by Alison Williams; Anastasia Lyrchikova)
(source: Reuters)