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Ares acquires Rover natgas Pipeline stake from Blackstone
Ares Management has announced that it acquired a stake in the Rover natural-gas pipeline from an?unit of a fellow investment firm Blackstone, for an undisclosed amount. This is due to a growing interest in U.S. infrastructure assets related to energy. Ares sent a statement to? saying that funds from its Infrastructure Opportunities strategy will buy 32.4% Rover, a 700-mile (1,130-km) pipeline system in Pennsylvania, West Virginia and Ohio, which transports natural gas out of the Appalachian Shale Basin and into Midwestern markets. The conflict in the Middle East is boosting the appeal of assets located in countries that are not impacted by geopolitical tensions. Anthony Omokha is the managing director of Ares Infrastructure Opportunities. He said: "Large, strategically located assets, like Rover, that offer a?much needed egress? for in-basin supplies, play a central part in the natural gas value chain and represent a compelling expansion opportunity." The statement does not disclose any financial information. This is the second deal involving Rover pipeline stakes announced in the past month. On March 31 Abu Dhabi investment firm ePointZero announced that it had agreed to purchase Traverse Midstream from private equity company The Energy & Minerals Group for $2,25 billion. Traverse owns a 35% share in Rover. The statement stated that Blackstone, who first acquired its stakes in?Rover? in?2017 had held their investment within its Energy Transition Partners division. Energy Transfer owns and operates the rest of Rover. Ares bought Meade Pipeline Co from XPLR Infrastructure in September, and now they have acquired Rover. Ares worked with Kirkland & Ellis to complete the?Rover deal. Blackstone was advised by RBC Capital Markets, Mizuho affiliate Greenhill & Co and Vinson & Elkins, according to the statement. (Reporting and editing by Echo Wang, Lincoln Feast, and David French in New York.)
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Baosteel's first-quarter profit falls 8.6% due to Iran war, which increases costs and weakens demand.
?Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a 8.6% annual drop in its first-quarter net profit? on Wednesday.?Hit by higher costs relating to?feedstocks and sluggish domestic demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 million Yuan in the same period last year. Steel prices fell 4.4% while iron ore rose 3.2% in the first three months of this year, reducing margins, according to Baosteel. Baosteel is a state-owned subsidiary of China Baowu Steel Group. Iron ore costs remained high due to higher freight charges and input costs resulting from the Iran War, which caused an increase in energy prices. China's steel consumption continued to decline due to the prolonged property market slump, dropping 4.4% between January and March. Baosteel's 2025 net profit increased by 40.53%, to 10.3 billion Yuan. This was due to lower raw material costs and robust steel exports. In the first quarter of this year, the company produced 12,23 million metric tons of iron and 13,21 million tonnes of steel. In 2026, the country aims to produce 48.54 million tons of iron, and 51.51 millions tons of steel. Baosteel has received 1,96 million tons of orders from overseas for steel products during the?quarter, up from 1,555?million tonnes in the same period in 2025. Steel exports by the company increased 6.8% on an annual basis to 6.48 millions tons. (1 dollar = 6.8335 Chinese Yuan) (Reporting and editing by Tomasz Janovowski and Joe Bavier).
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WHIRLWIND WEDNESDAY MORNING BID AMERICAS
What's important in the U.S. and international markets today by Mike Dolan, Editor at Large,?Finance and Markets Today is the culmination of an eventful week, which includes the announcement of the interest rate by the Federal Reserve and the earnings reports of four U.S. Mega-caps. Unsurprisingly, the'red-hot' stock markets have cooled down in anticipation, including in?the supercharged chip and tech space. This tech retreat was partly triggered by an article stating that OpenAI missed its internal growth targets, putting into question the apparent boundless optimism about AI demand. Below, I will go into more detail. Check out my most recent column about why a shrinking transatlantic interest rate gap could be a mirage. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. WHIRLWIND WEDNESDAY OpenAI was quick to deny the report about missed targets. However, its role as a leader in the tech revolution - along with its cross-deals made with major AI companies - caused the stock price of other firms, such as Oracle and CoreWeave, to fall. The major U.S. indices all closed lower on Tuesday, and the futures were unchanged before the bell Wednesday. Asian markets edged higher and European shares rose following?the opening. The Fed meeting will be impacted by the stagnation in the Iran conflict, which is not moving forward at all. Energy prices have risen and market expectations for inflation over the next year or two are at six-month-highs. Today, no change is expected in interest rates. Powell's guidance will likely lean hawkish. However, it may not be as strong as it was in the last eight years. The markets expect that the March inflation numbers, which are due to be released on Thursday, will show an increase. A worrying increase in household inflation expectations within the euro zone will likely lead the European Central Bank to adopt a more hawkish stance at its meeting tomorrow. The energy markets are still digesting the surprise announcement by the UAE on Tuesday to leave OPEC. This is after 50 years. The move will likely undermine the cartel’s influence on prices over the long term. And the UAE may increase production after the Iran conflict ends. The Gulf oil market was largely frozen due to the Iran conflict. There was no immediate reaction in crude prices, although long-dated contracts slipped slightly. Brent and WTI crude prices spiked on Wednesday, reaching $115 and $103 a barrel respectively. This was partially due to a WSJ article that said President?Trump had instructed aides on how to prepare for a prolonged blockade of Iran. Chart of the Day According to the International Energy Agency, the UAE produced 12% of OPEC’s total output in February. The UAE's capacity is around 4,85 million barrels a day, and it aims to 'lift this to 5 million bpd in 2027. This ambition clashes with OPEC’s ongoing production curbs. Watch today's events * U.S. Federal Reserve rate decision (2:30 pm EDT), and press conference with Chairman?Jerome Powell (2:45 pm EDT). * Bank of Canada Interest?rate Decision (9:45 am EDT) * U.S. Corporate Earnings: Alphabet (Alphabet), Microsoft, Amazon (Meta),?Qualcomm Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed here are the author's. These opinions do not represent the views of News. News is committed to the Trust Principles and a commitment to independence, integrity, and neutrality.
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Utility Entergy reports higher first-quarter profits on strong demand for data centers
Entergy, a U.S.-based electric utility, reported a 6.7% increase?in its first-quarter profits on Wednesday. This was due to a?surge in power demand from data centers?and increased retail sales that helped offset rising costs. The U.S. power demand is expected to reach record levels by 2025, as data centers are rapidly built out. Some of these data centres use as much energy as an entire city. As consumers switched to electricity for heating and transportation, the demand for power in homes and businesses increased. Entergy provides electricity to approximately 3 million customers in Arkansas, Louisiana, Mississippi, and Texas. The company reported that its weather-adjusted sales in retail rose by 6% compared to last year. This was boosted by increased industrial sales, as data centers, metal manufacturers, and transportation customers all saw an increase. The New Orleans-based utility saw its industrial sales increase by nearly 15%, to 15,895 gigawatt-hours. As of March 31, however, the company's debt levels had risen 10% to $34,18 billion. Entergy's operating expenses also rose by?nearly 22 percent to $2.61 Billion for the period January-March. The company reported a net income of $384.92 millions, or 83 per?share. This is up from $360.76 or 82 per share one year earlier. According to LSEG data, Entergy adjusted?profit climbed up to 86 cents a share, which is in line with the average analyst estimate.
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Zelenskiy: Ukraine will extend range of attacks on Russia
Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine will continue to increase 'the range of its attacks in Russia. He posted a video of an attack he claimed was on a 'target at a distance of more than 1,500 kilometers (930 miles). Ukraine has intensified its attacks in Russia over the past few weeks. It aims to destroy oil refineries and depots, and to cripple Moscow's main source of funding to wage war in Ukraine, as prices have risen due to the Iran War. Zelenskiy stated that the Ukrainian security service reported a successful attack deep within Russia. He called it "a new'stage' in the use Ukrainian weapons to reduce the potential for Russia's war". The Ukrainian President posted a video showing smoke billowing in the sky but did not identify the target. "The straight line distance is more than 1,500 kilometres." He added that we will?extend the ranges. Ukraine's Security Service (SBU) said in a post that its drones had struck a Russian pumping station for oil near Perm, about 1,500 km away, overnight. A drone attack by Ukraine caused a major fire on Tuesday at a Russian oil refinery located in the Black Sea Port of Tuapse. This was the third attack in less than two week. The Russian president Vladimir Putin said that the attack was evidence of an increase in Ukrainian attacks on civilian targets. The Ukrainian Defence Ministry stated that Ukraine increased its 'range of strikes against Russia' by 170% since 2022 when Russia invaded its neighbor in full force. Since the invasion of 2022, Ukraine has built a stockpile of long-range weapons produced domestically. Regional officials reported that in February, Ukrainian drones attacked the Ukhta Refinery?in Russia's Komi Region, about 1,750 km from the Ukrainian border. Zelenskiy said, "It's important that every attack reduces Russia's capability of military industry, logistic, and oil exports." (Reporting and editing by Alex Richardson; Anna Pruchnicka)
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Baosteel's first quarter net profit falls 8.6% due to Iran war, which increases costs and weakens demand.
Baoshan Iron & Steel Co, China's largest?listed steelmaker reported a?annual?fall of 8.6% in its first-quarter?net profit. This was due to?higher costs for?feedstocks, and sluggish domestic?demand. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.23 billion Yuan ($326.33 millions) in the first three months of 2026. This is down from 2.43 billion Yuan in the same period of 2025. Steel prices fell 4.4% during the first quarter of this year, while iron ore rose 3.2%. This has squeezed margins according to Baosteel. It is a subsidiary owned by the China Baowu Steel Group. The prolonged Iran War, which has pushed up energy prices and fuelled inflation fears, is partly responsible for the high iron ore price. China's steel consumption continued to decline, due in part to the prolonged property market slump. It fell 4.4% between January and March. Baosteel's 2025 net profit increased by 40.53%, to 10.3 billion yuan. This was due to lower raw material costs and robust steel exports. In the quarters of January-March, the company produced respectively 12.23 million metric tonnes of iron and 1321 million tons?steel. The company received orders from overseas for steel products worth?1,96 million tons in the last quarter. This is up from?1,55 million tonne in the same period in 2025. Steel exports for the company increased 6.8% on an annual basis to 6.48 millions tons.
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Bunge's strong processing margins boost its earnings outlook
Bunge increased its adjusted full-year?profit forecast Wednesday. Citing a'strong oilseeds processing outlook and removing the uncertainty that had weighed down on results in recent quarters after?the U.S. Biofuel mandate announcement. Bunge, based on the first-quarter results and the macro-environment, expects to earn adjusted earnings per share of between $9.00 and $9.50 for the full year 2026. This is an increase from its previous range?of $7.50-$8.00. Since the Iran War began, U.S. grain has surged in price. This has triggered a flurry of sales for corn and soya beans by farmers who had stowed away their harvests from last year due to low prices. Since the U.S. and Israel attacked Iran, farmers across the Midwest have ?capitalized on climbing prices by selling corn, soy and wheat ?from storage bins to ?ethanol producers and major traders, including Archer-Daniels-Midland and Bunge . The war also caused oil prices to spike, which led to a rise in the prices of crops used for biofuels. The conflict also disrupted important fertilizer shipments which led to a rise in corn prices. Greg Heckman, CEO of Greg Heckman & Co., said: "Looking forward, the visibility is limited due to current macroeconomic conditions." The U.S. Environmental Protection Agency released higher mandates for?biofuel blends last month after a long delay. In the third quarter, net sales of its soybean processing and refinement increased by 43.4% to $9.55 billion. Softseed Processing?and Refining Segment reported quarterly net sales $3.9 billion, up from $1.52 billion one year earlier. According to LSEG, the Missouri-based 'company' posted an adjusted profit of $1.83 for the three months ending March 31. This was higher than analysts' average estimates of 87c per share. (Reporting and editing by Vijay Kishore in Bengaluru, Katha Kalia is based in Bengaluru)
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Vedanta, an Indian mining company, has seen its quarterly profit almost double on the back of metal prices surging
Vedanta, an Indian conglomerate that converts metals into oil, reported a 92.3% increase in quarterly profit on Tuesday. This was attributed to strong base metal prices which boosted the margins. The Iran War caused a disruption in supply, which led to a spike in prices for 'base metals' during the March quarter. Vedanta is India's largest aluminium producer and its business accounts for nearly 40% of revenue. The conglomerate announced earlier this month that it had approved the demerger of its four listed companies. This will take place on May 1. Its?businesses such as steel and ferrous, oil and aluminum, and power?will be spun off, while the?base metals?unit?will remain with its parent. The net profit of the Mumbai-based miner rose from 34.83billion rupees to 66.98billion rupees (706.3m) in the first quarter. Vedanta’s operating profit margins increased to 32%, from 21% one year earlier. In the quarter, benchmark prices for three-month Aluminium, Zinc, and Copper rose by?21.8% (13.8%) and 36.7% (36.7%) on an annual basis. Mining companies tend to benefit from higher commodity prices by increasing their margins and selling prices. The aluminium segment revenue grew 17.4% over the past year, while the segment for zinc and lead India grew 21.4%. The copper segment revenue increased by 53.9% compared to a year ago, which boosted total?revenues up 29.5%. The total revenue excludes inter-segment revenues and includes discontinued operations. Hindustan Zinc, a subsidiary of Vedanta, beat its quarterly profit forecast last week due to a rise in metal prices.
Despite the closure of Hormuz, spot crude premiums are down from their record highs
Analysts and traders said that spot premiums on physical crude are down from the record highs they reached during the Iran war. This is because refiners have been drawing on their inventories to make up for lost Middle East supplies and have reduced processing. Citi analysts say that since the 'U.S. and Israel war against Iran, which began on February 28th, caused a near-total closing of the Strait of Hormuz the global'market has lost access to 500,000,000 barrels of crude oil and refined products. This led to a spike in prices due to panic buying. However, the increased prices have also destroyed demand among consumers and refiners.
Refiners searched the world for alternatives and paid premiums. Some grades reached record highs earlier this month of over $30 per barrel. Premiums are decreasing as refiners opt to reduce production and focus on barrels sanctioned previously, while Chinese state-owned companies Sinopec, and PetroChina, tap commercial reserves and trade spot market crude.
Analysts at Kpler said that "Asian demand has started to ease, as refiners reduce their production, moving the market from panic-buying and towards more selective procurement. Russian barrels dominate incremental demand."
This is feeding into the Atlantic Basin where a weaker Asian pull coupled with rising supply puts pressure on medium sweet and light sweet differentials.
While strategic reserve releases and inventory drawdowns provide a buffer, they are insufficient to cover the 15-million-barrel-per-day loss ?in Middle East crude supply, meaning prolonged disruption from the Strait of Hormuz closure will continue to exert upward price pressure.
June Goh is a senior analyst with Sparta Commodities. She said that the correction has brought prices to "affordable levels". "The physical shortage of crude oil in the market is still present, so premiums will remain higher than pre-crisis levels. She said that it shouldn't reach the record panicked levels we experienced previously.
RESERVE RELEASES, FALLING PREMIUMS
Sinopec will receive approximately 1 million barrels per day of crude oil from its reserves between April and June, according to two traders who are familiar with the situation. This will allow its trading arm Unipec the opportunity to sell some West African, Brazilian, and Canadian cargoes on the spot market in this month.
CNOOC and PetroChina have also exported Canadian crude from the Trans Mountain Pipeline (TMX) in this month.
Requests for comment from the companies were not immediately responded to.
Two trading sources said that earlier this month, Canada’s Access Western blend exported through TMX was sold at a record-breaking $8 a barrel for ICE Brent to be delivered to Asia in July. However, the price dropped to $4 last week.
The premiums on European and West African crudes have also weakened. Ekofisk, a North Sea crude, was offered Tuesday at a price of less than $10 per barrel compared to Brent dated two weeks earlier, a reduction of half. The premiums for African grades like Forcados Bonny Light, and Qua Iboe have fallen to $7.75 per barrel compared to just over $10 in mid-April.
Brazilian crude premiums also fell after the offers?rose above $30 a barrel in early this month, traders who are familiar with the market reported.
They said that Formosa Petrochemical, a Taiwanese company, purchased 2 million barrels on a delivered-ex-ship basis of Brazilian crude for a premium between $8 and $9.00 per barrel compared to Brent dated. The traders reported that Indian refiners purchased Brazilian crude at a premium of almost $5 compared to Brent. Middle East crude prices that reached record highs in March have also fallen sharply this past month, which may lead Saudi Aramco?to cut term prices for the month of June. The premiums for WTI Midland oil from the U.S., delivered to Asia, have fallen from record highs near $40 per barrel over Dubai quotes. Two traders in this market say that recent deals for August delivery to Japan are at $20 to $22 - similar to a month earlier.
WTI was trading at $7.40 per barrel above Brent in Europe on Tuesday. This is a significant increase from the $22 premium that WTI had two weeks ago.
Spot premiums also fall as consumers'simply cut back on consumption' of a variety of oil products, including naphtha, for petrochemical manufacturers, liquefied petroleum gases for cooking, diesel, for hauling cargoes, and fuel oil, for ocean-going vessels.
Morgan Stanley estimates demand destruction at 4.3 million barrels per day (bpd) in the second quarter. This will lead to an 800,000-bpd drop in 2026 total oil consumption. It would be the first decline since the COVID-19 epidemic.
(source: Reuters)