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CN rail shipments resume through Alberta: Update

  • Market: Crude oil, Fertilizers, Oil products
  • 29/07/24

Adds CN comment on start date in second paragraph.

Canadian National (CN) said it has resumed rail shipments through Jasper, Alberta, after wildfires last week forced the company to halt shipments through the area.

Rail operations were restarted on 26 July, CN said on Monday.

CN's rail line through the Jasper area moves sulfur and other goods from Alberta into British Columbia for export from Vancouver.

The number of wildfires fell to 129 on Monday, down by 46 from last week, according to the government of Alberta. Four communities in Alberta have been under evacuation notice since 25 July.

Fort McMurray, a major sulfur, crude and bitumen production site, was put under evacuation notice on 14 July. All fires at Fort McMurray are "being held", the provincial government said, meaning the fires are not anticipated to grow.

Jasper was put under evacuation notice on 22 July.


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29/07/24

Venezuela claims Maduro wins election: Update2

Venezuela claims Maduro wins election: Update2

Adds breaks in diplomatic relations. Caracas, 29 July (Argus) — Venezuela's election authority declared that Nicolas Maduro won a third six-year presidential term starting in 2025 but opposition leadership denounced widespread fraud. Maduro won with 51.2pc of the vote which was tallied "after resolving an attack against the results transmission system," said Elvis Amoroso, president of Venezuela's administration-aligned national electoral council (CNE). CNE data indicated 44.2pc of the vote for his main rival Edmundo Gonzalez, who ran in the place of main opposition coalition leader Maria Corina Machado after Maduro's government blocked her from running. The council said 80pc of the votes were counted, indicating an "irreversible" trend that would allow another six years in office for the party that has ruled the country since 1999. The first data shown by CNE on live television late Sunday indicated voting shares that totaled 132pc, with eight opposition candidates other than Gonzalez each getting an identical 4.6pc of the vote. CNE's final results contrasts with independent opinion polls and data from opposition observers that forecast a victory for Gonzalez. Machado said her team's review of voting data indicated a win for Gonzalez with 70pc of the vote compared with 30pc for Maduro, in line with results from independent opinion polls. The US, which already has an extensive set of sanctions against oil and mining industries in Venezuela, questioned the election result but indicated that no specific action by Washington was imminent. The US is asking Caracas to make public the detailed, precinct-level election data to prove the Maduro victory claim, a senior US official said, who added that the US was working with regional allies and the EU to coordinate a response. "We're going to reserve any judgment until we have a better sense of what happened on the ground," the White House said. About the only remaining effective lever of US sanctions left to apply would involve taking away authorization to Chevron, granted in 2022, to import into the US oil produced in a joint venture with state-owned PdV. But another US official said today that option is not under consideration. Machado's team denounced that it was denied access to the council's center to scrutinise data. Opposition leader Delsa Solorzano also said that witnesses had been kicked out of polling stations and denied required copies of vote tallies . Violence hit polling stations and at least two people were killed overnight after a relatively calm election day. "All the international community, all, even those who once were [government] allies, they know what happened in Venezuela and how the people voted for a change," Machado said. Breaking ties Brazilian president Luiz Inacio Lula da Silva said his government would not recognise the outcome until the government investigates opposition claims. Leftist Chilean president Gabriel Boric said the CNE's results were "difficult to believe." In a joint statement , the governments of Argentina, Costa Rica, Ecuador, Guatemala, Panama, Paraguay, Peru, the Dominican Republic and Uruguay also called on Venezuela to respect its citizens' decision. Venezuela's government accused these and other Latin American governments of "interfering" in the electoral process under direction from the US, and said it is withdrawing Venezuelan missions from Argentina, Chile, Costa Rica, Peru, Panama, the Dominican Republic and Uruguay. It is also expelling these countries' diplomatic missions from Venezuela. Ties had already been severed during previous disputes with Ecuador and Guatemala and ties were only being recently reestablished with Paraguay. Maduro would continue the legacy of late former president Hugo Chavez, who died in office in 2013 after ushering in massive changes that have contributed to reducing the country's oil output to about 900,000 b/d to more than 3mn b/d at its peak. By Isabella Reimi, Carlos Camacho and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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News

Venezuela claims Maduro wins election: Update


29/07/24
News
29/07/24

Venezuela claims Maduro wins election: Update

Adds more details on US response. Caracas, 29 July (Argus) — Venezuela's election authority declared that Nicolas Maduro won a third six-year presidential term starting in 2025 but opposition leadership denounced widespread fraud. Maduro won with 51.2pc of the vote which was tallied "after resolving an attack against the results transmission system," said Elvis Amoroso, president of Venezuela's administration-aligned national electoral council (CNE). CNE data indicated 44.2pc of the vote for his main rival Edmundo Gonzalez, who ran in the place of main opposition coalition leader Maria Corina Machado after Maduro's government blocked her from running. The council said 80pc of the votes were counted, indicating an "irreversible" trend that would allow another six years in office for the party that has ruled the country since 1999. The first data shown by CNE on live television late Sunday indicated voting shares that totaled 132pc, with eight opposition candidates other than Gonzalez each getting an identical 4.6pc of the vote. CNE's final results contrasts with independent opinion polls and data from opposition observers that forecast a victory for Gonzalez. Machado said her team's review of voting data indicated a win for Gonzalez with 70pc of the vote compared with 30pc for Maduro, in line with results from independent opinion polls. The US, which already has an extensive set of sanctions against oil and mining industries in Venezuela, questioned the election result but indicated that no specific action by Washington was imminent. The US is asking Caracas to make public the detailed, precinct-level election data to prove the Maduro victory claim, a senior US official said, who added that the US was working with regional allies and the EU to coordinate a response. "We're going to reserve any judgment until we have a better sense of what happened on the ground," the White House said. About the only remaining effective lever of US sanctions left to apply would involve taking away authorization to Chevron, granted in 2022, to import into the US oil produced in a joint venture with state-owned PdV. But another US official said today that option is not under consideration. Machado's team denounced that it was denied access to the council's center to scrutinise data. Opposition leader Delsa Solorzano also said that witnesses had been kicked out of polling stations and denied required copies of vote tallies . Violence hit polling stations and at least two people were killed overnight after a relatively calm election day. "All the international community, all, even those who once were [government] allies, they know what happened in Venezuela and how the people voted for a change," Machado said. Brazilian president Luiz Inacio Lula da Silva said his government would not recognise the outcome until the government investigates opposition claims. Leftist Chilean president Gabriel Boric said the CNE's results were "difficult to believe." In a joint statement , the governments of Argentina, Costa Rica, Ecuador, Guatemala, Panama, Paraguay, Peru, the Dominican Republic and Uruguay also called on Venezuela to respect its citizens' decision. Maduro would continue the legacy of late former president Hugo Chavez, who died in office in 2013 after ushering in massive changes that have contributed to reducing the country's oil output to about 900,000 b/d to more than 3mn b/d at its peak. By Isabella Reimi, Carlos Camacho and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

CN rail shipments resume through Jasper, Alberta


29/07/24
News
29/07/24

CN rail shipments resume through Jasper, Alberta

Houston, 29 July (Argus) — Canadian National (CN) said today it has resumed rail shipments through Jasper, Alberta, after wildfires last week forced the company to halt shipments through the area. CN's rail line through the Jasper area moves sulfur and other goods from Alberta into British Columbia for export from Vancouver. The number of wildfires fell to 129 on Monday, down by 46 from last week, according to the government of Alberta. Four communities in Alberta have been under evacuation notice since 25 July. Fort McMurray, a major sulfur, crude and bitumen production site, was put under evacuation notice on 14 July. All fires at Fort McMurray are "being held", the provincial government said, meaning the fires are not anticipated to grow. Jasper was put under evacuation notice on 22 July. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Venezuela claims Maduro wins disputed election


29/07/24
News
29/07/24

Venezuela claims Maduro wins disputed election

Caracas, 29 July (Argus) — Venezuela's election authority declared that Nicolas Maduro won a third six-year presidential term starting in 2025 but opposition leadership denounced widespread fraud. Maduro won with 51.2pc of the vote which was tallied "after resolving an attack against the results transmission system," said Elvis Amoroso, president of Venezuela's administration-aligned national electoral council (CNE). CNE data indicated 44.2pc of the vote for his main rival Edmundo Gonzalez, who ran in the place of main opposition coalition leader Maria Corina Machado after Maduro's government blocked her from running. The council said 80pc of the votes were counted, indicating an "irreversible" trend that would allow another six years in office for the government party that has ruled the country since 1999. The first data shown by CNE on live television late Sunday indicated voting shares that totaled 132pc, with eight opposition candidates other than Gonzalez each getting an identical 4.6pc of the vote. CNE's final results contrasts with independent opinion polls and data from opposition observers that forecast a victory for Gonzalez. Machado said her team's review of voting data indicated a win for Gonzalez with 70pc of the vote compared with 30pc for Maduro, in line with results from independent opinion polls. The US, which has implemented broad oil and mining sanctions on Venezuela on accusations of unfair elections and other issues, questioned the result. "We have serious concerns that the result announced does not reflect the will or the votes of the Venezuelan people," US secretary of state Antony Blinken said. "The international community is watching this very closely and will respond accordingly." Machado's team denounced that it was denied access to the council's center to scrutinise data. Opposition leader Delsa Solorzano also said that witnesses had been kicked out of polling stations and denied required copies of vote tallies . Violence hit polling stations and at least two people were killed overnight after a relatively calm election day. "All the international community, all, even those who once were [government] allies, they know what happened in Venezuela and how the people voted for a change," Machado said. Brazilian president Luiz Inacio Lula da Silva said his government would not recognise the outcome until the government investigates opposition claims. Leftist Chilean president Gabriel Boric said the CNE's results were "difficult to believe." In a joint statement , the governments of Argentina, Costa Rica, Ecuador, Guatemala, Panama, Paraguay, Peru, the Dominican Republic and Uruguay also called on the government to respect its citizens' decision. Maduro would continue the legacy of late former president Hugo Chavez, who died in office in 2013 after ushering in massive changes that have contributed to reducing the country's oil output to about 900,000 b/d to more than 3mn b/d at its peak. By Isabella Reimi and Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Product demand surges in Germany after prices dip


29/07/24
News
29/07/24

Product demand surges in Germany after prices dip

Hamburg, 29 July (Argus) — Demand for heating oil and road fuels rose on the week in Germany after falling Ice gasoil futures caused domestic distillate prices to dip. The increase in demand, particularly on 22 July, was partly caused by the global IT problems on 19 July after a faulty update by cybersecurity company Crowdstrike. Loadings at Shell's 334,000 b/d Rhineland refinery and the Bayernoil consortium's 215,000 b/d Vohburg-Neustadt refinery were interrupted by the IT problem and some traders had to postpone trades until 22 July. Overall demand remains short of traders' expectations, however, which is reflected in the comparatively low storage levels in private heating oil tanks and industrial diesel tanks. Both are more than one percentage point below levels at this time last year, according to data from Argus MDX. The lower storage levels despite retreating prices have been partly attributed to the current holiday season, traders said. Domestic refining output continues to cover buying interest sufficiently, so Germany's diesel imports also remain low. Rising import margins and receding oversupply could make imports more profitable soon. Prices in western and southern Germany remain higher. Technical problems at the Rhineland and the Vohburg-Neustadt refineries had caused prices to surge earlier in July. The refineries' operators have since been able to fix the technical problems, which could soon lead to prices falling again. Gasoline is already being traded below the national average again in the south. By Natalie Mueller Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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