Iran launches missile attack on Israel: Update 1
Updates with intraday crude prices rising.
Iran has launched a missile attack against Israel for the first time in six months, after Israeli forces began a ground invasion of Lebanon.
The Israeli military via its social media accounts said at 16:36GMT today that "all Israeli civilians are in bomb shelters as rockets from Iran are fired at Israel." This marks the second direct attack on Israel from Iran this year.
The US had forewarning of the Iranian attack, which it shared with Israel. US president Joe Biden and vice president Kamala Harris met with their national security team "to discuss Iranian plans to imminently launch a significant ballistic missile attack against Israel," the White House said.
Crude futures prices were trading down earlier in the day before climbing on reports that Washington warned of an imminent attack. Brent was up more than 5pc as of 1:20pm ET at $75.39/bl while WTI futures were up by more than 5pc at $71.81/bl.
The Middle East region has been braced for Iran to retaliate since the leader of Palestinian group Hamas, Ismail Haniyeh, was killed in Tehran in July. Tensions have grown in recent weeks after Israel stepped up attacks against Lebanon's Iran-backed Hezbollah militia, culminating in the killing of the group's leader Hassan Nasrallah in Beirut on 27 September.
Israel's military today began ground operations in southern Lebanon.
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Sheinbaum to present energy transition plan
Sheinbaum to present energy transition plan
New York, 1 October (Argus) — Mexico's new president, Claudia Sheinbaum, will present a plan to attract new investments in the electricity sector and an "ambitious" energy transition strategy. Sheinbaum, Mexico's first female president, ratified the commitment made by former-president Andres Manuel Lopez Obrador of maintaining 54pc of the electricity generation in the hands of state-owned utility CFE and providing "clear rules" for private-sector companies to invest in the remaining 46pc. In her inauguration speech to congress, Sheinbaum also said it was in the best interest of all Mexicans to have a strong public company in the electricity sector to provide cheap power to households. She also promised that prices for electricity, gasoline and LPG will not rise faster than general inflation. The Mexican congress approved the process to change the constitution to give more power to CFE in prioritizing electricity dispatch over private-sector companies. Sheinbaum also said crude production will not go above 1.8mn b/d during her term, as it is "impossible" to reach the 3mn b/d promised under the 2014 energy reform without harming the environment. The increase in energy demand in Mexico will be met by renewable sources, she said. Among her economic priorities is attracting more international manufacturers to bring their plants to Mexico to take advantage of nearshoring. Her administration will also continue to implement the controversial bill to overhaul the judicial system passed in the last month . By Edgar Sigler Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Iran launches missile attack on Israel: Update 2
Iran launches missile attack on Israel: Update 2
Updates with details throughout. London, 1 October (Argus) — A missile attack by Iran against targets in Israel has not resulted in significant damage or many fatalities, according to the White House and the Pentagon. Iran today launched over 200 missiles against Israel after Israeli forces had begun ground operations in southern Lebanon. The Middle East region has been braced for Iran to attack Israel since the leader of Palestinian group Hamas, Ismail Haniyeh, was killed in Tehran in July. Tensions have grown in recent weeks after Israel stepped up attacks against Lebanon's Iran-backed Hezbollah militia, culminating in the killing of the group's leader Hassan Nasrallah in Beirut on 27 September. The Iranian missile barrage aimed at Israel "appears to have been defeated and ineffective," White House national security adviser Jake Sullivan said in the aftermath of the attack. At the direction of President Joe Biden, "US naval destroyers joined Israeli air defense units in firing interceptors to shoot down inbound missiles," Sullivan said. "We do not know of any damage to aircraft or strategic military assets in Israel," and the only reported fatality is of a Palestinian civilian in the West Bank, Sullivan said. Chevron said it shut in its Tamar and Leviathan gas platforms offshore Israel for a brief period of time, as a precautionary measure, adding that "we can confirm that our people and facilities are safe." The US had forewarning of the Iranian attack, which it shared with Israel. Biden and vice president Kamala Harris monitored the Iranian attack and the US response to it from the White House situation room. November Nymex WTI peaked at $71.94/bl earlier in Tuesday's session, but retraced those gains after the attack appeared to have inflicted little damage. The last Iranian direct missile attack on Israel, in April, led to a restrained Israeli retaliation on targets inside Iran, with the US, China and other regional powers intervening to prevent a further escalation. How Israel will retaliate this time remains to be seen, and the US, at least publicly, is not restricting its ally's possible actions. "We've had some initial discussions with the Israelis in the aftermath of this, at the military level and also at the White House to prime minister's office level," Sullivan said. "We are now going to look at what the appropriate next steps are to secure, first and foremost, American interests, and then to promote stability to the maximum extent possible." By James Keates and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Canadian crude flows to US midcontinent intact post-TMX
Canadian crude flows to US midcontinent intact post-TMX
Calgary, 1 October (Argus) — Refiners in the US midcontinent continue to get ample supply of Canadian crude, even after the 590,000 b/d Trans Mountain Expansion (TMX) opened up an alternative outlet for oil sands producers. An average 2.9mn b/d of Canadian crude flowed into the US midcontinent in July, marking the highest ever rate for the same month in data going back to 1993, according to the US Energy Information Administration (EIA) this week. This is up by about 140,000 b/d compared to the prior five-year average for July. Canada's TMX pipeline went into service on 1 May, but volumes were already being drawn westward in April with the new line requiring roughly 4.4mn bl of linefill. The Trans Mountain system, now at a capacity of 890,000 b/d, opened a new frontier for oil sands operators as they target Pacific Rim markets via the Westridge Marine Terminal in Burnaby, British Columbia. That prospect suggested refiners in the US midcontinent and Gulf coast — that have healthy diets of cheap Canadian crude — may be challenged in supplying their units. But repeated delays in TMX's construction meant upstream production had time to grow higher by the time the line finally went into service. Competing Enbridge provides the largest service to the US midcontinent and beyond with its 3.1mn b/d Mainline system, which the company says was still oversubscribed in the second quarter and the continued demand to ship crude south and east has Enbridge considering yet another expansion that could be in place by late 2026. Flows into the US Gulf coast slipped to 512,000 b/d in July, down by 66,000 b/d compared to the prior five-year average for the same month. This still represents a nine-month high for the region and comparable to the 517,000 b/d in July 2023 and a signal that Canadian flows are largely intact since TMX was commissioned. Trans Mountain said in September it moved 704,000 b/d in June, the latest official figure, with slightly more than half of that sent through the Westridge Marine Terminal for export. The US west coast is among the destinations benefitting from the added Canadian supply, taking a record 498,000 b/d in July. This is double the typical volume for this time of year as it has displaced other foreign crudes and disrupted trade flows in the Pacific. All told, the US imported 4.37mn b/d of Canadian crude in July, also a new record after surpassing the previous high of 4.35mn b/d set in November last year. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Iran launches missile attack on Israel: Update
Iran launches missile attack on Israel: Update
London, 1 October (Argus) — Iran has launched a missile attack against Israel for the first time in six months, after Israeli forces began a ground invasion of Lebanon. The Israeli military via its social media accounts said at 17:36GMT today that "all Israeli civilians are in bomb shelters as rockets from Iran are fired at Israel." This marks the second direct attack on Israel from Iran this year. The US had forewarning of the Iranian attack, which it shared with Israel. US president Joe Biden and vice president Kamala Harris met with their national security team "to discuss Iranian plans to imminently launch a significant ballistic missile attack against Israel," the White House said. The Middle East region has been braced for Iran to retaliate since the leader of Palestinian group Hamas, Ismail Haniyeh, was killed in Tehran in July. Tensions have grown in recent weeks after Israel stepped up attacks against Lebanon's Iran-backed Hezbollah militia, culminating in the killing of the group's leader Hassan Nasrallah in Beirut on 27 September. Israel's military today began ground operations in southern Lebanon. By James Keates 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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