Tropical storm warning for South Texas coast: Update
Updates with closure of Galveston, Texas City ports.
A tropical storm warning has been issued for parts of south Texas and northeastern Mexico, bringing with it the risk of heavy rainfall and flooding.
The warning is in effect for the Texas coast from Port O'Connor south to the mouth of the Rio Grande, as well as the northeastern coast of Mexico, according to the National Hurricane Center.
"The disturbance is very large with rainfall, coastal flooding, and wind impacts likely to occur far from the center along the coasts of Texas and northeastern Mexico," the center said overnight.
Maximum sustained winds this morning remained near 40 mph and the disturbance is forecast to become a tropical storm by Wednesday. The system has been classified as a potential tropical cyclone by the center since it has not yet become better organized, but is expected to become the first named storm system of the year by early Wednesday.
The port of Corpus Christi in South Texas and the Houston Ship Channel remained open as of Tuesday morning, but the nearby ports of Galveston and Texas City closed to inbound and outbound shipping traffic at 10pm ET Monday due to heavy weather, the US Coast Guard said.
The system was expected to disrupt ship-to-ship transfer operations off the Texas coast as of Monday evening because of heavy seas. In the Gulf of Mexico, the transfer typically is from an Aframax or Suezmax onto a very large crude carrier (VLCC) at designated lightering zones near Corpus Christi, Galveston and Beaumont-Port Arthur.
Prolonged lightering delays can prevent crude tanker tonnage from becoming available and exert upward pressure on freight rates, while also adding to demurrage fees.
The storm is expected to turn towards the west-northwest and west tonight and Wednesday, with the system forecast to approach the western Gulf coast late Wednesday, the NHC said.
Rainfall totals of 5 to 10 inches are seen across northeast Mexico into South Texas, with maximum totals of 15 inches possible. Flash and urban flooding are likely to follow with river flooding.
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Western Australia report calls for gas sector reforms
Western Australia report calls for gas sector reforms
Sydney, 16 August (Argus) — A parliamentary committee in Australia's largest LNG exporting state of Western Australia (WA) has recommended reforms to domestic gas policies with a significant supply shortfall forecast by the 2030s. But it said the current rule requiring projects keep 15pc in reserve for domestic use should remain in the interests of regulatory certainty. Gas-rich WA hosts four LNG export terminals but is confronting a shortage amounting to more than 350 TJ/d (9.3mn m³/d) by 2032 , which the Domestic Gas Security in a Changing World report said is likely to continue to increase. But WA cannot rely on sporadic appeals for more gas when the market appears to be tightly balanced, the delayed report said, recommending the domestic gas policy as a whole is reviewed and updated with a new gas security policy objective to be developed. "WA does not currently generate enough renewable energy to completely offset fossil fuels, and particularly the retirement of coal-fired generators," committee chair and Labor politician Peter Tinley said on 15 August. "Gas will be required to fulfil demand in the interim and will also be used as a firming solution to maintain electricity when renewable sources aren't available." The committee found that reform of the WA domestic gas market is needed, with some stakeholders describing the market as unique and not effective because of its illiquid, concentrated and opaque nature with limited numbers of suppliers and consumers and most gas traded through confidential bilateral contracts. The industry is taking action to meet domestic gas obligations, the report said, in response to interim findings that 8pc of the 15pc requirement had been met since 2006 . It cited Australian independent Woodside Energy's commitment to double the domestic gas proportion of LNG exports associated with gas from its 4.9mn t/yr Pluto LNG project processed through the Karratha Gas Plant. The 15pc domestic reservation requirement for offshore sourced gas processed at LNG terminals should be maintained at the present level unless the obligation holder agrees otherwise, the report said. No onshore sourced gas should be exported as LNG until the domestic gas market is well supplied, the committee said. It proposed that for new LNG projects or gas fields, the reservation amount be set to offset any expected domestic gas shortfall, based on the Australian Energy Market Regulator's forecasts. WA's Labor government has three months to respond to the report and has indicated it is considering reforms to boost supplies. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Japan’s JAPC to extend Tokai Daini reactor safety work
Japan’s JAPC to extend Tokai Daini reactor safety work
Tokyo, 15 August (Argus) — Japanese nuclear power operator Japan Atomic Power (JAPC) is likely to face a delay in completion of safety reinforcement work at the Tokai Daini reactor to an unspecified date. JAPC was required by Japan's Nuclear Regulation Authority (NRA) to modify reinforcement work of the 1,100MW Tokai Dani reactor's seawall in east Japan's Ibaraki prefecture, as its foundations were identified to have technical issues. JAPC explained to NRA its plan to fix the issues on 7 August but said it will be difficult to complete the reinforcement work by September, as previously targeted. It is also unsure when it can resume operations at Tokai Daini. The reactor, which was built in 1978, has been closed since March 2011 when a devastating earthquake and tsunami and several subsequent nuclear meltdowns hit northeast Japan's Fukushima. JAPC has previously postponed completion of safety reinforcement work at Tokai Daini, previously aiming for a December 2022 completion . Japanese utility Tohoku Electric Power has also delayed a planned restart of the 825MW Onagawa No.2 nuclear reactor from September to November. It revised the fuel loading schedule for the Onagawa reactor in northeast Japan's Miyagi prefecture to September from a previously targeted July. It said it will need more time to ensure the smooth transportation of portable equipment such as water trucks needed to cool down the reactor, in case of emergencies such as earthquakes. Delays in nuclear reactor restarts are expected to maintain demand for thermal fuels like LNG and coal. Japan's LNG consumption for power generation totalled 10.5mn t during January-March, according to trade and industry ministry data. Coal use for power generation was 27.4mn t during the period. By Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
EU June manufacturing output down on year, up on month
EU June manufacturing output down on year, up on month
London, 14 August (Argus) — EU manufacturing output was much lower in June compared with a year earlier but edged higher from the previous month, preliminary data from Eurostat show. Seasonally and calendar-adjusted EU manufacturing output dropped to 99.6 against a 2021 baseline of 100, down by a significant 4.2 basis points on the year but up by 0.1 points compared with May. In more absolute terms, EU manufacturing output was down by 3.8pc from June 2023. Manufacturing production has dropped on the year for every month since July 2023 except for December. Output fell in four of the bloc's five largest economies — Germany, the Netherlands, Spain, Italy and France. Production was 4.6pc lower than a year earlier in Germany, the EU's largest economy, while only Spanish output increased ( see year-on-year graph ). Spain's economy has proved more resilient than that of any other major EU country over the past two years. Irish manufacturing data has become declassified, having previously been kept private. Ireland has a disproportionate effect on total EU data, with a weighting of 8.9pc in the 2021 baseline year. A large part of Ireland's manufacturing is performed outside the EU but counted as Irish production, with non gas-intensive sectors such as pharmaceuticals and electronics dominating. Because Irish manufacturing is based on large foreign orders performed overseas, it swings significantly from month to month, and in June was down by nearly 18pc on the year. But while Irish data are now declassified, Slovenian manufacturing data appear to be unavailable, having previously been viewable. Output was mixed across gas-intensive industries. Production in the most gas-intensive of all industries, the chemicals and chemical products sector, climbed by 5.7pc on the year, albeit from a low point of comparison. This was a fifth consecutive month of increase, as European production slowly recovers from the lows of late last year. Output in the food products and beverages, coke and refined petroleum products, and paper and paper products sectors was also up, while basic metals returned to year-on-year growth for just the second time since February 2022. The non-metallic minerals sector continued to struggle, with output down by 1.9pc on the year ( see table ). But this was the smallest decrease since August 2022, which could suggest that production is nearing the point of bottoming out. Non-metallic minerals output last grew on the year in May 2022. In the motor vehicles sector — crucial for demand of other gas-intensive goods such as glass, steel and chemicals — output was down by 3.4pc on the year, falling for a sixth consecutive month. This contrasts with 2023, when output was up on the year in every month as chip shortages eased from early 2022. In construction, a similarly important tertiary sector, the most recent data for May put EU production at 102.3 compared with a 2021 baseline, the lowest for any month since December 2022. High interest rates across the EU have increased the cost of borrowing for consumers, consequently weakening demand for large investments such as cars and houses. Eurozone manufacturing production contracted again in July, according to data compiled earlier this month . "The widely held belief that the eurozone's recovery would pick up speed in the second half of the year is taking a hit," Hamburg Commercial Bank chief economist Cyrus de la Rubia said. "We'll probably need to lower our GDP growth forecast for the year from 0.8pc." GDP growth in the eurozone was just 0.3pc in both the first and second quarters of this year, according to Eurostat. By Brendan A'Hearn EU June manufacturing output by sector Sector ±% Jun 23 ±% May 24 All manufacturing -3.8 0.1 Chemicals and chemical products 5.7 1.2 Non-metallic minerals -1.9 1.1 Food products and beverages 1.3 -1.3 Paper and paper products 5.4 -0.3 Basic metals 2.4 1.9 Coke and refined petroleum products 1.8 2.8 Motor vehicles and other transport -3.4 4.3 — Eurostat data seasonally and calendar-adjusted Percentage change in manufacturing by country, M-o-M Percentage change in manufacturing by country, Y-o-Y Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Major banks ‘far off track’ to hit climate targets: WRI
Major banks ‘far off track’ to hit climate targets: WRI
London, 14 August (Argus) — Major banks are "far off track" to meet their climate pledges, and many of their commitments are not ambitious enough, non-profit the World Resources Institute (WRI) has found. WRI assessed 25 banks in 10 countries, including the four biggest in the US — JP Morgan Chase, Wells Fargo, Citibank and Bank of America — and the world's biggest bank in terms of assets, the Industrial Commercial Bank of China. WRI analysed the institutions' net zero commitments across transparency and ambition, implementation, credibility and nature and equity. Of the 25 banks analysed, just four have a "long-term commitment to phase out or [phase] down oil and gas finance", WRI found. Most of the banks — 16 of the 25 — have committed to phase out coal financing by 2040 or earlier. Although most banks reported "green" financing — albeit using different definitions — this was often significantly lower than financing for fossil fuels, it added. If the world is to meet climate targets in line with the Paris Agreement, investment in "clean energy" must by 2030 outpace fossil fuel investments by 10:1, according to the IEA. But the banks assessed "fell far short of this mark", averaging a ratio of 1.3:1, WRI said. The WRI pointed to "significant blind spots" in banks' plans. The majority of the institutions it assessed do not have a commitment to reduce deforestation, while "high emitting sectors like shipping and real estate are barely covered", it found. Overall, banks' commitments are varied and standardisation is lacking, making comparison difficult, WRI noted. A UN-appointed group in November 2022 set out guidelines to "bring integrity to net zero commitments", while the UK in October last year issued a "gold standard" climate transition plan framework for companies and financial institutions to follow. The focus on private sector finance is intensifying, ahead of the UN Cop 29 summit, set for November in Baku, Azerbaijan. Finance will be the key topic at Cop 29, including discussions around funds to tackle climate change in developing countries. Several jurisdictions, including the EU, are clear that public climate finance will not be enough to address climate change, and that private sector finance must be mobilised. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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