SIA carries more passengers in June

Spanish Market: Oil products
16/07/10

Singapore, 16 July (Argus) — Singapore Airlines (SIA) carried 12.4pc more passengers and cargo in June compared with the same month last year. But the cautious use of its aircraft probably limited any corresponding increase in its jet fuel consumption.

SIA carried 7.2mn passengers last month, an 8pc and 11.4pc increase respectively against May and the same period last year. The amount of cargo carried rose by 6.8pc against June 2009, although when compared to the previous month this represented a 4pc decline.

The increases from a year earlier came amid improving economic conditions and the peak mid-year travel period. But relatively slow capacity expansions indicate the company's continuing caution.

SIA's passenger flight capacity in June, measured by available seat kilometres, rose by only 1.8pc over the previous month. It also marked a decline of 2.2pc when compared with May. June's passenger flight capacity was SIA's lowest of the year, other than the short month of February and the April disruptions caused by the European airspace shutdown amid Iceland's volcanic eruption.

SIA's cargo capacity rose by 12.4pc against last year and 0.57pc compared with May but this still lagged the percentage gain in cargo carried.

SIA's overall load factor, including passengers and cargo, rose by 3.4 percentage points to 71pc.

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21/04/26

Iran war cuts global oil demand by 4mn b/d: Vitol

Lausanne, 21 April (Argus) — Global oil demand has fallen by about 4mn b/d since the start of the war in the Middle East, compared with supply losses of around 12mn b/d, trading firm Vitol's chief executive Russell Hardy said today. Speaking at the FT Commodities Global Summit in Lausanne, Hardy said demand would have to fall further to rebalance the market if the strait of Hormuz remains effectively closed, with recessionary consequences. Most of the drop in oil demand so far has occurred in the Middle East, alongside weaker consumption in Asia, he said. Hardy estimates that global refinery output is down by around 6mn b/d from pre-war levels, reflecting disruptions to crude feedstock supplies and infrastructure damage. If the disruption carries on, "the problem gets more difficult to manage, because so far we've borrowed supply from various alternatives", he said, referring to falling oil-on-water inventories and emergency stock releases co-ordinated by the IEA. Cumulative global oil production losses since the US-Iran war began on 28 February now total about 600mn-700mn bl and would rise to around 1bn bl even if the strait of Hormuz reopens in the near term, Hardy said. "By the time this is over, we will have lost 300mn-400mn bl of product inventories," he said. Even if oil exports resume soon, recovery across the supply chain would take time, he said. "The restart of production, the restart of refineries, there's an awful lot of infrastructure that's been shut down … it takes some time to put all of that back." Mideast Gulf producers including Saudi Arabia, Iraq, Kuwait and the UAE have been forced to shut in upstream output because of limited alternatives to shipping their crude through the strait of Hormuz. Energy infrastructure across the region has also been damaged by military attacks during the conflict. Hardy said oil prices since the war began have been driven by concern over near-term physical supply availability. "The price action is in physical oil at the front," he said. "The third quarter onwards is less relevant in people's thinking because if the strait opens in 10 days' time, yes, recovery will take time, but oil will flow, and eastern customers will be better supplied for June and July." A longer-term impact of the war could be a renewed push to build strategic fuel stocks, Hardy said, although such efforts would take time. "If you want a strategic initiative of jet fuel, you've got to arrange tanks, airport access, and build those inventories," he said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Renewables mean energy security: Turkey, Australia

21/04/26

Renewables mean energy security: Turkey, Australia

Edinburgh, 21 April (Argus) — Energy security will come through "strong decarbonisation" and shifting to renewables because fossil fuels "do not guarantee supply security", the climate ministers of Turkey and Australia said today, adding that the topic of transitioning away from fossil fuels will be further addressed at the UN Cop 31 climate summit. The countries are working together to prepare the Cop 31 climate summit in Antalya later this year, with Turkey hosting the conference and Australia heading climate negotiations. The energy crisis stemming from the war in the Mideast Gulf has "clearly shown us that fossil fuels do not guarantee energy supply security" and countries should invest in "alternative energy sources" to support stability, resilient and clean development, upcoming Cop 31 climate summit president and Turkey's environment minister Murat Kurum said today. "Every country has to be independent and this should come through clean energy sources", including renewables, hydrogen and ammonia, he said. "We know that relying solely on fossil fuels means walking towards volatility, insecurity and climate collapse", he said during the 17th Petersberg Climate Dialogue in Berlin as he laid out Turkey's vision focused on implementation for Cop 31. "As we all agreed in Dubai, we emphasised how important the need for alternative energy sources and the diversification of countries' energy is, in line with national circumstances," he said. Almost 200 countries agreed to transition away from fossil fuels at the Cop 28 climate summit in 2023 and developed nations agreed to deliver $300bn/yr to developing countries by 2035 at Cop 29 in Baku. Kurum urged countries to fulfil commitments made at previous climate summits, including on finance and energy, asking those that did not summit climate plans — or nationally determined contributions (NDCs) — to do so. Around 43 countries have yet to submit their NDCs, according to Kurum. Australia's climate and energy minister Chris Bowen said the crisis is a unique opportunity to show that energy reliability, sovereignty and security go hand in hand with "strong decarbonisation", and he welcomed Germany's push for a discussion on electrification at the Petersberg Climate Dialogue. German environment minister Carsten Schneider said today he wanted to discuss how to tackle the topic of electrification before Cop 31 and how countries can successfully advance the topic. "Doubling down on fossil fuels is not the answer to that crisis," Bowen said. "Wind cannot be subject to sanctions, sun cannot be interrupted by a blockage", he said, referring to the shipping interruption in the strait of Hormuz caused by the US-Israel-Iran war. "At the end of the day, we have to take steps to help countries to transition towards clean energies and in terms of phasing out fossil fuels," Kurum said. He said Cop 31 will address the phase out of fossil fuels, so the world moves away from them. Clean energy will be one of the topics of Turkey's action agenda at Cop 31, Kurum said. Bowen pointed out there were "three processes" under way ahead of Cop 31, including the Belem roadmap on transitioning away from fossil fuels under the responsibility of the Brazilian Cop 30 presidency, and a global implementation accelerator and the Belem Mission to 1.5°C that were both agreed by the Cop parties last year. "I am very confident we can bring these processes together," Bowen said. The Cop 30 presidency last year pledged to oversee the creation of a roadmap on fossil fuels as countries failed to agree to address the topic in the summit's text . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran’s parliament speaker rejects talks amid US threats

21/04/26

Iran’s parliament speaker rejects talks amid US threats

Dubai, 21 April (Argus) — Iran's parliament speaker Mohammad Bagher Ghalibaf has downplayed the prospects of a new round of peace talks with the US in Islamabad and reiterated Tehran's readiness to return to armed conflict if the current two-week ceasefire expires without a deal this week. Iran does "not accept negotiations under the shadow of threats", Ghalibaf said on Tuesday in a post on social media platform X. Ghalibaf was referring to a possible second round of Pakistani-mediated talks that both sides had suggested could take place this week in Islamabad. He has emerged as one of the key figures in Iran's wartime leadership structure. A first round of talks took place on 11 April, just days after a two-week ceasefire was agreed late on 7 April. Those negotiations, which lasted 21 hours, failed to produce any agreement. The ceasefire is due to expire on 22 April. US president Donald Trump said on Sunday that he would send his envoy Steve Witkoff and son-in-law Jared Kushner to Islamabad for a new round of talks this week. US vice-president JD Vance, who led the US delegation in the first round, will not take part because of security concerns, Trump said. Tehran has since suggested it would not send a delegation to the Pakistani capital, citing "excessive US demands" and the ongoing US naval blockade on Iranian ports, which it has described as a violation of the ceasefire agreement. Ghalibaf reiterated that position today, saying Trump was seeking to "turn this negotiating table… into a table of surrender, or the basis on which to justify renewed warmongering". Over the weekend, Trump repeated his threat to attack Iranian infrastrcture, saying Washington was offering Iran "a very fair and reasonable DEAL" and warning that if Tehran refused, "the US is going to knock out every single power plant, and every single bridge in Iran". Ghalibaf appeared to respond to that rhetoric, saying Iran is "prepared to reveal new cards on the battlefield" if the ceasefire expires and the US and Israel resume attacks on Iran. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mideast Gulf war 'locks in' higher fossil fuel cost: UN

21/04/26

Mideast Gulf war 'locks in' higher fossil fuel cost: UN

Edinburgh, 21 April (Argus) — The war in the Middle East has "further locked in much higher fossil fuel costs for months and likely years to come", UN Framework Convention on Climate Change (UNFCCC) executive secretary Simon Stiell said today. The war is "delivering a gut punch" to every country, he told ministers from more than 40 countries during the opening of the closed-door 17th Petersberg Climate Dialogue in Berlin. "Fossil-fuel driven stagflation is now stalking economies — driving up prices, driving down growth, pushing budgets deeper into quagmires of debt, and stripping away governments' policy options and autonomy," he said, adding that climate co-operation was key to fight global heating and "fossil fuel cost chaos". He urged ministers to turn commitments into projects and to match targets with solutions. The Alliance of Small Island states (Aosis) said the case for advancing to more sustainable energy sources "has never been more clear", because dependence on fossil fuels exposes economies to shocks. The group is urging developed countries to take the lead in the global transition away from fossil fuels. The EU will present a new strategy and targets for electrification before the summer. The bloc remains behind China and the US on that front, EU energy commissioner Dan Jorgensen said last week. Higher fossil fuel costs are "the brutal reality of fossil fuel dependency and it is a reality Europe cannot afford to keep accepting". The war added more than €20bn ($23.5bn) to Europe's fossil fuel import costs, "with not a single extra molecule of energy to show for it", he said. The Petersberg Climate Dialogue aims to bring together countries to prepare negotiations at UN Cop summits. The meeting comes a week before around 50 countries are due to gather for the first conference on transitioning away from fossil fuels co-hosted by Colombia and the Netherlands. Fossil fuel producers Canada, the UK, Norway, Angola, Mexico, Brazil, Senegal and Australia will take part in the talks . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Markets underestimate US-Iran volatility shock: Citadel

20/04/26

Markets underestimate US-Iran volatility shock: Citadel

Lausanne, 20 April (Argus) — Commodity markets entered the US-Iran conflict with a fairly high level of escalation risk already priced in, but still sharply underestimated the volatility shock that followed, Citadel's head of commodities Sebastian Barrack said at the FT Commodities Global Summit in Lausanne today. In the run-up to the conflict, market estimates put the probability of a disruptive event at around 50-70pc, Barrack said. He said markets had done "a pretty good job" of pricing the range of likely outcomes before the conflict began, but failed to price volatility adequately. Oil and gas volatility rose by about 300pc in the first weeks of the conflict, far above levels implied beforehand. Barrack contrasted the episode with the market shock that followed Russia's invasion of Ukraine in 2022. At that time, gas volatility surged by around 500pc and margin requirements jumped roughly 15-fold, placing severe strain on trading firms and forcing some participants to cut positions because they could not finance them. This time, the sector entered the crisis in a stronger financial position, with larger capital buffers and more robust funding lines following the windfall profits of recent years, he said. Cash-futures disconnect not unusual Barrack rejected suggestions that futures markets had become detached from physical fundamentals, arguing instead that divergences between cash and futures prices reflect different parts of the market solving different problems. Cash markets — particularly in Asia — have shown stress more directly, he said. Futures markets, by contrast, increasingly reflect assumptions that the disruption will eventually ease and that deferred supply will return. Longer-dated prices are also being anchored by producer hedging, especially in the US, where sellers have taken advantage of high prices to lock in margins. The distinction matters beyond energy. Similar tensions between tight physical supply and forward pricing have emerged across metals markets in 2026, increasingly forcing investors to separate near-term supply stress from expectations of medium-term rebalancing. Barrack also said the surge in real-time information through social media has changed how traders process events. Market-moving remarks from US president Donald Trump and other political leaders have accelerated price reactions, but this has not reduced the need for detailed analysis of physical flows, inventory responses and the mechanics of supply disruption, he said. Politicians better prepared Barrack said policymakers now have a much stronger grasp of commodity market mechanics than they did during the 2022 energy crisis. Governments, caught behind the curve four years ago, have since developed closer links with industry participants and improved their understanding of how physical shortages are resolved through demand destruction, stockdraws and policy responses, he said. One area where policymakers may still lag market participants is in identifying changes in physical flows in real time, Barrack added, particularly when supply chains begin to adjust rapidly following a shock. By Raghav Jain Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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SIA carries more passengers in June

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