Latest market news

Possible Canadian rail strike start delayed again

  • : Agriculture, Biofuels, Chemicals, Coal, Coking coal, Crude oil, Fertilizers, Freight, LPG, Metals, Oil products, Petrochemicals, Petroleum coke
  • 24/05/31

The start of a threatened strike by some union workers at Canadian National (CN) and Canadian Pacific Kansas City (CPKC) has been pushed back again as concerns about fuel and food supplies rise.

If it goes forward, the strike would begin sometime after 17 June at the earliest. The Canada Industrial Relations Board (CIRB), which is investigating federal government concerns, has postponed reply comments to 14 June from 31 May. Original comments were due by 21 May.

If CIRB ruled on 15 June, the Teamsters Canada Rail Conference (TCRC) would have to provide three days' notice to CN and CPKC before workers could strike.

But a strike may still may not occur for another 60 days. If CIRB issues any orders, the parties would likely not be in a position for a strike or lockout to begin for two months, CPKC said on 16 May. TCRC members had authorized a strike to start as early as 22 May.

The railroads and union met with CIRB on Monday and discussed the comments filed by groups that could be affected by a strike. Canadian minister of labour Seamus O'Regan asked CIRB earlier this month to consider requiring some rail service to continue in the event of a strike to help avoid health and safety issues related to propane supply.

A number of concerns arising from the comments have been identified, with many focused on the impact to commercial and economic interests, CIRB said.

The theme of certain comments concerned delivery of supplies of propane and diesel to critical areas, including and remote communities in northern British Columbia. Transportation also is important to the province of Manitoba which has been using rail to deliver fuel because of a Winnipeg products pipeline.

Other comments focused on domestic and global food security. They noted some sectors are dependent on rail for transportation, such as fertilizer, potash and canola products, CIRB said.

The potential, immediate impact on the supply of water treatment materials for several municipalities also was highlighted.

Other commentators sought advance warning of strike, asking CIRB to provide notice of when a decision would be made or that there be an extension of the notice required before a strike or lockout.

Negotiations between the railroads and TCRC continue. CN and the union will meet next week from 4-6 June. CPKC declined to comment on talks but met most recently with TCRC leadership between 15-21 May.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

24/07/22

South32 misses Australian coking coal output target

South32 misses Australian coking coal output target

Sydney, 22 July (Argus) — Australian-South African diversified resources company South32 was 2pc off its coking coal production target of 4.4mn t at its Australian Illawarra coal operations in the 2023-24 fiscal year to 30 June. The firm is on track to complete the sale of its Illawarra operations in New South Wales (NSW) state by the end of September, marking its exit from coal as it focuses on its non-ferrous metal portfolio. It completed three and started a fourth longwall move at the Appin and Dendrobium mines, leaving new owner Golden Energy and Resources and M Resources with a lower maintenance burden into 2025. South32's total coal production was down by 24pc in 2023-24 compared with the previous year, largely because of maintenance. The firm increased production in the fourth quarter and final half of 2023-24 after a weak first half but the quarter was still down by 15pc on April-June 2023. South32 expects its costs for 2023-24 to be around $150/t, which is in line with its guidance, which was raised from $140/t in February. It received an average price for its Illawarra coal of $275/t for its metallurgical coal and $113/t for its thermal coal for January-June compared with $276/t and $101/t respectively in July-December 2023. The firm's operating margins at its Illawarra metallurgical coal operations were $17/t on thermal coal and $152/t on metallurgical coal in 2022-23 when its operating costs were $127/t. It will release its 2023-24 results on 29 August. Argus last assessed the premium hard coking coal price at $229/t fob Australia on 19 July, down from $334.50/t on 19 January and close to the $235.50/t on 19 July 2023. It assessed the high-grade 6,000 kcal/kg NAR thermal coal price at $134.87/t fob Newcastle on 19 July, up from $128.09/t on 19 January and down from $129.18/t on 19 January 2023. South32 last year dropped plans for a $700mn expansion at Dendrobium, following a dispute with NSW's water agency over its potential impact on water quality . Dendrobium, which supplies coking coal to the Whyalla steelworks in South Australia and exports from NSW's Port Kembla coal terminal, is expected to close in 2028. By Jo Clarke South32 Illawarra Coal output (mn t) Apr-Jun '24 Jan-Mar '24 Apr-Jun '23 2023-24 2022-23 2023-24 guidance Met coal production 1.27 1.24 1.50 4.31 5.50 4.40 Met coal sales 1.36 1.05 1.53 4.17 5.40 Thermal coal production 0.21 0.16 0.25 0.63 1.02 0.60 Thermal coal sales 0.18 0.19 0.17 0.70 0.96 Total production 1.49 1.41 1.75 4.94 6.52 5.50 Source: South32 Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Biden abandons bid for re-election: Update


24/07/21
24/07/21

Biden abandons bid for re-election: Update

Updates with reaction Washington, 21 July (Argus) — President Joe Biden has dropped his bid for a second term and is endorsing vice president Kamala Harris to serve as his party's presidential nominee, bowing to pressure from top Democrats who no longer saw a viable path for him to defeat former president Donald Trump in the November election. Biden committed to serve out the remainder of his term, which ends on 20 January 2025. Biden's abrupt withdrawal from the presidential race will leave it up to Democratic delegates to decide who will become their nominee by no later than the Democratic National Convention on 19-22 August. "While it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as president for the remainder of my term," Biden wrote in a letter posted on the social media site X. In calling for Democrats to rally around Harris as the nominee, Biden said he was giving his "full support and endorsement" of Harris and urged Democrats to "come together and beat Trump". Other top voices in the Democratic Party have called for a "mini-primary" to allow a new candidate to emerge, but doing so could run the risk of a protracted and politically risky intraparty fight. Trump, who has spent years attacking Biden's mental competency and age, said in a post today on Truth Social that Biden is not "fit to run for President" and had never been capable to lead the country. Other Republican leaders urged Biden to resign from the White House, which would lead to Harris being sworn in as president. "If Joe Biden is not fit to run for president, he is not fit to serve as president," US House of Representatives speaker Mike Johnson (R-Louisiana) said in a post on X. "He must resign the office immediately." House minority leader Hakeem Jeffries (D-New York) called Biden "one of the most accomplished and consequential leaders in American history". Jeffries did not explicitly endorse Harris. The Democratic revolt against Biden staying in the race followed the first presidential debate last month, when Biden often appeared feeble and confused and struggled to clearly articulate his policy positions. Biden called the debate "a stupid mistake" and blamed it on his busy travel and work schedule. But efforts by Biden and his campaign to reach out to Democratic lawmakers and donors have failed to assuage their concerns. Trump has also made polling gains in must-win battleground states such as Pennsylvania and Michigan, and even threatened to be competitive in typically Democratic strongholds such as New Jersey. Biden is the first sitting US president since Lyndon Johnson in 1968 to prematurely end his re-election campaign. Biden said he would speak "in more detail" later this week about his decision. The Trump campaign had already started preparing for the possibility that Biden would drop out of the race after the presidential debate last month. Last week, a senior adviser for the Trump campaign declined to set a date for the vice presidential debate, saying it would be "unfair" to "whoever Kamala Harris picks as her running mate", in a taunting reference to the uncertainty of Biden's candidacy. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Israel strikes Yemen’s Houthi-held Red Sea port city


24/07/21
24/07/21

Israel strikes Yemen’s Houthi-held Red Sea port city

Dubai, 21 July (Argus) — Israel's military on Saturday struck Houthi-controlled Red Sea port of Hodeidah in Yemen, in retaliation for a drone attack by the Iran-backed militant group on Tel Aviv a day earlier, further stoking heightened geopolitical tensions in a key shipping lane for the global economy. Israel's airstrikes targeted "the power station that supplies the coastal city of Hodeidah" and also "the Hodeidah port and fuel tanks," Houthi spokesperson Yahya Saree said. The Houthi-run Al Masirah TV broadcast live footage of flames and smoke raging in the port's oil storage facilities that it said were hit. Saree vowed an "inevitable" and "huge" retaliation to Israel's assault. Saree also claimed on Sunday that the group fired ballistic missiles targeting Eilat in southern Israel. Israel's Defence Forces (IDF) said on Sunday it intercepted a "surface-to-surface missile that approached Israeli territory from Yemen." The IDF on 20 July officially claimed the attack on Houthi-controlled Yemeni territory. "After 9 months of continuous aerial attacks by the Houthis in Yemen toward Israel, IAF [Israeli air force] fighter jets conducted an extensive operational strike over 1,800km away against Houthi terrorist military targets in the area of Al Hudaydah Port in Yemen," the IDF said. "This port serves as an entryway for Iranian weapons for the Houthi terrorist regime," the IDF said, and Israeli prime minister Benjamin Netanyahu made similar remarks in a televised speech. Houthi spokesperson and chairman of Al Masirah media network Mohammed Abdulsalam in a statement on social media platform X said that the Israeli attack targeted "civilian facilities." He also vowed that the attacks will only "increase the determination of the Houthis to ramp up their support for Gaza." Yemen's crude production collapsed soon after the start of the country's civil war, from around 170,000 b/d in 2011-13. The Houthi group uses Hodeidah's port to import some needed fuel oil shipments, with data from analytics firm Kpler suggesting the port received two shipments totalling 156,000 bls between June and July. Hodeidah is also an entry port for humanitarian fuel and food deliveries under the UN auspices, which are then distributed both to the internationally-recognized government of Yemen and to the Houthi authorities. Video footage posted on social media appear to show long queues in front of gas stations in Houthi-controlled areas, in anticipation of a possible fuel shortage closing in. Yemen's internationally recognized and Saudi-backed governing body condemned Israel's attack in a statement. It also renewed its warning to "the terrorist Houthi militias against continuing to tie Yemenis' fate in service of the Iranian regime's interests and its expansionist project in the region." Saudi Arabia's defense ministry on Sunday denied any relation or involvement in the targeting of Hodeidah, adding that the country will not allow any entity to violate its airspace. Yemen's Houthis on 19 July claimed responsibility for a drone attack in central Tel Aviv in Israel that claimed the life of one citizen and injured eight, according to the IDF. It marked a significant escalation that risked a regional spillover of the 10-month conflict between Israel and Palestinian group Hamas, especially with Israel highlighting the Iranian origin of the UAV. Israel and Iran avoided a full-blown war in April after a significant escalation led to exchanging direct aerial strikes against each other's territory. But the IDF attack opens yet another area of confrontation for Israel in the region in the aftermath of the 10-month conflict between between Israel and Palestinian group Hamas. Iran-backed Houthis began attacking commercial ships in and around the Red Sea six weeks after the Israel-Hamas war broke out in October last year in what they claim is an act of solidarity with Palestinians in Gaza. Houthis are part of Tehran's so-called 'Axis of Resistance,' a regional proxy network that includes the Gaza-based Hamas militant group, Lebanon's Hezbollah and Iraqi Shia militias. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Biden abandons bid for re-election


24/07/21
24/07/21

Biden abandons bid for re-election

Washington, 21 July (Argus) — President Joe Biden has dropped his bid for a second term and is endorsing vice president Kamala Harris to serve as his party's presidential nominee, bowing to pressure from top Democrats who no longer saw a viable path for him to defeat former president Donald Trump in the November election. Biden committed to serve out the remainder of his term, which ends on 20 January 2025. Biden's abrupt withdrawal from the presidential race will leave it up to Democratic delegates to decide who will become their nominee by no later than the Democratic National Convention on 19-22 August. "While it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as president for the remainder of my term," Biden wrote in a letter posted on the social media site X. In calling for Democrats to rally around Harris as the nominee, Biden said he was giving his "full support and endorsement" of Harris and urged Democrats to "come together and beat Trump". Other top voices in the Democratic Party have called for a "mini-primary" to allow a new candidate to emerge, but doing so could run the risk of a protracted and politically risky intraparty fight. The Democratic revolt against Biden staying in the race followed the first presidential debate last month, when Biden often appeared feeble and confused and struggled to clearly articulate his policy positions. Biden called the debate "a stupid mistake" and blamed it on his busy travel and work schedule. But efforts by Biden and his campaign to reach out to Democratic lawmakers and donors have failed to assuage their concerns. Trump has also made polling gains in must-win battleground states such as Pennsylvania and Michigan, and even threatened to be competitive in typically Democratic strongholds such as New Jersey. Biden is the first sitting US president since Lyndon Johnson in 1968 to prematurely end his re-election campaign. Biden said he would speak "in more detail" later this week about his decision. The Trump campaign had already started preparing for the possibility that Biden would drop out of the race after the presidential debate last month. Last week, a senior adviser for the Trump campaign declined to set a date for the vice presidential debate, saying it would be "unfair" to "whoever Kamala Harris picks as her running mate", in a taunting reference to the uncertainty of Biden's candidacy. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

ExxonMobil Joliet refinery may be limited for 3 weeks


24/07/19
24/07/19

ExxonMobil Joliet refinery may be limited for 3 weeks

Houston, 19 July (Argus) — It could take up to three weeks for ExxonMobil's 252,000 b/d Joliet refinery in Channahon, Illinois, to resume normal operations after severe weather caused a facility-wide shutdown Monday . The company has limited its unbranded fuel supply in the region and placed customers on allocation, according to buyers. Restoring power and ramping-up the refinery to full operations could take up to three weeks, lasting well into August. ExxonMobil confirmed this afternoon that power has not been restored to the plant and previously declined to comment on a time line for a return to normal operations as it assesses damage at the plant. Channahon's emergency management director told Argus that Monday's tornado skirted the refinery and it faced no direct damage. US Interstate 55 which borders Exxon's refinery was closed due to downed power lines, but these have since been cleared and the road re-opened. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more