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September was second hottest: EU's Copernicus

  • : Coal, Crude oil, Natural gas, Oil products
  • 24/10/08

Last month was the second hottest September on record globally, after September 2023, with average temperatures 0.73°C higher than the 1991-2020 average for the month, according to data from the EU climate-monitoring service Copernicus.

Last month's average temperatures globally were 1.54°C above pre-industrial (1850-1900) levels and September's average was the 14th month in a 15-month period when the global average surface air temperature was more than 1.5°C above pre-industrial levels.

The global average temperature for the 12 months to September was the second highest on record for any 12-month period — 0.74°C above the 1991-2020 average, and an estimated 1.62°C above the 1850-1900 pre-industrial average.

The January–September 2024 global-average temperature was 0.71°C above the 1991-2020 average, the highest on record for the period and 0.19°C warmer than the same period in 2023. It is almost certain that 2024 will turn out to be the warmest year on record, Copernicus said.

The average temperature over European land for September 2024 was 1.74°C above the 1991-2020 average for September, making it the second warmest September on record for Europe after September 2023, which was 2.51°C above average. Last month also had exceptionally high rainfall levels across much of the continent, with widespread floods across central Europe.

Last year was the hottest on record, averaging 1.45°C above pre-industrial temperatures.


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25/06/19

Israel to undermine Iran regime after hospital hit

Israel to undermine Iran regime after hospital hit

Dubai, 19 June (Argus) — Israel's defence minister Israel Katz today said the military has been ordered to "undermine the ayatollahs' regime" in Tehran — the first time Israel has openly declared regime destabilisation as a goal since the conflict with Iran began last week. The shift in public messaging follows an Iranian missile strike early Thursday that appeared to hit a hospital in southern Israel. Social media footage showed damage to Soroka Medical Center in Beersheba, which serves around 1mn people. Iran's Islamic Revolutionary Guard Corps (IRGC) denied the hospital was targeted, saying missiles were aimed at nearby military command centres, according to Iranian state news agency Irna. Until now, Israel had justified its military campaign as a pre-emptive effort to prevent Iran from acquiring nuclear weapons. Katz's remarks reflect a significant hardening of Israel's public stance, moving beyond claims of self-defence to a declared aim of weakening Iran's leadership. "The Prime Minister [Benjamin Netanyahu] and I have instructed the [Israel Defense Forces] IDF to increase the intensity of attacks against strategic targets in Iran and against government targets in Tehran in order to remove threats to the State of Israel and undermine the ayatollahs' regime," Katz said in a post on social media platform X. Ice Brent crude futures rose today, supported by the latest Iranian-Israeli escalation and a sharp drop in US crude stocks. At 09:30 GMT, the front-month August Brent contract was at $77.14/bl, up by 44¢/bl from its settlement on 18 June. Ice Brent has gained nearly 8pc since Israel launched its initial strike on Iran on 13 June. Several Iranian missiles struck areas inside Israel early Thursday. Videos shared on social media showed damage in multiple locations, including civilian areas. The IRGC said it had "successfully carried out a 14th wave of combined missile attacks targeting strategic sites in Israel". Iran's attack followed Israeli airstrikes overnight on what Israel said were key sites linked to Tehran's nuclear and missile programmes. The IDF said it struck an "inactive nuclear reactor in Arak", a facility used in plutonium production, and a "nuclear weapons development site near Natanz". Natanz is home to Iran's main uranium enrichment facility, which Israel also targeted during its 13 June strike. The UN's nuclear watchdog, the IAEA, confirmed the Arak site had been hit. But "it was not operational and contained no nuclear material, so no radiological effects", the agency said. Iran had previously told the IAEA it planned to begin operating the reactor in 2026. US president Donald Trump has not confirmed whether Washington will join Israeli strikes on Iranian nuclear sites. "I may do it. I may not do it. I mean, nobody knows what I'm going to do," he said on 18 June. Iran's supreme leader Ali Khamenei earlier rejected Trump's call for Iran to surrender. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Sri Lanka revives plan to build LNG import terminal


25/06/19
25/06/19

Sri Lanka revives plan to build LNG import terminal

Singapore, 19 June (Argus) — Sri Lanka has revived its plan to build the country's first LNG import terminal, power and energy minister Kumara Jayakody told the country's parliament on 17 June. The process to build the terminal is already underway and LNG supply is scheduled to begin in 2028, the minister said. The tender to build the import terminal was issued by state-controlled importer Ceylon Petroleum and state-run utility Ceylon Electricity Board, and the negotiation and project committees have been re-established to facilitate the eventual signing and finalisation of the project, the minister added. Sri Lanka plans to use LNG as a transition fuel despite its higher costs compared with coal, as the country looks to increase its renewables load. Sri Lanka had previously finalised an agreement with US operator New Fortress Energy to develop a new LNG terminal in Sri Lanka in 2021, but there have been no updates on the terminal since then. It is unclear if the current plan to build an LNG import terminal is linked to this floating storage and regasification unit (FSRU) agreement. By Joey Chan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil central bank raises target rate to 15pc


25/06/18
25/06/18

Brazil central bank raises target rate to 15pc

Sao Paulo, 18 June (Argus) — Brazil's central bank today raised its target interest rate by 0.25 of a percentage point to 15pc, the highest level since July 2006, citing a still "adverse and uncertain" global economic scenario. That is the seventh consecutive hike from a cyclical low of 10.5pc at the end of September last year. The bank had last increased the rate by 0.5 of a percentage point in May . "The [economic] scenario continues to require caution on the part of emerging countries in an environment of heightened geopolitical tension," the bank said, citing the US' "uncertain economic policies." The bank also said it increased the interest rate because Brazil's inflation remains above the ceiling of 3pc with a tolerance of 1.5 percentage points above or below. Annual inflation eased to 5.32pc in May . Central bank forecasts for 2025 and 2026 inflation remain at 5.2pc and 4.5pc, respectively, it said. "Inflation risks, both upside and downside, remain higher than usual," the bank said By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Market risks grow as Trump threatens Iran: Update


25/06/18
25/06/18

Market risks grow as Trump threatens Iran: Update

Updates with details throughout Washington, 18 June (Argus) — The prospect of wider escalation in the Middle East if the US joins Israel's attacks on Iran is affecting marine insurance, freight and middle distillate prices, even though the flow of energy commodities out of the Mideast Gulf so far remains unfettered. US president Donald Trump, in wide-ranging remarks throughout the day, hinted at a potential US role in Israel's bombing campaign against Iran. But he also suggested that a diplomatic solution is still possible, noting that he has yet to make a decision on whether to target Iran. Trump told reporters at around 3:10pm ET that he would shortly convene another meeting with his top national security advisers to discuss US options. Speaking from Tehran earlier in the day, Iran's supreme leader, Ayatollah Ali Khamenei, warned of "irreparable damage" to the US if it joins the attacks. Trump, in remarks to reporters at the White House this morning, said he presented an "ultimate ultimatum" to Tehran. And as for a potential US air raid on Iran, Trump said: "I may do it. I may not do it. I mean, nobody knows what I'm going to do." Speaking from the Oval Office in the afternoon, Trump said, "I'd like to make a final decision one second before it's due." Khamenei, in a televised address today, denounced Trump's "absurd, unacceptable rhetoric to openly demand that the Iranian people surrender to him". Iran will oppose any "imposed peace", Khamenei said. The escalating conflict in the Middle East is causing a surge in Europe-bound freight rates for medium range tankers loading in the US Gulf coast. Mideast Gulf middle distillate premiums are at multi-month highs. Additional War Risk Premiums in the Mideast Gulf could rise sharply in the coming days, as the number of insurance underwriters willing to commit at current levels appears to be shrinking. Some LNG carriers that have held off from transiting the strait of Hormuz in recent days have since sailed through or have approached the strait, while no carriers loaded in the Mideast Gulf have slowed from sailing via the strait. Few barriers to US participation Domestically and internationally, there is no significant pushback against a potential US involvement. But the isolationist wing of Republican politicians and media figures loyal to Trump, including former Fox New anchorman Tucker Carlson, is urging him to avoid involvement in an Israel-Iran war. Trump's extensive commentary suggests a perceived need to push back on criticism of his sudden eagerness to involve the US in another war in the Middle East after years of lambasting his predecessors for having done so. Trump told reporters this afternoon that "Carlson called and apologized the other day because he thought he said things that were a little too strong." The argument Trump says he is trying to make is that preventing Iran from acquiring a nuclear weapon may be worth a military intervention. "I'm not looking to fight," Trump said. "But if it's a choice between fighting or having a nuclear weapon, you have to do what you have to do." The US intelligence community assessed, most recently in April, that Iran has not restarted work on nuclear weapons despite building up enriched uranium stockpiles since 2018, when Trump terminated a functioning agreement that curbed that program. "I've been saying for 20 years, maybe longer, that Iran cannot have a nuclear weapon," Trump said today. Mixed messages on talks Trump claimed that Iran's government has reached out to him for a diplomatic solution and has expressed willingness to send a high-ranking official to the White House. The offer is "courageous", Trump said, but added, "I said it's very late to be talking." Iran's mission to the UN subsequently denied a request for a meeting at the White House. Iran after the Israeli attack canceled a round of talks scheduled to take place in Oman on 15 June. Khamenei, in his remarks today, hinted at a "suspicion" that the US diplomatic approach had been part of Israel's preparation for military strikes. "Considering their recent remarks, this suspicion is growing stronger day by day," Khamenei said. Trump said he began to consider the possibility of US military action in the immediate aftermath of the Israeli attack. "The first night was devastating, and it really knocked the one side off," Trump said. Russian president Vladimir Putin reached out with an offer to mediate in the Israel-Iran conflict, Trump said. The conversation took place on 14 June, according to the Kremlin. "I said, do me a favor, mediate your own," Trump said, referring to Russia's war in Ukraine. "Let's mediate Russia first. OK?" By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Fed sees 2 rate cuts in '25, eyes tariffs: Update


25/06/18
25/06/18

US Fed sees 2 rate cuts in '25, eyes tariffs: Update

Adds Powell comments, economic backdrop. Houston, 18 June (Argus) — US Federal Reserve policymakers kept the target interest rate unchanged today and signaled two quarter-point cuts are still likely this year while downgrading forecasts for the US economy in the face of largely tariff-driven uncertainty. The Fed's Federal Open Market Committee (FOMC) held the federal funds rate unchanged at 4.25-4.50pc, in the fourth meeting of 2025. This followed rate cuts of 100 basis points over the last three meetings of 2024, which lowered the target rate from more than two-decade highs. In the Fed's first release of updated economic projections since President Donald Trump's 2 April "Liberation Day" announcement of far-ranging tariffs, policymakers continued to pencil in two quarter-point rate cuts for the remainder of the year. "Changes to trade, immigration, fiscal and regulatory policies continue to evolve and their effects on the economy remain uncertain," Fed chair Jerome Powell told reporters after the meeting. "Today, the amount of the tariff effects — the size of the tariff effects, their duration and the time it will take, are all highly uncertain. So that is why we think the appropriate thing to do is to hold where we are as we learn more." Policymakers and Fed officials Wednesday lowered their median estimate for GDP growth this year to 1.4pc from a prior estimate of 1.7pc in the March economic outlook. They see inflation rising to a median 3pc for 2025 from the prior estimate of 2.7pc, with unemployment rising to 4.5pc from 4.4pc in the prior forecast. Economists have warned that Trump's erratic use of tariffs and plans to raise the national debt, along with mounting geopolitical risk highlighted by the latest Israel-Iran clashes, threaten to throw the economy into a recession or marked slowdown. Consumer confidence has tumbled and financial markets have been volatile while the dollar has slumped to three-year lows. Still, the labor market and inflation — the two pillars of the Fed's policy mandate — have remained relatively stable into the fifth month of Trump's administration. "As long as the economy is solid, as long as we're seeing the kind of labor market that we have and reasonably decent growth, and inflation moving down, we feel like the right thing to do is to be where we are, where our policy stance is and learn more," Powell said. US job growth slowed to 139,000 in May, near the average gain of 149,000 over the prior 12 months and unemployment has remained in a range of 4-4.2pc since May 2024. Consumer inflation was at an annual 2.4pc in May, down from 3pc in January. US GDP growth contracted by an annual 0.2pc in the first quarter, largely due to an increase in imports on pre-tariff stockpiling, down from 2.4pc in the fourth quarter and the lowest in three years. "What we're waiting for to reduce rates is to understand what will happen with the tariff inflation," Powell said. "And there's a lot of uncertainty about that. Every forecaster you can name who is a professional is forecasting a meaningful increase in inflation in coming months from tariffs because someone has to pay for the tariffs." Before Wednesday's FOMC announcement, Trump made a rambling attack on the Fed's policy under Powell, in remarks to reporters at the White House. "I call him 'too late Powell', because he's always too late" in lowering rates. "Am I allowed to appoint myself at the Fed? I do a much better job than these people." Powell's term in office as Fed chair expires in May 2026. Powell declined to directly address Trump's comments. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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