Refinery throughput in China, the world’s top crude importer, slumped 6.5% in August to one of the lowest levels of the pandemic on the impacts of facility outages and lower margins. The nation’s gasoline exports, however, almost doubled from a year ago as domestic demand faltered.
More oil news related to the war in Europe:
Russia’s economic campaign to weaken Western support for Ukraine is faltering as energy prices ease and it appears Europe will make it through winter without running out of natural gas.
France’s grid operator issued a “red” alert indicating power supplies are at their limit and may soon need to be rationed.
Hungary extended price caps on fuels and basic foodstuff by three months until the end of the year to shield households from soaring costs.
One of four main power lines at the Russian-held Zaporizhzhia nuclear plant is supplying Ukraine’s grid with electricity for the first time in two weeks after being repaired from shelling damage.
California scrapped a rule allowing utilities to bill customers for the cost of extending natural gas lines to new buildings, a change meant to speed progress toward the state’s climate goals.
Delta Air Lines’ Monroe refinery in Pennsylvania is preparing to process biofuels from renewable feedstocks at its Pennsylvania refinery, which could save the airline hundreds of millions of dollars in required Renewable Fuel Standard credit spending.
Japan issued its highest disaster alert, Level 5, and ordered 8 million residents to evacuate in advance of Typhoon Nanmadol, expected to be the region’s most destructive storm in decades.
A magnitude 6.8 earthquake struck southeastern Taiwan on Sunday, causing building damage, derailing a train and triggering concerns of a tsunami.
The key issue that almost triggered a U.S. railroad strike last week was sick leave, not wages, highlighting broadening worker demands in a historically tight labor market.
With a U.S. rail strike likely averted, looming contract negotiations for some 700,000 workers in other industries could prove disruptive, including 350,000 at UPS, about 200,000 airline employees and 150,000 auto workers.
Home prices in Hong Kong, the world’s most expensive housing market, are set to drop to a five-year low as surging borrowing costs reduce demand.
Cathay Pacific Airways expects to fly one-third of its pre-pandemic capacity by the end of the year as Hong Kong gradually loosens restrictions on travel and quarantining. The carrier operated at as little as 2% of pre-pandemic levels for much of the past two years.
Amsterdam’s Schiphol airport will cut its daily passenger flow by 18% through October due to worker shortages.
Air India plans to refurbish its fleet with five Boeing 777 jets and 25 Airbus narrow-body aircraft over the next 15 months.
Volkswagen is looking to raise as much as $9.4 billion from the initial public offering of its iconic sports-car-maker Porsche in what could be Europe’s largest listing in more than a decade.