2025-12-03 11:49
LONDON, Dec 3 (Reuters) - The Dated Brent global physical crude oil benchmark is working well, with no need for significant methodology changes, S&P Global Energy Platts said at a briefing in London on Wednesday. Dated Brent, the most significant physical oil benchmark, is used to price more than 60% of globally traded crude and underpins oil futures. Its value affects fuel prices paid by consumers and businesses. Sign up here. The last major change S&P Global Energy made was adding U.S. WTI Midland to the Dated Brent benchmark in May 2023 to help bolster liquidity amid declining North Sea output. "It's reflective of the market, it's working and we are seeing trades and performance on a regular basis," Emma Kettley, associate editorial director of crude and fuel oil, said. Platts said just under 200 cargoes had traded so far in 2025, almost in line with last year's levels, with WTI Midland bringing significant liquidity. U.S. TERMINAL PROPOSAL Platts on Tuesday announced a methodology proposal to allow traders to load WTI Midland from different U.S. terminals for larger shipments to Europe. WTI Midland is sold into Europe under the Dated Brent methodology on 700,000-barrel cargoes on Aframax tankers. However, participants can save on freight by combining Aframax cargoes onto larger VLCC tankers. Currently, Platts requires all oil cargoes loaded onto a larger vessel to have originated from a single Platts-approved terminal, but it is now proposing to allow compliant WTI Midland loadings from multiple Platts-approved terminals, provided the cargoes are in segregated tanks on board the vessel and have separate documents. The price reporting agency is seeking feedback by January 16, with the change potentially taking effect next May. Platts has made other tweaks to the methodology since adding WTI Midland concerning freight-related calculations and U.S. loadings. It most recently added Texas International Terminal in July this year as its 13th approved U.S. terminal for WTI Midland. Thomson Reuters competes with Platts in the provision of commodities markets news and data. https://www.reuters.com/business/energy/no-need-significant-dated-brent-changes-platts-says-2025-12-03/
2025-12-03 11:37
Indonesia floods kill 804 on Sumatra island Some local governments warn of lack of funds and fuel Central government will support those in need, minister says JAKARTA, Dec 3 (Reuters) - Authorities battling floods on Indonesia's island of Sumatra that killed about 800 people this week have appealed for more central government help to tackle shortages of funds, food and fuel in relief efforts. Cyclone-induced floods and landslides have left 463 missing across the three provinces of West Sumatra, North Sumatra and Aceh, according to revised government figures, while local officials said severed power and road links were blocking access to aid. Sign up here. In East Aceh, fuel was limited for days, with aid coming via boats and some people living in isolated districts were facing the looming threat of hunger, said its chief Iskandar Usman Al-Farlaky. "Food stocks in three districts are dwindling and hunger is around the corner," he told Reuters, requesting a national emergency declaration from the central government. "The regional budget is limited." FUEL AND RICE SUPPLIES DWINDLING National data shows that 135,000 people in East Aceh were affected by the disaster. In Central Aceh, where 21 were killed and floods affected 54,000, supplies of fuel and rice were dwindling, said its chief, Haili Yoga, who is also among the four regional leaders urging the central government to declare a national emergency as public anger grows. Across Indonesia, the floods have affected 3.1 million, with 592,600 evacuated. Presidential spokesperson Prasetyo Hadi said Indonesia's budget of 500 billion rupiah ($30 million) for disaster relief was sufficient, adding that the figure could be increased if necessary. The comments followed remarks to reporters this week by President Prabowo Subianto, responding to a query about declaring a national emergency, that the situation was improving and current arrangements were enough. WITH NO FRESH WATER, PEOPLE TURN TO MUDDY FLOODWATERS Fuel supplies were also limited in Aceh's Pidie Jaya region, said its chief Sibral Malasyi. Residents of Aceh Tamiang were cleaning and drinking muddy flood water for lack of fresh water, KompasTV reported. Jonathan Victor Rembeth, an official at the disaster mitigation agency, said a national emergency could be called if provincial governments declared their inability to respond to a disaster, which they have not yet done. Indonesia, which is regularly hit by natural disasters, most recently declared a national emergency during the COVID-19 pandemic. The law provides for the president to declare a national emergency, freeing up additional funds for relief and rescue. On social media, Indonesians criticised the central government for not declaring an emergency and cited cuts to the budget for the disaster mitigation agency, which official data showed was down 50% this year from the last. Indonesia's home affairs minister, Tito Karnavian, said he had asked regional governments in areas not affected by the floods to donate unused funds to those affected. State energy firm Pertamina (PERTM.UL) faces fuel distribution challenges in "nearly all" the flood-affected areas, its spokesperson Muhammad Baron said. The company was seeking alternative routes, but delivery would take time. Green groups blame deforestation and illegal logging for worsening the disaster. ($1=16,625.0000 rupiah) https://www.reuters.com/business/environment/flood-hit-indonesian-regions-run-low-fuel-funds-relief-effort-2025-12-03/
2025-12-03 11:36
LONDON, Dec 3 (Reuters) - By Yoruk Bahceli, markets correspondent What matters in U.S. and global markets today Sign up here. Risk assets are showing further signs of recovery on Wednesday from a broad selloff that kicked off the month, but bonds are sitting on their losses for now. And the dollar is down with focus back to the Federal Reserve, with Trump delaying his pick for the next chair to 2026. Meanwhile, investors are stuck watching the ADP jobs report in the absence of November payrolls. I’ll get into all the market news below. But first check out Mike Dolan’s latest column on why investors should worry less about so-called ‘vigilantes’ and pay more attention to bond-market ‘termites’. And listen to the latest episode of the new Morning Bid , opens new tab daily podcast. Subscribe to hear Mike and other Reuters journalists discuss the biggest news in markets and finance seven days a week. Today's Market Minute Was it all just a blip for risk assets? The broad selloff that kicked the week off for markets is proving to be a blip for risk assets. After dropping half a percent on Monday, the S&P 500 rose 0.25% on Tuesday and futures were up in early London trading. Bitcoin was up another 1.7% after rising nearly 6% on Tuesday. But it remains 26% below an October peak. In other signs that it's not all plain sailing, 10-year Treasury yields dipped on Wednesday but were still up 7 basis points this week, while Japan's bond yields hit multi-year highs. But in the absence of a narrative to drive markets, all focus remains on the Fed, its meeting next week where traders are banking on a rate cut, and who will lead it next. U.S. President Donald Trump said on Tuesday he would announce his pick for the next Fed chair -- largely expected to be White House economic advisor Kevin Hassett -- early next year, later than previously expected, having previously said he already knows who he'll pick. Later on Tuesday, Trump said a potential Fed chair was present as he introduced Hassett at a meeting. Bets on Hassett as the next Fed chair briefly dipped on betting site Polymarket on Tuesday, but quickly recovered. Investors reckon Hassett, seen as favoring lower interest rates, could dent the dollar further. The euro and sterling reached their highest in over a month against the dollar on Wednesday as Fed rate cut bets continue to weigh on the dollar. Focus turns to economic data, though the prints are unlikely to sway the Fed. November's ADP report is expected to show private employers added 10,000 jobs, down from 42,000 in October, another sign of the labor market weakening. While the ADP doesn't correlate with the government's jobs report, markets are watching alternatives more closely as November's official one will only be released after the Fed meeting, thanks to the U.S. government shutdown. The ISM services PMI is also due, following data on Monday showing a ninth month of contraction for the manufacturing sector. Elsewhere, it's all about geopolitics. Russia and the U.S. did not reach a compromise on a possible Ukraine peace deal. The European Union's executive arm is set to move ahead with a proposal to use frozen Russian assets to fund lending to Ukraine. It's also leaving open the possibility of raising funding through joint EU borrowing -- an option financial markets would also welcome -- or a combination of the two. But Belgium, home to Euroclear where the assets sit and concerned over legal repercussions, was quick to say the new proposals still don't address its concerns. The bloc also agreed to phase out Russian gas imports, which still account for 12% of its total imports, by late 2027. Chart of the day White House Economic Advisor Kevin Hassett is still overwhelmingly seen as the candidate Trump will nominate to succeed Jay Powell as Federal Reserve Chair, according to betting site Polymarket. Today's events to watch * ADP national employment report (November) * U.S. industrial production (September) * ISM services PMI (November) * S&P Global services, composite final PMIs (November) * U.S. corporate earnings: Dollar Tree, Five Below, Macy's, Thor Industries, PVH Corp, Torrid Holdings, Tillys Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. https://www.reuters.com/business/finance/global-markets-view-usa-2025-12-03/
2025-12-03 11:29
Cyclone death toll climbs to 474, over 350 still missing People dig through mud to retrieve bodies of friends, relatives Shop owners assess damages as they clear out slush left by floods, landslides MAWATHURA, Sri Lanka, Dec 3 (Reuters) - Villagers in Sri Lanka used spades on Wednesday to clear away mud as they searched for the bodies of relatives and friends days after 13 homes were flattened by a landslide in the dead of night caused by a cyclone that killed 474 people. Cyclone Ditwah barrelled through the Indian Ocean island nation last week, setting off the landslide in the central region of Mawathura that left only a broken window pane, walls of ruined homes, and a twisted red sari buried in the mud. Sign up here. "We managed to dig out my uncle, his wife, and his mother-in-law last night," Neil Jayasinghe, who runs a bakery in a nearby town, told Reuters. "We just wrapped them in a sheet and buried them nearby. There wasn't even a coffin." HUNDREDS KILLED ACROSS SOUTH, SOUTHEAST ASIA The cyclone was among deadly storms that recently swept across South and Southeast Asia to devastate large swathes of Indonesia, Malaysia, and Thailand, killing hundreds. More than 350 people are still missing in Sri Lanka after the cyclone, which brought the worst flooding in a decade and affected 1.2 million, the government says. Shantha Kumara, 49, was shifting bricks by hand, looking for bodies. "We made it to a temple nearby and returned at dawn, but by that time nothing was left," he said, describing his escape with his wife and three children when homes around his own crumbled. SHOPS ENGULFED IN MUD Clearing slush from his electrical repair shop in the town of Gampola, 71-year-old B.S. Wickramasinghe sifted through mud-caked radios assisted by his son, while sludge covered a pile of television sets nearby. "When the owners come and ask me for their TVs, I am just going to point to this, because there is no way I can replace them," he said, estimating his losses at about 7 million rupees ($23,000). Gampola lies in Kandy, the region hardest hit by the cyclone, with 118 deaths, authorities have said. Officials and volunteers at its government offices were coordinating efforts to provide cooked food, water, clothes, and other essentials to 8,000 people in 27 regional relief centres. Regional official Chinthani Herath said authorities would have to decide in the long run whether to shift hamlets to safer areas. "We will have to look at the location of these villages with the support of other government agencies," Herath added. ($1=308.6500 Sri Lankan rupees) https://www.reuters.com/business/environment/sri-lankans-sift-mud-unearth-victims-four-days-after-deadly-cyclone-2025-12-03/
2025-12-03 11:29
SAO PAULO, Dec 3 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Wednesday he expects U.S. counterpart Donald Trump to further cut tariffs on Brazilian products soon, following a phone call between the two leaders on Tuesday. Trump last month removed additional tariffs on several Brazilian food products, including coffee and beef, that he had announced in July to punish Brazil over the prosecution of former right-wing President Jair Bolsonaro. Sign up here. "We are close to hearing good news from the U.S.," Lula told TV channel Verdes Mares. He described his conversation with Trump as "extraordinary" and reiterated they agreed to cooperate in fighting organized crime. https://www.reuters.com/world/americas/brazils-lula-expects-more-us-tariff-cuts-after-call-with-trump-2025-12-03/
2025-12-03 11:28
Partial grid failure had left western provinces dark Fuel shortages, aging infrastructure blamed for grid collapses Imports from allies like Venezuela and Mexico fell sharply HAVANA, Dec 3 (Reuters) - Cuba said it had reconnected its electrical grid and was gradually restoring power after a partial collapse on Wednesday left capital Havana and much of western Cuba in the dark, the latest incident in an energy crisis that has left millions suffering from prolonged blackouts for months. Top energy officials said a main transmission line connecting Havana with the country's largest power plant in Matanzas failed around 5 a.m. (1000 GMT), but that workers had restored power to approximately 40% of the capital city by midday. Sign up here. At least four western provinces, from Pinar del Rio to Mayabeque, lost power early on Wednesday, officials said, though all had been reconnected to the grid within hours of the outage. Even before Wednesday's incident, much of Cuba was already experiencing daily blackouts extending as much as 20 hours or more. Havana, once protected from the brunt of outages, now regularly faces 10 hours or more without electricity each day. Officials warned a generation shortfall - today approximately two-thirds of demand even after repairing transmission lines - means regular blackouts will continue. Havana's ocean-front skyline was dark before sunrise, with only scattered hotels and hospitals lit with generators. Cell phone service was intermittent, and street and stop lights shut off. CUBA STRUGGLES TO KEEP LIGHTS ON The island's oil-fired power plants, already obsolete and struggling to keep the lights on, experienced a full crisis last year as oil imports from Venezuela, Russia and Mexico dwindled. Cuba's grid has collapsed several times since, with the government blaming fuel shortages, decrepit infrastructure and damage from Hurricane Melissa for worsening power outages. U.S. sanctions and a deep economic crisis have for years made it impossible for the government to buy enough fuel, forcing a dependence on allies. Crude and fuel imports in the first 10 months fell more than a third from a year ago as allies Mexico and Venezuela slashed supplies, according to shipping data and documents seen by Reuters. https://www.reuters.com/world/americas/cubas-electrical-grid-suffers-partial-collapse-havana-without-power-2025-12-03/
