2025-09-15 12:56
Sept 15 (Reuters) - HSBC expects a big oil surplus of 1.7 million barrels per day (mbd) from the fourth quarter of 2025, and a surplus of 2.4 mbd in 2026, exacerbated by the return of OPEC+ barrels over the next 12 months, it said in a note on Monday. At its meeting this month, OPEC+ opted to further increase oil production by 137,000 bpd in October, starting to unwind the 1.65 million bpd in cuts ahead of schedule. Sign up here. HSBC's latest oil market supply and demand model envisions OPEC+ gradually unwinding 1.65 million barrels per day in the "first-phase" voluntary production cuts over a 12-month period, HSBC said a week ago. The bank also saw a downside risk to its 2026 $65 per barrel Brent price assumption if stockbuilds materialise in the West. U.S. President Donald Trump urged EU officials last week to hit China with tariffs of up to 100% as part of a strategy to pressure Russian President Vladimir Putin. The bank's note on Monday stated that "outright losses in Russian supply are not in (HSBC's) base case (but) Russia will struggle to increase its output in line with OPEC+ quotas." The bank now expects only a modest production increase, lowering its end-2026 Russian production forecast by 300,000 bpd. https://www.reuters.com/business/energy/hsbc-sees-downside-risk-2026-brent-crude-oil-price-forecast-2025-09-15/
2025-09-15 12:52
WASHINGTON, Sept 15 (Reuters) - U.S. President Donald Trump on Monday called for Federal Reserve Chairman Jerome Powell to enact a "bigger" cut to benchmark interest rates and pointed to the housing market in a social media post ahead of the U.S. central bank's meeting this week. "'Too Late' MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!" Trump wrote, referring to Powell. Sign up here. https://www.reuters.com/world/us/trump-calls-bigger-interest-rate-cut-ahead-fed-meeting-2025-09-15/
2025-09-15 12:45
MILAN, Sept 15 (Reuters) - Italiana Petroli's founding family is nearing the sale of the oil refiner to State Oil Company of Azerbaijan (SOCAR) in a deal that would hand the group control of one of Italy's largest petrol station networks, three sources said. A deal with SOCAR is expected to be signed as early as Monday, two of the people said, barring any last-minute postponement. Sign up here. The sources did not disclose the financial terms of the agreement. People close to the matter had previously told Reuters Italy's Brachetti-Peretti family was seeking an enterprise value of around 2.5 billion euros ($2.9 billion) for their company, which holds some 500 million euros in cash. SOCAR and Italiana Petroli did not respond to requests for comment. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB with UniCredit advising the owner of IP. IP has a total refining capacity of around 200,000 barrels per day and operates a network of more than 4,500 fuel stations. It also owns important storage and transport assets in Italy, including for jet fuel. Last year it posted an adjusted core profit of nearly 500 million euros. The expected deal would follow the sale by Italy's Moratti family of its controlling stake in oil refiner Saras to global commodity trading house Vitol last year. These transactions underscore a broader trend of private investors retreating from Europe's refining sector, which has become increasingly volatile. The acquisition would boost SOCAR's presence in the Mediterranean fuel market. The company already owns the 200,000 bpd STAR refinery in Turkey. IP currently owns a refinery in Ancona in eastern Italy, as well as the SARPOM refinery in Trecate in the north. It also has a tolling contract for the Alma refinery in Ravenna. IP increased its refining and fuel storage capacity in 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N) , opens new tab Italian assets. ($1 = 0.8524 euros) https://www.reuters.com/business/energy/socar-close-buying-oil-refiner-italiana-petroli-sources-say-2025-09-15/
2025-09-15 12:32
Sept 12 (Reuters) - Transit technology maker Via Transportation (VIA.N) , opens new tab was valued at $3.5 billion on Friday after its shares fell 4.4% at open in their New York Stock Exchange debut. The stock opened below its $46 offer price before rebounding to close up 7.6% at $49.51. Sign up here. Via and selling shareholders raised $493 million by selling 10.7 million shares, priced above the marketed range of $40 to $44. The U.S. IPO market has revived as easing trade tensions and rising expectations of interest-rate cuts lift investor appetite for new issues, creating the busiest week for U.S. IPOs since 2021. Unlike traditional ride-hailing platforms, Via works with existing public transit networks rather than operating independently. The company provides software and operational services to cities, transit agencies, schools, and other institutions, combining on-demand ride sharing with intelligent routing to optimize public transit. The business is expanding, but it remains unprofitable. For the three months ended June 30, Via reported revenue of $107.1 million and a net loss of $21.2 million. "The model that Via offers brings its own challenges: lower margins, slower scaling across jurisdictions, and dependence on local relationships and regulatory compliance," said Kat Liu, vice president at IPO research firm IPOX, noting that exposure to public-sector budgets and regulatory complexity continues to pose risks. Changing climatic conditions, growing congestion and rapid urbanization have made it increasingly important to enhance public transit systems across the globe. Even so, performance among "tech" IPOs has varied. "While tech IPOs have been the most prominent this year, the standout performers have largely been in or related to AI and FinTech. Other tech segments have seen mixed, though generally positive, results," said Edward Best, partner at Willkie Farr & Gallagher. Via is one of the biggest transportation-related tech IPOs in the U.S., according to data from Dealogic. https://www.reuters.com/business/finance/transit-tech-firm-via-valued-35-billion-nyse-debut-2025-09-12/
2025-09-15 12:13
NEW DELHI, Sept 15 (Reuters) - Sanctioned vessel Noble Walker carrying Russian oil has changed course to India's Vadinar port after the country's Adani Group banned entry of blacklisted ships at its Mundra port, ship tracking data showed on Monday. The Noble Walker, carrying about a million barrels of Russian crude for Indian refiner HPCL Mittal Energy Ltd, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler. Sign up here. The vessel has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil. HMEL did not respond to a Reuters email seeking comment. Reuters has not been able to find any contact information for Mancera Shipping which owns Noble Walker, according to LSEG data. Last week, Adani issued orders barring entry of vessels that are sanctioned by the EU, Britain and the United States at its 14 ports including Mundra in western India. Indian refiners HMEL and Indian Oil Corp (IOC.NS) , opens new tab use the port for oil imports, including from Russia. India has become the biggest buyer of seaborne Russian oil after Western sanctions imposed on Moscow for its 2022 invasion of Ukraine. However, India has been tightening surveillance of vessels and transactions involving Russian supplies. Russian oil is mostly shipped by a so-called shadow fleet after the United States, EU and Britain imposed a raft of sanctions targeting vessels, traders and companies among others to curb Moscow's oil revenue, its economic lifeline. Another sanctioned tanker, Spartan, a suezmax carrying 1 million barrels of Russian crude, was anchored near Mundra port on Monday. The vessel was supposed to discharge its crude at the port on Monday, Kpler data showed. https://www.reuters.com/business/energy/sanctioned-ship-with-russian-oil-switches-indian-port-after-adani-ban-data-shows-2025-09-15/
2025-09-15 12:08
Orsted faces financial challenges amid Trump's anti-wind policies Orsted plans to issue 901 million new shares Issue price of DKK 66.6 vs Friday's close of DKK 200.3 Right to sell subscription rights limits share price fall COPENHAGEN, Sept 15 (Reuters) - Danish offshore wind developer Orsted (ORSTED.CO) , opens new tab will offer heavily discounted shares in its $9.42 billion rights issue to raise funds as U.S. President Donald Trump's resistance to renewable energy projects curtails its activities in the United States. Orsted has expanded rapidly over the past decade through an aggressive financing model, where it has sold stakes in projects under development to help to fund construction and free up capital for new projects. But it has recently faced supply chain disruption, surging interest rates and project delays. Sign up here. Two thirds of the new capital is earmarked for Sunrise Wind. Potential co-investors had fled the U.S. project after the White House ordered Norway's Equinor to halt a neighbouring wind farm in April. OVERALL AMBITION IS FOR A SUCCESSFUL RIGHTS ISSUE The world's biggest offshore wind developer set the price of its rights issue at 66.6 Danish crowns ($10.46) per share, a 67% discount to Friday's close of 200.3 crowns, or a 39% discount to a weighted price of 109 crowns derived when trading rights are subtracted, according to a prospectus. "The overall ambition is, of course, to make sure that the rights issue is a success," Orsted finance chief Trond Westlie told Reuters when asked about the subscription price. "It's consistent with ... transactions done in similar contexts and circumstances, and therefore we believe it's in line with market standards." Existing shareholders will have the right to buy 2.14 new shares for each share they currently own, with the option to sell their rights if they don't wish to participate. The company will now review its strategy of selling stakes in projects under development to help to fund construction, Westlie said. "Farm-downs have been a very profitable way when returns have been good and interest rates low. That has changed," he added. Orsted's shares lost 1.8% in Copenhagen by 1130 GMT and are down 85% from their January 2021 peak. Trading on Monday and Tuesday includes subscription rights, limiting the share price fall, Sydbank analyst Jacob Pedersen said, adding that when these begin to trade separately on Wednesday, the share price will drop sharply. LAWSUIT OVER STOP-WORK ORDER ON REVOLUTION PROJECT U.S. officials also issued a stop-work order last month against Orsted's nearly complete Revolution Wind project. The joint venture overseeing it subsequently filed a lawsuit against the administration. After the rights issue is completed, Orsted will have a liquidity reserve of 145 billion Danish crowns, which the CFO said would be sufficient to complete its current projects. Orsted has 420 million shares outstanding and plans to add 901 million new shares in the rights issue. The company's biggest shareholders, the Danish government with 50.1%, Equinor (EQNR.OL) , opens new tab with 10% and Andel A.M.B.A with 5%, have said they will participate in the share issue, which closes on October 2, with trading in the new shares expected to start on October 10. The sale of the remaining shares is fully underwritten by a group of banks. ($1 = 6.3661 Danish crowns) https://www.reuters.com/sustainability/climate-energy/offshore-wind-group-orsted-sets-deep-discount-share-issue-trump-policies-hit-us-2025-09-15/
