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Neste supplies 3 million gallons of sustainable fuel to Emirates Airlines

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Neste supplies 3 million gallons of sustainable fuel to Emirates Airlines

Emirates Airlines announced yesterday that it is expanding its partnership with Neste, strengthening the partnership to supply the carrier with more than three million gallons of sustainable jet fuel blends between 2024 and 2025.

Standard fuel (SAF), blended with conventional aviation fuel, will be available for the carrier’s flights departing from Amsterdam Schiphol and Singapore Changi International Airport throughout 2024 and 2025, Emirates Airlines said in a statement.

He pointed out that its expanded partnership with Neste has so far provided the largest volume of sustainable jet fuel to a carrier in the Middle East and Africa. 30% with conventional jet fuel.

By the end of this year, Emirates Airlines will be loading sustainable jet fuel from its hub in Dubai for the first time.

Compared to using conventional jet fuel, sustainable jet fuel reduces carbon emissions from airplanes by up to 80%.

Emirates Airlines President Tim Clark said, “The announcement of the partnership expansion with Neste represents a milestone in the history of Emirates Airlines and accelerates the procurement of sustainable jet fuel for our operations. It comes within a number of initiatives we are taking, focusing on reducing carbon emissions. These include operating more efficient aircraft, Starting in 2024, we will continue to update our aircraft and increase fuel efficiency in our operations.

For his part, Alexander Khyber, vice president of Europe, Middle East and Africa at Neste, said: “We are proud to extend the current collaboration with Emirates Airlines beyond 2024. Fuel, and support (Emirates Airlines) commitment.” “By reducing emissions by providing sustainable aviation fuel.”

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First flight

Earlier this year, Emirates Airlines, in partnership with Neste, succeeded in operating the first test flight in the region using 100% sustainable fuel in one of the two engines of a Boeing 777 aircraft, and the carrier’s first flight was conducted using a mixture of sustainable fuel with conventional jet fuel. In 2017, a Boeing 777 from Chicago In parallel, Emirates Airlines increased the proportion of standard fuel for flights from Stockholm, and currently operates flights from Paris, Lyon and Oslo using a mixture of two. Categories.

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Economy

EUR/USD Analysis Today: Euro Looking for Buyers

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EUR/USD Analysis Today: Euro Looking for Buyers

The Euro went back and forth during Thursday’s session, focusing on the 200-day EMA, an indicator that people sometimes focus on. At the same time, the market found itself testing the 1.0750 level, which had previously led to significant price volatility. Taking all factors into account, this situation highlights the situation where the Euro is preparing for a consolidation mode, which is waiting for an improvement in the US bond markets. Interest rates have played an important role in currency markets in recent times as traders discern the Federal Reserve’s stance on monetary policy – ​​whether it will ease or maintain a more conservative approach.

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Also, the recent decline in interest rates may indicate market expectations of an impending economic downturn, which tends to promote the safe-haven status of the US dollar. This dynamic manifests itself in increased demand for US bonds, which subsequently leads to lower yields and higher demand for the US dollar.

Further complicating the situation is the influx of capital into Europe, which is struggling with the problems of the Great Recession. Overall, prevailing landscape traders face short-term rallies, although support should remain in the intervention area. It’s worth noting that next Friday’s session will be important, as employment data could influence the central bank’s course of action, or at least the perception of what it may or may not do. The market will continue to ask a lot of questions about the EU, which will favor the US dollar. Additionally, if the world slips into a major recession, the US dollar is usually a safe haven for traders.

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Ultimately, the Euro is going through a challenging environment right now and the 1.0850 level is one to watch as it struggles with various factors. A break of this level could indicate an upward trend, although the current momentum is insufficient to facilitate such a move. It’s conceivable that a significantly weaker employment report could give the markets the momentum they need to return to volatility and make this market move very quickly. However, as we approach the end of the year, this could mean a decrease in volume, making markets difficult to predict.

Daily chart of EUR/USD

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Economy

Oil falls to lowest level in last 6 months

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Oil falls to lowest level in last 6 months

Oil prices fell to a six-month low on Thursday, driven by investor concerns about slowing energy demand in the United States and China at a time when U.S. production is near record highs.

Brent crude futures were down 25 cents at $74.05 a barrel, while US West Texas Intermediate crude futures were down four cents at $69.34, with both crudes hitting their lowest levels since late June.

John Evans, an analyst at PVM Oil, said: “Demand from the biggest global oil importer (China) is under pressure on prices, especially with the continuation of record production by the largest producer, the US.”

U.S. production is at an all-time high of more than 13 million barrels per day, according to U.S. Energy Information Administration data.

The Energy Information Administration said U.S. gasoline inventories rose 5.4 million barrels last week to 223.6 million barrels, more than five times the expected increase of one million barrels.

Concerns about the Chinese economy also limited oil price gains.

Chinese customs data showed crude oil imports fell 9 percent in November from a year ago due to higher inventory levels, weaker economic indicators and lower demand from independent refineries.

Although China’s total imports fell month-on-month, exports grew in November for the first time in six months, suggesting rising global trade flows could help the manufacturing sector.

Oil prices have fallen about ten percent since the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus group – which includes allies including Russia – announced a voluntary production cut of 2.2 million barrels per day in the first quarter of next year.

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On Thursday, the biggest oil exporters, Saudi Arabia and Russia, called on all OPEC Plus members to join a deal to cut production for the benefit of the global economy.

(Reuters)

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Economy

Gold rises as dollar weakens and U.S. jobs data expected by Reuters

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Gold rises as dollar weakens and U.S. jobs data expected by Reuters
© Reuters. Gold nuggets in a photo from the Reuters archive.

By Harshit Verma

(Reuters) – As the dollar fell on Thursday, investors could look to U.S. jobs data released later this week for fresh clues on the Federal Reserve’s path on interest rates.

It was up 0.3 percent at $2,030.20 an ounce by 0748 GMT. US gold futures were at $2,047.10 an ounce.

It fell 0.3 percent against rival currencies, with gold prices lower for holders of other currencies, while the 10-year yield hit a three-month low.

U.S. data released this week showed signs of a gradual slowdown in the U.S. labor market, with job openings falling to their lowest level in two-and-a-half years in October, while private sector employment rose less than expected last month.

Investors await U.S. nonfarm payrolls data to be released on Friday before the Federal Reserve updates its economic forecasts and interest rates at its fiscal policy meeting scheduled for Dec. 12-13.

“There is a widespread expectation that non-farm payrolls will be lower,” said Nicholas Vrabel, head of global corporate markets at ABC Refinery.

According to CME Group’s FeedWatch service, 60 percent of traders expect interest rates to fall by March 2024. Low interest rates support gold, which does not generate income.

For other precious metals, it was $23.87 per ounce. Platinum rose 0.5 percent to $894.03. An ounce was up 0.7 percent at $950.42.

(Prepared by Noha Zakaria for Arabian Bulletin – Editing by Salma Najm)

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