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Why Gold Prices Are Hitting Records
  + stars: | 2023-12-05 | by ( Bob Henderson | Yusuf Khan | ) www.wsj.com   time to read: 1 min
Investors tend to go for gold when they are anxious. Gold gained more than 5% in the week after Hamas attacked Israel on Oct. 7. Photo: Michael M. Santiago/Getty ImagesThe prospect that interest rates might have peaked is powering gold prices to record highs. Futures for delivery of gold in December settled at $2,071 a troy ounce Friday, topping their previous high of $2051.50 an ounce hit in August 2020. Gold has advanced for seven of the past eight weeks, bringing its gain this year to 11%.
Persons: Gold, Michael M Locations: Israel
China ranks as the world’s largest consumer of copper. Photo: Yin Chao/VCG/Getty ImagesA prolonged slide in copper prices is challenging the world’s shift to renewable energy sources. Mining firms will need to dig up gigantic amounts of new copper over the next several years to supply the transition to renewables. But demand is slumping right now from manufacturers and builders who use the metal in everything from electrical wire to roofing.
Persons: Yin Chao Locations: China
Why Oil Prices Soared—and Why They Are Sinking Now
  + stars: | 2023-10-06 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/commodities-futures/why-oil-prices-soaredand-why-they-are-sinking-now-a4554b1d
Persons: Dow Jones
When OpenAI unleashed its humanlike ChatGPT software on the world last year, one thing was clear: These AI systems are coming for our jobs. But don’t write off the humans just yet. More than a century ago, the advent of the automobile was bad news for stable hands, but good for mechanics. And AI is already creating new opportunities. Here are a few of them.
Persons: OpenAI, don’t
Wall Street Expects Hot Oil Prices to Cool Down
  + stars: | 2023-09-29 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/commodities-futures/wall-street-expects-hot-oil-prices-to-cool-down-c3013500
Persons: Dow Jones
Fuel Prices Are Soaring. Who Is Feeling the Pinch?
  + stars: | 2023-09-14 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
Inflation fell every month for a year, but in July that trend ended with housing prices rising along with the prices for oil and gas. WSJ’s Dion Rabouin digs into August’s CPI inflation report and explains what’s really happening with prices. Photo: Stefani Reynolds/Agence France-Presse/Getty ImagesRising diesel prices are inflating the bills Brett McMahon is getting from the companies that truck in the plywood, rebar and other supplies his concrete-contracting business needs. Asking his clients to renegotiate contracts to ease that pain, he said, has been “hit or miss.”
Persons: Dion Rabouin, Stefani Reynolds, Brett McMahon, Organizations: Agence France
AI Funds Are Missing Out on the AI Stock Boom
  + stars: | 2023-08-21 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/ai-funds-are-missing-out-on-the-ai-stock-boom-45650843
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/your-electric-bill-is-likely-headed-lower-just-not-as-low-as-before-56c7b744
Persons: Dow Jones
Global Hunt for Crude Sends Offshore Oil Stocks Soaring
  + stars: | 2023-07-24 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/global-hunt-for-crude-sends-offshore-oil-stocks-soaring-8e4f77a9
Persons: Dow Jones
U.S. Oil Boom Blunts OPEC’s Pricing Power
  + stars: | 2023-07-07 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-oil-boom-blunts-opecs-pricing-power-472567f
Persons: Dow Jones
New EPA Rules Pressure Biofuel Producers
  + stars: | 2023-06-25 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
A soybean processing facility in Greenwood, Miss. Soybean oil is a rapidly growing input for renewable diesel. Photo: Rory Doyle/Bloomberg NewsU.S. regulators spawned a booming industry for low-carbon trucking fuel. Shares of Darling Ingredients , the country’s largest renewable diesel producer through a joint venture, fell as much as 8%. Shares of Archer-Daniels-Midland and Bunge , which produce renewable diesel feedstocks, also slipped on the news.
Persons: Rory Doyle Organizations: Bloomberg News U.S, Environmental Protection Agency, Daniels, Midland, Bunge Locations: Greenwood, Miss
Drilling Stocks Plunge on Bets for Oil Price Slump
  + stars: | 2023-06-16 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/drilling-stocks-plunge-on-bets-for-oil-price-slump-e35d8b80
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/oil-traders-are-unfazed-by-potential-opec-production-cuts-a950e384
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/move-over-scotland-u-s-oil-enters-worlds-most-important-benchmark-d7602b5f
Persons: Dow Jones Locations: scotland
China’s Wavering Recovery Reverses Copper Rally
  + stars: | 2023-05-20 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chinas-wavering-recovery-reverses-copper-rally-b59e2eea
Anaergia’s Rialto bioenergy facility in California captures the methane emissions of up to 1,000 tons a day of food waste and turns it into fuel. Photo: AnaergiaA boom in the production of green trucking fuel is punishing renewable-energy producers across the country, thanks to the shifting market for California’s low-carbon fuel credits. U.S. production of so-called renewable diesel, which is made from feedstocks such as beef tallow and soybean oil, has tripled over the past three years. Truckers and fuel producers say the gains are driven by federal incentives and the state’s Low Carbon Fuel Standard program, which issues resellable credits to firms that sell low-carbon fuels such as ethanol in California.
A nationwide freight slowdown has helped cut U.S. diesel prices by half from last year’s record, raising concerns that parts of the world’s largest economy have begun to slow. Wholesale diesel recently fell to $2.65 a gallon in New York Harbor, down from $5.34 last May, after Russia’s invasion of Ukraine sent commodity markets haywire and turned prices advertised at gas stations into street-level reminders of inflation’s 40-year highs. Record diesel costs made it more expensive to operate excavators at construction sites, run machinery on farms, and haul goods from ports, rail yards or factory floors.
Annual production of renewable diesel tripled in the past few years and is projected to keep climbing. U.S. production of renewable diesel hit 5 million gallons a day for the first time in January, according to recent U.S. Energy Information Administration data, continuing a two-year boom. The biofuel is a key part of federal and state government plans to mitigate climate change by cutting carbon emissions. Production has swelled since 2021. Incentives from the Environmental Protection Agency and the state of California, combined with pandemic-depressed demand for conventional fuels, motivated many energy companies to start retooling refineries to make renewable diesel.
Oil has traded this year within a relatively narrow price range. Storage tanks at a California refinery. The economic fears gripping Wall Street have sparked outsize swings in oil prices, exacerbated by trading that investors and analysts say has little to do with the fundamental value of crude. One culprit is an arcane area of trading known on Wall Street as delta hedging, aimed at reducing the risks tied to directional price moves.
Escalating Demand for Soybean Oil Hits Possible Slowdown
  + stars: | 2023-03-19 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
Soybeans are a source of meal used mostly for animal feed, as well as soybean oil. Farmers and refiners are worried that a nascent boom in the market for soybean oil is being stalled by a challenge from an unexpected source: the Environmental Protection Agency. Prices for soybean oil, a byproduct left over after crushing the beans for animal feed, soared to records last year owing to growing government incentives to make it into diesel fuel. Then, in December, the EPA proposed to mandate less use of biomass-based diesel through 2025 than many had expected, pruning the value of credits the agency issues to makers of biofuels. Soybean oil futures dropped more than 15% in the week after the announcement.
More oil from shale regions such as the Permian Basin in western Texas is being directed to the Gulf Coast for shipment to overseas markets. A year of war in Ukraine has highlighted the return of oil as a source of U.S. financial influence and geopolitical power. As the West has shunned most Russian energy, unleashing a pressure campaign against the Kremlin’s petroleum revenues, record U.S. crude exports have helped fill the gap in Europe with the oil needed to produce gasoline, diesel and jet fuel.
More oil from shale regions such as the Permian Basin in western Texas is being directed to the Gulf Coast for shipment to overseas markets. A year of war in Ukraine is revitalizing U.S. oil exports as a source of financial influence and geopolitical power. As the West has shunned most Russian energy, unleashing a pressure campaign against the Kremlin’s petroleum revenues, record U.S. crude exports have helped fill the gap in Europe with the oil needed to produce gasoline, diesel and jet fuel.
Gasoline prices are up some 40% from two years ago. Amanda Morgewicz began delivering groceries for Instacart about two years ago. The extra money was good at first, but with gasoline now costing about $3.40 a gallon on average in the U.S., compared with $2.40 when she started, she is thinking harder about which orders to take on. The jobs that involve too much driving aren’t worth it anymore. “You have to be strategic about which ones you pick because you could really just be breaking even,” said Ms. Morgewicz, who lives in Walden, N.Y.
U.S. stock indexes suffered their worst session of the year Tuesday, dragged down by a disappointing forecast from Home Depot and growing concerns that the Federal Reserve will keep interest rates higher for longer. After rallying sharply to kick off 2023, stocks have stumbled in recent weeks as hot economic data have made investors anxious about the trajectory of U.S. monetary policy.
Rising Jet-Fuel Costs Threaten to Send Airfares Higher
  + stars: | 2023-02-02 | by ( Bob Henderson | ) www.wsj.com   time to read: 1 min
The recent surge in jet-fuel prices has yet to be fully priced into airfares, analysts say. Airfares have eased from last year’s highs. Now a resurgence in jet-fuel prices is threatening to push them higher again. Prices for the kerosene-based product have been climbing since December, propelled by diminished supplies after winter storms shut down refineries. Swelling demand has also pushed up prices, as millions of Chinese travelers took to the skies to celebrate the Lunar New Year and newfound freedom from Covid restrictions.
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