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☆ Ellis Island Museum: An American landmark is getting a $100 million makeover
▼ + stars: | 2024-04-04 | by ( Catherine E. Shoichet | ) edition.cnn.com time to read: +8 min

Today about 40% of the US population can trace their ancestry through Ellis Island, according to the National Park Service. A group of recently arrived immigrants carry their belongings on Ellis Island in the early 1900s. Courtesy Statue of Liberty - Ellis Island FoundationAfter decades of disrepair, a new museum was bornThe brick building that currently houses the museum opened in 1900. After processing more than 12 million immigrants, Ellis Island closed its doors in 1954 and fell into disrepair for decades. “Right now, it can feel in places like a book on the walls, because it’s a 34-year-old museum,” Brackenbury says.

Persons: CNN — Ellis, ”, Jesse Brackenbury, –, ” Brackenbury, Ellis, Ellis Island's, Ronald Reagan, Lee Iacocca, Brackenbury Organizations: CNN, – Ellis Island Foundation, National Park Service, Records Discovery, Ellis, Chrysler, of Liberty, National, Service, United, National Museum of Immigration Locations: America, New York, Ellis, United States, of New York, Port of San Francisco, New Orleans, Liberty, of, American

The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed on Tuesday. After the 1980 collision, he argued, more substantial dolphins or a fendering system should have been added to the Key Bridge. “You knock out one of the support posts, the entire bridge collapses.”The Key Bridge is hardly unique among large bridges in its age. Some other bridges that cross major shipping routes are designed with more extensive protections than the Key Bridge’s. In the wake of the Key Bridge collapse and with the rise of larger container ships, some experts said that engineers should reassess necessary bridge safety features.

Persons: Baltimore’s Francis Scott Key, It’s, Dali, Francis Scott Key, Jim Watson, ”, Rick Geddes, Wes Moore, That’s, Jean, Paul Rodrigue, Martin Bernetti, “, Mark Wilson, Hussam Mahmoud, Rod Sullivan, Arthur Ravenel Jr, Savannah’s Talmadge, Los Angeles ’ Vincent Thomas Bridge, ” Geddes, Barzin Mobasher, Mobasher, ” CNN’s Daniel Medina, Majlie, Puy, Yahya Abou, Ghazala Organizations: CNN, Getty, Cornell University’s Program, National Research, Evening Sun, Coast Guard, Sun, Maryland Gov, Texas, M University, Galveston, National Research Council, Maryland Transportation Authority, Francis Scott Key Bridge, Colorado State University, Sunshine Skyway, Tampa Tribune, New, Bridge, Arizona State University Locations: Bridges, Baltimore, AFP, Nagoya, Dali, Panama, United States, Panama City, Baltimore , Maryland, Tampa, Florida, Charleston , South Carolina, Los Angeles

Rock wall No obvious fender system Island Barrier Fender No obvious fender system Rock wall Island Barrier FenderHow Fenders Might Have Protected Against Bridge CollapseThe Francis Scott Key Bridge did not have an obvious fender system, or protective barriers, to redirect or prevent a ship from crashing into the bridge piers. Francis Scott Key Bridge Patapsco River Pier No obvious fender system Francis Scott Key Bridge Patapsco River Pier No obvious fender system The New York Times; aerial image via NearmapEngineers point out that some other bridges have more robust barriers. The Verrazzano-Narrows Bridge in New York City has rock walls surrounding its piers. Verrazano-Narrows Bridge New York Harbor Pier Rock wall STATEN ISLAND Verrazano-Narrows Bridge Pier New York Harbor STATEN ISLAND Rock wall The New York Times; aerial image via Vexcel ImagingIsland barriers were installed around the Sunshine Skyway Bridge piers in Tampa Bay, Fla., after a ship crash caused the span’s collapse in 1980. Sunshine Skyway Bridge Tampa Bay Pier Island barrier Sunshine Skyway Bridge Tampa Bay Pier Island barrier The New York Times; aerial image via Vexcel ImagingEven smaller bridges like this one near Cape May, N.J., have fenders.

Persons: Francis Scott Key Organizations: New York Times, Nearmap Engineers, Sunshine, Sunshine Skyway, Creative Composites, Times Locations: New York City, York, Pier, STATEN, Tampa Bay, Fla, Tampa, Cape May, N.J, county

☆ Corner Offices Are Out; Collaboration Is In. Say Hello to the New Law Firm.
▼ + stars: | 2024-02-27 | by ( Ellen Rosen | Maansi Srivastava | ) www.nytimes.com time to read: +1 min

In January, the law firm Crowell & Moring traded its New York offices in an early 1980s building in Midtown Manhattan for a newly built space on the West Side, with sweeping views of the Hudson River and New York Harbor. The law firm’s previous office layout was “essentially wasted space,” said Philip T. Inglima, the firm’s chairman. Crowell & Moring makes better use of the square footage in its new location, which includes features like sit-to-stand desks, video technology for hybrid meetings and double-pane glass for soundproofing, Mr. Inglima said. Larger law firms nationwide have been shedding space even as they have added lawyers. “We don’t have everybody in the office all the time, and that’s why we don’t necessarily need that larger footprint,” said Sharis A. Pozen, the law firm Clifford Chance’s regional managing partner, for the Americas.

Persons: Crowell, ”, Philip T, Moring, Inglima, Clifford Organizations: Moring, Crowell Locations: New York, Midtown Manhattan, Hudson, Americas

☆ The relentless focus on White Christian nationalism is spreading a racist myth
▼ + stars: | 2024-02-03 | by ( John Blake | ) edition.cnn.com time to read: +15 min

That’s how critics have described White Christian nationalism, a deviant strain of religion that has infected the political mainstream. But there is another cost to the spread of White Christian nationalism that no one mentions. The relentless coverage of White Christian nationalism is spreading a racist myth: that Whiteness is the default setting for evangelical Christianity. In a February 2023 survey, nearly two-thirds of White evangelical Protestants qualified as sympathizers or adherents to Christian nationalism. However, he rejects the political beliefs associated with White Christian nationalism.

Persons: CNN — It’s, ”, Pastor Peter Lim, ” Lim, he’s, “ It’s, It’s, White, Carolyn Chen, Ella Sophie Bessette, you’re, “, Walter Kim, Tom Lin, William Barber II, Chen, Trump, John Minchillo, browning, — it’s, John C, Richards, Jr, Jim Crow, Mark Noll, ” Richards, “ I’m, John Onwuchekwa, Lyndon B, Johnson, Lady Bird Johnson, Hubert Humphrey, Edward Kennedy, Robert Kennedy, Onwuchekwa, ” Maria Antonetty, Tina Fineberg, don’t, Lim, William J, Barber, Oliver Contreras, We’re, John Blake Organizations: CNN, White, Christianity, of Atlanta, Berkeley Center, Republican, Princeton, Harvard, Stanford, UC Berkeley, Oral Roberts University, National Association of Evangelicals, InterVarsity, USA, Christian, MLK, Saint Mark Baptist Church, White Americans, Liberty, New, Southern Baptist Convention, Cornerstone Church, Primitive Christian, Washington Post, Asian Pacific American Religions Research Initiative Locations: America, White, American, Korean, Taiwanese, Asian, Africa, Silicon Valley, Taiwan, Korea, Mexico, Little Rock , Arkansas, Georgia, New York, New York City, Crete, Atlanta, Asia, Washington , DC

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsDec 4 (Reuters) - Caterpillar (CAT.N) is investing in recycling technology developer Nth Cycle as part of a push to boost the reuse of metals used to make batteries and construction equipment. "The beauty of our system is that it's truly modular," Megan O'Connor, Nth Cycle's co-founder and CEO, said in an interview. Texas-based Caterpillar, which makes heavy machinery emblazoned with its iconic yellow paint, said Nth's Cycle's technology can "help get valuable materials" back into circulation. "Caterpillar's collaboration with Nth Cycle supports our commitment to helping our customers achieve their climate-related objectives and establishing a circular value chain," said Rod Shurman, Caterpillar's senior vice president of electrification and energy solutions, in a statement released by Nth Cycle. Equinor had invested in Nth Cycle's last funding round, announced in 2022.

Persons: Brendan McDermid, Megan O'Connor, Nth's, Rod Shurman, Caterpillar's, Equinor, Ernest Scheyder, Kirsten Donovan Organizations: Caterpillar, REUTERS, Earth Ventures, Thomson Locations: Harbor, Brooklyn , New York, U.S, Massachusetts, Ohio, Texas

☆ Phillips 66's refining operations come under activist radar
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +4 min

REFINERIES:WOOD RIVER, Roxana, Illinois, refining capacity: 356,000 barrels per day (bpd)Largest Phillips 66 refinery by operating capacity. LOS ANGELES: Carson and Wilmington, California, capacity: 139,000 bpdTwo sites linked by pipeline, producing California Air Resources Board-grade gasoline and fuel-grade petroleum coke. *SAN FRANCISCO: Santa Maria, Wilmington, California and Rodeo, Rodeo, California, capacity: 120,200 bpdPhillips 66's San Francisco operations consisted of two sites: Santa Maria refinery in Wilmington, California and Rodeo refinery in Rodeo, California. INTERNATIONAL REFINERIES:HUMBER, North Lincolnshire, United Kingdom, total throughput: 245,000 bpdProduces transportation fuels, petrochemical feedstocks, home heating oil and petroleum coke. MiRO, Karlsruhe, Germany, total throughput: 61,000 bpdProduces transportation fuels, petrochemical feedstocks, home heating oil, bitumen, and petroleum coke.

Persons: Bing Guan, refiner Phillips, Phillips, Santa, Santa Maria, Shariq Khan, Matthew Lewis Organizations: Phillips, Los, Los Angeles Refinery, REUTERS, Investment Management, Energy, Exports, California Air Resources, INTERNATIONAL, MiRO, . Energy, Thomson Locations: Los Angeles, Carson , California, U.S, Wood, Borger, Roxana , Illinois, Midcontinent, BORGER, Borger , Texas, West Texas, New Mexico , Colorado, SWEENY, Old Ocean , Texas, United States, America, LAKE CHARLES, Westlake , Louisiana, Europe, Linden , New Jersey, York, Bayway, East Coast . PONCA CITY, Ponca City , Oklahoma, ANGELES, Carson, Wilmington , California, California, California , Nevada, Arizona, FERNDALE, Ferndale , Washington, BILLINGS, Billings , Montana, Montana , Wyoming , Idaho , Utah, Colorado, Washington, Santa Maria, Rodeo , California, Francisco, HUMBER, North Lincolnshire, United Kingdom, Karlsruhe, Germany, Switzerland, France, Austria, San Francisco, Bengaluru

☆ See photos of the last prison ship still operating in the US. The 5-story vessel is slated to close this week.
▼ + stars: | 2023-10-31 | by ( Associated Press | Haley Tenore | ) www.businessinsider.com time to read: +9 min

America's last functional prison ship, New York's Vernon C. Bain Correctional Center, is closing. The Vernon C. Bain Correctional Center was originally meant to solve overcrowding at Rikers Island. Vernon C. Bain currently houses 500 incarcerated people, though it has 800 beds. Inmates can be seen playing basketball on the Vernon C. Bain court. It's unclear what the future for the Vernon C. Bain Correctional Center is after inmates are all transferred out.

Persons: New York's Vernon C, —, Kenneth Williams, Williams, Vernon C, Seth Wenig, United States —, Bain, Gregory Acevedo, Stephan Khadu, Darren Mack, Gary Hershorn, who've, David Dee Delgado, Edward Koch, Khadu, Joseph B, Frederick, Lezandre Khadu, Stephan Khadu's, Rudy Giuliani, David Howells, Corbis, Latima Johnson, Johnson Organizations: Bain Correctional Center, Service, New York City's, Bain Correctional, AP, Department of Correction, Bain, New, New York, Getty Images Locations: New York's, Brooklyn, New, Bronx, United States, New York, Rikers, New York City, California, South Bronx, —

European distillate inventories were 25 million barrels (-6% or -0.84 standard deviations) below the seasonal average at the end of September. Singapore distillate stocks averaged 3 million barrels (-23% or 1.30 standard deviations) below the seasonal average in September. Chartbook: Global distillate inventories and pricesPortfolio investors have been reducing their exposure to middle distillates since late August, which has likely anticipated, accelerated and amplified the retreat in prices and margins. But inventories are already tight; any expansion will cause them to deplete further, rapidly putting renewed upward pressure on prices. Related columns:- U.S. manufacturing rebound will stretch diesel supplies (October 5, 2023)- Funds grow bullish on crude, cautious on distillates (September 18, 2023)- Global diesel shortage boosts prices (September 13, 2023)- U.S. diesel prices surge anticipating a soft landing (August 11, 2023)John Kemp is a Reuters market analyst.

Persons: Eric Gaillard, John Kemp, Jane Merriman Organizations: REUTERS, ICE Futures, U.S . Commodity Futures Trading Commission, U.S . Energy Information Administration, Global, U.S, Thomson, Reuters Locations: Nice, France, Singapore, New York, United States, U.S, Europe, China

☆ How 1880s technology made it possible for 2 women to travel around the world in under 80 days
▼ + stars: | 2023-10-07 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +19 min

In 1889, journalist Nellie Bly set off on a trip around the world, trying to make it under 80 days. "You see a huge emphasis being placed on building ships that were ever faster than the previous generation of ships," Goodman said. Once aboard the train, Bly began to receive telegrams from her editors and well-wishers. "Sometimes it literally literally just says, 'Nelly Bly's train,'" Behn said. For Behn, what Bly and Bisland did remains incredible and deserve to be remembered as much as Verne's story.

Persons: Nellie Bly, Elizabeth Bisland, —, Jules Verne's, Bly, Bisland, Adrien Behn, Matthew Goodman, Elizabeth Bisland's, Victoria, Augusta Victoria, Henry Guttmann, seasickness, Behn, San Francisco —, Bettmann, Goodman, John Mix Stanley, Said, Getty Images Bly, they'd, Alfred Touchemolin's, voyaged, She'd, James Buchanan, Joseph Pulitzer's, Nelly Bly's, Jules Verne, Thomas Cook, Fogg, Nelly, she'd Organizations: Service, Cosmopolitan, Atlantic, Hulton, Western, Central Pacific, Union Pacific, Union Pacific's Overland, Rockies, Railroad, US, Ships, Suez, Getty Images, Workers, SSPL, Headquarters, Thomas Cook &, Companies Locations: London, New Jersey, New York, California, Blackwell's, of, New York Harbor, Chicago, Omaha, Utah, San, Salt, Union, Iowa, San Francisco, Midwest, Between Nebraska, Sacramento , California, Sierra Nevada, Lake Jessie , North Dakota, Washington ,, Philadelphia, Suez, Europe, Asia, Africa, Britain, India, Port Said, Egypt, Yemen, commonwealths, British, Aden, Colombo, Penang, Hong Kong, Singapore, Ceylon, Yokohama, France, Germany, America, South China, Nevada, Russian Empire, East, North America, London's, Italy, Ireland, United States, Japan, China

☆ Eric Adams Has the Chance to End the Forever War on Rats - The New York Times
▼ + stars: | 2023-08-27 | by ( Jason Munshi-South | ) www.nytimes.com time to read: +2 min

Mayor Eric Adams of New York, who often uses public appearances to reiterate that he “hates” rats, hired a rat czar this year dedicated to exterminating them. As rat hater in chief, Mr. Adams has continued the long “war on rats” that New York City mayors have waged for decades, with limited success. I’m an urban ecologist who’s studied New York City rats for 12 years, and I can say that the way the city and its residents have tried to exterminate rats, through traps and poisons, has been both ineffective and unnecessarily brutal. Today’s New York still has filthy streets, plus population density and aging infrastructure, making it a perfect home for its rats. City agencies have heavily relied on using rat poison; in 2021 alone, they applied over 60,000 pounds of rodenticide poisons.

Persons: Eric Adams, “, Adams, who’s, Kathleen Corradi Locations: New York, New York City, Today’s, York

Futures prices for ultra-low sulphur diesel delivered in New York Harbor in September climbed to $135 per barrel on Aug. 9, up from $95 on May 31. Prices for diesel and other distillate fuel oils have been rising much faster than for crude petroleum, widening margins for refiners. Diesel prices are rising as traders anticipate that shortages will quickly re-emerge if the economy avoids falling into a recession later in 2023. The rapid escalation in diesel prices and hedge fund position building is a warning that capacity constraints and upward pressure on goods prices are likely to re-emerge relatively quickly later in 2023 and in 2024. Depleted diesel inventories are a sign that if the economy achieves a mid-cycle soft-landing the second phase of the current expansion could prove short and inflationary.

Persons: Guan, John Kemp, David Evans Organizations: Kinder, Phillips, Los, Los Angeles Refinery, REUTERS, U.S . Energy Information Administration, ICE Futures, U.S . Commodity Futures Trading Commission, U.S, diesel, Diesel, Thomson, Reuters Locations: Los Angeles, Carson , California, U.S, United, New York Harbor, Europe, Singapore

☆ Blaise Cendrars at the Morgan: A Modern Match of Poetry and Painting
▼ + stars: | 2023-08-03 | by ( Jason Farago | More About Jason Farago | ) www.nytimes.com time to read: +1 min

The Big Apple is a good place for reinvention, and the Swiss poet Frédéric-Louis Sauser had reason for a restart here in the spring of 1912. At 25 years old he’d washed up in New York Harbor, nearly penniless after trying his luck in Russia and Brazil. Henceforth he would be called Blaise Cendrars: a name for a poet of fire, a promise of ash (cendres) and art. “Blaise Cendrars: Poetry Is Everything,” at the Morgan Library & Museum, is one of the most appealing and eye-opening shows of the summer — a concentrated pop of free-spirited trans-Atlantic modernity, alive with rich color and typographical pyrotechnics. If you haven’t heard of Cendrars, you’re not alone; in an intro French poetry class you are more likely to encounter his good friend Guillaume Apollinaire, a more polished example of modern alienation and fractured style.

Persons: Frédéric, Louis Sauser, he’d, chucked, Sauser, ”, Blaise Cendrars, “ Blaise Cendrars, you’re, Guillaume Apollinaire Organizations: nickelodeon, First Presbyterian Church, Morgan Library & Museum Locations: Swiss, New York Harbor, Russia, Brazil, Greenwich Village, New York

☆ Caterpillar hits an all-time high, delivering big on an item that sank the stock last quarter
▼ + stars: | 2023-08-01 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Club holding Caterpillar (CAT) delivered another strong quarter before the opening bell Tuesday, sparking a much-deserved rally of more than 8% to an all-time high above $287 per share. Revenue in the second quarter increased 22% year over year to $17.32 billion, exceeding estimates of $16.49 billion, according to Refinitiv. On the call, management called out strong demand in both North American residential and nonresidential construction. Fortunately, China represents less than 5% of sales with weakness being more than offset by strong demand elsewhere in the Asia/Pacific region. Caterpillar dealers are independent businesses and they're not going to increase inventory levels if they aren't seeing strong demand on the near-term horizon.

Persons: —, Jim Cramer's, Jim Cramer, Jim, Brendan McDermid Organizations: Caterpillar, Revenue, Financial, Construction Industries, . Resource Industries, Energy, Transportation, Machinery, Energy & Transportation, CNBC Locations: North America, America, Europe, Africa, Asia, Pacific, China, Harbor, Brooklyn , New York

☆ 5 key vessels playing a big role in Titan submersible search efforts
▼ + stars: | 2023-06-22 | by ( Brad Lendon | ) edition.cnn.com time to read: +2 min

• Motor Vessel Horizon Arctic: The Canadian 307-foot anchor handling vessel has a hangar for remotely operated vehicles (ROVs) with a launch and recovery system. The remotely operated vehicle, or ROV, Victor 6000. (The Titanic wreck is at almost 13,000 feet.) One other key piece of equipment in any rescue could be the US Navy’s Flyaway Deep Ocean Salvage System (FADOSS). A US official said Wednesday the Navy was trying to find and contract a ship that could carry the FADOSS.

Persons: •, John Cabot, Sean Leet, Stephane Lesbats, Victor, Shannon Stapleton Organizations: CNN — Marine, Atlantic, US, Coast Guard, Canadian Coast Guard, Horizon Maritime Services, Victor, French Oceanographic, Canadian Navy, Fleet, Reuters, Salvage, Wednesday, Navy Locations: Canadian, Glace Bay, Glace, New York, Magellan, Guernsey, British

☆ The Army Corps’s Flood Plan Could Ruin New York’s Waterfront. It Doesn’t Have To. - The New York Times
▼ + stars: | 2023-06-15 | by ( ) www.nytimes.com time to read: +14 min

Mr. Gutman is an environmental planning consultant and a member of the New York-New Jersey Storm Surge Working Group. In terms of population at risk, New York City is the most vulnerable city in the country, according to Climate Central, a nonprofit research organization. These highly effective and reliable harborwide surge barriers can protect large areas while leaving shorelines free for recreation and other uses. Hudson River Park 12 feet 12 feetHudson River Park 12 feet 12 feetHudson River Park 12 feet 12 feetGantry Plaza State Park 12 feet 12 feetGantry Plaza State Park 12 feet 12 feetImagine bicycling up the Hudson River Greenway in Manhattan next to a concrete wall between you and Hudson River Park. It consists of walls, small storm surge barriers and other shoreline barriers.

Persons: Robert Yaro, Daniel Gutman, Quoctrung Bui, Taylor, John Lehr, Yaro, Gutman, Hurricane Sandy, Rohit Aggarwala, Aggarwala, Jeroen Aerts, “, Sandy Hook, Arthur, Sandy, David Ralston Organizations: The New York Times, Regional Plan Association, Metro Flood Defense, New Jersey Storm, U.S . Army Corps of Engineers, Corps, Hurricane, Climate Central, United Nations, New, LaGuardia Airport, Vrije University Amsterdam, New York City, Bronx Manhattan, Bronx Manhattan Jersey City Queens, Bronx Manhattan Jersey City Queens Brooklyn Jamaica Bay, U.S . Army Corps, Engineers, Oceanographic, Dade Locations: York, New, New York, New Jersey, floodwalls, New York City, Rotterdam, Netherlands, London, St, Petersburg, Russia, New York Harbor, Central, Greenpoint, Manhattan’s, Jersey City, Hudson, Greenway, Manhattan, United, Jersey, Bronx, Queensbridge, South Williamsburg, Yonkers, Ossining, Market, Newtown, New York State , New Jersey, Brooklyn, Staten Island, Arthur Kill, Jamaica, Bronx Manhattan Jersey, Bronx Manhattan Jersey City Queens Brooklyn, Bronx Manhattan Jersey City Queens Brooklyn Jamaica Bay Staten, Texas, Galveston, Houston, Hurricane, Miami

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. WTI was headed for its highest close since May 26 and Brent on track for its highest close since May 29. Open interest in futures contracts rose on Thursday to the highest since July 2021 for Brent and March 2022 for WTI. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brendan McDermid, Brent, WTI, Baker Hughes, Craig Erlam, Erlam, Shadia Nasralla, Andrew Hayley, Susan Fenton, Kirsten Donovan, David Gregorio Our Organizations: REUTERS, Congress, YORK, U.S, . West Texas, WTI, Senate, U.S . Federal Reserve, Organization of, Petroleum, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen, London, Beijing

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. REUTERS/Brendan McDermidLONDON, June 2 (Reuters) - Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer and jobs data indicated a possible rate hike pause, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Earlier signals of a potential pause in rate hikes by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S. dollar , making oil cheaper for holders of other currencies. Meanwhile, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture. Reporting by Shadia Nasralla; additional reporting by Andrew Hayley; editing by Susan Fenton and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid LONDON, Shadia Nasralla, Andrew Hayley, Susan Fenton, Kirsten Donovan Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, U.S ., Organization of, Petroleum, U.S . Institute for Supply Management, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, China

☆ Oil prices rise as Congress approves US debt ceiling bill
▼ + stars: | 2023-06-02 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermidBEIJING, June 2 (Reuters) - Oil prices rose on Friday amid bullish sentiment following the passage of a U.S. debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend. Further reductions in OPEC+ output following their surprise cut of 1.16 million barrels per day in April would be bullish for crude prices. Other market observers have pointed to weak manufacturing data out of China and the U.S. as making OPEC+ cuts more likely. "Oil prices are stabilizing after a round of disappointing global manufacturing data supported the case for OPEC+ to deliver another production cut," said Edward Moya, a senior market analyst at OANDA. However, traders are "thinking that Russia might not necessarily stick to a hard stance on output cuts, especially since they are struggling to commit to their quotes," Moya added.

Persons: Brendan McDermid, Goldman Sachs, Edward Moya, Thursday's, Moya, Andrew Hayley, Jamie Freed, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, Thursday's, Energy Information Administration, Organization of, Petroleum, Reuters, HSBC, OANDA, U.S ., Institute for Supply Management, PMI, P Global, Thomson Locations: New York Harbor, of, New York City, U.S, Brendan McDermid BEIJING, Washington, Russia, China, P Global China

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. REUTERS/Brendan McDermidLONDON, June 2 (Reuters) - Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Earlier signals of a potential pause in rate hikes by the Federal Reserve also provided support to oil prices, not least by weighing on the U.S. dollar , making oil cheaper for holders of other currencies. Investor attention is also fixed on the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, collectively called OPEC+. Meanwhile, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brendan McDermid LONDON, Shadia Nasralla, Andrew Hayley, Susan Fenton, Jason Neely Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, U.S ., Organization of, Petroleum, U.S . Institute for Supply Management, PMI, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, China

☆ Fleet Week begins in NYC
▼ + stars: | 2023-05-25 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Sailors and Marines line the deck of the USS Wasp, an amphibious assault ship, as it sails past the Statue of Liberty to arrive in New York Harbor during the parade of ships to kick off "Fleet Week 2023" in New York City, U.S., May 24, 2023.

☆ Refiners Have a Lot Riding on Summer Driving Season
▼ + stars: | 2023-05-04 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Marathon Petroleum sees weakening margins in Asia and Europe as a bullish sign for U.S. crack spreads. Photo: David Ryder/Bloomberg NewsThe business of turning crude oil into fuel is still very lucrative for U.S. refiners, but recent declines in pump prices and refiner profitability elsewhere are casting a cloud over their outlook. The plunge has been especially notable for distillates, which are used for diesel and jet fuel. Ultralow sulfur diesel is roughly $2.21 a gallon in New York Harbor, down 33% year to date. Distillate cracks on the Gulf Coast—the spread between the price of crude oil and the price of distillate product—have declined to $18.41 a barrel, down 70% year to date.

☆ The US economy is slowing down. Just look at the freight recession that's sent diesel prices tumbling.
▼ + stars: | 2023-04-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The US is seeing a "freight recession," meaning fewer trucks delivering goods across the country. The slowdown in deliveries comes as diesel prices have dropped by roughly half since last year. The American Trucking Association's truck tonnage index dropped to the lowest since August 2021. Wholesale diesel prices in New York Harbor tumbled to $2.65 a gallon from $5.34 last May, per the Journal. And in an earnings call last week, JB Hunt executives sounded the alarm on a "freight recession" as the shipping company missed earnings views and reported across-the-board drops in volumes that sent revenue per truckload down by 17%.

☆ Sliding Diesel Prices Signal Warning for U.S. Economy
▼ + stars: | 2023-04-25 | by ( David Uberti | Bob Henderson | ) www.wsj.com time to read: 1 min

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.

Distillate stocks stood at 112 million barrels on April 14, down from 122 million on March 3, according to the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, April 19). The recent run-down in inventories has partially reversed the previous accumulation, which had seen the deficit narrow from -31 million barrels (-22% or –2.05 standard deviations) on October 7. CYCLICAL SLOWDOWNThe broader picture is still that U.S. distillate consumption is falling in line with the slowdown in manufacturing and freight activity. For now, inventories are still well below the long-term average, ensuring prices, calendar spreads and cracks have remained elevated. Related columns:- Global diesel prices fall as economic slowdown intensifies (April 5, 2023)- U.S. diesel consumption falls as economy slows (March 1, 2023)- U.S. diesel stocks start the year critically low (February 2, 2023)John Kemp is a Reuters market analyst.

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