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☆ U.S. crude oil bounces after hitting seven-week low on surging U.S. inventories
▼ + stars: | 2024-05-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pumpjack is pictured in the Permian basin, Loco Hills regions, New Mexico, U.S., April 6, 2023. Liz Hampton | ReutersU.S. crude oil edged higher on Thursday after selling off to a seven-week low on a surge in petroleum inventories on softening demand. Here are today's energy prices: West Texas IntermediateBrentRBOB Gasoline June: $2.59 a gallon, up 0.57%. Natural Gas Oil prices tumbled more than 3% on Wednesday after U.S. commercial crude inventories, which exclude the strategic petroleum reserves, surged by 7.3 million barrels to 461 million barrels total last week. The rate at which refiners process crude and the average demand for gasoline is lower than the year-ago period despite summer driving season rapidly approaching.

Persons: Liz Hampton, Brent Those, Bob Yawger, Tamas Varga Organizations: Reuters, West Texas Intermediate Brent, Natural Gas, Mizuho Americas, Federal Reserve Locations: Loco Hills, New Mexico, U.S

☆ Surging oil prices may challenge the Federal Reserve's inflation fight
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation. U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91. Rising energy prices may affect the timing or magnitude of interest rate cuts, he said. The Federal Reserve is focused on bringing down core inflation, which excludes volatile energy and food prices. Escalating attacks are coming against a backdrop of an already tightening global crude market.

Persons: Brent, Bart Melek, Andy Lipow, Lipow, Bob Yawger, Yawger, Netanyahu, Manish Raj, White, Biden, John Kilduff, Kilduff, Melek, Saudi Arabia doesn't Organizations: Federal, American Automobile Association, West Texas, TD Securities, Lipow Oil Associates, Mizuho Americas, Valero, Philips, Marathon Petroleum, Velandera Energy Partners, Kyiv, JPMorgan, Financial Times, Again Capital, Bank of America, Saudi Locations: East, Eastern Europe, Iran, Israel, Ukraine, Damascus, Kyiv, Ukrainian, Russia, Saudi Arabia

☆ These oil companies could be the next takeover targets in Permian Basin after Diamondback deal
▼ + stars: | 2024-02-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.

Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon

☆ These energy stocks may rally after U.S. crude oil prices rose above a key level this week
▼ + stars: | 2024-01-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Occidental Petroleum and Diamondback Energy may be poised to rally after U.S. crude oil prices broke above a key resistance level on Friday, according to the chief market strategist at Miller Tabak. "That paves the way for higher prices," said Bob Yawger, managing director and energy futures strategist at Mizuho Americas. "If crude oil rolls back over, breaks below that level — that's going to tell you that I'm wrong. "And that tells me that if he's buying a stock that's highly leveraged to the price of oil, he believes oil prices are going higher." Just on Friday, Houthi militants claimed responsibility for a missile attack on an oil tanker, while a Ukrainian drone attack on a Russian fuel terminal on the Baltic Sea helped push oil prices higher earlier in the week.

Persons: Miller Tabak, Miller, Matt Maley, Bob Yawger, Yawger, WTI, Maley, It's, Diamondback, Buffett, Warren Buffett, Berkshire Hathaway, Friday's, Houthi Organizations: Occidental Petroleum, Diamondback Energy, West Texas, CNBC, Mizuho Americas, Occidental, Diamondback, United States Oil ETF, Berkshire, Wall Street Locations: Miller Tabak ., China, Occidental, Occidental's, Houston, FactSet, U.S, Russia, Ukraine, Ukrainian, Baltic

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

☆ Oil prices rise as US-led strikes in Yemen raise fears of wider conflict
▼ + stars: | 2024-01-12 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —US-led airstrikes on Houthi targets in Yemen rattled energy markets on Friday, sending oil prices sharply higher. Oil prices rose sharply after US-led strikes on multiple Houthi targets in Yemen in response to repeated attacks on commercial shipping in the Red Sea. Another concern is that oil facilities in Saudi Arabia could get hit by a retaliatory strike from the Houthis. In 2019, roughly 5% of world oil supply was briefly knocked offline in a large-scale drone attack on Saudi oil facilities. Despite Friday’s gains, oil prices remain lower than where they were before the October 7 attacks by Hamas against Israel due to concerns about oversupply.

Persons: Brent, “, ”, Robert Yawger, ” Yawger, John Kirby, CNN’s Becky Anderson, ” Kirby, ” Matt Smith, ” Helima Croft, Croft, ” Croft Organizations: New, New York CNN, Mizuho Securities, White House National Security Council, RBC Capital Markets, CIA Locations: New York, Yemen, East, Red, Iran, Saudi Arabia, Saudi, Gulf of Oman, Hormuz

☆ U.S. crude oil falls 4% as Saudi price cut heightens global demand worries
▼ + stars: | 2024-01-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

An employee in a branded helmet is pictured at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. U.S. crude oil declined 4% on Monday after Saudi Arabia slashed its prices, raising renewed worries that the market is oversupplied at the same time as demand is weakening. The Saudi price cut comes amid persistent market weakness due in large part to record U.S. crude production and softening demand in China. Maybe the landing might not be so soft," Phil Flynn of The Price Futures Group wrote on Monday. U.S. crude exports also rose by more than 1 million barrels per day to 5.2 million barrels per day in the same period.

Persons: Brent, Phil Flynn, Flynn, Antony Blinken, Bob Yawger, Yawger Organizations: West Texas Intermediate, Saudi Aramco, OPEC, The Price Futures, Mizuho, CNBC PRO Locations: Saudi Aramco, Abqaiq, Saudi Arabia, Saudi, China, ., Iran, Lebanon, Strait, Hormuz, U.S, Riyadh

☆ The Red Sea attacks are throwing supply chains into chaos — but US oil exports appear to be benefiting from them
▼ + stars: | 2024-01-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

International oil buyers are purchasing more US shale amid attacks on commercial ships in the Red Sea, said a Mizuho analyst. US petroleum exports rose by 35% on-week to nearly 5.3 million barrels a day for the week ended December 29. Oil prices have not been getting much of a boost from the Red Sea attacks. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe ongoing attacks on commercial ships in the Red Sea by Iran-backed Houthi rebels are causing chaos for the world's supply chains — but American oil exports appear to be benefiting from them.

Persons: —, Robert Yawger Organizations: Service, EU, Mizuho Securities USA, Business Locations: Red, Mizuho, Red Sea, Iran

☆ Oil prices could spike 20%, possibly double if Middle East conflict disrupts Strait of Hormuz
▼ + stars: | 2024-01-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Shipping can be rerouted away from the Red Sea, but crude would be essentially trapped if the strait is shut down, Struyven said. A prolonged disruption in the strait could eventually double oil prices, he said. McNally thinks the market should be factoring in a $12 geopolitical risk premium in oil prices right now. Wirth told CNBC's Sullivan that Chevron is currently working with the U.S. Navy to protect its vessels transiting the Red Sea. "Hopefully, if it doesn't escalate further, we'll be OK — even if there has to be a wholesale diversion of shipments around the Red Sea," Granholm said.

Persons: you've, Daan Struyven, Goldman Sachs, CNBC's Brian Sullivan, Struyven, Bob McNally, McNally, Bush, Antony Blinken, Daniel Yergin, Yergin, Michael Wirth, Tehran's, Wirth, CNBC's Sullivan, Joe Biden's, Jennifer Granholm, Granholm, Israel, Benny Gantz, Gantz, Biden's, Bob Yawger, Yawger, Brent Organizations: Shipping, Rapidan Energy Group, National Security Council, P Global, Brent, Chevron, U.S . Navy, NBC News . Energy, Mizuho, Energy Information Agency, Gulf Locations: Red, Iran, Hormuz, Persian, Israel, Strait, Yemen, Danish, U.S, Lebanon, Beirut, Lebanese, Islamic Republic, The U.S, Europe, South Africa, United States, East

☆ Oil tumbles nearly 6% to four-month lows
▼ + stars: | 2023-11-16 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

US oil prices tumbled almost 6% to a low of $72.16 a barrel — the lowest level since July 7. The selloff continues a sharp reversal from earlier this fall when oil prices threatened to hit $100 a barrel. The latest plunge in oil prices could help drive gasoline prices even lower for Thanksgiving. Analysts blamed the oil market selling on growing concerns about oversupply and weakening demand, including in China. The oil market is now in what’s known as contango, meaning prices are higher for the future than they are now.

Persons: ”, Robert Yawger, Yawger, Patrick De Haan Organizations: New, New York CNN, AAA, Analysts, Mizuho Securities Locations: New York, China, Israel

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Brent crude futures closed below $84 a barrel for the first time since Hamas Islamists' Oct. 7 attack on Israel. A recovery in oil exports from the Organization of Petroleum Exporting Countries also added to the pressure on oil prices, UBS analyst Giovanni Staunovo said. On the demand side, China's crude oil imports in October showed robust growth but its total exports of goods and services contracted at a quicker pace than expected. "There are concerns in the oil markets about both rising supply and sliding demand," said Mizuho analyst Robert Yawger.

Persons: Nick Oxford, Powell, Craig Erlam, Giovanni Staunovo, Staunovo, Brent, Fiona Cincotta, Neel Kashkari, Jerome Powell, Robert Yawger, It's, Shariq Khan, Trixie Yap, Yuka Obayashi, David Gregorio, Matthew Lewis Organizations: Midland , Texas U.S, REUTERS, bbl, BENGALURU, Brent, U.S, West Texas, Traders, Organization of Petroleum, UBS, U.S . Energy Information Administration, ., Minneapolis Federal, Investors, Thomson Locations: Midland , Texas, Israel, U.S, Bengaluru, Singapore, Tokyo

A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, U.S., March 17, 2023. Gasoline stocks (USOILG=ECI) rose by about 160,000 barrels in the week to 223.5 million barrels, the EIA said, compared with expectations for a 900,000-barrel drop. "It will reverse the gasoline crack," Yawger said, referring to the profit oil refiners can make producing gasoline from crude. U.S. crude futures last traded at just over $83 per barrel, while Brent crude futures was around $87.50 a barrel. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 213,000 barrels in the last week, EIA said.

Persons: Bing Guan, Bob Yawger, Yawger, Stephanie Kelly, Laura Sanicola, Marguerita Choy Organizations: REUTERS, Energy Information Administration, EIA, Mizuho, Brent, Cushing, Net, Thomson Locations: West, Iraan , Texas, U.S, Oklahoma

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Prices pared gains after U.S. government data showed U.S. crude inventories (USOILC=ECI) rose by 10.2 million barrels in the last week to 424.2 million barrels, much higher than analyst expectations for a 500,000-barrel rise. U.S. crude output also hit a record 13.2 million barrels per day in the week, the data showed. Meanwhile, the IEA lowered its oil demand growth forecast for 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. However, it raised its 2023 demand forecast to 2.3 million bpd from a forecast of 2.2 million.

Persons: Nick Oxford, Bob Yawger, Yawger, Giovanni Staunovo, Prince Abdulaziz, Novak, Prince Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Ahmad Ghaddar, Trixie Yap, David Gregorio, Kirsten Donovan Organizations: REUTERS, Brent, . West Texas, U.S, Mizuho, EIA, European Central Bank, UBS, Saudi Energy, IEA, Organization of, Petroleum, Thomson Locations: Cushing , Oklahoma, Lower U.S, Saudi, Israel, Russia, New York, London, Singapore

☆ Oil falls after Saudi pledge; investors keep wary eye on Israel
▼ + stars: | 2023-10-11 | by ( Nicole Jao | ) www.reuters.com time to read: +4 min

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Prices settled slightly lower on Tuesday after Saudi Arabia said it was working with regional and international partners to prevent an escalation, and reaffirmed its efforts to stabilise oil markets. Moreover, in the higher rates environment moving forward that “could put the brakes on the upside as far as crude oil,” Yawger said. Russia and Saudi Arabia met in Moscow on Wednesday, when Russian president Vladimir Putin said that OPEC+ coordination will continue "for the predictability of the oil market." Global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, the U.S. EIA said in an outlook.

Persons: Agustin Marcarian, Brent, WTI, …, ”, Bob Yawger, ” Yawger, Tamas Varga, Magid Shenouda, Vladimir Putin, Putin, Janet Yellen, Nicole Jao, Robert Harvey, Laura Sanicola, Muyu Xu, Sharon Singleton, John Stonestreet Organizations: REUTERS, Saudi, . Federal Reserve, . West Texas, . Energy Information Administration, Mizuho, Exxon Mobil, Natural Resources, Organization of, Petroleum, U.S, U.S . Federal, Treasury, EIA, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Gaza, Moscow, Brent, Israel, Palestinian, Russia, OPEC, U.S ., U.S, Europe, New York

Global benchmark Brent crude futures and U.S. West Texas Intermediate crude futures have declined about $10 a barrel in less than 10 days after edging close to $100 in late September. Brent futures settled $1.74, or 2.03%, lower at $84.07, while U.S. West Texas Intermediate crude futures were $1.91, or 2.3%, lower at $82.31. Government data on Wednesday also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to its lowest since the start of this year. On Thursday, the Turkish energy minister said a crude oil pipeline from Iraq through Turkey, which has been suspended for about six months, was ready for operations.

Persons: Brent, Dennis Kissler, Bob Yawger, Long, Andy Lipow, John Kilduff, Arathy Somasekhar, Paul Carsten, Katya Golubkova, Marguerita Choy, David Gregorio, Sharon Singleton, Jane Merriman Organizations: HOUSTON, Brent, . West Texas, U.S, West Texas, BOK Financial, Oil, Organization of, Petroleum, Mizuho, Lipow Oil Associates, New York ., Data, Thomson Locations: Russia, Saudi Arabia, New York, New York . U.S, U.S, Iraq, Turkey, Houston, London, Tokyo, Singapore

☆ Oil surges above $94 a barrel for the first time in a year as stockpiles shrink
▼ + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US oil prices topped $94 a barrel on Wednesday for the first time in over a year, threatening to push up prices at the pump and inflation across the economy. “There’s not a lot of oil there and that’s causing some nervousness,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The surge in oil prices could threaten the ongoing drop in gas prices. Kloza expressed cautious optimism that gas prices are still going lower, as typically happens after the summer ends. “We are probably getting in front of our skis a little bit,” Kloza said of energy prices.

Persons: Cushing, There’s, ”, Tom Kloza, Brent, Goldman Sachs, gunning, Robert Yawger, Yawger, you’re, ” Yawger, Kloza, “, ” Kloza Organizations: New, New York CNN, Oil Price Information Service, AAA, Bank of America, Mizuho Securities, Energy, Administration Locations: New York, Cushing , Oklahoma, Saudi Arabia, Russia

NEW YORK, Sept 6 (Reuters) - Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. Brent crude futures settled up 56 cents to $90.60 a barrel while U.S. West Texas Intermediate crude (WTI) futures settled up 85 cents to $87.54. "We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up," said Bob Yawger, director of energy futures also at Mizuho. On Tuesday, Saudi Arabia and Russia extended voluntary oil supply cuts to year end. Oil prices were down early on rate-hike concerns and investor worries about the economy after data showed the ISM non-manufacturing Purchasing Managers' Index (PMI) came in at 54.5, compared with expectations of 52.5.

Persons: Brent, Bob Yawger, Paul Carsten, Mohi Narayan, Arathy, David Evans, Jason Neely, Nick Zieminski, Nick Macfie, David Gregorio Our Organizations: West Texas, Mizuho, American Petroleum Institute, U.S . Energy, Administration, Labor, Saudi, REUTERS, Brent, PMI, IIR Energy, Thomson Locations: Saudi Arabia, Russia, U.S, Volgograd, Iran, Venezuela, Libya, London, New Delhi, Houston

Distillate inventories, which include diesel and heating oil, were by late August about 15% below the five-year average for this time of year, according to the Energy Information Administration. "We are living barrel to barrel and there is just no room for errors in the system," Price Futures Group analyst Phil Flynn said. Refiners have failed to build sizable stocks ahead of the seasonal surge in demand due to tight supplies of medium and heavy crude oil grades that are distillate-rich. Seasonal overhauls could take out around 2 million bpd of the country's 18.1 million bpd refining capacity, he said. "Even with soft demand, diesel inventories are stubbornly low, and cracks have rallied in search of supply or demand-side relief before winter," the analysts said.

Persons: Bing Guan, Phil Flynn, Refiners, Bjarne Schieldrop, SEB, Robert Yawger, Shariq Khan, Laura Sanicola, Marguerita Choy Organizations: Angeles Refinery, California Air Resources Board, Energy Information Administration, Futures, Organization Petroleum Exporting, Saudi, Bank of America, Thomson Locations: Angeles, California, Carson , California, U.S, Europe, OPEC, Ukraine, Garyville , Louisiana

The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Expectations of a steep decline in U.S. crude oil stockpiles have also benefited oil prices, UBS analyst Giovanni Staunovo said. U.S. crude oil inventories are expected to have dropped by 3.3 million barrels in the latest week, according to an extended Reuters poll on Tuesday. "Even with the potential for some demand destruction (from hurricane Idalia), the coming crude oil supply squeeze is becoming more painfully obvious," said Price Futures Group analyst Phil Flynn.

Persons: Hurricane Idalia, Idalia, Robert Yawger, Yawger, Giovanni Staunovo, Baker Hughes, Phil Flynn, Shariq Khan, Natalie Grover, Emily Chow, Josie Kao, Nick Zieminski Organizations: Kyodo, REUTERS Acquire, Companies, Florida U.S, Hurricane, Brent, U.S, West Texas, Federal Reserve, Hurricane Center, Labor, Chevron Corp, Chevron, UBS, American Petroleum Institute, Futures, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, BENGALURU, Florida, Miami, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Bengaluru, London, Singapore, Houston

Meanwhile, Hurricane Idalia is expected to strengthen into a major hurricane with maximum sustained winds of 125 miles per hour (201 kilometers per hour) before hitting the northwest coast of Florida early on Wednesday, according to the U.S. National Hurricane Center (NHC). The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday.

Persons: Brent, Hurricane Idalia, Idalia, Robert Yawger, Yawger, Shariq Khan, Natalie Grover, Emily Chow, David Goodman, Mike Harrison, Josie Kao Organizations: Kyodo, REUTERS Acquire, bbl U.S, Hurricane, . West Texas, Brent, U.S, Federal Reserve, National Hurricane Center, Labor, Chevron Corp, Chevron, Marathon Petroleum, American Petroleum Institute, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Florida, BENGALURU, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Garyville , Louisiana, United States, Bengaluru, London, Singapore, Houston

☆ Saudi Arabia extends oil production cut even as US gas prices hit nine-month highs
▼ + stars: | 2023-08-03 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —OPEC leader Saudi Arabia is extending its oil production cut for at least another month in a move that threatens to drive gasoline and other energy prices even higher. At almost the same time, Russia announced plans to cut oil exports by 300,000 barrels per day, in September according to Reuters. US oil prices rose 1.6% on Thursday to $81.05 a barrel. The prolonged supply restraint from Saudi Arabia and Russia comes even as oil prices have rebounded in recent weeks, helping to lift pump prices for US consumers to nine-month highs. Yawger noted that Russia and Saudi Arabia are relying on higher oil prices to fund their budgets.

Persons: Brent, ”, Rick Joswick, Robert Yawger, Yawger, Diesel Organizations: New, New York CNN, Saudi Ministry of Energy, Organization of, Petroleum, Reuters, P Global Commodity, Mizuho Securities, AAA, International Monetary Fund, International Energy Agency Locations: New York, Saudi Arabia, Russia, Ukraine

☆ Gasoline prices are spiking. That’s a problem for Powell and the Fed
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. All told, gas prices have spiked 9 cents in 48 hours. Lower gas prices have been central to progress on slowing price increases. The IMF warned on Tuesday that grain prices could rise by 10% to 15% because of the collapse of the grain deal. Yawger noted that soybean futures have also climbed sharply amid concerns about high heat hurting crops in the United States.

Persons: haven’t, “, ”, Patrick De Haan, unnerve, Jerome Powell, Francisco Blanch, Joe Brusuelas, Brusuelas, Robert Yawger, Yawger, De Haan Organizations: New York CNN, Federal Reserve, AAA, unnerve ’, Bank of America, RSM, IMF, Mizuho Securities, Hurricanes, Nature, ExxonMobil, CNN Locations: Russia, Ukraine, United States, Baton Rouge

NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."

Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore

☆ More than retail or hotels, the film industry is destroying the planet. But sustainable sets like Oscar winner 'The Whale' may offer a new way forward.
▼ + stars: | 2023-06-23 | by ( Parisa Hashempour | ) www.businessinsider.com time to read: +10 min

InsiderThe film industry has a sustainability problem, and it's massive: The average tentpole production — a film with a budget over $70 million — generates 2,840 tonnes of carbon dioxide, the British Film Institute reported. Yawger saw raw materials from industry waste transform into items such as tables, outdoor furniture, bowls, and benches. "It revealed the film industry was the second most polluting behind aerospace," Jennifer Sandoval, the director of service development at Earth Angel, told Insider. "Plastic and trash are very visible in the film industry, and people can understand why we need to change things," Yawger said. These changes might help drive a more climate-conscious narrative or simply enable Earth Angel to swap out a character's plastic water bottle for a reusable one.

Persons: Max, Leonardo DiCaprio's, Tamsin Hollo, Hollo, Quinn Yawger, Yawger, it's, we're, Jennifer Sandoval, Sandoval, NBCUniversal, Bosque Organizations: British Film Institute, Railroad, University of California, Netflix, United Locations: Thailand, Atlanta, Los Angeles, California, Niebla, Mexico, United Nations

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