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☆ Oil prices turn higher as Middle East ceasefire hopes wane
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: +2 min

Active pump jacks increase pressure to draw oil toward the surface at the South Belridge Oil Field on Feb. 26, 2022, in unincorporated Kern County, California. Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East. Brent crude futures rose 40 cents to $90.78 a barrel by 0032 GMT. U.S. West Texas Intermediate (WTI) crude rose 35 cents to $86.78. The market is continuing to weigh the risk of a disruption to oil supply.

Persons: Brent, Benjamin Netanyahu, Tony Sycamore, Pemex Organizations: Brent, . West Texas, IG, ANZ Locations: Kern County , California, Israel, Gaza, Cairo, Rafah, Syria, Tehran, Damascus, U.S, China, Americas, Europe

☆ Charlie Munger made billions for Berkshire Hathaway, but he made investing mistakes too
▼ + stars: | 2023-11-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But Munger made mistakes too, and cited Alibaba and Belridge Oil as two of his biggest investing errors. AdvertisementLegendary investor Charlie Munger was a shrewd investor who helped Berkshire Hathaway make billions. Here are the mistakes Munger has admitted to:Alibaba was 'one of the worst mistakes' Munger madeMunger's Daily Journal quadrupled its holding of Alibaba stock in the third quarter of 2021. Oil giant Shell acquired Belridge Oil in 1979 for about 30 times the price Munger had paid for the company's shares. "But I would have had twice as many billions if I'd just made a different decision about Belridge Oil."

Persons: Charlie Munger, Warren Buffet, Berkshire Hathaway, Munger, —, Munger —, Pinker, Alibaba, Jack Ma, they're Organizations: Service, Berkshire, Munger's Daily, Daily, Oil Munger, Belridge, Shell, Belridge Oil Locations: Berkshire, California, Munger's

☆ Feds vote to reduce bottlenecks in connecting new power sources to the energy grid
▼ + stars: | 2023-07-31 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

Also, power generators will have to meet certain requirements to keep their place in the queue, including a financial deposit. Deadlines and penalties for transmission providers: Transmission providers will have strict deadlines to to respond to power generators waiting in the queue, and will face penalties if they miss those deadlines. Also, power generators will be able to add a source of power to a single interconnection request. It can be so expensive to build new transmission, sometimes power generators can't afford the cost and have to cancel their power generation plans completely. Also, power generators wait for an average of five years in these queues because grid operators are flooded with interconnection queue applications.

Persons: Jeffrey Lamb, LADWP, Al Seib, George Rose, Rob Gramlich, Gramlich, Joseph Rand, Rand, Gregory Wetstone Organizations: Sylmar, Pacific DC, Los Angeles Department of Water, Los Angeles Times, Getty, Aera Energy, CNBC, Lawrence Berkeley National Laboratory, FERC, Vw, American, Renewable Energy Locations: Columbia, Oregon, California, Southern California, Angeles, Los Angeles , CA, CA, San Joaquin Valley, McKittrick , California, North, Lost, Kern County, Bakersfield, United States, Milford , Utah, Milford, Smithfield, ACORE

☆ Oil climbs more than 2% as recession fears begin to fade
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. Banking concerns have plagued the market recently after the collapse of three major regional banks. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

☆ Oil prices steady as investor focus shifts to demand outlook
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied in early Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy. The latest pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd including a 2 million barrel cut last October, according to Reuters calculations — equal to about 3.7% of global demand. "In the short term, demand is expected to rise for the summer driving season, but higher oil prices may intensify inflationary pressures and prolong interest rate hikes in many countries, which could dampen demand," he said. The OPEC+ production curbs led most analysts to raise their Brent oil price forecasts to around $100 per barrel by year-end. The news, however, added to investor worries about higher costs for businesses and consumers, raising fears that an inflationary jolt to the world economy from rising oil prices will result in more rate hikes.

☆ What OPEC's surprise production cut means for our oil stocks
▼ + stars: | 2023-04-03 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

Crude prices and oil stocks jumped Monday after OPEC+ members announced a surprise production cut, giving investors an opportunity to pare back their energy exposure. Oil prices rose more than 6% on Monday, with U.S. crude benchmark West Texas Intermediate climbing above $80 per barrel for the first time since early March. Halliburton (HAL) shares surged more than 8% Monday, to over $34 each, as the best-performing Club energy stock. Shares of Coterra Energy (CTRA), our energy stock most focused on natural gas, rose 2.3%. In the short run, Jim Cramer said, oil prices could certainly climb a bit higher, possibly back to the $90-per-barrel level.

☆ Oil prices soften; banking crisis and Chinese demand in focus
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trade on the prospect that a stalled Iran nuclear deal and Moscow's new mobilization campaign would restrict global supplies. Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China. Oil prices were also likely to continue drawing support from indications of recovering Chinese demand. "China's manufacturing and services PMIs will be a major economic driver to oil prices as positive data is most likely to further improve the demand outlook," Teng said. U.S. crude oil stockpiles were seen rising about 200,000 barrels last week, a preliminary Reuters poll showed on Monday.

☆ Oil markets steady as investors weigh banking crisis, Russia
▼ + stars: | 2023-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil markets are closely watching the sentiment in financial market, while oil fundamentals remain sidelined, said Vandana Hari, founder of oil market analysis provider Vanda Insights. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on demand for oil. Despite lowering output, Russia is expected to maintain crude oil exports by cutting refinery output in April, data from industry sources and Reuters calculations showed on Friday. Exports of Russian oil products have to date been more affected than crude exports by a recent European Union embargo, with tonnes of diesel stuck on ships awaiting buyers. Analysts said Russian crude inventories have been rising since September last year, and the country would likely want to avoid further stockbuilds during refinery maintenance season from March to June.

☆ Oil falls as U.S. holds off refilling strategic reserve
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: +2 min

Some pumpjacks operate while others stand idle in the Belridge oil field near McKittrick, California. Oil prices rose in early Asian trade on the prospect that a stalled Iran nuclear deal and Moscow's new mobilization campaign would restrict global supplies. Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve or SPR may take several years. The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel. On the supportive side, Goldman Sachs said commodities demand was surging in China, the world's biggest oil importer, with oil demand topping 16 million bpd.

☆ China’s Covid reopening set to push 2023 oil demand to new high, IEA says
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: +1 min

The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency (IEA) said on Wednesday, while price cap sanctions on Russia could dent supply. "Two wild cards dominate the 2023 oil market outlook: Russia and China," the Paris-based energy watchdog said in its monthly oil report. "Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain." Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. But despite possible but likely mild recessions in Europe and the United States, China's expected reopening is set to fuel rebounds in nearby Asian economies and see it take the lead from India as the world's leader in oil demand growth.

☆ The U.S. passed a historic climate deal this year — here's a recap of what's in the bill
▼ + stars: | 2022-12-30 | by ( Emma Newburger | ) www.cnbc.com time to read: +11 min

The IRA's provisions have major implications for clean energy and manufacturing businesses, climate startups and consumers in the coming years. As 2022 comes to a close, here's a look back at the key elements in the legislation that climate and clean energy advocates will be monitoring in 2023. Taking aim at methane gas emissionsSome pumpjacks operate while others stand idle in the Belridge oil field near McKittrick, California. Mario Tama | Getty ImagesThe package imposes a tax on energy producers that exceed a certain level of methane gas emissions. And the bill has a hydrogen production tax credit, which provides hydrogen producers with a credit based on the climate attributes of their production methods.

☆ Oil prices rise as Iran deal stalls, Russian supply in question amid conflict
▼ + stars: | 2022-09-23 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on the prospect that a stalled Iran nuclear deal and Moscow's new mobilization campaign would restrict global supplies. Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow's new mobilization campaign in its invasion of Ukraine would further restrict global supplies. Oil edged up after a senior U.S. State Department official said that efforts to revive the 2015 Iran nuclear deal have stalled due to Tehran's insistence on the closure of the U.N. nuclear watchdog's investigations. The remarks eased expectations of a resurgence of Iranian crude oil. Rebounding crude oil demand in China, which is the world's largest oil importer, lent support to crude prices.

☆ Oil rises as supply fears overtake recession worries
▼ + stars: | 2022-09-22 | by ( ) www.cnbc.com time to read: +2 min

Oil rebounded on Thursday after sliding 1% in the previous session as concerns over tight supplies heading into winter eclipsed fears of a global recession. Oil rebounded on Thursday after sliding 1% in the previous session as concerns over tight supplies heading into winter eclipsed fears of a global recession. Brent crude futures rose 50 cents, or 0.6%, to $90.33 per barrel by 0319 GMT, recouping their losses in early Asia trade. U.S. West Texas Intermediate crude rose 45 cents to $83.39. Meanwhile, some Chinese refineries are considering increasing runs in October, eyeing stronger demand and a potential reversal of Beijing's fuel export policy, which could boost crude oil demand.

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