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☆ Pet donkey spotted living with wild elk herd five years after his disappearance
▼ + stars: | 2024-06-20 | by ( Scottie Andrew | ) edition.cnn.com time to read: +3 min

“He’s not aggressive, he’s a lover,” Terrie Drewry told CNN affiliate KOVR in 2019, days after Diesel’s great escape. “Finally we saw him,” Drewry told KOVR this month after the Instagram video began making headlines. On a hunting trip in March, Fennell stumbled upon the elk herd — and was stunned to see a donkey among them. Diesel and Dave Drewry Courtesy Terrie and Dave DrewryDrewry suspects that, if the donkey Fennell spotted is indeed Diesel, he’s merely doing his donkey duty and protecting his deer friends. And the donkey in Fennell’s video appears to be thriving in the wilderness, with friends by his side.

Persons: “, ” Terrie Drewry, Diesel’s, ”, Diesel, Drewry, ” Drewry, KOVR, Dave, Max Fennell, Fennell, disbelieving Fennell, ” Fennell, I’m, Dave Drewry, Dave Drewry Drewry, he’s, won’t, “ He’s Organizations: CNN, KOVR, Diesel, Land Management Locations: Sacramento , California, California, Sacramento

☆ China is swing factor in diesel’s global squeeze
▼ + stars: | 2023-10-05 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

As demand enters peak season, Xi’s ability to dictate how much Chinese oil companies export looks like the key swing factor. Reuters Graphics Reuters GraphicsGlobally, demand for diesel and gasoil is around 28 million barrels per day (bpd), according to the International Energy Agency. Of the world’s 8 million bpd export flows, Russia exported on average 1 million bpd in the nine months to September, according to consultancy Vortexa. Even so, China last year overtook the United States as the world’s biggest refiner, with total refining capacity of 18.4 million bpd. That would limit Chinese exports to below 400,000 bpd, according to Vortexa, adding to tightness elsewhere.

Persons: Vladimir Putin, Xi, Sun, Brent, George Hay, Oliver Taslic Organizations: Reuters, Reuters Graphics Reuters, International Energy Agency, Longzhong, Bloomberg, Thomson Locations: Saudi, U.S, Singapore, El, Russia, Vortexa, China, United States, Europe, Beijing, Moscow

☆ Will Ripped Jeans Ever Go Out of Style?
▼ + stars: | 2023-05-29 | by ( Vanessa Friedman | ) www.nytimes.com time to read: +1 min

I am perplexed by the ripped jeans looks. And if not, how do you wear ripped jeans with style?— Connie, Marblehead, Mass. The retailers sent the jeans back. That was 40 years ago, and, as Mr. Martens pointed out, distressed styles have helped power Diesel’s parent company to revenues of more than a billion euros last year. Mr. Bravado and Ms. D’Amore believe such one-off distressed jeans have reached the status of “timeless,” like the white shirt.

Europe’s distillate stocks were -41 million barrels (-10% or -1.43 standard deviations) below the ten-year average at the end of January. Singapore’s distillate inventories were -3 million barrels (-30% or -1.53 standard deviations) below the ten-year average on February 19. At the end of the last three recessions, U.S. distillate fuel oil inventories stood at 151 million barrels (April 2020), 163 million barrels (June 2009) and 139 million barrels (November 2001). By contrast, inventories currently stand at just 122 million barrels, according to data from the U.S. Energy Information Administration (EIA). So far, there has been only modest progress in rebuilding distillate stocks and defanging the inflation threat.

LONDON, Feb 16 (Reuters) - Resurgent passenger aviation following the coronavirus pandemic has created shortages of jet fuel, pushing up airlines’ operating costs and fares. U.S. jet fuel inventories stood at just 36.5 million barrels on Feb. 10, according to data from the U.S. Energy Information Administration (EIA). Chartbook: U.S. jet fuel inventoriesKerosene-type jet fuel is produced by similar refinery processes to diesel and other distillate fuel oils, but at higher quality specifications. But with shortages of both jet fuel and other middle distillates, the average price paid for jet fuel climbed to $3.37 per gallon ($142 per barrel) in 2022 up from $2.00 per gallon in 2019. With China lifting domestic and international travel restrictions, global consumption of jet fuel is set to rise sharply, which will stretch jet fuel supplies even further in 2023.

The first scenario is consistent with a recession starting in early 2023, the second with a recession deferred until late 2023 or early 2024 when inflation and interest rate rises induce a slowdown. CYCLICAL EXTREMESDuring a typical economic cycle, output growth alternates between expansions well above the long-term trend rate and contractions well below trend; growth is close to trend only for relatively short periods. Distillate inventories are unlikely to be replenished without a recession or at least a significant mid-cycle slowdown to curb consumption. UNPALATABLE CHOICESIn the first scenario, the global economy tips into recession, cutting distillate consumption, boosting inventories and lowering prices. From this starting position, an early recession, or persistent inflation followed by a recession, are much more likely outcomes than a soft landing in 2023.

REUTERS/StringerLONDON, Jan 24 (Reuters) - China’s exports of refined petroleum products, especially diesel, surged in the final two months of 2022, relieving some of the global shortage caused by unusually low exports since the middle of 2021. China’s exports were below normal for 16 months from July 2021 through October 2022 with a cumulative shortfall relative to the previous trend of 21 million tonnes or 167 million barrels. The downturn was concentrated in diesel with a cumulative shortfall of around 17 million tonnes or 128 million barrels (“Monthly bulletin”, GAC, January 18). Diesel exports accelerated to a near-record 2.8 million tonnes in December, from just 1.1 million tonnes in October, narrowing the deficit since mid-2021 to less than 16 million tonnes or 117 million barrels. Related columns:- China’s diesel exports recover but not enough to reverse global shortage (Reuters, November 9)- Diesel’s gloomy message for the global economy (Reuters, October 14)John Kemp is a Reuters market analyst.

☆ UK car sales hit 30-year low
▼ + stars: | 2023-01-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

The supply constraints saw many manufacturers prioritize the delivery of battery electric vehicles, which enjoyed record sales and overtook diesel cars for the first time in the UK market. Sales picked up in the last five months of the year, allowing the country to reclaim the position of Europe’s second-largest new car market by volume, behind only Germany. According to the SMMT, electric vehicles are now the second-most popular choice for new buyers after gasoline-powered cars. Diesel’s UK market share shrank by 40% on the previous year. In its most recent outlook, published in October, SMMT forecasts 1.8 million new car registrations in 2023, worth about £8.4 billion ($10 billion).

U.S. distillate fuel oil stocks increased by six million barrels over the seven days ending on Dec. 2, according to data from the U.S. Energy Information Administration (EIA). Distillate inventories have risen by a total of 13 million barrels over the eight weeks since Oct. 7 (“Weekly petroleum status report”, EIA, Dec. 7). Distillate inventories have accumulated at a time of year when they would normally be depleting, a signal the market balance has shifted decisively. Stocks depleted by an average of six million barrels over the same period in the ten years before the COVID-19 pandemic. Net distillate exports have slowed to around 1.0 million bpd from 1.4 million bpd in September, implying foreign consumption also slackened.

In the ten years before the pandemic, distillate inventories declined by an average of more than 11 million barrels over the same period. Between 2010 and 2019, seasonal drawdowns ranged from ranged from as little as 7 million barrels to as much as 21 million barrels. Stocks are still 21 million barrels (-16% or -1.25 standard deviations) below the pre-pandemic five-year seasonal average. But the deficit to the seasonal average has narrowed from 34 million barrels (-24% or -2.05 standard deviations) on Oct. 7. Chartbook: U.S. distillate inventoriesPRICE RESPONSEThere is some evidence high refining margins and prices for diesel and other middle distillates are restraining consumption.

LONDON, Nov 9 (Reuters) - China’s diesel exports accelerated significantly in September after being severely restricted over the previous 13 months, according to data from the customs service. Faster exports will provide some relief amid a global diesel shortage, but are unlikely to be enough to stabilise and rebuild global inventories, or offset any future disruption as a result of sanctions on Russia’s fuel exports. Diesel exports were reduced by a total of 16.3 million tonnes, or 122 million barrels, over 13 months compared with the pre-June 2021 trend. Recently, extra quotas have been awarded, which should help relieve some of the global shortage, provided they are maintained at a higher level. Extra diesel shipments out of China will help, but rebalancing the diesel market still requires slower growth in the global economy and fuel consumption.

The previous four weeks saw two large purchases (+62 million and +47 million barrels) and two large sales (-34 million and -50 million barrels) as investor sentiment see-sawed. The mixed picture continued last recent week, with heavy buying of Brent (+29 million barrels), and smaller purchases of NYMEX and ICE WTI (+6 million) and U.S. gasoline (+6 million). But that was partly offset by small sales of U.S. diesel (-4 million) and European gas oil (-2 million). But uncertainty is high and confidence is low, with a net position of just 503 million barrels (33rd percentile for all weeks since 2013). Related columns:- Oil investors on defensive as recession forces intensify (Reuters, Oct. 24)- OPEC⁺ cuts attract funds back to oil market (Reuters, Oct. 17)- Diesel’s gloomy message for the global economy (Reuters, Oct. 14)- OPEC⁺ cut draws hedge funds back into the oil market (Reuters, Oct. 10)- John Kemp is a Reuters market analyst.

LONDON, Oct 27 (Reuters) - U.S. diesel supplies are becoming critically low with shortages and price spikes likely to occur in the next six months unless and until the economy and fuel consumption slow. The deficit has been worsening steadily since the start of the year when stocks were 15 million barrels (-11% or -1.18 standard deviations) below the ten-year average. Chartbook: U.S. distillate fuel oil inventoriesReflecting the intensifying fuel shortage, futures prices for ultra-low sulphur diesel (ULSD) delivered in New York Harbor in December are trading at a premium of $60 per barrel over Brent. If confirmed that would take some of the pressure of distillate inventories. Rebalancing diesel supply will likely require a further rise in interest rates and tighter financial conditions in the United States and other major economies to reduce fuel consumption to more sustainable levels.

Hedge funds and other money managers sold the equivalent of 50 million barrels in the six most important petroleum futures and options contracts in the week to Oct. 18. Sales were the fastest for three months and came after purchases totalling 109 million barrels over the two previous weeks. But there was continued buying of U.S. diesel (+4 million barrels) and European gas oil (+2 million), extending the pattern from earlier in October. Related columns:- OPEC⁺ cuts attract funds back to oil market (Reuters, Oct. 17)- Diesel’s gloomy message for the global economy (Reuters, Oct. 14)- OPEC⁺ cut draws hedge funds back into the oil market (Reuters, Oct. 10)- Oil investors ready for recession (Reuters, Oct 3)- Hedge funds dump distillates as recession risks intensify (Reuters, Sept 26)John Kemp is a Reuters market analyst. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

LONDON, Oct 19 (Reuters) - Global freight volumes have begun to fall as overall consumer and business spending slows and the composition rotates from merchandise back to services after the pandemic. Chartbook: Global freight and manufacturing activityMANUFACTURING STALLSThe slowdown will gradually unblock supply chains and ease some of the intense upward pressure on merchandise prices that has occurred since mid-2020. The World Trade Organization forecasts merchandise trade will increase by just 1.0% in 2023 after rising 3.5% in 2022 (“Trade growth to slow sharply in 2023”, WTO, Oct. 5). The forecast growth in world merchandise trade volumes next year would be among the slowest rates in the last 40 years. The slowdown in industrial output and freight has already been underway for at least the last 3-6 months in most countries.

EU distillate inventories were just 360 million barrels at the end of September, the lowest seasonal level since 2004. The global petroleum and refining system has proved unable to keep up with rapid growth in fuel consumption as a result of the manufacturing and freight-led recovery after the coronavirus pandemic. In any event, accelerating refinery processing will simply push the shortage upstream from the fuel market to the crude market. But with spare capacity almost exhausted, a recession is the most likely route to rebalancing the distillate market in particular and the petroleum market in general. Related columns:- OPEC+ risks overtightening the oil market (Reuters, Oct. 12).

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