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Beryl is set to emerge in the Gulf of Mexico this weekend after it roars through the Caribbean and Mexico’s Yucatán Peninsula. The National Hurricane Center’s forecast calls for Beryl to restrengthen as it tracks across the southwestern Gulf of Mexico this weekend. It will then push toward Mexico’s coast and make landfall Sunday night in far northeastern Mexico. Anyone from Mexico’s eastern Gulf Coast to Texas and even Louisiana should keep a close watch on the forecast in the coming days. Even if Beryl makes landfall in northeastern Mexico, wind and rain from the cyclone will likely impact parts of the US’s Gulf Coast.
Persons: Beryl, restrengthen Locations: Gulf of Mexico, Caribbean, Mexico, Gulf, Texas, Gulf Coast, Louisiana
Brad Reinhart, Senior Hurricane Specialist at the National Hurricane Center, works on tracking Hurricane Beryl, the first hurricane of the 2024 season, at the National Hurricane Center on July 01, 2024 in Miami, Florida. Hurricane Beryl has been declared the strongest-ever hurricane in July, breaking the latest in a series of records as it causes widespread destruction in the Caribbean. On Monday, Beryl was declared a Category 5 hurricane — the highest rating on the SAFFIR-SIMPSON Hurricane Scale, declared when winds top 155 miles per hour. The National Oceanic and Atmospheric Administration (NOAA) previously forecast an 85% chance of an "above-normal" 2024 hurricane season in the Atlantic. Four to seven of these are projected as likely to develop into major hurricanes, compared with an average of three.
Persons: Brad Reinhart, Hurricane Beryl, Beryl, El Organizations: National Hurricane Center, Atmospheric Administration, NOAA, Southern Locations: Miami , Florida, Hurricane, Caribbean
Hurricane Beryl, which devastated islands in Grenada on Tuesday and is now heading toward Jamaica and the Cayman Islands, has broken records as the earliest hurricane ever to reach Category 4 and Category 5 intensity in the Atlantic Basin. Wind speeds of at least 160 miles per hour were recorded on Monday. “There are so many superlatives to describe Hurricane Beryl given the time of year, the location and the strength,” said Jonathan Zawislak, a meteorologist and flight director for the National Oceanic and Atmospheric Administration. Dr. Zawislak is a hurricane hunter, the title held by about 30 to 40 scientists, data crunchers and pilots based in Lakeland, Fla., who fly into hurricanes on three airplanes nicknamed Gonzo, Kermit and Miss Piggy. Both Kermit and Miss Piggy are equipped with Doppler radar on their bellies and tails that scientists use to create 3-D images of the storm.
Persons: Beryl, , Jonathan Zawislak, Zawislak, Kermit, Miss Piggy Organizations: National Oceanic, Atmospheric Administration Locations: Grenada, Jamaica, Cayman Islands, Lakeland, Fla
Jamaica was hammered by a surge of water, damaging winds and flooding rainfall on Wednesday as Hurricane Beryl delivered a glancing blow when it passed just south of the coast, claiming at least one life on the island. The effects of the storm, a Category 4, struck Jamaica just days after it swept through the eastern Caribbean, killing at least seven other people. Ahead of the hurricane, Jamaica closed its airports and issued an evacuation order for low-lying and flood-prone areas. The storm was the strongest to approach the island in over a decade. The last time a major hurricane passed within 70 miles of Jamaica was in 2007, and it has been even longer since one made landfall.
Persons: Beryl, , Dickon Mitchell Organizations: Petite Locations: Jamaica, Caribbean, Carriacou, Petite Martinique, Grenada
Fourth of July gas prices are set for a three-year low
  + stars: | 2024-07-03 | by ( Matt Egan | ) edition.cnn.com   time to read: +1 min
GasBuddy projects the national average price for regular gas will stand at $3.49 a gallon on Independence Day. That’s a penny shy of the price a year ago and down sharply from $4.79 two years ago when oil prices spiked after Russia invaded Ukraine. Adjusted for inflation, US gas prices are almost exactly where they were in July 2018, according to federal data. The drop in gas prices comes despite what’s expected to be strong demand for fuel. Although gas prices are down from April, hurricane season could change that.
Persons: That’s, GasBuddy, what’s, Beryl — Organizations: CNN, Drivers, AAA Locations: Russia, Ukraine, Washington, Oregon, Utah, Colorado, Covid
According to major forecasts, it looks like it’s going to be an above-average hurricane season. Those could include four to seven major hurricanes — Category 3 or higher — with winds of at least 111 m.p.h. An average Atlantic hurricane season has 14 named storms, including seven hurricanes and three major hurricanes. In 2020, the May forecast was for 13 to 19 named storms, but an updated forecast for August was even higher, with 19 to 25 named storms. This region, from West Africa to Central America, is hotter this year than it was before the start of last year’s hurricane season, which produced 20 named storms.
Persons: Judson Jones, Rick Spinrad, Idalia, Zack Wittman, Alberto, William, Damon Winter, Brian McNoldy, , Phil Klotzbach, Benjamin Kirtman, Waters, Niño, El, Michelle L’Heureux Organizations: The New York Times, National Oceanic, Atmospheric Administration, NOAA, Hurricane Idalia, National Weather Service, New York Times NOAA, University of Miami, Colorado State University, El Locations: Florida’s Big Bend, America, Fort Myers Beach, Fla, West Africa, Central America, El
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBabin: 2025 will be ugly for the oil markets as demand dynamics shiftRebecca Babin, Senior Energy Trader at CIBC Private Wealth, discusses oil prices in response to the summer driving season and Hurricane Beryl.
Persons: Rebecca Babin Organizations: Senior Energy, CIBC Private Wealth
Crude oil futures held firm on Wednesday as traders waited for the latest round of U.S. inventory data for signs of whether gasoline demand is picking up. U.S. crude oil gained about 6% last month on expectations of a tighter third quarter with stockpiles forecast to draw down as summer fuel demand picked up. The Department of Energy will release the latest U.S. crude oil and gasoline stockpiles data at 10:30 a.m. Here are today's energy prices:Hurricane Beryl is barreling across the Caribbean and could hit the Texas Gulf Coast as a tropical storm on Saturday. "We used to think about hurricanes as unquestionably a potential bullish near-term development for oil markets, now the picture is not so clear," Croft told CNBC's "Last Call" on Tuesday evening.
Persons: Beryl, Helima Croft, Croft, CNBC's Organizations: Department, Energy, AAA, Texas Gulf, National Hurricane, RBC Capital Markets Locations: Caribbean, Texas Gulf Coast, U.S
CFRA recommends investing in insurance stocks ahead of what's expected to be a busy hurricane season. AdvertisementThe prospects for a highly active US hurricane season means investors should snap up shares in a quiet corner of the stock market: insurance companies. At the same time, an active hurricane season could be disruptive to the homeowners and commercial property markets. For Berkshire Hathaway, CFRA reiterated its $472 price target for Class B shares, representing potential upside of 16% from current levels. Berkshire Hathaway's insurance and reinsurance operations include GEICO, Berkshire Hathaway Primary Group, General Re, National Indemnity, and Alleghany.
Persons: CFRA, Berkshire Hathaway, , Hurricane Beryl, Arthur J, Gallagher Organizations: Colorado State University, American International Group, Arch Capital Group, Service, Colorado State University's Department of Atmospheric Science, Berkshire, Berkshire Hathaway Primary, General Re, Indemnity Locations: Berkshire, Caribbean, Gulf of Mexico, Yucatan, GEICO, Alleghany
In today's big story, a tough sales report for Tesla can't slow the EV maker's turnaround . After a dreadful start to the year, the EV maker has been running on all cylinders on a full charge. Tesla's polarizing CEO also notched a massive victory when investors approved Elon Musk's $55 billion pay plan . But what is new at Tesla, and what sparked the company's recent market rally, are big promises from its CEO. As automakers reconsider their EV strategy , Tesla has figured out how to build cars cheaper than anyone else .
Persons: , I'm, Tesla, Jordan Strauss, Chelsea Jia Feng, Insider's Nora Naughton, BI's Filip De Mott, hasn't, Karol Serewis, Musk's, Nora, it's, he's, Musk, Apu Gomes, Steve Cohen's Point72, Ken Griffin's, Mark O'Hare, Larry Fink, execs, Marc Benioff, trouncing, It's, Jenny Chang, Rodriguez, they've, Morgan Stanley, Beryl, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, Chelsea, Wall, Elon Musk's, Getty Images, Getty, Ken Griffin's Citadel, BlackRock, EU, Google, YouTube Locations: Wick, Jamaica, New York, London
American newlyweds Casey and Warner Haley traveled to Montego Bay, Jamaica, for their honeymoon. The airport looked “like a scene out of a doomsday movie” Casey Haley wrote in a Facebook post. Food was running out at the grocery store and lines were “backing up to the back of the store,” Warner Haley said. “So we just had to go back to the resort and buy all the supplies we could from the gift shop,” Warner Haley said. What’s going to happen is what’s going to happen.
Persons: Casey, Warner Haley, , ” Casey Haley, Casey Haley, , ” Warner Haley, We’re Organizations: Sangster, CNN, Food Locations: Montego Bay, Jamaica
A boy clears rock from the street as it gets flooded after the hurricane Beryl passes in the parish of Saint James, Barbados, near to Bridgetown, Barbados on July 1, 2024. Hurricane Beryl was roaring toward Jamaica on Wednesday, with islanders scrambling to make preparations after the powerful Category 4 storm earlier killed at least six people and caused significant damage in the southeast Caribbean. A hurricane warning was in effect for Jamaica, Grand Cayman, Little Cayman and Cayman Brac. Late Monday, Beryl became the earliest storm to develop into a Category 5 hurricane in the Atlantic and peaked at winds of 165 mph (270 kph) Tuesday before weakening to a still-destructive Category 4. It had maximum sustained winds of 145 mph (230 kph) and was moving west-northwest at 20 mph (31 kph), the center said.
Persons: Hurricane Beryl, Beryl Organizations: Grand Cayman, Cayman Brac, U.S, National Hurricane Center Locations: Saint James, Barbados, Bridgetown, Jamaica, Kingston, Grand, Little Cayman, Cayman Islands, Yucatan, Belize, Mexico, Belize City
CNN —India’s T20 World Cup-winning cricket team will finally be able to fly home Tuesday after being stuck in Barbados due to Hurricane Beryl, a powerful storm churning through the Caribbean. CNN has reached out to India’s Board of Control for Cricket for comment. The hurricane made landfall on Grenada’s Carriacou Island in the Caribbean Sea on Monday morning, causing extreme damage and one confirmed death. As of early Tuesday, Hurricane Beryl had winds of 165 miles (265 kilometers) per hour, according to the National Hurricane Center (NHC). India’s T20 World Cup victory – its first since winning the inaugural 2007 edition – sparked emotional celebrations after a year of heartbreak for many of its players, who lost to Australia in the finals of both the ODI Cricket World Cup and World Test Championship.
Persons: CNN —, Mia Mottley, Vincent, Hurricane Beryl, It’s Organizations: CNN, Caribbean, South, Board of Control, Cricket, National Hurricane Center Locations: Barbados, South Africa, Grenadines, Jamaica, Australia
Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Gasoline demand in the U.S., the world's biggest oil consumer, is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. Still, signs of less-than-expected demand growth have limited gains in oil prices. This was mainly because of lower imports into China, the world's biggest oil importer and the second-largest consumer.
Persons: Beryl Organizations: Brent, . West Texas, Independence, American Automobile Association, ANZ, U.S, National Hurricane Center, Federal, Commerce Department Locations: U.S, Mexico's Bay, Campeche, Caribbean, Asia, China
CNBC Daily Open: 'Roaring Kitty' gets chewed up
  + stars: | 2024-07-02 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
Traders work on the floor of the New York Stock exchange during morning trading on Nov. 10, 2023 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. AI momentumWall Street kicked off the second half of the year with modest gains, propelled by continued strength in megacap stocks. Boeing, Spirit upShares of Boeing and Spirit AeroSystems rose 2.58% and 3.35% respectively after Boeing agreed to buy back fuselage maker Spirit in a $4.7 billion all-stock deal.
Persons: Keith Gill, Gill, Paris . Hurricane Beryl Cruise, Tom Lee, Lee Organizations: New York Stock, CNBC, Dow Jones, Nasdaq, Microsoft's, Paramount, Warner Bros ., Netflix, Securities and Exchange Commission, Wall, Boeing, Airbus, Paris . Hurricane, Norwegian Cruise, Royal Locations: New York City, U.S, Chewy, Belfast , Wichita, North Carolina, Paris ., Grenada, Norwegian, Royal Caribbean, Mt
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In today's big story, we're looking at President Joe Biden showing no signs of giving up his reelection campaign while former President Donald Trump secured a win from the Supreme Court . AdvertisementBiden's campaign has been in full-blown crisis mode after the president's disastrous debate against former President Donald Trump last week. AdvertisementMeanwhile, Trump secured a big win in his immunity case . The Supreme Court ruled that former presidents don't get absolute immunity from criminal charges related to actions under the scope of the presidency, but they do get some. 3 things in techStefani Reynolds/BloombergBig Tech gets a big win from the Supreme Court.
Persons: , Joe Biden, Donald Trump, he's, Biden, Allison Joyce, Getty, Tyler Le, he'd, it'd, John L, Dorman, Biden's, Manuel Balce Ceneta, Jacquelyn Martin, Kamala Harris, Gavin Newsom, Gretchen Whitmer, Harris, isn't, Trump, don't, Justice Sonia Sotomayor, Alyssa Powell, David Kelly, Jonathan Xiong, Blackstone, Keith Lerner, Truist, Stefani Reynolds, OpenAI, It's, Gen Zers, Kevin Costner's, Kevin Costner, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Michelin, Business, The New York Times, Biden, Democrats, Trump, Justice, Getty, Citadel, Bloomberg Big Tech, ChatGPT, Atlantic Locations: Manhattan, Asia, Millennium, New York, London
CNN —Hurricane Beryl, a powerful Category 3 storm, is expected to slam into the Caribbean on Monday, endangering several island communities with life-threatening storm surge, violent winds and flash flooding. Beryl’s arrival marks an exceptionally early – and likely devastating – start to the Atlantic hurricane season. • Widespread tropical storm advisories: Tropical storm warnings are in effect for Martinique and Trinidad, the National Hurricane Center said. Less severe tropical storm watches are also in place in parts of the Dominican Republic and the southern coast of Haiti. The storm’s rapid intensification is very atypical this early into hurricane season, according to National Hurricane Center Director Mike Brennan.
Persons: Vincent, Beryl, Ivan, Ralph Gonsalves, , Mia Amor Mottley, Hurricane, Chandan Khanna, Ramona Archer, Bradshaw, , General Cecile La, Saint Lucia, Grenada’s Maurice, Lucia’s, George Charles, Chris –, Mike Brennan, Alma, Hurricane Audrey, “ Beryl, ” Brennan, Phil Klotzbach, CNN’s Michael Rios, Marlon Sorto, Sandi Sidhu, Melissa Alonso, Isaac Yee, Brandon Miller Organizations: CNN, Atlantic, Islanders, Local, , National Hurricane Center ., Hurrican Center, Barbados, ” Workers, Getty, CBC News, Grenadian, Grenada’s Maurice Bishop International, Grantley Adams International, Lucia’s Hewanorra, George, National Hurricane Center, , National Hurricane, NOAA, Systems, Colorado State University, Weather Service Locations: Caribbean, Grenada, St, Grenadines, Windward, Saint Vincent, Barbados, Windward Islands, Bridgetown, Lucia, Tobago, , Saint, Martinique, Trinidad, Dominican Republic, Haiti, Gulf of Mexico, Lesser, Atlantic, El
Hurricane Beryl rapidly intensified from a tropical storm to a Category 4 hurricane in two days as it rushed toward the Caribbean this weekend, increasing its wind speed by 45 miles per hour daily. This quick escalation was a direct result of the above-average sea surface temperatures as well as a harbinger of what is to come this hurricane season. “This early-season storm activity is breaking records that were set in 1933 and 2005, two of the busiest Atlantic hurricane seasons on record,” said Philip Klotzbach, an expert in seasonal hurricane forecasts at Colorado State University. Last fall, a study in the journal Scientific Reports found that Atlantic hurricanes from 2001 to 2020 were twice as likely to grow from a weak storm into a hurricane of Category 3 or higher within 24 hours than they were from 1971 to 1990. The study added to a growing body of evidence that rapidly developing major hurricanes were becoming more likely.
Persons: , Philip Klotzbach Organizations: Colorado State University, Last Locations: Caribbean
Oil inches higher on summer demand outlook
  + stars: | 2024-07-01 | by ( ) www.cnbc.com   time to read: +2 min
That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles. WTI's recent rally may extend towards $85 a barrel if prices remain above the 200-day moving average at $79.52, he said. In the U.S., oil production and demand rose to a four-month high in April, according to the Energy Information Administration's (EIA) Petroleum Supply Monthly report published on Friday. Traders are watching out for the impact from hurricanes on oil and gas production and consumption in the Americas. In China, the latest manufacturing data did not bode well for oil demand in the world's no.2 consumer and top crude importer.
Persons: Brent, Tony Sycamore, Hurricane Beryl, Beryl, bode Organizations: Brent, U.S, West Texas, Organization of, Petroleum, U.S . Federal, Hezbollah, Energy, Petroleum Supply, Traders, Atlantic, National Hurricane Center Locations: OPEC, Europe, Israel, U.S, Americas, Windward, China
Boeing , Spirit AeroSystems — Boeing on Monday said it would buy back fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Trump Media & Technology Group — Shares of Trump Media & Technology Group rose 3% following a roughly 11% loss during Friday's session. Nio — The Chinese electric vehicle stock rose 6% on Monday after the company said vehicle deliveries rose nearly 100% in June . Tesla — The electric vehicle stock popped 6%. NextEra Energy Partners — The renewable energy stock dropped 5%.
Persons: Keith Gill, Joe Biden, Donald Trump, Birkenstock, Nio, Tesla, Beryl, , Jesse Pound, Michelle Fox, Alex Harring, Sarah Min, Hakyung Kim Organizations: GameStop, Boeing, Trump Media & Technology, Trump Media & Technology Group, UBS, Point Capital Management, NextEra Energy Partners, Royal Bank of Canada, Cruise, Royal Locations: Point, Grenada, Royal Caribbean
The National Hurricane Center says Beryl is expected to be an “extremely dangerous” Category 4 hurricane when it reaches the Windward Islands by late Sunday or early Monday. A tropical storm warning has been issued for Martinique, and a tropical storm watch is in effect for Dominica. The first hurricane of the season is unusually earlyBeryl’s rapid intensification is very unusual this early into hurricane season, according to Brennan. If Beryl reaches Category 4 intensity before Thursday, July 4, it would be the earliest recorded Category 4 hurricane in the Atlantic. Cars line up at a gas station Saturday in Bridgetown, Barbados, as hurricane Beryl approaches.
Persons: Beryl, ” Mike Brennan, CNN’s Fredricka Whitfield, Brennan, Vincent, “ Beryl, ” Brennan, , Wilfred Abrahams, Chandan Khanna, Ralph Gonsalves, ” Gonsalves, Saint Lucia, Philip J, Pierre, Phil Klotzbach, that’s “, Organizations: CNN, National Hurricane Center, NHC, National Oceanic, Hurricane Center, NOAA, Home Affairs, Getty, National Disaster Management Agency, Colorado State University, Weather Service Locations: Barbados, Windward, Islands, Windward Islands, Caribbean, St, Lucia, Grenada, Tobago, Martinique, Dominica, Lesser, Atlantic, El, Bridgetown, Grenadines, “ Kingstown, , Saint, Pacific
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