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☆ Oil prices fall as rally takes a pause while traders watch Middle East tensions, summer demand
▼ + stars: | 2024-06-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Crude oil futures fell Tuesday as the recent rally took a breather, with traders watching tensions on the Israel-Lebanon border and summer fuel demand. U.S. crude oil and global benchmark Brent are ahead 5.5% and 4.9%, respectively, for the month as prices have bounced back from May doldrums on a more optimistic outlook for summer fuel demand. Here are today's energy prices:Geopolitical tensions are also back in focus amid fears that Israel and the Iran-backed militia Hezbollah could go to war. Oil prices hit annual highs in April as Israel and Iran teetered on the brink of war, stoking fears that a wider conflict could engulf the Middle East and disrupt crude supplies. But McKay also said the oil rally could fade with funds likely to start liquidating long positions if WTI prices fall below $81 per barrel.

Persons: doldrums, Israel, CQ Brown, John Evans, Evans, Ryan McKay, McKay Organizations: Brent, Hezbollah, Air Force, Sunday, Israel, TD Securities Locations: McKittrick, Kern County , California, Israel, Lebanon, Iran, Gaza

☆ A California superbloom is springing to life and the best is yet to come
▼ + stars: | 2024-03-17 | by ( Mary Gilbert | ) edition.cnn.com time to read: +6 min

CNN —California will soon be decorated with a rainbow of wildflowers after drenching winter rain set the stage for a spectacular spring superbloom. The phenomenon isn’t unique to California; wildflowers can paint parched desert landscapes, mountains and grasslands in Arizona and Nevada, too, but some of the most dense and therefore spectacular displays are found in Southern California. David McNew/Getty Images/FileBut there’s hope for another brilliant superbloom following the wet winter, Meyer said. Desert sand verbena and dune evening primrose wildflowers bloom in Anza-Borrego Desert State Park's Coyote Canyon on Thursday, March 14. “We don’t know as of yet if it’s going to be a good year for the poppies, given the rain,” Turner cautioned.

Persons: ”, Evan Meyer, Theodore Payne, Meyer, “, ” Meyer, David McNew, Callista Turner, Danny L, ” Turner, Turner, – Organizations: CNN, Theodore Payne Foundation, Natural Reserve, Poppy, California State Parks Locations: California, Southern California, Southern, Meyer, Arizona, Nevada, Carrizo, McKittrick , California, Anza, Desert, Palm Springs, Chino Hills, Anaheim, Elk, Santa Barbara, Antelope, Death, Los Angeles

☆ Oil prices ease as market awaits China data to gauge demand
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world's second-largest oil consumer. Both benchmarks gained about 30 cents on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. "Oil prices were supported by continued output cuts by Saudi and Russia the previous day but investors' attention has shifted to demand, especially in China," said Toshitaka Tazawa, an analyst at Fujitomi Securities, noting all eyes are on data from China this week. "We expect to see a tug-of-war at the levels near the current oil prices going forward, while digesting news on both supply and demand sides," Tazawa said, adding the trend may change dramatically if the Middle East situation becomes more tense. Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December.

Persons: Toshitaka Tazawa, Tazawa, Benjamin Netanyahu, Israel Organizations: Brent, West Texas, Saudi, Fujitomi Securities Locations: San Joaquin Valley, McKittrick , California, China, Saudi Arabia, Russia, Gaza, Moscow, Venezuela's

☆ Oil falls further on U.S. stock build, easing supply concerns
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended losses for a third session, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns. U.S. crude oil stockpiles swelled by about 12.9 million barrels, according to market sources citing American Petroleum Institute figures on Wednesday. "Crude oil extended losses on signs the impact of the Israel-Hamas war on the oil market will be limited," ANZ analysts said in a client note. Expectations by the U.S. EIA of global oil inventories falling further in the second half of 2023, however, limited price weakness. The lower inventories, which are forecast to keep global oil supply below consumption, are likely to boost oil prices, the EIA said in a monthly report.

Persons: Brent, JP Morgan Organizations: U.S, West Texas, American Petroleum Institute, ING, U.S . Energy Information Administration, ANZ, EIA Locations: San Joaquin Valley, McKittrick , California, U.S, ., California, Israel

☆ 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 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.

☆ 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.

☆ 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.

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