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The U.S. West Texas Intermediate crude contract for April was down 28 cents at $66.46 before its expiry on Tuesday. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. "We're not moving at all on supply and demand fundamentals, we're just moving on the banking concerns." On Monday, the S&P 500 and the Dow Jones gained, helping lift oil prices off the day's lows. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.

☆ Tin mining is big business in Indonesia. Here's why miners risk their lives for $13 a day.
▼ + stars: | 2023-03-20 | by ( Ryan Flynn | Olivia Nemec | ) www.businessinsider.com time to read: 1 min

Indonesia is the world's biggest exporter of tin, and more than 90% of the country's supply comes from the islands of Bangka and Belitung. But the deposits on land are almost gone, so unlicensed miners risk their lives to search for the precious metal on the seafloor. Makeshift pontoons gather in the Indonesia Sea to form an illegal tin mine. Ibnu Hadi RachmatSource: The Guardian

☆ Colombia seizes 5,800 pounds of cocaine from a submarine
▼ + stars: | 2023-03-16 | by ( Ryan Flynn | Samara Abramson | ) www.businessinsider.com time to read: 1 min

The Colombian Navy seized a submarine with 5,800 pounds of cocaine on board. Authorities also found two dead bodies in the submarine and two survivors in poor health. The seized cocaine was valued at $87 million. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyColombian authorities seized a submarine in the Pacific Ocean, finding 5,800 pounds of cocaine on board. They also found two dead bodies and two survivors in poor health.

Oil futures have fallen over 8% since last Friday as the collapse of SVB Financial (SIVB.O) and peer Signature Bank (SBNY.O) prompted concerns of a wider banking crisis. Investors in the oil market, including oil producers, have rushed to buy put options, used to either bet on or protect against downside movement. For U.S. crude futures options open interest, the ratio of puts to calls is the highest since August 2022. The discount of later-dated oil futures contracts to the front-month contract tightened on Wednesday, indicating that market participants were less confident in short-term demand. That short-term uncertainty should buoy put buying, Price Futures Group's Flynn said.

☆ Oil slumps $5/bbl to lowest in more than a year as banking fears mount
▼ + stars: | 2023-03-15 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"Nobody wants to go home with a big position on anything today ... you have nowhere to hide really." Both crude benchmarks hit their lowest since December 2021 and have fallen for three straight days. U.S. West Texas Intermediate crude (WTI) was down $4.51, or 6.3%, at $66.84, breaking through technical levels of $70 and $68 and extending the sell off. Wednesday's monthly report from the International Energy Agency provided support by flagging an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023. "We definitely have seen the oil market separate themselves from oil inventories and we’re more focused on a larger meltdown of the global economy," said Phil Flynn, an analyst at Price Futures Group.

☆ Why Silicon Valley Bank collapsed, and why it matters
▼ + stars: | 2023-03-14 | by ( Ryan Flynn | Samara Abramson | ) www.businessinsider.com time to read: 1 min

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Brent crude futures were down 76 cents, or 0.9%, to $82.02 per barrel by 11:51 a.m. EDT (1551 GMT). U.S. West Texas Intermediate crude futures (WTI) fell 75 cents, or 1%, to $75.93 a barrel. Fears of contagion from the failure of Silicon Valley Bank led to a sell-off in U.S. assets at the end of last week, while state regulators closed New York-based Signature Bank (SBNY.O) on Sunday. A weaker greenback makes oil cheaper for holders of other currencies and typically supports oil prices. Worries about further monetary tightening by the Federal Reserve have been exacerbated by high U.S. crude oil inventories.

☆ A new Pentagon map shows how China is beefing up what a top US general calls its 'dangerous position' in the South China Sea
▼ + stars: | 2023-03-13 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +7 min

China and several of its neighbors have claimed parts of the Spratly Islands in the South China Sea. The map also gives rough locations for seven Chinese outposts, including three airfields, and 63 other outposts in the Spratlys. China's outposts "are capable of supporting military operations" and "have supported non-combat aircraft," the Pentagon report says. Recent action by those forces around Taiwan, as well as ongoing Chinese activity in the South China Sea, have worried US commanders. The Spratly IslandsFilipino fishermen sail by a Chinese coast guard ship near Scarborough Shoal on February 5.

☆ Oil prices fall 2% in choppy trade as banking fears rattle markets
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell over 2% in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures settled down $2.01, or 2.4%, to $80.77. U.S. West Texas Intermediate crude futures (WTI) dropped $1.88, or 2.5%, to $74.80 a barrel. Worries about further Fed monetary tightening have been exacerbated by high U.S. crude oil inventories. Crude oil production in the seven biggest U.S. shale basins is expected to rise in April to its highest since December 2019, the Energy Information Administration said.

☆ Oil prices rise after buoyant U.S. payrolls
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas. Oil prices climbed more than 1% on Friday after better-than-expected U.S. employment data, though both benchmarks fell more than 3% on the week on U.S. interest rate hike jitters. "Oil prices are fluctuating wildly on renewed fears of Fed interest rate increases," said Price Group analyst Phil Flynn. Global shares, which often move in tandem with oil prices, hit a two-month low as investors dumped banks. This is likely to ensure that the Fed will raise interest rates for longer, which analysts have said would weigh on oil prices.

The government said the BBC had failed to respond to repeated requests to clarify its tax affairs related to the profits and remittances from its Indian operations. The documentary, which was only broadcast in Britain, accused Modi of fostering a climate of impunity that fuelled the violence. Reuters spoke to eight Indian journalists, industry executives and media analysts who said that some media which reported critically on the government have been targeted with inspections by government agencies, the suspension of state advertising, and the arrest of reporters. Modi's government has vigorously denied the BBC tax inspection - the first against an international news organisation in decades - was a response to the film. Gupta said there had been complaints after the government reduced its advertising spending but that was not an assault on media freedom.

☆ An inside look at El Salvador's new 'megaprison'
▼ + stars: | 2023-03-02 | by ( Ryan Flynn | Samara Abramson | ) www.businessinsider.com time to read: 1 min

☆ Oil rebounds almost 2% on China growth hopes
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: +3 min

Oil prices rose nearly 2% on Tuesday, erasing the previous session's losses, as hopes for a strong economic rebound in China offset worries about U.S. interest rate hikes dragging down consumption in the world's biggest economy. Expectations of demand recovery in China underpinned gains, with the market awaiting key data over the next two days. "China's economic recovery will drive its demand for commodities higher, with oil positioned to benefit the most," JPMorgan analysts said in a client note. Similarly, JPMorgan's oil analysts maintained their 2023 average price forecast on Brent at $90 a barrel. Meanwhile in the U.S., crude production fell in December to 12.10 million bpd, its lowest since August 2022, Energy Information Administration (EIA) data showed.

☆ The US Air Force is finally getting rid of its A-10s, and its focus may be straying from the Warthog's unique mission
▼ + stars: | 2023-02-28 | by ( Constantine Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Those retirements would shrink the Air Force's A-10 fleet to 260 aircraft, and Air Force leaders plan to continue decommissioning A-10s in the years ahead. Not so closeUS Air Force joint terminal attack controllers during a close air support training with an A-10 in Nevada in September 2011. Michael HolzworthCurrent and former Air Force officials have said that the F-35 would take over the A-10's mission after the Warthog left the fleet. So it will perform the mission very differently," said Kendall, who is now the Air Force's top civilian official. Those skills "are perishable," Boeding added, "and the stakes are too high to not train dedicated crews (ground and air) in purpose build close air support aircraft."

☆ Ukraine's economy stabilizes after shock of war
▼ + stars: | 2023-02-27 | by ( Olena Harmash | ) www.reuters.com time to read: +9 min

The economy shrank by a third last year, the largest fall since Ukraine's independence from the Soviet Union in 1991. ArcelorMittal Kryvyi Rih, Ukraine's largest steel mill, said its production was currently at about 25% of pre-war levels amid electricity blackouts. Ukraine's central bank predicts GDP will grow by 0.3% this year, while the economy ministry forecasts 3.2% growth. The agreement saved Ukraine's agriculture, which accounted for about 12% of GDP and some 40% of overall exports before the war. The steel sector, a key pillar of the economy, is among the hardest hit.

☆ The war in Ukraine by the numbers, one year later
▼ + stars: | 2023-02-24 | by ( Ryan Flynn | Samara Abramson | ) www.businessinsider.com time to read: 1 min

☆ Coal prices are seeing some 'softness' right now, says mining company
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoal prices are seeing some 'softness' right now, says mining companyPaul Flynn of Whitehaven Coal, however, says coal prices could improve during the course of the year.

☆ What Trump allies have faced criminal charges?
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +6 min

Here is a look at some of the Trump aides and allies who have faced criminal prosecution. Weisselberg pleaded guilty in 2022 and served as a star witness in the Trump Organization's criminal trial on tax fraud charges. Two other close Trump associates, Mark Meadows and Daniel Scavino, did not face similar criminal charges despite a House vote recommending them. Trump pardoned Broidy. Roughly 570 have pleaded guilty and 78 have been found guilty at trial.

Persons: Steve Bannon, Shannon Stapleton, Donald Trump, Six, Prosecutors, Trump, STEVE BANNON Trump's, Bannon, Joe Biden's, swindling Trump, ROGER, Stone, ALLEN WEISSELBERG, Weisselberg, PETER NAVARRO, Navarro, Mark Meadows, Daniel Scavino, MICHAEL COHEN, Stormy Daniels, Karen McDougal, Cohen, MICHAEL FLYNN, Flynn, PAUL MANAFORT, Manafort, RICK, Gates, ELLIOT BROIDY, Broidy, Stewart Rhodes, Andy Sullivan, Will Dunham, Scott Malone, Daniel Wallis Organizations: White House, REUTERS, Companies Trump Organization Inc, WASHINGTON, Six Trump, House, . House, Capitol, Trump, Trump White House, U.S, Army, Pentagon's Defense Intelligence Agency, FBI, Thomson Locations: New, New York City, U.S, New York, Mexico, Moscow, United States, Russian Ukrainian, Russia

MELBOURNE, Feb 16 (Reuters) - Australia's Whitehaven Coal Ltd (WHC.AX) posted a more than five-fold jump in first-half profit on Thursday, aided by soaring coal prices, but paid a lower than expected dividend, sending its shares down. But Whitehaven announced an interim dividend of only 32 Australian cents per share, about 30% lower than Citi estimates and about 16 cents below Goldman Sachs' forecast. Whitehaven shares slid as much as 12.3% after news of the coal reservation scheme broke, before paring loses to A$7.88, down 3.8%. "We do think the structural underpinnings of the market are very positive, but in the short term, coal prices have come off quite a bit," Flynn added. Subsequently, the company kept its run-of-mine coal production guidance of between 19.0 million and 20.4 million tonnes for the 2023 fiscal year unchanged.

Thirteen relatives of victims spoke during the hearing including Simone Crawley, who called Gendron, 19, a "cowardly racist." The sentence, which was expected because the state does not employ the death penalty, was given by Erie County Court Judge Susan Eagan. Erie County District Attorney John Flynn and Buffalo Mayor Byron Brown called Gendron's apology too little and too late. "I anticipate what he said today was to save his life in federal court," Flynn said after the hearing. His lawyers have sought a plea deal relating to these in an effort to avoid a possible death sentence.

☆ Rescuers pull out survivors one week after earthquake in Turkey and Syria
▼ + stars: | 2023-02-13 | by ( Ryan Flynn | ) www.businessinsider.com time to read: 1 min

☆ 'A crane, for God's sake': Inside the struggles of Turkey's earthquake response
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +9 min

Many in Turkey say more people could have survived the 7.8 magnitude earthquake that struck the south of the country and neighboring Syria a week ago if the emergency response had been faster and better organized. Two experts consulted by Reuters partly blamed the delays on the centralisation of emergency response under AFAD by President Tayyip Erdogan's government. U.N. aid chief Martin Griffiths, speaking in Kahramanmaras on Saturday, called Turkey's disaster response "extraordinary" given the quake's historic size. Interior Minister Suleyman Soylu said he commissioned the report precisely to improve Turkey's disaster response. But they have generally seen the state's emergency response as effective.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ Exclusive: Iran to start revamp at Venezuela's largest refining complex within weeks - sources
▼ + stars: | 2023-02-03 | by ( Mircely Guanipa | ) www.reuters.com time to read: +6 min

The companies are now expected to sign in the coming weeks a 460-million-euro contract to revamp the 955,000-bpd Paraguana refinery complex on the coast of western Venezuela, according to the sources. Iran's Foreign Minister Hossein Amirabdollahian arrived in Caracas on Friday and met Venezuela's oil minister Tareck El Aissami, according to tweets from the Iranian embassy in Caracas and Venezuela's oil ministry. PDVSA, NIORDC and Venezuela's oil ministry did not reply to requests for comment. A QUARTER OF CAPACITYA project to restore the complex's dilapidated power supply is also planned as part of the revamp, according to the sources. During the El Palito revamp, PDVSA sent home hundreds of Venezuelan workers to make way for the Iranian technicians, which triggered protests.

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