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It fell 0.3% in the week, breaking a three week streak of gains. U.S. West Texas Intermediate crude (WTI) futures rose 40 cents, or 0.5%, to $90.03 a barrel, as U.S. oil rig counts fell. U.S. Federal Reserve officials warned of further rate hikes, even after voting to hold the benchmark federal funds rate steady at a meeting this week. U.S. oil rig counts, an indicator of future production, also fell by eight to 507 this week, their lowest since February 2022, energy services firm Baker Hughes said. Offline refinery capacity was expected to reach 1.4 million barrels per day (bpd) this week according to IIR Energy versus 800,000 bpd offline last week.

Persons: Nick Oxford, Dennis Kissler, Michelle Bowman, Russia's Transneft, Baker Hughes, Arathy Somasekhar, Nicole Jao, Robert Harvey, Yuka Obayashi, Emily Chow, Marguerita Choy, David Gregorio, Josie Kao Organizations: REUTERS, U.S . West Texas, BOK, U.S . Federal, RBC, St . Petersburg International Mercantile Exchange ., IIR Energy, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, HOUSTON, Brent, U.S, Primorsk, Novorossiysk, St, United States, Houston, New York, Tokyo, Singapore

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. In the previous three weeks, they rose more than 10% on concerns about tight supply. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. Meanwhile, markets worried about Russia's temporary ban on exports of gasoline and diesel to most countries would tighten supplies. Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St. Petersburg International Mercantile Exchange.

Persons: Nick Oxford, Brent, Dennis Kissler, Russia's Transneft, Arathy Somasekhar, Nicole Jao, Robert Harvey, Yuka Obayashi, Emily Chow, Jan Harvey, Jason Neely, David Gregorio Our Organizations: REUTERS, . West Texas, BOK Financial, . Federal, RBC, St . Petersburg International Mercantile Exchange, IIR Energy, Thomson Locations: Cushing , Oklahoma, HOUSTON, U.S, Primorsk, Novorossiysk, St, Houston, New York, Tokyo, Singapore

☆ Oil prices rise as Russia fuel export ban stokes supply concerns
▼ + stars: | 2023-09-22 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

REUTERS/Nick Oxford//File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - Oil prices rose on Friday as renewed global supply concerns from Russia's fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Both benchmarks were relatively flat on the week, having gained more than 10% in the previous three weeks amid concerns about tight global supply. Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St. Petersburg International Mercantile Exchange. But macroeconomic headwinds continue to weigh on oil demand sentiment. "It is signals on the demand side that are mainly likely to affect oil prices in the short term," Commerzbank analysts said in a note.

Persons: Nick Oxford, Brent, WTI, Transneft, Robert Harvey, Yuka Obayashi, Emily Chow, Jan Harvey, Jason Neely Organizations: REUTERS, U.S, West Texas, RBC, St . Petersburg International Mercantile Exchange, U.S . Federal Reserve, IIR Energy, Thomson Locations: Cushing , Oklahoma, Primorsk, Novorossiysk, Russia, St, Tokyo, Singapore

☆ Haley Heads Into Second G.O.P. Debate on the Rise, Making Her a Likely Target
▼ + stars: | 2023-09-22 | by ( Jazmine Ulloa | More About Jazmine Ulloa | ) www.nytimes.com time to read: +1 min

“When she was here last week, we didn’t have to call people, people were calling us,” he said. And with voters and donors starting to pay more attention, her rivals are likely to as well. Since the last debate, Ms. Haley has mostly split her time between New Hampshire and South Carolina while also making up ground in Iowa. She has continued to burnish her foreign policy credentials, criticize Republicans on spending — which played well in the first debate — and call for a change in generational leadership. But she also pledged to defund sanctuary cities and send the military into Mexico to tackle drug cartels.

Persons: ”, Haley, Trump’s Organizations: Anselm College Locations: New Hampshire, South Carolina, Iowa, Grand Mound , Iowa, defund, Mexico, St, Goffstown

☆ Oil prices rise as supply concerns outweigh demand fears
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global oil supply outweighed fears that further possible U.S. interest rate hikes could dent fuel demand, but they were still headed for a weekly loss in four. Brent futures for climbed 21 cents, or 0.2%, to $93.51 a barrel by 0103 GMT, while U.S. West Texas Intermediate crude, or WTI, futures gained 23 cents, or 0.3%, to $89.86. The shortfall, which will force Russia's fuel buyers to shop elsewhere, caused heating oil futures to rise by nearly 5% on Thursday. The U.S. Federal Reserve on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50 to 5.75% by year-end. The Bank of England mirrored the Fed and held interest rates on Thursday after a long run of hikes, but said it was not taking a recent fall in inflation for granted.

Persons: Rishi Sunak, Brent, Toshitaka Tazawa Organizations: U.S, West Texas, of, Petroleum, Fujitomi Securities Co Ltd, U.S . Federal Reserve, Bank of England Locations: OPEC, United States, Europe, Russia

☆ 'Shark Tank' investor Kevin O'Leary warns of more pain coming for the economy as the Fed is poised to hike rates higher and as oil prices keep rising
▼ + stars: | 2023-09-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The Fed will likely spark more pain for the US economy, according to "Shark Tank" star Kevin O'Leary. He predicted the Fed will push interest rates to 6% in a bid to lower inflation. Central bankers have raised interest rates aggressively over the past 18 months to control inflation, with rates now at their highest level since 2001. Oil prices have stuck close to a 10-month high, with Brent crude the international benchmark, trading around $94 a barrel on Friday while West Texas Intermediate crude traded around $91 a barrel..O'Leary blamed high oil prices on a systemic shortage of crude production. Forecasters have warned that oil prices could go even higher through the end of the year as supply cuts from producers in OPEC+ could deepen.

Persons: Kevin O'Leary, O'Leary, Brent Organizations: Service, Federal, Fox Business, of Labor Statistics, West Texas Intermediate Locations: Wall, Silicon, OPEC

☆ Russia’s diesel export ban may be just its latest attempt to hurt Europe
▼ + stars: | 2023-09-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Russia’s decision to ban diesel exports to most countries could not have come at a worse time for Europe. But the EU still needs a steady flow of Russian diesel to global markets to keep prices stable. The Russian government announced the curbs — which also apply to gasoline — Thursday, saying they were aimed at stabilizing domestic fuel prices. Diesel is Europe’s economic workhorse, powering the majority of vans and trucks ferrying goods and raw materials round the continent. Before Europe imposed its import ban, Russia supplied 40% of the country’s diesel.

Persons: London CNN —, ” Jorge León, ”, Natalia Kolesnikova, Pamela Munger, Henning Gloystein, Gloystein, “, Tim Lister, Anna Chernova Organizations: London CNN, European Union, Reuters, Kremlin, Diesel, Analysts, European, Rystad Energy, CNN, Gazprom, Getty, Eurasia Group, “, Brent Locations: Europe, Russian, Moscow, Ukraine, Russia, Saudi Arabia, South America, East, North Africa, AFP, Turkey, United States

☆ Russia's gasoline prices on exchange down almost 10% after export ban
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsMOSCOW, Sept 22 (Reuters) - Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to 55,892 roubles ($582) per metric ton on Friday, according to exchange data, following a government ban on fuel exports. Diesel prices were down 7.5% to 66,511 roubles per ton, according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX). Wholesale fuel prices in Russia had been steadily rising this year amid fuel shortages, reaching all-time highs. In response, Russia on Thursday temporarily banned exports of gasoline and diesel to all countries apart from four ex-Soviet states. A Kremlin spokesman told reporters that the export ban would last for as long as necessary to ensure market stability.

Persons: Maxim, Dmitry Peskov, Pavel Sorokin, J.P, Morgan, Vladimir Soldatkin, Jason Neely, Miral Organizations: REUTERS, Rights, St . Petersburg International Mercantile Exchange, TASS, Kremlin, Energy, Citi, Reuters, Thomson Locations: Moscow, Russia, St, Baltic, Primorsk, Novorossiysk

☆ Biden's IRA Drives Surge in US Imports of Chinese Used Cooking Oil
▼ + stars: | 2023-09-22 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +3 min

By Andrew HayleyBEIJING (Reuters) - U.S. incentives to boost consumption of more environmentally friendly fuel has created a new market for used Chinese cooking oil, worth almost $390 million in the last 12 months and growing rapidly, China's customs data shows. In the first eight months of 2023, Chinese exports of used cooking oil (UCO) to the U.S. totalled almost 384,000 metric tons, customs data shows. Used cooking oil can be refined into fuels such as biodiesel and SAF, which can be blended with conventional fuels to reduce carbon emissions. State-run Chinese oil majors Sinopec and PetroChina, which are among those shipping UCO cargoes to the U.S., according to Kpler, did not respond to requests for comment. Used cooking oil can be one-third the price of fresh vegetable oil, and has lower carbon intensity than non-waste feedstocks such as palm or canola oil.

Persons: Andrew Hayley BEIJING, Biden, Kpler, Sophie Byron, Global's Byron, Andrew Hayley, Stephanie Kelly, Christian Schmollinger Organizations: U.S, SAF, P, Argonne National Laboratory, U.S . Department of Agriculture, Exports, European Commission, European Union Locations: China, U.S, California, Argonne, U.S . China, Europe, Germany

☆ Ukraine's European allies keep sending it broken and unusable Leopard 1 tanks
▼ + stars: | 2023-09-22 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +2 min

Over half the tanks donated to Ukraine from Denmark have technical problems, Danish media reported. In a briefing, Denmark's defense minister said there are problems with 12 out of 20 Leopard 1 tanks. German's defense ministry announced in February a partnership with Denmark and the Netherlands to send Ukraine a donation of "at least" 100 refurbished Leopard 1A5 tanks. On Friday, TV 2, a public broadcaster in Denmark, reported that 12 out of 20 of the Leopard 1A5s that have already been donated have technical issues. AdvertisementAdvertisementAnd earlier in the week, the German outlet Der Spiegel reported that another 10 Leopard tanks had problems substantial enough for Ukraine to reject delivery of them.

Persons: Troels Lund Poulsen, Der Spiegel, cdavis@insider.com Organizations: Service, Leopard, Danish Defense Locations: Ukraine, Denmark, Wall, Silicon, Netherlands, Germany, Poland, Dutch

☆ Russia's indefinite ban on diesel exports threatens to aggravate a global shortage
▼ + stars: | 2023-09-22 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

From February 5, 2023, the European Union will no longer purchase petroleum products such as diesel, gasoline or lubricants from Russia. Russia imposed an indefinite ban on the export of diesel and gasoline to most countries, a move that risks disrupting fuel supplies ahead of winter and threatens to exacerbate global shortages. In a government decree signed by Prime Minister Mikhail Mishustin, the Kremlin said Thursday that it would introduce "temporary" restrictions on diesel exports to stabilize fuel prices on the domestic market. Market participants are concerned about the potential impact of Russia's ban, particularly at a time when global diesel inventories are already at low levels. Oil prices jumped as much as $1 a barrel on the news on Thursday, before settling lower for the session.

Persons: Mikhail Mishustin Organizations: European Union, Soviet, Economic Union, Brent, U.S, West Texas, Energy, Kremlin, Reuters Locations: European, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Moscow, London

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. U.S. West Texas Intermediate crude (WTI) climbed 36 cents, or 0.4%, to $90.02. The Fed on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end. "The Fed stance and a strong labor market has driven equities and commodities lower, pressuring oil," said Kilduff. Oil prices remained supported by concern about tight supply globally entering the fourth quarter.

Persons: Tatiana Meel, Brent, refiners, Tamas Varga, Vargas, John Kilduff, Paul Carsten, Natalie Grover, Laura Sanicola, Trixie Yap, Sonali Paul, Jane Merriman, Alexandra Hudson, David Gregorio Our Organizations: . West Texas, . Federal, Fed, U.S ., U.S . Labor Department, Bank of England, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Russian, ., New York, Norway's, Cushing, London

☆ Oil falls as US rate hike expectations offset tight supply outlook
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Trixie Yap, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil falls as rate hike expectations offset US stock draw
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 71 cents, or 0.79%, to $88.95, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil prices fall ahead of more central bank steers on interest rates
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: +1 min

This aerial photo shows the Enping 15-1 oil platform 200 km southwest of Shenzhen, south China, May 31, 2023. Oil prices fell in early Asian trade on Thursday after falling by the most in a month in the previous session on U.S. interest rate hike expectations, and ahead of a steer from other central banks on their rate outlooks. U.S. West Texas Intermediate crude fell 49 cents, or 0.6%, to $89.17. Federal Reserve policymakers still see the central bank's benchmark overnight interest rate peaking this year in the 5.50% to 5.75% range, just a quarter of a percentage point above the current range. Energy markets had little reaction to U.S. energy data on Wednesday showing crude inventories fell in line with expectations last week.

Persons: Brent, refiners Organizations: . West Texas, U.S . Federal Reserve, Federal Reserve, Bank of England, Energy, U.S . Energy, Administration Locations: Shenzhen, China, Indonesia, Philippines, Taiwan

☆ Russia imposes temporary restrictions on fuel exports
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

"Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers," the government said in a statement. Government officials have said that the plans are intended to restrict fuel exports only to those who make the oil products, in order to avert a large-scale fuel crisis; a prohibitive duty on fuel exports has been considered. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation. Traders say the fuel market has been hit by factors including maintenance at oil refineries, bottlenecks on railways and the weakness of the rouble, which incentivises fuel exports. Russia exported 4.817 million tons of gasoline and almost 35 million tons of diesel last year.

Persons: Maxim, Vladimir Soldatkin, Mark Trevelyan Organizations: REUTERS, Rights, Kremlin, Traders, Thomson Locations: Moscow, Russia, breadbasket

[1/2] Visitors look at displays of military aircraft and a ground-to-ground missile at the Military Museum of the Chinese People's Revolution in Beijing, China October 8, 2022. A Chinese military expert told Reuters the high-powered engine, shown for the first time, is key to China's development of medium- and heavyweight helicopters. It could be used as an aircraft carrier escort. Western analysts have noted that China has lagged behind in anti-submarine warfare, which are vital to protect long-range aircraft carrier operations. A media report quoted a Chinese military expert as saying the new frigate can serve as a "mini destroyer".

Persons: Florence Lo, Albee Zhang, Greg Torode, Ryan Woo, Gerry Doyle Organizations: Military Museum of, REUTERS, NEW, Reuters, China, WS, PREPPING, People's Liberation Army Navy, Thomson Locations: Beijing, China, Taiwan, Tianjin, Hong Kong, Shanghai, Guangzhou, U.S, South Korea, Japan, Guam, Fujian

☆ The Fault Lines at Climate Week
▼ + stars: | 2023-09-21 | by ( Manuela Andreoni | More About Manuela Andreoni | ) www.nytimes.com time to read: +1 min

Still, oil producing nations and corporations haven’t yet shown any signs that they are ready to slow down. Britain’s government, a climate leader for years, just announced a change of course that will weaken key environmental pledges, including delays to a ban on the sale of gas and diesel cars. The prime minister of Norway, Jonas Gahr Store, told Somini that this is the century when the world will phase out fossil fuel. But he also said he is against setting a deadline for the transition, and defended his country’s continued investment in oil and gas expansion. “By the end of this decade, you will have very good business arguments for not investing in oil and gas and rather investing in solar, wind, hydrogen, these new sources.”

Persons: ”, David, “, Jonas Gahr, Somini Organizations: International Energy Agency Locations: Norway

MIDDLETOWN, N.J. (AP) — Governments, organizations and businesses have set ambitious goals to combat climate change. Shawn LaTourette, New Jersey's environmental protection commissioner, hesitates to use the word “mandate” in describing the state's plans. Many of the world's countries signed the Paris climate accords, obligating them to reduce greenhouse gas emissions to certain levels. Anjuli Ramos, New Jersey director of the Sierra Club, agreed that meeting climate goals requires urgent action. A document released Tuesday said that by 2050, at least 90% of the state's residential and commercial buildings must be electrified to meet New Jersey's clean energy and climate goals.

Persons: Shawn LaTourette, ”, —, John Burzichelli, ” Ray Cantor, Rishi Sunak, Anjuli Ramos, “ It's, “, ‘ We’re, Wayne Parry Organizations: —, Democrat, New, New Jersey Business, Industry Association, British, Sierra Club, San Francisco and New, Twitter Locations: MIDDLETOWN, N.J, New Jersey, Shawn LaTourette ,, Jersey, California, Paris, China, India, U.S, Vermont, Rhode Island , Massachusetts , Connecticut, Maine, Michigan, Anjuli Ramos , New Jersey, San Francisco and, San Francisco and New York City, www.twitter.com

☆ Russia curbs gasoline and diesel exports to ease shortages
▼ + stars: | 2023-09-21 | by ( ) edition.cnn.com time to read: +2 min

Russia has introduced a temporary ban on exports of gasoline and diesel to all countries except four ex-Soviet states in order to stabilize the domestic market, the government said Thursday. “Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers,” the Russian government said in a statement. In recent months Russia has suffered shortages of gasoline and diesel. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation. Traders say the Russian fuel market has been hit by factors including maintenance at oil refineries, bottlenecks on railways and the weakness of the ruble, which incentivizes fuel exports.

Organizations: Economic Union, Kremlin, Traders, ” Locations: Russia, Soviet, Moscow, Belarus, Kazakhstan, Armenia, Kyrgyzstan, “, breadbasket, ” Russia, Saudi Arabia

☆ An RV-life couple who pay $800 a month to live seasonally at a ski resort and a winery break down their lifestyle and expenses
▼ + stars: | 2023-09-21 | by ( Jules Rogers | ) www.businessinsider.com time to read: +7 min

Destiny Pauls and Kellan Cousins bought an RV in December and have been living in it full time. They spent the winter parked at a ski lodge and this summer parked at a winery in exchange for work. Their RV living costs are about $800 a month — hundreds less than the apartment they used to rent. Courtesy of Destiny Pauls and Kellan CousinsCousins estimated they were saving $600 a month, compared with rent and utility costs, since they transitioned to RV living. Courtesy of Destiny Pauls and Kellan CousinsIn the future, Pauls said they might be interested in buying an off-grid property to build and park on.

Persons: Destiny Pauls, Kellan Cousins, Pauls, Kellan Cousins Cousins, Cousins, we've, that's, —, we'll Organizations: Service, Oregon State University — Locations: Wall, Silicon, Corvallis , Oregon, Mount Baker , Washington

☆ Russia bans diesel and gas exports indefinitely
▼ + stars: | 2023-09-21 | 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 EmailRussia bans diesel and gas exports indefinitelyCNBC’s Pippa Stevens joins ‘Power Lunch’ to report on Russia’s key role in nuclear energy.

Persons: Pippa Stevens Organizations: Russia

☆ Exxon sees $16 billion in earnings for fuels, chemicals by 2027
▼ + stars: | 2023-09-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowHOUSTON, Sept 20 (Reuters) - Exxon Mobil Corp (XOM.N) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said on Wednesday. Exxon combined its once separate chemicals and oil refining businesses and redesigned operations to quickly shift between fuels and chemicals based on which delivers the highest profit. Its fuels outlook differs from oil-consuming nations group International Energy Agency, which expects the use of oil for transportation fuels to decline after 2026. "We have the hypothesis this could be a game changer for Exxon Mobil," McKee said. The company's 564,440 barrel-per-day (bpd) Baytown, Texas refinery, which is co-located with a chemical unit, will allow it to evolve from primarily making fuels to chemicals, Williams said.

Persons: Ernest Scheyder, Jack Williams, Karen McKee, McKee, Exxon's, Beaumont, Williams, Refining's, Erwin Seba, Deepa Babington Organizations: Exxon, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, International Energy Agency, Product Solutions, Exxon Mobil, Thomson Locations: Spring , Texas, U.S, , Texas, Beaumont , Texas, West Texas, Baytown , Texas

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTNEW YORK, Sept 20 (Reuters) - Oil prices eased on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. WTI crude futures for November , which will soon be the U.S. front-month, was up about 18 cents to $90.30. Investors were awaiting the Fed's interest rate decision at 2:00 p.m. EDT (1800 GMT) to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates steady, but the focus will be on its projected policy path. Interest rate hikes to tame inflation can slow economic growth and reduce oil demand.

Persons: Pedro Nunes, Brent, WTI, Edward Moya, refiners, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Nicole Jao, Kim Coghill, Jason Neely, Louise Heavens, David Gregorio Our Organizations: REUTERS, U.S, U.S . Energy Information Administration, . West Texas, U.S . Energy, Administration, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, WTI, ., Japan, London, Tokyo, Singapore, New York

☆ California’s Zero-Emissions Rule Triggers a Run on Diesel Rigs
▼ + stars: | 2023-09-20 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

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