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☆ Why Biden’s ban on drilling in the Alaska National Wildlife Refuge likely won’t affect gas prices
▼ + stars: | 2023-09-07 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

The ban, announced on Wednesday, cancels seven Trump-era oil and gas leases in the Arctic National Wildlife Refuge and prevents drilling on more than 13 million acres in the federal National Petroleum Reserve in Alaska. The Biden administration has annouced a ban on oil drilling in the Arctic National Wildlife Refuge in Alaska. “There’s little power to drill, pipeline to carry the crude oil, roads and everything needed basically to drill for oil,” he told CNN. The ban on drilling in the region would “not at all” hurt consumers in the future, De Haan said. Meanwhile, extreme summer heat has prevented many US refineries from operating at full capacity, leading to elevated gas prices throughout the peak driving season.

Persons: Biden, Joe Biden, Patrick De Haan, ”, De Haan, Brent Organizations: New, New York CNN, Trump, Wildlife, National Petroleum Reserve, Asahi Shimbun, CNN, Brent, Labor, AAA Locations: New York, Alaska, Russia, Saudi Arabia, North

Global oil prices backed off the $90 a barrel mark early Wednesday as traders digested the news that Saudi Arabia and Russia would extend their summer production cuts until December. The move is likely to keep U.S. gas prices higher for longer. Many nations joined in putting sanctions on Russian oil when President Vladimir Putin invaded Ukraine in February 2022. But large oil consumers such as China and India continue to buy Russian oil. Rising oil prices will also be a concern for the Federal Reserve as its campaign to tame inflation is finally bearing fruit.

Persons: ” Patrick De Haan, Hurricane Idalia, De Haan, Vladimir Putin Organizations: Labor, Gas, Hurricane, Federal Reserve Locations: Saudi Arabia, Russia, “, ”, China, Ukraine, India, Germany

☆ Will Macy’s, Nordstrom merchandise overhauls lure shoppers?
▼ + stars: | 2023-08-21 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

In an effort to boost sales, Macy's - which reports second-quarter results on Tuesday - has focused on revamping its private brands, including its new On 34th label launched in July. Analysts expect Macy's to post a 87% slide in second-quarter profit, dragged down by heavy discounting to clear spring and early summer merchandise, according to Refinitiv. Thirteen percent answered Walmart and 9% answered Amazon, compared to 5.8% for Macy's and 3.3% for Nordstrom. Nordstrom so far has disclosed few specifics about the new merchandise intended to revive the Rack, including the brands and categories it plans to prioritize. On Monday, Rack’s website was advertising brands including Kate Spade, Adidas, Steve Madden and Cole Haan.

Persons: Andrew Kelly, Nordstrom, Erik Nordstrom, Macy's, Nordstrom's, Prosper, Macy’s, Kathy Gersch, ”, Kate Spade, Steve Madden, Cole Haan, Katherine Masters, Granth Vanaik, Savyata Mishra, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Nordstrom, U.S ., Target, Walmart, Nordstrom . Consulting, Deloitte, Private, Kotter, Adidas, Thomson Locations: Manhattan , New York City, U.S, New York, Bengaluru

Consumers purchase gasoline at a gas station as a plane approaches to land at the airport in San Diego, California October 8, 2012. National retail gasoline prices will average $3.90 a gallon this month, predict analysts at Goldman Sachs. Jones said he was relieved prices were not close to the $5 a gallon level of last summer. Total U.S. gasoline stocks this month fell to 216.4 million barrels, the fifth decline in six weeks, according to U.S. government data. Reporting by Laura Sanicola and Shariq Khan; editing by Stephanie Kelly and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Goldman Sachs, Martin Jones, Jones, Irving Oil's, Patrick De Haan, Laura Sanicola, Shariq, Stephanie Kelly, Aurora Ellis Organizations: REUTERS, Consumers, American Automobile Association, Toyota Corolla, Washington , D.C, U.S . Midwest, Total U.S, U.S . National Oceanic, Atmospheric Administration, NOAA, Hurricanes, Thomson Locations: San Diego , California, California, Washington, Massachusetts, Washington ,, U.S, Ohio, Michigan, Whiting , Indiana, New Brunswick, Canada, Trainer ,, Texas, Gulf

☆ Wall Street suddenly appears confident America will avoid a recession
▼ + stars: | 2023-07-27 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The Dow Jones Industrial Average index has gained 3.2% this month, outperforming the S&P 500 and Nasdaq Composite. The Dow’s gains suggest that investors are starting to buy more economically sensitive stocks as recent data show inflation slowing. That, in turn, indicates they’re becoming increasingly optimistic that the economy could avoid a recession. Conventional Wall Street wisdom says gains in the blue-chip index tend to precede rallies across the broader market. The Dow Jones Transport Average Index, an index of 20 stocks including railroad, trucker, airline and freight companies, has gained 24% this year.

Persons: ”, Adam Phillips, That’s, Bryan Mena, Read, Matt Egan, “, Patrick De Haan Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Big Tech, Wealth, Federal Reserve, Union Pacific Corporation, Ryder System, Dominion Freight Line, Fed, New, American Automobile Association Locations: New York, Russia, Ukraine

☆ Gasoline prices are spiking. That’s a problem for Powell and the Fed
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. All told, gas prices have spiked 9 cents in 48 hours. Lower gas prices have been central to progress on slowing price increases. The IMF warned on Tuesday that grain prices could rise by 10% to 15% because of the collapse of the grain deal. Yawger noted that soybean futures have also climbed sharply amid concerns about high heat hurting crops in the United States.

Persons: haven’t, “, ”, Patrick De Haan, unnerve, Jerome Powell, Francisco Blanch, Joe Brusuelas, Brusuelas, Robert Yawger, Yawger, De Haan Organizations: New York CNN, Federal Reserve, AAA, unnerve ’, Bank of America, RSM, IMF, Mizuho Securities, Hurricanes, Nature, ExxonMobil, CNN Locations: Russia, Ukraine, United States, Baton Rouge

The complex interplay between the transition, policy, economic performance and consumer preferences have made it harder than ever to forecast gasoline demand. Since then, the post-pandemic transition to a hybrid workplace has cut fuel demand for commuting. With the difficulty of predicting where gasoline demand goes from here, the EIA has revised its forecast several times this year. In January, it pegged demand this year at 8.74 million bpd, a fall from 8.76 million bpd last year. JPMorgan estimates that efficiency gains and EV sales wiped around 100,000 bpd from gasoline demand last year.

Persons: Aimee Dilger, Ciaran Healy, Healy, Joe Biden, Barack Obama, Biden, Alex Hodes, Patrick De Haan, Shariq Khan, Simon Webb, Marguerita Choy Organizations: REUTERS, U.S, International Energy Agency, Energy Information Administration, EIA, Reuters, IMPACT, JPMorgan, Trump, EV, Environmental Protection Agency, Reuters Graphics U.S, StoneX, Thomson Locations: Wilkes, Barre , Pennsylvania, U.S, Midwest, Paris, Russia, Ukraine

☆ US gas prices are set to become more affordable and could drop below $3 a gallon by fall, GasBuddy's chief analyst says
▼ + stars: | 2023-07-05 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Americans can expect cheaper gas prices this year, with the national average set to fall below $3 a gallon, per GasBuddy. "I think the second half of the summer is going to be more affordable than the first half," Patrick De Haan said. US gas prices hit their lowest level since late April ahead of Independence Day, with the national average standing at $3.52 a gallon, per AAA. De Haan noted that Saudi Arabia's latest decision to keep cutting crude production this summer could spark a rally in crude oil prices and offset GasBuddy's forecast for falling gas prices in August. The June-November Atlantic hurricane season, and any unexpected refinery outages, could also pose risks for the downward trend in gas prices, De Haan said.

Persons: Patrick De Haan, —, De Haan Organizations: Service, Privacy, CNBC, AAA, Saudi Locations: Saudi, Ukraine, Europe

☆ Sheetz slashes gas price by 50% to $1.776 per gallon. But only for one day
▼ + stars: | 2023-07-04 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —An East Coast convenience chain is offering gas at a patriotic price for one day only. Sheetz will be selling gas for $1.776 on the Fourth of July, a nod to the year the Declaration of Independence was signed. The national average for regular gasoline dropped to $3.55 a gallon last Thursday, according to AAA, compared to $4.87 a gallon a year ago. Last November, Sheetz reduced the price of Unleaded 88 to $1.99 a gallon at limited stores during the Thanksgiving holiday week. Sheetz has more than 675 locations in Pennsylvania, Maryland, Ohio, North Carolina, Virginia and West Virginia.

Persons: Travis Sheetz, ”, Patrick De Haan, Sheetz Organizations: New, New York CNN, An, Ethanol, AAA Locations: New York, An East Coast, Independence, Pennsylvania , Maryland , Ohio, North Carolina, Virginia, West Virginia

☆ Gas prices in second half of summer will be more affordable than first half, says GasBuddy's De Haan
▼ + stars: | 2023-07-03 | 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 EmailGas prices in second half of summer will be more affordable than first half, says GasBuddy's De HaanPatrick De Haan, GasBuddy head of petroleum analysis, joins 'Squawk Box' to discuss the average motorist's costs at the gas station, what gas prices will look like going forward, and more.

Persons: GasBuddy's De Haan Patrick De Haan, GasBuddy

☆ Fourth of July gas prices take almost unprecedented plunge
▼ + stars: | 2023-06-30 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. Although pump prices have retreated from last year’s record highs, gas prices were cheaper in the summer of 2021 and certainly in 2020 when Covid-19 shut down large swaths of the economy. Pump prices plunge in Ohio, CaliforniaStill, over the past 12 months, gas prices are down in all 50 states, according to AAA. Washington recently replaced California with the unwanted distinction of having America’s most expensive gas prices. Why gas prices are downThe tumble in gas prices is an undeniable positive for consumers.

Persons: John LaForge, ”, Patrick De Haan, De Haan, “, ” Wells Fargo’s LaForge, LaForge, Wagner, Vladimir Putin’s, GasBuddy’s De Haan Organizations: New, New York CNN, AAA, That’s, US Energy Information Administration, Wells, Investment Institute, Drivers Locations: New York, Covid, Ohio , California, Indiana, Ohio, California, Illinois, Washington, Ukraine, Russia

☆ California is no longer America’s most expensive state for gas
▼ + stars: | 2023-06-21 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Drivers in the state of Washington are celebrating the official start of summer with an unwelcome sight: America’s most expensive gas prices. Prior to the past few days, Washington has never been the most expensive state for gas in data going back to 2005, GasBuddy told CNN. Even though Washington has the highest average price, gas stations near major California cities are still charging heavily for gas. Washington state’s average gas price is nearly $2 a gallon above that of America’s cheapest state for fuel: Mississippi, where gas prices average $3.01 a gallon. No state has enjoyed a bigger plunge in gas prices than Delaware, where the state average is down by $1.61 a gallon over the past year, according to AAA.

Persons: Patrick De Haan, GasBuddy, It’s Organizations: New, New York CNN, Drivers, AAA, CNN, Michigan Locations: New York, Washington, California, GasBuddy, Pacific Northwest, Hawaii, America, King County, Seattle, Skamania, Mississippi, Ukraine, Delaware, Indiana, Alaska, Texas

☆ Acore Capital's Warren De Haan say he's finding opportunities in multifamily real estate
▼ + stars: | 2023-06-15 | 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 EmailAcore Capital's Warren De Haan say he's finding opportunities in multifamily real estateWarren De Haan, Acore Capital co-CEO, joins 'The Exchange' to discuss lender strength and where to find opportunity in credit and commercial real estate.

Persons: Warren De Haan Organizations: Acore

☆ Oil prices sink below $70 on debt ceiling jitters, Russia-Saudi tensions
▼ + stars: | 2023-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US oil prices dropped below $70 a barrel Tuesday on concerns about whether the debt ceiling deal will make it through Congress and on reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting. The selloff marks one of the worst days of the year for the oil market and could help keep a lid on pump prices. “It’s not a layup that the debt deal is going to get done. Treasury Secretary Janet Yellen has warned the government will not have enough funds to meet all of the nation’s obligations if Congress does not address the debt ceiling by June 5. Meanwhile, there are new questions about the relationship between OPEC leader Saudi Arabia and Russia ahead of this weekend’s meeting of oil producers in Vienna.

☆ Why does Wall Street expect a rate hike in June?
▼ + stars: | 2023-05-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —Wall Street expects the Federal Reserve to raise interest rates in June. Not only that, it finally believes the central bank when it says it likely won’t cut rates this year. Futures traders expected a roughly 66% chance of a quarter point rate hike in June as of Friday afternoon, according to the CME FedWatch Tool. That’s a drastic about-face from even earlier this month, when Wall Street expected the central bank to slash rates multiple times this year starting as early as this summer. “If it comes in hotter than expected, it almost locks a rate hike in” for June, said Heppenstall.

☆ Americans to spend $1.6 billion less on gas this Memorial Day weekend
▼ + stars: | 2023-05-26 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Drivers across the country will be greeted by gas prices much cheaper than a year ago. That’s up from wintertime lows — but down by more than $1 from the year-ago average of $4.60, which was also the national average on the Friday before last Memorial Day. So, today’s gas prices are not cheap historically. The central factor is that oil prices, which are the main driver of retail gas prices, are down. For now, gas prices are much lower than a year ago, contributing to easing inflation across the economy.

☆ Do Dress Sneakers Belong in the Oval Office?
▼ + stars: | 2023-05-19 | by ( Guy Trebay | ) www.nytimes.com time to read: +1 min

Think of it as a rare instance of cross-aisle consensus or else a sartorial trend gone badly wrong. But it did not go unnoticed when, in a photograph from the Oval Office posted to President Joe Biden’s account this week, Speaker of the House Kevin McCarthy, Senator Mitch McConnell and Representative Hakeem Jeffries were all captured wearing some variant of the dreaded footwear hybrid: the sneaker shoe. Weighing in on Twitter, cult men’s wear commentator Derek Guy (@dieworkwear) called out the footgear as a clear lapse in dignity, if not actual protocol. Why pay a visit to a sitting president dressed in shoes designed for power-walking at the mall? “Awful,” Yang-Yi Goh, style director of GQ, pronounced the shoe that has become a style default among Capitol Hill staffers.

☆ Gas is almost $1 cheaper than a year ago
▼ + stars: | 2023-05-15 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

But gas prices are miles away from last summer’s nightmare. At this point last year, gas prices were racing toward $5 a gallon, angering Americans, alarming central bankers and threatening the entire economy. Gas is not cheapTo be sure, gas prices are not nearly as cheap as back in 2020 when the national average crashed below $2 a gallon. Looking ahead, gas prices will probably remain far away from last summer’s peak. “If we return to economic prosperity, we’re going to return to the same gas price explosion as last year.”

☆ Banks aren't the only ones that hold risky commercial-real-estate debt. Pension funds are about to feel the pain, too.
▼ + stars: | 2023-04-24 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Pension funds, REITs, and insurers hold more than $1.2 trillion in commercial-real-estate debt. CalSTRS, a California pension fund, told the FT it will be writing down its real-estate portfolio. Among them are the large pension funds, REITs, and insurance companies, together accounting for more than $1.2 trillion — or 22% — of the $5.62 trillion in total commercial-real-estate debt outstanding, according to BofA Global Research. Some pension funds were already planning to reduce their exposures to commercial real estate even before the recent bank failures magnified the risks. In September, fund managers at Artemis Real Estate Partners and PGIM Real Estate said at a Bisnow conference that their investors indicated they'd be reducing allocations to real estate, just because the assets had been outperforming others.

☆ Panic buying causes widespread gas station closures in South Florida
▼ + stars: | 2023-04-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —More than half of gas stations in the Miami-Fort Lauderdale area were without gasoline Wednesday after flooding from last week’s massive storm caused a wave of panic buying by drivers topping off their gas tanks. “I would estimate that 80% of [station closings] are due to panic buying,” said Patrick De Haan, head of petroleum analysis for GasBuddy, which tracks station closings and gas prices. Data from GasBuddy showed that 59% of stations in the Miami-Fort Lauderdale market were closed Wednesday, up from about 20% on Sunday. But the even better news is that with full tanks, drivers will not need to fill up in the coming days as they normally might have, and the panic buying is likely to subside. He expected most of the closed stations to be reopened by the weekend.

☆ Landlords who bought thousands of apartments are facing a reckoning
▼ + stars: | 2023-04-11 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

Investors showed outsize interest in apartment buildings during the pandemic. Rents and occupancy rates were rising, interest rates remained relatively low, and rental-property prices were climbing with no sign of letting up during a surge in housing demand. Laguna Point did not respond to a request for comment. Marc McDevitt, a senior managing director at Cred iQ, said it was possible Laguna Point had lost some, or even all, of its investment in the deal. While offices have been going through a paradigmatic shift as more workers do their jobs remotely, apartment buildings have experienced robust demand from tenants.

☆ Gas prices are on the rise again and drivers can expect more increases to come after steep oil production cuts by OPEC+
▼ + stars: | 2023-04-06 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US gas prices have hit a five-month high, fuel-tracker GasBuddy said Thursday. Gas prices are rising following a jump in oil prices after OPEC+ said it will slash production starting in May. The move was widely seen as preemptive action before a potential recession sets in and to put a floor on oil prices. Word of the production cuts by Saudi Arabia and other oil-producing countries sent oil prices soaring this week. National gas prices soared past $5 a gallon in 2022, with that first-ever move taking place after oil producer Russia invaded Ukraine.

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☆ Commercial real estate is struggling with rising rates and bank woes, but the cohead of a $21 billion lender said it's the best time in his more than 20 year career
▼ + stars: | 2023-04-03 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

High interest rates, office woes, and less bank funding are chilling commercial real estate. But a top commercial real estate lender said there's never been a better time for firms like his. It's a bleak time in commercial real estate, and it can be hard to find any rays of sunshine. One Bank of America analyst just warned commercial real estate presents a major risk regional banks that own a disproportionate 68% of the sector's loans. While interest rate uncertainty is clouding the commercial real estate outlook, some transactions could provide clarity to the market, de Haan said.

☆ This could be Big Oil's last surge
▼ + stars: | 2023-03-19 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com time to read: +12 min

The era of Big Oil could end sooner than its massive profits suggest, analysts told Insider. But the worst-case scenario for the environment — that oil and gas companies reinvest all their extra money to keep growing — isn't happening, Logan said. The role of oil and gas companies in the energy transition is an ongoing debate, analysts told Insider. The UK company cited the need for an "orderly" energy transition. And while Big Oil's finances may begin to show some cracks over the next decade, he doesn't expect them to "suffer financially" for another 25 to 35 years.

☆ Nike's aggressive use of noncompetes is stifling hiring at rivals and startups sneaker brands, insiders say
▼ + stars: | 2023-03-18 | by ( Matthew Kish | ) www.businessinsider.com time to read: +7 min

President Biden and the FTC want to get rid of noncompete agreements. Some former Nike workers remain subject to them. The same could be said of sportswear workers in Portland, Oregon. The same day Biden spoke to the nation, at least three former Nike workers were waiting for their noncompete agreements to end, according to a search of LinkedIn profiles. In sportswear, noncompetes have historically been used to guard industry secrets, which brands fight to protect.

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