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☆ The US economy is slowing down. Just look at the freight recession that's sent diesel prices tumbling.
▼ + stars: | 2023-04-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The US is seeing a "freight recession," meaning fewer trucks delivering goods across the country. The slowdown in deliveries comes as diesel prices have dropped by roughly half since last year. The American Trucking Association's truck tonnage index dropped to the lowest since August 2021. Wholesale diesel prices in New York Harbor tumbled to $2.65 a gallon from $5.34 last May, per the Journal. And in an earnings call last week, JB Hunt executives sounded the alarm on a "freight recession" as the shipping company missed earnings views and reported across-the-board drops in volumes that sent revenue per truckload down by 17%.

☆ Sliding Diesel Prices Signal Warning for U.S. Economy
▼ + stars: | 2023-04-25 | by ( David Uberti | Bob Henderson | ) www.wsj.com time to read: 1 min

A nationwide freight slowdown has helped cut U.S. diesel prices by half from last year’s record, raising concerns that parts of the world’s largest economy have begun to slow. Wholesale diesel recently fell to $2.65 a gallon in New York Harbor, down from $5.34 last May, after Russia’s invasion of Ukraine sent commodity markets haywire and turned prices advertised at gas stations into street-level reminders of inflation’s 40-year highs. Record diesel costs made it more expensive to operate excavators at construction sites, run machinery on farms, and haul goods from ports, rail yards or factory floors.

Distillate stocks stood at 112 million barrels on April 14, down from 122 million on March 3, according to the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, April 19). The recent run-down in inventories has partially reversed the previous accumulation, which had seen the deficit narrow from -31 million barrels (-22% or –2.05 standard deviations) on October 7. CYCLICAL SLOWDOWNThe broader picture is still that U.S. distillate consumption is falling in line with the slowdown in manufacturing and freight activity. For now, inventories are still well below the long-term average, ensuring prices, calendar spreads and cracks have remained elevated. Related columns:- Global diesel prices fall as economic slowdown intensifies (April 5, 2023)- U.S. diesel consumption falls as economy slows (March 1, 2023)- U.S. diesel stocks start the year critically low (February 2, 2023)John Kemp is a Reuters market analyst.

☆ Wells Fargo raises the caution flag on refiners, downgrades Valero, Marathon
▼ + stars: | 2023-04-18 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Wells Fargo is less optimistic on the future performance of oil refinery stocks Analyst Roger Read downgraded both Valero Energy and Marathon Petroleum to equal weight from overweight. "We raise the caution flag on the refining sector," he said in a note to clients Tuesday. Jet inventory, meanwhile, is "well above" where it was a year ago but still below the average levels seen historically. Demand has also recovered compared with the long-term average but still sits below levels seen before the pandemic. MPC VLO 5Y mountain Valero and Marathon — CNBC's Michael Bloom contributed to this report.

☆ Supreme Court gives New Jersey, shipping industry and unions a win in New York ports case
▼ + stars: | 2023-04-18 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

The Supreme Court ruled Tuesday that New Jersey can unilaterally withdraw from the longstanding Waterfront Commission Compact it has with New York to police corruption in the shipping industry in the major port the two states share. All nine of the Supreme Court's justices voted to dismiss arguments by New York in favor of forcing New Jersey to stay in the compact. "Since the first hours of our time in office, my Administration has steadfastly pursued the dissolution of the Waterfront Commission because it was the right thing to do," Murphy said. The two-member Waterfront Commission was created in 1953 by New York and New Jersey to address labor corruption in the Port of New York and New Jersey. New York claimed that the agreement "does not allow either State to unilaterally withdraw," Kavanaugh noted in his opinion.

☆ Opinion: I’m betting on Cousin Greg. But I’m not a serious person
▼ + stars: | 2023-04-12 | by ( Gene Seymour | ) edition.cnn.com time to read: +6 min

By now, we should be used to HBO’s series pulling the rug out from beneath our expectations. Still, as more than one pundit observed of Logan’s death, this one shocked more than merely surprised. Not me, though I do miss Brian Cox already because few actors anywhere are as adroit at playing dyspeptic sociopaths. It would be at the very least ironic if “Greg the Egg,” the minion’s minion, stumbled into power as if he tripped on a sidewalk. I’ll say no more on this except to suggest that you all try to remember who in the end won that “Game of Thrones.” It’s not inevitable.

☆ New York will demolish and elevate a waterfront park to fight floods, angering some neighbors
▼ + stars: | 2023-03-25 | by ( Emma Newburger | ) www.cnbc.com time to read: +10 min

A waterfront area in Battery Park City, which is at the center of a major climate resilience project. Emma Newburger | CNBCWagner Park, a cherished waterfront greenspace in Battery Park City, boasts unobstructed views of the Statue of Liberty and New York Harbor. Wagner Park will soon be demolished and built ten feet higher as part of the Battery Park City Resiliency Project. "The Wagner Park plan has gotten some critical attention from a few, but it's also gotten a lot of support." "This community is going to be fine one way or the other," Pawlowski said of Battery Park City.

☆ Oil drops as oversupply concerns overshadow demand hopes
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures fell 46 cents, or 0.6%, to $76.23 a barrel by 2:15 p.m. EDT (1815 GMT), while the U.S. West Texas Intermediate crude futures slid by 57 cents, or 0.8%, to $70.33 a barrel. Oil benchmarks were slightly higher before the news on hopes that a lower dollar and higher gasoline prices would spur more demand for the commodity. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs on Thursday said demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

☆ Oil crawls up as dollar weakens, gasoline demand surges
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures rose 15 cents, or 0.2%, to $76.84 a barrel by noon EDT (1600 GMT), while the U.S. West Texas Intermediate crude futures were up by 6 cents, or 0.1%, to $70.96 a barrel. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Further support for crude oil came from RBOB gasoline futures trading at a 10-day high on Thursday after the U.S. Energy Information Administration said stockpiles of the product fell by the most last week since September 2021. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. Weighing on prices, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. The bank forecast Brent to reach $97 a barrel in the second quarter of 2024.

☆ Oil dips after Fed comments, U.S. crude stock build
▼ + stars: | 2023-03-23 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in promoting some resilience in oil prices, Yeap said, adding that there was still some upside room left in oil prices. Goldman Sachs said on Thursday that Chinese demand continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Gross U.S. exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

☆ Supreme Court Weighs Future of New York Harbor Commission
▼ + stars: | 2023-03-01 | by ( Paul Berger | Jess Bravin | ) www.wsj.com time to read: 1 min

New Jersey officials argue that most cargo activity has moved from the piers of New York City to terminals in their state, such as this one in Elizabeth. The U.S. Supreme Court hears arguments Wednesday on the fate of an obscure agency that polices organized crime and fair hiring at the East Coast’s busiest port. The states of New York and New Jersey set up the Waterfront Commission of New York Harbor in 1953, prompted by a 1949 newspaper investigation into union corruption that won a Pulitzer Prize for reporter Malcolm Johnson and inspired the Marlon Brando picture “On the Waterfront.”

We have said in recent days that we were waiting for Caterpillar stock to fall further before adding to our position again. And the valuation here isn't much of a hurdle, with shares trading at about 15-times 2023 earnings estimates. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. A Caterpillar (Cat) Excavator is seen working at a construction site near the New York Harbor in Brooklyn, New York, March 4, 2021.

☆ 'Communities like mine won't survive:' Queens residents battle monthly floods as sea levels rise, storms worsen
▼ + stars: | 2022-12-22 | by ( Emma Newburger | ) www.cnbc.com time to read: +14 min

Still, it's unclear how these vulnerable coastal communities — and others across the country — will ultimately fare. In this scenario, most of the communities surrounding Jamaica Bay would be inundated every day by high tides. These types of natural projects, some of which are already underway at the Jamaica Bay Wildlife Refuge, would be balanced with the Army Corp's man-made engineered solutions. Additionally, the proposed Jamaica Bay Storm Surge Barrier, located to the east of the Marine Parkway Bridge, would close during major storms. Shoreline restoration is underway at the Jamaica Bay Wildlife Refuge in Queens.

☆ Here's why we're overhauling our Bullpen watch list — adding five stocks and removing two
▼ + stars: | 2022-12-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +13 min

We're making several updates to our Bullpen watch list: adding five names, including Caterpillar (CAT), and removing two. Also, adding a stock to the Bullpen does not necessarily mean we would buy it at the current price. Let's go company by company to explain the reasons behind the additions and the removals. 5 stocks added to the Bullpen This aerospace and defense company was formed in 2020 through the combination of Raytheon Company and United Technologies Corporation's aerospace business. 2 stocks removed by the Bullpen We put Barrick Gold in the Bullpen back in March, thinking investors may seek out gold stocks as a safe haven during times of crisis.

In real terms, monthly average prices have been between the 76th and the 98th percentile for all months since the turn of the century. Chartbook: U.S. distillate suppliedMANUFACTURING SLOWSMost distillates are used in freight transportation, manufacturing, construction, farming, mining, and in oil and gas production. Distillate consumption is therefore highly sensitive to changes in the business cycle, especially the manufacturing and freight sectors. The slowdown in distillate consumption has been close to what would be expected based on the deceleration in manufacturing. Reduced distillate use would be consistent with an unusual increase in distillate fuel oil inventories reported over the last seven weeks in weekly surveys conducted by the EIA.

☆ Diesel Hits Record Premium Over Gas, Oil
▼ + stars: | 2022-11-16 | by ( Bob Henderson | ) www.wsj.com time to read: 1 min

Dwindling stockpiles of diesel have driven prices to a record premium over gasoline and crude oil, showing how war, weather and other disruptions to globalized energy markets are still producing price shocks and potential shortages. While the price of gasoline is up about 14% this year, diesel has climbed about 50%, to $5.36 a gallon, according to AAA/Opis. The gains widened the gap between the two to an all-time high of $1.60. A year ago, it was 23 cents. Wholesale diesel, delivered into New York harbor, traded at a record premium to crude oil in October, according to the Energy Information Administration, which also reported the country had only 25 days of diesel in reserve, the lowest since 2008.

LONDON, Oct 27 (Reuters) - U.S. diesel supplies are becoming critically low with shortages and price spikes likely to occur in the next six months unless and until the economy and fuel consumption slow. The deficit has been worsening steadily since the start of the year when stocks were 15 million barrels (-11% or -1.18 standard deviations) below the ten-year average. Chartbook: U.S. distillate fuel oil inventoriesReflecting the intensifying fuel shortage, futures prices for ultra-low sulphur diesel (ULSD) delivered in New York Harbor in December are trading at a premium of $60 per barrel over Brent. If confirmed that would take some of the pressure of distillate inventories. Rebalancing diesel supply will likely require a further rise in interest rates and tighter financial conditions in the United States and other major economies to reduce fuel consumption to more sustainable levels.

☆ The British navy's aircraft carriers are back after 'a bit of a hiatus,' but one of them has an uncertain future
▼ + stars: | 2022-10-27 | by ( Christopher Woody | ) www.businessinsider.com time to read: +12 min

HMS Queen Elizabeth, deployed for the first time last year, sailing to the Pacific and back. Its flagship, HMS Queen Elizabeth, was commissioned in 2017 and is preparing to deploy with the UK-led Joint Expeditionary Force. HMS Queen Elizabeth, bottom, alongside HMS Illustrious in July 2014. Aircraft Carrier AllianceThe UK began a "long-lead skills program" in 2010, sending 300 aircraft handlers, aircraft controllers, and aircrew to embed with US Navy and Marine Corps units, said Cmdr. An Italian F-35B lands on HMS Queen Elizabeth, with a US Marine Corps F-35 in the foreground, on November 20, 2021.

☆ New York is now the nation's busiest port in a historic tipping point for U.S.-bound trade
▼ + stars: | 2022-09-24 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

This comes as the flow of trade continues to move away from the West Coast with logistics managers worried about a labor strike or lockout. More East Coast trade, and more port congestionThe CNBC Supply Chain Heat Map for the U.S. shows how the continued increase in trade has East Coast ports and Gulf port as the winners in this movement of freight. Maritime prices fallingThe flow of trade away from the West Coast has decreased the demand for vessel space, leading Far East to West Coast maritime freight prices to fall. "Shippers are still bringing in a lot of containers, on the East Coast and West Coast and Gulf Coast as well." Shippers are still hesitant to return re-routed cargo to the U.S. West coast, Sand said.

☆ ‘Five Floors Up’ Review: A Tale of Fire and Family
▼ + stars: | 2022-09-19 | by ( Angelina Torre | ) www.wsj.com time to read: +1 min

Chief William “Bill” Feehan kept a photo on his desk at the FDNY headquarters in Brooklyn. He and his young grandson Connor stand beaming in the photo on a fireboat in New York Harbor. The sky is a bright blue, with only a few clouds to shadow the New York City skyline. The fabric of the Feehan family has been closely interwoven with that of New York’s fire department for more than a century, and the journalist Brian McDonald has been entrusted with their stories. A similar theme of devoted service runs through this history of fires and those who fought them, one replete with department legends, love stories and fallen buildings.

Flooding caused by rising sea levels has increased by 247% in some areas of New York since 2000. The nonprofit Billion Oyster Project aims to restore oyster reefs in New York's five boroughs. However, in New York, a secret weapon has emerged in the fight against rising sea levels — oysters. The Billion Oyster project plans to restore 100 million oysters in New York Harbor over the next five years. New York isn't the only place in the US using oysters to tackle rising sea levels.

☆ 11 Million New Oysters in New York Harbor (but None for You to Eat)
▼ + stars: | 2021-12-10 | by ( Karen Zraick | More About Karen Zraick | ) www.nytimes.com time to read: +1 min

The bivalves will not be headed to a serving platter: The waters are still too polluted to eat from freely, after absorbing centuries’ worth of trash, sewage and industrial waste. But the water quality in the area is steadily improving, and oysters — which were once so prevalent in the waters that they served as a staple in New Yorkers’ diets — are playing a key role in the shift. The city was once one of the world’s great oyster capitals, exporting millions of them across the country and around the globe. They were sold from street stands, saloons and barges. New Yorkers of all social classes could enjoy them, whether raw, roasted, pickled, fried, or in chowders, sauces and stews.

Locations: New York, Hudson, Lower Manhattan

☆ Fact Check-Statue of Liberty photos do not prove sea level rise is insignificant
▼ + stars: | 2021-11-04 | by ( Reuters Fact Check | ) www.reuters.com time to read: +7 min

However, sea level rise to date has already been shown to have contributed to catastrophic damage done by storms and flooding, and accelerating sea level rise projected over the next century is expected to worsen the problem. “No one is calling the sea level rise experienced so far catastrophic, but global sea level rise has accelerated since about 1970 and will continue to accelerate until global temperatures are stabilized. Sea level rise is computed using monthly or annual averages to avoid this confusion,” he said (here). The analyses forecast accelerating sea level rise in the region, with a possible rise of about 2 feet to as much as 9 feet by 2100. Two side-by-side images of the Statue of Liberty are not evidence of the degree of sea level rise, or that sea level rise to date has had no catastrophic impact.

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