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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

Horizontal drilling rigs operate in the Permian Basin oil production area near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford Acquire Licensing RightsSept 22 - U.S. energy firms this week cut the number of oil and natural gas rigs operating for first time in three weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. U.S. oil rigs fell by eight to 507 this week, their lowest since February 2022, while gas rigs dropped by three to 118. In the Permian in West Texas and eastern New Mexico, the nation's biggest shale oil basin, drillers cut five rigs, bringing the total oil and gas count down to 317, the lowest since March 2022, according to Baker Hughes. In the Haynesville shale in Arkansas, Louisiana and Texas, drillers cut the number of gas rigs operating by two to 39, the lowest since November 2020.

Persons: Nick Oxford, Baker Hughes, TD Cowen, Scott DiSavino, Marguerita Choy Organizations: Wink , Texas U.S, REUTERS, drillers, Energy Information Administration, Thomson Locations: Wink , Texas, West Texas, New Mexico, Arkansas , Louisiana, Texas, U.S

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Earlier, it hit a session peak of $95.96 a barrel, their highest since November. U.S. West Texas Intermediate crude futures dropped 28 cents to $91.20 after earlier reaching $93.74 a barrel, also the highest since November. After Brent topped $95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Brent, Analysts, Amin Nasser, Prince Abdulaziz bin Salman, Stephanie Kelly, Andrew Hayley, Paul Carsten, Kirsten Donovan, Jason Neely, David Goodman, David Gregorio, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, UBS, Reuters, U.S . Energy, Administration, American Petroleum Institute, Nasdaq, U.S, Thomson Locations: Midland , Texas, U.S, Saudi Arabia, Russia, Saudi Aramco, Saudi, OPEC, Britain, Japan, Sweden, Switzerland, Norway, U.S . Federal, New York, Beijing

☆ US oil output from top shale areas to fall for 3rd straight month in October, EIA says
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

U.S. oil output is expected to fall to 9.393 million barrels per day (bpd) in October from 9.433 million bpd in September, EIA data showed. A record 9.476 million bpd was hit in July. That's because U.S. exploration and production firms were still more focused on returning money to investors and paying down debt than just boosting oil and gas production. U.S. oil and gas production, however, is on track to reach record highs in 2023 and 2024 due in part to rising oil pries. Total gas output in the big shale basins will slip by 0.3 billion cubic feet per day (bcfd) to 98.4 bcfd in October from 98.7 bcfd in September, EIA projected.

Persons: Nick Oxford, Baker Hughes, Scott DiSavino, Shariq, Mark Porter, Leslie Adler, Paul Simao Organizations: REUTERS, U.S . Energy Information Administration, South Texas Eagle, EIA, Thomson Locations: Midland , Texas, U.S, . U.S, Texas, New Mexico, Bakken, North Dakota, Montana, Appalachia, Pennsylvania , Ohio, West Virginia

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNEW YORK, Sept 8 (Reuters) - Oil prices gained almost 1% to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. "Crude prices continue to trade on supply-side drivers. This week, OPEC member Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day to the end of the year. Rising U.S. diesel prices also supported crude prices with heating oil futures up about 3%. Interest rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, Edward Moya, Baker Hughes, Nicolas Maduro, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio, Leslie Adler Organizations: Midland , Texas U.S, REUTERS, U.S, West Texas, of, Petroleum, Energy, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, OPEC, U.S, China, Venezuela, CHINA, Hong Kong, Germany, Europe, Riyadh, London, Tokyo, Singapore

Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 12:08 p.m. EDT (1608 GMT). U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Rising U.S. diesel also lent support to crude futures with heating oil prices up about 3% and on track for their highest close since January. Separately, the U.S. confirmed that it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions. Rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, WTI, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio Our Organizations: Midland , Texas U.S, REUTERS, U.S, . West Texas, U.S ., Islamic Revolutionary Guard Corps, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, CHINA, China, Hong Kong, Chevron's, Australia, Germany, U.S, Europe, Riyadh, London, Tokyo, Singapore

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsLONDON, Sept 8 (Reuters) - Oil prices hovered above $90 a barrel on Friday, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty. Both oil benchmarks hit 10-month highs this week after Riyadh and Moscow extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. Brent crude futures were up 57 cents to $90.49 a barrel by 1112 GMT while U.S. West Texas Intermediate crude (WTI) futures were up 47 cents to $87.34 a barrel. On the demand side, a key concern is China, the world's largest oil importer. Demand for crude could also benefit from workers going on strike at projects in Australia which produce about 5% of the world's supply of liquefied natural gas (LNG).

Persons: Nick Oxford, Naeem Aslam, Brent, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Muyu Xu, Ros Russell, Jason Neely Organizations: Midland , Texas U.S, REUTERS, Traders, Zaye, Markets, Brent, West Texas, PVM, Thomson Locations: Midland , Texas, Riyadh, Moscow, Saudi Arabia, China, Australia, United States, Europe

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected. Despite its pledge to maintain supply cuts, Russia is expected to boost its oil exports in September as Russian refineries start seasonal maintenance, Reuters calculations based on sources' data show, which is also curbing price gains. Reporting by Yuka Obayashi and Muyu Xu; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nick Oxford, Brent, Priyanka Sachdeva, Phillip Nova, Tatsufumi Okoshi, WTI, Yuka Obayashi, Muyu Xu, Jamie Freed, Miral Organizations: Midland , Texas U.S, REUTERS, Rights, U.S, West Texas, Investors, Nomura Securities, Energy, Thomson Locations: Midland , Texas, Rights TOKYO, SINGAPORE, Saudi Arabia, Russia, China

☆ Column: US wind power generation breaks out of summer doldrums
▼ + stars: | 2023-09-08 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsLITTLETON, Colorado, Sept 8 (Reuters) - After months of low wind speeds in several key wind farm areas, U.S. wind power generation hit its highest levels in nearly five months in early September as wind speeds picked up. The remaining states recorded an average wind generation drop of 7.1%, which contributed to a 3.1% decline in total national wind generation in the January to May period. The shortfalls in wind power have been evident in the output data of major U.S. power pool markets. Reuters Image Acquire Licensing RightsAs these markets cover over 30 U.S. states as well as the areas with the largest concentrations in wind power generation in the United States, the declines in wind power in these power pools had a direct impact on national level wind output, with knock-on effects for power generation mixes across the country. Similarly, any sustained recoveries in wind power generation totals from these key areas will lead to a commensurate rebound in U.S. power generation totals, and may allow for utilities to pare back use of natural gas and other sources of power to make way for more non-emitting wind power supplies.

Persons: Nick Oxford, Ember, El Nino, Gavin Maguire, Shri Navaratnam Organizations: REUTERS, LSEG, Reuters, Reliability, of Texas, El, Climate Impact, National Oceanic, Atmospheric Administration, U.S, Thomson Locations: Big Spring , Texas, U.S, LITTLETON , Colorado, Texas, Texas , Iowa , Oklahoma , Kansas , Illinois, North Dakota, United States, pare, El Nino

Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. "This is a clear indication that oil prices trump volume (for Saudi Arabia)," said Jorge Leon, senior vice president at Rystad Energy. "These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Leon added. Both Saudi Arabia and Russia said they would review the supply cuts monthly, and could modify them depending on market conditions. Along with the Saudi supply cuts, which began in July, prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months.

Persons: Nick Oxford, Brent, Goldman Sachs, Jorge Leon, Leon, Giovanni Staunovo, Shariq Khan, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci, Nick Macfie, Timothy Gardner Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, Investors, Rystad Energy, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, 4Q23, U.S, Saudi

☆ Oil jumps as Saudi Arabia and Russia extend supply cuts to end-2023
▼ + stars: | 2023-09-05 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Riyadh's decision to extend its 1 million bpd voluntary cut will be reviewed monthly to consider whether to deepen the cut or increase production, state news agency SPA said on Tuesday. It has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions. Russia had said it would cut oil exports voluntarily by 500,000 bpd, about 5% of its output, in August and by 300,000 bpd in September. Although Saudi Arabia was widely expected to extend its voluntary cuts into October, and Russia had indicated that it too planned on expanding its cut through next month, the three month extension was unexpected. Brent, which is used to price over three-quarters of the world's traded oil, has been rising since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Alexander Novak, Craig Erlam, Brent, Natalie Grover, Katya Golubkova, Andrew Hayley, Sharon Singleton, Jason Neely, Jan Harvey, David Goodman, Alexandra Hudson Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, OPEC, Reuters, Alexandra Hudson Our, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, U.S, Brent, Riyadh, London, Tokyo, Beijing

Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $2.42, or about 2.8%, to $87.97 a barrel, also a 10-month high. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected"It would appear they're trying to double down and capitalize on the recent price moves. Both countries said they would review the supply cuts monthly, and could modify them depending on market conditions. Prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months. Brent futures, which are used to price over three-quarters of the world's traded oil, have gained by about 26% since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Goldman Sachs, Craig Erlam, Brent, Giovanni Staunovo, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, Investors, Reuters, bbl, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, U.S, 4Q23, Riyadh, London, Tokyo, Beijing

Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma. Cushing crude inventories have declined in five of the most recent six weeks by a total of 9 million barrels (-24%) since July 14. The drawdown in U.S. crude inventories has coincided with additional production cuts by Saudi Arabia and Russia totalling around 75 million barrels during July and August. U.S. NET CRUDE IMPORTSU.S. net crude oil imports remain subdued despite the depletion of inventories with exports continuing to run at a relatively fast rate while imports stay low. Related columns:- Oil market to tighten modestly in late 2023 (August 17, 2023)- Crude oil and fuels draw funds as sentiment shifts (August 7, 2023)- U.S. oil and gas production begins to flatten (August 4, 2023)- Saudi output cut removes downside risk from oil market (July 12, 2023)John Kemp is a Reuters market analyst.

Persons: Nick Oxford, CUSHING, Cushing, Biden, John Kemp, David Evans Organizations: Enbridge Inc, REUTERS, U.S . Energy Information Administration, refiners, Traders, NET, U.S . Department of Energy, Strategic Petroleum Reserve, Thomson, Reuters Locations: Cushing , Oklahoma, Chartbook, Cushing, Oklahoma, U.S, Saudi Arabia, Russia, United States, Asia, Europe, Asia . U.S, Ukraine, Saudi

But a strong El Niño tends to produce a significant and observable impact on weather patterns, lowering gas consumption and prices. On four of those six occasions, strong El Niño conditions prevailed the following winter (1957/58, 1987/88, 1997/98 and 2015/16). But a strong El Niño would make warmer-than-average temperatures more likely depressing energy consumption and prices. The rapid development of a strong El Niño helps explain why U.S. gas prices remain low in real terms despite the recent depletion of working gas inventories. Traders have started to anticipate a strong El Niño will reduce gas consumption for heating and power generation this winter.

Persons: Nick Oxford, Niño, El, John Kemp, David Evans Organizations: Oasis Petroleum, Wink , Texas U.S, REUTERS, El Nino, El, Traders, Thomson, Reuters Locations: Wink , Texas, United States, U.S, Washington, Illinois, Maine, Niño's, El

☆ Texas grid operator appeals for conservation as heat wave persists
▼ + stars: | 2023-08-27 | by ( Katharine Jackson | ) www.reuters.com time to read: +1 min

[1/2] Wind turbines operate at sunrise in the Permian Basin oil and natural gas production area in Big Spring, Texas, U.S., February 12, 2019. REUTERS/Nick Oxford/File Photo Acquire Licensing RightsWASHINGTON, Aug 27 (Reuters) - Texas' electric grid operator asked residents and businesses to conserve energy on Sunday as its reserves were expected to decrease during a scorching heat wave that has caused demand to surge. "We request Texas businesses and residents conserve electricity use, if safe to do so," ERCOT said in a statement posted on X, formerly known as Twitter. ERCOT had issued another conservation appeal for the afternoon and evening on Saturday, which was lifted at around 10 p.m. that night. The fragility of the Texas grid was highlighted in 2021, when a massive blackout killed dozens and left millions without power, water and heat for days as gas supply lines and power plants froze.

Persons: Nick Oxford, ERCOT, Katharine Jackson, Bill Berkrot Organizations: REUTERS, Rights, Reliability, of Texas, National Weather Service, Thomson Locations: Big Spring , Texas, U.S, Texas, Houston, Galveston , Texas

Most of the buying was in contracts linked to crude oil (+169 million barrels) with a particular emphasis on NYMEX and ICE WTI (+132 million). Short-covering has helped lift front-month WTI futures prices to over $81 per barrel on Aug. 1 from less than $68 on June 27. European gas oil futures and options have experienced an especially rapid increase in positions over the last four weeks (+29 million barrels). As a result, the net position rose to 41 million barrels (44th percentile) on July 25 from just 12 million barrels (18th percentile) on June 27. Related columns:- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)- Saudi output cut entices funds back into oil market (July 17, 2023)- Extreme pessimism gripped hedge funds on oil (July 3, 2023)- Is oil market’s glass half-full or half-empty?

Persons: Nick Oxford, ⁺, John Kemp Organizations: REUTERS, Reuters Connect, U.S . Commodity Futures Trading Commission, ICE Futures, ICE, Fund, U.S, Thomson, Reuters Locations: Midland , Texas, U.S, Saudi Arabia, Saudi, United States, WTI, Brent, North America, Europe, China

More actively traded October Brent crude futures rose $1.02, or 1.2%, to settle at $85.43 a barrel. The September Brent contract, which expired at settlement on Monday, rose 0.7% to close at $85.56 a barrel. U.S. West Texas Intermediate crude futures rallied $1.22, or 1.5%, to $81.80 a barrel. Reuters GraphicsPump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick OxfordSaudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September.

Persons: Goldman Sachs, Brent, WTI, Nick Oxford, Edward Moya, Phil Flynn, Shariq Khan, Natalie Grover, Florence, Mohi Narayan, Christina Fincher, Louise Heavens, David Evans, Nick Macfie, Paul Simao Organizations: Saudi, . West Texas, Midland , Texas U.S, REUTERS, Organization of Petroleum, Reuters, Strategic Petroleum Reserve, Futures, Thomson Locations: Riyadh, OPEC, Goldman Sachs BENGALURU, Midland , Texas, Nick Oxford Saudi Arabia, Saudi, U.S, India, Bengaluru, London, Florence Tan, Singapore, New Delhi

☆ ONEOK shares drop on concerns over Magellan pipeline deal
▼ + stars: | 2023-05-15 | by ( Laura Sanicola | Arathy Somasekhar | ) www.reuters.com time to read: +2 min

(Reuters) - Shares of gas pipeline operator ONEOK Inc fell about 9% on Monday on questions about potential synergies from its deal to acquire oil pipeline operator Magellan Midstream Partners. FILE PHOTO: A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File PhotoONEOK on Sunday said it would pay $18.8 billion in cash and stock for Magellan to diversify its natural gas and gas-liquids transportation business into oil and oil products. “The deferral of Oneok’s corporate cash taxes seems like a major deal component,” Mizuho analysts wrote in a research note. “ONEOK and Magellan have geographical overlap among their assets, but their primary businesses are very different,” Morris said.

Programming note: The full interview with Richard Glossip will air Friday, May 5, on “The Lead with Jake Tapper,” which starts at 4 p.m. Lea Glossip, left, wife of death row inmate Richard Glossip, listens with death penalty opponent Sister Helen Prejean, right, during a news conference on Thursday, May 4, in Oklahoma City. Sneed admitted to killing Van Treese, but at trial, prosecutors portrayed the killing as a murder-for-hire plot orchestrated by Glossip. Ultimately, Reed Smith concluded “that no reasonable juror hearing the complete record would have convicted Richard Glossip of first-degree murder,” said Stan Perry, a partner at the firm. The Oklahoma State Penitentiary in McAlester, where Richard Glossip is set to be executed, is seen in 2015.

☆ Boeing supplier Spirit Aero flags $31 million hit from 737 fuselage defect
▼ + stars: | 2023-05-03 | by ( Valerie Insinna | Abhijith Ganapavaram | ) www.reuters.com time to read: +3 min

(Reuters) -Spirit AeroSystems Holdings Inc said on Wednesday it expects a $31 million hit to full-year gross profit from disruptions and rework related to a Boeing 737 MAX fuselage production problem, and that more related costs are anticipated. “Additional costs are expected, including costs Boeing may assert to repair certain models of previously delivered units in their factory and warranty costs related to affected 737 units in service,” Spirit said. Rework costs for affected 737 fuselages at Spirit’s Wichita, Kansas-based production facility are projected to amount to $5 million, an expense of about $100,000-$150,000 per plane. The company has also started to build and deliver production-conforming 737 fuselages under a revised process, it said. Losses on the A220 amounted to about $81 million, including $46 million in non-recurring supply chain costs as well as other costs related to production schedule changes.

[1/2] Airplane fuselages bound for Boeing's 737 Max production facility sit in storage at their top supplier, Spirit AeroSystems Holdings Inc, in Wichita, Kansas, U.S. December 17, 2019. "Additional costs are expected, including costs Boeing may assert to repair certain models of previously delivered units in their factory and warranty costs related to affected 737 units in service," Spirit said. Rework costs for affected 737 fuselages at Spirit's Wichita, Kansas-based production facility are projected to amount to $5 million, an expense of about $100,000-$150,000 per plane. The company has also started to build and deliver production-conforming 737 fuselages under a revised process, it said. Boeing CEO Dave Calhoun last week called the 737 manufacturing defect "gnarly" and "difficult to find", but noted that Spirit and Boeing had quickly identified affected planes and begun the rework.

Andrii Skorniakov was scouring the internet looking for a place where his family could settle after fleeing Ukraine when he found a suggestion in a Facebook group that they move to the second-largest city in Oklahoma. Ukrainians looking for a new home following the Russian invasion of their country are being recruited by a Tulsa, Okla., nonprofit that is looking for workers for the region’s growing technology sector.

☆ The beef supply is shrinking. That means meat isn't going to get much cheaper
▼ + stars: | 2023-04-05 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

A contraction in beef supplies “has been coming for a while,” said David Anderson, a professor in Texas A&M University’s agricultural economics department. Beef supplies are shrinking after farmers sold off cattle in response to drought and high costs. The “big unknown is going to be consumer demand.”The beef supply tends to grow and shrink in roughly 10-year cycles, said Lance Zimmerman, senior beef analyst for the North American market with Rabobank. “If that’s the case, beef prices may be steadier.”And with food inflation stubbornly high, consumers are already cutting back on certain items, including beef. If demand remains strong, “we may see some higher beef prices,” towards the fall and later, Bernt said.

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