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☆ Oil ticks down in Asian trade despite rising Middle East tensions
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +2 min

California produces 311,000 barrels of crude oil every day, around 2.4 percent of all US production, making it the seventh largest producing state in the union. Oil prices edged off in early Asian trading on Wednesday on continued bearish fundamentals, following gains in the previous session amid an escalating conflict in the Middle East. The March Brent crude futures , which expires today, fell 37 cents to $82.50 a barrel by 0146 GMT. But ANZ analysts said in a note that "a strong military response from the U.S." to the drone attack "could still trigger a strong reaction from the market." It appeared to be the most serious peace initiative since the war's first and only brief ceasefire which fell apart in November.

Persons: Fred Holmes, Brent, Tony Sycamore, Biden, Sycamore Organizations: . West Texas, IG, ANZ, U.S . Pentagon, U.S, China Evergrande Group, PMI Locations: Taft, Kern County , California, California, U.S, Jordan, Syria, East, Iran, Israel, Gaza, Red

☆ Oil jumps 1% after Houthis attack on fuel tanker in Red Sea
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +2 min

A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California. Oil prices jumped 1% on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks. Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. "Disruptions to supply have been limited, but that changed on Friday after an oil tanker operating on behalf of Trafigura was hit by a missile off the coast of Yemen," ANZ analysts said in a note. "With oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions."

Persons: Brent, Trafigura, Yemen's Organizations: . West Texas, Commodities, ANZ, Middle, Organization of, Petroleum Locations: Bakersfield, Kern County , California, Yemen, Middle East, Russia, OPEC

☆ Oil prices drift lower on China demand worries
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack stands idle near homes on February 09, 2023 in Long Beach, California. Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency, or IEA, joined producer group OPEC in forecasting strong growth in global oil demand, are on track to end the week around 1-2% higher. There are also worries that the U.S.-China conflict could attract attention again as the U.S. election approaches, which would be negative for energy demand, he said. On Thursday, the IEA again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC's expectations, and said the market looked well supplied because of strong growth outside the producer group.

Persons: Hiroyuki Kikukawa Organizations: Brent, U.S . West Texas, International Energy Agency, NS, Nissan Securities, U.S ., U.S . Energy Information Administration Locations: Long Beach , California, China, U.S, Pakistan, Iran, Tehran, Mandab, North Dakota

☆ How a sports tech investor is raising a new $44 million fund and solving VC's 'broken' due diligence process
▼ + stars: | 2024-01-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Read previewSports industry vet Craig Thompson is raising $44 million for a new sports tech fund, Match Ventures. Match Ventures has raised about a third of the fund with a goal of closing it within a year. Match Ventures is among other VCs reexamining their approach to due diligence . Match Ventures leaders also bring a combination of sports industry, data, and financial experience that would be valued by many founders. Brams founded sports tech company Oppia Performance and was product director for Genius Sports, a data and tech company.

Persons: —, Craig Thompson, Thompson, Anton Brams, Petr Zhukov, he's, Zhukov, They've, Brams, he'll Organizations: Service, Match Ventures, Mindspring, Ventures, Indigo Sports Tech, Business, Sports, US, Sport, UEFA Champions League, Champions Hockey League, Genius Sports, Credit Suisse, UBS Locations: pickleball, Luxembourg

☆ Oil prices fall 1% after surprise US storage build
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell nearly a dollar a barrel on Wednesday after a surprise jump in U.S. crude stockpiles raised worries about demand in the largest oil market. Global benchmark Brent crude oil futures settled 79 cents, or 1%, to $76.80 a barrel. Early in the session, both contracts had risen by more than a dollar before the U.S. Energy Information Administration reported a surprise build in crude oil stockpiles and larger-than-expected jumps in storage of gasoline and distillates. Gasoline stocks rose by 8 million barrels while distillate stocks jumped by 6.5 million barrels, the EIA reported. Europe's weak economic outlook also added to oil demand concerns.

Persons: Rob Haworth, Haworth, Luis de Guindos, majeure Organizations: U.S . West Texas, Brent, U.S . Energy Information Administration, U.S, Bank Asset Management, EIA, European Central Bank, National Oil Corporation Locations: Nolan , Texas, U.S, Israel

☆ Oil prices rise on Middle East tensions
▼ + stars: | 2024-01-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices gained on Friday, as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening. The price rebound serves as "a reminder of the risk that is rooted in ever-growing tension in the Middle East," PVM analyst Tamas Varga said in a note. As the threat of the conflict expanding persists, Blinken was set to travel to the Middle East for a week of diplomacy, the State Department said. "There is still plenty of tension in the Middle East with Houthi rebels launching a sea drone in the Red Sea, a U.S. airstrike in Baghdad," ING analysts said in a report on Friday. Euro zone inflation rose in December and could continue rising in early 2024, which would ease pressure on the European Central Bank to start cutting rates.

Persons: pumpjack, Antony Blinken, Tamas Varga, Blinken, Investors Organizations: Brent, U.S, West Texas, State Department, ING, European Central Bank, Federal Locations: Bakersfield, Kern County , California, USA, Israel, Gaza, Red, U.S, Baghdad

☆ Oil prices fall, extend slide after OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. OPEC+'s output of some 43 million bpd already reflects cuts of about 5 million bpd aimed at supporting prices and stabilizing the market. The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after the meeting. Included in this figure is an extension of the Saudi and Russian voluntary cuts of 1.3 million bpd.

Persons: Alexander Novak Organizations: Brent, . West Texas, OPEC, Saudi Locations: Odessa , Texas, Saudi Arabia, Russia, UAE, Iraq, Kuwait, Kazakhstan, Algeria

☆ Oil prices fall on weak demand indicators, China data
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: +1 min

An oil pumpjack is seen near a field of wind turbines on October 04, 2023 in Nolan, Texas. Oil prices fell in early Asian trade on Thursday on weaker-than-expected Chinese manufacturing data, but investors maintained caution ahead of an OPEC+ meeting where production cuts are expected. Brent crude futures fell 28 cents, or 0.3%, to $82.90 a barrel by 0024 GMT, while U.S. West Texas Intermediate crude futures fell 24 cents, or 0.3%, to $77.68 a barrel. The U.S. Energy Information Administration on Wednesday reported a surprise build in U.S. crude oil and distillate fuel stocks last week, indicating weak demand. Members of OPEC+ are due to hold a policy meeting on Thursday.

Organizations: Brent, U.S, West Texas, Reuters, U.S . Energy, Administration, Organization of Petroleum, OPEC Locations: Nolan , Texas, OPEC, Russia

☆ Oil down 1% on bearish view of delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell 1% in early trading on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting stoking views the producers might cut output less than earlier anticipated. In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts. Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said. Three OPEC+ sources, however, said this was linked to African countries, which are smaller producers in the group, which eased investor concerns. U.S. oil rigs remained unchanged at 500 in the week to Nov. 22, energy services firm Baker Hughes said in its closely followed report on Wednesday.

Persons: pumpjack, Brent, Baker Hughes Organizations: OPEC, . U.S . West Texas, Trade, Organization of, Petroleum, Producers, U.S . Coast Guard Locations: Bakersfield, Kern County , California, USA, ., United States, Russia, OPEC, Gulf of Mexico

☆ Trump is wooing oil and gas tycoons to financially support his 2024 campaign, report says
▼ + stars: | 2023-11-11 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

Former President Trump is working to ramp up his support among energy executives, WaPo reported. Support from oil and gas executives would be crucial to his 2024 reelection campaign. Harold Hamm, the billionaire founder and chairman of Continental Resources, for instance, told Trump during a phone conversation earlier this year that he should end his presidential bid, per The Financial Times. "Trump was good on energy, and I think energy policy under Trump would be fine," Eberhart, the DeSantis supporter, told The Post. AdvertisementAdvertisementThe extent of Trump's pitches to energy executives is not a shock to environmental groups, as they battled with the administration over regulations throughout his entire time in the White House.

Persons: Trump, WaPo, —, Donald Trump, Joe Biden, Harold Hamm, Hamm, Ron DeSantis, Nikki Haley, Dan Eberhart, DeSantis, Kenny Troutt, Rick Bowmer, Barack Obama, Biden, bonafides, Tiernan Sittenfeld, Steven Cheung Organizations: Service, The Washington Post, Trump, Continental Resources, Gov, Post, White, Canary LLC, AP, Keystone XL, Wildlife, Green New, League of Conservation Voters, Big Locations: Trump, Florida, South Carolina, Trump's, Lago, Texas, Helper , Utah, Paris, Alaska, United States, ANWR

☆ Oil prices fall to over 3-month low on signs of higher supply
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell on Wednesday to their lowest in over three months, after industry data showed a steep build in U.S. crude supplies, while mixed Chinese economic data raised worries about global demand for crude. U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late Tuesday, citing American Petroleum Institute figures. Crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall, the EIA said on Tuesday. Data in China, the world's biggest consumer of oil, also raised doubts about the demand outlook. Adding to pressure on oil prices was a modest recovery in the U.S. dollar from recent lows, which makes oil more expensive for holders of other currencies.

Organizations: Brent, American Petroleum Institute, U.S . Energy Information Administration, EIA, U.S Locations: Bakersfield, Kern County , California, Asia, United States, China

☆ U.S. crude oil prices fall below $78 a barrel to their lowest since July
▼ + stars: | 2023-11-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. U.S. crude prices on Tuesday fell below $78 a barrel to hit the lowest point since July as weak global economic data overshadowed concerns that the Israel-Hamas war could erupt into a broader regional conflict. Beijing's crude oil imports rose by volume and value in October, but the country's overall exports fell more than expected, indicating slowing global demand. The data out of China offset the effect of Saudi Arabia's and Russia's oil output cuts, which lifted oil prices earlier in the week. Oil prices had spiked in the week following Hamas' devastating terrorist attacks on Israel on concerns that the war could escalate into a broader regional conflict that disrupts oil supply.

Persons: Brent, Neel Kashkari, Kashkari, — CNBC's Evelyn Cheng Organizations: West Texas, Minneapolis Federal, Bloomberg Television, CNBC PRO Locations: Odessa , Texas, Israel, China, Minneapolis, U.S, Saudi, Riyadh, Moscow

We're buying 200 shares of Coterra Energy (CTRA) at roughly $28 each. Following Thursday's trade, Jim Cramer's Charitable Trust will own 1950 shares of CTRA, increasing its weighting to about 2% from 1.83%. CTRA 1M mountain Coterra Energy 1-month Coterra Energy is an exploration and production company that is roughly split evenly between oil and natural gas . More importantly, the reason to own Meta stock has not changed as it has effectively leveraged AI to increase engagement on its platforms as well as monetization. An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022.

Persons: Jim Cramer's, We've, Exxon Mobi, we've, BOE, Hess, Coterra, Mark Zuckerberg's, Jim Cramer, Jim, Joe Raedle Organizations: Coterra Energy, CTRA, Natural Resources, Exxon, Coterra, Chevron, Reality Labs, Meta, CNBC, Getty Locations: Odessa , Texas

☆ Oil little changed as Middle East supply concerns fade
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: +1 min

Oil prices were little changed in early Asian trade on Wednesday, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas. Brent crude rose 12 cents at $87.77 a barrel by 0009 GMT. U.S. West Texas Intermediate, or WTI, crude rose 3 cents to $86.00 a barrel. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year. Political risk has kept crude prices from falling further.

Persons: pumpjack, Brent, WTI, Washington Organizations: . West Texas, U.S Locations: Bakersfield, Kern County , California, USA, Israel, Palestinian, Brent, Gaza, Iran, Venezuela, Caracas

☆ OPEC hikes long-term oil demand outlook — in stark contrast to other predictions of peak crude
▼ + stars: | 2023-10-09 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

OPEC on Monday raised its medium- and long-term forecasts for global oil demand. OPEC's long-term forecast for global oil demand diverges from that of the International Energy Agency, the world's leading energy watchdog. OPEC and the IEA, both big names in the energy industry, are currently locked in a war of words over peak oil demand. For its long-term oil demand forecast to be met, OPEC said oil sector investments of $14 trillion, or around $610 billion on average per year, would be needed. In the medium term, OPEC said global oil demand was likely to reach a level of 110.2 million bpd in 2028, reflecting a jump of 10.6 million bpd when compared to 2022 levels.

Persons: Haitham, Ghais Organizations: International Energy Agency, OPEC, Oil Outlook Locations: Nolan , Texas, OPEC, India, China, Africa

In the sports world, betting and gambling startups have started the last two years raising fewer and fewer funding dollars. While funding is harder to come by, startups are also facing changes in the world of sports business and technology. Insider recently released a list of the top VCs investing in sports and asked their founders, CEOs, partners, and directors what they would tell startups trying to break through. Chris GroveKey investments: Acies Investments and EKG Ventures are focused on sports, gambling, and technology. When we invest in a tech company, we have four criteria.

Persons: Tom Loverro, Cole Van Nice, Chris Grove, Chris, you've, There's, Courtside, Tom Brady, Michael Strahan's, Meredith McPherron, Alex Rodriguez, Topgolf Callaway, Brad Farkas, Steve Ahern, Lance Dietz, Craig Thompson, Michael Proman, Proman, Wayne Kimmel, SeventySix, It's, Lloyd Danzig, Sharp Organizations: Elysian Park, Acies Investments, EKG Ventures, Courtside Ventures, of Sports, Elysian Park Ventures, Club, Kinetics, PGA of America, HBSE Ventures, KB Partners, Mindspring, Scrum Ventures, Ventures, Japanese, Boom Entertainment, SeventySix, Vegas Sports Information, Inc, Entrepreneurs, Sharp Alpha Advisors Locations: Chris Grove, Chicago

Oil drilling and production growth has slowed in a delayed response to the sharp drop in oil prices since the middle of 2022. In turn, the largest U.S. shale producers have indicated they have no intention of raising output in response to the recent rise in prices. US GAS PRODUCTIONLike U.S. oil production, gas output has also continued to increase, a lagged response to high prices in 2022, but the subsequent slump in prices has been more severe and is causing a more pronounced slowdown in output growth. With no equivalent of Saudi Arabia, Russia and OPEC+ to accelerate the rebalancing, U.S. gas producers have experienced prices lower for longer than their oil counterparts. Related columns:- U.S. oil futures surge as Cushing stocks evaporate (September 28, 2023)- Saudi oil minister deflects blame for rising prices(September 19, 2023)- U.S. oil and gas output nears peak(September 1, 2023)- U.S. oil and gas output still rising in response to high prices last year(June 1, 2023)John Kemp is a Reuters market analyst.

Persons: Liz Hampton, Cushing, John Kemp, Mark Potter Organizations: REUTERS, U.S . Energy Information Administration, Thomson, Reuters Locations: Loco Hills, New Mexico, U.S, Gulf, Mexico, Saudi Arabia, Russia, OPEC, Saudi

☆ High oil prices don't make Europe energy stocks attractive to all
▼ + stars: | 2023-09-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +4 min

The STOXX 600 European oil and gas index (.SXEP) is at its highest since mid-February, having gained around 13.5% in the past two months. In the same period, benchmark Brent crude has risen 18% and European natural gas prices have gained 50%. He said higher oil prices could prompt upgrades to earnings estimates, and potentially dividends too. "The whole energy sector should benefit, but the downstream sector is looking very cheap and offers a high dividend which is attractive given higher interest rates," said Cau. Bank of America strategists have an underweight rating on European energy stocks.

Persons: Heinz, Peter Bader, Brent, Mislav Matejka, Morgan Stanley, Emmanuel Cau, Andreas Bruckner, Lucy Raitano, Amanda Cooper, Miral Organizations: REUTERS, Brent, Reuters, JPMorgan, Barclays, Bank of America, Thomson Locations: Zistersdorf, Austria, Saudi Arabia, Russia, China

☆ Vital Energy expands in Permian Basin with deals valued at $1.17 bln
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. REUTERS/Liz Hampton/File Photo Acquire Licensing RightsSept 13 (Reuters) - Vital Energy has signed agreements valued at about $1.17 billion to expand its acreage in the Permian Basin, where dealmaking is gathering pace as drillers tap the largest U.S. oil patch to quickly replenish their depleting reserves. The deal will increase the company's current production by about 35,000 barrels of oil equivalent per day (boepd), Vital said on Wednesday. Vital in May also acquired Permian assets of Forge Energy II Delaware, an EnCap portfolio company, in a $540 million all-cash deal. The deals announced on Wednesday, with the affiliates of Henry Energy and Henry Resources, Tall City Property Holdings III and Maple Energy Holdings, are expected to close in the fourth quarter, Vital said.

Persons: Liz Hampton, Vital, Henry Energy, Seher, Sriraj Kalluvila Organizations: REUTERS, Vital Energy, drillers, Vital, Forge, Henry, Henry Resources, City Property Holdings, Maple Energy Holdings, Thomson Locations: Midland, Odessa, Texas, U.S, New Mexico, Forge Energy II Delaware, Bengaluru

☆ Oil prices gain after Saudi Arabia extends voluntary oil production cut until end of 2023
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +2 min

On Tuesday, Saudi Arabia extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency. China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Saudi Arabia is widely expected to extend voluntary oil cuts into October and Russia will unveil a new OPEC+ supply cut deal this week, according to its deputy prime minister. Moscow has already announced it will cut exports by 300,000 barrels per day (bpd) in September, following a 500,000 bpd cut in August. Riyadh is also expected to roll over a voluntary 1 million bpd cut into October.

Persons: Brent Organizations: U.S, West Texas Intermediate, Saudi Press Agency, European Union, Federal, ING Locations: Long Beach , California, Saudi Arabia, China, Britain, Russia, Moscow, Riyadh

☆ US energy firm payouts to oil investors top exploration spending for first time
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. Last year's investor payouts were up substantially - 214% over 2021 and more than sevenfold over 2020 levels, the report said. Money spent on finding and tapping oil and gas also rose, but as a much slower pace. Returns benefited from strong oil and gas pricing and a cost-consciousness that emerged after energy prices collapsed three years ago. Profit per barrel last year hit $32 compared to about $10 in 2014, when energy prices were about the same level as today, EY said.

Persons: Liz Hampton, Ernst, Young, Money, Bruce, EY, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Rights, U.S, Young LLP, DiamondBack Energy, Natural Resources, ConocoPhillips, Thomson Locations: Midland, Odessa, Texas, U.S

☆ Oil up on expected U.S. oil stock drawdown, but China gloom tempers gain
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside. U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due to release its own data on Wednesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods. Moreover, gloom over the economic outlook in China, the world's second biggest oil consumer, has also pressured oil prices.

Persons: pumpjack, Brent Organizations: . West Texas, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, ANZ Research, Fed, Eurasia Group Locations: Bakersfield, Kern County , California, USA, China, Brent, U.S, Beijing, Eurasia

☆ Oil prices down ahead of key economic data in China
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Tuesday ahead of a slew of economic data from China which should provide clues on the outlook for any recovery in demand in the world's top oil importer. In another worrying indicator, the People's Bank of China on Friday said new bank loans tumbled in July and other key credit gauges also weakened. "The upside for prices this year is likely to be capped, particularly as China's economic recovery continues to flag and shut-in OPEC production is released. The People's Bank of China last lowered the rate by 10 basis points to 2.65% in June. Weak economic performance in China is offsetting tight global oil supplies as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are cutting production to lift prices.

Persons: pumpjack Organizations: . West Texas, Brent, People's Bank of China, Eurasia Group, People's Bank of, of, Petroleum Locations: Bakersfield, Kern County , California, USA, China, China's, Eurasia, People's Bank of China, OPEC

☆ CNBC Daily Open: Markets have a new narrative
▼ + stars: | 2023-08-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: 1 min

In this article OIHSMH Follow your favorite stocks CREATE FREE ACCOUNTAn oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas. Joe Raedle | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. You can subscribe here. What you need to know todayThe bottom line

Persons: Joe Raedle Organizations: CNBC Locations: Odessa , Texas

☆ Oil hedge funds place their bets on heat-fueled hurricane season
▼ + stars: | 2023-08-08 | by ( Nell Mackenzie | ) www.reuters.com time to read: +5 min

Gasoline prices usually rise ahead of the U.S. summer driving season. Money managers in the week to Aug. 1 boosted their net long holdings of NYMEX RBOB gasoline futures to the highest since late February 2022. HEDGE FUND-FUELED TURNAROUNDGasoline futures have risen around 14% this year, compared with a roughly 2% rise for U.S. crude futures . To guarantee a profit, they need the rise in gasoline prices to be sustained until hurricane activity is confirmed. But for gasoline to continue its rise against the price of crude oil, there needs to be a hurricane in the Gulf of Mexico, they said.

Persons: Liz Hampton, Tom Kloza, Vincent Elbhar, Eliot Geller, Brent Belote, Cayler, Belote, Arion, Nell Mackenzie, Laura Sanicola, Barbara Lewis Organizations: REUTERS, Liz Hampton LONDON, Gulf Coasts, Silicon Valley, Societe Generale, Reuters, Money, Futures Trading Commission, Reuters Graphics, El, Oil Price Information Service, CTA, Investment, Commodity, Fund, Aspect, CoreCommodity Management, CoreCommodity, Barclays, JP, Cayler, Thomson Locations: Loco Hills, New Mexico, U.S, Russia, Ukraine, Gulf of Mexico, United States, Gulf, Silicon, Gulf Coast, Mexico, Europe, Hurricanes, Washington

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