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☆ Oil prices pop 2.5% after Saudi Arabia pledges more voluntary production cuts
▼ + stars: | 2023-06-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices jumped following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day. On Sunday, the Organization of the Petroleum Exporting Countries and its partners — collectively known as OPEC+ — made no changes to its planned oil production cuts for this year, but coalition chair — and de-factor leader — Saudi Arabia announced further voluntary declines. "The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally," President of Rapidan Energy Bob McNally told CNBC in an e-mail following the decision. "It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices," McNally said, citing the example of January 2021 when the oil titan unilaterally cut by production by 1 million barrels per day. On April 3, several producers of the oil cartel OPEC+ revealed a combined 1.66 million barrels per day of production declines until the end of this year.

Persons: —, Rapidan Energy Bob McNally, McNally, Ruxandra Iordache Organizations: Saudi, Organization of, Petroleum, Brent, U.S, West Texas, Rapidan Energy, CNBC Locations: OPEC, — Saudi Arabia, Asia, Saudi, Saudi Arabia

Brent crude futures rose $2.25, or 3.1%, to $74.85 a barrel by 11:50 a.m. EDT (1550 GMT) . U.S. Federal Reserve officials on Wednesday suggested interest rates could be steady this month and the House passed a bill suspending the government's debt ceiling, improving chances of averting a disastrous default. "The successful debt ceiling negotiations clears that minefield, but the overall demand outlook is still murky - the trucking space is doing poorly, for example," CFRA Research analyst Stewart Glickman said. The oil market is focusing on the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, which will discuss whether to cut oil production further. U.S. crude oil stockpiles rose unexpectedly last week, as imports jumped and strategic reserves dropped to their lowest since Sept. 1983, according to data from the Energy Information Administration.

Persons: Stewart Glickman, Peter McNally, Robert Yawger, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman, Kirsten Donovan, David Gregorio Our Organizations: Brent, . West Texas, U.S . Federal, Organization of, Petroleum, Reuters, Energy Information Administration, Thomson Locations: China, BENGALURU, Russia, Reuters OPEC, U.S, OPEC, London, Houston, Beijing

☆ Marathon Petroleum beats profit estimates as strong demand boosts margins
▼ + stars: | 2023-05-02 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

Companies Marathon Petroleum Corp FollowMay 2 (Reuters) - Marathon Petroleum Corp (MPC.N) topped Wall Street profit estimates on Tuesday as sustained fuel demand and tight crude supplies boosted its margins, prompting the top U.S. refiner to expand its share buyback programme by $5 billion. Pandemic-era closure of facilities and demand recovery have lifted refiners' margins, further bolstered by tight crude supplies following Russia's invasion of Ukraine and a jump in jet fuel demand owed to a travel boom. Marathon refining and marketing margin soared 70.8% to $26.15 per barrel for the January-March quarter, compared with a year earlier. "With operating costs in line with expectations and stronger utilization, Marathon Petroleum captured stronger refining margins, notably on the U.S. Gulf Coast and in the Midwest," Third Bridge analyst Peter McNally said. Marathon returned $3.5 billion to investors through share buybacks and dividends in the first quarter, and repurchased $1.2 billion of shares last month.

China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China is expected to be the biggest factor driving oil demand growth this year, he added. The U.S. Federal Reserve, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies, making oil more expensive for other currency holders. Oil prices drew some support from U.S. manufacturing activity pulling off a three-year low in April, as new orders improved slightly and employment rebounded.

☆ A Dancer’s Life: Chita Rivera on Working Hard and Learning From the Best
▼ + stars: | 2023-04-19 | by ( Juan A. Ramírez | ) www.nytimes.com time to read: +2 min

“She makes you feel immediately part of a team,” Benanti said. “She’s not just out there for herself. “When you hear Chita, you see Chita. When you work with somebody like that, their range is so enormous that there’s nothing you can’t write,” he said of developing characters with Rivera. This constant work is all she knows, Rivera said, though it has left her with a slight blind spot when it comes to the business she so loves.

☆ U.S. finishes Billie Jean King Cup qualifying unbeaten
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Each best-of-five series consists of two singles matches on the first day, then the reverse singles matches followed by a doubles match on the second day. The doubles match pitting Juvan and Zidansek against Irina Bara and Monica Niculescu was suspended at 3-3 in the first set. Jule Niemeier posted a three-set win over Beatriz Haddad Maia, and then Anna-Lena Friedsam lost only one game in defeating Laura Pigossi. Kazakhstan's Elena Rybakina handed Poland's Magda Linette her second loss in two days to clinch the 3-1 series win in Astana, Kazakhstan. After Fernandez's three-set win over Ysaline Bonaventure, Belgium's Greet Minnen again knotted the match with a three-set win over Katherine Sebov.

☆ Biden could help save cars, bicyclists, and pedestrians from being pulled under trucks in an accident with a simple fix, advocates say
▼ + stars: | 2023-04-04 | by ( Eliza Relman | ) www.businessinsider.com time to read: +6 min

Side guards can also stop people and cars from being crushed by a truck's rear wheels. A man stands on a truck's rear underride guard in Mexico City in 2021. Isaac Guzman/Getty Images'A catch-22'The US government and road safety experts have known for at least 50 years that underride guards save lives. Rear underride guards have been mandatory for most trucks in the US since the 1950s. Cahalan blames the trucking industry for "delaying and fighting against common sense safety reforms," not just with regard to underride guards.

☆ Want to play higher oil prices? Analysts back these stocks, giving one over 160% upside
▼ + stars: | 2023-04-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

OPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher . The surprise cut in production could boost oil prices to $100 a barrel and beyond , analysts said. It comes after oil prices dipped last month, falling to $70 per barrel — the lowest in 15 months. Kathleen Flynn | ReutersOPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher. The surprise cut in production could boost oil prices to $100 a barrel and beyond, analysts said.

☆ OPEC+ oil output cuts could 'super tighten' the market if sustained, energy consultancy says
▼ + stars: | 2023-04-03 | 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 EmailOPEC+ oil output cuts could 'super tighten' the market if sustained, energy consultancy saysBob McNally of Rapidan Energy Group lays out two scenarios, which "[come] down to demand," that OPEC+'s oil production cut could lead to in the second half of the year.

☆ The OPEC+ call to cut production is a risk management decision, says Rapidan's Bob McNally
▼ + stars: | 2023-04-03 | 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 EmailThe OPEC+ call to cut production is a risk management decision, says Rapidan's Bob McNallyHelima Croft, RBC Capital markets head of global commodity strategy, and Bob Mcnally, Rapidan Energy Group founder and president, join 'The Exchange' to discuss the OPEC+ decision to cut production, U.S. production of crude oil being catalysed by the OPEC+ cuts.

☆ Reaction: OPEC output cuts to roil markets
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +3 min

The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets. ANDY LIPOW, PRESIDENT, LIPOW OIL ASSOCIATES"It’s very significant that the majority of the production cuts are coming from the core OPEC members. "OPEC is clearly concerned about lower oil prices impacting on their individual government budgets. The 1 million barrel per day cut is likely to be from production quotas and result in an actual production cut of somewhat less. This is the biggest surprise since January 2021" when OPEC+ disclosed a gradual increase in output follow COVID cuts.

☆ Tennessee Officials Face Pressure After Nashville School Shooting
▼ + stars: | 2023-03-30 | by ( Mariah Timms | Cameron Mcwhirter | ) www.wsj.com time to read: 1 min

NASHVILLE—Tennessee Republican leaders said they would act following a mass shooting at a private Christian school that left six dead as pressure mounted from churches, civic groups and Democrats urging action. After days of mourning, officials from both parties and residents here have said they hope their hometown tragedy sparks some sort of change. Randy McNally sent a letter to Republican Gov. Bill Lee on Wednesday, calling for armed guards at all schools, securing windows and glass doors in schools, magnetic locks on doors and other measures. Democrats have suggested tightening laws to make it harder for people who are a danger to themselves or others to buy guns.

☆ Independent bookstores once considered Barnes & Noble the enemy, but its CEO loves small bookstores so much, he owns 9 of his own
▼ + stars: | 2023-03-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Barnes & Noble's CEO owns nine independent bookstores scattered throughout London. But back in the 1990s, the book retailer was considered the enemy of small bookstores everywhere. That was before Barnes & Noble went into decline — these days, it's in the midst of a revamp. Chains like Barnes & Noble were the enemy of anyone who truly loved books, according to the film. Daunt now oversees roughly 600 Barnes & Noble stores across the US, as well as 100 Paper Source stores and nearly 300 Waterstones shops in the UK and Europe, according to Barnes & Noble.

Companies Wells Fargo & Co FollowWASHINGTON, March 15 (Reuters) - The former head of Wells Fargo's retail bank is facing prison time after pleading guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016. An attorney for Tolstedt, who ran the bank's retail and small business lending from 2007 to 2016, declined to comment. But, in this case, Ms. Tolstedt took steps to cover up misconduct at Wells Fargo," Joseph McNally, acting U.S. attorney for the central district of California, said in a statement. A spokesperson for Wells Fargo declined to comment. The development marks a rare instance of a senior bank executive facing prison time as a result of their job, but some said it does not go far enough.

☆ Anti-drag GOP Tennessee Lt. Gov has 'no intention of stopping' posting heart and fire emojis on erotic Instagram pics of young man, spokesperson says
▼ + stars: | 2023-03-09 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

He recently presided over the passage of a bill that bans the performance of drag in public. A spokesperson said he may not have used the "proper emoji" but "has no intention of stopping." As president of Tennessee's state Senate, McNally recently presided over the passage of two bills that ban gender-affirming health care for minors and restrict the performance of drag in public. Governor McNally is a prolific social media commenter," the spokesperson said. The spokesperson added that McNally "enjoys interacting with constituents and Tennesseans of all religions, backgrounds, and orientations" and "has no intention of stopping."

☆ Biden proposes stricter limits on toxic wastewater from coal plants
▼ + stars: | 2023-03-08 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

McNally as it passes Mitchell Power Plant, a coal-fired power-plant operated by American Electric Power (AEP), on the Ohio River in Moundsville, West Virginia. The Environmental Protection Agency on Wednesday proposed stricter limits on how coal-fired power plants dispose of wastewater containing pollutants like arsenic and mercury, which have contaminated the country's rivers, lakes, streams and underground aquifers. In 2021, the Biden administration said it was kicking off a new rulemaking process to reverse the wastewater rollback and would unveil new requirements on wastewater by next fall. Meanwhile, many coal plants were allowed to dispose of toxic wastewater into waterways as the agency drafted new limits. "EPA's proposed science-based limits will reduce water contamination from coal-fired power plants and help deliver clean air, clean water, and healthy land for all."

☆ Indian shares set for subdued start on U.S. rate hike fears
▼ + stars: | 2023-02-27 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The data heightened fears among investors that the Fed might have to keep rates higher for longer to tackle inflation. Indian equities logged their worst week in over eight months on Friday amid fears of aggressive interest rate hikes by global central banks and a fall in liquidity. STOCKS TO WATCH** Power Grid (PGRD.NS): Co accords multiple investment approvals worth 8.04 bln rupees. ** IRB Infrastructure (IRBI.NS): Co gets Letter of Award from National Highways Authority of India for projects worth 21.32 bln rupees. ** Phoenix Mills (PHOE.NS): Co's unit completes acquisition of a prime land parcel in Kolkata for 4.13 bln rupees.

Still, its shares fell more than 5% to $111.79 on weaker oil prices on the day and a fourth-quarter profit miss. It also anticipates it will invest about $2 billion in Sempra's Port Arthur LNG facility, of which ConocoPhillips has a 30% stake. "ConocoPhillips finished 2022 on a solid note with production volumes exceeding consensus forecasts by 1.5%," said Third Bridge analyst Peter McNally. First quarter production is expected between 1.72 million and 1.76 million boepd, with full-year output of between 1.76 million to 1.8 million boepd, representing growth of 1% to 4%. On an adjusted basis, the company posted quarterly profit of $2.71 per share, missing expectations of $2.81, according to Refinitiv data.

The company reiterated it expects to generate $3 billion to $5 billion in free cash flow in 2023. Boeing generated $3.1 billion in free cash flow in the final quarter of 2022. Boeing reported $2.3 billion for all of 2022. Boeing reported fourth-quarter revenue of $20 billion, up from $14.79 billion in the same quarter in 2022, and a loss per share of $1.75. Earlier this month, Boeing reported a sharp jump in airplane orders and deliveries in 2022.

☆ ‘The Good Life’ Review: The Habit of Happiness
▼ + stars: | 2023-01-12 | by ( Richard J. Mcnally | ) www.wsj.com time to read: +1 min

What constitutes a life well-lived? In their captivating book “The Good Life: Lessons From the World’s Longest Scientific Study of Happiness,” the psychiatrist Robert Waldinger and the clinical psychologist Marc Schulz convey key lessons that arise from studying the lifetimes of hundreds of individuals across the 20th and 21st centuries. Dr. Waldinger teaches at Harvard Medical School; Mr. Schulz at Bryn Mawr. They are the current directors of the Harvard Study of Adult Development, an investigation now in its 85th year of data collection. The purpose of both studies, long since merged, was to identify predictors of health, happiness and flourishing in young adulthood and beyond.

☆ 2023 will be probably a 'pretty volatile' year for the oil market, energy consultancy says
▼ + stars: | 2022-12-28 | 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 Email2023 will be probably a 'pretty volatile' year for the oil market, energy consultancy saysBob McNally of Rapidan Energy Group says "we're in the foothills — that means we could go up or down as we did this year."

☆ China reopening the big story for oil in 2023: RBC's Helima Croft
▼ + stars: | 2022-12-27 | 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 EmailChina reopening the big story for oil in 2023: RBC's Helima CroftRBC Capital's Helima Croft and Rapidan Energy's Bob McNally join Brian Sullivan and the 'CNBC Special: Taking Stock 2023' to discuss energy markets and what investors can look for in 2023.

☆ Evercore ISI slashes Tesla target by $100 after stock fails at critical level
▼ + stars: | 2022-12-20 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Tesla shares could be limited going forward, according to Evercore ISI. Analyst Chris McNally cut his price target on the electric car maker to $200 per share from $300, noting that the stock has now fallen below a key threshold. "The $150-163 technical level was seen as a critical battleline to defend beyond further weakness…and failed," McNally wrote in a note Tuesday, a day after Tesla shares closed at $149.87. "China stalled growth remains, but with global backlog winding down, investors are also revisiting demand assumptions for the first time. Remember, TSLA has ~60% share US but < 10% share EU/China, while BYD grows to 4x TSLA's NEV size in China," McNally said.

☆ How to play the beaten-up EV stocks from here — Evercore ISI sees one doubling next year
▼ + stars: | 2022-11-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Electric vehicle stocks have had a tough year, but don't count them out just yet, according to Evercore ISI. Analyst Chris McNally said the past year has been a much-needed expectation reset for nascent EV players, such as Fisker , Rivian Automotive , and Lucid Group . Each has separate, premium "go-to-market" niches within the growing EV market, he said. "Then we would begin to see vertical integration & branding advantages take charge," McNally wrote. Lucid Lucid epitomizes an aspirational EV, McNally said.

☆ China will remain a 'big buyer' of crude oil, energy consulting firm says
▼ + stars: | 2022-11-29 | 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 EmailChina will remain a 'big buyer' of crude oil, energy consulting firm saysBob McNally of Rapidan Energy Group says the country's imports are "quite robust," and demand for crude, including for Russian oil, will be "quite strong" even through the winter.

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