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☆ Oil prices slide as the US says it will sell millions more barrels of oil from its strategic reserve into the global market
▼ + stars: | 2023-02-14 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Oil prices fall Tuesday after the US said it plans to sell more oil from the Strategic Petroleum Reserve. The Energy Department will start the sale of 26 million barrels of sweet crude in April. Brent crude oil, the global benchmark, fell 1.5% to $85.40 a barrel but was off lows of the session. The drop in oil prices Tuesday was also taking place as US consumer price inflation data showed prices eased in January, but it was by less than anticipated. OPEC, meanwhile, on Tuesday, raised its 2023 oil demand forecast by 100,000 barrels per day, to 2.3 million barrels, as China reopens its economy after strict COVID-related restrictions.

☆ Oil prices fall on U.S. crude reserve release
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: +2 min

OPEC+ has recently hinted it could impose deeper output cuts to spur a recovery in crude prices. Oil prices fell on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve (SPR) as mandated by lawmakers, defying expectations from some traders that the release could be canceled or delayed. Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per barrel by 0256 GMT, while U.S. crude futures fell by 93 cents, or 1.16%, to $79.21 per barrel. "Any higher-than-expected data may cause a renewed sell-off in risk assets, including oil," Tina Teng, an analyst at CMC Markets said. "Oil is on the defensive and it could get uglier if inflation proves to be harder to tame," OANDA's Moya said.

☆ January was bitcoin's best month since 2021, but crypto isn't ready for a 'rocket ship rally' yet
▼ + stars: | 2023-01-31 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

For some investors, however, its strong month isn't necessarily a green light to jump back into the crypto market. As of Tuesday, bitcoin is set to finish the month up 38.39%, which would make it its best month since October 2021 and its best January in 10 years, according to Coin Metrics. Ether , which led the crypto recovery last summer ahead of the merge, has risen 31% this month, coming off a 67.06% decline for 2022. However, "we're not so sure bitcoin is ready for another rocket ship rally just yet." "Thus far, the rise in BTC dominance looks reminiscent of April 2019, during which a BTC rally marked a crypto market bottom, much akin to rising BTC dominance lately."

☆ Dry January was my entryway to sobriety. It's making me a better parent.
▼ + stars: | 2023-01-29 | by ( Annalise Mabe | ) www.businessinsider.com time to read: +3 min

I realized that after just two glasses of wine, I felt the effects the morning after. To put it plainly, I was neglecting my family and well-being for the short-lived relief: a little buzz to take the edge off. But I started to feel the accumulation of cashing in each day with alcohol. I've found that sobriety, or my sober-curious path, is so worth it. I feel more present and able to play with my daughter when she invites me to chase her, running in our backyard.

☆ Gas prices have surged 40 cents in a month
▼ + stars: | 2023-01-27 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

But something unusual is happening this year: Gas prices are rocketing higher. Although that’s a far cry from the record of $5.02 a gallon last June, gas prices have increased by 12 cents in the past week and 40 cents in the past month. AAA says some states have experienced much bigger gains over the past month, including Colorado (95 cents), Georgia (68 cents), Delaware (63 cents), Florida (60 cents) and Ohio (59 cents). That helps explain why gas prices in Colorado have surged by nearly $1 a gallon over the past month. Oil prices bounce off lowsBeyond the refinery problems, oil prices have crept higher, helping to drive prices at the pump northward.

110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Redding Sacramento San Francisco Fresno Los Angeles San Diego Long-term view: Past 3 years Redding Sacramento San Francisco Fresno Los Angeles San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Redding Sacramento San Francisco Fresno Los Angeles San Diego Long-term view: Past 3 years Redding Sacramento San Francisco Fresno Los Angeles San Diego 110 30% 50 70 90 150 200 300 400 Short-term view: Past month Long-term view: Past 3 years Redding Redding Sacramento Sacramento San Francisco San Francisco Fresno Fresno Los Angeles Los Angeles San Diego San Diego Source: PRISM Climate Group at Oregon State University Note: Data from the past six months is preliminary. California has built its water infrastructure — reservoirs, wells and irrigation systems — in part to account for the imbalanced timing in precipitation. California has a naturally variable climate: Periods of drought are punctuated by periods of wetter weather. A chart shows average snow water equivalent levels for each water year from 2003 through Jan. 17, 2023. Atmospheric rivers don’t always bring more snow; storms can actually shrink the snowpack if precipitation falls as rain instead of snow at high elevations.

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☆ EU Commission wants first joint purchases of gas by summer
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Jan 16 (Reuters) - The European Commission aims for EU countries to start jointly buying gas "well before summer", European Commission Vice-President Maros Sefcovic said on Monday, an attempt to help countries refill storage and avoid a supply crunch next winter. Sefcovic asked industry to confirm if they are interested in joining the EU scheme to jointly buy gas, which the Commission hopes will help Europe refill depleted storage caverns and negotiate lower prices by using countries' collective buying power. Some EU officials said certain large energy firms have expressed reluctance to join, since they can already negotiate their own gas deals and doubt the EU scheme will yield lower prices. The Commission aims to publish the amount of gas European countries plan to jointly buy in early spring, to attract offers from suppliers. EU countries must ensure their local companies take part in the aggregation of gas demand with volumes equivalent to 15% of the gas needed to fill that country's storage facilities to 90% of capacity.

☆ Building self-discipline by age 27 is crucial, says psychiatrist from the Netflix doc 'Stutz': 3 ways to do it
▼ + stars: | 2023-01-14 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Leading a fulfilling life requires discipline, Stutz said on a recent episode of "Armchair Expert," hosted by Dax Shepard and Monica Padman. Structural disciplineThe act of taking those reactive habits and integrating them into your "baseline" routine is what Stutz called structural discipline. Structural discipline relies more on conscious decision-making, while reactive discipline relies on subconscious behavior. In her book, "Good Habits, Bad Habits: The Science of Making Positive Changes That Stick," Wood frames it like this: You have to make the decision to ask your boss for a promotion. In other words, habits — good and bad — are formed through routines over time, which is why Stutz says you would be wise to adopt daily routines that promote good habits.

☆ A Gen Z entrepreneur made $119,000 in vending-machine sales since graduating college. How she built her business.
▼ + stars: | 2023-01-11 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

Maya Ray started her vending-machine business a month after graduating college in 2020. She gave her tips for starting a vending-machine business. There she found Marcus Gram, who was selling a course on how to start a vending-machine business. Ray shared her tips for starting a vending-machine business and explained how she grew her business. Efficiency is keyTo scale her business, Ray learned to maximize her time by making regular tasks more efficient.

☆ Using Up America’s Oil Reserve Was Easy. Refilling It Won’t Be.
▼ + stars: | 2023-01-09 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

It took less than a year to draw 180 million barrels of oil out of the U.S. Strategic Petroleum Reserve. After President Biden authorized a historic emergency release last year, there were roughly 372.4 million barrels left in the SPR as of Dec. 30, the lowest level in 39 years. It is taking baby steps, starting with a 3-million-barrel pilot program under which it would offer market participants a fixed price for future delivery. This is a new approach for the DOE, which has typically purchased for more immediate delivery. The idea is to use the fixed-price contracts as a carrot for U.S. oil producers to invest in production.

Companies are increasingly working together to cut greenhouse-gas emissions but such collaboration faces the threat of antitrust action demanded by politicians who say it violates competition rules. There are now more than 150 business climate collaborations, according to research by Harvard Business Review. “There are a lot of ways to stay on the right side of antitrust laws,” says Justin Stewart-Teitelbaum, antitrust partner at Freshfields. Traditionally, in most jurisdictions, antitrust officials weigh whether the benefits of cooperation outweigh any economic harm caused by it. The anti-ESG movement in the U.S. bases its antitrust threats partly on an assertion that climate action provides little societal benefit to outweigh any economic harm of cooperation.

☆ Europe’s recession may not be as bad as feared
▼ + stars: | 2023-01-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

On Wednesday, France’s statistics institute said consumer price inflation was 5.9% in December, down from 6.2% in November. A drop in energy prices drove the decline, the institute said. In Germany, Europe’s biggest economy, provisional data released on Tuesday showed that inflation had fallen to 8.6% in December, from 10% the month before. “If we are seeing a continued flight to value, then the relative cheapness of European stocks is a big plus,” he said. Benchmark prices for European natural gas futures have tumbled 10% since Monday to €69 ($73) per megawatt hour.

☆ Oil trims losses as softer dollar offsets Chinese demand fears
▼ + stars: | 2022-12-29 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 29 (Reuters) - Oil prices pared losses after falling by over $2 earlier in the session, as a weaker dollar partially offset demand fears resulting from surging COVID-19 cases in China. U.S. West Texas Intermediate crude futures fell $1.07, or 1.36%, to $77.89 a barrel, after reaching session lows of $76.79. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap.

A large dent has also come from industrial sectors forced to curb output as high gas prices make production uneconomic with some firms shifting production to regions with cheaper energy. FIGHT FOR SUPPLIESThe obvious way to boost supplies is through liquefied natural gas (LNG). That may not happen next year, meaning Europe would face fierce competition for LNG that would drive up the cost. Record high prices in Europe, however painful, helped the region to secure record volumes of LNG imports this year. Benchmark European gas prices hit a peak in August of more than 300 euros/MWh.

☆ Biden begins to refill Strategic Petroleum Reserve, while Keystone Pipeline leak prompts new emergency exchange
▼ + stars: | 2022-12-16 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The new emergency exchange is aimed at addressing “potential supply disruptions” caused by the shutdown of the Keystone Pipeline due to a leak earlier this month, the Energy Department said. Unlike with emergency sales such as the record-setting release of 180 million barrels announced in March, this oil must be returned. “Small but a signal that pledges to refill are credible,” former Obama energy official Jason Bordoff said on Twitter in response to the new steps. Prices are currently in a “very useful” range to begin the process of refilling the SPR, the senior administration official said. Noting that gas prices are now at 15-month lows, the senior administration official said that historic release “helped provide some breathing room for American families at the pump,” the official said.

☆ Automakers desperately need new workers — with new skills — to build electric cars
▼ + stars: | 2022-12-16 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

They're looking for lots of workers — and the current automotive workforce can leverage its skills. There are a variety of new opportunities available, industry experts say. That means workers with skills in construction, manufacturing, and engineering, especially those willing to be flexible, could see plenty of opportunities, experts say. But first, the industry needs factories to build those batteries — and workers to construct them. You're not going to necessarily take somebody that's working on an assembly line and now you need software production experts," McCarthy said.

☆ Oil bounces near Dec 2021 lows after Keystone pipeline shutdown
▼ + stars: | 2022-12-09 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 9 (Reuters) - Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth. Brent crude futures were at $76.74 a barrel, up 59 cents, or 0.8%, at 0115 GMT after dropping 1.3% on Thursday. More than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade. The news appears "to be only short-term negative for supplies but doesn't change anything with the deteriorating crude demand outlook", OANDA analyst Edward Moya said in a note. Oil prices are set to post their biggest weekly drop in months, since traders expect it will be months before the benefits of China easing COVID controls feeds through to demand.

☆ Oil prices will hover near $90 in 2023 as Russian production bounces back to pre-war levels, JPMorgan says
▼ + stars: | 2022-11-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Oil prices will hover around $90 per barrel in 2023 as Russia boosts its production to pre-war levels, according to JPMorgan. The bank lowered its 2023 oil forecast by $8 because of the expected supply increase from Russia. The refilling of the special petroleum reserve by the Biden administration should also support oil prices. If Russia's oil production levels normalize as JPMorgan expects, it will likely find a big buyer in India. That could lead to slight oil production cuts next year from OPEC to help prop up oil prices, as US shale production continues to have less influence over prices compared to a few years ago.

☆ Refilling next summer will be difficult, Greek national gas operator CEO says
▼ + stars: | 2022-11-24 | 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 EmailRefilling next summer will be difficult, Greek national gas operator CEO saysDESFA CEO Maria Rita Galli discusses Greek gas supply and storage levels heading into the first winter since the start of the war in Ukraine.

LONDON, Nov 18 (Reuters) - Europe’s gas storage probably peaked this week ahead of the winter after a refill season that shattered records for its length and the volume of gas injected into storage sites across the region. Inventories in the European Union and the United Kingdom reached 1,079 terawatt-hours (TWh) on Nov. 13, according to Gas Infrastructure Europe (“Aggregated gas storage inventory”, GIE, Nov. 18). Chartbook: European gas inventoriesEuropean inventories have been boosted by record high prices, government storage mandates, reduced consumption by households and industries, and unusually mild temperatures through October and early November. As a result, Europe’s record refill and plentiful inventories have left consumers in countries such as Pakistan and Bangladesh at risk of gas shortages, rationing and power cuts this winter. Related columns:- Europe’s gas prices retreat as storage almost full (Reuters, Oct. 13)- Mission accomplished?

The worst-kept secret in U.S. politics is finally out: Donald Trump is running for president. But, of course, the GOP itself crashed, with many of Trump’s hand-picked candidates headlining the disaster. He was the political black hole from which so few GOP candidates escaped. “The question is: What happens when he goes head-to-head with the guy he’s imitating?”Well, with Trump’s official 2024 bid, we are one step closer to seeing what will happen. A Trump party in all but name.

☆ These 5 side-hustles could help bolster your finances before a likely downturn in 2023
▼ + stars: | 2022-11-12 | by ( Kiera Fields | Ryan Hogg | ) www.businessinsider.com time to read: +5 min

Side-hustles could help bolster your finances ahead of a likely downturn. Vending machines have emerged as a popular side-hustle given their appeal as a passive income source. The business has a fairly steep entry cost but once up and running, vending machines require minimal time commitment other than refilling. He made another $100,000 in revenue running a YouTube channel linked to his vending machines business. Carlos OchoaLike vending machines, laundromats have a high cost of entry but can ultimately provide a solid stream of passive income.

☆ United Airlines opens a new grab-and-go lounge in Denver for time-crunched travelers
▼ + stars: | 2022-11-04 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

United Airlines is opening a new kind of lounge at Denver International Airport, and it's not designed for travelers to linger. The roughly 1,600-square-foot lounge, called United Club Fly, is a "grab-and-go" facility with complimentary food options like sandwiches, wraps and salads as well as smaller items like Noosa yogurt cups and treats like Milk Bar Birthday Cake Truffles. A barista will offer made-to-order coffee drinks like cappuccinos, but there is also a self-serve coffee machine and a water bottle refilling station. Seating is limited: 16 seats and standing room for eight people at a bar. Travelers scan their boarding pass to enter and can't bring guests, like they can at standard United Clubs.

The oil price jump helped push U.S. inflation to the highest level in 40 years. But the sale also bled the SPR, meant to be a protection against shocks in energy markets, to the lowest level since May 1984. And it helped to sour U.S. relations with Saudi Arabia which sided with Russia in early October in a deep oil production cut. Biden said on Oct. 19 the United States is ready to tap the SPR again early next year to rein in prices. Reporting by Katharine Jackson, Timothy Gardner and Ismail Shakil; Editing by Tim Ahmann, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Centrica reopens UK's Rough gas storage site in time for winter
▼ + stars: | 2022-10-28 | by ( Nora Buli | ) www.reuters.com time to read: +2 min

Oct 28 (Reuters) - British Gas owner Centrica (CNA.L) has reopened its Rough gas storage site off England's east coast at about 20% of its previous capacity, enough to heat 1 million homes for 100 days this winter, the company said on Friday. Before it was closed, Rough represented more than 70% of UK storage and supplied 10% of peak winter demand. However, after Russia’s invasion of Ukraine and growing concerns over gas supplies this winter, Centrica upgraded the facility and started refilling the site in early autumn. Even at 20% of previous capacity, Rough is the UK's largest gas storage site and adds 50% to the UK's gas storage capacity, though this lags behind European countries, Centrica said. The long-term aim is to turn the Rough gas field into the largest long-range energy storage facility in Europe, capable of storing both natural gas and hydrogen, Centrica said.

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