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☆ Biden announces $1.3 billion to build new power lines, upgrade aging electric grid
▼ + stars: | 2023-10-30 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

President Joe Biden announced Monday a $1.3 billion federal investment to build three new interstate power lines in an effort to upgrade the United States' outdated electric grid and transition it to clean energy. The department said the construction of the power lines would create roughly 13,000 new jobs. U.S. energy infrastructure was already in need of an upgrade. The $1.3 billion investment is a step in the right direction, but it does not mean three new power lines will magically appear. Federal agencies, along with the Biden administration, have previously said they would work to expedite federal permitting processes to make grid infrastructure development more efficient.

Persons: Biden, Joe Biden, Energy Jennifer Granholm, Leah Messenger, Messenger Organizations: Carnegie Mellon University, Infrastructure Investment, Jobs, States, Energy, Department of Energy, Biden, U.S . Energy Information Administration, Twin, National Grid, DOE Locations: Pittsburgh , Pennsylvania, United States, Arizona , Nevada , New Hampshire , New Mexico , Utah, Vermont, New Mexico, Arizona, The, New England, U.S, Twin States, States

But a couple of the world’s largest oil companies beg to differ – or at least for the future that extends out about three decades. This month, Exxon Mobil and Chevron have together bet heavily on a future their CEOs think will still need a lot of black gold. Hess also has considerable oil and gas assets in the U.S., including the Bakken area of western North Dakota, eastern Montana and southern Saskatchewan in Canada. But equally critical, the moves are important statements that the age of oil remains, despite the release on Tuesday of the annual world energy outlook from the International Energy Agency that forecasts global demand for fossil fuels will peak in 2030. Although he has championed many green energy policies, President Joe Biden also has done little to block the advancement of domestic oil and gas production.

Persons: Hess, ” Chevron, “ Hess, ”, Dan Pickering, we’re, it’s, ’ –, Fatih Birol, Mike Wirth, “, Pickering, Joe Biden Organizations: White, Exxon Mobil, Chevron, Natural Resources, Republican Party, “ Investors, Pickering Energy Partners, Hamas, International Energy Agency, Financial Times, French, U.S . Energy, Administration, Republicans Locations: Brussels, Chevron, U.S, Guyana, North Dakota, Montana, Saskatchewan, Canada, Texas, New Mexico, Saudi Arabia, Russia, Israel, Iran, Europe

☆ Industry could save $437 bln a year via energy efficiency efforts
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Global industry could save around $437 billion a year from 2030 via energy efficiency savings and could also achieve big reductions in carbon emissions, a study showed. Companies could undertake regular energy audits, review the ideal size of industrial assets, connect sites and machines to reap energy synergies and use more efficient engines, the report said. "Since renewables can only provide a part of the answer, the critical role energy efficiency plays in accelerating the energy transition toward reaching net-zero emissions by 2050 is undeniable." Last week, the U.S. Energy Information Administration (EIA) said global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, boosted by population growth and higher living standards, among other factors. Non-fossil fuel-based resources, including renewables, will produce more energy through 2050, but that growth is not likely to be enough to reduce global energy-related CO2 emissions, it said.

Persons: Tarak Mehta, Christoph Steitz, Jane Merriman Organizations: Energy Efficiency Movement, ABB, Germany's DHL, Sweden's Alfa Laval, Microsoft, Reuters, Companies, U.S . Energy Information Administration, Thomson Locations: FRANKFURT

Fluctuations since the attack pushed oil prices as high as $96. Until something like that happens, “the oil market is going to be like everyone else, monitoring the events in the Middle East,” Lipow said. One reason 1970s-style gas lines are unlikely: U.S. oil production is at an all-time high. Weekly domestic oil production has doubled from the first week in October 2012 to now. Lawmakers from both parties have urged Biden to block Iranian oil sales, seeking to dry up one of the regime’s key sources of funding.

Persons: ” Fatih Birol, ”, Andrew Lipow, ” Lipow, Mike Sommers, Sommers, “ America’s, “, Joe Biden's, Israel, Biden, Sofia Guidi Di Sante, Wyoming Sen, John Barrasso, “ Joe, Barrasso, ____ McHugh, Choe Organizations: WASHINGTON, International Energy Agency, ”, Associated Press, Brent, Lipow Oil Associates, U.S . Energy Information Administration, Energy Department, American Petroleum Institute, Hudson Institute, Commerzbank, Oil, Rystad Energy, Republican, Senate Energy, Natural Resources Committee, Democratic, Keystone XL, Strategic Petroleum Reserve, The Energy Department, The Treasury Department, Treasury Locations: East, Israel, Saudi Arabia, Russia, China, Paris, Gaza, Iran, Houston, Hormuz, U.S, Europe, Washington, OPEC, Lebanon, Venezuela, The U.S, Wyoming, America, Frankfurt, Germany, New York

REUTERS/Bing Guan/File Photo Acquire Licensing RightsWASHINGTON, Oct 19 (Reuters) - U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended. Refiners, which typically produce more distillates such as diesel and heating oil in autumn, are trying to rebuild inventories of these fuels that are near seasonal record lows. While fuel makers focus on maximizing distillate output, they inevitably produce gasoline as well. Meanwhile, Russia's short-lived diesel export ban, along with less refinery capacity and Western sanctions on Russian diesel, have hit diesel inventories and tightened supplies. Shortages have kept the U.S. heating oil crack at near $44 a barrel, nearly twice the seasonal average.

Persons: Bing Guan, fuelmakers, RIN, Laura Sanicola, Stephanie Kelly, David Gregorio Our Organizations: Phillips, Los, Los Angeles Refinery, Rights, Diesel, AAA, U.S ., U.S . Energy Information Administration, Thomson Locations: Los Angeles, Carson , California, U.S, Singapore, U.S . East

Inventories reached 102 million barrels on Oct. 6, up from 85 million barrels a year earlier, according to data from the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, Oct. 12). Stocks were 13 million barrels (+15% or +1.18 standard deviations) above the prior seasonal average for 2015-2022 and just 1 million barrels below the all-time high of 103 million set in November 2015. Inventories ended winter 2022/23 around 10 million barrels (+22% or +0.98 standard deviations) above the seasonal average and the surplus has continued to swell despite strong exports. U.S. petroleum refineries also produced 59 million barrels of propane between January and July 2023, unchanged from the same period in 2013. Shipments to the Netherlands (25 million barrels), Singapore (18 million), Indonesia (17 million), Brazil (14 million), Belgium (14 million), Spain (14 million) and Chile (13 million) took the share to more than 80%.

Persons: Terry Wade, Stocks, John Kemp, Marguerita Choy Organizations: Apache Corp, REUTERS, U.S . Energy Information Administration, Thomson, Reuters Locations: West Texas, Mont Belvieu, Texas, U.S, Chartbook, East Asia, Latin America, Europe, Japan, Mexico, China, South Korea, Netherlands, Singapore, Indonesia, Brazil, Belgium, Spain, Chile, Asia, Saudi

Along with mild winter weather in much of the northern hemisphere, Chinese fuel exports helped avert widespread shortages of diesel, heating oil and gasoil. Russia's ban on diesel exports ahead of winter has sparked a new round of concerns of another supply shock. Chinese fuel exports are currently around 1.1 million barrels per day (bpd), down from last year's peak at 1.8 million bpd in December. China's fuel exports are subject to quotas, closely monitored by the global fuel trading community. China also has quotas for imports of crude oil that refiners use to make diesel and other products.

Persons: Meng Meng, John Kilduff, Matt Smith, Al Zour, Kpler, Laura Sanicola, Trixie Yapl, Simon Webb, David Gregorio Our Organizations: REUTERS, Total, Al, Diesel, U.S . East, U.S . Energy Information Administration, Thomson Locations: Boxing, Shandong Province, China, U.S, Ukraine, Europe, Americas, Brazil, Turkey, New York, Beijing, Russia, Iran, Venezuela, Asia, Middle, Western Europe, America, U.S . East Coast

☆ Oil falls further on US stock build, easing supply concerns
▼ + stars: | 2023-10-12 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

REUTERS/Nick Oxford//File Photo Acquire Licensing RightsSINGAPORE, Oct 12 (Reuters) - Oil prices fell for a third day on Wednesday, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns. U.S. crude oil stockpiles swelled by about 12.9 million barrels, according to market sources citing American Petroleum Institute figures on Wednesday. "Crude oil extended losses on signs the impact of the Israel-Hamas war on the oil market will be limited," ANZ analysts said in a client note. Expectations by the U.S. EIA of global oil inventories falling further in the second half of 2023, however, limited price weakness. The lower inventories, which are forecast to keep global oil supply below consumption, are likely to boost oil prices, the EIA said in a monthly report.

Persons: Nick Oxford, Brent, JP Morgan, Trixie Yap, Shri Navaratnam Organizations: REUTERS, Rights, U.S, West Texas, American Petroleum Institute, ING, U.S . Energy Information Administration, ANZ, EIA, Thomson Locations: Cushing , Oklahoma, Rights SINGAPORE, U.S, ., California, Israel

☆ Oil falls further on U.S. stock build, easing supply concerns
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended losses for a third session, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns. U.S. crude oil stockpiles swelled by about 12.9 million barrels, according to market sources citing American Petroleum Institute figures on Wednesday. "Crude oil extended losses on signs the impact of the Israel-Hamas war on the oil market will be limited," ANZ analysts said in a client note. Expectations by the U.S. EIA of global oil inventories falling further in the second half of 2023, however, limited price weakness. The lower inventories, which are forecast to keep global oil supply below consumption, are likely to boost oil prices, the EIA said in a monthly report.

Persons: Brent, JP Morgan Organizations: U.S, West Texas, American Petroleum Institute, ING, U.S . Energy Information Administration, ANZ, EIA Locations: San Joaquin Valley, McKittrick , California, U.S, ., California, Israel

☆ Oil falls after Saudi pledge; investors keep wary eye on Israel
▼ + stars: | 2023-10-11 | by ( Nicole Jao | ) www.reuters.com time to read: +4 min

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Prices settled slightly lower on Tuesday after Saudi Arabia said it was working with regional and international partners to prevent an escalation, and reaffirmed its efforts to stabilise oil markets. Moreover, in the higher rates environment moving forward that “could put the brakes on the upside as far as crude oil,” Yawger said. Russia and Saudi Arabia met in Moscow on Wednesday, when Russian president Vladimir Putin said that OPEC+ coordination will continue "for the predictability of the oil market." Global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, the U.S. EIA said in an outlook.

Persons: Agustin Marcarian, Brent, WTI, …, ”, Bob Yawger, ” Yawger, Tamas Varga, Magid Shenouda, Vladimir Putin, Putin, Janet Yellen, Nicole Jao, Robert Harvey, Laura Sanicola, Muyu Xu, Sharon Singleton, John Stonestreet Organizations: REUTERS, Saudi, . Federal Reserve, . West Texas, . Energy Information Administration, Mizuho, Exxon Mobil, Natural Resources, Organization of, Petroleum, U.S, U.S . Federal, Treasury, EIA, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Gaza, Moscow, Brent, Israel, Palestinian, Russia, OPEC, U.S ., U.S, Europe, New York

☆ US Home Heating Bills Seen Flat to Lower This Winter -EIA
▼ + stars: | 2023-10-11 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

EIA forecast the 46% of U.S. households that use natural gas as their main heating fuel will likely spend less on heating this winter than last year because gas prices will likely be lower. Combined, households that heat with gas and those that are in the West account for a total of 56% of all U.S. households, EIA said. Because average demand for heating fuels in the winter exceeds U.S. production, EIA said inventories were an important source of winter supply. The 60.1 million U.S. households burning gas as their primary heating fuel can expect to spend about $601 to heat their homes this winter, down about 21% from last winter, EIA projected. For a list of total heating costs by fuel, see:Fuel U.S. Household Heating U.S. Household Heating U.S.

Persons: Scott DiSavino, David Gregorio Organizations: Reuters, U.S . Energy Information Administration, EIA, Household, Wood, U.S Locations: U.S, West

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. In the late 1990s, the merger between Exxon and Mobil was valued around $80 billion. Exxon Mobil Corp. has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-stock deal valued at $4.9 billion. In 2020 the company said it was buying Parsley Energy in an all-stock deal valued at approximately $4.5 billion.

Persons: Darren Woods, Scott Sheffield, Citi's Alastair Syme, Syme Organizations: Exxon Mobil, Natural Resources, Mobil, Exxon, XTO Energy, U.S . Energy Information Administration, Midland Basin, ExxonMobil, Pioneer, “, Exxon Mobil Corp, Parsley Energy, DoublePoint Energy Locations: West Texas, Texas, New Mexico, Delaware, Midland, U.S

European distillate inventories were 25 million barrels (-6% or -0.84 standard deviations) below the seasonal average at the end of September. Singapore distillate stocks averaged 3 million barrels (-23% or 1.30 standard deviations) below the seasonal average in September. Chartbook: Global distillate inventories and pricesPortfolio investors have been reducing their exposure to middle distillates since late August, which has likely anticipated, accelerated and amplified the retreat in prices and margins. But inventories are already tight; any expansion will cause them to deplete further, rapidly putting renewed upward pressure on prices. Related columns:- U.S. manufacturing rebound will stretch diesel supplies (October 5, 2023)- Funds grow bullish on crude, cautious on distillates (September 18, 2023)- Global diesel shortage boosts prices (September 13, 2023)- U.S. diesel prices surge anticipating a soft landing (August 11, 2023)John Kemp is a Reuters market analyst.

Persons: Eric Gaillard, John Kemp, Jane Merriman Organizations: REUTERS, ICE Futures, U.S . Commodity Futures Trading Commission, U.S . Energy Information Administration, Global, U.S, Thomson, Reuters Locations: Nice, France, Singapore, New York, United States, U.S, Europe, China

☆ 'Cheap' and 'compelling': Pros name the oil stocks to buy — giving one over 120% upside
▼ + stars: | 2023-10-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Oil prices jumped 4% on Monday during Asia hours , in the wake of the attack. Young said names in international and offshore oilfield services should pick up as oil prices rebound. "It just executed a large set of acquisitions and is well positioned for higher oil prices and more interest in the sector." Generally, Young said oil and gas stocks are "particularly compelling." Neuhauser said small-cap energy stocks that have leveraged to increased oil prices are the ones to own right now.

Persons: Josh Young, Young, Saturday . Young, Antony Blinken, Biden, CNBC's, David Neuhauser, Stocks, Neuhauser, Scott Nations Organizations: Bison, Hamas, Saturday ., United Nations, Reuters, U.S . Energy Information Administration, Livermore Partners, CNBC Pro, Nasdaq, Weatherford, Vital Energy, Exxon, Global Energy, Vista Energy, Jadestone, Brent, Scott, Chevron, ConocoPhillips Locations: Israel, Asia, Iran, U.S, Tehran, Strait, Hormuz

☆ Oil prices jump 4% in wake of Hamas attack on Israel
▼ + stars: | 2023-10-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesOil prices jumped 4% as the Israel-Hamas conflict extended into its third day following a surprise attack on Israel by Palestinian militants Hamas. At dawn on Saturday during a major Jewish holiday, Palestinian militant group Hamas launched a multi-pronged infiltration into Israel — by land, sea and air using paragliders. Stock Chart Icon Stock chart icon Oil prices jump following Hamas attack on IsraelWhile there is a surge in crude prices, analysts believe it will be a knee-jerk reaction, and likely temporary. Neither side is a major oil player. "If western countries officially link Iranian intelligence to the Hamas attack, then Iran's oil supply and exports face imminent downside risks," Dhar said.

Persons: Vivek Dhar, Mohammed Abed, Dhar, Donald Trump Organizations: Persian Gulf Star Co, Bloomberg, Getty, Hamas, Global, Brent, U.S . West Texas, NBC News, Palestinian Health Ministry, Israel, U.S . Energy Information Administration, Palestinian, Citi Locations: Bandar Abbas, Iran, Israel, U.S, Gaza, Commonwealth, Gaza City, Tehran

The drop in gasoline prices could benefit consumers and cool inflation. Before this week's drop, gasoline prices had posted a 7.4% jump in the third quarter, riding increases in crude oil futures after production cuts from Saudi Arabia, Russia and other OPEC+ members. U.S. wholesale gasoline prices are tumbling, with percentage drops per gallon on Wednesday between 6.9% and 10.8%. A flurry of weak economic data took more wind out of the market. Crude futures settled an eye-popping $5 a barrel lower on Wednesday, and fell another $1.66 on Thursday.

Persons: Bing Guan, JP Morgan, Tom Kloza, Kloza, Laura Sanicola, David Gregorio Our Organizations: Mobil, REUTERS, U.S . Energy, Administration, U.S ., Midwest, Oil Price Information Service, ADP, Oil, Thomson Locations: Beverly Boulevard, West Hollywood , California, U.S, Saudi Arabia, Russia, U.S . East Coast, East

SINGAPORE, Oct 5 (Reuters) - Oil prices inched up on Thursday, clawing back some of the previous session's big losses after an OPEC+ panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains. Brent crude oil futures were 63 cents higher at $86.44 a barrel at 0335 GMT, while U.S. West Texas Intermediate crude (WTI) rose 49 cents to $84.71. The latest data also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year, the U.S. Energy Information Administration (EIA) reported on Wednesday. Oil prices will struggle to push higher given the more uncertain demand outlook, along with weaker U.S. economic data released on Wednesday and a significant build in gasoline inventories, he added.

Persons: clawing, Jun Rong, Katya Golubkova, Sonali Paul, Jamie Freed Organizations: Brent, U.S, West Texas, of, Petroleum, National Australia Bank, U.S . Energy Information Administration, IG, Thomson Locations: SINGAPORE, OPEC, Russia, Saudi Arabia, U.S, Tokyo, Singapore

The trick for the Saudis and the Russians is whether the global economy can withstand an oil price closer to $100 a barrel than the $70 level that prevailed in the middle of 2023. Asia's crude oil imports dropped to 25.05 million bpd in September, the weakest outcome this year and down from 25.22 million bpd in August and 27.92 million bpd in July, according to data compiled by LSEG. China's retail gasoline price has risen from 8.06 yuan ($1.15) a litre at the end of June to 9.04 yuan currently, an increase of 12%. The outlier is India, where retail prices have been kept steady despite being market-linked, at least in theory. The retail price of gasoline in the capital New Delhi is currently 96.76 rupees ($1.16) a litre, a level that has persisted since April last year.

Persons: It's, JP Morgan, LSEG, Sonali Paul Organizations: Brent, U.S . Energy, Administration, JP, Retail, Australian Institute of Petroleum, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi Arabia, Russia, OPEC, United States, ASIA, Asia, China, India, New Delhi

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

We're be buying 200 shares of Coterra Energy (CTRA) at roughly $26.79 each. Following Monday's trade, Jim Cramer's Charitable Trust will own 1,750 shares of CTRA, increasing its weighting in the portfolio to 1.7% from 1.5%. We also do not believe shares are adequately reflecting the rise in natural gas prices over the past week and a half. Remember, Coterra's business is about 50-50 nat gas and oil . It's worth noting that CTRA stock was moving lower with nat gas and oil prices on Monday.

Persons: We're, Jim Cramer's, CTRA @NG, Jim Cramer, Jim, Gabby Jones Organizations: Coterra Energy, CTRA, Morning, Nat Gas, The U.S . Energy Information Administration, CNBC, The New York Stock Exchange, Bloomberg, Getty Locations: Ukraine, The, United States

☆ US consumer spending rises in August; underlying inflation slows
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 29 (Reuters) - U.S. consumer spending increased in August, but underlying inflation moderated, with the year-on-year rise in prices excluding food and energy slowing to below 4.0%. With gasoline price surging, inflation as measured by the personal consumption expenditures (PCE) price index rose 0.4% in August after climbing 0.2% in July. In the 12 months through August, the PCE price index advanced 3.5% after rising 3.4% in July. The annual PCE inflation is also being lifted by a lower base of comparison last year. The so-called core PCE price index increased 3.9% on a year-on-year basis in August after rising 4.3% in July.

Persons: Lucia Mutikani, Paul Simao Organizations: Consumer, Commerce Department, Reuters, U.S . Energy Information Administration, Federal Reserve, Fed, Thomson Locations: U.S

☆ Oil prices near $100 per barrel raise questions over demand destruction
▼ + stars: | 2023-09-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

boonchai wedmakawand | Moment | Getty ImagesSupply cuts from heavyweight crude producers have helped drive oil prices near $100 per barrel — fueling some to consider the potential for future demand destruction. Seven European refiners and traders, who spoke under anonymity because of contractual obligations, told CNBC that local buyers can withstand oil prices veering into triple digits without lowering their output runs. Some European market participants polled by CNBC doubted triple-digit oil prices are sustainable in the long term, with three pointing to possible demand destruction — where customers gradually answer persistently high prices with fewer purchases. "Sometimes high oil prices can become a self-fulfilling prophecy," Indian Energy Minister Hardeep Singh Puri warned in August. The oil price hike has benefitted Moscow despite sanctions.

Persons: boonchai, Sushant Gupta, Wood Mackenzie, Topping, Ukraine —, refiner, Hardeep Singh Puri, Giovanni Staunovo Organizations: Brent, ING, Organization of, Petroleum, CNBC, U.S . Energy, Administration, Indian Energy, UBS Locations: London, Asia, Wood, OPEC, Saudi Arabia, Russia, China, Europe, Ukraine, U.S, Moscow, Washington, Israel, East, Riyadh, Iran, Beijing

☆ Underlying US inflation pressures subside in August
▼ + stars: | 2023-09-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Economists polled by Reuters had forecast the core PCE price index would climb 0.2%. In the 12 months through August, the so-called core PCE price index increased 3.9%. It was the first time since June 2021 that the annual core PCE price index was below 4.0%. In the 12 months through August, the PCE price index advanced 3.5% after gaining 3.4% in July. Policymakers are focused on the super core price measure as they try to gauge progress in their fight against inflation.

Persons: Bing Guan, Rubeela Farooqi, Lucia Mutikani, Paul Simao Organizations: REUTERS, Federal Reserve, Commerce Department, Reuters, U.S . Energy Information Administration, Treasury, Fed, Financial, Thomson Locations: SoHo, New York City, U.S, WASHINGTON, White Plains , New York

☆ Oil prices surge to highest level in more than a year
▼ + stars: | 2023-09-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Andrey Rudakov | Bloomberg | Getty ImagesOil prices surged to their highest level in over a year during Asian trading hours, after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures touched $95.03 per barrel during Asia trading hours, marking the highest since August 2022. He forecasts that oil prices will continue to remain at "high level" for the rest of the year, with an upside risk if global oil cartel OPEC+ continues to keep supplies tight. In September, OPEC+ kingpin Saudi Arabia extended its 1 million barrel per day voluntary crude oil production cut until the end of the year. The refinery crude throughput refers to the volume of crude oil a refinery can produce during a given period of time.

Persons: Andrey Rudakov, Cushing, Bart Melek, Melek, Malek Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, U.S . Energy Information Administration, U.S . West Texas, Brent, bbl, TD Securities, CNBC, OPEC, Securities Locations: Tuapse, Russia, Cushing , Oklahoma, U.S, Asia, Saudi Arabia

☆ Microsoft is hiring a nuclear energy expert to help power its AI and cloud data centers
▼ + stars: | 2023-09-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

Artificial intelligence takes a lot of compute power, and Microsoft is putting together a road map for powering that computation with small nuclear reactors. However, Microsoft has publicly committed to pursuing nuclear energy from an innovator in the fusion space. In May, Microsoft announced it signed a power purchase agreement with Helion, a nuclear fusion startup, to buy electricity from it in 2028. Interest in nuclear energy has increased alongside concerns about climate change in recent years, as nuclear reactors generate electricity without releasing virtually any carbon dioxide emissions. Nuclear energy also makes up 47% of America's carbon-free electricity in 2022, according to the U.S. Department of Energy.

Persons: Satya Nadella, ChatGPT, Bill Gates, Microsoft's, Sam Altman, they're Organizations: Microsoft, Modular Reactor, CNBC, Helion, U.S . Energy Information Administration, U.S . Department of Energy Locations: Redmond , Washington, OpenAI, Helion, U.S

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