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☆ US, South Korea, Japan raise concerns over Russia-North Korea military cooperation
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Bing Guan Acquire Licensing RightsSEOUL, Sept 23 (Reuters) - U.S. Secretary of State Antony Blinken and South Korean, Japanese counterparts expressed "serious concern" over the discussion of military cooperation between Russia and North Korea, including possible arms trade, South Korea's Foreign Ministry said on Saturday. Blinken, South Korea's Foreign Minister Park Jin and Japan's Foreign Minister Yoko Kamikawa agreed to respond firmly to any acts that threaten regional security in violation of U.N. Security Council resolution in a brief meeting on Friday, the ministry said in a statement. North Korea's leader Kim Jong Un made a weeklong visit to Russia last week and discussed military cooperation with Russian President Vladimir Putin. U.S. and South Korean officials have expressed concern that the summit was aimed at allowing Russia to acquire ammunition from the North to supplement its dwindling stocks for its war in Ukraine. Reporting by Joyce Lee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Antony Blinken, Bing Guan, Park Jin, Yoko Kamikawa, North, Kim Jong Un, Vladimir Putin, Yoon Suk Yeol, Joyce Lee, Shri Navaratnam Organizations: 78th United Nations General Assembly, Lotte, REUTERS, Rights, South Korea's Foreign, Security, South, Thomson Locations: New York City, U.S, Rights SEOUL, South, Russia, North Korea, Ukraine, Seoul

☆ Blinken suggests Iran not a responsible actor on nuclear program
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Bing Guan Acquire Licensing RightsNEW YORK, Sept 22 (Reuters) - Iran's decision to bar some U.N. nuclear inspectors suggests it is not interested in being a responsible actor on its atomic program, U.S. Secretary of State Antony Blinken said on Friday. The comments suggested Washington is skeptical of Tehran's desire to engage seriously on restricting its nuclear program. The IAEA was responsible for verifying Iran's compliance with the defunct 2015 Iran nuclear deal, under which Tehran curbed its nuclear program in return for the easing of U.S., European Union and U.N. sanctions. "We tried to work indirectly with Iran as well as with European partners and even Russia and China to see if we can get a return to compliance with the Iran nuclear deal ... "That is not evidence of an Iran that is interested in actually being a responsible actor."

Persons: Antony Blinken, Bing Guan, Washington, Iran's, Donald Trump, Blinken, Humeyra Pamuk, Arshad Mohammed, David Gregorio Our Organizations: 78th United Nations General Assembly, Lotte, REUTERS, International Atomic Energy, IAEA, Union, Thomson Locations: New York City, U.S, Iran, United States, Tehran, Vienna, Washington, Russia, China, New York, Saint Paul, Minn

☆ Analysis: Sizzling rally in US energy stocks has room to run, bulls say
▼ + stars: | 2023-09-21 | by ( David Randall | ) www.reuters.com time to read: +5 min

Some believe a tight oil market and resilient U.S. growth will keep energy stocks rising for the rest of 2023. Bullish investors argue that energy stocks are still cheap by historical standards - and far less richly valued than other areas of the market. The energy sector currently trades at a forward price to earnings ratio of 12.2, well below its historical median forward P/E of 15.3, according to LSEG Datastream. Parts of the market appear skeptical energy stocks have much further to run. "That should result in a ... smoother ride for energy stocks than we’ve been accustomed to."

Persons: Bing Guan, LSEG, Charles Lemonides, Baker Hughes, Savita Subramanian, Brent, Bjarne Schieldrop, Rodney Clayton, we’ve, David Randall, Ira Iosebashvili, Marguerita Choy Organizations: Exxon, Mobil, REUTERS, Energy, West Texas, Federal, drillers, U.S . Energy, Administration, Global, Citi, Brent, SEB Research, Macquarie, Duff, Phelps Investment Management, Thomson Locations: Beaumont , Texas, U.S, Saudi Arabia, Russia, China

☆ U.S. crude stocks fall as exports surge -EIA
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Bing Guan/File Photo Acquire Licensing RightsSept 20 (Reuters) - U.S. crude stocks fell last week, driven by strong crude oil exports, while gasoline and diesel inventories drew down as refiners began annual autumn maintenance, the Energy Information Administration said on Wednesday. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 2.1 million barrels in the last week, EIA said, its lowest since July 2022. The drop in inventories was driven by a 2,000 barrel per day climb in crude oil exports, the EIA data showed. Net U.S. crude imports (USOICI=ECI) fell by 3.04 million barrels per day, EIA said. Refinery crude runs (USOICR=ECI) fell by 496,000 barrels per day in the last week, EIA said, while refinery utilization rates (USOIRU=ECI) fell by 1.8 percentage points in the week.

Persons: Bing Guan, refiners, John Kilduff, Laura Sanicola, David Gregorio Our Organizations: Angeles Refinery, California Air Resources Board, Energy Information Administration, Cushing, . West Texas, Brent, U.S . Federal, Net, EIA, Thomson Locations: Angeles, California, Carson , California, U.S, Oklahoma, New York

NATO Secretary General Jens Stoltenberg attends the 78th United Nations General Assembly at the United Nations Headquarters in New York City, U.S., September 19, 2023. REUTERS/Bing Guan Acquire Licensing RightsUNITED NATIONS, Sept 19 (Reuters) - Ukraine urgently needs air defenses, including ammunition, spare parts and maintenance for the systems the Ukrainian military already has, NATO Secretary-General Jens Stoltenberg told Reuters on Tuesday. "There is an urgent need for air defense, not only new systems, but also ammunition, maintenance, spare parts ... We see that air defense is saving lives every day in Ukraine and we need to sustain the air defense systems of Ukraine." He spoke after a senior State Department official said earlier on Tuesday that reinforcing Ukraine's air defenses was key, including to protect critical infrastructure as winter descends. Stoltenberg declined to say how many rounds of munitions NATO allies can deliver to Ukraine each year, or when exactly F-16s would be delivered to Kyiv.

Persons: Jens Stoltenberg, Bing Guan, Stoltenberg, Putin, Vladimir Putin, Gabriela Baczynska, Don Durfee, Grant McCool Organizations: NATO, United Nations General Assembly, United Nations Headquarters, REUTERS, UNITED NATIONS, Reuters, Russian, State Department, Thomson Locations: New York City, U.S, Ukraine, New York, Kyiv, Russia, Moscow

☆ Big oil lawsuits are riskier than quitting tobacco
▼ + stars: | 2023-09-18 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic Overlook in Culver City, California, U.S., March 10, 2022. REUTERS/Bing Guan Acquire Licensing RightsNEW YORK, Sept 18 (Reuters Breakingviews) - California has been a guidepost to America’s future, and the United States is litigious. Oil companies have thus far stalled litigation by seeking to move cases to federal courts, where national regulations on emissions provide some cover. In April, however, the Supreme Court turned down five appeals by oil companies and others to move cases out of the states. That’s too simple given climate’s differing hit to regions, but it indicates the magnitude of the potential problem in the United States alone.

Persons: Bing Guan, Jonathan Guilford, Sharon Lam Organizations: Inglewood Oil Field, Baldwin, REUTERS, Reuters, Exxon Mobil, Chevron, State, Shell, BP, ConocoPhillips, American Petroleum Institute, Thomson Locations: Inglewood, United States, Culver City , California, U.S, California, Saudi Arabia, San Francisco

☆ Morning Bid: Dot plots, oil blots and auto strikes
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

A nighttime view of Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, diesel fuel, and other refined petroleum products, in Carson, California, U.S., March 11, 2022. But updated quarterly economic and rate projections from its individual policymakers will map out the remainder of the year and 2024. And just like global markets have been discombobulated this month, the central bank will be grappling with low visibility and a plethora of mixed signals. Chief among the irritants for the central banks has been the rebound in crude oil price and the fading annual base effects that have flattered headline disinflation progress this year. Events to watch for on Monday:* U.S. September NAHB Housing Market Survey, July TIC data on foreign holdings of U.S. Treasuries* U.S. Treasury auctions 3- and 6-month bills* European Central Bank Board Member Fabio Panetta speaksReuters Graphics Reuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters Graphics Reuters GraphicsBy Mike Dolan, editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Mike Dolan Gatecrashed, That's, Detroit's, Taiwan's, TW, chipmaker, Member Fabio Panetta, Mike Dolan, Bernadette Baum Organizations: Petroleum's, Angeles Refinery, REUTERS, U.S . Federal, Bank of England, Bank of Japan, University of Michigan's, automakers, United Auto Workers, General Motors, Ford, chipmakers, China, HK, Survey, Treasury, Central Bank, Member, Reuters Graphics Reuters, Reuters, Thomson Locations: Angeles, Carson , California, U.S, Saudi, China

☆ US, UK issue Iran sanctions ahead of anniversary of Mahsa Amini's death
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +3 min

Demonstrators at a Freedom Rally for Iran, protesting in support of Iranian women and against the death of Mahsa (Zhina) Amini, outside City Hall in Los Angeles, California, U.S., October 1, 2022. Amini, 22, died on Sept. 16 last year after being arrested for allegedly flouting the Islamic Republic's mandatory dress code. Her death sparked months of anti-government protests that marked the biggest show of opposition to Iranian authorities in years. The U.S. States and Britain, along with the European Union, have announced multiple rounds of sanctions against Iran, citing the widespread and often violent crackdown on protests after the death of Amini. The sanctions target LEF spokesperson Saeed Montazerolmehdi, multiple LEF and IRGC commanders, and Iran’s Prisons Organization chief Gholamali Mohammadi.

Persons: Bing Guan, Mahsa Amini, Antony Blinken, Saeed Montazerolmehdi, Gholamali Mohammadi, Alireza Abedinejad, Brian Nelson, Rami Ayyub, Susan Heavey, Daphne Psaledakis, Chizu Nomiyama, Marguerita Choy Organizations: Hall, REUTERS, Rights, European Union, Iran, Police, U.S . Treasury Department, Islamic Revolutionary Guard Corps, Enforcement Forces, Iran's Prisons, Iran’s Prisons Organization, Douran Software, Press, Tasnim News Agency, Terrorism, Financial Intelligence, Thomson Locations: Iran, Los Angeles , California, U.S, Britain, States, Iran’s, Canada, Australia, Fars, United States, Tehran

Kim’s delegation likely includes his foreign minister, Choe Sun Hui, and his top two military officials – Korean People’s Army Marshals Ri Pyong Chol and Pak Jong Chon. Other officials identified in North Korean state media photos may hint at what Kim might seek from Putin and what he would be willing to give. U.S. officials released intelligence last week that North Korea and Russia were arranging a meeting between their leaders. After decades of a complicated, hot-and-cold relationship, Russia and North Korea have been drawing closer since Moscow’s invasion of Ukraine in 2022. Both Russian and North Korean officials denied such claims.

Persons: —, Kim Jong Un, Vladimir Putin, Kim, Jeon Ha Gyu, Choe Sun Hui, Ri, Pak Jong Chon, Putin, Pak, Song, Adm, Kim Myong Sik, it's, Kim Jong, Jo Chun Ryong, Putin’s, Dmitry Peskov, ”, Adrienne Watson, “, Matthew Miller, Wagner, Sergei Shoigu, Jim Heintz, Aamer Madhani, Matthew Lee, Dake Kang, Ng Han Guan Organizations: Korean Central News Agency, Korea’s Defense Ministry, Korean People’s, Korea’s Unification Ministry, TASS, Associated Press, White, National Security, North, Democratic People’s, ”, Washington, United, Korean, Russian Locations: SEOUL, South Korea, Russia, Ukraine, North, North Korean, Korea, Russian, Vladivostok, Pyongyang, North Korea, Monday ., Ukrainian, DPRK, Democratic People’s Republic of Korea, Washington, Japan, Moscow, Beijing, United States, Korean, Tallinn, Estonia, Fangchuan, China, russia, ukraine

Hedge funds and other money managers purchased the equivalent of 98 million barrels of futures and options based on crude over the seven days ending on Sept. 5. Short positions in NYMEX WTI had been reduced to just 30 million barrels on Sept. 5 from 136 million barrels on June 27. In the last 10 shorting cycles, shorts have fallen to an average of 24 million barrels. Following their repeated extension, the cuts are set to remove a total of 245 million barrels by the end of December if implemented in full. Related columns:- Hedge funds buy U.S. crude as stocks fall (September 4, 2023)- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)John Kemp is a Reuters market analyst.

Persons: Bing Guan, Brent, NYMEX WTI, Cushing, bullishness, John Kemp, Susan Fenton Organizations: Angeles Refinery, California Air Resources Board, OPEC ⁺, ICE, bearishness, Henry, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, Saudi Arabia, Brent, WTI, NYMEX, Chartbook, Russia, Saudi, Cushing, Oklahoma

☆ G20 agrees to pursue tripling renewables capacity but stop short of major goals
▼ + stars: | 2023-09-09 | by ( Shivam Patel | ) www.reuters.com time to read: +3 min

A general view of GE Renewable Energy wind turbines, part of Pattern Energy’s Western Spirit Wind project, the largest wind project in the U.S., near Encino, New Mexico, U.S., March 15, 2023. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - G20 leaders on Saturday agreed to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase-down unabated coal power, but stopped short of setting major climate goals. The world's 20 major economies have had disagreements on commitments to reduce fossil fuel use, cut green house gas emissions and increase renewable energy targets. The declaration adopted by G20 leaders on the first day of the two-day summit in New Delhi did not mention cutting green house emissions. It said member nations "will pursue and encourage efforts to triple renewable energy capacity globally ... in line with national circumstances by 2030."

Persons: Bing Guan, Shivam Patel, YP Rajesh, Kim Coghill Organizations: GE Renewable Energy, REUTERS, Reuters, United Arab, YP, Thomson Locations: U.S, Encino , New Mexico, DELHI, Russia, China, Saudi Arabia, India, New Delhi, United Arab Emirates

☆ Opinion: The ‘rising superpower’ myth about China
▼ + stars: | 2023-09-07 | by ( Opinion Peter Bergen | Joel Rayburn | ) edition.cnn.com time to read: +12 min

He was the US Special Envoy for Syria and the senior director for Iran, Iraq, Syria and Lebanon on the National Security Council staff during the Trump administration. After that, China’s National Bureau of Statistics said it would suspend publishing youth unemployment data in the future. What does it signify that China’s national power, which today is vast, is almost certain to be weaker in the future? If Xi and his strategists have a feasible plan for nimbly averting China’s demographic doom, they are keeping very quiet about it. This brings us back to the question of national security strategies for the United States and its allies.

Persons: Peter Bergen, Peter Bergen ”, Joel Rayburn, Trump, Biden, Saddam Hussein’s, Lloyd Austin, China’s, Xi Jinping, Stephen Shaver, ”, Ng Han Guan, Xi, China “, ” Trump Organizations: New, Arizona State University, Apple, Spotify, American Center for Levant Studies, New America, US, National Security Council, CNN, Strategy, Pentagon, of Defense, Development Research Center, Communist Party, UPI, Manpower, Census Bureau, National Bureau of Statistics, Financial, China’s Southwestern University of Finance, Economics, Rocky, United Nations, Beijing, Pew Research Center, Communist, Trump administration’s National Security, Twitter, Trump Locations: New America, Syria, Iran, Iraq, Lebanon, Washington, China, United States, Saddam Hussein’s Iraq, al Qaeda, Ukraine, People’s Republic of China, Beijing, India, Yarkent County, China's Xinjiang Uyghur Autonomous Region, Saudi Arabia, USSR, Russia, Russia’s Ukraine, Vietnam, Korea, Italy, Japan, Taiwan, Hong Kong

☆ A Chinese woman held 16 jobs for 3 years and never showed up to work, report says
▼ + stars: | 2023-09-07 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

A Chinese woman has been exposed in a massive wage fraud scheme, holding 16 jobs at once. The scheme brought in an estimated $7 million and involved 53 fake workers, Chinese media reported. Wage fraud is a massive problem in China, with at least 700 gangs working the system. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The woman, named only by the pseudonym of Guan Yue, was part of a massive labor fraud scheme worth almost $7 million, Chinese state-owned newspaper Xinmin reported.

Persons: Guan Yue, Guan, pseudonymously, Liu Jian, Liu, Yang Hong, they're Organizations: Service, unraveled Locations: China, Wall, Silicon, Shanghai

Former U.S. President Donald Trump arrives at Trump Tower after giving a deposition to New York Attorney General Letitia James who sued him and his Trump Organization, in New York City, U.S., April 13, 2023. Trump, the frontrunner for the 2024 Republican presidential nomination, was charged in August in an indictment alleging he and his co-defendants conspired to pressure Georgia election officials to reverse his loss to Democratic President Joe Biden. Several defendants have filed similar motions to sever, and some are seeking to move their cases from state to federal court. Prosecutors countered that all of the defendants are implicated in the same scheme to overturn Georgia’s election results. Trump is set to face three other criminal trials next year, further complicating the schedule in the Georgia case.

Persons: Donald Trump, Letitia James, Bing Guan, Scott McAfee, Sidney Powell, Kenneth Chesebro, Scott Grubman, Trump, Joe Biden, Prosecutors, McAfee, Powell, Chesebro, Fani Willis, Jack Queen, Noeleen Walder, Daniel Wallis Organizations: U.S, Trump, New York, Trump Organization, REUTERS, Chesebro, Democratic, Prosecutors, White, Thomson Locations: New, New York City, U.S, Georgia, Fulton County, Atlanta, Florida, Washington

Distillate inventories, which include diesel and heating oil, were by late August about 15% below the five-year average for this time of year, according to the Energy Information Administration. "We are living barrel to barrel and there is just no room for errors in the system," Price Futures Group analyst Phil Flynn said. Refiners have failed to build sizable stocks ahead of the seasonal surge in demand due to tight supplies of medium and heavy crude oil grades that are distillate-rich. Seasonal overhauls could take out around 2 million bpd of the country's 18.1 million bpd refining capacity, he said. "Even with soft demand, diesel inventories are stubbornly low, and cracks have rallied in search of supply or demand-side relief before winter," the analysts said.

Persons: Bing Guan, Phil Flynn, Refiners, Bjarne Schieldrop, SEB, Robert Yawger, Shariq Khan, Laura Sanicola, Marguerita Choy Organizations: Angeles Refinery, California Air Resources Board, Energy Information Administration, Futures, Organization Petroleum Exporting, Saudi, Bank of America, Thomson Locations: Angeles, California, Carson , California, U.S, Europe, OPEC, Ukraine, Garyville , Louisiana

Idalia was expected to intensify rapidly before slamming ashore on Wednesday morning, according to the Miami-based National Hurricane Center (NHC). SURGES UP TO 12 FEET HIGHMost of Florida's 21 million residents, along with many in Georgia and South Carolina, were under hurricane, tropical storm and storm surge warnings and advisories. "I don't panic, I prepare," said Bontrager, 40, who runs six sport and charter fishing boats in Venice along the Gulf Coast near Tampa. From Tuesday through Thursday, Florida's Gulf Coast along with southeastern Georgia and eastern portions of North and South Carolina could face torrential rains of 4 to 8 inches (10 to 20 cm, the hurricane center warned. In some spots, the surge of water could rise 8 to 12 feet (2.5-3.7 m), the hurricane center said.

Persons: Idalia, Ron DeSantis, Irma, Michael, Ian, Milton Bontrager's, Hurricane Idalia, Marco Bello, Anthony Holloway, DeSantis, Guan, Madelin Suarez Morejon, Rich McKay, Dave Sherwood, Brendan O'Brien, Steve Gorman, Swati Verma, David Ljunggren, Joseph Ax, Lincoln, Marguerita Choy Organizations: Hurricane Center, NHC, REUTERS, Federal Emergency Management, CNN, Tampa International, National Guard, Reuters Graphics Reuters, Authorities, Thomson Locations: Florida, Florida's Gulf Coast, Miami, Bend, Tallahassee, Gainesville, Tampa, St, Petersburg, Gulf of Mexico, Cuba, Georgia, South Carolina, Sarasota, Venice, Gulf, North, Cedar Key , Florida, Apalachicola Bay ., CUBA, Caribbean, Havana, Pinar del Rio, Atlanta, Guanimar, Chicago, Los Angeles, Bengaluru, Ottawa, West Stockbridge , Massachusetts

Aug 29 (Reuters) - Tropical Storm Idalia closed in on Florida's Gulf Coast on Tuesday after skirting past Cuba, headed for a U.S. landfall as a powerful Category 3 storm, prompting authorities to order evacuations of vulnerable shoreline areas. [1/3]People walk on a flooded street as Storm Idalia makes landfall in Cuba, Guanimar, Cuba, August 28, 2023. MOVING TO HIGHER GROUNDEvacuations of barrier islands and other low-lying areas of Florida's Gulf Coast began on Monday. Far to the east of Idalia, Hurricane Franklin, the first major hurricane of the season, meandered in the Atlantic, and was forecast to turn to the northeast over the next two days. The Category 4 storm threatened to bring heavy swells to Bermuda and the U.S. East Coast throughout the week.

Persons: Idalia, Buckle, Ron DeSantis, Irma, Michael, Ian, Guan, Storm Idalia, Alexandre Meneghini, We've, Yadira Alvarez, Shannon Hartsfield, Hartsfield, DeSantis, Hurricane Franklin, Rich McKay, Dave Sherwood, Brendan O'Brien, Steve Gorman, Swati Verma, Lincoln Organizations: U.S, Hurricane Center, NHC, Storm, REUTERS, Authorities, Coast, Hartsfield, Tampa International, National Guard, meandered, U.S ., Reuters Graphics Reuters, Thomson Locations: Florida's, Coast, Cuba, Miami, Bend, Florida, Gulf, Mexico, Sarasota, Tampa, Apalachicola Bay, Caribbean, Havana, Guanimar, Pinar del Rio, Florida's Gulf Coast, Georgia, North, South Carolina, Idalia, Hurricane, Bermuda, U.S . East Coast, Atlanta, Chicago, Los Angeles, Bengaluru

☆ Los Angeles refiners prepare for Hurricane Hilary
▼ + stars: | 2023-08-18 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, at sunset in Carson, California, U.S., March 11, 2022. Phillips 66 (PSX.N) said operations at its 139,000-bpd Los Angeles refinery were unaffected by the storm. Local and state regulators did not report any changes in operations at Los Angeles refineries on Friday and West Coast refined market traders said they did not know of any cut backs in production. The U.S. National Hurricane Center said Hilary is forecast to be at tropical storm strength when it moves east of Los Angeles on Monday. Heavy rain, possible flash flooding and winds at 40 miles per hour (64 kph) or stronger are forecast for Los Angeles on Sunday and Monday.

Persons: Bing Guan, Hurricane Hilary, Hilary, Erwin Seba, Grant McCool Organizations: Phillips, Los, Los Angeles Refinery, Rights, Chevron, Valero, Marathon Petroleum, New York Mercantile Exchange, U.S, National Hurricane Center, Los Angeles, Sunday, U.S ., Gulf, Thomson Locations: Los Angeles, Carson , California, U.S, California, Local, Coast, Los, U.S . West Coast, Asia, Gulf Coast

☆ US investor group clinches tax credit deal for $1.5 bln renewable power acquisition
▼ + stars: | 2023-08-16 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.

Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec

Hedge funds and other money managers purchased the equivalent of 10 million barrels of futures and options on U.S. diesel and European gas oil over the seven days ending Aug. 8. In the premier NYMEX WTI contract, short positions had been reduced by 91 million barrels or two-thirds since June 27. The total position has risen to a net long of 707 billion cubic feet (47th percentile for all weeks since 2010) up from a net short of 1,061 billion cubic feet (7th percentile) at the end of January. But the surplus had narrowed slowly but progressively from 299 billion cubic feet (+12% or +0.81 standard deviations) on June 30. Related columns:- U.S. diesel prices surge anticipating a soft landing (Aug. 11, 2023)- Crude oil and fuels draw funds as sentiment shifts (Aug. 7, 2023)- Short-covering by hedge funds lifted oil prices (Aug. 1, 2023)- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)John Kemp is a Reuters market analyst.

Persons: Guan, Brent, John Kemp, Jan Harvey Organizations: Phillips, Los, Los Angeles Refinery, Funds, ICE, U.S, Thomson, Reuters Locations: Los Angeles, Carson , California, U.S

Futures prices for ultra-low sulphur diesel delivered in New York Harbor in September climbed to $135 per barrel on Aug. 9, up from $95 on May 31. Prices for diesel and other distillate fuel oils have been rising much faster than for crude petroleum, widening margins for refiners. Diesel prices are rising as traders anticipate that shortages will quickly re-emerge if the economy avoids falling into a recession later in 2023. The rapid escalation in diesel prices and hedge fund position building is a warning that capacity constraints and upward pressure on goods prices are likely to re-emerge relatively quickly later in 2023 and in 2024. Depleted diesel inventories are a sign that if the economy achieves a mid-cycle soft-landing the second phase of the current expansion could prove short and inflationary.

Persons: Guan, John Kemp, David Evans Organizations: Kinder, Phillips, Los, Los Angeles Refinery, REUTERS, U.S . Energy Information Administration, ICE Futures, U.S . Commodity Futures Trading Commission, U.S, diesel, Diesel, Thomson, Reuters Locations: Los Angeles, Carson , California, U.S, United, New York Harbor, Europe, Singapore

☆ EV firm Proterra files for Chapter 11 bankruptcy protection
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Bing Guan/file photoAug 7 (Reuters) - Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and a funding drought. The move comes weeks after Lordstown Motors filed for bankruptcy protection and put itself up for sale after failing to resolve a dispute over a promised investment from Foxconn. The company had a market value of $362 million as of last close. In January 2021, Proterra was valued at $1.6 billion, including debt, in a merger deal with a blank-check firm. Proterra, which makes electric buses as well as battery packs, said it intends to continue to operate in the ordinary course of business.

Persons: Bing Guan, Lordstown Motors, Proterra, Gareth Joyce, Manya Saini, Anil D'Silva Organizations: City Transportation Department, REUTERS, Proterra, Lordstown, Thomson Locations: Los Angeles , California, U.S, Foxconn, South Carolina, Bengaluru

REUTERS/Bing Guan/File PhotoAug 4 (Reuters) - “Rust” armorer Hannah Gutierrez on Friday waived her right to a preliminary hearing, allowing charges against her over the 2021 shooting death of the movie's cinematographer, Halyna Hutchins, to move toward a possible trial. Actor Alec Baldwin was rehearsing when he fired a live round that killed cinematographer Hutchins and wounded director Joel Souza. Prosecutors Andrea Reeb and Mary Carmack-Altwies, who handled the case until March, declined to comment on plea bargains. Prosecutor Kari Morrissey, who took over the case, said in a statement she expected the case to be set for trial in the future. Under New Mexico law, to convict Gutierrez of involuntary manslaughter prosecutors must prove she showed willful disregard for firearms safety.

Persons: Bing Guan, armorer Hannah Gutierrez, Halyna Hutchins, Jason Bowles, Hutchins, Bowles, Alec Baldwin, Joel Souza, Gutierrez, Dave Halls, Andrea Reeb, Mary Carmack, Altwies, Kari Morrissey, Prosecutors, Baldwin, Morrissey, Andrew Hay, Donna Bryson, Andrew Heavens Organizations: REUTERS, New, Prosecutors, Thomson Locations: Santa Fe , New Mexico, U.S, Mexico, New Mexico

Chartbook: Electricity and diesel useIndustrial electricity use and distillate fuel oil consumption are both correlated with the manufacturing and freight cycle and therefore with the purchasing managers index. Distillate fuel oil consumption actually rose by almost +0.8% in the three months from March to May compared with a year earlier. The strength of domestic distillate consumption helps explain why fuel oil inventories have remained well below the prior ten-year seasonal average. DISTILLATE SUPPLIEDThe resilience of industrial electricity use and especially apparent distillate fuel oil consumption may indicate the ISM manufacturing index is overstating the depth of the downturn. Accumulation of secondary and tertiary stocks in April and May would imply lower apparent consumption in June and July.

Persons: Guan, John Kemp, Barbara Lewis Organizations: Angeles Refinery, California Air Resources Board, The Institute, Supply, U.S . Energy Information Administration, U.S, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, doldrums

REUTERS/Bing Guan/File PhotoAug 1 (Reuters) - A U.S. regulation restricting ownership of gun accessories known as pistol braces is likely illegal, a federal appeals court ruled Tuesday, a victory for a gun rights group challenging the rule. Circuit Court of Appeals found that U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives finalized the rule in January without giving the public a meaningful chance to comment on it. The court did not immediately block enforcement of the rule, instead sending the case back to U.S. District Judge Reed O'Connor in Fort Worth, Texas. Pistol braces were first marketed in 2012 as a way of attaching a pistol to the shooter's forearm, stabilizing it and making it easier to use for disabled people. The disputed rule classifies some guns equipped with pistol braces as short-barrel rifles, based on several factors including their size and weight and the manufacturers' marketing materials.

Persons: Dimitri Karras, Bing Guan, District Judge Reed O'Connor, O'Connor, Joe Biden's, Cody Wisniewski, Jerry Smith, Don Willett, Stephen Higginson, Smith, Willett, Ronald Reagan, Donald Trump, Higginson, Barack Obama, ‘, Higginson ‘, ’, Brendan Pierson, David Gregorio, Gerry Doyle Organizations: Alcohol, Firearms, Tobacco, REUTERS, Circuit, Appeals, . Bureau, Explosives, District, Coalition, ATF, U.S . Department of Justice, Fifth, Congress, Republican, Democratic, Thomson Locations: Oceanside , California, U.S, New Orleans, Fort Worth , Texas, New York

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