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☆ Israel ordered Chevron to shut down a major natural gas field, which could send prices spiking further just before winter
▼ + stars: | 2023-10-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Israel told Chevron to shut down a major natural gas field, and it's threatening to further spike prices of the fuel. The world's natural gas market has already been rocked by the war in Ukraine and threats of a strike in Australia. Some Israeli gas from Tamar is exported to Egypt, which processes the fuel into LNG that's exported to the EU. AdvertisementAdvertisementBrace for bad news ahead of winter: Natural gas prices could spike as energy giant Chevron halted operations at a major Israeli gas field following orders from authorities. Dutch TTF natural gas futures closed 12.5% higher at 49.455 a megawatt-hour on Tuesday.

Persons: Israel, —, Tamar, Israel isn't, Chevron, It's, Gergely Molnar Organizations: Chevron, EU, Service, Energy, Bloomberg, International Energy Agency, P Global Locations: Ukraine, Australia, Tamar, Egypt, Israel, Houston, Europe

In both cases the outcome would push the Fed from that "golden path" onto a far more familiar one: An economy buckling as borrowing costs rise and confidence wanes. "I don't think it is unavoidable" that joblessness will have to rise significantly for inflation to return to target, Dallas Fed President Lorie Logan said on Monday. But the most important thing is that we stay focused on restoring price stability, and I think that will require some rebalancing in the labor market." Her look at past periods of inflation and disinflation makes her think the labor market may still need a shock for the Fed to succeed. "As nice as it is to see a really strong labor market, when you are trying to get inflation down, that's not your friend."

Persons: Lorie Logan, Philip Jefferson, Austan Goolsbee, Jefferson, Christina Romer, Romer, Goolsbee, that's, Howard Schneider, Ann Saphir, Dan Burns, Paul Simao Organizations: DALLAS, Federal, National Association for Business Economics, Dallas, Chicago Fed, Treasury, University of California, White House's Council, Economic Advisers, Fed, Thomson Locations: U.S, Dallas, Israel, Palestinian, Berkeley

☆ Most Fed officials expect one more interest rate hike and that they'll remain elevated for a while, minutes show
▼ + stars: | 2023-10-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Most Federal Reserve officials said last month that they expect one more rate hike, according to minutes from their September policy meeting released Wednesday. Some officials said that how fast inflation cools in the coming months will determine how long rates remain elevated. Inflation’s steady descent over the past year, and the job market’s gradual cooldown, gave officials enough reassurance to pause, the minutes showed. The central bank’s latest set of economic projections also showed that most Fed officials expect fewer rate cuts next year, confirming investors’ fears that rates could remain higher for longer. It’s unclear how much higher yields will weigh on economic activity, but several Fed officials have said in public remarks this week that it could mean less action from the Fed.

Persons: ’, Jerome Powell, Philip Jefferson, ”, Lorie Logan, Mack Trucks Organizations: DC CNN, Federal, Fed, Treasury, ” Dallas, Employers, Labor Department, United Auto Workers, UAW Locations: Washington

☆ Origin Energy shares surge after regulator clears Brookfield's $9.8 bln bid
▼ + stars: | 2023-10-09 | by ( Scott Murdoch | トムソンロイター | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

Australian Super, the largest investor, raised its stake to 14% last month and called the shares undervalued. Perpetual, a major Australian fund manager and Origin shareholder, has pushed Brookfield and its partner, U.S. private equity firm EIG, to consider raising their offer to win Origin, according to local media reports. Origin shares jumped to A$9.19 in early trading, well above the A$8.91 per share price of the consortium bid lodged in March, on speculation a higher offer could be forthcoming. Under the consortium deal, Origin will be broken up into two businesses, with its energy markets arm including its electricity generation and electricity and gas retail businesses to be acquired by Brookfield. Brookfield would also be prohibited from selling more than 10% of either Origin or AusNet in the future to one party.

Persons: Dado Ruvic, Max Vickerson, I'm, Vickerson, Newmont, Gina Cass, Gottlieb, Brookfield, Scott Murdoch, Jamie Freed 私 Organizations: Brookfield, REUTERS, SYDNEY, Origin Energy, Brookfield Corp, Australian Competition, Consumer Commission, stockbroker Morgans, Perpetual, Newcrest Mining, Energy, ACCC, AusNet Services Locations: Australian, Brookfield, Australia, Victoria

BANGKOK (AP) — Crude oil prices surged and share prices were mostly lower on Monday after the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip. Oil prices fell back slightly after gaining more than $3 a barrel. Conflict in the Middle East often pushes oil prices higher given the risk of disruptions to supplies. Wall Street hates high interest rates because they hurt prices for all kinds of investments. It means the economy is still doing well despite high rates, which could support corporate profits.

Persons: ” Stephen Innes, Brent, Germany's DAX, Australia's, India's Sensex, Lloyd Austin, GM, JPMorgan Chase, Jon Gambrell Organizations: Management, New York Mercantile Exchange, Israel’s, Bank, U.S ., CAC, Dow, U.S . Defense, Ford, Wall Street, Federal Reserve, Nasdaq, Fed, General Motors, United Auto Workers, Detroit’s, Delta Air Lines, JPMorgan, UnitedHealth Group Locations: BANGKOK, Gaza, Tel, Paris, London, Shanghai, Hong Kong, Bangkok, Tokyo, Palestinian, Israel, Jerusalem

☆ Oil price spikes on Israel war. Here’s what a wider conflict might mean
▼ + stars: | 2023-10-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Global oil prices climbed 4% Monday over fears that the unprecedented weekend attack on Israel by Hamas could escalate into a regional conflict embroiling oil-producing nations. The [attack] itself has no effect on the oil market directly,” Homayoun Falakshahi, a senior oil analyst at data provider Kpler, told CNN. Tighter oil sanctions? Should Washington decide to tighten the sanctions screw once more, “current flows to the global oil market might be compromised,” he added. “That would be a complete game-changer for the oil market,” Falakshahi said.

Persons: Brent, Israel, ” Homayoun, ”, Jon, “, Benjamin Netanyahu, Oded, Donald Trump, Barack Obama, Simone Tagliapietra, Bruegel, —, Tehran —, ” Falakshahi, “ it’s, Tobias Borck, Borck, Artemis Moshtaghian Organizations: London CNN —, Global, CNN, National, United Nations, Hamas, Washington, United Arab, Royal United Services Institute for Defence, Security Locations: Israel, Saudi Arabia, Russia, Iran, Washington, United States, Palestine, Gaza, Tel Aviv, Brussels, Ukraine, Hong Kong, China, Oman, United Arab Emirates, Gulf, Hormuz, Lebanese, Tehran, Shebaa Farms, Lebanon, “

☆ Watch CNBC's full interview with RBC's Helima Croft and Rapidan Energy's Bob McNally
▼ + stars: | 2023-10-09 | 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 EmailWatch CNBC's full interview with RBC's Helima Croft and Rapidan Energy's Bob McNallyHelima Croft, RBC Capital Markets global head of commodity strategy, and Bob McNally, Rapidan Energy Group founder and president, join 'The Exchange' to discuss the impact warfare in Gaza has on energy markets, normalization talks with Saudi Arabia strained over the Israel-Hamas conflict, and the potential for Biden to tighten Iranian oil supplies entering the United States.

Persons: RBC's Helima Croft, Rapidan, Bob McNally Helima Croft, Bob McNally, Biden Organizations: RBC Capital Markets, Rapidan Energy Group Locations: Gaza, Saudi Arabia, Israel, United States

BANGKOK (AP) — Share prices were mixed on Monday after the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip. U.S. futures were lower and oil prices gained more than $3 a barrel. Conflict in the Middle East often raises the specter of higher oil prices given the risk of disruptions to supplies. Wall Street hates high interest rates because they knock down prices for all kinds of investments. It means the economy is still doing well despite high rates, which could support corporate profits.

Persons: ” Stephen Innes, Brent, India's Sensex, SET, Lloyd Austin, GM, JPMorgan Chase Organizations: Management, New York Mercantile Exchange, Shanghai, U.S . Defense, Ford, Wall Street, Federal Reserve, Dow, Nasdaq, Treasury, Fed, Workers, General Motors, United Auto Workers, Detroit’s, Delta Air Lines, JPMorgan, UnitedHealth Group Locations: BANGKOK, Gaza, Tokyo, Australia, Hong, Palestinian, Israel

☆ How Saudi Crown Prince Mohammed bin Salman went from pariah to pragmatic diplomat
▼ + stars: | 2023-10-07 | by ( Polly Thompson | ) www.businessinsider.com time to read: +10 min

Saudi Crown Prince Mohammed bin Salman is trying to transform the oil-rich Persian Gulf kingdom. AdvertisementAdvertisementSaudi Crown Prince Mohammed bin Salman is on a mission to transform his country. Billboards show portraits of Saudi Arabian Crown Prince Mohammed bin Salman (R) and his father and Saudi Arabia's King Salman bin Abdulaziz. US President Joe Biden (L) being welcomed by Saudi Arabian Crown Prince Mohammed bin Salman (R) at Alsalam Royal Palace in Jeddah, Saudi Arabia on July 15, 2022. President Joe Biden gives Saudi Crown Prince Mohammed bin Salman a handshake at the G20 summit this September.

Persons: Prince Mohammed bin Salman, he's, —, Prince Mohammed didn't, King Salman, Fahda bint Falah, Saud, Saudi Arabian Crown Prince Mohammed bin Salman, Saudi Arabia's King Salman bin Abdulaziz, AAMIR QURESHI, Muhammad bin Nayef, Prince Mohammed, Rash, Chris Doyle, GIUSEPPE CACACE, Doyle, he'd, Jamal Khashoggi, Emmanuel Macron, Joe Biden, Prince Mohammed a, Grant Shapps, Vladimir Putin's, Sanam Vakil, Biden, Evelyn Hockstein, Vakil, Duaa, Pierre Crom, Dhainy, Prince Organizations: Service, Saudi, King Saud University, Saudi Arabian Crown, Guardian, Ritz, Carlton, Council, Arab, CIA, Royal, Anadolu Agency, Bloomberg, Washington, Chatham House, Associated Press, Fox News, European Saudi Organization for Human Rights, MBS, United Nations, Getty Images, Human Rights Locations: Saudi, Saudi Arabia, Yemen, Riyadh, British, Istanbul, Jeddah, Ukraine, Iran, China, Israel, East, North Africa, Delhi, Neom, The Hague, Netherlands, Getty Images Saudi Arabia

But officials have made clear recently that other forms of US aid are potentially in jeopardy if Ukraine does not do more to address corruption. The US has provided Ukraine with over $23 billion in direct budget support since the war began, according to the Congressional Research Service. In a statement to CNN, the Ukrainian embassy in Washington said that Ukraine has moved “ambitiously” to pass reforms, including on its IMF program. That money is also the “most closely scrutinized” form of aid to Ukraine, a senior Democratic Senate aide told CNN. The US intends to provide up to $3.3 billion in direct economic aid to Ukraine if Congress authorizes its $24 billion supplemental request for Ukraine.

Persons: Biden, Jake Sullivan, Antony Blinken, Volodymyr Zelensky, Matthew Miller, Miller, ”, Denys Shmyhal, Blinken, “, It’s, Megan Reed, Sen, Lindsey Graham, Zelensky Organizations: CNN, Ukraine, The State Department, Congressional Research Service, United States Agency for International Development, USAID, World Bank, Ukrainian Ministry of Finance, International Monetary Fund, IMF, National Bank of, General Prosecutors, National Security, Ukrainian, White, Ukrainska Pravda, Government of, EU, State Department, NATO, Ukrainian Ministry of Defense, Democratic, Republicans, Pentagon, The Defense, Ukrainian MoD Locations: Ukraine, Ukrainian, Washington, National Bank of Ukraine, USA, Russia, Kyiv, Europe, Government of Ukraine, United States, EU

☆ Bonds, oil and the dollar: What investors need to know about these 3 headwinds for stocks
▼ + stars: | 2023-10-03 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +11 min

We're talking about this year's rise in bond yields, oil prices and the dollar — all at the time same. Nevertheless, bond yields, oil prices and the dollar always have far-reaching implications for the stock market. "The higher yields, that's what's been pressuring the equity market," Wharton School professor Jeremy Siegel said Monday on CNBC. In early September, the two countries announced their supply cuts would extend through year-end, a surprise decision that added upward pressure on oil prices. The picture is less clear-cut when considering the impact higher oil prices can have on consumers and non-energy companies.

Persons: —, what's, Jeremy Siegel, Brent, WTI, It's, Siegel, Wharton's Siegel, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, U.S, multiweek United Auto Workers, General Motors, Club, Ford, Wharton, CNBC, Federal, Fed, Dow Jones, West, Brent, Natural Resources, Coterra Energy, Consumers, JPMorgan, Procter, Gamble, Apple, New York Stock Exchange, Getty Locations: U.S, Ukraine, West Texas, Saudi Arabia, Russia, tailwind, headwind

Oct 3 (Reuters) - BP Plc (BP.L) is exploring the sale of a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1 billion, according to people familiar with the matter. While it boosted its shareholder payout by 10% in second-quarter earnings in August, BP's net debt stood at $23.7 billion. BP has placed its stakes in U.S. Gulf of Mexico pipelines in a new company in which it will hold a 51% position and sell the rest, the sources said. The pipelines entity generates 12-month earnings before interest, tax, depreciation and amortization of around $200 million, the sources added. Among the pipelines in which BP holds stakes are the 161-mile Mars Oil Pipeline, the 89-mile Endymion Oil Pipeline and the 115-mile Cleopatra Gas Pipeline, according to its website.

Persons: Bernard Looney, Shariq Khan, David French, Ron Bousso, Cynthia Osterman Organizations: BP Plc, BP, Argos, Pipeline, Gas, Sixth Street Partners, Sixth, Bloomberg News, Thomson Locations: Gulf of Mexico, Gulf, Mexico, U.S . Gulf of Mexico, Bengaluru, New York, London

☆ Outperforming portfolio manager names 5 discounted global stocks to buy right now
▼ + stars: | 2023-10-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Many stocks have become "a bit cheaper" and investors could get good returns, according to one portfolio manager. "Now, we've seen quite a lot of stocks coming up and there's quite a lot of discounted stocks out there," he said. "So we've been looking a lot at the industrials and consumer stocks that have been quite beaten up in the last few months. He was previously portfolio manager of the Orca Global Fund, which is now closed. Five discounted names He named these five global stocks in the industrials and consumer sectors: Germany's DHL and Siemens , Hong Kong's Techtronic , China's Nari and India's Infosys .

Persons: Ted Alexander, BML, CNBC's, we've, Alexander, Hong Kong's, China's, Techtronic Organizations: Global Fund, Orca Global Fund, Nasdaq, Germany's DHL, Siemens, Hong, India's Infosys, Infosys

In particular, lawmakers want assurances that the European Commission is not planning to shelve green measures that it promised but has not yet delivered - including restrictions on harmful chemicals, microplastics pollution and animal welfare. The shake-up in Europe's green leadership comes as climate policies face mounting pushback from politicians warning of the large investments required. Some EU officials are wary of pushing through new green measures before EU Parliament elections in June. Recent EU proposals - including a landmark law to restore nature - have faced resistance from some lawmakers and governments arguing Brussels is tangling industries in red tape. But Sefcovic and Hoekstra also need backing from green and left-leaning lawmakers demanding urgent action to tackle the CO2 emissions fuelling extreme weather across Europe, and reverse the decline of nature.

Persons: Wopke Hoekstra, de, Maros Sefcovic, Pascal Canfin, Sefcovic, Canfin, Hoekstra, Robert Fico, Kate Abnett, Bart Meijer, Christina Fincher, Josie Kao Organizations: Ministers, REUTERS, Rights, European Commission, EU, Thomson Locations: The Hague, Netherlands, Rights BRUSSELS, Dutch, Brussels, Europe, Slovak, Ukraine, Russian Slovak

☆ Watch live: Top oil CEOs join CNBC at ADIPEC to discuss the energy transition
▼ + stars: | 2023-10-02 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 5 a.m. Please refresh the page if you do not see a player above at that time.] Major oil executives, policymakers and ministers convene in Abu Dhabi at ADIPEC this week to discuss energy markets as the world grapples with a transition to clean energy. It comes just weeks ahead of the COP28 climate talks, which will be held in Dubai later this year.

Locations: Abu Dhabi, ADIPEC, Dubai

Pipes for the Nord Stream 2 gas pipeline in the Baltic Sea, which are not used, are seen in the harbour of Mukran, Germany, on September 30, 2022. Before Russia's invasion of Ukraine, the Nord Stream 1 pipeline had accounted for 15% of Europe's gas imports in 2021, according to the Oxford Institute for Energy Studies. A second Nord Stream 2 link was planned but never operated. "Our biggest risk was that Russia can manipulate our energy markets," EU Energy Commissioner Kadri Simson told Reuters. Across the EU, gas storage caverns are now 95% full, Gas Infrastructure Europe data show.

Persons: Pipes, Fabian Bimmer, Kadri Simson, SEB, Ole Hvalbye, Tom Marzec, Wood Mackenzie, Gergely Molnar, Jacob Mandel, Kate Abnett, Julia Payne, Nora Buli, Barbara Lewis Organizations: REUTERS, Oxford Institute for Energy Studies, Reuters Graphics, EU Energy, Reuters, EU, SEB Commodities, Gas Infrastructure, International Energy Agency, Aurora Energy Research, Thomson Locations: Baltic, Mukran, Germany, Russia, BRUSSELS, OSLO, Europe, Ukraine, RUSSIA, Norway, United States, Russian, Greece, Poland, Finland, Italy, Netherlands, France, Reuters Graphics Germany, Belgium, Britain, Portugal, Spain, Paris, Brussels, Oslo

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. The 30-year bond was last up 11.8 basis points to yield 4.6397%, from 4.522%. The 2-year note was last was down 0.9 basis points to yield 5.1141%, from 5.123%. In currencies, the dollar index rose 0.455%, with the euro down 0.69% to $1.0578.Sterling was last trading at $1.22, down 0.31% on the day. In energy markets, oil prices edged lower in choppy trade on Monday as Russia relaxed its fuel ban, after earlier gains on a tighter supply outlook, while investors eyed elevated interest rates that could curb demand.

Persons: Brendan McDermid, Powell, Austan Goolsbee, Mona Mahajan, Edward Jones, Mahajan, Sterling, Kazuo Ueda, Brent, Sinéad Carew, Amanda Cooper, Stella Qiu, Himani Sarkar, Jacqueline Wong, Miral Fahmy, Mark Heinrich, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, U.S . Federal Reserve, Chicago Fed, Dow Jones, Nasdaq, Bank of Japan, Thomson Locations: New York City, U.S, Russia, New York, London

☆ 'Private equity is now king' for the ultra-rich, says Tiger 21, an exclusive club of investors
▼ + stars: | 2023-09-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Michael Sonnenfeldt, Tiger 21 Scott Mlyn | CNBCPrivate equity is currently "king" among members of Tiger 21 — a network of ultra-high net worth entrepreneurs and investors — according to its founder and chairman, Michael Sonnenfeldt. The private equity industry had an especially tough 2022 after a decade-long bull run, but has picked up so far this year. Sonnenfeldt told CNBC on Friday that Tiger 21 members, who collectively manage around $150 billion in assets, have increased their allocation to private equity threefold over the last decade, and see further opportunities amid an expected boom for companies exposed to AI and climate. Most Tiger 21 members are entrepreneurs who have sold their companies and are now in the business of wealth preservation. According to a quarterly report from EY, private equity activity climbed 15% in the second quarter of 2023 versus the first, with total deal values hitting $114 billion on the back of a steep rise in Europe.

Persons: Michael Sonnenfeldt, Scott Mlyn, Sonnenfeldt, —, Dan Rasmussen Organizations: CNBC, Tiger Locations: EY, Europe

☆ Oil falls as US rate hike expectations offset tight supply outlook
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Trixie Yap, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil falls as rate hike expectations offset US stock draw
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 71 cents, or 0.79%, to $88.95, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil prices fall ahead of more central bank steers on interest rates
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: +1 min

This aerial photo shows the Enping 15-1 oil platform 200 km southwest of Shenzhen, south China, May 31, 2023. Oil prices fell in early Asian trade on Thursday after falling by the most in a month in the previous session on U.S. interest rate hike expectations, and ahead of a steer from other central banks on their rate outlooks. U.S. West Texas Intermediate crude fell 49 cents, or 0.6%, to $89.17. Federal Reserve policymakers still see the central bank's benchmark overnight interest rate peaking this year in the 5.50% to 5.75% range, just a quarter of a percentage point above the current range. Energy markets had little reaction to U.S. energy data on Wednesday showing crude inventories fell in line with expectations last week.

Persons: Brent, refiners Organizations: . West Texas, U.S . Federal Reserve, Federal Reserve, Bank of England, Energy, U.S . Energy, Administration Locations: Shenzhen, China, Indonesia, Philippines, Taiwan

Climate Alliance and the Biden administration are expected to announce a pledge Thursday to quadruple the number of heat pumps in U.S. homes by 2030, from 4.7 million to 20 million. Heat pumps use little electricity, yet are able to heat and cool buildings. Buildings account for more than 30% of global greenhouse gas emissions. The pledge on heat pumps is a collection of state initiatives to work toward the goal of ramping down emissions to zero by 2050. Alliance governors have pledged to collectively reduce their greenhouse gas emissions by at least 26% by 2025 and at least 50% by 2030, compared to 2005 emission levels.

Persons: Biden, Jay Inslee, Stephen Porder, ”, Amanda Smith, we’ve, Janet Mills, “, Ali Zaidi Zaidi, Kathy Hochul, Alexandra Rempel Organizations: U.S . Climate Alliance, Washington, Brown University, U.S, Heat, International Energy Agency, “, New, University of Oregon, AP Locations: U.S, Pennsylvania, Providence , Rhode Island, Maine, Washington , New York, California, Paris

☆ Governors, Biden administration push to quadruple efficient heating, AC units by 2030
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: +5 min

Persons: Biden, Washington Governor Jay Inslee, Stephen Porder, Amanda Smith, we've, Janet Mills, Ali Zaidi Zaidi, Kathy Hochul, Alexandra Rempel Organizations: U.S . Climate Alliance, Washington Governor, Brown University, U.S, Heat, International Energy Agency, New, University of Oregon Locations: Brooklyn, New York City, U.S, Pennsylvania, Providence , Rhode Island, Maine, Washington , New York, California, Paris

☆ Oil prices rise on supply deficit concerns
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +1 min

The "Bay Drill 3" jack-up drilling rig is pulled by a tugboat at CIMC Raffles' construction base in Yantai, East China's Shandong province, April 26, 2023. Oil prices rose in early trade on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. U.S. West Texas Intermediate crude futures rose 90 cents, or 1%, to $92.38, by 0018 GMT, just under a 10-month high reached on Monday, while global oil benchmark Brent crude futures rose 27 cents, or 0.3%, to $94.70 a barrel. U.S. oil output from top shale-producing regions is on track to fall to 9.393 million barrels per day in October, the lowest level since May 2023, the U.S. Energy Information Administration said on Monday. Those estimates come after Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day of supply cuts to the end of the year.

Persons: Prince Abdulaziz bin Salman Organizations: Raffles, U.S . West Texas, Brent, U.S . Energy, Administration, Saudi Arabia's Energy Locations: Yantai, East China's Shandong province, U.S, Saudi Arabia, Russia

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Earlier, it hit a session peak of $95.96 a barrel, their highest since November. U.S. West Texas Intermediate crude futures dropped 28 cents to $91.20 after earlier reaching $93.74 a barrel, also the highest since November. After Brent topped $95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Brent, Analysts, Amin Nasser, Prince Abdulaziz bin Salman, Stephanie Kelly, Andrew Hayley, Paul Carsten, Kirsten Donovan, Jason Neely, David Goodman, David Gregorio, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, UBS, Reuters, U.S . Energy, Administration, American Petroleum Institute, Nasdaq, U.S, Thomson Locations: Midland , Texas, U.S, Saudi Arabia, Russia, Saudi Aramco, Saudi, OPEC, Britain, Japan, Sweden, Switzerland, Norway, U.S . Federal, New York, Beijing

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