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☆ U.S. to announce scientific breakthrough on fusion energy -sources
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Companies U.S. Department of Energy FollowWASHINGTON, Dec 12 (Reuters) - The U.S. Department of Energy will announce on Tuesday that scientists at a national lab have made a breakthrough on fusion energy, the process that powers the sun and stars that one day could provide a cheap source of electricity, two sources with knowledge of the matter said. The scientists at Lawrence Livermore National Laboratory in California have achieved a net energy gain for the first time, in a fusion experiment using lasers, one of the people said. Other methods of fusion use magnets instead of lasers. Energy Secretary Jennifer Granholm is slated to hold a media briefing on Tuesday at 10:00 EST (1500 GMT) on a "major scientific breakthrough." Private industry secured more than $2.8 billion dollars last year for fusion, according to the Fusion Industry Association for a total of about $5 billion in recent years.

Consumer prices data for November, due Tuesday, will provide fresh clues on the central bank's monetary tightening plans. The S&P 500 declined 0.73% to end the session at 3,934.38 points. The Nasdaq declined 0.70% to 11,004.62 points, while Dow Jones Industrial Average declined 0.90% to 33,476.46 points. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 3.3-to-one ratio. The S&P 500 posted 5 new highs and 1 new lows; the Nasdaq recorded 54 new highs and 213 new lows.

It could also negatively impact African nations that produce battery materials. The United States has a Free Trade Agreement in place with only one African country, Morocco. Battery materials and trade are set to be a focus at next week's U.S.-Africa Leaders' Summit in Washington where President Joe Biden will meet presidents of African countries including Congo. Under IRA, U.S. carmakers will get tax credits if they source at least 40% of battery materials domestically or from American free-trade partners. His is one of many projects across sub-Saharan Africa aiming to produce battery materials like lithium, nickel and graphite.

Producer prices climbed 7.4% last month on an annual basis, the Labor Department's report showed, compared with economists' expectations of a 7.2% increase. Core producer prices, which exclude volatile food and energy components, jumped 6.2% compared with estimates of a 5.9% rise. Consumer prices data for November, due Tuesday, will provide fresh clues on the central bank's monetary tightening plans. U.S. stocks had snapped a recent run of losses on Thursday after data showed initial jobless claims modestly rose last week, suggesting the labor market was deteriorating. The S&P index recorded five new 52-week highs and one new lows, while the Nasdaq recorded 24 new highs and 96 new lows.

Alito authored that decision, called Dobbs v. Jackson Women's Health Organization, and the Hobby Lobby one. Schenck said he was motivated to come forward out of fear Supreme Court staff could unfairly take the blame for this year's leak. Chief Justice John Roberts directed the Supreme Court's marshal to investigate the leak in the Dobbs case, calling it a "betrayal." Democratic lawmakers said Schenck's account underscored the need for legislation requiring the U.S. Supreme Court, which now has a 6-3 conservative majority, to adopt a code of ethics, which unlike lower-level federal courts the high court lacks. "I believe we pushed the boundaries of Christian ethics and compromised the high court's promise to administer equal justice," Schenck said.

☆ U.S. utilities to triple battery storage capacity by 2025 -EIA
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

Companies U.S. Energy Information Administration FollowDec 8 (Reuters) - Power utilities in the United States could triple their battery storage capacity in the coming three years, as new projects grow bigger while wind and solar capacity expand, the U.S. Energy Information Administration (EIA) said on Thursday. Battery storage capacity, which only started to take off in the United States in 2020, was expected to reach 9.1 GW by end-2022, before doubling in 2023 to 19 GW and hitting 28.4 GW in 2024. Texas, which accounts for 7.9 GW of all planned battery storage additions until 2025, is expected to house 42.5 GW of wind capacity and 30.9 GW of solar capacity by that year. California, which currently hosts 16.8 GW of solar capacity with planned additions of 7.7 GW in the next three years, will install 7.6 GW of battery storage in that period. "As more battery capacity becomes available to the U.S. grid, battery storage projects are becoming increasingly larger in capacity," the EIA said, noting that more than 23 large-scale battery projects, between 250 MW and 650 MW, were slated to be deployed by 2025.

REUTERS/Kevin Lamarque/File PhotoCompanies U.S. House of Representatives FollowWASHINGTON, Dec 8 (Reuters) - A pastor told a U.S congressional panel on Thursday he believed he pushed the boundaries of Christian ethics when he learned in advance of a landmark 2014 Supreme Court decision that exempted some companies from insuring employees for birth control. Prominent Democrats have called for increased oversight at the Supreme Court, which now has a 6-3 conservative majority that includes three appointees of Republican former President Donald Trump. U.S. Chief Justice John Roberts directed the Supreme Court's marshal to investigate the leak, calling it a "betrayal." Justice Alito, an intellectual hero for some conservatives, would later say the leak this year put him and his colleagues at risk of assassination. Schenck on Thursday said he was motivated to come forward out of fear that Supreme Court staff could unfairly take the blame for the Dobbs leak.

☆ Oil prices steady after hitting 2022 lows
▼ + stars: | 2022-12-08 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent had settled on Wednesday below the year's previous closing low touched on the first day of 2022, while U.S. West Texas Intermediate crude had fallen to a fresh yearly low. While U.S. crude stocks fell last week, gasoline and distillate inventories surged, adding to concerns about easing demand. Gasoline stocks grew by 5.3 million barrels in the week to 219.1 million barrels, and distillate stockpiles, including diesel and heating oil, swelled by 6.2 million barrels, the EIA said. Helping to lift oil prices was data showing that Japan's economy shrank less than initially estimated in the third quarter. read more Loosening COVID-19 restrictions in China, among the biggest crude oil consumers in the world, also aided in steadying oil prices.

☆ Oil drops, hits lowest since January as U.S. data fans fuel demand fears
▼ + stars: | 2022-12-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources. China's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed. "If confidence in uninterrupted Russian oil supply has played any part in the recent weakness, it was probably misplaced. Tankers getting delayed in Turkish waters is a prime example of that," Tamas Varga of oil broker PVM said.

☆ U.S. crude output and petroleum demand to rise in 2022 - EIA
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

EIA projected that crude production would rise to 11.87 million barrels per day (bpd) in 2022, compared with its previous estimate of 11.83 million bpd. Petroleum and other liquid fuels consumption would rise to 20.36 million bpd in 2022, lower than the prior forecast of 20.38 million bpd. For 2023, EIA projected that crude production would rise to 12.34 million bpd. That compares with a record 12.29 million bpd in 2019. Petroleum and other liquid fuels consumption is expected to rise to 20.51 million bpd, from a previous estimate of 20.48 million bpd.

☆ Wall St slides as services data spooks investors about Fed rate hikes
▼ + stars: | 2022-12-05 | by ( David French | ) www.reuters.com time to read: +4 min

Broadly, indexes suffered as data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. Investors see an 89% chance that the U.S. central bank will increase interest rates by 50 basis points next week to 4.25%-4.50%, with the rates peaking at 4.984% in May 2023. The rate-setting Federal Open Market Committee meets on Dec. 13-14, the final meeting in a volatile year, which saw the central bank attempt to arrest a multi-decade rise in inflation with record interest rate hikes. "Stock Exchange" is seen over an entrance to the New York Stock Exchange (NYSE) on Wall St. in New York City, U.S., March 29, 2021. Although bank profits are typically boosted by rising interest rates, they are also sensitive to concerns about bad loans or slowing loan growth amid an economic downturn.

Broadly, indexes were suffering as data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. In other economic data this week, investors will also monitor weekly jobless claims, producer prices and the University of Michigan's consumer sentiment survey for more clues on the health of the U.S. economy. It was weighed by U.S. natural gas futures slumping more than 8% on Monday, as the outlook dimmed due to forecasts for milder weather and the delayed restart of the Freeport liquefied natural gas (LNG) export plant. EQT Corp (EQT.N), one of the largest U.S. natural gas producers, led declines with a 7.1% drop. Although bank profits are typically boosted by rising interest rates, they are also sensitive to concerns about bad loans or slowing loan growth amid an economic downturn.

Data showed U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy. "Right now it's more of an issue of watching the Fed and they are going to need to tighten and longer than needed." Investors see an 89% chance that the U.S. central bank will increase interest rates by 50 basis points next week, with the rates peaking in May 2023. All major Wall Street indexes notched a second straight week of gains last week, with the S&P 500 rising 1.13%, the Dow gaining 0.24% and the Nasdaq climbing 2.1%. The S&P index recorded four new 52-week highs and one new low, while the Nasdaq recorded 54 new highs and 39 new lows.

A reading from the Commerce Department showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.8% after an unrevised 0.6% increase in September. The core personal consumption expenditure (PCE) index, excluding volatile items, eased to 0.2%, against expectations of 0.3%. "People are feeling that the worst is behind us," said Sam Stovall, chief investment strategist at CFRA Research in New York. The S&P 500 index (.SPX) closed above its 200-day moving average for the first time since April in the previous session, while the Nasdaq index (.IXIC) ended over 4% higher. FEDWATCHInvestors also await nonfarm payrolls data on Friday, with the ADP report on Wednesday suggesting cooling demand for labor.

Companies U.S. Virgin Islands FollowNEW YORK, Nov 30 (Reuters) - Jeffrey Epstein's estate has reached a nine-figure settlement with the U.S. Virgin Islands to settle claims the disgraced late financier used the territory as a base for his decades-long sex-trafficking operation. George also said Epstein bought the nearby Great St. James in 2016 to keep people from monitoring him and victims from escaping there. Epstein had also been accused of sexual abuse at his homes in Manhattan, New Mexico and Palm Beach, Florida. His former associate Ghislaine Maxwell is appealing her conviction and 20-year prison sentence for enabling Epstein's abuse of girls. The government's share of Little St. James sale proceeds will go toward counseling and other services for sexual abuse victims.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

TERMS OF THE LICENSEThe terms readied for approval will prevent Venezuela's state-run oil firm PDVSA from receiving proceeds from Chevron's oil sales. And they will "the use of corrupt shadow firms that control the flow of Venezuela oil to countries like China," said a person familiar with the matter in Washington. The United States this year has kept oil prices from soaring by releasing more than 200 million barrels of the nation's emergency oil reserves. Chevron is a partner with PDVSA in several oil joint ventures that pump and process crude oil for export. Following oil sanctions on Venezuela in 2019, Chevron got an exemption to trade its Venezuelan crude to recoup billions of dollars in pending debt.

☆ U.S. watchdog seeks cybersecurity strategy for offshore energy infrastructure
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Companies U.S. Government Accountability Office FollowNov 17 (Reuters) - A U.S. watchdog in a report made public on Thursday asked the federal regulator of offshore oil and gas infrastructure to come up with a cybersecurity strategy for the more than 1,600 facilities under its oversight. The Government Accountability Office (GAO) report highlighted that offshore facilities increasingly use technology to remotely monitor and control equipment, making them vulnerable to cyberattacks and risking environmental harm and supply disruptions. A successful cyberattack could wreak damage resembling the effects of 2010 Deepwater Horizon disaster, the report said. That disaster was not a cyberattack but it killed 11 workers and cost billions of dollars for Gulf Coast restoration. Reporting by Seher Dareen and Deep Vakil in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

[1/4] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. Equities were boosted by Tuesday's inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise. The gains built on a rally that was kicked off late last week by a cooler-than-expected report on consumer prices. "The decline was triggered by reports of a Russian missile landing in Poland," said Steve Sosnick, chief strategist at Interactive Brokers. About 13.1 billion shares changed hands in U.S. exchanges, compared with the 12.2 billion daily average over the last 20 sessions.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. Home Depot Inc (HD.N) left its annual forecasts unchanged, but the home improvement chain's results exceeded Wall Street expectations and shares rose 1.6% amid a jump in shares of retailers. Among the S&P 500 sectors, consumer staples was up (.SPLRCS) 1.2%, while the consumer discretionary (.SPLRCD) index jumped 1.9%. Atlanta President Raphael Bostic echoed the views, saying he sees little evidence that the central bank's aggressive monetary policy tightening is slowing inflation. Advancing issues outnumbered decliners by a 5.30-to-1 ratio on the NYSE and by a 2.80-to-1 ratio on the Nasdaq.

DePape pleaded not guilty on Nov. 2 to state charges of attempted murder, assault with a deadly weapon, burglary, elder abuse, false imprisonment and threatening a public official. He is accused of gaining entry to the home of Paul and Nancy Pelosi on Oct. 28 and striking Paul Pelosi with a hammer, leaving him hospitalized with a skull fracture and injuries to his hand and arm. Paul Pelosi has since been released from a San Francisco area hospital. DePape faces a maximum sentence of up to 50 years in prison if found guilty of the federal charges, although sentencing guidelines typically call for less time behind bars. The state charges carry a maximum prison sentence of 13 years to life.

The Labor Department's producer prices index rose 8% in the 12 months through October, lower than an estimated 8.3% rise, according to a Reuters poll of economists. Excluding volatile food and energy costs, the index rose 5.4% on an annual basis last month after increasing 5.6% in September. The report follows softer-than-expected consumer prices data late last week, which sparked a massive rally on hopes of a less aggressive monetary policy. "It (the data) is going to confirm people's hopes that inflation is starting to turn the corner. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 23 new highs and 27 new lows.

☆ Wall Street ends sharply higher on sign of cooling inflation
▼ + stars: | 2022-11-10 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

One-time Wall Street darlings tarnished in 2022's bear market were among Thursday's strongest performers, with Nvidia (NVDA.O) jumping about 14%, Meta Platforms (META.O) climbing 10% and Alphabet (GOOGL.O) rising 7.6%. Growing recession worries have hammered Wall Street this year. The S&P 500 (.SPX) remains down about 17% year to date, and it is on course for its biggest annual decline since 2008. S&P 500's busiest tradesThe S&P 500 climbed 5.54% to end the session at 3,956.31 points. All 11 S&P 500 sector indexes rallied, led by information technology (.SPLRCT), up 8.33%, followed by a 7.74% gain in real estate (.SPLRCR).

☆ Oil prices rise 1% after tepid U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

After three days of declines, crude futures rallied after the inflation data supported investor hopes that the U.S. Federal Reserve would temper its interest rate hikes, which could support oil demand. "(Consumer Price Index data) could be the turning point investors have craved," said Craig Erlam, senior market analyst at OANDA. Brent crude rose 94 cents, or 1%, to $93.59 a barrel by 12:52 a.m. EDT (1752 GMT). U.S. West Texas Intermediate crude rose 69 cents, or 0.8%, to $86.52. The U.S. dollar index , as the sunny economic data lured investors away from the safe-haven greenback towards riskier assets including oil.

"It takes off the table the risk that the Fed will have to overtighten and break the economy." The inflation data prompted traders to adjust their rate hike bets, with odds of a 50-basis point rate hike in December jumping to more than 80% from 52% before the data was released. The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, fell to a near two-month low of 23.4 points. Wall Street's main indexes have suffered sharp losses this year as investors feared the U.S. central bank's aggressive rate hikes to tame decades-high inflation will tip the economy into recession. The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 70 new highs and 93 new lows.

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