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☆ U.S. crude oil trades above $70 per barrel as Gulf of Mexico production recovers
▼ + stars: | 2024-09-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

U.S. crude oil traded above $70 per barrel on Tuesday, as production in the Gulf of Mexico is still in recovery mode after Hurricane Francine. More than 200,000 barrels per day remained offline in the Gulf as of Monday, according to Bureau of Safety and Environmental Enforcement. Production from undamaged facilities will be brought back online immediately after checks have been completed, according to the agency. The central bank is widely expected to lower rates, though Wall Street is divided on the magnitude of the cut. U.S. crude oil is down more than 13% this quarter while Brent has fallen nearly 16% as demand slows in China, the world's largest crude importer, and OPEC+ plans to increase production in December.

Persons: Francine, Brent Organizations: of Safety, Environmental Enforcement, Federal Reserve Locations: Gulf, Mexico, China, OPEC

☆ Oil extends gains on U.S. output concerns, expected drop in stockpiles
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +1 min

Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles. The market is keeping a close watch on the upcoming decision by the U.S. Federal Reserve on the interest rate cut. A lower interest rate will reduce the cost of borrowing and can potentially lift oil demand by supporting economic growth. "Growing expectations of an aggressive rate cut boosted sentiment across the commodities complex," said ANZ analysts in a note, adding that ongoing supply disruptions also supported oil markets. China's oil refinery output fell for a fifth month in August amid declining fuel demand and weak export margins, government data showed on Saturday.

Persons: Hurricane Francine Organizations: Brent, Federal, U.S . Bureau of Safety, U.S . Federal Reserve, ANZ, Investors Locations: U.S . Gulf, Mexico, U.S, China

☆ Oil prices rebound on fears of supply disruption from tropical storm
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack in the Inglewood Oil Field, seen from the Kenneth Hahn State Recreation Area, on July 13, 2022, in Los Angeles, California. Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand. OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd. But the U.S. Energy Information Administration said on Tuesday global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts. Meanwhile, China's daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, as shipments staged a tentative recovery on lower crude oil prices and improving refining margins.

Persons: Kenneth Hahn, Brent, Hiroyuki Kikukawa, Storm Francine Organizations: Inglewood Oil, Recreation Area, Brent, NS, Nissan Securities, U.S, National Hurricane Center, U.S . Bureau of Safety, Environmental, Organization of, Petroleum, OPEC, U.S . Energy, Administration Locations: Inglewood, Los Angeles , California, Louisiana, Gulf, Mexico, U.S . Gulf, U.S

☆ Nantucket's wealthy had another problem on their beaches this week
▼ + stars: | 2024-07-18 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The blade of an offshore wind turbine broke into pieces last week and washed ashore on tony Nantucket, the Massachusetts island favored by New Englanders and the very wealthy. Still, all Nantucket beaches were fully open by Wednesday, though the island's Harbormaster cautioned people to wear shoes and keep pets off certain areas. AdvertisementIn April, billionaire Barry Sternlicht's home was demolished due to property damage caused by erosion. It looks like snow, rain, hail, and a little wind turbine debris won't be enough to turn people off of the Gray Lady.

Persons: —, tony Nantucket, Harbormaster, Barry Sternlicht's, Steve Schwarzman, Eric Schmidt, Gray Organizations: Service, New, Business, Vineyard, of Safety, Environmental Locations: Nantucket, Massachusetts, New Englanders, Martha's

CHANNELVIEW, Texas — For nearly 20 years, Texas environmental regulators have kept a disturbing secret. AdvertisementTexas Community Health News; Texas Commission on Environmental Quality"Any exposure to a carcinogen increases your risk of developing cancer. AdvertisementTim Doty, a former TCEQ mobile air monitoring expert, at the industrial edge of River Terrace Park in Channelview, Texas. In fact, the agency rarely fines companies that violate Texas air pollution laws. Mark FelixHoneycutt's toxicology division soon took an even more dramatic step to weaken Texas' benzene guidelines.

Persons: Loren Hopkins, Hopkins, Mark Felix, TCEQ, AirToxScreen, AirToxScreen Harris County Attorney Christian Menefee, Menefee, Tim Doty, Doty, Solv, He'd, Glenn Shankle, Kelly Keel, Todd Riddle, Riddle, Lopez, Joe Lopez, Dora, Joel Lopez, Randy Lopez, It's, Joel, Felix Benzene, wildcatters, Houston —, Forbes, Lorenzo de Zavala, Alison Cohen, Cohen, Tim Doty's, Houston Mayor Bill White, Shankle, Michael Honeycutt, Valerie Meyers, Meyers, Mark Felix Meyers, Richard Hyde, John Sadlier, Ryder, Hyde, hadn't, Russell Allen, Matt Baker, Jacintoport, Cloelle Danforth, Public Health Watch —, Danforth, Mark Felix Honeycutt's, Eric Schaeffer, Schaeffer, Honeycutt, Jim Tarr, polluters, upended, Mark Felix Fracking, Barnett, Glenn Shankle —, —, Rick Perry, Perry, Sadlier, David Bower, misstep, Baker, Bower, Michael Burgess, Greg Abbott, Abbott, Mark Felix Meanwhile, Randy, That's, Carolyn Stone, Stone, Carolyn Stone's, Mark Felix The, Cynthia Benson, Benson, Mark Felix Tim Doty, Mark Felix K, Jordan Gass Organizations: Public Health Watch, Texas Commission, Environmental, American Petroleum Institute, Oceanic, Atmospheric Administration, U.S . Navy, Geospatial - Intelligence Agency, General, Health, Public Health, Rice University, Environmental Protection Agency, Texas Community Health, AirToxScreen Harris County Attorney, polluters, Mark Felix Public Health, TCEQ, Solv, Mark Felix Public Health Watch, myelodysplasia, Houston, Oil, Gas Watch, Texas, Houston Ship, University of California, Houston Mayor, ., . Texas Community Health, NASA, Exxon Mobil, Public, Watch, Environmental Defense Fund, Management, Civil, Air Alliance Houston, Republican, Fort, United, Texas toxicologist, EPA, Texas Tribune, Google, Land Office, . Geological Survey, National Oceanic, Firefighters, U.S . Occupational Safety, Health Administration, Channelview, Improvement Coalition, Health Watch, San Jacinto, K, Texas Legislature, Solv Group, Services Locations: , Texas, Texas, Houston, Channelview's Jacintoport, San Jacinto, California, Jacintoport, Channelview , Texas, AirToxScreen Harris County, Channelview, Harris County, United States, North Channelview, Gulf, Terrace, Joel's, Houston , Texas, Spindletop, Mexico, Republic of Texas, Port of Houston, San Francisco, . Texas, That's, polluters, lacquers, Dallas, Fort Worth, Fort Worth City, Austin, Round, Minnesota, Galveston, U.S

SAO PAULO, July 6 (Reuters) - Deforestation in Brazil's Amazon fell 34% in the first half of 2023, preliminary government data showed on Thursday, hitting its lowest level in four years as President Luiz Inacio Lula da Silva institutes tougher environmental policies. But that's an area more than three times the size of New York City, underscoring the challenge Lula faces to eliminate deforestation entirely. "It's very positive, but we continue to have very high levels of deforestation," said Daniel Silva, an analyst at nonprofit WWF-Brasil. An aerial view shows a deforested area during an operation to combat deforestation near Uruara, Para State, Brazil January 21, 2023. In June alone, Inpe satellite data showed deforestation totaled 663 sq km, down 41% from the same month a year ago.

Persons: Luiz Inacio Lula da Silva, Inpe, Lula, Daniel Silva, Jair Bolsonaro, Ueslei Marcelino, Marina Silva, Silva, Joao Paulo Capobianco, Carolina Pulice, Jake Spring, Gabriel Araujo, Sandra Maler Organizations: SAO PAULO, WWF, Brasil, REUTERS, Environment Ministry, Thomson Locations: New York City, Uruara, Para State, Brazil

☆ Deep in the Amazon, scientists race to find unknown bat viruses
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +8 min

Some scientific studies have found that deforestation causes stress in bats, and stressed bats carry more viruses and shed more germs in their saliva, urine and feces. It spiked following the highway’s construction, making the Amazon in the early 1980s a rallying cry for the global environmental movement. When examining spillover risk, scientists use the number of bat species in a given area as a key variable. When humans encroach on their habitat, and bat species commingle, the viral cocktail intensifies. “Odds of it being documented are very slim,” said Caio Graco Zeppelini, an ecologist and bat researcher at the Federal University of Bahia.

The sharp contrast with Bolsonaro, who criticized environmental agents, was a relief to some scientists concerned that the retreating Amazon rainforest may be near a point of no return. Ibama's staffing and resources expanded in Lula's 2003-2010 presidency, when he managed to reduce Amazon deforestation by 72%. Rodrigo Agostinho, whom Lula tapped to run Ibama, told Reuters in an interview that the agency now has about 350 active field agents for all of Brazil. That is less than half what it had at the start of Bolsonaro's term and well below the 2,000 field agents at the peak of its powers, he added. Sidelining Ibama, Bolsonaro deployed the military to protect the Amazon, but their inexperience in conservation failed to lower deforestation while running up a massive bill.

Reuters exclusively accompanied raids led by environmental agency Ibama in the rainforest state of Para to stop loggers and ranchers illegally clearing the forest. The agency has also launched raids this week in the states of Roraima and Acre, Ibama environmental enforcement coordinator Tatiane Leite said. Lula on the campaign trail last year pledged to put Ibama back in charge of combating deforestation with beefed-up funding and personnel. But Ibama agents told Reuters that they already felt more empowered by Lula announcing environmental protection as a top priority. His government instituted a gag order forbidding Ibama agents from speaking to the press, which agents say has already been reversed under Lula.

☆ Lula’s promise to create a ministry of Indigenous affairs in doubt
▼ + stars: | 2022-12-06 | by ( ) www.nbcnews.com time to read: +3 min

BRASILIA — Brazil’s Indigenous leaders were disappointed on Monday after President-elect Luiz Inacio Lula da Silva appeared to backtrack on a promise to create a ministry of Indigenous affairs to help restore rights and protections that were undermined by the current government. Lula said on Friday he might instead decide on a special department linked to the presidential office rather than a fully-fledged ministry, which disappointed Indigenous leaders who were taken by surprise by his comments. The ministry was important for the historical recognition of Brazil’s 900,000 indigenous people and reparation for their mistreatment and loss of land rights, she told Reuters. Lula drew loud applause at the COP27 climate talks in Egypt last month when he told delegates he explicitly promised an Indigenous ministry to ensure “dignified survival, security, peace and sustainability” for some 300 Indigenous tribes that still exist in Brazil. But Indigenous leaders said a ministry was needed to support their communities with the power to mobilize other ministries, and even the police and security forces to protect them.

SAO PAULO, Nov 30 (Reuters) - Deforestation in Brazil's Amazon rainforest fell in the 12 months through July, according to government data released on Wednesday, retreating from a 15-year high under outgoing President Jair Bolsonaro. The destruction declined 11% from a year earlier to 11,568 square kilometers (4,466 square miles), according to annual data from Brazilian space research agency Inpe. That was still more Amazon deforestation than any year from 2009 to 2020. Ane Alencar, science director at the Amazon Environmental Research Institute, said that there has been no change in Bolsonaro's policy of weakening environmental agencies to explain the drop in deforestation. Those months will instead be reflected in the first annual PRODES data released under Lula in 2023.

☆ Lula's Victory Could Boost Hopes of Saving the Amazon Rainforest
▼ + stars: | 2022-11-18 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

He slashed funding for environmental enforcement and halted government efforts to demarcate Indigenous' peoples lands. He is executive coordinator of the Articulation of Indigenous Peoples of Brazil, a group advocating for land rights and greater representation in Brazil's government. Bolsonaro's actions legitimized an increase in violence against Indigenous peoples, Tuxá told Insider on the sidelines of COP27. A slice of the funding was set aside for securing land rights for Indigenous people. Still, nearly $2.6 billion was spent in 2021, including at least $321 million to help secure land rights for Indigenous peoples, according to progress reports.

☆ 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.

☆ Brazil gives flagging climate fight a timely boost
▼ + stars: | 2022-10-31 | by ( George Hay | ) www.reuters.com time to read: +3 min

As such, the election of Luiz Inácio Lula da Silva as Brazil’s president counts as a tangible boost. Tree planting and restoration could then absorb the annual emissions caused by the so-called Land Use, Land-Use Change and Forestry (LULUCF) sector by 2040. Curbs on environmental enforcement and illegal mining declined, and LULUCF emissions jumped. As such, Lula’s victory has international importance. That makes political developments like Lula’s victory all the more vital.

[1/4] An aerial view shows a deforested plot of the Amazon rainforest in Manaus, Amazonas State, Brazil July 8, 2022. REUTERS/Bruno Kelly/File PhotoSAO PAULO, Oct 26 (Reuters) - Brazil's presidential election on Sunday may determine the fate of the Amazon jungle, the world's largest rainforest, after deforestation soared in the past four years under President Jair Bolsonaro. Destruction in the Amazon rainforest last year hit the highest level since 2006, according to the government's space research agency INPE. Lula took office in 2003 with levels of Amazon deforestation near all-time highs. By 2010, his last year in office, deforestation had fallen by 72% to near record lows.

☆ Oil rises towards $90 as OPEC+ considers output cut
▼ + stars: | 2022-09-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67. Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd). In China, the world's biggest crude oil importer, travel during the forthcoming week-long national holiday is set to hit its lowest level in years as Beijing's zero-COVID rules keep people at home while economic woes curb spending.

☆ Oil drops on dollar strength, but OPEC+ talks offer support
▼ + stars: | 2022-09-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - Oil prices fell on Thursday, with a stronger dollar paring the previous day's more than $3 gain, though losses were capped by indications that the OPEC+ producer group might cut output. Goldman Sachs cut its 2023 oil price forecast on Tuesday, citing expectations of weaker demand and a stronger U.S. dollar, but said global supply disappointments reinforced its long-term bullish outlook. Meanwhile, leading OPEC+ members have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. read moreOne source from the Organization of the Petroleum Exporting Countries (OPEC) said a cut looks likely but gave no indication of volumes. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd).

☆ President Biden warned oil companies not to 'gouge' gasoline prices on the back of Hurricane Ian
▼ + stars: | 2022-09-29 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

President Biden warned oil companies against hiking prices as Hurricane Ian approached Florida. Reducing spiking oil prices has been one of Biden's key priorities in recent months, with inflation one of the main concerns for voters as the November 8 midterm elections approach. Republicans have been hammering the Biden administration on gas prices as they seek to make the election a referendum on the Biden administration and its economic policies. Gas prices hit an unprecedented national average of $5 a gallon in June amid the war in Ukraine and surging demand for energy after the pandemic. Hurricane Ian made landfall on Wednesday afternoon and has left millions of homes without power as it barrels through the state.

LONDON, Sept 28 (Reuters) - Oil prices rose on Wednesday in U.S. trading hours as production cuts caused by Hurricane Ian outweighed downward pressure from a strengthening dollar and expected U.S. crude stockpile builds. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies. Reuters GraphicsU.S. crude oil stocks rose about 4.2 million barrels for the week ended Sept. 23, while gasoline inventories fell about 1 million barrels, according to market sources on Tuesday, citing figures from industry group the American Petroleum Institute. Distillate stocks rose by about 438,000 barrels, according to the sources. An upcoming price catalyst will be producer group OPEC+'s Oct. 5 meeting at which Russia is likely to propose an output cut of around 1 million barrels per day, a source familiar with the Russian viewpoint said on Tuesday.

☆ Oil prices mixed as Hurricane Ian output cuts support, dollar weighs
▼ + stars: | 2022-09-28 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies API shows U.S. crude, distillate stocks rise -market sourcesProducers begin returning workers to oil platforms in U.S. GulfSept 28 (Reuters) - Oil prices were mixed in early Asian trade on Wednesday as support from U.S. production cuts caused by Hurricane Ian contended with crude storage builds and a strong dollar. Personnel were evacuated from 14 production platforms and rigs, the BSEE said. Ian is the first hurricane this year to disrupt oil and gas production in the U.S. Gulf of Mexico, which produces about 15% of the nation's crude oil and 5% of dry natural gas. Estimates of U.S. oil in storage also sent mixed messages about oil prices. Distillate stocks rose by about 438,000 barrels, according to the sources, who spoke on condition of anonymity.

☆ Dow jumps 548 points as the Bank of England's intervention calms market panic over the UK's budget plans
▼ + stars: | 2022-09-28 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US stocks climbed Wednesday, with the S&P 500 logging its first win in seven sessions. Oil prices rose and concerns about iPhone 14 demand weighed on Apple's stock. The Dow industrials and the S&P 500 were higher after six straight losses while the Nasdaq Composite rose for a second straight session. All 11 sectors on the S&P 500 gained ground, led by the energy group. Oil prices rose after US weekly crude stockpiles unexpectedly fell by 200,000 barrels.

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