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☆ Atmospheric River Storm Leaves Over 600,000 Still Without Power in California
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - More than 600,000 homes and businesses were still without power in California early on Monday, according to data from PowerOutage.us, after an atmospheric river storm pounded the state with heavy rainfall and hurricane-force winds. The storm is the second Pineapple Express weather system, or atmospheric river storm, to hit the state in the past week and arrived just as Los Angeles welcomed celebrities for the music industry's Grammy awards. According to PowerOutage.us, the utility with the most outages was Pacific Gas and Electric Co (PG&E) with over 500,000 customers without power. PG&E is a unit of California energy company PG&E Corp."Since the start of the storm 24 hours ago, PG&E crews have restored more than 565,000 customers who lost power. Approximately 570,000 customers remain out of power," PG&E said on its website.

Persons: PowerOutage.us, Gavin Newsom, Harshit Verma, Brijesh Patel, Angus MacSwan Organizations: Reuters, Pacific Gas and Electric Co, E Corp, The U.S, National, California's Locations: California, PowerOutage.us, Angeles, Los Angeles, Santa Barbara, San Luis Obispo, The, Bengaluru

☆ US Coast Guard Responds to Oil Spill in Gulf of Mexico
▼ + stars: | 2023-12-05 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The U.S. Coast Guard said on Wednesday it was responding to an oil discharge near the Main Pass Oil Gathering (MPOG) Co's pipeline system in the Gulf of Mexico, while the main pipeline and several surrounding ones remained shut in. "The reported sheen is being investigated and has not been confirmed to be associated with the November 16 observed initial discharge," the Coast Guard said. The Coast Guard had not yet identified any damage or indication of a leak after surveying the entire length of the pipeline along with 22.16 miles (36 km) of surrounding pipelines. About 3% of the Gulf of Mexico's daily oil production remained shut in after a million-gallon oil spill, the Coast Guard said last week. The main pipeline and several surrounding lines remain shut in and have not been put back into service, the Coast Guard said while leading efforts to mitigate impacts from the spill.

Persons: MPOG, Harshit Verma, Sandra Maler, Stephen Coates Organizations: Reuters, U.S . Coast Guard, Coast Guard Locations: Gulf of Mexico, Mississippi, Plaquemines Parish, New Orleans, Bengaluru

☆ Gold eyes 3rd weekly gain as lower inflation cements Fed cut bets
▼ + stars: | 2023-12-01 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.

Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold holds ground ahead of US inflation test
▼ + stars: | 2023-11-30 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

An employee casts ingots of 99.99 percent pure gold at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. Spot gold was flat at $2,044.30 per ounce by 0728 GMT, trading in a range of about $6. It hit its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.1% to $2,045.40 per ounce. Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Alexander Manzyuk, Yeap Jun Rong, Jerome Powell, Harshit Verma, Rashmi Aich, Mrigank Dhaniwala, Sonia Cheema Organizations: REUTERS, PCE, U.S, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Gold scales 6-month peak on softer dollar, Fed pause bets
▼ + stars: | 2023-11-27 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was up 0.5% at $2,010.99 per ounce by 0758 GMT, after hitting its highest since May 16. U.S. gold futures rose 0.4% to $2,011.70. Reuters Graphics"What's moving gold at the moment is the lower U.S. dollar because of the recent soft data," said Kyle Rodda, a financial market analyst at Capital.com. The dollar index (.DXY) edged down 0.1% against its rivals, not far from a more than two-month low level touched last week, making gold less expensive for other currency holders. Recent data showing signs of slowing inflation in the U.S. has boosted expectations that the Fed could begin easing monetary conditions sooner than expected.

Persons: Alexander Manzyuk, Kyle Rodda, Rodda, CME's, Wang Tao, Harshit Verma, Janane Venkatraman, Sherry Jacob, Phillips Organizations: REUTERS, U.S, PCE, Federal, Reuters, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ CSX Train Derails in Kentucky, Spilling Molten Sulfur
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - A train derailment involving 16 cars, two of which spilled molten sulfur, sparked a fire north of Livingston, Kentucky, railroad operator CSX said on Wednesday, prompting officials to tell residents to evacuate. The cause of the derailment and the scale of the fire were not immediately clear, though ABC News said one crew member suffered minor injuries. "We will work together with local authorities to secure the area and safety is our top priority as we develop a recovery plan," CSX said on its website, adding that the burning of molten sulphur releases sulphur dioxide gas. Giving initial details of the incident, which took place at about 2:23 p.m., it said at least 16 cars were involved, two carrying molten sulphur that lost some of their contents, which then caught fire. Short-term exposure to colourless sulphur dioxide can harm the human respiratory system and make breathing difficult, the U.S.

Persons: Andy Beshear, Beshear, Harshit Verma, Brijesh Patel, Clarence Fernandez Organizations: Reuters, CSX, ABC News, U.S . Environment Protection Agency, Facebook Locations: Livingston , Kentucky, Livingston, Rockcastle, U.S, Bengaluru

☆ Goldman Sachs forecasts higher returns on commodities
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 13 (Reuters) - Goldman Sachs expects increased returns on commodities over the next 12 months, buoyed by higher spot prices amid easing monetary policy and recession fears while the asset class also strengthens on hedging against geopolitical supply risks. The bank has forecast returns of 21% on commodities over a 12-month horizon on the oil-heavy S&P GSCI Commodity Index, led by returns of about 31% from energy and 17.8% from industrial metals. Commodity returns will also be bolstered by OPEC-driven declines in oil inventories and demand for so-called green metals, primarily from China, Goldman said. In metals, Goldman forecast a sharp tightening in copper and aluminium stocks into the middle of the decade, driving up prices from the second half of 2024.

Persons: Dado Ruvic, Goldman Sachs, Goldman, Brent, Harshit Verma, David Goodman Organizations: REUTERS, U.S . Federal Reserve, European Central Bank, OPEC, Energy, Thomson Locations: China, Bengaluru

Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand. Top producer Russia's Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand. Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 - meaning ample supplies. In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers. However, longer-term Metals Focus is quite bearish on palladium," said Nikos Kavalis, managing director at Metals Focus.

Persons: Alexander Manzyuk, hastening, Russia's Nornickel, John Meyer, Edward Meir, Nikos Kavalis, Brijesh Patel, Harshit Verma, Ashitha, Anjana Anil, Anushree Mukherjee, Abhijith, Arpan Varghese, Pratima Desai, Hugh Lawson Organizations: REUTERS, Russia, ICE, International Energy, Consultancy, Metals, Thomson Locations: Siberian, Krasnoyarsk, Russia, Ukraine, Bengaluru

☆ Gold rally loses steam as yields edge up, stocks rebound
▼ + stars: | 2023-10-10 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

(Reuters) - Gold prices edged down on Tuesday after clocking a sharp rise in the last session as risk sentiment improved and bond yields rebounded, while investors awaited the U.S. inflation data due later this week. Gold rose about 1.6% on Monday, its biggest one-day jump in five months, as military clashes between Israel and Palestinian Islamist group Hamas boosted demand for safe-haven investments. European stocks rebounded sharply on Tuesday as dovish comments from Fed policymakers and easing oil prices helped calm investor nerves. Benchmark 10-year Treasury yields rose to 4.7049%, decreasing the appeal for non-yielding bullion. Spot silver fell 0.8% to $21.72 per ounce, platinum slipped 0.3% to $883.97 and palladium dropped 0.8% to $1,130.52.

Persons: Alexander Manzyuk, ”, Craig Erlam, Erlam, Philip Jefferson, Lorie Logan, Kyle Rodda Organizations: Reuters, REUTERS, OANDA, U.S, Consumer, Dallas Fed Locations: Novosibirsk, Siberian, Russia, Israel, Palestinian, U.S . Federal, EU, U.S

☆ Gold retreats as growth risks drive safe-haven bids to US dollar
▼ + stars: | 2023-09-05 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was down 0.6% to $1,927.69 per ounce by 12:49 p.m. EDT (1649 GMT). Jitters about global growth, particularly in China and the euro zone, caused the safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.5% to $23.60 per ounce, logging its biggest daily drop in a month. Reporting by Harshit Verma in Bengaluru; Editing by Shinjini Ganguli and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, Christopher Waller, Harshit Verma, Shinjini Ganguli, Paul Simao Organizations: Waller, Data, U.S, Reuters, Federal Reserve, Fed, CNBC, Thomson Locations: China, Bengaluru

☆ Storm Franklin hits Dominican Republic and Haiti, killing one
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Franklin, which brought stormy winds and rainfall across the Dominican Republic and neighboring Haiti, is forecast to gather strength over the Atlantic Ocean and could near hurricane force this weekend. "Franklin could be near hurricane strength over the southwestern Atlantic by Saturday," the NHC said, saying it expected the storm to gradually strengthen from its current maximum sustained winds near 40 mph. The head of the Dominican COE emergency services a man had been found dead earlier on Wednesday in San Cristobal province, after trying to swim through floodwaters. In a briefing with COE, Dominican President Luis Abinader said the government would attend to communities whose infrastructure was damaged by the storm and that schools and businesses would resume on Thursday. The storm also cut off access to six Dominican communities and damaged roads, water infrastructure and the electrical grid, emergency services said.

Persons: SANTO, Storm Franklin, Franklin, Luis Abinader, Paul Mathiasen, Harold Isaac, Sarah Morland, Harshit Verma, Ananya, Lincoln Organizations: PORT, U.S, National Hurricane Center, NHC, country's Hydro, Meteorological Unit, The United Nations, Food Programme, Thomson Locations: SANTO DOMINGO, Dominican Republic, Hispaniola, Haiti, Puerto Plata, Dominican, Atlantic, San Cristobal province, Sud, Santo Domingo, Port, Mexico City, Bengaluru

☆ Storm brewing in Gulf of Mexico to strengthen en route to Texas
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A graphic map shows a two-day tropical weather forecast above Atlantic ocean in this handout image obtained August 21, 2023. National Hurricane Centre/NOAA/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY Acquire Licensing RightsAug 21 (Reuters) - A storm system brewing in the Gulf of Mexico could strengthen into a named storm as it takes aim at the Texas coast, the U.S. National Hurricane Center said on Monday. There are a total of five storm systems now swirling in the Atlantic Ocean, with U.S. forecasters recently saying they now expect a more dangerous Atlantic storm season than previously projected. Tropical storms are closely watched, especially in the Gulf of Mexico, because of the threat they pose to offshore oil and natural gas production in the United States and Mexico. Offshore operations in the U.S.-regulated northern Gulf of Mexico accounts for 15% of total crude oil production and 5% of total dry natural gas output.

Persons: Harshit Verma, Rahul Paswan, Jonathan Oatis, Sandra Maler Organizations: National Hurricane Centre, REUTERS, U.S, National Hurricane Center, Thomson Locations: Gulf, Mexico, Texas, Port Mansfield , Texas, Miami, Gulf of Mexico, United States, U.S, Bengaluru

☆ Texas grid operator deploys emergency response service as reserves drop
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

A general view of electric lines as demand for power surges during a period of hot weather in Houston, Texas, U.S. June 27, 2023. REUTERS/Callaghan O’Hare/File Photo Acquire Licensing RightsAug 17 (Reuters) - The main grid operator in Texas said on Thursday it had engaged its emergency system after electricity reserves dropped below the critical 3,000 MW level due to increased power usage amid a heatwave. ERCOT said it also expected lower power reserves due to reduced wind generation. Real-time power prices rose above $5,000 in most of ERCOT Texas hubs, according to the ERCOT website. The grid operator had earlier urged consumers to conserve power between 3 p.m. CDT (2000 GMT) and 8 p.m. CDT on Thursday as demand surged.

Persons: Callaghan, ERCOT, Ashitha Shivaprasad, Rahul Paswan, Harshit Verma, Swati Verma, Chris Reese, Paul Simao, Diane Craft Organizations: REUTERS, Texas, Discount, NRG Energy, Thomson Locations: Houston , Texas, U.S, Texas, Houston, ERCOT Texas, Bengaluru

Three months ago, a Reuters poll predicted prices would average $1,950 in 2023. Standard Chartered analyst Suki Cooper said gold is "more likely to test the downside until rate cuts materialise unless a new catalyst emerges". For silver , the poll forecast average prices of $23.52 an ounce in 2023 and $25.00 in 2024. "Anaemic performance from gold and concerns over economic outlook especially in China" have weighed on silver, O'Connell added. But silver could still find support from solar panels demand, analysts said.

Persons: Ross Norman, Carsten Menke, Julius Baer, Suki Cooper, Rhona O'Connell, Silver, O'Connell, Ashitha Shivaprasad, Harshit Verma, Arpan Varghese, Barbara Lewis Organizations: Federal Reserve, U.S, Thomson Locations: China, Bengaluru

☆ Texas power use breaks record for second day in heat wave
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Demand for power in Texas hit a record high for a second day in a row on Thursday as homes and business kept air conditioners cranked up during a lingering heat wave. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state's power load, has said it has enough resources available to meet soaring demand. After setting 11 peak demand records last summer, ERCOT said usage hit a preliminary 81,406 megawatts (MW) on Thursday, topping the record hit one day earlier, of 81,351 MW. One megawatt can power around 1,000 U.S. homes on a typical day, but only about 200 homes on a hot summer day in Texas. Meteorologists at AccuWeather forecast high temperatures in Houston, the biggest city in Texas, would hit 100 degrees Fahrenheit (37.8 Celsius) almost every day from July 13-19.

Persons: ERCOT, Scott DiSavino, Harshit Verma, Sandra Maler, Leslie Adler Organizations: Reliability, of Texas, Thomson Locations: Texas, Houston, Dallas

☆ Texas power use breaks record in heat wave -ERCOT
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Power use in Texas hit a preliminary all-time high on Tuesday as homes and businesses cranked up air conditioners to escape a three-week-old heat wave, according to data from the state's power grid operator. The high temperature in Houston, the biggest city in Texas, hit a high of 100 degrees Fahrenheit (38 Celsius) on Tuesday, Weather.com reported. The Electric Reliability Council of Texas (ERCOT) said power use reached a preliminary 80,828 megawatts (MW) at 6 p.m. CST, topping the grid's previous record of 80,148 MW set on July 20, 2022. ERCOT, which operates the grid for more than 26 million customers representing about 90% of the state's power load, said it has enough resources to meet current demand. Although U.S. power demand is projected to ease in 2023 after hitting a record high in 2022, rising economic and population growth is expected to keep boosting electric use in Sun Belt states like Texas.

Persons: Weather.com, ERCOT, Ashitha Shivaprasad, Harshit Verma, Scott DiSavino, Leslie Adler, David Gregorio, Cynthia Osterman Organizations: Reliability, of Texas, Texans, Sun, Reuters Graphics Reuters, Thomson Locations: Texas, Houston, Bengaluru

☆ Morgan Stanley ups 2023 oil demand growth estimate by 36%, flags Russia risk
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - Morgan Stanley has raised its global oil demand growth estimate for this year by about 36%, citing growing momentum in China's reopening and a recovery in aviation, but flagged higher supply from Russia as an offseting factor. Global oil consumption is now expected to increase by about 1.9 million barrels per day (bpd), versus its previous 1.4 million bpd forecast, the bank said in a note dated Tuesday. "Mobility indicators for China, such as congestion, have been rising steadily," while "flight schedules have firmed-up the outlook for jet fuel demand," the bank said. Earlier this month, Goldman Sachs cut its 2023 Brent price forecast and raised its global supply forecasts for 2023 and 2024, with Russia, Kazakhstan and the United States the most notable upward adjustments. But Goldman also noted that a 1.1 million bpd rise in Chinese demand this year should push oil markets back into a deficit in June.

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