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☆ Hurricanes are becoming more frequent, violent, and costly — plus they're hitting jobs and economic growth
▼ + stars: | 2024-10-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Hurricane Milton is battering Florida days after Hurricane Helene wreaked havoc on several states. The two events are the latest sign that hurricanes are becoming more frequent, more ferocious, and more costly. They're also hitting employment and economic growth, at least in the short term. They estimated that a Category 5 storm could lower fourth-quarter annualized GDP growth by 0.14 percentage points, from a forecasted 2.3% to below 2.2%. "Rebuilding should provide a boost to economic activity in those affected regions in subsequent months, and potentially years," Sweet told BI, quoting from his recent note.

Persons: Milton, Hurricane Helene, Helene, They're, Adam Smith, Jefferies, Harvey, Ian, Smith, Michael Mann, Ryan Sweet, Sweet, Mann, Implan Organizations: Service, Hurricanes, National Oceanic, Atmospheric Administration, NOAA, University of Pennsylvania, Oxford Economics, Boeing, Milton, Potsdam Institute, Climate Impact Research Locations: Florida, North Carolina, Milton

☆ Oil holds near two-month high on higher demand outlook, possible rate cut
▼ + stars: | 2024-07-02 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth. Gasoline demand in the U.S., the world's biggest oil consumer, is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. Still, signs of less-than-expected demand growth have limited gains in oil prices. This was mainly because of lower imports into China, the world's biggest oil importer and the second-largest consumer.

Persons: Beryl Organizations: Brent, . West Texas, Independence, American Automobile Association, ANZ, U.S, National Hurricane Center, Federal, Commerce Department Locations: U.S, Mexico's Bay, Campeche, Caribbean, Asia, China

☆ Goldman Sachs just refreshed its conviction lists of global stocks — giving one 67% upside
▼ + stars: | 2024-05-06 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Goldman Sachs just refreshed its lists of top global stock picks, adding some and removing others. The investment bank's "Conviction List - Directors' Cut" aims to offer investors a "curated and active" list of 15 to 25 buy-rated stocks. The stocks are selected by a subcommittee designated by the bank's Investment Review Committee for each region. Here are three of the latest additions to Goldman's directors' cut lists — for Asia-Pacific and Europe — that were given more than 30% upside potential in the next 12 months. Goldman has a target price of 11,850 British pence ($148.71) on the stock, giving it around 30.7% upside potential.

Persons: Goldman Sachs, Goldman, London Stock Exchange Goldman, Oliver Carruthers, Samsung Biologics Goldman, Ziyi Chen, Michele Della Vigna, — CNBC's Michael Bloom Organizations: bank's Investment, London Stock Exchange, Microsoft, Samsung, Korean, EU's Renewable Energy, . Locations: Asia, Pacific, Europe, Korean

☆ Russia's April oil and gas revenue could double despite Ukraine hammering its oilfields with drones, report says
▼ + stars: | 2024-04-27 | by ( Cameron Manley | ) www.businessinsider.com time to read: +2 min

Russia's oil and gas revenue is set to surge despite Ukraine's attacks on energy infrastructure. Revenue from oil and gas is a key way Russia funds its war in Ukraine. AdvertisementRussia's oil and gas revenue for April is expected to soar by roughly double year on year despite increased Ukrainian attacks on energy infrastructure, a Reuters report said. Despite Russia's strong April revenue projections, it seems Ukraine's strikes are having some success. Bloomberg reported this week that Russia's oil refining was at an 11-month low because of flooding and Ukraine's drone campaign.

Persons: —, Russia's Organizations: Service, Reuters, Bloomberg, Business Locations: Russia, Ukraine, Ukrainian, Russia's Smolensk

☆ Audacious Ukrainian drone attacks keep doing massive damage to Russia's oil industry
▼ + stars: | 2024-04-25 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

The strikes are doing serious damage to Russia's oil and gas sector. Bloomberg reported that Russia's oil refining is at an 11 month low. AdvertisementBloomberg earlier this week reported that Russia's oil refining is at an 11-month low because of flooding and Ukraine's drone campaign. Ukraine's attacks on Russian oil depots are one of the few bright spots in its war in recent months. "Future Ukrainian drone strikes may disable and disrupt more of Russia's refining capacity and inflict critical constraints on Russian refining that begin to substantially impact Russia's production of distillate products," the analysts said.

Persons: —, Joe Biden's Organizations: Bloomberg, Service, AFP, Metallurgical, The Locations: Ukraine, Russia, Russia's Smolensk, Lipetsk, Russia's, Ukraine's, US

☆ Oil prices jump on escalating tensions in the Middle East after strike on Iran
▼ + stars: | 2024-04-19 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Oil prices jumped on Friday while Asian markets tumbled, with global investors worrying about an escalation in conflict in the Middle East after explosions were reported near the Iranian city of Isfahan. Iran launched the attack in retaliation for a suspected Israeli strike on its embassy compound in Syria earlier this month. “Israel’s response could determine whether oil supplies are ultimately under threat.”Elsewhere, ongoing oil disruptions remain high, the analysts added. In Hong Kong, PetroChina, Asia’s largest oil and gas supplier, advanced 2.3%. Sinopec, the world’s largest oil refining company by capacity, rose 1.3%.

Persons: Brent, Benjamin Netanyahu, Israel, ”, “, Korea’s Kospi, Cosmo Energy Organizations: Hong Kong CNN, CNN, ANZ, United, Stock, Nikkei, China’s, Energy, Eneos Corp, Oil Corp Locations: Hong Kong, Iranian, Isfahan, Israel, Iran, Syria, United States, Mexico, Asia, China’s Shanghai, Tokyo, Seoul

☆ Activists helped shut down an oil refinery after a series of explosions. The consequences weren’t what they expected
▼ + stars: | 2024-04-14 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +17 min

Philadelphia CNN —Bilal Motley, utilities manager at a former Philadelphia oil refinery, was working the graveyard shift when a massive explosion broke out in the early morning hours of June 21, 2019. “This oil refinery was talked about and passed down through generations,” Sanders said. Rachael WarrinerPES is no longer functioning as a refining company, but Sunoco, whose subsidiary Evergreen owned the former PES site, did not respond to requests for comment. The PES refinery complex was the largest source of particulate air pollution in Philadelphia. Hilco Redevelopment PartnersBut UPenn’s Neises said given the scale and history of the property, Hilco will need to take its time to redevelop the area of redevelopment.

Persons: Philadelphia CNN — Bilal Motley, I’m, ” Motley, ’, ”, Motley, trekked, Hilco, Ellen Neises, they’ll, Sonya Sanders, Sanders, ” Sanders, “, Rachael Warriner, Rachel Ramirez, Phil Rinaldi, Matt Rourke, Mike Smith, ” Roberto Perez, Amelia Chasse Alcivar, UPenn’s Neises, Neises, she’s, you’re, Philly Thrive’s Sanders, there’s Organizations: Philadelphia CNN, Philadelphia Energy Solutions, US Chemical Safety, Hazard Investigation, Hilco, Partners, CNN, University of Pennsylvania’s Weitzman, of Design, longtime, Evergreen, PES, Environmental Protection Agency, Drexel University, University of Pennsylvania’s School of Medicine, Philadelphia International Airport, City of, City of Philadelphia Refinery Advisory, Hilco Redevelopment Partners, Industrial Realty, ., Philadelphia Energy Solutions Refining, United Steelworkers Union, Oil Bargaining, EPA, “ Locations: Philadelphia, East, Schuylkill, New York City, Chicago, longtime South Philadelphia, South Philadelphia, Grays Ferry, Breeze, City of Philadelphia, New York, Delaware, Pennsylvania, Bellwether District, ”, Bellwether

☆ This oil refiner could get a boost as summer approaches. Using options to capitalize on the gains
▼ + stars: | 2024-04-08 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

The move higher for energy stocks comes as West Texas Intermediate crude oil approaches the mid-2022 highs of $88.31 per barrel. Theoretically, one can make bullish bets on oil using an ETF, such as the United States Oil Fund (USO) . However, I would caution against using this as an investment vehicle to make a long-term bullish bet on oil. SPR decline As the chart below illustrates, the country's Strategic Petroleum Reserve declined sharply in the lead-up to the 2022 midterm elections – keeping oil prices in check. The total cost of the spread risks just under 4.4% of the current stock price.

Persons: It's, Brent, Biden, Kinder Morgan Organizations: West Texas, United States Oil Fund, USO, country's Strategic Petroleum Reserve, Halliburton, Schlumberger, Valero, Marathon Petroleum, Marathon, MPC Locations: Marathon

☆ Surging oil prices may challenge the Federal Reserve's inflation fight
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation. U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91. Rising energy prices may affect the timing or magnitude of interest rate cuts, he said. The Federal Reserve is focused on bringing down core inflation, which excludes volatile energy and food prices. Escalating attacks are coming against a backdrop of an already tightening global crude market.

Persons: Brent, Bart Melek, Andy Lipow, Lipow, Bob Yawger, Yawger, Netanyahu, Manish Raj, White, Biden, John Kilduff, Kilduff, Melek, Saudi Arabia doesn't Organizations: Federal, American Automobile Association, West Texas, TD Securities, Lipow Oil Associates, Mizuho Americas, Valero, Philips, Marathon Petroleum, Velandera Energy Partners, Kyiv, JPMorgan, Financial Times, Again Capital, Bank of America, Saudi Locations: East, Eastern Europe, Iran, Israel, Ukraine, Damascus, Kyiv, Ukrainian, Russia, Saudi Arabia

☆ U.S. crude oil hovers around $85 as traders take stock of rally
▼ + stars: | 2024-04-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on March 5, 2019. Crude oil futures were flat Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery gained 2 cents to $85.45 a barrel, while the Brent contract for June delivery was unchanged at $89.35. Oil prices have rallied this year, booking three consecutive months of gains with U.S. crude adding 19% while Brent is up about 16%. The rally comes as the wars in Eastern Europe and the Middle East raise renewed fears about supply disruptions.

Persons: Tatneft PJSC, Brent Organizations: Oil Refining, Petrochemical, The West Texas Intermediate Locations: Nizhnekamsk, Tatarstan, Russia, Eastern Europe, Ukraine

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ These stocks could rally in 'second phase' of bull market, Morgan Stanley Investment Management says
▼ + stars: | 2024-03-30 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

There's a rotation happening in the market that investors can take advantage of by investing in cyclical stocks, according to Morgan Stanley Investment Management's Andrew Slimmon. He recommended investors to have a more cyclical bias to their portfolio, pointing out that the best-performing sectors in the last month are energy, materials and industrials. He also thinks there's still room to run in semiconductor stocks — even if the overbought group sees a near-term pullback. " Slimmon named Applied Materials , Ameriprise Financial and Valero Energy as some of the stocks he likes right now. Regarding energy, Slimmon said the space could continue to show strength if the economy begins to weaken.

Persons: Morgan Stanley, Andrew Slimmon, Stocks, Slimmon, there's, Slimmon's, that's Organizations: Morgan, Morgan Stanley Investment, Dow Jones Industrial, Nasdaq, Ameriprise Financial, Valero Energy, Infrastructure Investment, Jobs, United Rentals, Applied Materials, Ameriprise, U.S Locations: U.S, financials, That's

☆ Oil prices rise as Ukraine strikes Russian refineries
▼ + stars: | 2024-03-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Smoke billows after Ukraine's SBU drone strikes a refinery, amid Russia's attack on Ukraine, in Ryazan, Ryazan Region, Russia, in this screen grab from a video obtained by Reuters, March 13, 2024. Crude oil futures rose Monday as Ukraine drone strikes disrupt Russian oil refining capacity. The West Texas Intermediate contract for April gained 38 cents, or 0.47%, to $81.01 a barrel. A Ukrainian drone strike caused a fire at the Kuibyshev oil refinery in the city of Samara over the weekend. Industry sources told Reuters that one of the major refining units at the facility was knocked out after the attack.

Persons: Brent Organizations: Reuters, West Texas Intermediate Locations: Ukraine, Ryazan, Ryazan Region, Russia, Ukrainian, Samara

☆ Ukraine drones attack multiple oil refineries in the campaign against Russia's strategic energy industry
▼ + stars: | 2024-03-17 | by ( Cameron Manley | ) www.businessinsider.com time to read: +5 min

Ukraine attacked another Russian oil refinery on Saturday night. AdvertisementA long week of attacks on oil and gas infrastructureThis past week, Ukraine has made a concerted effort to degrade Russia's oil production capabilities. The governor of Russia's Samara Oblast reported on March 16 that Ukrainian drones had attacked two Rosneft oil refineries. One attack had hit another major oil refinery operated by Lukoil in the southwestern Volgograd region. Similar incidents had occurred across Russia in January, hitting the Slavneft-Yanos oil refinery, an oil refinery in Tuapse, a storage facility in Klintsy, and a Baltic sea Ust-Luga terminal.

Persons: —, Ukrainska, Russia's, Andriy Yermak, Volodymyr Zelenskyy, Zelensky, Краснодарському кра РосВдео Organizations: Bloomberg, Service, Business, Astra, Ukrainska Pravda, Security Services, Security Service, Stringer, Anadolu Agency, Getty, Reuters, Staff, Lukoil, НПЗ Locations: Ukraine, Russian, Krasnodar, Moscow, Russia, Russia's Samara Oblast, Ryazan, Nizhny Novgorod, Leningrad, Lukoil's Norsi, Russia's Belgorod, Norsi, Ukrainian, Volgograd, Tuapse, Klintsy, Baltic

☆ Oil prices underpinned by U.S. inventory data, attacks on Russian refineries
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: +2 min

This picture taken on Jan.12, 2024 shows onshore oil pumps in Tutong district in Brunei. Oil extended gains in Asian trade on Thursday after a surprise drop in U.S. crude stockpiles indicated strengthening demand, while possible supply disruptions following Ukrainian attacks on Russian refineries also underpinned prices. After seriously damaging Lukoil's refinery in Nizhny Novgorod on Tuesday, Ukraine hit refineries in the Rostov and Ryazan regions, Russian officials said. Two sources familiar with the situation told Reuters that the refinery had been forced to shut down two primary oil refining units. Gasoline inventories slid for a sixth straight week, falling by 5.7 million barrels to 234.1 million barrels, the EIA said, triple the expectations for a 1.9 million-barrel draw.

Persons: Vladimir Putin Organizations: Oil, U.S, West Texas, Rosneft's, Reuters, Energy Information Administration, EIA Locations: Tutong district, Brunei, Brent, Ukrainian, Nizhny Novgorod, Ukraine, Rostov, Ryazan, Rosneft's, Russian, Russia, U.S, Gulf

☆ Here are Wednesday's biggest analyst calls: Apple, Netflix, Nvidia, Uber, Tesla, Microsoft, Amazon & more
▼ + stars: | 2024-01-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Wednesday's biggest calls on Wall Street: Citi reiterates Chipotle as buy Citi raised its price target on Chipotle to $2,699 per share from $2,292. "We are launching coverage of NKLA with an Outperform rating and a $2 price target." Polestar : On a Road to Nowhere - Initiating Coverage with a target price of $1.15, Underperform." Citi upgrades Sunoco to buy from neutral Citi said the oil and gas company is "compelling." Citi reiterates Microsoft as buy Citi raised its price target on the stock to $470 per share from $432 and said "ramping GenAI should keep growth accelerating."

Persons: Chipotle, Daiwa, Wells, Morgan Stanley, it's, Baird, Nikola, Bernstein, Biogen, Webster, Redburn, Tesla, Apple, Morgan Stanley downgrades PagerDuty, Gordon Haskett downgrades Uber, Gordon Haskett, Oppenheimer, PulteGroup, Wolfe Organizations: Citi, Verizon, Netflix, Amazon, EV, Devices, AMD, UBS, Apple, Uber, Deutsche Bank, Deutsche, Barclays downgrades, Barclays, Microsoft, BMO, HSBC, Stellantis, Entertainment, Nvidia, Wolfe Alpha, Valero, Phillips Locations: H1'24, Nowhere, China

☆ Russia lifts gasoline export ban - energy ministry
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

It said it could reimpose export bans if necessary, adding that stocks of gasoline had risen to around 2 million metric tons. "A decision was made to terminate the temporary ban on the export of motor gasoline." Russia, the world's top seaborne exporter of diesel, introduced a ban on fuel exports on Sept. 21 in order to tackle high domestic prices and shortages. The government eased restrictions on Oct. 6, allowing the export of diesel by pipeline, but kept measures on gasoline exports in place. Diesel is Russia's biggest oil product export, at about 35 million metric tons last year.

Persons: Tatiana Meel, Vladimir Soldatkin, Andrew Heavens, Kevin Liffey Organizations: REUTERS, Rights, Diesel, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Soviet, Belarus, Kazakhstan, Armenia, Kyrgyzstan, OPEC

Kenya's President William Ruto called the treaty “the first domino” in a shift away from plastic pollution. The U.N. Intergovernmental Negotiating Committee on Plastic Pollution is charged with developing the first international, legally binding treaty on plastic pollution on land and at sea. Kenya is a global leader in fighting plastic pollution, and in 2017, the country banned the manufacture, sale and use of single-use plastic bags. Nonetheless, he said, it is evident that negotiations have moved beyond plastic waste and into addressing plastic production and toxic chemicals used to make plastic. “The focus is on ending plastic pollution, not plastic production," he said.

Persons: Gustavo Adolfo Meza, Cuadra Velasquez, William Ruto, ” Graham Forbes, ” Eirik Lindebjerg, Björn Beeler, haven't, IPEN, Chris Jahn, Karen McKee, Jahn, ___ McDermott Organizations: United Nations Environment, Global, reconvening, Intergovernmental, UNEP, Greenpeace, World Wildlife Fund, Plastics, Industry, International Council of Chemical Associations, ExxonMobil, Solutions Company, AP Locations: NAIROBI, Kenya, Kenya's, Nairobi, Paris, Punta del Este, Uruguay, Norway, Rwanda, Saudi Arabia, Iran, China, Russia, United States, Baytown , Texas, Baytown, Providence , Rhode Island

☆ A bullish bet on Exxon Mobil using options after decline in crude oil prices
▼ + stars: | 2023-11-10 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +4 min

@CL.1 YTD mountain WTI in 2023 Despite all of that sounding quite bleak for energy and oil, I believe there is opportunity in Exxon Mobil . Exxon is the world's largest refiner with a total global oil refining capacity of nearly 5 million barrels per day. The option strategy that I will utilize is a credit spread, better known as a risk reversal. This risk reversal is being used as an aggressive bull trade. Being forced to buy Exxon Mobil lower than where I initially opened the risk reversal is still a better outcome than if I would have simply purchased the stock outright.

Persons: Brian Sullivan, Sully, XOM Organizations: West Texas, Exxon Mobil, Exxon Locations: China

Arctic-2 LNG has been expecting to start exporting soon and it is uncertain how much Russian LNG would be blocked by the new measures. The largest Russian LNG producer Novatek (NVTK.MM) said in September it would start shipments from Arctic-2 LNG early next year. The State Department said Zakharov is the creator and designer of the drones. "And every sanctions decision must work in full, so that there is no chance for Russia to bypass them." The State Department also imposed sanctions on multiple defense-related entities and procurement companies in the UAE.

Persons: Volodymyr Zelenskiy, Joe Biden, Doug Mills, Biden, Vladimir Putin, Antony Blinken, Aleksandr Zakharov, Zakharov, Andriy Yermak, Yermak, Daphne Psaledakis, Timothy Gardner, Alexandra Alper Mike Stone, Karen Freifeld, Yuliia Dysa, Ron Popeski, Nick Zieminski, Diane Craft Organizations: U.S, White, Rights, Moscow, State Department, Commerce Department, United Arab, Treasury Department, Systems, Treasury, Russian LNG, European, ZALA Aero, Russian Ministry of Defense, The State Department, Russian Federation, Washington, Turkish, UAE . Construction, Thomson Locations: Washington , U.S, United States, Ukraine, Siberia, Washington, Russian, U.S, United Arab Emirates, Turkey, China, Russia, Moscow, Crimea, Europe, European Union, Ukrainian, ZALA, UAE, New York, Gdansk, Beijing

SPREAD TOO THINA major drawback for potential green hydrogen users is that there has been too little of the stuff available to allow for much real world testing. Yet these train systems have occupied the time and attention of hydrogen system developers that may have been better spent elsewhere. And as heat pumps have been making rapid inroads into home heating markets across Europe and elsewhere in recent years - at a fraction of the cost of a potential hydrogen set up - it is clear that household hydrogen applications will remain scarce. LADDERING UPThe most promising areas for potential hydrogen use have been highlighted by industry analyst Michael Liebreich in his so-called Hydrogen Ladder. Rather than attempt to deploy hydrogen against lower-cost options in homes and transport systems, Liebreich suggests that the hydrogen industry pursue demand opportunities in helping heavy industry to decarbonise.

Persons: Michael Liebreich, Gavin Maguire, Stephen Coates Organizations: International Energy Agency, Reuters, Thomson Locations: LITTLETON , Colorado, Germany, Europe

☆ Technip Energies shares plunge after Le Monde report on Russian gas project
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

Oct 19 (Reuters) - Technip Energies (TE.PA) shares plummeted on Thursday after French newspaper Le Monde said the oil and gas company may have failed to comply with European Union sanctions against Russia by continuing to supply equipment to a Russian gas project. Technip Energies said in a statement after its shares fell as much as 22% that it had always respected international sanctions and its contractual obligations regarding the Arctic LNG2 project in Russia. "Technip Energies has worked with the relevant authorities and has complied with sanctions gradually imposed by the European Union, the United States and Britain," it said. The equipment delivered by Technip involved two modules for the construction of a liquefaction train worth around 450 million euros, Le Monde said, citing Russian customs records, maritime data and satellite images. "$800 million of market cap came off, it's a very harsh response, and suggests the news scared investors out there," said the analyst, who spoke on condition of anonymity, referring to the Le Monde story.

Persons: Le Monde, Monde, Technip, China's CNPC, Piotr Lipinski, Nathan Vifflin, Benjamin Mallet, Silvia Aloisi, David Evans Organizations: Union, Russia, European Union, Le, Japan, Mitsui & Co, Thomson Locations: Russian, Russia, United States, Britain, Paris, EU, Ukraine, Gdansk

☆ From Russia to the Middle East: Why China can’t afford another big conflict
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Now, as Israel’s war against Palestinian militant group Hamas threatens to spiral into a broader conflict that could shatter stability in the Middle East, China has called for a ceasefire while criticizing Israel’s actions. It also highlights China’s deep economic interests in both Russia and the Middle East, which it wants to safeguard at all cost. The world’s second largest economy depends on Russia and the Middle East for much of its energy needs. The Middle East is also a cornerstone in the Belt and Road Initiative. “Regional conflagration means long instability and long instability means no business for China in the Middle East,” he added.

Persons: ”, Eswar Prasad, refiners, Vladimir Putin, Xi, Sergei Guneyev, Russia’s, Putin, Russia —, Wang Yi, Jean, Loup Samaan, Joe Biden, QatarEnergy, Ahmed Aboudouh, Antony Blinken, Blinken, “ Organizations: Hong Kong CNN —, Moscow, Palestinian, Cornell University, Getty, Initiative, Shanghai’s Fudan University, United, China’s, Middle East Institute of, National University of Singapore, Wednesday, Jihad, Energy, China Petroleum & Chemical Co, Sinopec, Fudan University, Chatham House, US Department of State Locations: China, Hong Kong, Hong Kong CNN — Beijing, Ukraine, East, Palestine, Israel, United States, Russia, Beijing, Moscow, Saudi Arabia, Russian, AFP, Pakistan, Iran, Hamas, Tehran, Gaza, Qatar, China’s, Qatari, London, “, Persian, ”

Along with mild winter weather in much of the northern hemisphere, Chinese fuel exports helped avert widespread shortages of diesel, heating oil and gasoil. Russia's ban on diesel exports ahead of winter has sparked a new round of concerns of another supply shock. Chinese fuel exports are currently around 1.1 million barrels per day (bpd), down from last year's peak at 1.8 million bpd in December. China's fuel exports are subject to quotas, closely monitored by the global fuel trading community. China also has quotas for imports of crude oil that refiners use to make diesel and other products.

Persons: Meng Meng, John Kilduff, Matt Smith, Al Zour, Kpler, Laura Sanicola, Trixie Yapl, Simon Webb, David Gregorio Our Organizations: REUTERS, Total, Al, Diesel, U.S . East, U.S . Energy Information Administration, Thomson Locations: Boxing, Shandong Province, China, U.S, Ukraine, Europe, Americas, Brazil, Turkey, New York, Beijing, Russia, Iran, Venezuela, Asia, Middle, Western Europe, America, U.S . East Coast

Companies Reliance Industries Ltd FollowGREATER NOIDA, India, Oct 4 (Reuters) - Indian oil refining giant Reliance Industries showcased its swappable and multipurpose battery storage technology for electric vehicles (EVs) on Wednesday, as it makes a big push on clean energy. Reliance, led by billionaire Mukesh Ambani, displayed removable and swappable batteries for EVs that can also be used to power household appliances through an inverter at a renewable energy exhibition. The batteries can be swapped at Reliance's battery swap stations or re-charged by households using rooftop solar panels, which also it plans to sell, the executives added. Development of battery storage solutions is a part of Reliance's bigger $10 billion green push towards clean energy projects. The factory will be set up by 2026 and will make batteries and containerised energy storage solutions.

Persons: Mukesh Ambani, Arpan Chaturvedi, Aditi Shah, Dhwani Pandya, Kim Coghill Organizations: Reliance Industries, Reliance, Electric, Thomson Locations: NOIDA, India

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