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Biden repeatedly tapped the Strategic Petroleum Reserve (SPR) last year to manage rising gasoline prices and disruptions to supply caused by Russia's invasion of Ukraine. McMorris Rodgers now chairs the House Energy & Commerce Committee, after Republicans took over the chamber this month from Democrats. "This bill would significantly weaken this critical energy security tool, resulting in more oil supply shortages in times of crisis and higher gasoline prices for Americans," Granholm said in the letter to the House energy panel, first seen by Reuters. Rodgers said in an email the committee was still reviewing the letter, but that the bill would have "absolutely no effect" on the department's emergency authorities regarding the oil reserve. The White House has criticized the legislation, calling it "backwards" and an attempt by House Republicans to help oil companies make more profits.

Biden repeatedly tapped the Strategic Petroleum Reserve (SPR) last year to manage rising gasoline prices and supply disruptions caused by Russia's invasion of Ukraine. The sales shrunk the SPR to about 380 million barrels, the lowest level since 1984, raising concerns about energy security. McMorris Rodgers now chairs the House Energy & Commerce Committee after Republicans took over the chamber earlier this month from Democrats. "This bill would significantly weaken this critical energy security tool, resulting in more oil supply shortages in times of crisis and higher gasoline prices for Americans," Granholm said in the letter to the House energy panel, which was first seen by Reuters. The White House has criticized the legislation, calling it "backwards" and an attempt by House Republicans to help oil companies make more profits.

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☆ Gas starts to flow to Freeport LNG export plant in Texas - data shows
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - Freeport LNG's long-shut liquefied natural gas (LNG) export plant in Texas started receiving pipeline natural gas over the long U.S. Martin Luther King Jr holiday weekend, according to Refinitiv data. Gas started flowing to Freeport on Jan. 14 and was on track to reach 69 million cubic feet per day (mmcfd) on Tuesday, according to data from Refinitiv. Freeport has not yet filed a request with federal regulators to restart the plant, according to a source familiar with the company's filings. Whenever Freeport returns, U.S. gas demand will jump. The plant can turn about 2.1 billion cubic feet per day (bcfd) of gas into LNG, which is about 2% of U.S. daily production.

[1/2] Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. Hedge funds and other money managers sold the equivalent of 17 million barrels in the six most important petroleum-related futures and options contracts over the seven days ending on Jan. 10. Investors sold a total of 29 million barrels in the two most recent weeks, after purchasing 103 million barrels in the two weeks before, according to position records published by regulators and exchanges. The net position in middle distillates is 60 million barrels (48th percentile) but the net position in crude is just 301 million (9th percentile). Sluggish output growth from U.S. shale producers, sanctions on Russia's oil exports, China's eventual emergence from the coronavirus pandemic and depleted diesel stocks are all contributing to eventual bullishness about prices.

☆ Russian gas will eventually return to Europe as nations 'forgive and forget,' Qatari energy minister says
▼ + stars: | 2023-01-16 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

On Friday, Russian energy supplier Gazprom said it would not resume its supply of natural gas to Germany through the key Nord Stream 1 pipeline, blaming a malfunctioning turbine. Hannibal Hanschke | ReutersThe European Union's rejection of Russian energy commodities following Moscow's invasion of Ukraine won't last forever, Qatar's Energy Minister said during an energy conference over the weekend. EU countries have dramatically cut down their imports of Russian energy supplies, imposing sanctions in response to Moscow's brutal, full-scale invasion of Ukraine. "But Russian gas is going back, in my view, to Europe," al-Kaabi said. Italy has dramatically reduced its reliance on Russian gas by replacing it with energy sources from alternative producers, such as Algeria.

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Working gas stocks in underground storage were 293 billion cubic feet (-9%) below the pre-pandemic five-year seasonal average on Dec. 30 compared with a deficit of 71 billion cubic feet (-2%) on Dec. 16. Chartbook: U.S. gas prices and inventoriesTraders no longer fear inventories will run critically low this winter; they are instead preparing to deal with a large surplus that will need to be stored in the summer of 2023. The market moved from a record inventory depletion (-995 billion cubic feet) in January 2022 to a record seasonal accumulation (+442 billion cubic feet) in October 2022. Exports increased by 2,001 billion cubic feet (+54%), mostly in the form of increased LNG exports of 1,418 billion cubic feet (+79%). Related columns:- U.S. gas exports squeeze domestic supply (Reuters, Sept. 29)- U.S. power producers are consuming near-record volumes of gas (Reuters, Aug. 2)- U.S. gas prices climb as stocks fail to rebuild fast enough (Reuters, July 29)- U.S. gas production must accelerate to meet LNG export demand (Reuters, June 1)John Kemp is a Reuters market analyst.

☆ Inflation just dropped to 6.5%—but the 'most important' factor in predicting if it will keep falling is up 0.4%
▼ + stars: | 2023-01-12 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

However, an inflation measure recently described by Federal Reserve chairman Jerome Powell as "most important" in determining where inflation will go has increased after being largely flat for the previous two months. In Thursday's CPI report, "services less rent of shelter" showed a 0.4% increase in December. Prior to today's CPI report, the costs of services excluding housing had shown "tentative signs of rebalancing," according to Powell. With "services less rent of shelter" increasing in December, rising inflation will likely remain a concern for the central bank. Similarly, the rising cost of homes and rent is also expected to decrease in the back half of 2023, according to Powell.

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LONDON, Jan 9 (Reuters) - Rallying oil prices ran out of steam just before the end of the year as investors turned cautious after two weeks of heavy petroleum buying. Hedge funds and other money managers sold the equivalent of 12 million barrels in the six most important petroleum-related futures and options contracts over the seven days ending Jan. 3. Light selling emerged after funds had purchased 103 million barrels over the preceding two weeks, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission. But global distillate inventories remain severely depleted after an unprecedented drawdown between the middle of 2020 and the middle of 2022. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. natural gas tumbled about 18% in the first week of January, the biggest slide on record to start a year, according to Refinitiv Eikon data. The 12% drop in distillate futures , was the biggest dive to start a year since 1991. In natural gas, U.S. futures fell further on Friday, dropping 5% to $3.52 per million British thermal units during the session, its lowest since July 2021. This week, it forecast U.S. natural gas prices would drop to $4.00-$4.20 per million British thermal units in the second quarter through third quarter.

☆ Take Five: Welcome to 2023
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +5 min

LONDON, Jan 6 (Reuters) - A potential shift by the world's most dovish major central bank, inflation pressures abating, a turn in the economic outlook and oil markets suffering their biggest tumble in decades: Welcome to 2023! 1/ EARNINGS AND INFLATIONThe week ahead brings a critical read into two key themes for Wall Street in 2023: the health of corporate profits and inflation. With crude oil volatility soaring, 2023 might be anything but plain sailing for producers and consumers alike. Barclays expects the UK economy to keep contracting until the end of the third quarter of 2023. It takes time for declines in market prices to filter through into household bills, but signs are positive for cash-strapped consumers and businesses.

☆ Exxon signals strong Q4 profit to drive annual record
▼ + stars: | 2023-01-05 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Reuters GraphicsThe about $15.4 billion in operating profits excluding impairments indicates annual results will far exceed the record $45 billion Exxon posted in 2008, when oil prices peaked at $142 per barrel. The company posted back-to-back record profits in the second and third quarters last year. These record profits might lead to fresh calls to levy windfall taxes in the U.S. High international oil and natural gas prices last year generated record earnings among all oil majors. Sky-high oil prices that fueled gains for most of the year eased in the final quarter.

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☆ Joe Biden's biggest successes and failures in his second year in office
▼ + stars: | 2022-12-31 | by ( Nicole Gaudiano | Brent D. Griffiths | ) www.businessinsider.com time to read: +15 min

His second year in office was marked by historic legislative achievements despite Democrats' razor-thin majority in Congress. Here are some of the highs and lows from Biden's second year:Success: UkrainePresident Joe Biden talks with Ukrainian President Volodymyr Zelenskyy outside the White House. Conservative New York Times columnist Bret Stephens in September called the "staggering gains" by Ukrainian forces "a victory for Joe Biden, too." Universal pre-K was included in a sweeping spending plan passed by House Democrats until their Senate colleagues cut that out too. Failure: InflationPresident Joe Biden arrives for an event focused on inflation and the supply chain at the Port of Los Angeles in June.

Holiday meals were also more expensive, and food prices outpaced inflation throughout the year. But while some items saw massive double-digit increases in 2022, others were a deal. In the year through November, several major electronics got cheaper: Smartphone prices plunged 23.4%, TV prices dropped 17% and computers got 4.4% less expensive. Elijah Nouvelage/AFP/Getty ImagesIn the year through November, food got 10.6% more expensive, outpacing overall inflation. Food away from home became 8.5% more expensive in 2022, with many restaurants hiking up menu prices in order to mitigate their own higher input costs.

The additional demand for liquefied natural gas (LNG) and tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. Newcastle coal futures have soared almost 140% in 2022, the biggest jump since 2008. U.S. gas futures jumped by more than 20% and Dutch wholesale gas prices rose by almost 8%, both rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue to import LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated as limited new supplies come onstream. However, a European cap on gas prices starting in February could keep a lid on the market and reduce the volatility seen this year.

Industrial metals, iron ore and rubber are on track to finish in negative territory, pushed down in 2022 by China's strict zero-COVID policy and fears of a world recession. The additional demand for liquefied natural gas (LNG) amid tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. U.S. gas futures and Dutch wholesale gas prices have jumped by more than 20%, rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue importing LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated amid limited new supplies coming on-stream. However, a European cap on gas prices starting in February could help keep a lid on the market and reduce the volatility seen this year.

☆ Oil expected to stay volatile in 2023, but the price could depend on China reopening
▼ + stars: | 2022-12-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +10 min

Keeping a lid on prices Oil futures fell Wednesday amid signs that China is moving ahead to normalize its economy, with the removal of border and travel restrictions. Russia's invasion of Ukraine was the biggest shock to the oil market in the past year, sending prices spiking in the first quarter. Under some scenarios, a strong reopening in China could drive oil close to about $120 if supply is short. The latest efforts to penalize Russia were Europe's ban on seaborne oil, as of Dec. 5, as well as a G-7 price cap on the price Russia can receive for its oil. Morse said more oil supply is coming on line from the U.S. and other Western Hemisphere producers in 2023.

☆ Analysis: Argentina's Vaca Muerta shale boom is running out of road
▼ + stars: | 2022-12-27 | by ( Eliana Raszewski | ) www.reuters.com time to read: +8 min

[1/4] Workers stand next to a drilling rig in Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina November 3, 2022. It holds the world's second-largest shale gas reserves and the fourth-largest shale oil deposits. Reuters Graphics'ABOUT TO COLLAPSE'On the ground in the key Vaca Muerta shale town of Anelo the signs of strain are clear. Local and regional demand is not enough," said Ricardo Markous, president of Tecpetrol, which operates the huge Fortin de Piedra field in Vaca Muerta. There are currently around eight active fracking crews in Vaca Muerta compared to nearly 280 in the United States, Rystad said.

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"On Tuesday, all of a sudden I'm hearing the interest rates are going up," said the 48-year-old father of two. Like Nakamura, many Japanese fear they may eventually start paying more for mortgages. "Even a small increase would have a big impact on consumer incomes," said Masaaki Kanno, chief economist at Sony Financial Group and a former central bank official. Fixed-rates are seen rising first, because the central bank allowed 10-year yields to creep up. The company is telling them that floating-rate loans won't be affected as long as the central bank keeps short-term rates negative, he said.

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