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☆ US gas is cheaper than before Russia invaded Ukraine
▼ + stars: | 2022-12-01 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

That is down about 12 cents in the past week and 29 cents in the past month. Gas prices were climbing in January and February as investors worried about disruptions from a Russian invasion of Ukraine. A range of factors have led to the drop in gas prices – and not all of them are positive. Although gas prices are still relatively high for this time of the year, they have also completely reversed the spike caused by the war in Ukraine. Looking ahead, some forecasters see gas prices continuing to dip, although there remains uncertainty over where oil prices go from here due to questions about OPEC policy and China’s Covid lockdowns.

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New York CNN Business —From retailers and computer chip makers to the oil-and-gas industry, businesses are scrambling to find workarounds where possible for a potentially devastating freight rail strike. Retailers, which rely on rail to move cargo from ports to warehouses, are considering shifting the timing of orders and shipments. Critically, the rail strike could disrupt the supply of chlorine and other critical chemicals used to keep drinking water safe. The oil-and-gas industry, for instance, warns a rail shutdown would spark fuel supply crunches and price spikes. “Congress appears likely to intervene in the coming days to avert a rail strike,” economists at Goldman Sachs wrote in a note to clients on Tuesday.

It's impossible to name one single best credit card, given the wide range of benefits, rewards, and annual fees available. Show more Regular Annual Percentage Rate (APR) 18.99% - 25.99% Variable Editor's Rating 4.8 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available. Show more Regular Annual Percentage Rate (APR) 19.99% - 26.99% Variable Editor's Rating 4.65 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.65 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available. Read our review Read Our Review A looong arrow, pointing rightBest secured rewards card for building credit Discover it® Secured Credit Card 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Intro offer Unlimited Cashback Match – only from Discover. Show more Regular Annual Percentage Rate (APR) 25.99% Variable Editor's Rating 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available.

More than a year after Washington, London and Canberra torpedoed a big French submarine contract, pushing Franco-US relations to breaking point, the two countries are expected to put on a show of unity on common threats from Russia and China. The French leader will try to negotiate exemptions for European companies on the model of those Mexico and Canada has already got, a French presidential adviser said. Macron wants France to build more nuclear reactors but it is struggling with corrosion issues at its ageing plants. Macron will also travel to Louisiana, ostensibly to pay tribute to the state's French heritage, but also to discuss energy issues, the French presidential advisor said. "The United States produce cheap gas but sell it to us at high price," Macron told French executives on November 8.

A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga.

☆ Oil drops as price cap proposal eases supply concerns
▼ + stars: | 2022-11-24 | by ( Ahmad Ghaddar | John Kemp | ) www.reuters.com time to read: +3 min

A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga. EU governments will resume talks on the price cap on Thursday or Friday, EU diplomats said.

U.S. gas prices are now at their lowest level since the February start of Russia's war in Ukraine, which sent prices soaring. "However, we can be thankful that gas prices are moving in the right direction for now,” Gross said. There remains wide geographic variability in gas prices, with averages in southern U.S. states well below the national rate. As demand remains subdued and gasoline stocks grow, drivers will likely see pump prices dip through the Thanksgiving holiday, it said. Still, this year is projected to be the third-busiest for Thanksgiving travel since AAA started tracking in 2000, the group said.

It's impossible to name one single best credit card, given the wide range of benefits, rewards, and annual fees available. Best secured rewards card for building credit Intro Offer Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best business credit card Intro Offer Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightBest secured rewards card for building credit Discover it® Secured Credit Card 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Intro offer Unlimited Cashback Match – only from Discover. Show more Regular Annual Percentage Rate (APR) 25.99% Variable Editor's Rating 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available.

☆ Germany wants to boost gas trading hub credit line to 20 bln euros - document
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 21 (Reuters) - Germany wants to give an additional 5 billion euros' ($5.1 billion) worth of credit to the nationwide gas market trading hub to enable forward sales from gas storage facilities, according to a finance ministry document seen by Reuters. That brings the total amount of credit for Trading Hub Europe (THE) to 20 billion euros, says the document seen on Monday. THE is a subsidiary of the country's gas network operators and is responsible for the gas market in Germany. Gas purchases were already being made through THE with loans secured by the federal government in order to fill the storage facilities in Germany. According to the note, the economy ministry had ordered in late September that 35% of stored gas volumes be sold via the futures market and 35% via the spot market this winter.

LONDON, Nov 21 (Reuters) - Oil prices were hit by an abrupt reversal of sentiment last week, with investors selling at the fastest rate for four months, as the economic outlook worsened and fears eased that the G7 price cap on Russian crude would disrupt its exports. The most recent week saw sales concentrated in Brent (-30 million barrels) and NYMEX and ICE WTI (-19 million) with lighter sales in European gas oil (-5 million), U.S. gasoline (-4 million) and U.S. diesel (-4 million). As a result, Brent futures prices and calendar spreads retreated as traders prepared for a relatively hard landing for the global economy which will likely cut oil consumption absolutely or at least relative to the previous trend. Related columns:- Oil investors set for supply fall to offset weak economy (Reuters, Nov. 15)- Hedge funds tempted back into crude oil market by limited supply (Reuters, Nov. 7)- Oil funds trapped between low inventories and slowing economy (Reuters, Oct. 31)- Oil investors on defensive as recession forces intensify(Reuters, Oct. 24)John Kemp is a Reuters market analyst. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

CNN Business —President Joe Biden will sit down Friday with business executives and labor leaders to highlight recent progress in combating inflation and steadying the economy, a White House official told CNN. “Thanks to the President’s economic plan, the U.S. economy has created 10 million jobs—including 700,000 manufacturing jobs—since the start of the Biden-Harris Administration,” a White House official said. “We are seeing initial signs that inflation is coming down: the October Consumer Price Index showed moderation in inflation, as did the October Producer Price Index released this week. Biden’s sit-down with the business and labor executives comes two days after he returned from a week-long trip to several global conferences. The Consumer Price Index slowed to a 7.7% annual gain last month, a slower pace than the 8% that economists had been expecting.

REUTERS/Maja Smiejkowska/File PhotoCommodity trade finance covers many types of loans, typically from banks, that facilitate global movement of goods from wheat to gasoline. Most trade finance loans are short-term, less than a year. Traders’ credit lines became strained last year when natural gas prices sky-rocketed in the fourth quarter. ‘DESIRE TO DIVERSIFY’Lending for commodity trade finance has become more diverse, with non-bank financial institutions (NBFI) stepping in. The underlying issue was the retreat of major banks from commodity financing after some 2020 defaults in the sector while Russian banks Sberbank and Gazprombank that were set to expand have now been shut out of Europe.

Commodity trade finance covers many types of loans, typically from banks, that facilitate global movement of goods from wheat to gasoline. Most trade finance loans are short-term, less than a year. The involvement of hedge funds in commodity trade finance has created a lifeline for smaller firms, deemed to be higher risk for banks due to strict capital requirements and clean energy goals. 'DESIRE TO DIVERSIFY'Lending for commodity trade finance has become more diverse, with non-bank financial institutions (NBFI) stepping in. The Swiss firm specialises in financing small to mid-sized commodity merchants and has achieved returns between 6% to 10% over the last 10 years.

[1/2] Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. In the most recent week, purchases were concentrated on the crude side in NYMEX and ICE WTI (+19 million barrels) and Brent (+10 million). There was smaller buying in U.S. gasoline (+7 million barrels) and U.S. diesel (+4 million) and no change in European gas oil. As a result, the combined crude position has climbed to 443 million barrels (39th percentile for all weeks since 2013), up from 314 million barrels (10th percentile). Related columns:- Hedge funds tempted back into crude oil market by limited supply (Reuters, Nov. 7)- Oil funds trapped between low inventories and slowing economy (Reuters, Oct. 31)- Oil investors on defensive as recession forces intensify (Reuters, Oct. 24)- OPEC⁺ cut draws hedge funds back into the oil market (Reuters, Oct. 10)John Kemp is a Reuters market analyst.

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☆ Gulf Arab states can’t give up oil. But they can slash their emissions
▼ + stars: | 2022-11-11 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +15 min

Abu Dhabi CNN —As Western states try to wean themselves off their addiction to hydrocarbons, Gulf oil nations have been pushing back hard, warning that a hasty transition away from fossil fuels will be counterproductive. According to the World Bank, Qatar had the highest carbon emissions per capita as of 2019, followed by Kuwait, Bahrain, the United Arab Emirates and Saudi Arabia. So, investment in clean energy projects and renewables “makes very good business sense and PR sense for the Gulf,” he said. Gulf petro-states are warning against a quick transition away from hydrocarbons, with the UAE calling for a “mixed energy” approach that minimizes emissions without cutting hydrocarbons. Much of the hydrocarbons exported by Gulf states go to some of the world’s biggest consumers and polluters, including China and India.

Consumer price increases eased to 7.7% in October, a sign that the persistent inflation that has plagued the U.S. economy is showing glimmers of cooling off, even as it remains near four-decade highs. By raising interest rates, the central bank hopes it can make it more costly to borrow and invest, thereby cooling off further price increases. Data show that both home prices and rents are on the decline, though there are often lags before they show up in official data. But the inflation rate remains far above the Fed's 2% target, meaning aggressive actions by the central bank are likely to continue. He added: “Despite a half-dozen interest rate hikes by the Federal Reserve, any broad-based, significant, and sustained easing of inflation pressures remains elusive.”

☆ Remaking the River That Remade L.A.
▼ + stars: | 2022-11-10 | by ( Michael Kimmelman | Photographs Adali Schell | ) www.nytimes.com time to read: +33 min

Remaking the River That Remade L.A.February 1938 was a wet month in Los Angeles. Reservoirs overflowed, dams topped out and floodwaters careered down Pacoima Wash and Tujunga Wash toward the Los Angeles River. The Los Angeles River was never a storybook river of the kind that, like the Hudson or the Seine, we associate with great cities. Among the naysayers is a venerable organization called Friends of the Los Angeles River, founded by the Texas-born poet and performance artist Lewis MacAdams. “With all the problems L.A. is facing,” he said, “even if it costs $50 billion to fix the river, we should just effing do it.”The headwaters of the Los Angeles River aren’t easy to find.

☆ Here’s the inflation breakdown for October 2022 — in one chart
▼ + stars: | 2022-11-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The consumer price index, a key inflation barometer, jumped by 7.7% in October relative to a year earlier — the smallest 12-month increase since January 2022. Economists expected a 7.9% annual increase, according to Dow Jones. "That's the crux of the problem: the pervasiveness of inflation," said Greg McBride, chief financial analyst at Bankrate. Hourly earnings have fallen 2.8% in the last year after accounting for inflation, according to the BLS. For example, consumers in the United Kingdom saw prices increase 10.1% annually in September, tying a 40-year high hit in July.

☆ Midterms could be a 'game changer' for stocks - and experts see big upside for the S&P 500 this election cycle.
▼ + stars: | 2022-11-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Whether or not this means Democrats hold onto their majority or Republicans claim victory in today's elections is still an open question. Early voters cast their ballots in Atlanta, Georgia in the 2018 midterm elections in October. If Republicans gain seats in today's midterm elections, the thinking is that Democrats would have a harder time passing aggressive fiscal spending plans. What's your view on how a Democrat or Republican victory in today's midterm elections impacts the stock market? Goldman Sachs named which stocks to buy now that can help you capitalize on gains during Tuesday's midterm elections.

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☆ UK to announce U.S. gas deal after climate change summit -Telegraph
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - British Prime Minister Rishi Sunak is poised to announce a major gas deal with the U.S. after the COP27 climate change summit, The Telegraph reported on Monday. Earlier this year, the United States agreed to supply 15 billion cubic metres of liquefied natural gas to the European Union to help it wean off Russian energy supplies. Sunak on Monday at the COP27 climate change summit said the war should accelerate efforts to wean the world off fossil fuels. Wholesale gas prices have soared in recent months as economies reopen from COVID-19 lockdowns and high demand for liquefied natural gas in Asia pushed down supplies to Europe. Around 12 British energy suppliers have already collapsed this year, affecting more than 2 million customers.

☆ Biden puts economic record front and center at New Mexico midterms rally
▼ + stars: | 2022-11-04 | by ( Peter Nicholas | Peter Nicholas Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +6 min

As an issue, democracy’s preservation pales in comparison to high prices and the economy. In fiery tones Thursday, Biden touted economic gains made since he succeeded former President Donald Trump — or, as he called him, “my predecessor.”“When I took office, this economy was in ruins,” Biden said. On the brink of an election that will decide control of Congress, Biden on Thursday dispensed with the unifying message that underpinned his inaugural address. If enacted, “you put Social Security and Medicare on the chopping block every five years” Biden said. Unable to squeeze inside, more than 100 people waited outdoors and were greeted by Biden before he gave his speech.

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