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☆ These executives say psychedelics like LSD and MDMA made them better managers — and transformed how they think about fulfilling work
▼ + stars: | 2024-03-21 | by ( Rachel Nuwer | ) www.businessinsider.com time to read: +13 min

Siskind is one of a growing number of entrepreneurs and executives seeking out psychedelics — including LSD, psilocybin mushrooms, ayahuasca, and MDMA — for work-related inspiration and guidance. AdvertisementA Manhattan psychedelic sound bathSarah Rose Siskind says one year after her psychedelic-induced revelation, work is going better than ever. When Siskind arrived at work on Monday, she called a staff meeting to share the company's new value-oriented direction. While Zillmer's breakthroughs came in Peru and with ayahuasca, these types of retreats for business professionals are popping up all over and with a variety of psychedelics. Beyond bottom linesThe location where Kiyumí Retreats will host a psychedelic retreat for business professionals later this year.

Persons: —, Sarah Rose Siskind, she'd, I'd, psychedelics, Steve Jobs, Mike Bryk, Siskind, David Luke, psychedelics Henrik Zillmer, Michael Costuros, Henrik Zillmer, Zillmer, It's, John Gilmore, Gilmore, Gül, Dölen, Isabel Wiessner, AirHelp, Kiyumí, Bennet Zelner, Zelner, they'd, John Allison, Allison Organizations: Service, Business, University of Greenwich, Sun Microsystems, University of California, Federal University of Rio, University of Maryland Locations: New York City, Silicon, Peru, Mexico, Noho, Manhattan, Bay, London, Berlin, Berkeley, Federal University of Rio Grande de Norte, Brazil, Netherlands, Brooklyn

☆ The Quiet Diplomat Who Shaped Biden’s Global Economic Policy
▼ + stars: | 2024-02-20 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

In the fall of 2022, two top Biden administration officials met in New York with a key European diplomat. Over dinner outdoors, they strategized about how best to throttle Russia’s oil revenues in retaliation for its invasion of Ukraine. Europe, Mr. Seibert said, had big problems with President Biden’s sweeping new climate law. They were worried the president was trying to ensure the future of U.S. manufacturing at the expense of some of America’s closest allies. The exchange set off months of behind-the-scenes talks, a major regulatory concession from the Treasury Department and high-level negotiations between Mr. Biden and fellow world leaders, all meant to soothe those concerns.

Persons: Bjoern Seibert, Mike Pyle, Wally Adeyemo, Seibert, Biden’s, Mr, Biden Organizations: Biden, National Security Council, European Commission, European Union, Treasury Department, Mr Locations: New York, European, Ukraine, United States, America

In Mo i Rana, a small Norwegian industrial town on the cusp of the Arctic Circle, a cavernous gray factory sits empty and unfinished in the snowy twilight — a monument to unfulfilled economic hope. The electric battery company Freyr was partway through constructing this hulking facility when the Biden administration’s sweeping climate bill passed in 2022. Perhaps the most significant climate legislation in history, the Inflation Reduction Act promised an estimated $369 billion in tax breaks and grants for clean energy technology over the next decade. Its incentives for battery production within the United States were so generous that they eventually helped prod Freyr to pause its Norway facility and focus on setting up shop in Georgia. Its pivot was symbolic of a larger global tug of war as countries vie for the firms and technologies that will shape the future of energy.

Persons: Mo i Rana Organizations: Biden Locations: Mo, Norwegian, United States, Norway, Georgia

☆ China's chances of staging an economic rebound this year look slim
▼ + stars: | 2024-02-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

China faces severe real estate woes, deflation, and an exodus of global investors. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe world has yet to witness any post-pandemic rebound in China, and Wall Street expects little to change in 2024. The ongoing exodus of global investors is evidence the bear case is intact, and the country's real estate sector continues to look more and more precarious. AdvertisementThat in turn has cratered sentiment, as Chinese households have the majority of their wealth tied to real estate.

Persons: —, DataTrek, Nicholas Colas, Jessica Rabe, Mike Edwards, Weiss, haven't, Edwards, Tracy Chen, Chen, Caesar Maasry, Goldman Sachs, Maasry Organizations: Service, Wall, Tech, Baidu, US, Business, Brandywine, Supply, Seng China Enterprises, Bloomberg Locations: China, Beijing

☆ Want to work in climate? Look to Georgia and the Carolinas
▼ + stars: | 2024-01-04 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

That figure reflects planned projects in Georgia, South Carolina, North Carolina, Tennessee, and Kentucky. Brian Kemp of Georgia, Roy Cooper of North Carolina, and Henry McMaster of South Carolina. Albemarle, which mines lithium, a key component of EV batteries, plans to build processing plants in South Carolina and open new mining operations in North Carolina. In Georgia, companies have announced at least 26 projects that they estimate could create 14,881 manufacturing jobs. Companies in South Carolina project nearly 11,500 jobs, while more than 8,200 jobs are estimated in North Carolina.

Persons: Bob Keefe, Keefe, who's, Brian Kemp of, Roy Cooper of, Henry McMaster of, Kemp, There's Organizations: Companies, Service, Henry McMaster of South, BMW, Hyundai, South, SK, EV, Mining Locations: Georgia, South Carolina, Business, Carolinas, Georgia , South Carolina, North Carolina , Tennessee, Kentucky, China, Asia, Dalton , Georgia, Atlanta, Savannah, Brian Kemp of Georgia, Roy Cooper of North Carolina, Henry McMaster of South Carolina, Spartanburg, Rivian, Georgia . Albemarle, North Carolina

But that came after they had sold petroleum in eight of the previous nine weeks, reducing their position by a total of 342 million barrels. In the premier NYMEX WTI contract, funds had amassed bearish short positions amounting to 116 million barrels by Nov. 28, up from 20 million barrels eight weeks earlier. Funds purchased the equivalent of 10 million barrels split between U.S. gasoline (+2 million), U.S. diesel (+4 million) and European gas oil (+4 million). Funds held a net long position in gasoline of 66 million barrels (72nd percentile) up from 26 million barrels (19th percentile) six weeks earlier. Related columns:- Record U.S. oil output challenges Saudi mastery (December 4, 2023)- Investors bet against OPEC+ raising oil prices (November 28, 2023)John Kemp is a Reuters market analyst.

Persons: de Wouw, John Kemp, Kirsten Donovan Organizations: Port, REUTERS, ICE, Fund, U.S, . Funds, U.S ., Funds, Saudi, OPEC, Thomson, Reuters Locations: Rotterdam, Netherlands, Brent, Saudi Arabia, United States, U.S

REUTERS/Mike Segar/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Lower 48 production climbed to a record of 10.8 million b/d, surpassing the pre-pandemic peak of 10.5 million b/d set in December 2019. Drilling activity usually turns down around 4-5 months after prices and production turns down 10-12 months after prices fall. Production growth has slowed consistently since the middle of 2022 in response to the sharp fall in prices. Related columns:- U.S. oil output hits record as producers boost drilling efficiency (November 1, 2023)- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, OPEC’s, John Kemp, Barbara Lewis Organizations: Bayway, REUTERS, OPEC, U.S . Energy Information Administration, Cooperation, Energy Information Administration, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi Arabia, Gulf of Mexico, Alaska, OPEC, United Kingdom, Russia, Soviet, Vienna, Brazil, Guyana, El, Saudi

Chartbook: India electricity generationTotal electricity demand met increased by 24 billion kilowatt-hours (kWh) (+21%) in October compared with the same month a year earlier. Wind increased by 0.3 billion kWh (+10%) while solar was up 1.3 billion kWh (+16%). Instead the electricity system turned to gas (1.6 billion kWh, +103%) and especially coal (28 billion kWh, +33%) to meet demand. Coal-fired generators produced a seasonal record of 111 billion kWh in October 2023 up from 84 billion kWh in October 2022. Over the same period, coal generation capacity has increased by just 9 million kilowatts (1% per year) and gas-fired capacity has been essentially unchanged.

Persons: Adnan Abidi, John Kemp, Barbara Lewis Organizations: REUTERS, UN, Central Water Commission, Thomson, Reuters Locations: New Delhi, India, Dubai, Himalayas, Tibet, baseload

REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - Investors are increasingly pessimistic about the outlook for crude oil prices as doubts grow OPEC+ will cut production enough to offset rising non-OPEC output and a deteriorating economic outlook. But many professional money managers are more optimistic about refined fuel prices, especially U.S. gasoline and diesel, expecting low inventories will ensure prices remain stronger than crude. By contrast, the position in fuels was 114 million barrels (51st percentile), with substantial positions in U.S. gasoline (64 million barrels) and U.S. diesel (33 million barrels). The surplus had swelled from +60 bcf (+2% or +0.23 standard deviations) at the start of October despite very low prices. Related columns:- U.S. crude oil bears risk reversal from crowded trade (November 20, 2023)- U.S. gasoline stocks add to crude oil turbulence (November 17, 2023)- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)John Kemp is a Reuters market analyst.

Persons: Leonhard Foeger, Brent, Henry, John Kemp, Mark Potter Organizations: REUTERS, ICE, U.S ., Funds, Henry Hub, Thomson, Reuters Locations: Vienna, Austria, OPEC, NYMEX, Saudi Arabia, Louisiana, Cushing

☆ Ray Dalio hails the Gulf's 'renaissance states' amid a period of 'greater disorder' globally
▼ + stars: | 2023-11-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Ray Dalio speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. We're now talking about a renaissance state here that happens within this greater geopolitical and economic environment," Dalio told CNBC's Dan Murphy on Tuesday. The UAE "is a renaissance state," Dalio said. Amid higher oil prices in recent years, the region's mammoth sovereign wealth funds had ever more to spend. The region's combined 10 largest sovereign wealth funds managed some $4 trillion in early 2023, according to the Sovereign Wealth Fund Institute.

Persons: Ray Dalio, ABU, Dalio, CNBC's Dan Murphy, Dalio's Organizations: Forbes, Getty, United, United Arab Emirates, Bridgewater Associates, United Arab, CNBC, Abu, Abu Dhabi Finance, GCC, Gulf Cooperation, Dalio's Bridgewater Associates, Pensions & Investments, The, Dubai International Financial, Sovereign Wealth Fund, —, Saudi Arabia's Public Investment Fund Locations: New York City, Taylor, ABU DHABI, United Arab, Gulf, United Arab Emirates, Abu Dhabi, U.S, Singapore, The UAE, UAE, Saudi Arabia, Dubai, London, New York, France

But 18-24 months later, the acute phase of the adjustment is complete, with energy inventories comfortable and prices reverting towards long-term inflation-adjusted averages. Chartbook: Europe's energy supplies and pricesThere will undoubtedly be more shocks in future, but the disruption associated with the end of the pandemic and Russia’s invasion of Ukraine is over. Europe’s residual issue is that it has swapped relatively cheap Russian pipeline gas for relatively expensive LNG, putting its industrial competitiveness at risk, but that is a chronic problem rather than a crisis. OILIn the oil market, U.S. domestic crude and condensates production has continued to increase and surpassed its pre-pandemic peak in August 2023. Related columns:- China braces for record winter electricity demand (November 24, 2023)- Europe’s gas crisis is over, but not the painful adjustment (November 21, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Europe's record gas stocks start to pressure prices (November 7, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Jan Harvey Organizations: U.S, Brent, Thomson, Reuters Locations: Europe, Asia, Ukraine, U.S, Saudi Arabia, Germany, Italy, France, Netherlands, Spain, Belgium, Poland, Northwest Europe, China, Russia, South, East Asia, Brazil

☆ China's industrial profits extend gains as outlook improves
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Siyi Liu/File Photo Acquire Licensing RightsBEIJING, Nov 27 (Reuters) - Profits at China's industrial firms extended gains for a third month in October, adding to signs of a stabilising economy following a run of mostly upbeat data suggesting Beijing's support measures have helped bolster a tentative comeback. For the first 10 months of 2023, profits slid 7.8% from a year earlier, narrowing from a 9% decline in the first nine months, data from the National Bureau of Statistics (NBS) showed on Monday. "However, the volatility of profits is a sign enterprises remain highly sensitive to input costs," he added. "The sharp slowdown of year-on-year profit growth was partly driven by a rebound in energy prices." Industrial profits data covers firms with annual revenues of at least 20 million yuan ($2.74 million) from their main operations.

Persons: Siyi Liu, Xu Tianchen, Joe Cash, Liz Lee, Qiaoyi Li, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Economist Intelligence Unit, Green Energy Technology Co, Thomson Locations: Dezhou, Shandong province, China, Rights BEIJING

Peak electricity demand may increase by as much as 140 million kilowatts (12%) compared with winter 2022/23, the National Energy Administration (NEA) forecast on Oct. 31. Planners have been anxious to avoid a repeat of the fuel and power shortages that occurred in the autumn and winter of 2021/22. Chartbook: China electricity generationIn the first ten months of 2023, domestic coal production increased by 144 million tonnes (11%) and imports by 154 million tonnes (67%) compared with the prior year. The NEA said power generators’ inventories should be maintained at 200 million tonnes, up from 170 million tonnes a year ago. In the same period, domestic gas production increased by 8 million tonnes (6%), while liquefied natural gas (LNG) imports rose by 6 million tonnes (12%) and pipeline imports increased by 2 million tonnes (5%).

Persons: Tingshu Wang, John Kemp, Jan Harvey Organizations: REUTERS, National Energy Administration, Planners, NEA, Thomson, Reuters Locations: Yanqing district, Beijing, China, Yunnan, Inner Mongolia, Chartbook, Guangdong, Hainan

☆ Rare earth discoveries mean coal mines could have a key role to play in the energy transition
▼ + stars: | 2023-11-24 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

Boy_anupong | Moment | Getty ImagesFrom Pennsylvania to the north of England, coal mines helped to power the Industrial Revolution, turbocharging the economic growth of countries around the world. SubscribeIn May, U.S. firm Ramaco Resources offered some insight into how coal may have a role to play in the years ahead. "It is expected they can be mined using normal surface mining techniques and processed in a more economic and environmental manner than conventional REE mines." Elsewhere, researchers at Penn State have also been focusing on ways to source rare earths and critical minerals via waste from coal mines. Across the Atlantic, efforts to repurpose old coal mines so that they can be used for many more years to come have also been taking shape.

Persons: Ramaco, REEs, CNBC's Kelly Evans, Randall Atkins Organizations: Greenpeace, UN, International Energy Agency, CNBC, Ramaco Resources, Weir International, U.S . Department of Energy's National Energy Technology Laboratory, China, West Virginia University, U.S . Department of Energy, Penn State, Geothermal Engineering Limited Locations: Pennsylvania, England, U.S, REE, Wyoming, United States, China, Scotland

☆ Every country needs an Inflation Reduction Act
▼ + stars: | 2023-11-23 | by ( Antony Currie | ) www.reuters.com time to read: +9 min

REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 23 (Reuters Breakingviews) - Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal. Yet concerns about market distortion from the policy intended to stimulate investment in the energy transition and signed into law by President Joe Biden in August 2022 are easing. The Biden administration’s willingness to negotiate on its package of $370 billion of tax breaks and other measures has helped. Reuters GraphicsTrouble is, governments also need to show that they will be fiscally responsible stewards of the energy transition in the short term – especially with inflation still a threat and budgets under pressure. In a speech on Nov. 2 about enabling Australia’s energy transition, Treasurer Jim Chalmers said that “incentives like the type we’ve seen in the Inflation Reduction Act in the United States can be part of an answer but they’re not the whole answer”.

Persons: David Brockwell, David Gray, Australia’s Fortescue, FMG.AX, Joe Biden, Biden, –, Goldman Sachs reckons, ’, Uncle Sam, Fumio, Jim Chalmers, they’re, Chalmers, Una Galani, Thomas Shum Organizations: REUTERS, Rights MELBOURNE, Reuters, Australia, Washington, European, of America, Labor Energy Partnership, U.S, Canberra, Climate Energy Finance, Climate Capital Forum, Deloitte, National Australia Bank, quicken, Thomson Locations: Lake George, Canberra, South Korea, United States, Seoul, European Union, U.S, Japan, Washington, EU, Australia

☆ Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +6 min

A Li L7 electric SUV by Li Auto is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. One-third of total vehicle sales by Toyota, the world's top-selling automaker, are already hybrids and the company reported a 34% surge in hybrid sales in the six months to end-September, outpacing 9% growth in overall revenue. Sales of HEVs in China, which Toyota still dominates with four top-selling models, tumbled 15%, while gasoline car sales dropped 11%, underscoring potential challenges facing foreign automakers. But it was a failed trial, with sales of just over 4,000 units, and GM in 2020 halted sales. BYD is expanding PHEV sales overseas, offering Han, Qin and Song lineups in Latin America, which has less charging infrastructure.

Persons: Li Auto, Aly, Xu Min, Yale Zhang, BYD, Li, Han, Qin, Stellantis, Leapmotor, Xu, Bill Russo, Zhang Yan, Brenda Goh, Miyoung Kim, Gerry Doyle Organizations: Li, Auto, REUTERS, Rights, Toyota, Honda, Shanghai Jiao Tong University's Institute, Intelligent, Reuters, China Association of Automobile Manufacturers, HK, Automotive Foresight, Reuters Graphics, Prius, General Motors, Buick, GM, Li Auto, Jiao Tong University, HEVs, Thomson Locations: Auto Shanghai, Shanghai, China, Europe, U.S, outpacing, United States, Shanghai Jiao, Reuters Graphics CHINA, America, Leapmotor, North America

A general view of pipelines on the gas storage facility at the gas trading company VNG AG in Bad Lauchstaedt, Germany July 28, 2022. REUTERS/Annegret Hilse Acquire Licensing RightsLONDON, Nov 21 (Reuters) - Europe’s gas inventories continued to accumulate much later than usual into the autumn as exceptionally mild weather delayed the onset of the winter heating season. It was the culmination of an unusually long refill season which has left the region’s storage sites brimming with gas and eliminated fears about supply security. In an average heating year, Frankfurt will experience a total of around 2,161 heating degree days between July 1 and June 30. Related columns:- Europe's record gas stocks start to pressure prices (November 7, 2023)- Europe’s gas stocks at record high going into winter 2023/24 (October 6, 2023)John Kemp is a Reuters market analyst.

Persons: Annegret, John Kemp, Marguerita Choy Organizations: VNG AG, REUTERS, European Union, Britain, Gas Infrastructure, Thomson, Reuters Locations: Bad Lauchstaedt, Germany, Chartbook, Europe, GIE, Ukraine, Northwest Europe, Frankfurt, EU, Russia, Asia

☆ From black gold to green power: Texas, weirdly, is leading America's clean energy future
▼ + stars: | 2023-11-21 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +16 min

John DavisDeals like Davis' have made Texas — America's oil capital for more than a century — the top producer of renewable energy in the US. The state has long generated the most wind power and is second only to California as a solar-energy producer. The high-stakes battle for Texas' energy future is a microcosm of how tricky America's green transition is shaping up to be, especially when politics are involved. Slowing down renewable energy could cost Texas in the long term, both economically and socially. The coalition seems to be growing stronger, even as Texas politicians shift further to the right on issues beyond renewable energy.

Persons: John Davis, Davis, Greg Abbott, Critics aren't, there's, George W, Bush, Rick Perry, Abbott, Winter Storm Uri, hasn't, it's, It's, Judd Messer, Madeline Gould Laughlin, Michael Looney, San Angelo Chamber of Commerce Brent Bennett, Bennett, Messer, That's, Enel's Laughlin, Enel, Sandhya Ganapathy, Catherine Boudreau Organizations: Menard, RES, Texas, Republican, Texans, Power Alliance, John Davis Texans, University of Texas, Winter Storm, ERCOT, Bloomberg, Texas Public Policy Foundation, Texas Energy Fund, Advance Power Alliance, San, San Angelo Chamber of Commerce, Chamber of Commerce, ExxonMobil, Chevron, West Texas Chamber of Commerce, Lone Star, EV Locations: North Dakota, Texas, America, Nowhere, Menard , Texas, Concho County , Texas, California, Menard, Austin, San Angelo, Midland , Texas

Chartbook: Oil and gas positionsAs in previous weeks, sales in the most recent week were led by crude (-16 million barrels), especially NYMEX and ICE WTI (-11 million), with some extra sales in Brent (-5 million). Funds held a larger position of 171 million barrels in Brent, but that was in only the 28th percentile, still significantly bearish. Funds purchased 9 million barrels over the seven days ending on Nov. 14 and had purchased a total of 25 million barrels since Oct. 17. The net position had doubled to 51 million barrels (46th percentile) on Nov. 14 up from 26 million barrels (19th percentile) four weeks earlier. Related columns:- U.S. gasoline stocks add to crude oil turbulence (November 17, 2023)- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Barbara Lewis Organizations: ICE, Funds, ICE WTI, Fund, Thomson, Reuters Locations: Brent, NYMEX, Saudi Arabia, Russia, bearishness, United States, Cushing

Gasoline prices are displayed at an Exxon gas station behind American flag in Edgewater, New Jersey, U.S., June 14, 2022. By September and October, gasoline stocks were increasing rather than falling as is normal at this point in the year. Gasoline margins fell by three-fourths to an average of less than $10 per barrel in October, among the lowest for a decade. In the meantime, the lower intake added to crude inventories and accelerated the pullback in crude prices and calendar spreads. Related columns:- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, Cushing, John Kemp, David Evans Organizations: Exxon, REUTERS, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Edgewater , New Jersey, U.S, Cushing

The two leaders, who will meet on the sidelines of a summit of Asian-Pacific leaders, last spoke a year ago. Both men are seeking to show the world that while the U.S. and China are economic competitors, they are not locked in a winner-take-all faceoff with global implications. Their relationship has been increasingly defined by differences over export controls, Taiwan and the conflicts in the Middle East and Europe. Xi, meanwhile, is looking for assurances from Biden that the U.S. will not support Taiwan independence, start a new cold war or suppress China’s economic growth. “It is reported he’s very worried about the negative opinion of China in the United States,” Schumer said.

Persons: Joe Biden, Xi, Biden, John Kirby, “, We’re, ” Kirby, He's, Chuck Schumer, ” Schumer, Sagar Meghani Organizations: FRANCISCO, U.S, Economic Cooperation, White, Tuesday, National, State Department, APEC, Monetary Fund, Labor Department, Biden, Associated Press Locations: China, U.S, Iran, Taiwan, California, Asia, San Francisco, East, Europe, Tehran, Israel, Washington, Beijing, “, United States

Hedge funds and other money managers sold the equivalent of 57 million barrels in the six most important futures and options contracts over the seven days ending on Nov. 7. Fund managers have been sellers in five of the most recent six weeks reducing their combined position by a total of 331 million barrels since Sept. 19. The combined position was reduced to just 349 million barrels (13th percentile for all weeks since 2013) from a high of 680 million barrels (64th percentile) six weeks earlier. Bearish short positions in the premier NYMEX WTI contract were boosted to 96 million barrels on Nov. 7 from just 20 million at the start of October. Related columns:- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Investors dump crude oil and distillates as Mideast risk recedes (November 6, 2023)- Crude oil sees fresh short sales as interest rates rise (October 30, 2023)- Investors dumped oil among fastest rates in last decade (October 16, 2023)- Oil investors turn cautious away from Cushing squeeze (October 2, 2023)John Kemp is a Reuters market analyst.

Persons: Henry Romero, Brent, Cushing, John Kemp, David Evans Organizations: REUTERS, OPEC, ICE, U.S, Thomson, Reuters Locations: Gulf of Mexico, Veracruz, Mexico, Saudi Arabia, Chartbook, WTI, NYMEX, Cushing, Oklahoma, Russia

But the major railroads hauled slightly fewer containers than a year ago and 11% fewer containers than four years earlier. The strong growth in manufacturing activity between the middle of 2020 and middle of 2022 was a rebound following the disruption caused by the first wave of the coronavirus pandemic and associated lockdowns. Since then spending has rotated back towards services and there has been little if any expansion in the manufacturing sector. Chartbook: U.S. manufacturing activityLack of growth is evident in industrial energy consumption. Three-quarters of all distillate fuel oils such as diesel are consumed in freight and manufacturing, according to data from the Energy Information Administration.

Persons: Andrew Kelly, Jobs, John Kemp, Jonathan Oatis Organizations: REUTERS, Federal Reserve, Bureau of Labor Statistics, Energy Information Administration, Thomson, Reuters Locations: IceStone, New York City , New York, U.S, Europe, China, doldrums

☆ A Wall Street banker bought a coal mine sight unseen that could contain $37 billion worth of rare earth minerals
▼ + stars: | 2023-11-10 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +4 min

Over a decade ago, a Wall Street banker bought a coal mine to sell coal. Turns out, the mine contains rare earth elements that could be worth tens of billions of dollars. AdvertisementAdvertisementIn 2011, Randall Atkins, a former Wall Street banker, bought a mine outside of Sheridan, Wyoming, sight unseen, The Wall Street Journal reported. In May, Ramaco announced that Atkins' Brook Mine contains one of the largest unconventional deposits of rare earth elements in the US. Early this year, the White House announced it plans to invest $32 million in domestic rare earth and other mineral projects.

Persons: —, Randall Atkins, Atkins, Ramaco, REE, REEs, David Becker, Patty Webber, They're, haven't, Shannon Anderson Organizations: Wall Street, Service, Street Journal, Casper Star, Tribune, DOE's National Energy Technology Laboratory, International, Inc, Resources, Reuters, Geological Survey, Wyoming Public, Defense Department, White House, Sheridan Press Locations: Sheridan , Wyoming, Atkins, Wyoming, China

Chartbook: Oil inventories and pricesCushing accounted for 55% of the nationwide depletion even though it held less than 10% of all crude inventories at the end of June. There were only small depletions in the rest of the Midwest (5 million barrels) and along the Gulf of Mexico (8 million barrels) and insignificant changes elsewhere. Since then, prices and spreads have collapsed, even though U.S. crude inventories at Cushing and elsewhere have barely changed so far. U.S. commercial crude inventories are about 9 million barrels (-2% or -0.22 standard deviations) below the prior ten-year seasonal average. Related columns:- U.S. oil futures surge as Cushing stocks evaporate(September 28, 2023)- Oil prices surge as stocks drain away from Cushing(September 15, 2023)- Depleting U.S. crude inventories lift oil prices(August 31.

Persons: Todd Korol, Brent, Brent's, CUSHING, NYMEX WTI, bullish, WTI, Cushing, John Kemp, David Evans Organizations: Gas, REUTERS, OPEC, Treasury, Manufacturers, Fund, Thomson, Reuters Locations: Granum , Alberta, Canada, Saudi Arabia, U.S, United States, Europe, China, Cushing, Oklahoma, of Mexico, NYMEX, OPEC

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