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☆ Oil prices rise as US-led strikes in Yemen raise fears of wider conflict
▼ + stars: | 2024-01-12 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —US-led airstrikes on Houthi targets in Yemen rattled energy markets on Friday, sending oil prices sharply higher. Oil prices rose sharply after US-led strikes on multiple Houthi targets in Yemen in response to repeated attacks on commercial shipping in the Red Sea. Another concern is that oil facilities in Saudi Arabia could get hit by a retaliatory strike from the Houthis. In 2019, roughly 5% of world oil supply was briefly knocked offline in a large-scale drone attack on Saudi oil facilities. Despite Friday’s gains, oil prices remain lower than where they were before the October 7 attacks by Hamas against Israel due to concerns about oversupply.

Persons: Brent, “, ”, Robert Yawger, ” Yawger, John Kirby, CNN’s Becky Anderson, ” Kirby, ” Matt Smith, ” Helima Croft, Croft, ” Croft Organizations: New, New York CNN, Mizuho Securities, White House National Security Council, RBC Capital Markets, CIA Locations: New York, Yemen, East, Red, Iran, Saudi Arabia, Saudi, Gulf of Oman, Hormuz

☆ Red Sea crisis could jeopardize inflation fight as shipping costs spike globally
▼ + stars: | 2024-01-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

In this article HLAG-DEMAERSK.B-DK Follow your favorite stocks CREATE FREE ACCOUNTA ship transits the Suez Canal towards the Red Sea on January 10, 2024 in Ismailia, Egypt. Sayed Hassan | Getty ImagesU.S. shipping costs are spiking as attacks in the Red Sea disrupt global trade, raising fears that inflation might pick up again if the disruption persists. But the Red Sea crisis is now having a significant impact further afield with shipping costs between Asia and the U.S also spiking. Shipping rates from North Asia to the U.S. East Coast have jumped 137% to $5,100 for a 40-foot container from early October, according to S&P Global. JPMorgan told clients on Tuesday that the fight against inflation could stall in the coming months if shipping costs push the price of goods higher.

Persons: Sayed Hassan, John Kirby, Kirby, Biden, Chris Rogers, Mark Hopkins, we're, Hopkins, It's, Balika Sonthalia, Sonthalia Organizations: Getty, P Global Market Intelligence, P, U.S ., U.S . East Coast, U.S . West Coast, JPMorgan, Federal Reserve, . National Security, White, Moody's, CNBC, Kearney, The New, The New York Federal, HSBC Locations: Suez, Ismailia, Egypt, South Africa, Asia, Europe, North Asia, Israel, U.S, U.S . East, U.S . West, The New York, Panama

☆ Don't count on the Fed slashing rates given the inflation 'rollercoaster' risk, warns BlackRock
▼ + stars: | 2024-01-09 | by ( Anil Varma | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewInvestors positioning for sharp interest-rate cuts by the Federal Reserve this year may be disappointed, according to BlackRock. Increased geopolitical risks will also fuel price pressures in the coming years, according to BlackRock, reducing room for the Fed to ease monetary policy. "We think the Fed may not be able to deliver the rate cuts markets expect, even with growth moderating," analysts led by Jean Boivin wrote. "We think that means inflation is set to rollercoaster back up near 3% in 2025 as the goods price drag fades.

Persons: —, Jean Boivin Organizations: Service, Federal Reserve, Business, Investors, UBS, Fed, NatWest Locations: BlackRock

A picture taken during an organised tour by Yemen's Houthi rebels on November 22, 2023 showing the Galaxy Leader cargo ship approaching the port in the Red Sea off Yemen's province of Hodeida. Oil prices fell Tuesday as traders monitored rising tensions in the Red Sea amid a backdrop of record U.S. crude production and worries about demand in China. Crude prices had jumped more than 2% earlier in the trading session on escalating tensions in the Red Sea, a crucial global trade chokepoint. And Iran on Monday deployed a destroyer to the Red Sea, according to the country's Tansim news agency. The move by Tehran comes after U.S. Navy helicopters destroyed three boats of Iran-backed Houthi rebels.

Persons: Yemen's Houthi, Brent, Helima Croft, Croft, Adi Imsirovic, Ayatollah Ali Khamenei, Neil Beveridge, Lloyd Organizations: Galaxy Leader, The West Texas Intermediate, RBC Capital Markets, CNBC, Center for Strategic, International Studies, Monday, U.S . Navy, Navy, U.S . Central Command, Energy, Prosperity Locations: Red, Yemen's, Hodeida, China, The, Iran, Tehran, Singapore, Hangzhou, Brent, Israel, Gaza, Suez, Africa, The U.S

☆ Despite Biden climate change pledges and conservative complaints about a war on energy, the US is on pace for record oil and gas production in 2023
▼ + stars: | 2023-11-30 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

US oil and gas production is having a record year. US oil production reached an all-time high of 13.2 million barrels a day last month and has remained that high since. US natural gas production is also set a record-high this year, and show no indications of slowing. The numbers poke a hole in arguments made by Republicans who claim Biden administration policies have thwarted US energy production. Still, Hare said: "It's clear that the Biden administration is not running a war against fossil fuels, or if it is, it's a very unsuccessful war."

Persons: Biden, Joe Biden, Donald Trump, Reed Olmstead, Bill Hare, Hare Organizations: Service, Republicans, Politico, Trump, P, Commodity, Analytics, Associated Press Locations: Biden's

Gas prices have fallen or remained steady since Sep. 19 — marking about a 70-day trajectory of decline, Andrew Gross, spokesperson for motor club AAA, said Tuesday. As of Tuesday, the national average for gas prices stood just below $3.25, according to AAA. Experts point to a recent decline in oil prices and a seasonal dip in demand, as well as easing inflation. Political Cartoons View All 1270 ImagesWHY ARE GAS PRICES FALLING? While the downward trend in gas prices is expected to continue at least into the New Year, anything's possible.

Persons: — It's, Andrew Gross, Patrick De Haan, Gross, ” Gross, De Haan, There's, ” De Haan, — Organizations: AAA, West Texas Locations: U.S, Russia, Ukraine, Saudi Arabia, OPEC, Israel, Texas, Mississippi, Georgia, California, Hawaii, Washington

☆ Delfin signs 15-year LNG supply agreement with Gunvor
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Nov 27 (Reuters) - Delfin Midstream Inc said on Monday it had entered into a long-term liquefied natural gas (LNG) supply agreement with global commodity trader Gunvor. Delfin said in a news release its LNG plant in Louisiana will supply between 500,000 to 1 million tonnes of LNG per annum to Gunvor on a free-on-board basis at Delfin Deepwater Port for at least 15 years. Delfin has been developing the Delfin LNG Deepwater Port project supporting up to four floating LNG vessels with a combined export capacity of about 13.3 million tons per annum (MTPA), the release said. The company secured commercial agreements for LNG sales, liquefaction services and is in the final phase towards final investment decisions (FID) on its first three floating LNG vessels, the release added. Reporting by Deep Vakil and Rahul Paswan in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Delfin Midstream, Delfin, Vakil, Rahul Paswan, David Gregorio Our Organizations: Delfin Midstream Inc, Delfin Deepwater Port, Delfin, Tellurian Inc, Singapore, Ltd, Thomson Locations: Louisiana, Mexico, Bengaluru

☆ Global commodity markets are in a 'super-squeeze': HSBC
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal commodity markets are in a 'super-squeeze': HSBCPaul Bloxham of HSBC explains why supply-side disruptions are the reasons behind the elevation of commodity prices.

Persons: HSBC Paul Bloxham Organizations: HSBC

☆ Japanese inflation picks up as BOJ pivot bets grow
▼ + stars: | 2023-11-23 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

Core inflation had slowed to 2.8% in September from 3.1% in August, the first time it was below 3% since August 2022. Many analysts see the yield control policy as becoming obsolete as the central bank has made the 10-year yield target more and more flexible, sending the JGB yield closer to 1%. However, the BOJ has brushed aside such speculation, saying that the current global cost-push inflation is not sustainable. The latest consumer inflation data is among indicators the BOJ will eye at its two-day policy meeting ending on Dec. 19, its last scheduled review this year. Japanese firms, too, are closely watching inflation data as the government is pressing them to raise wages to help employees deal with the higher cost of living.

Persons: Androniki, mths BOJ, Tetsushi Kajimoto, Takahiko Wada, Sam Holmes Organizations: REUTERS, Bank of Japan, Thomson Locations: Tokyo, Japan, TOKYO

☆ Just a handful of stocks led the market in 2023. Here's why we still own 35
▼ + stars: | 2023-11-21 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

The stock market this year has been led by just a handful of the biggest and best tech companies. Just look at the S & P 500 market-cap weighted index, which is viewed as a barometer of the overall stock market. Compare that to the much smaller 3% year-to-date increase in the S & P 500 equal-weight index, which treats each company's stocks the same regardless of market value. It's hard to turn off the monitors and wait for your seven stocks to come back after a terrible year. On top of all that, how many experts really knew heading into 2023 that these were the seven names to back the truck up for?

Persons: Jim Cramer, Eli Lilly, Stanley Black, Decker, That's, Morgan Stanley, Will Disney, Bob Iger, Jim Cramer's, Jim, Brendan Mcdermid Organizations: Apple, Microsoft, Nvidia, Honeywell, Linde, LIN, Palo Alto Networks, Oracle, GE Healthcare, Broadcom, Caterpillar, Constellation Brands, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange Locations: China, Ukraine, Palo, Eaton, New York City, U.S

☆ Japan's Oct wholesale inflation slows sharply, signals waning cost pressures
▼ + stars: | 2023-11-13 | by ( Leika Kihara | ) www.reuters.com time to read: +1 min

A woman looks at items at a shop in Tokyo, Japan, March 24, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Nov 13 (Reuters) - Japanese wholesale inflation slowed sharply October year-on-year, data showed on Monday, a sign that cost-push pressures that had been driving up prices for a wide range of goods were starting to fade. The slowdown was due to declines in prices for wood, chemical and steel products, the data showed, highlighting the impact of falling global commodity costs. The spike in wholesale inflation has prodded many Japanese firms to pass on higher costs to households, a trend that led the Bank of Japan to upgrade its inflation forecasts in quarterly projections released in October. But the BOJ has said the recent cost-push inflation must be replaced by price rises driven more by robust domestic demand, and accompanied by wage growth, in order for it to consider ending ultra-low interest rates.

Persons: Androniki, Leika, Shri Navaratnam Organizations: REUTERS, Rights, Bank of Japan, Thomson Locations: Tokyo, Japan

☆ BOJ Ueda signals chance of exit from easy policy before real wages rise
▼ + stars: | 2023-11-08 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Bank of Japan (BOJ) Governor Kazuo Ueda attends a news conference after their policy meeting at BOJ headquarters in Tokyo, Japan April 28, 2023. "Real wages would likely have turned positive when a positive wage-inflation cycle kicks off," Ueda said. "But in terms of how long we maintain our massive monetary easing ... real wages don't necessarily have to turn positive before that decision is made," he said. "The decision (of ending ultra-loose policy) could be made if we can foresee with some certainty that real wages will turn positive ahead," Ueda told parliament. Ueda said the pass-through of rising import prices must dissipate and that wages and inflation needed to rise in tandem for the BOJ to consider exiting ultra-easy policy.

Persons: Kazuo Ueda, Issei Kato, BOJ Ueda, Ueda, YCC, Leika Kihara, Lincoln, Sam Holmes Organizations: of Japan, REUTERS, Bank of Japan, ., Thomson Locations: Tokyo, Japan, TOKYO

Gross domestic product (GDP) grew 4.94% annually in the July-September quarter, compared with 5.05% predicted by economists surveyed by Reuters. Growth was 5.17% in the second quarter. In the July-September period, household spending growth decelerated to 5.06%, from 5.22% in the previous three months. A bright spot in the GDP breakdown came from investment, which recorded a 5.77% growth in the third quarter, versus 4.63% in the second quarter. On a non-seasonally adjusted, quarter-on-quarter basis, gross domestic product expanded 1.60% in the July-September period.

Persons: Gayatri Suroyo, Kanupriya Kapoor Organizations: Gross, Reuters, Growth, Bank Indonesia, Thomson Locations: JAKARTA, Asia's, Ukraine, Middle

☆ Coterra Energy beats expectations on its most important line item: free cash flow
▼ + stars: | 2023-11-06 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Oil and natural gas producer Coterra Energy (CTRA) delivered strong results Monday after closing bell, including beating expectations where it matters most: free cash flow. Bottom line All line items are important, but it's free cash flow that supports cash returns to shareholders. But it's important to remember that cash flow is a function of energy prices, and is therefore largely out of management's control. Guidance Operating and free cash flow guidance missed expectations, but the numbers are purely a function of oil prices and out of management's control. Bottom lineAll line items are important, but it's free cash flow that supports cash returns to shareholders.

Persons: It's, Coterra, Jim Cramer's, Jim Cramer, Jim, Nick Oxford Organizations: Coterra Energy, LSEG, buybacks, Management, CNBC, Reuters Oil Locations: Wink , Texas

☆ These 4 stocks report quarterly results next week. Here's what we hope to see
▼ + stars: | 2023-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)

Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030. Despite the setbacks, offshore wind continues to move forward, the White House said, citing recent investments by New York state and approval by the Interior Department of the nation’s largest planned offshore wind farm in Virginia. Hardy spoke at the American Clean Power industry group’s offshore wind conference in Boston last month on a panel with Morris. Phil Murphy, has established increasingly stringent clean energy goals, moving from 100% clean energy by 2050 to 100% by 2035. “Offshore wind is a lot bigger than Ørsted.”The first U.S. commercial-scale offshore wind farms are currently under construction: Vineyard Wind off Massachusetts and South Fork Wind off Rhode Island and New York.

Persons: jeopardizing, Ørsted, Joe Biden’s, Biden, Timothy Fox, “, Molly Morris, David Hardy, Hardy, Morris, “ We’re, ”, Walt Musial, Musial, Conor Bambrick, Phil Murphy, Murphy, Catherine Klinger, Catherine Bowes, ″ Bowes, Michael Brown, ” ___ McDermott Organizations: WASHINGTON, Biden, Interior Department, Interior’s Bureau of Ocean Energy Management, Industry, ClearView Energy Partners, Ørsted, American Clean, National Renewable Energy Laboratory, Energy Department, P, Environmental, ., Democratic Gov, New, U.S, Offshore, Ocean, ___, AP Locations: New Jersey, U.S, Danish, New England, Massachusetts, Connecticut, New York, Virginia, Interior’s, Gulf of Mexico, East Coast, Washington, Norwegian, Jersey, United States, Boston, Europe, Virginia Beach, Rhode Island, . New Jersey, Rhode, North America, Providence , Rhode Island, Hill, Albany , New York, Catalini, Trenton , New Jersey

☆ Insight: US solar panel manufacturing boom threatened by cheap imports
▼ + stars: | 2023-11-03 | by ( Nichola Groom | ) www.reuters.com time to read: +7 min

[1/5] Solar panels from SunPower are installed on residential buildings at a model home display in the Eureka Grove neighborhood of Granite Bay, California, U.S., October 5, 2021. But global solar panel prices have collapsed due to a wave of new Asian production capacity in recent months, leading many in the U.S. solar industry to worry many of these proposed factories may be uneconomical. U.S. officials have repeatedly warned that over-reliance on Chinese clean energy technology could pose a security risk similar to Europe's historical dependence on Russian natural gas. A White House spokesperson did not respond to questions about recent market challenges facing domestic solar manufacturers, but said Biden's policies had generated a huge wave of investment and were revitalizing American manufacturing. Mike Carr, executive director of the Solar Energy Manufacturers for America trade group, said factories could be delayed, extending U.S. dependence on China.

Persons: Nathan Frandino, Joe Biden’s, ”, Edurne Zoco, Wood Mackenzie, Mike Carr, ” Carr, Brian Lynch, Jekyll, Hyde, Lynch, Danny O'Brien, Meyer Burger, Hari Achuthan, Richard Valdmanis, David Gregorio Our Organizations: REUTERS, P, U.S . International Trade Commission, Companies, Reuters, Energy, Solar Energy Manufacturers, America, Insights, U.S . Commerce Department, Solar Energy Industries Association, Convalt Energy, Treasury Department, Commerce Department, Thomson Locations: Eureka Grove, Granite Bay , California, U.S, Europe, China, United States, Malaysia, Thailand, Cambodia, Vietnam, India, Mexico, Hanwha, Colorado, Asia, New York, Maine

☆ Hedge fund billionaire Leon Cooperman, in rare public rebuke of a Republican candidate, says Trump ‘belongs in jail’
▼ + stars: | 2023-10-30 | by ( Lisa Emmanuel | Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Leon Cooperman, the hedge fund billionaire who has famously clashed with Sen. Elizabeth Warren over her proposed wealth tax, is cautioning voters against returning Donald Trump to the White House. “It would be terrible for the country if Donald Trump were reelected,” Cooperman told CNN in a phone interview late last week. “He’s a divisive human being who belongs in jail.”It’s rare for a Wall Street figure to make such critical comments about Trump, at least publicly. The Biden campaign did not respond to a request for comment. Given the ongoing risks, Cooperman argued the stock market is overvalued relative to corporate profits.

Persons: New York CNN — Leon Cooperman, Sen, Elizabeth Warren, Donald Trump, ” Cooperman, “, Warren, Joe Biden, CNN he’s, Trump, Biden, Cooperman, ”, Republican Chris Christie’s, Steven Cheung, he’s, ” Cheung Organizations: New, New York CNN, CNN, Trump, Biden, Republican, Omega Advisors, Bank Locations: New York, Washington

☆ Oil prices are falling even as Israel steps up its war on Hamas. A spike could still happen
▼ + stars: | 2023-10-30 | by ( Olesya Dmitracova | Anna Cooban | ) edition.cnn.com time to read: +4 min

Brent crude, the global oil benchmark, fell 1.1% to $89 a barrel, and West Texas Intermediate (WTI) crude, the US benchmark, dropped 1.3% to trade at $84 a barrel by 7.51 a.m. The World Bank said Monday that a ratcheting up in the fighting in Gaza could push global commodity markets, including oil markets, into “uncharted waters,” and laid out three scenarios under which oil prices could surge. In that instance, the level of disruption would be comparable to that caused by the Arab oil embargo in 1973. The World Bank said a smaller disruption, equivalent to that resulting from the Libyan civil war in 2011, could send oil prices to $103 a barrel. Prices for Brent have risen 5.7% since Hamas attacked Israel on October 7, killing more than 1,400 people, mostly civilians.

Persons: Brent, Susannah Streeter, Hargreaves Lansdown, ”, Germany —, ” Indermit Gill, Benjamin Netanyahu, ” Israel, Daniel Hagari, Jake Sullivan, Ebrahim Raisi, — Rob North Organizations: London CNN, West Texas, Hargreaves, Bank, Hamas, Sunday, CBS Locations: Gaza, Germany, Ukraine, Iraq, Israel, Israeli, Iran, Lebanese, Tehran

The decision by Saudi Arabia and Russia to extend the voluntary cuts drove up oil prices to over $90 a barrel in late September. Saudi crude exports to China rose to nearly 1.6 million bpd in September, up from 1.2 million bpd in August and 1.37 million bpd in July, Kpler data showed. U.S. CRUDE EXPORTS FALLAs the U.S. sees less crude imports, it has exported less oil to Europe. U.S. crude exports to Europe fell to 1.86 million bpd in September and 1.84 million bpd in August, from 2.01 million bpd in July, Kpler data showed. Tight supply led the premium for front-month Brent crude futures to rise to as much as $3.26 a barrel above the second month , the highest since 2022.

Persons: Lucy Nicholson, Matt Smith, Smith, refiners, Vortexa's Rohit Rathod, Adi Imsirovic, Brent, Stephanie Kelly, Alex Lawler, David Gregorio Our Organizations: Port, REUTERS, Brent, Organization of, Petroleum, Total U.S, Americas, Kpler, West, Surrey Clean Energy, CSIS, Midland, P, Insights, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, Saudi Arabia, Europe, Russia, Nigeria, Algeria, Saudi, China, Richmond , California, Los Angeles, Midland, Brent

U.S. President Joe Biden's administration is likely to tighten crude oil sanctions against OPEC member Iran in response to the Islamic Republic's backing of Palestinian militant group Hamas, according to Helima Croft, head of global commodity strategy at RBC Capital Markets. Her comments come ahead of a widely expected ground offensive by Israel into Gaza, a move that Croft believes could set the tone for the West's response to Iran. It has been more than two weeks since Israel announced a "complete siege" on the Gaza Strip, cutting off food, water, fuel and electricity supplies after a devastating Hamas attack. "It certainly looks like the United States is trying to delay an Israeli ground operation because they want to get out the hostages, they want to get out the hundreds of Americans that are trapped in Gaza, but the question is, is this going to be postponed indefinitely, but I think people are bracing for some type of escalation in Gaza," Croft told CNBC's Dan Murphy in Saudi Arabia on Wednesday. She described the oil price reaction to the Israel-Hamas war as "sanguine" so far, but nevertheless said "a lot's going to hinge on what does a potential ground operation look like" and that a widening of the conflict into the broader Middle Eastern region could affect the crude supplies of Iran.

Persons: Joe Biden's, Helima Croft, Croft, CNBC's Dan Murphy Organizations: OPEC, Hamas, RBC Capital Markets, Israel Locations: Iran, Israel, Gaza, United States, Saudi Arabia

☆ Fact Check: Niger did not hike uranium price to 200 euros per kg after 2023 coup
▼ + stars: | 2023-10-17 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

Niger did not raise the price of uranium from 0.80 euros per kilogram to 200 euros per kg following its July 2023 coup, contrary to claims made online. Uranium is traded in an open market and governments do not directly control uranium prices, experts told Reuters. Market data also show that uranium prices were much higher than 0.80 euros per kg before the coup and have not neared 200 euros in the months since. Reuters previously addressed the false claim that Niger banned uranium exports to France and the EU in an August fact check. Niger did not raise the price of uranium from 0.80 euros per kg (0.38 USD per lb) to 200 euros per kg following the July 2023 coup in the West African nation.

Persons: Mohamed Bazoum, Euratom, Jonathan Hinze, UxC, ” Hinze, ”, Kathleen Tanzy, Tanzy, Read Organizations: Uranium, Reuters, Nigerien, Nuclear Association, European Union, Facebook, P, Commodity, EU, Thomson Locations: Niger, Russia, France, West African

☆ IMF says Asian economies under cosh as China's property woes bite
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

China's post-lockdown economic boost lost momentum earlier than expected, the IMF said. "On the downside, a more protracted real estate crisis and limited policy response in China would deepen the regional slowdown." A sudden tightening of global financial conditions could lead to capital outflows and weaken exchange rates in Asia, the blog added. "While Asia is still set to contribute about two-thirds of all global growth this year, it is important to note that growth is significantly lower than what was projected before the pandemic," the IMF said. The Bank of Japan (BOJ) had maintained a cap on the country's 10-year bond yield at around zero, to support a fragile economy.

Persons: Aly, Leika, John Stonestreet Organizations: China Evergrande Group, REUTERS, China, International Monetary Fund, IMF, Bank of Japan, Thomson Locations: Danzhou, Hainan province, China, Asia, MARRAKECH, Morroco, U.S, outflows, Marrakech, Japan

He said the 393.8 billion ringgit ($83.3 billion) budget is aimed at fixing economic imbalances and helping people to cope with rising cost of living amid a global economic slowdown. This year, for instance, he said government subsidies and social assistance surged to 81 billion ringgit ($17 billion) as global commodity prices rose. For 2024, the government allocated 52.8 billion ringgit ($11.2 billion). Anwar said the government will introduce a 5%-10% tax on luxury goods such as jewelry and watches, as well as a 10% capital gains tax next year to expand its revenue base. Tourists will be exempt from the tax on luxury goods, he said.

Persons: Anwar Ibrahim, Anwar, ” Organizations: — Locations: KUALA LUMPUR, Malaysia, — Malaysia

Dealmaking in the U.S. oil and gas patch has picked up pace as producers sought to replenish their inventory after years of under-investment. The most-prized targets for Chevron could be Coterra Energy (CTRA.N) or Devon Energy (DVN.N), he added. Others mentioned included Matador Resources (MTDR.N), Permian Resources (PR.N) and Diamondback Energy (FANG.O). Still, the Exxon deal, the industry's largest since 2016, also set off worries about stiff regulatory scrutiny over anti-competitive concerns. Exxon does not anticipate antitrust hurdles to complete the deal, expected by early 2024.

Persons: Exxon Mobil's, Gabriele Sorbara, Siebert Williams Shank, Sorbara, Dado Ruvic, Andrew Dittmar, Elizabeth Warren, Sven Del Pozzo, Mrinalika Roy, Chris Sanders, Sriraj Organizations: Exxon, Natural Resources, Co, Chevron, ConocoPhillips, ExxonMobil, Pioneer, REUTERS, Devon Energy, Matador Resources, Diamondback Energy, U.S, P, Insights, Thomson Locations: U.S, Bengaluru, Washington

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