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☆ Biden promise to rival China on shipbuilding faces a big economic problem
▼ + stars: | 2024-04-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

The Biden administration is correct that China has not played fair. But he said the nations that could rival China in shipbuilding are Asian competitors. Shipbuilding subsequently dropped to around five ships per year, which is approximately the current rate of U.S. shipbuilding. President Joe Biden speaks to members of the United Steel Workers Union at the United Steel Workers Headquarters on April 17, 2024 in Pittsburgh, Pennsylvania. Biden announced new actions to protect American steel and shipbuilding industries including hiking tariffs on Chinese steel.

Persons: Biden, Ben Nolan, Nolan, Reagan, Joe Biden, Jeff Swensen, —, Darron, Wadey, Lloyd, Matson, George Washington, Ronald O'Rourke, O'Rourke Organizations: Mitsui Shipbuilding Co, Taicang Port Economic, Technological, Future Publishing, Getty, CNBC, Shipbuilding, Global, United States, Trade, U.S . Trade, U.S, China's Ministry of Commerce, United Steel Workers, Japan's Nippon Steel, United Steel Workers Union, United Steel Workers Headquarters, Analysts, Matson Shipping, Jones Act, Philly Shipyard, CMA CGM, Matson, United, Maritime Administration, U.S ., Huntington Ingalls Industries, News Shipbuilding, U.S . Navy, U.S Navy, Newport News Shipbuilding, Virginian Pilot, Tribune, Service, Force, warfighting, Navy, Biden, Congressional Research Service Locations: Taicang Port, Suzhou, Jiangsu province, China, U.S, Japan, South Korea, United States, Pennsylvania, Pittsburgh , Pennsylvania, American, Bangladesh, U.S . Virgin Islands, Great, Mississippi, Ohio

☆ 'Iran is in for the long haul' with oil tanker hijacks, expert says, as U.S. considers more sanctions
▼ + stars: | 2024-04-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Before this weekend's tanker seizure, the last vessel Iran hijacked was the St. Nikolas on January 1. A Planet Labs satellite image of the location of the MSC Aries and other tankers recently hijacked by Iran. Planet Labs PBCAs the U.S. considers more sanctions against Iran in response to its recent attack on Israel, Iran has been using the hijacked ships as a means of sanctions retaliation. Iran chose to do this as a way to compensate for sanctions," Madani said. In a note to clients, ClearView highlighted that the House of Representatives added several Iran sanctions bills to its calendar for consideration this week, under suspension rules, including new sanctions on Iranian oil exports to China.

Persons: Nikolas, Houthis, Samir Madani, Eyal Ofer's, Madani, Janet Yellen, Helima Croft, Andy Lipow, Brent, Lipow, Kevin Book, Book Organizations: Anadolu, Getty, MSC Aries, U.S . Naval Forces Central Command, Galaxy Leader, MSC, Planet Labs, U.S . Energy Information Agency, United Arab, JPMorgan, CNBC, Lipow Oil Associates, ClearView Energy Partners, US, UN Locations: Gulf of Oman, Hormuz, Anadolu, Iran, Israel, Gaza, U.S, Iranian, Khuran, China, Russia, Malaysia, United Arab Emirates, Oman, Strait, Tehran, East, North Africa, India, Saudi Arabia, Kuwait, Iraq, France, Germany

☆ Oil Markets Shrug Off Iran’s Attack on Israel
▼ + stars: | 2024-04-15 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

Oil markets shrugged off the growing tensions in the Middle East, after Iran launched a barrage of missiles and drones against Israel over the weekend. On Monday morning, prices for Brent crude oil, the international benchmark, fell by about 1 percent, to $89.49 a barrel. So far, there has been relief that the much-anticipated attack did little damage and had no effect on supplies. Oil prices had already increased substantially in the days before the assault, rising above the symbolic $90 a barrel level last week. Rystad Energy, a consulting firm, calculates that on fundamentals, Brent should be selling for $84 a barrel.

Persons: Goldman Sachs, Brent, ”, Helima Croft Organizations: Brent, Rystad Energy, RBC Capital Markets Locations: Iran, Israel, Persian

☆ Here’s how the Israel-Iran conflict affects the oil market
▼ + stars: | 2024-04-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Oil prices spiked Friday to levels not seen since October in anticipation of just such an escalation but on Monday were subdued. “It is the most significant chokepoint in the global oil market,” Richard Bronze, co-founder and analyst at data firm Energy Aspects, told CNN. A renewed crackdown would, however, “create upward pressure on global prices” at an inopportune moment, Tagliapietra said. A tight oil marketDespite Iran’s barrage of drones and missiles, the conflict had a relatively muted impact on the global oil market Monday. Oil prices have already risen sharply since hitting a low in early February.

Persons: London CNN —, Brent, Israel —, Simone Tagliapietra, ” Richard Bronze, Tagliapietra, Joe Biden’s, WTI, Russia — Organizations: London CNN, West Texas Intermediate, CNN, International Energy Agency, Hamas, Organization of, Petroleum, United Arab Emirates, Traders Locations: Israel, Iran, Syria, Paris, Gaza, Tehran, Hormuz ‘, Hormuz, Brussels, China, Strait, Saudi Arabia, Kuwait, United States, Ukraine, Washington, Damascus, OPEC, Russia, Brazil, Guyana, Canada

☆ Sanctions are squeezing Russia, turning up its dependence on China and 'rogue' states, think tank says
▼ + stars: | 2024-04-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewWestern sanctions are straining Russia's ability to fight in Ukraine, even if its war economy appears resilient and its output seems largely unfazed, a think tank expert said. Related storiesAlready, this order has put off lenders in India, China, Turkey, and the United Arab Emirates from working with Russia, Blank said. Individual sanctions have also targeted vessels carrying Russian crude above the Western $60-barrel price cap, reducing the Kremlin's ability to trade. With fewer available tankers, freight costs have climbed, and the discount Russia has offered on its oil has eroded. That's caused India to increasingly look elsewhere for crude, despite being the biggest buyer of seaborne Russian oil in 2023.

Persons: —, Stephen Blank, it's, Blank Organizations: Service, Center for, Business, Foreign Policy Research Institute, Treasury Department, CEPA, United, United Arab Emirates, West Locations: Ukraine, North Korea, Iran, India, China, Turkey, United Arab, Russia, Austrian, Moscow, Beijing

☆ 100,000 Live Salmon Spilled Off a Truck. Most Landed in a Creek and Lived.
▼ + stars: | 2024-04-03 | by ( Christine Hauser | ) www.nytimes.com time to read: +1 min

On a recent morning in March, while dew was still on the road, there occurred the salmon smolt mishap of Northeast Oregon. It was about 10:30 a.m., early enough for there to be dew on the road. After navigating a sharp corner, the 53-foot tanker, which was carrying about 102,000 fish, rolled onto its passenger side, skidded, went down a rocky embankment and flipped onto its roof. Tens of thousands of live fish were hurled out of the truck and swept into the Lookingglass Creek or onto its banks. The young salmon, or smolts, lucky enough to drop into the creek are expected to persevere in their migration from the Grande Ronde River to the ocean.

Organizations: The Oregon Department of Fish, Wildlife Locations: Northeast Oregon, Elgin , Ore, skidded, Grande

☆ India’s Silicon Valley Faces a Water Crisis That Software Cannot Solve
▼ + stars: | 2024-03-31 | by ( Damien Cave | Atul Loke | ) www.nytimes.com time to read: 1 min

The water tankers seeking to fill their bellies bounced past the dry lakes of India’s booming technology capital. Their bleary-eyed drivers waited in line to suck what they could from wells dug a mile deep into dusty lots between app offices and apartment towers named for bougainvillea — all built before sewage and water lines could reach them. At one well, where neighbors lamented the loss of a mango grove, a handwritten logbook listed the water runs of a crisis: 3:15 and 4:10 one morning; 12:58, 2:27 and 3:29 the next. “I get 50 calls a day,” said Prakash Chudegowda, a tanker driver in south Bengaluru, also known as Bangalore, as he connected a hose to the well. “I can only get to 15.”

Persons: bougainvillea, “, ”, Prakash Chudegowda Locations: Bengaluru, Bangalore

☆ How China has helped Russia and Iran evade Western sanctions, according to a think tank
▼ + stars: | 2024-03-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +1 min

China has helped Russia and Iran sidestep Western sanctions on their oil exports, says the think tank Atlantic Council. Critics say that China aids Russia solely to protect its own interests. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia and Iran's successful workarounds of the West's sanctions on their oil exports largely hinge on the contributions of China, economic think tank the Atlantic Council wrote in a new report. As the two countries face escalating sanctions from the US-led alliance, Beijing has created an alternative market for their restricted oil.

Persons: —, Iran's Organizations: Atlantic Council, Service, Business Locations: China, Russia, Iran, Beijing

“The tankers and cargo ships of 1950 aren’t the tankers and cargo ships of today,” said James Salmon, a spokesman for the Delaware River and Bay Authority. “It’s going to do a number on them,” he said of a modern ship and the hazard it poses to a bridge like the one in Baltimore. Image The new bridge ship collision protection system project on the Delaware Memorial Bridge will install eight stone-filled “dolphin” cylinders, each measuring 80 feet in diameter. Credit... Delaware River and Bay AuthorityThe situation with the Key Bridge is “unique,” said Jim Tymon, executive director of the American Association of State Highway and Transportation Officials, which represents state transportation departments. A protection system was subsequently built around the new pier.

Persons: ”, James Salmon, Francis Scott Key, Michael Rubino, don’t, Joseph Ahlstrom, It’s, “ It’s, Dali, hurtled, Jim Tymon, ” John Snyder, Pete Buttigieg, “, Paul, Gerald Desmond Bridge, Matt Gresham, Joong Kim, Michael Forsythe Organizations: Bay Authority, Port, SUNY Maritime College, New York State, American Association of State, Transportation, National Transportation Safety, Sunshine Skyway, Administration, Baltimore Sun, Union, National Oceanic, Atmospheric Administration, Liberty University Locations: Delaware, Bay, Baltimore, Port of Los Angeles, . Delaware, Maryland, Tampa Bay, Tampa, U.S, Minnesota, Union Pacific, St, New York, Bayonne, New Jersey, Staten Island, Long Beach, Calif, New Orleans, Mississippi, Port of New Orleans

☆ Opinion: Why ‘black swans’ are behind the Key Bridge and other shipping disasters
▼ + stars: | 2024-03-28 | by ( Opinion Salvatore R. Mercogliano | ) edition.cnn.com time to read: +9 min

CNN —The allision between the container ship MV Dali and the Francis Scott Key Bridge in Baltimore on Tuesday has prompted numerous questions — not only about how this tragedy occurred, but also about our global shipping processes. This marked the start of a campaign by the Houthis, in support of Hamas in their attack on Israel, against global shipping transiting the Red Sea, Bab-el-Mandeb and the Gulf of Aden. Now, two years later, Baltimore is closed with remains of the Key Bridge athwart the main shipping channel. No one agency has oversight of or coordinates global shipping or ports in the US. There is also no overall maritime strategy for the nation, although the US Department of Transportation, Maritime Administration has been tasked to develop one.

Persons: Salvatore R, Mercogliano, Francis Scott Key, —, Sal Mercogliano Bennett Scarborough, Dali, ”, Jennifer Homendy, Transportation Pete Buttigieg, John Garamendi of, Dusty Johnson of Organizations: Campbell University, Shipping, YouTube, CNN, MV Galaxy Leader, Baltimore, Federal Highway Administration, Transportation, Bethlehem Steel, Department of Transportation, Maritime Administration, US Coast Guard, Army Corps of Engineers, Maryland Department of Transportation, US Department of Transportation, Federal Maritime Commission, Democratic, Republican, Dusty Johnson of South Dakota, Ocean Shipping Reform Locations: Baltimore, Asia, Suez, Los Angeles, Long, Yemen, Israel, Bab, Aden, China, Argentina, Largo, Dali, Sparrows, United States, John Garamendi of California, Dusty Johnson of South

☆ The Dali Is a Big Ship. But Not the Biggest.
▼ + stars: | 2024-03-28 | by ( Ella Koeze | ) www.nytimes.com time to read: +4 min

Empire State Building Approximate width 1,454 feet long MSC Irina Biggest container ship in the world 200 feet wide 24,346 containers 1,312 feet Ever Max Biggest container ship to sail into Baltimore 167 feet 15,432 containers 1,201 feet Eiffel Tower 410 feet 1,083 feet Dali 157 feet 9,971 containers 984 feet Container ship of the 1970s ~2,500 containers 66 feet 705 feet Football field Shapes are approximate. 160 feet 360 feet Empire State Building Approximate width 1,454 feet long MSC Irina Biggest container ship in the world 24,346 containers 200 feet wide 1,312 feet Ever Max Biggest container ship to sail in the Port of Baltimore 15,432 containers 167 feet 1,201 feet Eiffel Tower 410 feet 1,083 feet Dali 157 feet 9,971 containers 984 feet Container ship of the 1970s ~2,500 containers 66 feet 705 feet Football field Shapes are approximate. 160 feet 360 feet 1,454 ft. 1,312 ft. 1,201 ft. 1,083 ft. 984 ft. 24,346 containers 705 ft. 15,432 containers 9,971 containers ~2,500 containers 360 ft. 66 ft. 200 ft. 167 ft. 410 ft. 157 ft. 160 ft. Approximate width Empire State Building MSC Irina Biggest container ship in the world Ever Max Biggest container ship to sail into Baltimore Eiffel Tower Dali Container ship of the 1970s Football field Sources: “The Geography of Transport Systems,” by Jean-Paul Rodrigue; VesselFinder; the Empire State Building; the Eiffel Tower; ShipHub; Maryland Port Administration Note: Widths shown are for the widest point for each ship.

Persons: Dali, Jean, Paul Rodrigue, Francis Scott Key, Theo Notteboom, Athanasios Pallis, ”, Rodrigue, “ Organizations: ., Eiffel, Transport Systems, Empire, Francis Scott Key Bridge, Container, Port Economics, Management, Eastern Seaboard, Texas, M University, Galveston, Baltimore . Locations: Baltimore, Port, ShipHub, Maryland, Panama, Eastern U.S, Suez

☆ Ships carrying Russian diesel are idling off of Brazil in the latest hold-up for Moscow's energy flows
▼ + stars: | 2024-03-27 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +1 min

Over 3.7 million barrels of Russian diesel are sitting on ships idling in waters near Brazil, Bloomberg reports. Though reasons are unclear, it marks the latest delay in Russian energy flows amid sanctions. More Russian ships bound for Brazil are veering off course from their expected routes. AdvertisementTankers loaded with millions of barrels of diesel are drifting along the coast of Brazil, Bloomberg reports, the latest delay in Russia's oil shipments amid the West's sanctions. Bloomberg said Wednesday that vessels carrying over 3.2 million barrels of Russian diesel fuel are languishing in waters off the world's fifth-largest nation, according to data from Kpler.

Persons: — Organizations: Bloomberg, Service, Business Locations: Brazil

☆ Surging gas prices just hit a significant milestone
▼ + stars: | 2024-03-18 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The recent jump in gas prices is already causing headaches on the inflation front. The last time gas prices were up on a year-over-year basis was late December 2023, according to AAA. Gas prices surge in MichiganAnd the concerns about Russia’s energy facilities is on top of the Houthi attacks on vessels in the Red Sea. “People have this visceral reaction to higher gas prices and they look to fix blame,” said Kloza. Unless there’s a major hurricane that strikes US Gulf Coast refineries, Kloza does not expect gas prices to hit $4 a gallon this year.

Persons: It’s, ”, Andy Lipow, Tom Kloza, Vladimir Putin, Kloza, “ It’s, we’ve, ” Kloza, Biden Organizations: New, New York CNN, White House, Federal Reserve, Gas, “, Lipow Oil Associates, AAA, Oil Price Information Service, CNN, White, Drivers Locations: New York, Russia, Ukraine, Michigan, Red, OPEC, Saudi Arabia, United States, Kloza

☆ China is on pace to buy a record amount of Russian oil this month
▼ + stars: | 2024-03-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's intake of Russian crude is set to reach a record this month, Kpler data cited by Bloomberg shows. The shift is due to tighter enforcement of Western sanctions, that's diminishing the discount on Russian oil. AdvertisementChinese imports of Russian crude are on course to reach record volumes this month, as Beijing takes over diminishing Indian demand. 1.7 million barrels a day are expected to ship into the country, Bloomberg said, citing Kpler data. That same month, Indian imports of Russian crude fell by 420,000 barrels a day.

Persons: —, India —, Wang Yi, it's, That's, Sovcomflot, Bloomberg Organizations: Bloomberg, Sokol, Service, Foreign, Group Locations: Beijing, India, China, Moscow, Russia

☆ India's Bengaluru is fast running out of water, and a long, scorching summer still looms
▼ + stars: | 2024-03-17 | by ( ) www.cnbc.com time to read: +1 min

People wait in a queue with cans to collect drinking water amid an ongoing water crisis in Bengaluru on March 14, 2024. She said it's the worst water crisis she has experienced in her 40 years in the neighborhood. Water levels are running desperately low, particularly in poorer areas, resulting in sky-high costs for water and a quickly dwindling supply. City and state government authorities are trying to get the situation under control with emergency measures such as nationalizing water tankers and putting a cap on water costs. The crisis was a long time coming, said Shashank Palur, a Bengaluru-based hydrologist with the think tank Water, Environment, Land and Livelihood Labs.

Persons: Bhavani Mani Muthuvel, Shashank Palur Organizations: Ambedkar Nagar, Livelihood Labs Locations: Bengaluru, Bengaluru's Whitefield, Muthuvel, India, City

☆ Alaska's ice road oil truckers are in a boom, and causing a backlash
▼ + stars: | 2024-03-15 | by ( Kevin Williams | ) www.cnbc.com time to read: +11 min

With various North Slope oil production projects just ramping up, the years ahead look very promising for trucking in Alaska. Among the new North Slope activities is the ConocoPhillips Willow Project, which the Biden administration approved last year. A Doyon Drilling Inc. oil rig stands on the North Slope in Prudhoe Bay, Alaska, U.S., on Friday, Feb. 17, 2017. Daniel Acker | Bloomberg | Getty ImagesMeanwhile, the Pikka oil project by Australian company Santos is also taking shape on the North Slope, 50 miles west of Deadhorse. Most of the North Slope oil infrastructure (supplies, machinery, parts) is supplied by trucks that have to traverse the 414-mile Dalton Highway (Alaska Route 11).

Persons: Daniel Acker, Jeremy Miller, Carlile, Biden, Willow, Santos, Miller, Matt Jolly, Jolly, Joe Michel, Michel, Dalton, Jomo Stewart, axel, Stewart, Scott Kawasaki, Ashley Carrick, Kawaski, Kawasaki Organizations: Parker, Trans, Trans Alaska Pipeline System, Bloomberg, Getty, Transportation Systems, ConocoPhillips Willow Project, ConocoPhillips, Alaska Department of Natural Resources, Alaska West Express, Alaska Trucking Association, Caelus Energy, Fairbanks Economic Development Corp, Kinross, Food, Getty Images Bloomberg, Getty Images, Fairbanks, Kawasaki, Alaska Department of Transportation, Anchorage Daily News Locations: Prudhoe Bay , Alaska, U.S, Trans Alaska, United States, Alaska, Anchorage, Australian, Deadhorse, Prudhoe Bay, Dalton, Alaska West, North, Wawa, Harrison Bay , Alaska, Fairbanks, Fort Knox Alaska, Kinross, Tetlin , Alaska, Tetlin, Kinross Alaska, Getty Images Alaska

Sitting atop its stainless steel Super Heavy booster, Starship stood taller than the Statue of Liberty at the company's new orbital launchpad in South Texas. As the booster fell back to Earth, Starship continued to climb toward the heavens, then shut off its engines to glide through space. Once fully operational, Starship will be able to carry up to 150 metric tonnes (165 US tons) to space, per SpaceX. Illustration of SpaceX Starship human lander design that will carry NASA astronauts to the Moon's surface during the Artemis mission. NASA's new moon rocket, SLS, could send 46 tons into orbits beyond the moon.

Persons: —, Elon, Musk, Dan Huot, Marianne Ayala, Morgan Stanley, Artemis, Artemis III Organizations: Service, SpaceX, Business, SpaceX's, Texas launchpad, X, NASA, Super, Saturn, Morgan, SLS, SpaceX SLS, Apollo Locations: South Texas, Texas

☆ Bangalore water crisis: India’s ‘Silicon Valley’ is running dry as residents urged to take fewer showers, use disposable cutlery
▼ + stars: | 2024-03-14 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

As layers of tarmac swept through the city, Bengaluru lost its ability to absorb water, Ramachandra said. One woman begins to hit the vessel to check its water levels. No one sparedWhile the city’s poorest are bearing the brunt of Bengaluru’s water crisis, it hasn’t spared the upper middle class either. Activists and BJP members hold empty water pots during a protest against the state government over the severe water crisis, in Bengaluru on March 12, 2024. Idress Mohammed/AFP/Getty ImagesYet, for the city’s residents, the tit-for-tat arguments mean little as they experience the worst of the shortages.

Persons: ”, Ram Prasat Manohar, Ramachandra, “, Karnataka Raj Bhavan, Arijit Sen, D.K, Shivakumar –, Vishwanathan, Idrees Mohammed, Kumkum, Idress Mohammed, Geeta Menon, hasn’t, India’s, Maher Taj Organizations: India CNN, Infosys, Wipro, Ecological Sciences, Bengaluru –, “, Hindustan Times, Getty, Private, Authorities, Susheela, CNN, Management, won’t, Reuters, Bharatiya Janata Party, BJP, Congress Locations: Bengaluru, India, India’s, Bandepalya, Bengaluru –, Bangalore, ”, Karnataka Raj, Karnataka, Whitefield, AFP

☆ Fatal Houthi rebel attack may be a ‘red line’ in Red Sea shipping crisis
▼ + stars: | 2024-03-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

The deadly strike marks a significant escalation of the Houthi attacks on ships in the Red Sea and and comes despite a US-led naval coalition to protect the crucial waterway. Fewer ships appear to be transiting through the Red Sea and adjoining Suez Canal after the latest attack, according to maritime risks analytics company Windward. According to Windward, the number of bulk carriers anchoring outside ports to the north and south of the Suez Canal surged 225% Wednesday compared with the previous day. Windward data shows that last month the number of bulk carriers in the Red Sea was already at its lowest level in two years. Just 30% of the usual shipping capacity — including container ships, bulk carriers, car carriers, and tankers carrying oil and liquefied natural gas — is still passing through the Red Sea and Suez Canal, according to Sand.

Persons: Ami Daniel, ”, Peter Sand, “, Hapag Lloyd —, Christine Lagarde, CMA CGM, Stephen Cotton, Cotton, David Ashmore, Reed Smith, John Stawpert, ” Maisie Linford Organizations: London CNN, Liberian, ” Windward, CNN, Maersk, MSC, European Central Bank, Drewry, CMA, International Transport Workers ’ Federation, International Chamber of Shipping Locations: Red Sea, Iran, Suez, Africa, Windward, Red, Norway, Sand, “, London, Good, Gulf, Aden and Red, Aden

☆ Oil extends fall as China's pledge to transform economy fails to impress
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: +2 min

Working pumpjacks are seen at the Montebello Oil Field in Montebello, California, on Sept. 18, 2023. Oil prices fell for a second day on Tuesday as pledges by China, the world's biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while U.S. West Texas Intermediate (WTI) fell 11 cents, to $78.63. The physical oil market has started to tighten, rising spot prices show, according to a note from ANZ analysts, owing in part to supply disruptions. U.S. crude oil inventories are expected to have increased last week, according to a preliminary Reuters poll on Monday, while distillates and gasoline stockpiles were forecast lower.

Persons: Brent, WTI Organizations: Montebello Oil, U.S, West Texas, National People's, of, Petroleum, ANZ, Reuters Locations: Montebello, Montebello , California, China, Israel, Gaza, OPEC

☆ Second largest wildfire in Texas history has scorched 850,000 acres
▼ + stars: | 2024-02-29 | by ( Joe Sutton | Steve Almasy | ) edition.cnn.com time to read: +6 min

A satellite image shows Fritch, Texas in August 2023. Maxar Technologies Satellite images show homes in Fritch, Texas, before the wildfire (in August 2023), and after (on Wednesday). Maxar Technologies Satellite images show homes in Fritch, Texas, before the fire (in August 2023), and after (on Wednesday). A sudden shift of wind direction in the Texas panhandle this week contributed to the explosion in size of the Smokehouse Creek wildfire. Latest developments* The Smokehouse Creek Fire grew from 500,000 acres to 850,000 on Wednesday, according to fire officials.

Persons: Joyce Blankenship, Fritch, ” Frank Probst, ”, “, Adam Turner, Snow, Andy Holloway, Greg Abbott, Kevin Stitt, ” Hutchinson, Tyler McCain, Fritch’s, McCain, Addison, Addison can’t, ” McCain, Windy Deuce, Probst, CNN’s Caroll Alvarado, Amanada Jackson, Monica Garrett, Sharif Paget, Sara Tonks, Lucy Kafanov, Andi Babineau Organizations: CNN, Maxar, M Forest Service, AgriLife, Texas, Oklahoma Gov, Amarillo National Bank, Panhandle Disaster Relief Locations: Texas, Rhode, state’s, Oklahoma, Stinnett ., , Texas, Fritch , Texas, Hemphill, Hemphill County, Canadian, Amarillo, Amarillo ., Hutchinson County, Stinnett, Borger, Fritch

☆ Gold at $3,000 and oil at $100 by 2025? Citi analysts don't rule it out
▼ + stars: | 2024-02-20 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

That could double central bank's gold purchases, challenging jewelry consumption as the largest driver of gold demand, Doshi elaborated. China and Russian central banks are leading gold purchases, with India, Turkey, and Brazil, also increasing bullion buying. The world's central banks have sustained two successive years of more than 1,000 tons of net gold purchases, the World Gold Council reported in January. Another wildcard scenario highlighted in Citi's report was for oil prices to hit triple digits again. Stock Chart Icon Stock chart icon Oil prices in the past one year

Persons: Doshi, Stagflation Organizations: Citi, CNBC, Central, U.S ., Gold, U.S . Federal Reserves, Co, Bloomberg, Getty Locations: Citi's North America, China, Russian, India, Turkey, Brazil, U.S, Bangkok, Thailand, Israel, Yemen, Iraq, OPEC

☆ Houthis claim 'catastrophic' attack in Red Sea that prompted crew to abandon ship
▼ + stars: | 2024-02-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

The Iran-backed Houthi militant group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel in the latest escalation of maritime tensions that have disrupted key trade routes in the Red Sea. Houthi militants later claimed the attack, with spokesperson Yahya Sare'e identifying the vessel as general cargo ship Rubymar and describing it as British. "The ship suffered catastrophic damage and came to a complete halt," Houthi Spokesperson Sare'e said. The hostilities have also prompted armed exchanges between Houthis and British and American forces, which have previously struck at Yemeni targets in a bid to improve maritime security. Sare'e said that the Houthis on Sunday also shot down a U.S. drone in Hodeidah.

Persons: Yahya Sare'e, Sare'e, Ice Brent, Nymex WTI Organizations: Maritime Trade Operations, CNBC, Global, Djiboutian Navy, Hamas, Maersk, Ice, U.S . Central Command, U.S . Navy, Ambrey Analytics Locations: Iran, Yemen, Red, Belize, British, U.S, Saudi, Khair, Varna, Bulgaria, Gulf, Aden, London, Gaza, Danish, Good Hope, Houthis, ., Houthi, Greece, Yemen's

☆ The Kremlin has never been richer – thanks to a US strategic partner
▼ + stars: | 2024-02-19 | by ( Nick Paton Walsh | Florence Davey-Attlee | ) edition.cnn.com time to read: +9 min

It amounts to US strategic partner New Delhi stepping in to replace crude purchases by Western buyers, reduced by sanctions over Russia’s invasion of Ukraine, the analysis said. The United States led a coalition of countries in late 2022 that agreed to a “price cap,” undertaking not to buy Russian crude above $60 a barrel. Those nations also forbade their shipping companies and insurance firms – key players in global shipping – from facilitating the trade of Russian crude above that price. “The price cap was the real trigger for the creation of the shadow fleet,” said Viktor Katona, head of crude oil analysis at trade research firm Kpler. It will be $150.”India’s complex role in global oil trade is also reflected in the fate of the oil products Russian crude is turned into.

Persons: they’re, ”, David Tannenbaum, Viktor Katona, Tannenbaum, ” Ami Daniel, Vladimir Putin, Howard Shatz, Singh Puri, Rosneft, Daniel, I’m Organizations: CNN, Centre for Research, Energy, Clean, Star, Pole Star, US Treasury, United, Pole Star Global, European Union, RAND, India’s, Petroleum, Natural Gas, CNBC, Nayara, Kremlin Locations: Russia, Ukraine, India, United States, Delhi, Moscow, Laconian Gulf, Greece, Suez, Russian, Kyiv, Vadinar

Maxar Technologies Visual Investigations The $2.8 Billion Hole in U.S. Sanctions on Iran A Times investigation reveals how lax government oversight allowed shadowy oil tankers, covered by American insurance, to fund Iran’s regime. The American Club is one of only 12 major insurers of its kind, and the only one based in the United States. By then, the tankers had transported at least $2.8 billion in crude oil, based on the lowest reported prices of Iranian oil in 2023. The Treasury office has publicly enforced sanctions on the American Club only once in the past 20 years. Ultimately, the office said the American Club did “not appear to have been willful or reckless” and the case was settled.

Persons: Biden, ”, penna gabrielle toyomi, penna selene gabrielle, gabrielle, selene, lisa marianne selene, Samir Madani, Maggie Hassan, Daniel Tadros, “, Mr, Tadros, Shipowners, ” Mr, Madani of TankerTrackers.com, David Tannenbaum Organizations: Maxar, Maxar Technologies, Sanctions, U.S, White, New York Times, Times, Treasury Department, American Club, Treasury, cathay kirin, Copernicus, Planet Labs, Star, American, The Times, Revolutionary Guards Corps, Anadolu Agency, Getty, Club’s, Hamas, Bloomberg, United Against Nuclear, Nuclear, Glory, United, National Iranian Tanker, Labs, Copernicus Sentinel, Club, International Maritime Organization, AIS, Spire Locations: Gulf of Oman, American, U.S, Iran, New York, New Hampshire, United States, Hong Kong, Kharg, Kpler, China, Israel, Yemen, United Against Nuclear Iran, Nuclear Iran, United Arab Emirates, Asaluyeh, Dubai, of Oman, Persian, Oman, Cuba, Sudan, MarineTraffic, SynMax, TankerTrackers.com

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