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REUTERS/Thomas Peter/Files Acquire Licensing RightsLONDON, Aug 16 (Reuters) - China's top energy official has called for more secrecy in the country’s energy sector to protect national security in an increasingly hostile international environment. U.S. officials are keen to play down analogies between the intensifying strategic rivalry between China and the United States and the Cold War between the United States and the Soviet Union. The result is likely to be a more suspicious and cautious approach to cooperation on energy issues including emissions reductions. He warned about the increasing information security risks posed by smart phones, social media and hacking. Zhang called for “sober awareness” of these challenges and correct handling of the relationship between energy supply and energy security.

Persons: Thomas Peter, ” Zhang Jianhua, Zhang, Xi Jinping, John Kemp, Tomasz Janowski Organizations: REUTERS, National Energy Administration, Energy, Thomson, Reuters Locations: Wu'an, Hebei province, China, United States, Soviet Union, Ukraine

Chartbook: Texas electricity consumptionBut the primary driver of record consumption has been the rapid growth in the state’s resident population and economy rather than the weather. Power consumption increased at a compound annual rate of 1.7% between 2003 and 2022 – broadly in line with the compound population increase of 1.6%. Rising population explains almost all the structural increase in power consumption over the last two decades, based on data from the U.S. Energy Information Administration. Given underlying load growth, consumption will continue hitting new records each summer unless temperatures are well below average. Related column:- Don’t blame the weather for Texas power shortages (July 14, 2022)John Kemp is a Reuters market analyst.

Persons: Callaghan, John Kemp, Emelia Sithole Organizations: REUTERS, Electric, of Texas, Climate Prediction, U.S . Energy Information Administration, Thomson, Reuters Locations: Houston , Texas, U.S, Texas, Chartbook

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

☆ Argentina markets face election hangover after far-right primary bombshell
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Argentina's markets face an election hangover on Monday after a shock primary election win for far-right libertarian Javier Milei, who wants to axe the central bank and dollarize the economy, shook up the race towards general elections in October. The primary to elect party candidates acts as a dress rehearsal for the general election in two months time. Markets had hoped for a strong performance by more moderate candidates, who had a bad night. After a similar primary election shock result in 2019, bonds and the currency crashed and remain in distressed territory, with the peso now held in check by capital controls the government has been unable to unwind. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Javier Milei, Milei, Dante Sica, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado Organizations: Markets, Peronist Locations: Argentine

Hedge funds and other money managers purchased the equivalent of 10 million barrels of futures and options on U.S. diesel and European gas oil over the seven days ending Aug. 8. In the premier NYMEX WTI contract, short positions had been reduced by 91 million barrels or two-thirds since June 27. The total position has risen to a net long of 707 billion cubic feet (47th percentile for all weeks since 2010) up from a net short of 1,061 billion cubic feet (7th percentile) at the end of January. But the surplus had narrowed slowly but progressively from 299 billion cubic feet (+12% or +0.81 standard deviations) on June 30. Related columns:- U.S. diesel prices surge anticipating a soft landing (Aug. 11, 2023)- Crude oil and fuels draw funds as sentiment shifts (Aug. 7, 2023)- Short-covering by hedge funds lifted oil prices (Aug. 1, 2023)- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)John Kemp is a Reuters market analyst.

Persons: Guan, Brent, John Kemp, Jan Harvey Organizations: Phillips, Los, Los Angeles Refinery, Funds, ICE, U.S, Thomson, Reuters Locations: Los Angeles, Carson , California, U.S

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianBUENOS AIRES/LONDON, Aug 14 (Reuters) - Argentina's markets face an election hangover on Monday after a shock primary vote win for far-right libertarian Javier Milei - who wants to axe the central bank and dollarize the economy - shook up the race towards presidential elections in October. Rock-singing, wild-haired economist and lawmaker Milei far outperformed forecasts to win some 30% of the vote, the largest share with over 90% of ballots counted. Latin America's third-biggest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, Milei, Diego Pereira, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Jorge Otaola, Adam Jourdan, Stephen Coates, Bernadette Baum Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Investment, JPMorgan, Reuters Graphics Reuters, Gross, Peronist, Economy, Analytica, International Monetary Fund, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, U.S, Argentine, refinance, Washington, Rosario

Futures prices for ultra-low sulphur diesel delivered in New York Harbor in September climbed to $135 per barrel on Aug. 9, up from $95 on May 31. Prices for diesel and other distillate fuel oils have been rising much faster than for crude petroleum, widening margins for refiners. Diesel prices are rising as traders anticipate that shortages will quickly re-emerge if the economy avoids falling into a recession later in 2023. The rapid escalation in diesel prices and hedge fund position building is a warning that capacity constraints and upward pressure on goods prices are likely to re-emerge relatively quickly later in 2023 and in 2024. Depleted diesel inventories are a sign that if the economy achieves a mid-cycle soft-landing the second phase of the current expansion could prove short and inflationary.

Persons: Guan, John Kemp, David Evans Organizations: Kinder, Phillips, Los, Los Angeles Refinery, REUTERS, U.S . Energy Information Administration, ICE Futures, U.S . Commodity Futures Trading Commission, U.S, diesel, Diesel, Thomson, Reuters Locations: Los Angeles, Carson , California, U.S, United, New York Harbor, Europe, Singapore

A worker turns a valve at an underground gas storage facility near Striy May 21, 2014. Stocks in the European Union and the United Kingdom had climbed to 998 terawatt-hours (TWh) by Aug. 6, according to Gas Infrastructure Europe ("Aggregated gas storage inventory", GIE, Aug. 8). But because inventories finished the winter of 2022/23 at a record high even a smaller-than-average accumulation has left them at record levels. Chartbook: Europe gas inventories and pricesFutures prices for gas delivered in the summer of 2023 have already fallen sharply to encourage more consumption by industrial users and power generators. Related columns:- High prices keep lid on Europe's industrial gas use (July 11, 2023)- Europe’s gas storage is filling too fast (July 6, 2023)- Europe’s gas prices stabilise as storage additions slow (June 8, 2023)- Europe only has space for a small gas refill in 2023 (April 14, 2023)John Kemp is a Reuters market analyst.

Persons: Gleb Garanich, Stocks, John Kemp, David Evans Organizations: REUTERS, Gleb Garanich LONDON, European Union, Gas Infrastructure, Thomson, Reuters Locations: Striy, United Kingdom, Europe, Asia, Latin America

REUTERS/Mike Segar/File PhotoLONDON, Aug 7 (Reuters) - Crude oil prices continued to climb as Saudi Arabia’s decision to extend its unilateral production cuts and signs of decelerating inflation and a soft landing in the United States improved sentiment among investors. The total position climbed to 563 million barrels (46th percentile for all weeks since 2013) on Aug. 1, up from just 282 million barrels (5th percentile) on June 27. The most recent week saw a significant number of new bullish long positions initiated (+37 million barrels) as well as former bearish shorts closed out (-14 million). If implemented in full, extra cuts announced by Saudi Arabia and Russia would remove a further 115 million barrels from the market between July and September. In the most recent week, funds were buyers of European gas oil (+20 million barrels), Brent (+19 million), U.S. gasoline (+6 million), U.S. diesel (+4 million) and NYMEX and ICE WTI (+3 million).

Persons: Mike Segar, Brent, John Kemp, Mark Potter Organizations: Bayway, REUTERS, ICE Futures, U.S . Commodity Futures Trading Commission, Petroleum, Traders, U.S ., ICE, U.S . diesel, U.S, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi, United States, Saudi Arabia, Russia, Ukraine

A flare burns off excess gas from a gas plant in the Permian Basin in Loving County, Texas, U.S., November 25, 2019. Experience suggests drilling rates turn down about 4-5 months after futures prices and production rates turn down about 12 months after prices. Like oil, gas production has continued to increase in a lagged response to very high prices during the second and third quarters of 2022. Gas production growth is set to slow sharply in the second half of 2023 and into the first half of 2024 which should erode excess inventories during the winter of 2023/24. Related columns:- U.S. oil and gas production set to turn down later in 2023 (July 5, 2023)- U.S. oil and gas output still rising in response to high prices last year (June 1, 2023)- U.S. oil and gas output growth set to slow sharply (May 3, 2023)- U.S. oil drilling falls in response to lower prices (February 27, 2023)John Kemp is a Reuters market analyst.

Persons: Angus Mordant, John Kemp, David Evans Organizations: REUTERS, Angus Mordant LONDON, “ Petroleum, U.S . Energy Information Administration, OPEC ⁺, Traders, Thomson, Reuters Locations: Loving County , Texas, U.S, Gulf, Mexico, Ukraine, Saudi Arabia, OPEC, Saudi

Chartbook: Electricity and diesel useIndustrial electricity use and distillate fuel oil consumption are both correlated with the manufacturing and freight cycle and therefore with the purchasing managers index. Distillate fuel oil consumption actually rose by almost +0.8% in the three months from March to May compared with a year earlier. The strength of domestic distillate consumption helps explain why fuel oil inventories have remained well below the prior ten-year seasonal average. DISTILLATE SUPPLIEDThe resilience of industrial electricity use and especially apparent distillate fuel oil consumption may indicate the ISM manufacturing index is overstating the depth of the downturn. Accumulation of secondary and tertiary stocks in April and May would imply lower apparent consumption in June and July.

Persons: Guan, John Kemp, Barbara Lewis Organizations: Angeles Refinery, California Air Resources Board, The Institute, Supply, U.S . Energy Information Administration, U.S, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, doldrums

Most of the buying was in contracts linked to crude oil (+169 million barrels) with a particular emphasis on NYMEX and ICE WTI (+132 million). Short-covering has helped lift front-month WTI futures prices to over $81 per barrel on Aug. 1 from less than $68 on June 27. European gas oil futures and options have experienced an especially rapid increase in positions over the last four weeks (+29 million barrels). As a result, the net position rose to 41 million barrels (44th percentile) on July 25 from just 12 million barrels (18th percentile) on June 27. Related columns:- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)- Saudi output cut entices funds back into oil market (July 17, 2023)- Extreme pessimism gripped hedge funds on oil (July 3, 2023)- Is oil market’s glass half-full or half-empty?

Persons: Nick Oxford, ⁺, John Kemp Organizations: REUTERS, Reuters Connect, U.S . Commodity Futures Trading Commission, ICE Futures, ICE, Fund, U.S, Thomson, Reuters Locations: Midland , Texas, U.S, Saudi Arabia, Saudi, United States, WTI, Brent, North America, Europe, China

☆ The strange, improbable rise of Mark Zuckerberg 3.0
▼ + stars: | 2023-07-30 | by ( Kali Hays | ) www.businessinsider.com time to read: +27 min

In early July, Mark Zuckerberg unveiled the latest and perhaps most consequential product in Meta's history: a new model of Mark Zuckerberg. Silicon Valley Zuck was a husband and father with a legacy to build and protect at all costs. Silicon Valley Zuck was suddenly faced with something he'd never dealt with before, shrinking revenue. Still clinging to his persona as Silicon Valley Zuck, Zuckerberg engaged in an all-out media blitz to hawk his vision for the metaverse. They were the sort of people Harvard Zuck would have scoffed at and Silicon Valley Zuck would have gently ignored.

Persons: Mark Zuckerberg, Elon Musk, Joe Rogan, Zuckerberg, Clark Kent, TikTok, Sheryl Sandberg, Mike Schroepfer, Wall, McKinsey Zuck, Rogan, Meta, Harvard Zuck, —, Priscilla Chan, Ray's, pullover, Harvard Zuck —, Dianna, Mick, McDougall, Paul Sakuma, Zuckerberg's, Apple, Facebook, he'd, That's, Frances Haugen, Chris Cox, Zuck, Zach Gibson, Meta's, Sandberg, Marne Levine, who'd, Javier Olivan, he's, bode, Bain, Maher Saba, Lori Goler, He's, He'd, Katie Harbath, it's, Andrew Bosworth, Bosworth, Mark Zuckerberg McKinsey Zuck, Mark Shmulik, Bernstein, Augustus, Julius Caesar, Kali Hays Organizations: Meta, Menlo, Harvard, Apple, McKinsey, Business, Facebook, Cambridge, Capitol, Labs, Menlo Park, Q, Bain & Company, Reality Labs, Wall, Mark Zuckerberg McKinsey, Phillips Exeter Academy, Tech, Twitter Locations: California, Hawaii, United States, Davos, Silicon, contrition, Meta, verbiage, Harvard, Rome

☆ You have a month left to get your share of Facebook's $725 million settlement — here's how
▼ + stars: | 2023-07-28 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Facebook users have less than one month left to apply for their share of a $725 million settlement over the social network's privacy violations, part of the lengthy fallout from the Cambridge Analytica scandal that rocked the U.S. electoral process and Silicon Valley. In all, the Cambridge Analytica scandal cost Meta, Facebook's parent company, nearly $5.9 billion. Beyond the $725 million settlement, the company paid a record $5 billion settlement to the Federal Trade Commission, alongside a further $100 million to the Securities and Exchange Commission. In some ways, it's a much different company than it was during the Cambridge Analytica scandal. The $725 million settlement was not an admission of wrongdoing.

Persons: Mark Zuckerberg, Keller Rohrback, Donald Trump's, Facebookuserprivacysettlement.com, It's, We're, Zuckerberg Organizations: . House Financial, Capitol, Facebook, Cambridge, U.S, Federal Trade Commission, Securities and Exchange Commission, People, Twitter Locations: Washington, Silicon Valley, Cambridge, U.S

☆ Australia fines Facebook owner Meta $14 mln for undisclosed data collection
▼ + stars: | 2023-07-26 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, July 26 (Reuters) - An Australian court ordered Facebook owner Meta Platforms (META.O) to pay fines totalling A$20 million ($14 million) for collecting user data through a smartphone application advertised as a way to protect privacy without disclosing its actions. Australia's Federal Court also ordered Meta, through its subsidiaries Facebook Israel and the now-discontinued app, Onavo, to pay A$400,000 in legal costs to the Australian Competition and Consumer Commission (ACCC), which brought the civil lawsuit. Meta still faces a civil court action by Australia's Office of the Information Commissioner over its dealings with Cambridge Analytica in Australia. However, Facebook used Onavo to collect users' location, time and frequency using other smartphone apps, and websites they visited for its own advertising purposes, the judge Wendy Abraham said in a written judgment. ($1 = 1.4736 Australian dollars)Reporting by Byron Kaye; Editing by Tom Hogue and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

Persons: Meta, Wendy Abraham, Abraham, Byron Kaye, Tom Hogue Organizations: SYDNEY, Meta, Facebook Israel, Australian Competition, Consumer Commission, Cambridge, Australia's Office, Cambridge Analytica, Facebook, Thomson Locations: Australia, Lincoln

Distillate stocks have increased slightly from last year when they were just 113 million barrels, but otherwise they are at the lowest level for the time of year since 2004. The actual and prospective tightness of diesel supplies has started to draw interest from hedge funds and other investors. There have been increases in both U.S. diesel (+27 million barrels) and European gas oil (+49 million barrels) over the period. Adjusted for inflation, U.S. heating oil prices were close to the long-term average in June (48th percentile for all months since 1990). But if the economy avoids a recession, diesel prices could escalate relatively rapidly.

Persons: Stocks, John Kemp, Paul Simao Organizations: U.S . Energy Information Administration, U.S, Thomson, Reuters Locations: Chartbook, U.S, Europe, Singapore

☆ Harvard psychologist: The 'common enemy effect' may explain why Elon Musk's declining popularity could benefit Mark Zuckerberg
▼ + stars: | 2023-07-20 | by ( Ashton Jackson | ) www.cnbc.com time to read: +4 min

Zuckerberg's found early success luring dissatisfied Twitter users to his new competitor, Threads, which launched earlier this month and quickly amassed 100 million users within days. At the end of 2022, after he acquired Twitter, Musk's net favorability had dropped by 13 points among U.S. adults, according to a survey by Morning Consult. In this case, a common disdain for Musk's Twitter could be the cause for Thread's flood of new users. But Warren makes it clear that growing a business using the "common enemy effect" may not be sustainable. "[The common enemy effect] is often a slippery slope to build a business around, although it may be effective in getting people to buy into a common cause," Warren says.

Persons: Elon Musk, Mark Zuckerberg, Zuckerberg's, Zuckerberg, favorability, It's, Dr, Cortney Warren, Warren Organizations: Twitter, Morning, Meta, Cambridge, Harvard, CNBC

The country recorded massive increases in generation from hydro (+64 billion kWh), solar (+13 billion kWh) and wind farms (+9 billion kWh). As a result, there was a sharp decline in thermal generation (-66 billion kWh) including gas (-45 billion kWh), oil (-10 billion kWh), coal (-8 billion kWh) and biomass (-3 million kWh). Hydro power was +43 billion kWh (+11%) above the prior ten-year average in 2022 and the highest for any year since 2011. In consequence, gas-fired generation was -24 billion kWh (-37%) below the prior ten-year average and the lowest since 2011. LNG IMPORTS DOWNBrazil relies on imports to cover more than a quarter of its gas consumption – rising to almost half in years when gas generation is high.

Persons: John Kemp, Barbara Lewis Organizations: U.K . Energy Institute, Hydro, HYDRO, National Electric, ., Ministry of Mines and Energy, Thomson, Reuters Locations: Brazil, Europe, Chartbook, Bolivia, United States, Qatar, Trinidad and Tobago, Asia, Midwest

In the most recent week, funds were major buyers of Brent (+48 million barrels), NYMEX and ICE WTI (+33 million), European gas oil (+17 million), U.S. gasoline (+12 million) and U.S. diesel (+5 million). Across all six contracts, funds purchased a total of 163 million barrels in the two most recent weeks after Saudi Arabia extended its cut of 1 million barrels per day (b/d) for an extra month. Funds had been buyers in each of the five most recent weeks, purchasing a total of 822 billion cubic feet since June 6. The surplus was little changed from +279 billion cubic feet (+12% or +0.69 standard deviations) on June 6 and was actually up from +44 billion cubic feet (+2% or +0.14 standard deviations) at the end of January. Related columns:- Saudi output cut removes downside risk from oil market (July 12, 2023)- Oil investors less bearish after Saudi output cut extended (July 10, 2023)- U.S. oil and gas production set to turn down later in 2023 (July 5, 2023)- Is oil market’s glass half-full or half-empty?

Persons: Brent, repurchases, John Kemp, Bernadette Baum Organizations: ICE, U.S ., Saudi, Fund, Funds, Thomson, Reuters Locations: Saudi, China, Europe, U.S, Saudi Arabia

From a fundamental perspective, the production cuts announced by Saudi Arabia and Russia are expected to remove excess barrels from the market. Since most fund positions are concentrated in nearby months, where liquidity and volatility are greatest, the wave of buying has accelerated the return to a backwardation structure. The exceptionally low level of hedge fund positions in crude means there is plenty of scope for position-building to anticipate, accelerate and amplify the move. Related columns:- Oil investors less bearish after Saudi output cut extended (July 10, 2023)- Is oil market’s glass half full or half empty? (June 29, 2023)- Frustrated oil bulls made to wait for price recovery (June 22, 2023)- Saudi Arabia’s 'lollipop' has yet to sweeten oil prices (June 6, 2023)John Kemp is a Reuters market analyst.

Persons: Brent, WTI, John Kemp, Paul Simao Organizations: Thomson, Reuters Locations: Saudi Arabia, Russia, backwardation, North America, Europe, China, Brent, Saudi

☆ Europe and the U.S. finally agree a landmark data-sharing pact — and it's already under threat
▼ + stars: | 2023-07-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

CNBC runs through all you need to know about the new EU-U.S. privacy framework, why it matters, and its chances of success. What's the new EU-U.S. Data Privacy Framework? Schrems said that revelations from NSA whistleblower Edward Snowden about U.S. surveillance meant that American data protection standards couldn't be trusted. Instead, individual U.S. states have come up with their own respective regulations for data privacy, with California leading the charge. The approval of a new data privacy framework means that businesses will now have certainty over how they can process data across borders going forward.

Persons: Pavlo Gonchar, Max Schrems, Schrems, Edward Snowden, Cambridge Analytica, Holger Lutz, Clifford Chance, Meta Organizations: Getty, European Union, CNBC, EU, U.S, European Commission, Protection, European Court of Justice, Facebook, Irish Data Protection, Data, Meta, Google, Cambridge, General Data Locations: America, EU, Europe, U.S, California, Austrian

LONDON, July 11 (Reuters) - Europe's gas consumption has fallen by 10% to 15% compared with the decade before Russia's invasion of Ukraine as high prices enforce sharp cuts, especially by energy-intensive industries. Chartbook: Europe gas consumptionBy May 2023, prompt gas prices had fallen by 85% from their August 2022 peak as panic-buying for storage ended and a mild winter left Europe with record gas stocks at the end of winter. Some capacity has yet to re-open fully because long-term gas prices are too high to make resuming operations profitable. Europe averted gas shortages during winter 2022/23 but at the cost of significant de-industrialisation, which will be hard to reverse unless prices fall significantly. Related columns:- Europe’s gas storage space is filling too fast (July 6, 2023)- Europe’s gas prices stabilise as storage additions slow (June 8, 2023)- Europe's extraordinary good fortune with winter weather (April 18, 2023)- Europe only has space for a small gas refill in 2023 (April 14, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Alexander Smith Organizations: Eurostat, Thomson, Reuters Locations: Ukraine, Europe, Germany, France, Spain, Italy

Buying was concentrated in crude (+52 million barrels) with purchases of Brent (+25 million) and NYMEX and ICE WTI (+27 million), according to exchange and regulatory records. Elsewhere there were small sales of U.S. gasoline (-3 million barrels) and European gas oil (-4 million) partly offset by purchases of U.S. diesel (+2 million). Russia also pledged to cut production by 0.5 million barrels per day in August to help counter adverse sentiment and boost prices. Hedge funds and other money managers purchased the equivalent of 325 billion cubic feet in the week ending on July 3. The combined position reached a net long of 606 billion cubic feet (45th percentile for all weeks since 2010) up from a net short of 1,201 billion cubic feet (6th percentile) on February 21.

Persons: Brent, John Kemp, David Evans Organizations: ICE, U.S ., Funds, Thomson, Reuters Locations: Saudi Arabia, Brent, Russia, North America, Europe, WTI, Saudi

☆ Elon Musk is the gift that keeps on giving to Mark Zuckerberg
▼ + stars: | 2023-07-08 | by ( Clare Duffy | ) edition.cnn.com time to read: +8 min

New York CNN —At the start of last year, Meta CEO Mark Zuckerberg was in the hot seat. But then, the attention of lawmakers, media and the tech world writ large abruptly shifted to another tech billionaire: Elon Musk. While Twitter users have lamented what Musk’s ownership has meant for the platform, it may be the best thing that could have happened for Zuckerberg. A billion-user opportunityThe distraction and chaos of Musk’s Twitter takeover could hardly have come at a better time for Zuckerberg and Meta. The Twitter-Threads battle has raised the stakes for another fight: a cage fight that Musk and Zuckerberg have spent the past several weeks planning.

Persons: Mark Zuckerberg, Elon, Twitter, Musk, Zuckerberg, “, ”, Herbert Hovenkamp, —, he’s, Meta, Musk’s, “ Elon, Meta —, Donald Trump, Instagram, Adam Mosseri, Zuckerberg’s Organizations: New, New York CNN, Facebook, Apple, Meta, Twitter, University of Pennsylvania’s Carey Law School, Instagram, SpaceX, YouTube Locations: New York, Cambridge

LONDON, July 6 (Reuters) - Europe’s gas storage is filling more slowly after prices fell sharply in the first half of the year, but a further slowdown will be needed to prevent space running out before the start of winter 2023/24. Gas inventories across the European Union and the United Kingdom amounted to 889 terawatt-hours (TWh) on July 4, according to data from Gas Infrastructure Europe (“Aggregated gas storage inventory”, GIE, July 6). Chartbook: Europe's gas inventories and pricesFront-month futures prices have already fallen by 85% in real terms since August 2022 to encourage more consumption by electricity generators and industrial users as well as re-route liquefied natural gas (LNG) cargoes to Asia. Prices and spreads will continue to come under pressure until storage accumulation slows much further to avoid space becoming full before October. Related columns:- Europe’s gas prices stabilise as storage additions slow (June 8, 2023)- Europe’s gas prices slide on swollen inventories (May 11, 2023)- Europe only has space for a small gas refill in 2023 (April 14, 2023)- Europe’s gas outlook transformed after mild winter (April 13, 2023)John Kemp is a Reuters market analyst.

Persons: Stocks, John Kemp, Emelia Sithole Organizations: European Union, Gas Infrastructure, Thomson, Reuters Locations: United Kingdom, GIE, Asia, Europe

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