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REUTERS/Ernest Scheyder Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Production cuts announced by Saudi Arabia and its OPEC⁺ allies are expected to tighten the global petroleum market moderately over the remainder of 2023 and into the first quarter of 2024. Since then, additional production cuts announced by Saudi Arabia will remove an extra 90 million barrels from the market between July and September. Russia has also announced extra cuts amounting to 25 million barrels in August and September, assuming they are implemented in full. Related columns:- U.S. oil and gas production begins to flatten (August 4, 2023)- Saudi output cut removes downside risk from oil market (July 12, 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)John Kemp is a Reuters market analyst.

Persons: Ernest Scheyder, Brent, John Kemp, Paul Simao Organizations: REUTERS, OPEC ⁺, OECD, U.S . Energy Information Administration, of, Petroleum, OPEC, Thomson, Reuters Locations: Midland , Texas, U.S, Saudi Arabia, Russia, European, China, Saudi, United States, Europe, Asia

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

☆ Inflation Reduction Act spurs $500 billion in investments — and much is going to underserved communities, Treasury says
▼ + stars: | 2023-08-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The Treasury Department on Wednesday announced that billions of dollars slated for investments in clean energy, electric vehicles and batteries under the Inflation Reduction Act will go to relatively underserved communities throughout the country. The announcement comes as the IRA, the Biden administration's landmark law targeting manufacturing, infrastructure and climate change, turns one year old. The more than $500 billion in announced investments, $200 billion of which is in the clean energy sector, is a key goal of the legislation, according to the Treasury. A senior Treasury official told reporters on Wednesday that the agency is also seeing meaningful private investment in the efforts. He also contended it would benefit the Chinese Communist Party, as the U.S. relies on Chinese imports of key inputs for clean energy technology.

Persons: Sean Patrick Maloney, WASHINGTON —, Janet Yellen's, Harris administration's, Joe Biden's, Biden, Jason Smith, Smith Organizations: WASHINGTON, Treasury Department, Wednesday, Biden, Treasury, Chinese Communist Party Locations: Cold, , New York, U.S, China

☆ Carbon storage is gaining favor. These are the companies investors need to know
▼ + stars: | 2023-08-15 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

Carbon capture, utilization and storage processes have been around for half a decade, but are currently gaining momentum. Some focus on modifying already-standing power as well as industrial plants that work on carbon capture. Put more succinctly, Deutsche Bank analyst James Hubbard called carbon capture "simple in theory" but "capital intensive and divisive" in reality. He also noted the company has one of the industry's largest carbon capture positions. Staphos cited the potential of its carbon capture operations as a long-term reason to be optimistic, even as its more traditional end-market, homebuilding, faces near-term pressure.

Persons: CCUS, Worley, Wood MacKenzie, Goldman Sachs, Jan Hatzius, Hatzius, James Hubbard, Goldman's Brian Singer, Baker Hughes, Goldman, Ati Modak, hasn't, Stephens, Mike Scialla, Scialla, George Staphos, Staphos, — CNBC's Michael Bloom Organizations: Big, International Energy Agency, U.S . Department of Energy, Battelle, Carbon Technologies, Occidental Petroleum, Carbon Engineering, Energy, Deutsche Bank, Wall Street, Occidental Petroleum . Energy, Baker, Occidental, of Energy, Bank of America, Weyerhaeuser, Bloom Energy, CF Industrial, Honeywell, KBR, Linde, Nutrien, Teledyne, Refinitiv Locations: Vermont, stoke, Maui, Big Tech, Texas, Louisiana, Carbon Technologies . Texas, Kleberg County, Rio Grande, Denmark, Switzerland, Union, Occidental, Boise, Pacific

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

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

Many opponents of renewable energy, she added, “are worried about the impacts to their very way of life.”Roadside opposition to renewable energy projects near Baldwin City, Kan. “We see offshore wind as a critical technology,” said Dan Burgess, the director of the Maine Governor’s Energy Office. Across the country, clean energy projects of all types are tied up in lengthy permitting processes. By then, India had not completed any offshore wind projects. Since 2000, the United States has barely built any major transmission lines that connect different regions of the country.

Persons: Scott Dickerson, ”, Biden, Alison Bates, “, Columbia University’s, Dan Burgess, Habib Dagher, Janet Mills, Gregory Wetstone, Mack, James Gillway, SunZia, ” Hunter Armistead, Broussard, There’s, Vaughan Woodruff, Tucker Carlson, Teslas, ” Ali Zaidi, Dagher, Rolf Olsen, who’s Organizations: University of Maine, Sears, Officials, Federal, International Energy Agency, Colby College, White, Columbia, Climate, The University of, Maine Governor’s Energy, Environmental, University of Maine’s, Composites Center, Gov, American Clean Power Association, American Council, Renewable Energy, Environmental Protection Agency, Army Corps of Engineers, . Clean, Union United, China India European Union United States, China European Union United, China India United States European, China United States European Union, China United States European Union India, Energy, The New York Times, United, Pattern Energy, New York State Energy Research, Development Authority, Toyota Prius Locations: Penobscot Bay, Maine, , Maine, United States, Europe, China, Australia, India, Los Angeles, Ohio, Jersey Shore, Waterville , Maine, Baldwin City, Kan, Massachusetts, Ukraine, Gulf, Searsport , Maine, Searsport, Bangor, Mack, West, Union United States, U.S, China United States European Union India, Great, New Mexico, Arizona, California, Riesel , Texas, Energy, San Bernardino County, In Kansas, Atlantic City, N.J, New York, Manhattan, Sears

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

☆ Siemens Energy books $2.4 billion in charges for wind turbine issues
▼ + stars: | 2023-08-07 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

[1/2] The logo of energy technology company Siemens Energy is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. The charges will inflate Siemens Energy's net loss more than six-fold in 2023 to 4.5 billion euros, the company said, as it published third-quarter results showing a record order backlog due to strong demand. Siemens Energy shares reversed an opening fall of as much as 7% to stand 1.5% higher on the day by 0725 GMT. "Our third-quarter results demonstrate the challenges in turning around Siemens Gamesa," Siemens Energy CEO Christian Bruch said, adding that the group's remaining units, including gas turbines and power converter stations, performed well. While in line with Siemens Energy's own estimate of more than 1 billion euros, Monday's cost tally for the issues is below the most pessimistic market estimate of more than 5 billion euros issued by UBS.

Persons: Chris Helgren, Christian Bruch, Alix, Christoph Steitz, Barbara Lewis, Stephen Coates, Kirsten Donovan Organizations: Siemens Energy, REUTERS, UBS, Siemens, Siemens Gamesa, Alix Partners, Thomson Locations: Vancouver , British Columbia, Canada, FRANKFURT

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

☆ This international stock picker beats the market long term by mastering downside risk
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Now the manager of the Goldman Sachs' International Equity Income Fund (GSTKX) , as a young man Deladerriere was surrounded by farmers and government employees, not investors. Deladerriere sought out companies with good business fundamentals, saying many of the firms he invested in back then have survived and are "actually thriving." One was French energy technology provider Schneider Electric, still a holding in his Goldman fund. He landed a research internship at Goldman Sachs Asset Management, and is now a partner and head of international developed markets equity. Good times and bad In 2012, Deladerriere started managing Goldman International Equity Income, a $1.1 billion fund with a five-star rating from Morningstar.

Persons: Alexis Deladerriere, Goldman Sachs, Deladerriere, Goldman, that's, Morningstar Organizations: International Equity Income, Schneider Electric, Ecole Superieure de Commerce de Paris, Goldman Sachs Asset Management, Goldman International Equity, Morningstar, Vinci, Schneider, Stock, Zurich Insurance Group, Singapore Locations: France, French, Europe, Australasia, London, New York, U.S, Swiss

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

SEOUL/SHANGHAI, July 31 (Reuters) - Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. The IRA, designed to wean the U.S. off the Chinese supply chain for electric vehicles (EVs), will also eventually bar tax credits if any EV battery components were manufactured by a "foreign entity of concern", a provision aimed at China. South Korea has a free-trade agreement with the United States that would likely make batteries manufactured in the North Asian nation and later installed in U.S.-manufactured electric cars eligible for the federal tax credits. SK On and its supplier EcoPro Co (086520.KQ) also announced a joint venture with China's Green Eco Manufacture to make battery precursors in South Korea. POSCO Holdings (005490.KS) said last month it would cooperate with China's CNGR Advanced Material (300919.SZ) on nickel refining and precursor production in South Korea.

Persons: Kang Dong, hasn't, China's, 1,274.0000, Heekyong Yang, Zoey Zhang, Miyoung Kim, Tom Hogue Organizations: SK, U.S, Hyundai Motor Securities, China JV, U.S . Treasury Department, South, New Energy Technology, Reuters, Zhejiang, LG Chem, LG Energy, EcoPro, China's, POSCO Holdings, LG, Samsung SDI, EV, Thomson Locations: SEOUL, SHANGHAI, South Korea, United States, China, U.S, Korea, Ningbo, Seoul, South Korean, Korean, KS, Shanghai

☆ An Energy Correspondent Hunts for Alternatives
▼ + stars: | 2023-07-26 | by ( Ivan Penn | More About Ivan Penn | ) www.nytimes.com time to read: +1 min

A small number of Americans use the batteries in their electric vehicles to power their homes during an outage. And as heat waves began smothering much of the Southern United States earlier this summer, the time seemed right. I’m based in Los Angeles, in part because California has become a hub for clean energy technologies. But for our article, which was published last week, we wanted to see how alternative energy technology was being used in other areas of the United States. We picked Nashville, a place not known for electric vehicles, home batteries or solar panels.

Organizations: The New York Times, Energy, Business, Southern United Locations: Southern United States, Los Angeles, California, United States, Nashville

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

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

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

☆ China's state planner holds meeting with private firms, including Baidu
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 10 (Reuters) - China's state planner said on Monday it held a meeting with private firms including Baidu (9888.HK) and LONGi Green Energy Technology (601012.SS). This is the second round of dialogue between the NDRC and private firms. Chinese Premier Li Qiang heads the State Council, or cabinet, which oversees the state planner. He has been attempting to reassure the private sector as part of his drive to re-invigorate China's post-pandemic economy. Reporting by Beijing newsroom; Editing by Jacqueline Wong and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Li, Jacqueline Wong Organizations: Baidu, HK, Green Energy Technology, National Development, Reform Commission, State Council, Beijing, Thomson Locations: BEIJING

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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