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Microsoft announced the biggest gaming deal in history in early 2022, but the acquisition was blocked by Britain's competition regulator, which was concerned the U.S. computing giant would gain too much control of the nascent cloud gaming market. Under the restructured deal, Microsoft will not be able to release Activision games like "Overwatch" and "Diablo" exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms for rival services. Instead, French gaming rival Ubisoft will acquire the cloud streaming rights for Activision's existing PC and console games, and any new games released by Activision in the next 15 years. A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. Microsoft said Ubisoft would acquire the rights through a one-off payment and a market-based wholesale pricing mechanism, including an option that supports pricing based on usage.

Persons: Tom Smith, there's, Gonzalo Fuentes, Alex Haffner, Fladgate, Sarah Cardell, Yadarisa, Kate Holton, Foo Yun Chee, Barbara Lewis, Sharon Singleton, Mark Potter Organizations: CMA, Microsoft, Activision, Ubisoft Deal, Ubisoft Entertainment, Ubisoft, Markets Authority, European Commission, Geradin Partners, Big Tech, Reuters, REUTERS, European Union . Competition, Federal Trade Commission, European, European Union, Sony, U.S, Thomson Locations: New York, Paris, U.S, Europe, Brussels, EU, Issy, France, British, United States, Bengaluru, London

Britain's Competition and Markets Authority (CMA) is the only regulator to block Microsoft's $69 billion Activision deal, in a test of its post-Brexit clout. The CMA in a statement said the revised transaction would "allow Ubisoft to commercialise these rights to other cloud gaming services providers (including to Microsoft itself)". Under the new terms, Microsoft will not be able to release Activision Blizzard games exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms of Activision Blizzard games for rival services. The new transaction deals with streaming rights outside the European Economic Area, reflecting the fact that Brussels had already approved the deal. Ubisoft will, however, receive a non-exclusive licence for Activision's European gaming rights too, enabling the French group to also stream the rights in the EU.

Persons: Yadarisa, Kate Holton, Rashmi Aich, Sachin Ravikumar, Barbara Lewis Organizations: CMA, Activision, Ubisoft Deal, Microsoft, Ubisoft Entertainment, Britain's, Markets Authority, Ubisoft, European Union, Sony, U.S, Activision Blizzard, Economic, Activision's, Thomson Locations: Paris, British, Brussels, Bengaluru, London

"The main issue with methanol at this stage is increasing access and the scale of green production," Peter Lye, global head of shipping at Anglo American, said. Reuters GraphicsNetherlands-based OCI, which supplied green methanol to Maersk's first ship, can produce up to 200,000 tpy of the renewable fuel. Bashir Lebada, CEO of OCI's methanol and fuels business, said the vessel orders have given suppliers a confidence boost in advancing their green methanol projects even though production is "very small" now. Most green methanol projects are located in China, northern Europe and North America - far from major bunker hubs Singapore and the United Arab Emirates, creating a logistical gap. Within Asia, South Korea and China are set to increase their capacity to fuel ships with green methanol.

Persons: A.P . Moller, Moller, Emma Mazhari, Rashpal Singh Bhatti, we're, Peter Lye, Greg Dolan, Bashir Lebada, Anita Gajadhar, Jeslyn Lerh, Jacob Gronholt, Johannes Birkebaek, Florence Tan, Barbara Lewis Organizations: Reuters, Maersk, Handout, REUTERS, Container, A.P, CMA, Apple, Nike, Adidas, Walmart, Global, Reuters Graphics, United Arab, Pedersen, Thomson Locations: SINGAPORE, COPENHAGEN, South Korea, Reuters Graphics Netherlands, China, Europe, North America, Singapore, United Arab Emirates, Chile, Argentina, Asia, Copenhagen

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel, and Brent crude futures rose 68 cents, or 0.8%, to settle at $84.80 a barrel. Those concerns, spurred on by output cuts from the Organization of the Petroleum Exporting Countries and allies, helped oil prices gain for seven straight weeks since June. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, WTI, Rob Haworth, Haworth, Jay Hatfield, Hatfield, Shariq Khan, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis, David Gregorio Our Organizations: REUTERS, West Texas, Brent, Organization of, Petroleum, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. "Prices are likely to remain range-bound for now," Haworth said, adding that demand is in question for investors worried by the weak data from China. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Oil benchmarks were further depressed by seasonal demand weakness heading into the autumn, said Jay Hatfield, CEO of Infrastructure Capital Management. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, Rob Haworth, Haworth, Jay Hatfield, Hatfield, WTI, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis Organizations: REUTERS, U.S . West Texas, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, London, Singapore

REUTERS/John Sommers II/File Photo Acquire Licensing RightsAug 18 (Reuters) - Air cargo enjoyed record demand when COVID-19 closed borders and snarled supply chains. Now, it is reeling from overcapacity and tumbling freight rates as the freight boom makes a hard landing. Passenger jets grounded during the health crisis are flying again and bringing their lower-deck cargo space, which competes with dedicated air freighters, back into play. The Florida-based carrier cited "the unyielding and rapidly mounting macro-economic headwinds that plagued the entire air cargo transportation sector starting in late 2022". In June, air cargo experienced the slowest contraction since February 2022, the International Air Transport Association said.

Persons: John Sommers, Xeneta, they're, Peter Sand, we're, Sand, planemakers, Eddy Pieniazek, expective, Pieniazek, Robert, Tim Hepher, Lisa Bartlein, Allison Lampert, Valerie Insinna, Barbara Lewis Organizations: Parcel Service, UPS, REUTERS, Air, Reuters, Western Global Airlines, Japan Airlines, Xeneta, International Air Transport Association, Ishka, Cathay, HK, Boeing, Airbus, Aeronautical Engineers, Thomson Locations: Louisville , Kentucky, Delaware, Florida, China, Asia, United States, Miami

☆ A Minute With: Singer-songwriter Sam Ryder on riders, hair care and his hero
▼ + stars: | 2023-08-18 | by ( Lucy Marks | ) www.reuters.com time to read: +2 min

The 34-year-old Eurovision 2022 runner-up spoke with Reuters about how "Fought & Lost" echoed his own journey in the music industry, collaborating with his hero Brian May and his hair care routine. Tell me the secrets to your hair care routine? Ryder: “My hair care routine is going to kind of be quite controversial. Ryder: "On my rider is lots of fruit and vegetables, lots of ginger shots, and also loads of vegan chocolate. "Every country we go to we want to try the best vegan chocolate they can find.

Persons: Sam Ryder, Kerry Davies, Ted Lasso, Brian May, Queen’s Brian May, Ryder, I'm, “, What’s, Sam Ryder’s, we've, Lucy Marks, Barbara Lewis Organizations: Apple, Reuters, Thomson Locations: Buckingham Palace, London, Britain, British

WASHINGTON, Aug 18 (Reuters) - The Biden administration has tightened controls on the export of materials and components for nuclear power plants to China, saying it would ensure the items were used only for peaceful purposes and not the proliferation of atomic weapons. The Nuclear Regulatory Commission (NRC), the federal agency responsible for nuclear energy safety, also requires exporters to get specific licenses to export special nuclear material and source material. That includes different types of uranium as well as deuterium, a hydrogen isotope that, in large amounts, could be used in reactors to make tritium, a nuclear weapons component. China opposes "putting geopolitical interests above nuclear non-proliferation efforts," he said. Two exports to China of the regulated nuclear materials occurred under a general license in the last year.

Persons: Biden, Liu Pengyu, Edwin Lyman, Henry Sokolski, Donald Trump's, Timothy Gardner, Michael Martina, Barbara Lewis Organizations: Industry and Security, Commerce Department, Nuclear Regulatory Commission, NRC, U.S, Nuclear Weapons, Union of, Pentagon, Nonproliferation, Education Center . U.S, Westinghouse, Thomson Locations: China, Washington, Beijing, U.S, United States

At current prices shares are now down about 16% in the year to date, surrendering gains up to Wednesday's close. Earnings before interest, tax, depreciation and amortisation (EBITDA) were 320 million euros ($348 million), down 10% from a year earlier and below analyst forecasts of 386 million euros, Refinitiv data showed. Revenue rose 21% to 739 million euros, against Adyen's mid-term forecasts of more than 25% growth. He said the economy overall is slowing and online payments growth may not be quite as fast as it was in the pre-COVID era. A similar margin decline led to a sell-off in Adyen shares when the company reported full-year earnings in February.

Persons: Eva Plevier, Hannes Leitner, Adyen, Toby Sterling, Sinead Cruise, David Goodman, Barbara Lewis, Jane Merriman Organizations: REUTERS, Company, Netflix, Microsoft, Spotify, JPMorgan, Revenue, Adyen's, PayPal, Jefferies, Thomson Locations: Amsterdam, Netherlands, AMSTERDAM, North America, Stripe, Braintree, Fiserv

☆ Payments company Adyen's shares drop more than 20% after earnings miss
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

Earnings before interest, tax, depreciation and amortisation (EBITDA) were 320 million euros ($348 million), down 10% from a year earlier and below analyst forecasts of 386 million euros, Refinitiv data shows. Revenue rose 21% to 739 million euros, against Adyen's mid-term forecasts of more than 25% growth. Adyen's EBITDA margin fell to 43% from 59%, which the company said was mostly because of higher wage costs as it takes on more staff. A similar margin decline led to a sell-off in Adyen shares when the company reported full-year earnings in February. Adyen maintained its medium-term targets for revenue growth above 25% and an improving EBITDA margin that it expects to reach 65% in the long term.

Persons: Eva Plevier, Adyen, Toby Sterling, David Goodman, Barbara Lewis, Jane Merriman Organizations: REUTERS, Rights, Netflix, Microsoft, Spotify, JPMorgan, Revenue, Adyen's, North, PayPal, Thomson Locations: Amsterdam, Netherlands, North America, United States

☆ How climate change drives heatwaves and wildfires in Europe
▼ + stars: | 2023-08-17 | by ( Kate Abnett | ) www.reuters.com time to read: +5 min

Here's how climate change drives these events. FINGERPRINTS OF CLIMATE CHANGETo find out exactly how much climate change affected a specific heatwave, scientists conduct "attribution studies". CLIMATE CHANGE DRIVES WILDFIRESClimate change increases hot and dry conditions that help fires spread faster, burn longer and rage more intensely. The study found that human-induced climate change played an absolutely overwhelming role in the extreme heatwaves that swept across North America, Europe and China in July. But scientists concur that without steep cuts to the greenhouse gases causing climate change, heatwaves, wildfires, flooding and drought will significantly worsen.

Persons: Alexandros Avramidis, Friederike Otto, Sonia Seneviratne, Seneviratne, Rhodes, Copernicus, Mark Parrington, Victor Resco de, Kate Abnett, Gloria Dickie, Katy Daigle, Barbara Lewis, Josie Kao, Jonathan Oatis Organizations: Firefighters, REUTERS, Rights, United Nations, Imperial College London, ETH Zurich, Union, Spain's Lleida University, Thomson Locations: Sesklo, Greece, Europe, Spain, France, Netherlands, Paris, North America, China, Victor Resco de Dios

☆ Wildfire in Tenerife national park prompts village evacuations
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

TENERIFE, Canary Islands, Spain, Aug 16 (Reuters) - A wildfire that broke out in a national park on the Spanish island of Tenerife has spread to 300 hectares, prompting authorities to order the evacuation of five villages and to cut off access to the forest surrounding the Mount Teide volcano. "The fire is powerful and is in a complicated area," Canary Islands regional President Fernando Clavijo told a news conference in Tenerife. [1/5]Flames and smoke rise as wildfire burns on the Canary island of Tenerife, Spain, August 16, 2023 in this picture obtained from social media. During the last week, a heatwave in the Canary Islands has left many areas bone dry and increased the risk of wildfires. This summer, firefighters have extinguished a series of forest fires on the islands of Gran Canaria and La Palma, which form part of the Canary Islands archipelago.

Persons: Fernando Clavijo, Pedro Martinez, Gerardo Ibelli, Rosa Davila, Davila, Corina Pons, Inti Landauro, Angus MacSwan, Charlie Devereux, Barbara Lewis Organizations: REUTERS Acquire, Media, Gran Canaria, La, Radio Canarias, Thomson Locations: TENERIFE, Canary Islands, Spain, Tenerife, Arrate, Gran, Spanish

☆ Europe space chief warns over political wavering on climate
▼ + stars: | 2023-08-16 | by ( Tim Hepher | ) www.reuters.com time to read: +5 min

"It just confirms that climate change is the biggest threat to our planet, to humankind, and will remain so for the next decades and we do need to do everything we can to mitigate the effects." Scientists say climate change is making heatwaves more frequent, intense and likely to happen across seasons, not just in what were regarded as the summer months. "Acting now is much cheaper than waiting for years and then patching up the damage that has been caused," he said when asked if he saw any signs of drift in Europe's climate agenda. FUNDING GAP AND 'GLOBAL BOILING'Aschbacher is among the most senior climate-monitoring officials to voice concerns over wavering support for measures to combat climate change - a creeping negative reaction that some climate activists have labelled "greenlash". This would significantly impact Europe’s commitment to combating climate change."

Persons: Josef Aschbacher, Aschbacher, Copernicus, Rishi Sunak, Ashbacher, Antonio Guterres, ESA's Copernicus, Tim Hepher, Barbara Lewis Organizations: Copernicus Sentinel, European Space Agency, Handout, REUTERS, Rights, Reuters, Meterological Organization, ESA, GAP, Sentinel, European Union, Negotiations, European Commission, EU, Britain's Department for Science, Innovation, Technology, Thomson Locations: Odemira, Alentejo, Portugal, Greece, Italy, Spain, Paris, Europe, Britain

☆ British Museum sacks member of staff over missing and stolen items
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A sign for the British Museum which houses the Parthenon sculptures is seen in London, Britain, January 25, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 16 (Reuters) - The British Museum said on Wednesday a member of staff had been dismissed after items from its collection, including gold jewellery and gems, had been found to be missing, stolen or damaged. None of the items had recently been on public display and were kept primarily for academic and research purposes, it added. I know I speak for all colleagues when I say that we take the safeguarding of all the items in our care extremely seriously," said Hartwig Fischer, Director of the British Museum. The museum's chair, former finance minister George Osborne, Chair of the British Museum, said the trustees were extremely concerned when they had learnt of the theft "earlier this year".

Persons: Toby Melville, Hartwig Fischer, George Osborne, Kylie MacLellan, Barbara Lewis Organizations: British, REUTERS, Metropolitan Police, British Museum, Thomson Locations: London, Britain

☆ Russia fines Reddit for first time over 'banned content,' RIA says
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 15 (Reuters) - Russia on Tuesday fined social media site Reddit for the first time for not deleting "banned content" that it said contained "fake" information about Russia's military campaign in Ukraine, RIA reported on Tuesday, citing a Moscow court. Reddit joins a list of sites under scrutiny in Russia for failing to remove content that Moscow deems illegal, including Wikimedia, streaming service Twitch, and Google (GOOGL.O). RIA said the court had fined Reddit 2 million roubles ($20,365). Wikipedia is one of the few surviving independent sources of information in Russia since a state crackdown on online content intensified after Moscow sent its armed forces into Ukraine. Wikimedia has previously criticised the penalties as "part of an ongoing effort by the Russian government to limit the spread of reliable, well-sourced information in the country".

Persons: Dado Ruvic, Reddit, RIA, Alexander Marrow, Kirsten Donovan, Barbara Lewis Organizations: REUTERS, Wikimedia, Google, Reddit, Wikimedia Foundation, Moscow, Thomson Locations: Russia, Ukraine, Moscow, Russian

Alchemation, known for the international hit "SIX," is among an increasingly established presence of musical theatre at the Fringe, which takes over the Scottish capital for the month of August. The company's "Hello Kitty Must Die," based on the novel by Hong Kong-born, U.S.-based writer Kate Kamen (formerly Angela S. Choi) is playing at Edinburgh's Pleasance until Aug. 27. It transferred to London's West End, where it was spotted by Alchemation, which took it to Broadway and beyond. It is the first time one of its diversity grants has supported a musical as the genre cements its presence. The Pleasance alone has 16 musicals this year, its most yet, it said, out of roughly 140 across the Fringe as a whole.

Persons: Lucas McMahon, Kitty, Kate Kamen, Angela S, Choi, Edinburgh's Pleasance, Anthony Alderson, Henry VIII, Alderson, Levi Roots, Ray Shell, Barbara Lewis, Sarah Mills, Bernadette Baum Organizations: Edinburgh Fringe, SIX, Scottish, Reuters, Edinburgh's, Pleasance Theatre Trust, Broadway, Thomson Locations: York, Hong Kong, U.S, Edinburgh, Cambridge, New York, London

An Embraer E195-E2 Profit Hunter aircraft is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier//File PhotoSAO PAULO, Aug 14 (Reuters) - Brazilian planemaker Embraer (EMBR3.SA) on Monday shot past market estimates for second-quarter results, with its chief executive voicing optimism about upcoming quarters for the company. "Despite the supply chain challenges, we are very optimistic about this year after a good Q2," Gomes Neto said. "We're working hard so next year we can better spread out production and deliveries throughout the year, which will further improve the company's performance," Gomes Neto added. The planemaker reported a 25% increase in second quarter adjusted net profit to $57.9 million, more than double the $24.3 million forecast by analysts polled by Refinitiv.

Persons: Benoit Tessier, Francisco Gomes Neto, Gomes Neto, BTG Pactual, Gabriel Araujo, Jason Neely, Barbara Lewis, Sharon Singleton Organizations: Embraer, Hunter, International Paris Air, Le, REUTERS, SAO PAULO, EMBR3, Airbus, Boeing, Refinitiv, JPMorgan, Thomson Locations: Le Bourget, Paris, France

A Baidu search for the question "should China be more responsible for climate change? ", or variations of it, did not produce any articles critical of China's climate policy in the first few dozen results. Instead, the results, many from state media outlets, focused on China's leadership in the fight against climate change and calls for developed countries to take more responsibility. China's foreign ministry did not immediately respond to a request for comment on this story, but government spokespeople have long defended China's record on climate change and press freedom. Despite the extreme weather, China has reinforced its message about energy security rather than climate change in recent months, said CREA's lead analyst, Lauri Myllyvirta.

Persons: Doksuri, Tingshu Wang, Li Shuo, We're, Su, Fang Kecheng, Pan Zhongdang, Xi Jinping, Li, Lauri Myllyvirta, David Stanway, Barbara Lewis Organizations: REUTERS, Greenpeace, Weibo, Baidu, Chinese University of Hong, Communications, University of Wisconsin, Environmental Studies, New, Centre for Research, Energy, Clean, Thomson Locations: Zhuozhou, Hebei province, China, BEIJING, Beijing, Hebei, Chinese University of Hong Kong, United States, Madison, New York, Shanghai Campus, Shanghai

Containers of the Hapag-Lloyd shipping company are pictured at the Valparaiso port, Chile November 24, 2022. Chief Executive Rolf Habben Jansen said there were signs of recovery in spot freight rates and loadings. Shares in Hapag-Lloyd, the world's fifth-largest shipping line, were 2.9% down at 187.5 euros in early trade. Its first half revenues were 41% lower at 10.0 billion euros. EBITDA is expected to be between 4 billion and 6 billion euros.

Persons: Rodrigo Garrido, EBIT, Lloyd, Rolf Habben Jansen, Vera Eckert, Friederike Heine, Kim Coghill, Barbara Lewis Organizations: Lloyd, REUTERS, Companies, Maersk, CMA CGM, Reuters, Thomson Locations: Valparaiso, Chile, FRANKFURT, Hapag, North America, Ukraine

☆ Continental bets on higher pricing as tyre replacement flat
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Logo of German tyre company Continental is pictured before the annual news conference in Hanover, Germany, March 9, 2021. The autos supplier expects sales of 14-15 billion euros ($31.82 billion) in the tyres segment from 14.5-15.5 billion previously, citing a declining market for tyre replacement in Europe and North America. But the rise in costs on wages, salaries, logistics, energy and materials would be lower than previously forecast at 1.4 billion euros from 1.7 billion. It was negotiating inflation-related price increases with customers for the second quarter, it added. Preliminary figures showed global passenger car and light commercial vehicle production grew by around 16% in the second quarter compared to last year, it added.

Persons: Fabian Bimmer, Victoria Waldersee, Friederike Heine, Barbara Lewis Organizations: Continental, REUTERS, Fabian Bimmer Companies, BERLIN, Thomson Locations: Hanover, Germany, Europe, North America

☆ Flutter's US bet drives first half profit 76% higher
▼ + stars: | 2023-08-09 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

The Dublin-based company said this made it the first online betting operator to turn a profit in the U.S and it did so six months ahead of schedule. Analysts at JPMorgan also noted a more cautious outlook on Australia, where Flutter's first half revenues fell by 1%. The U.S. profits contributed to reported EBITDA of 765 million pounds across the group, versus the 731 million pounds forecast by eight analyst polled by Refinitiv. Flutter and broadcaster Fox Corporation (FOXA.O) said last month it would close the FOX Bet sports betting platform. That would eclipse the record full year earnings of 1.4 billion pounds Flutter posted during the COVID-19 online betting boom of 2020.

Persons: Dado Ruvic, Jefferies, Paddy Power, Padraic Halpin, Louise Heavens, Barbara Lewis Organizations: REUTERS, JPMorgan, PokerStars, Ireland, Refinitiv, FOX Bet, Fox Corporation, Thomson Locations: Dublin, U.S, Australia

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

☆ Oil hedge funds place their bets on heat-fueled hurricane season
▼ + stars: | 2023-08-08 | by ( Nell Mackenzie | ) www.reuters.com time to read: +5 min

Gasoline prices usually rise ahead of the U.S. summer driving season. Money managers in the week to Aug. 1 boosted their net long holdings of NYMEX RBOB gasoline futures to the highest since late February 2022. HEDGE FUND-FUELED TURNAROUNDGasoline futures have risen around 14% this year, compared with a roughly 2% rise for U.S. crude futures . To guarantee a profit, they need the rise in gasoline prices to be sustained until hurricane activity is confirmed. But for gasoline to continue its rise against the price of crude oil, there needs to be a hurricane in the Gulf of Mexico, they said.

Persons: Liz Hampton, Tom Kloza, Vincent Elbhar, Eliot Geller, Brent Belote, Cayler, Belote, Arion, Nell Mackenzie, Laura Sanicola, Barbara Lewis Organizations: REUTERS, Liz Hampton LONDON, Gulf Coasts, Silicon Valley, Societe Generale, Reuters, Money, Futures Trading Commission, Reuters Graphics, El, Oil Price Information Service, CTA, Investment, Commodity, Fund, Aspect, CoreCommodity Management, CoreCommodity, Barclays, JP, Cayler, Thomson Locations: Loco Hills, New Mexico, U.S, Russia, Ukraine, Gulf of Mexico, United States, Gulf, Silicon, Gulf Coast, Mexico, Europe, Hurricanes, Washington

Pressure gauges, pipes and valves are pictured at an "Dashava" underground gas storage facility near Striy, Ukraine May 28, 2015. The bloc is expected to reach a target of filling its storage facilities to 90% full by Nov. 1. "EP Commodities transports natural gas to Ukraine and uses Ukrainian gas storage facilities," Miroslav Hasko, chairman at EPH's EP Commodities, said. EU countries' gas storage facilities were 87% full on Aug. 7, according to transparency platform GIE. "We consider gas storage in Ukraine as one of the interesting business opportunities that we are currently considering," SPP told Reuters.

Persons: Gleb Garanich, Miroslav Hasko, Naftotgaz, Martin Pich, Bruegel, Jan Lopatka, Marek Strzelelcki, Pavel Polityuk, Barbara Lewis Organizations: REUTERS, European Union, Traders, Gas, Reuters, Commodities, Naftogaz, Thomson Locations: Striy, Ukraine, PRAGUE, WARSAW, Czech, Slovakia, Russia, Hungary, Poland, Kyiv

Bottles of Champagne are seen on display for sale in a wine shop in Paris, France, December 20, 2022. REUTERS/Sarah Meyssonnier/File PhotoPARIS, Aug 8 (Reuters) - French wine production in 2023 is expected to be near the average of the last five years, with a favourable outlook in Champagne and Burgundy contrasting that in disease-hit Bordeaux, the French farm ministry said. Overall wine output is projected to be between 44 million and 47 million hectolitres, a range that encompasses both the five-year average of 44.5 million hectolitres and 2022 output of 46.1 million hectolitres, the ministry said in a report on Tuesday. The wine sector wants the government to expand funding for a distillation scheme so 3 million hectolitres of wine stocks can be cleared, mainly in Bordeaux and Languedoc-Roussillon in the far south, Despey said. Output was seen surpassing the five-year average in Champagne, where frost and hail caused limited damage this year, and also in Burgundy, despite some mildew cases, the ministry added.

Persons: Sarah Meyssonnier, We've, Jerome Despey, Despey, Gus Trompiz, Barbara Lewis, Mark Potter Organizations: REUTERS, Reuters, Thomson Locations: Paris, France, Champagne, Burgundy, Bordeaux, Southwest, Languedoc, Roussillon

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