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However, exports of both fuels may drop in March with Refinitiv forecasting diesel shipments of just 120,000 bpd, which would be a nine-month low. Gasoline exports are also likely to slide in March, with Refinitiv estimating shipments at around 82,000 bpd. Improving domestic demand, planned refinery maintenance and lower profit margins in regional product margins are the main reasons that China's exports of diesel and gasoline are expected to drop sharply this month. China diesel exports vs Singapore gasoil crackTIGHTER MARKET? India's diesel exports were 470,000 bpd in February, the most since December 2021, according to data from commodity analysts Kpler, while its gasoline shipments were about 314,000 bpd, the most since April last year.

LAUNCESTON, Australia, March 7 (Reuters) - China's imports of major commodities showed both the potential for an acceleration this year and the reality that economic momentum takes time to build. Crude oil imports were 84.06 million tonnes for the first two month, which is equivalent to 10.40 million barrels per day (bpd), according to the data, released on Tuesday. Where there was signs of an economy emerging from its now abandoned zero-COVID policy was in imports of iron ore and coal. However, the coal imports were largely in line with December's figure of 30.91 million tonnes and November's 32.31 million, suggesting that demand is steady at relatively robust volumes. Seaborne arrivals in the first two months were 47.72 million tonnes, according to commodity analysts Kpler, suggesting that arrivals overland from neighbouring countries were around 13 million tonnes.

If the target is achieved, what will it likely mean for commodity imports in 2023? An acceleration of economic growth to 5% implies that more commodities will be required, and probably to the extent that China's imports will return to positive territory. Already there are some signs of a pick-up in commodity demand, especially for iron ore, the key raw material for steel. If the official numbers are in line with Refinitiv's estimate, February will be the strongest month for crude oil imports since July 2020. Overall, the current backdrop is positive for China's commodity demand, with the end of COVID-19 restrictions boosting fuel consumption and stimulus spending encouraging increasing steel output.

India's coal arrivals are already heading higher, with data from commodity analysts Kpler pointing to a rise in thermal coal imports to 10.19 million tonnes in February, up from 9.71 million tonnes in January and the most since November. It's likely that thermal coal imports may decline over the coming years, but predictions that this trade will end by 2030 are ambitious. Where India will see increasing coal imports is in higher-grade metallurgical coal, used primarily to make steel. Given that each GW of generation requires around 3 million tonnes of coal annually, this implies the coming capacity additions will only need another 100 million tonnes, well below the 500 million tonnes extra the industry believes it will deliver by 2030. Overall, it appears the positive mood of India's coal sector is justified, especially in the short term.

NEW DELHI, Feb 27 (Reuters) - Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world's second-biggest importer of the fuel used to generate electricity. India has about 17 gigawatts of generation that relies on coal imports and the directive, which comes into effect on March 16, means power plants will have time to import coal ahead of the expected surge in consumption. Even without this boost to imports, India's coal arrivals are heading higher, with data from commodity analysts Kpler pointing to a rise in thermal coal imports to 10.19 million tonnes in February, up from 9.71 million tonnes in January and the most since November. Thermal coal imports by China, Japan, IndiaAUSTRALIAN IMPORTSIt is also possible that India will seek to boost imports from Australia, especially of the 5,500 kcal/kg grade that it has been buying. This ban was lifted last month and there are already some signs that Chinese utilities are resuming imports of Australian coal, although mainly coking coal used to make steel.

Benchmark Australian thermal coal at Newcastle Port closed last week at $195.13 a tonne, down from the $249.25 the week prior to the attack on Ukraine. But these fears were never fully realised, largely because Russian commodities were re-routed to new buyers and some consuming nations cut consumption of commodities such as natural gas. There are ongoing consequences of the initial spike in commodity prices, with retail fuel and electricity costs in many countries still well above pre-invasion levels. Such a situation maintains China's access to cheap Russian commodities, increases Moscow's dependence on Beijing, while keeping Western countries focused on the war and its costs to their economies and political unity. It's also worth noting that in the months after the invasion much commentary was devoted to how Russia was benefiting from the higher commodity prices and how the Western sanctions on Moscow's exports were failing.

The gains are being driven by restocking by steel mills in China, which buys about 70% of global seaborne iron ore and produces half of the world's steel. It's worth noting that stockpiles remain well below the same week last year, when they were at 160.95 million tonnes. Australia's iron ore exports are likely to drop in February, with Kpler estimating shipments of 57.7 million tonnes, while Refinitiv is forecasting 58.74 million. While Australia and Brazil dominate the global seaborne iron ore trade, it's worth noting that other exporters aren't adding much to the overall supply story. The supply shortage and expectations of increasing Chinese demand are likely to provide a solid base for further gains in spot iron ore prices.

Rather than being driven by concerns over the potential loss of Russian shipments of diesel, the market in Asia appears more reflective of ongoing strength in diesel exports from China and India. China is expected to export about 2.4 million tonnes of diesel in February, equivalent to about 643,000 barrels per day (bpd), according to data compiled by Refinitiv Oil Research. This would be up from January shipments of around 1.78 million tonnes and 2.32 million in December. Almost 88% of India's February diesel exports are heading West of Suez as refiners on the country's west coast take advantage of the gap left by Russian diesel exiting Europe. It also appears that Russia is still able to find buyers for its diesel, despite losing its biggest market as Europe used to buy about 500,000 bpd of Russian diesel prior to the war in Ukraine.

However, there are opportunities for Russian products to flow into both China, the world's biggest crude importer, and India, the second-biggest oil importer in Asia. Imports of Russian fuel oil by China, India and Saudi/UAESAUDI, EMIRATESThe other region that offers scope for Russian products is the Middle East, where the United Arab Emirates (UAE) and Saudi Arabia have been increasing imports. Both Saudi Arabia and the UAE can utilise Russian fuel oil to displace crude in direct-burning for power generation. This has the advantage of freeing up higher value domestic crude oil for export or for processing in refineries for export as fuels. In February 2022 the UAE exported 5.47 million barrels of diesel, but only 1.91 million barrels went to Europe, with Asian countries taking 900,000 barrels and African nations 1.82 million barrels.

[1/3] Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. NTSBGov/Handout via REUTERSFeb 14 (Reuters) - Cleanup is moving quickly after a train carrying toxic materials derailed in Ohio 11 days ago, Ohio Governor Mike DeWine said on Tuesday, while residents and observers questioned the health impacts of pollution that spilled into the Ohio River. Officials said the volume of the river diluted the plume and the plume did not pose a serious threat. UNION WARNINGSRailroad union officials said they have been warning that such an accident could happen because railroad cost-cutting harmed safety measures. "No one wants to listen until we have a town blown off the face of the earth, then people listen," said Whitaker, whose union is the largest U.S. railroad union representing conductors, engineers and other workers.

Commodities from iron ore to crude oil to copper rallied after Beijing's surprise abandonment of the zero-COVID policy late last year, but have since eased back. While there are other factors driving commodity prices, it's also the case that the positive market sentiment created by expectations of a rebound in the world's second-largest economy ran ahead of actual commodity demand. China's imports of major commodities have yet to show any major spike higher, even as they remain at relatively robust levels. The irony is that just as commodity prices are losing some steam, China's economic momentum appears to be gathering pace. Overall, there is little doubt that China's re-opening will be positive for the country's commodity demand.

The Newcastle Index only covers a relatively small portion of the seaborne thermal coal market, reflecting higher energy cargoes bought mainly by utilities in Japan and South Korea. A mild winter and strong domestic output have limited China's appetite for imported thermal coal, putting downward pressure on prices, especially for Indonesian grades. Europe's imports of seaborne thermal coal are also dropping, with Kpler estimating February arrivals of 6.61 million tonnes, down from 8.16 million in January and 8.75 million in December. Asia, Europe LNG imports vs spot priceLNG DIPSSimilar to thermal coal, a drop in demand from China and from Europe is freeing up spot LNG cargoes and contributing to lower prices. This may mean that spot LNG and thermal coal prices may remain at levels that appear elevated compared with the average of the last decade, especially as new supply will only arrive in significant volumes for LNG around 2025.

If China's physical demand does accelerate from March, it may prove Aramco made the correct call in raising its OSP. Saudi crude is sold under long-term contracts that typically allow for variations in the volumes sought by refiners, or offered by Aramco. It's likely that Chinese refiners will first turn to Russian crude if they are boosting imports, as will refiners in India, Asia's second-biggest oil importer. This is set to be surpassed this month, with Kpler tracking seaborne arrivals of Russian fuel oil in China at 6.75 million barrels. It appears that China is already buying more Russian crude and fuel oil.

Coking coal prices, along with those for iron ore, have rallied on the back of this optimism, with both steel raw materials recording strong gains this year. The answer is that for coking coal there appears to be both rising demand and some supply disruptions at work. Japan, the second-biggest buyer of seaborne coking coal, imported 5.01 million tonnes in January, up from December's 3.98 million and roughly level with last January's 5.08 million. Outside of Asia, Europe's imports of coking coal rose to 3.81 million tonnes in January from December's 3.55 million, according to Kpler. The overall picture from coking coal imports is that there has been a move higher in recent months, which does provide some fundamental backing to the rally in prices.

In 2021, Europe's monthly LNG imports ranged from a low of 4.54 million tonnes to a high of 9.15 million. However, Europe's LNG demand eased off in January amid a milder winter than usual and ample inventories. While China does have long-term purchase agreements in place, it also buys spot cargoes. The question for the market is whether spot prices have dropped enough to tempt back Asian LNG buyers that were previously reluctant. It will be key to see if utilities in China, India and Pakistan also decide that prices have declined enough to make LNG imports economically viable once more.

☆ George Santos' first House race took days to call in 2020. So he came to DC for new member orientation and had a blast before finding out he lost.
▼ + stars: | 2023-02-05 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

In 2020, Santos ran his first campaign and lost — but still went to DC for new member orientation. 'He seemed nice'In cases where a congressional election takes more than a few days to fully determine, both candidates are sometimes invited to take part in new member orientation. Adam Frisch, a Democrat who almost unseated Republican Rep. Lauren Boebert this past year, attended the orientation sessions in November as the vote-counting in Colorado dragged on. In 2018, current Republican Rep. Young Kim of California attended as well, despite ultimately losing her race that year. Santos at 2020 new member orientation, seated near Republican Rep. Ronny Jackson of Texas and Democratic Rep. Sara Jacobs of California.

☆ This is why some members of Congress have been seen wearing lapel pins resembling miniature AR-15 rifles
▼ + stars: | 2023-02-04 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

Some GOP lawmakers have been seen wearing lapel pins in the shape of miniature AR-15 rifles. One Democratic congressman said that wearing the pins "isn't the flex you think it is." download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyRecently, Republican members of Congress, Rep. George Santos and Rep. Anna Paulina Luna have been spotted wearing lapel pins resembling miniature AR-15 rifles. The mystery of the lapel pins has now been solved. Republican Rep. Andrew Clyde from Georgia owns a gun store and has now taken responsibility for handing them out.

China's imports were assessed at 10.98 million bpd in January, down from December's 11.37 million bpd and November's 11.42 million bpd. Asia's crude oil imports vs Brent priceFUEL EXPORTSAnother factor is the price of crude oil and the interplay between China's inventories and its exports of refined products. INDIA RECORDIndia, the region's second-biggest importer, saw January arrivals hit a record high of 5.29 million bpd, up from December's 4.78 million bpd. Other major Asian oil buyers also saw gains in January, with South Korea importing 3.11 million bpd, up from 2.85 million bpd in December, while Singapore imported 1.65 million bpd, up from 910,000 bpd. Japan was the exception, with January imports dropping to 2.83 million bpd from December's 2.96 million bpd.

China's diesel exports rose for a second month in December, hitting 2.79 million tonnes, up 32.8% from November's 2.10 million, according to official data released on Jan. 18. This is because they have been ramping up imports of cheaper Russian crude, thus lowering their input costs. China diesel exports vs gasoil crackRUSSIAN DIESELWhile the oil market has largely been able to work around the exit of Russian crude from Europe by re-routing it to Asia, it may be trickier to replicate this with the loss of Russian refined products. Some Asian fuel importers, such as Pakistan, the Philippines and Indonesia, may be happy to buy Russian fuel, but the discounts would have to be steep. What's more likely is that Asia's diesel and gasoline markets tighten as the EU ban on Russian fuel comes into effect.

While the Chinese ban has been lifted, it's unlikely that buyers will flock back to Australian thermal coal, given the availability of cheaper, and similar quality, coal from Russia. The weakness in prices wasn't limited to Australian thermal coal, with Indonesian grades also dropping. Indonesia is the world's largest exporter of thermal coal, while Australia ranks second and Russia third. Russian thermal coal from Vostochny port, which is largely being bought by China after Japan curbed imports following Russia's invasion of Ukraine, has also been weakening. Prices for Indonesia, Russia and Australia thermal coalVOLUMES SLIPThe softer prices for thermal coal are occurring as demand for seaborne cargoes appears to be weakening among Asia's top two importing nations.

Live Nation Entertainment is composed of Live Nation, an events promoter and venue operator, and Ticketmaster, a ticket sales giant. This is not the first time consumers have called for the breakup of Ticketmaster and Live Nation. While Live Nation Entertainment arguably has a monopoly on the industry, a monopoly in itself is not illegal in the United States. The band regularly interacts with Live Nation Entertainment. It’s unclear what's next for Live Nation Entertainment.

☆ Georgia DA investigating Trump for 2020 election interference says charging 'decisions are imminent' after grand jury report
▼ + stars: | 2023-01-24 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A consortium of media outlets has asked Judge Robert McBurney to make the report public, as the grand jury has recommended. "For future defendants to be treated fairly, it's not appropriate at this time to have this report released," she told McBurney. "We believe the statutory law, the case law, and the constitutional law supports the release of the special grand jury report right now," Clyde told the judge. The grand jury did not have the power to issue indictments in the case. He was never subpoenaed nor asked to come in voluntarily by this grand jury or anyone in the Fulton County District Attorney's Office.

☆ Ticketmaster under fire: 6 takeaways from hearing over Taylor Swift concert fiasco
▼ + stars: | 2023-01-24 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +9 min

The venues controlled by Live Nation set fees that are “consistent with the other venues in the marketplace,” he said. Entertainment industry pushes back at Ticketmaster’s dominanceMembers of the entertainment industry and one rival spoke out against Ticketmaster’s dominance in the industry. Andrew Harnik/APClyde Lawrence, a singer-songwriter on the witness panel, explained how the company acts as a promoter, a venue and the ticketing company, which eats into performing artists’ revenues. Artists, he said, have no leverage over Live Nation. Lawmaker says Ticketmaster merger should ‘be on the table’Lawmakers repeatedly questioned the US government’s past handling of the Live Nation merger with Ticketmaster.

☆ Live Nation exec will face lawmakers about Taylor Swift concert tickets fiasco
▼ + stars: | 2023-01-24 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +7 min

“It goes without saying that I’m extremely protective of my fans,” Swift wrote on Instagram in November. The mergerCriticism of Ticketmaster’s dominance dates back decades, but the Swift ticketing incident has once again turned that issue into a dinner table discussion at many households. Concert promoter Live Nation and ticketing company Ticketmaster, two of the largest companies in the concert business, announced their merger in 2009. ‘Customers are the ones that pay the price’While irate fans were left scrambling to wade through the Swift ticket confusion, their collective anger caught lawmakers’ attention. To me, what happened with the Swift concert tickets was not necessarily the result of Ticketmaster being the dominant player in the industry,” he said.

☆ Live Nation president apologizes to Taylor Swift and her fans for ticketing fiasco and says the industry is still competitive
▼ + stars: | 2023-01-24 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Live Nation president and CFO Joe Berchtold apologized to Taylor Swift and fans for the ticket debacle. Berchtold said that the company faced bot attacks during the Swift ticket sale, impacting service, and apologized to Swift and fans. This power over the entire live entertainment industry allows Live Nation to maintain its monopolistic interests over the primary ticketing market," Groetzinger said. "This is all a definition of monopoly, because Live Nation is so powerful that it doesn't even need to exert pressure," Klobuchar said. Lawrence, who's written for the New York Times on Live Nation and its impact on artists, said Live Nation often functions as three different things: promoter, venue, and ticketing company.

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