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The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Expectations of a steep decline in U.S. crude oil stockpiles have also benefited oil prices, UBS analyst Giovanni Staunovo said. U.S. crude oil inventories are expected to have dropped by 3.3 million barrels in the latest week, according to an extended Reuters poll on Tuesday. "Even with the potential for some demand destruction (from hurricane Idalia), the coming crude oil supply squeeze is becoming more painfully obvious," said Price Futures Group analyst Phil Flynn.

Persons: Hurricane Idalia, Idalia, Robert Yawger, Yawger, Giovanni Staunovo, Baker Hughes, Phil Flynn, Shariq Khan, Natalie Grover, Emily Chow, Josie Kao, Nick Zieminski Organizations: Kyodo, REUTERS Acquire, Companies, Florida U.S, Hurricane, Brent, U.S, West Texas, Federal Reserve, Hurricane Center, Labor, Chevron Corp, Chevron, UBS, American Petroleum Institute, Futures, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, BENGALURU, Florida, Miami, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Bengaluru, London, Singapore, Houston

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsBENGALURU, Aug 29 (Reuters) - Oil prices edged higher on Tuesday as Hurricane Idalia intensified as it headed towards Florida's Gulf Coast, threatening to hit crude oil supplies in an already tightening market. Brent crude oil futures rose 34 cents, or 0.4%, to $84.76 a barrel by 11:44 a.m. EDT [1544 GMT], while the U.S. West Texas Intermediate futures rose 36 cents, or 0.5%, to $80.46 a barrel. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday. On the demand front, investors are monitoring data from major economies for further clues on interest rates this year and next. Federal Reserve Chair Jerome Powell on Friday said the U.S. central bank may need to raise interest rates further to cool stubborn inflation.

Persons: Idalia, Phil Flynn, Jerome Powell, Shariq Khan, Natalie Grover, Emily Chow, Louise Heavens, David Goodman, Mike Harrison Organizations: Kyodo, REUTERS Acquire, Rights, Brent, U.S . West Texas, Chevron, Marathon Petroleum, American Petroleum Institute, Futures, Federal, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Gulf, U.S, Florida, Cuba, Mexico, Garyville , Louisiana, United States, Beijing, Bengaluru, London, Singapore, Houston

☆ Oil slips as demand worries outweigh supply concerns
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices slipped on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand outweighed concerns that a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

Persons: Brent, Jerome Powell, Leon Li, Idalia, Emily Chow, Arathy, Tom Hogue Organizations: Kyodo, REUTERS Acquire, Rights, U.S, West Texas, Federal, National Australia Bank, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, U.S, Gulf, Beijing, WTI, Cuba, Florida, Singapore, Houston, Lincoln

☆ Oil trades flat as supply concerns offset worries over demand
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices traded flat on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand were countered by concerns a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

Meanwhile, Hurricane Idalia is expected to strengthen into a major hurricane with maximum sustained winds of 125 miles per hour (201 kilometers per hour) before hitting the northwest coast of Florida early on Wednesday, according to the U.S. National Hurricane Center (NHC). The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday.

Persons: Brent, Hurricane Idalia, Idalia, Robert Yawger, Yawger, Shariq Khan, Natalie Grover, Emily Chow, David Goodman, Mike Harrison, Josie Kao Organizations: Kyodo, REUTERS Acquire, bbl U.S, Hurricane, . West Texas, Brent, U.S, Federal Reserve, National Hurricane Center, Labor, Chevron Corp, Chevron, Marathon Petroleum, American Petroleum Institute, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Florida, BENGALURU, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Garyville , Louisiana, United States, Bengaluru, London, Singapore, Houston

After a closely watched vote, driverless cars, once a Silicon Valley fantasy, have become a 24-hour-a-day reality in San Francisco. Are autonomous vehicles an interesting and safe transportation alternative? Or are they a nuisance and a traffic-blocking disaster waiting to happen? Cade Metz, who covers technology for The Times, describes the unique challenges of coexisting with cars that drive themselves.

Persons: Cade Metz Organizations: The Times Locations: San Francisco

Leading the round alongside BlackRock, the world's biggest asset manager, were Canada Pension Plan, Ontario Municipal Employees Retirement System and, as previously reported, pension investor Investment Management Corporation of Ontario. The fresh funds will help the firm expand its factory footprint, Hartman said. Separately, Northvolt has assembled its first energy storage system products in Poland and expects to start customer deliveries from later this year. "We have a business plan... we always want to make sure we have access to the markets," Hartman said. Reuters has previously reported, citing sources, that Northvolt was preparing for an initial public offering that could value the company at more than $20 billion.

Persons: Helena Soderpalm, IMCO, Northvolt, Alexander Hartman, Goldman Sachs, Baillie Gifford, Swedbank, Singapore's, Chow, Hartman, Supantha Mukherjee, Simon Jessop, Mark Potter Organizations: REUTERS, BlackRock, Reuters, Management Corporation of Ontario, Volkswagen, Chow Tai Fook Enterprises, BMW, Volvo, Thomson Locations: Vasteras, Sweden, BlackRock, Canada, STOCKHOLM, LONDON, Swedish, Europe, North America, Ontario, Hong Kong, Germany, United States, Scania, Poland, Stockholm, London

Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

☆ From cocktails to free rides, World Cup co-hosts fight to woo back tourists
▼ + stars: | 2023-08-19 | by ( Tara Subramaniam | ) edition.cnn.com time to read: +6 min

In 2022, there were only about 1.4 million visitors, according to data provided by the government, still considerably below pre-pandemic levels. That’s why events like the Women’s World Cup are so important. Cities like Wellington and Auckland have catered to World Cup tourists by making public transportation free on game days for anyone with a match ticket. The extra effort has not gone unnoticed by tourists, especially those who have traveled to other World Cup events. Compared to the last Women’s World Cup in France, more businesses seem excited to welcome tourists, said US fan Carly Andler.

Persons: James Johnson, “, ” Johnson, ”, Monchy, CNN’s Richard Quest, Iain Walker, Chow Tory, Chow Tory's, Tara Subramaniam, Carly Andler, Andler, we’ve Organizations: Wellington CNN — Soccer, Football Australia, Tourism, Zealand’s Ministry of Business Innovation, New Zealand, Air New Zealand, FIFA, CNN, New Zealand’s Football Ferns, Wellington Chocolate Factory, Wellington City Council Locations: Australia, New Zealand, Tourism New Zealand, New, Tourism Australia, Cities, Wellington, Auckland, Dunedin, Hamilton, United States, Costa Rica, Spanish, Swedish, Italy, Japan, Rosebud, Bundaberg, Zealand, France

☆ Earth just had its hottest July 'by a long shot,' NASA and NOAA say
▼ + stars: | 2023-08-14 | by ( Denise Chow | ) www.cnbc.com time to read: +4 min

NASA and NOAA together found that last month's average global surface temperature was 2.02 degrees Fahrenheit above the 20th-century average. Last month was also the fourth consecutive month that global ocean surface temperatures hit a record high, the scientists said. This trend in ocean warming carries far-reaching consequences, he said. Changes in ocean temperatures can also have enormous impacts on marine species and their broader ecosystems, he said. This phenomenon is characterized by warm ocean surface temperatures in parts of the Pacific Ocean and tends to boost global temperatures and influence weather conditions around the world.

Persons: Sarah Kapnick, Carlos Del Castillo, Del Castillo, El, Gavin Schmidt, El Niño, Kapnick Organizations: NASA, National Oceanic, Atmospheric Administration, NOAA, Ecology Laboratory, NASA Goddard Space Flight, Northern, NASA Goddard Institute for Space Studies, 533rd, El Locations: Greenbelt , Maryland, New York, El

Last week, wildfires broke out on the Hawaiian island of Maui that became the deadliest in the United States in over a century. The town of Lahaina, once the royal capital of the kingdom of Hawaii, was one of the places hit hardest — its historic center was decimated, including Waiola Church, the oldest on the island and a cherished meeting place. Today, the minister of Waiola Church, Anela Rosa, explains what it means to lose Lahaina and what it will take to rebuild it.

Persons: Anela Rosa Organizations: Waiola Locations: Maui, United States, Lahaina, Hawaii

Key hurdles for the two projects include the country's caps on domestic gas prices, limits on gas exports and the high costs for carbon capture and storage - required for new gas projects to help fight global warming. Last month, Shell (SHEL.L) said it would sell its holding in the Masela project to Indonesia's Pertamina and Malaysia's Petronas, while Chevron (CVX.N) agreed to sell its stake in the IDD project to Italy's Eni (ENI.MI). Reuters GraphicsNEW TERMS NEEDEDOnce one of the world's top five liquefied natural gas (LNG) exporters, Indonesia's LNG exports have halved in the past decade, Kpler data showed. The country has not approved a major oil or gas project since 2016 - the expansion of BP's (BP.L) Tangguh LNG plant. The current formula for splitting revenue between the government and investors in gas projects sets the base rate at 48% for companies.

Persons: magnifier, Dado Ruvic, Benny Lubiantara, Andrew Harwood, Wood Mackenzie, SKK Migas, Benny, Prateek Pandey, Takayuki Ueda, Naing, Inpex's Ueda, Fransiska Nangoy, Bernadette Christina Munthe, Emily Chow, Yuka Obayashi, Florence Tan, Sonali Paul Organizations: REUTERS, Indonesia, Shell, Chevron, Indonesia Deepwater Development, Petronas, Eni, Essential Services, Reuters, Indonesia Petroleum Association, Rystad Energy, BMI Research, Fitch Group, Tcf, Thomson Locations: Indonesia, JAKARTA, Jakarta, Chevron, Tokyo, Masela, Singapore

☆ China's real estate market roiled by default fears again
▼ + stars: | 2023-08-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — Two years after Evergrande's debt troubles, worries about China's real estate sector are coming to the forefront again. In late July, its top leaders indicated a shift toward greater support for the real estate sector, paving the way for local governments to implement specific policies. For the last several years, Chinese authorities have attempted to curb debt-fueled speculation in the country's massive — and hot — real estate market. Real estate and related industries have accounted for about a quarter of China's economy. He pointed out that since China started its deleveraging campaign in 2016, it is very unlikely the state would step in to bail out real estate developers.

Persons: Qilai Shen, Dalian Wanda, Liu Haibo, Sandra Chow, Nomura, Chow, Evergrande, Redmond Wong, —, Wong, Vanke, that's Organizations: Country Garden Holdings Co, Bloomberg, Getty, BEIJING, Reuters, CNBC, Country, Asia Pacific Research, CreditSights, Fitch, Saxo Markets Hong, China's, House Research, Stock, Poly Development, Research Locations: Baoding, Hebei province, China, Dalian, Hong Kong, Beijing, Saxo Markets Hong Kong

☆ China's heading for another real estate crisis — but it's on a whole different scale than what it's seen before
▼ + stars: | 2023-08-10 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week. However, it's the scale of Country Garden's projects that is a big warning signal for the Chinese real estate sector and the wider economy. Evergrande faced a liquidity crisis in 2020, prodding it to try to halve its around $100 billion debt by mid-2023. These efforts were scuppered by a slowdown in China's property sector and regulators' efforts to put brakes on property developers borrowing excessively. However, putting the brakes on borrowing started sending the property sector into a crisis.

Persons: Kristy Hung, Yang Guoqiang, Yang Huiyan, Yang, Moody's, Sandra Chow, Evergrande, Huileng Tan Organizations: Service, Bloomberg Intelligence, Hong Kong Stock Exchange, CNN, China Index Academy, Reuters, Pacific Research, New York Times, Caixa Bank Locations: Beijing, Wall, Silicon, China, Evergrande, Foshan, Asia, Pacific, CreditSights

☆ Another Chinese Property Giant Teeters, Raising Worries About the Economy
▼ + stars: | 2023-08-09 | by ( Alexandra Stevenson | More About Alexandra Stevenson | ) www.nytimes.com time to read: +2 min

That this is happening to Country Garden is alarming investors. It had largely benefited from measures to bolster the property market last year that included more financial support. But recent events have led Country Garden to a point of distress that was unthinkable a year ago, when it was making nearly $50 billion in sales. The worry now is that even as Beijing has pledged more support to the property market, the measures may not be enough. But if Country Garden doesn’t make the payments it will trigger a default, scaring those who have lent it money in the past.

Persons: Sandra Chow Organizations: Pacific Research Locations: Beijing, China, Shenzhen, Shanghai, Asia, Pacific, CreditSights

Mooj Zadie, Olivia Natt and Lisa Chow andTo win a conviction against former President Donald J. Trump for trying to subvert the results of the 2020 election, Jack Smith, the special counsel, is applying laws in ways that have never been used before. Charlie Savage, a Washington correspondent for The Times, explains Mr. Smith’s approach and previews Mr. Trump’s likely response.

Persons: Mooj Zadie, Olivia Natt, Lisa Chow, Donald J, Trump, Jack Smith, Charlie Savage, Smith’s, Trump’s Organizations: The Times Locations: Washington

The latest economic figures are some of the best of President Biden’s tenure so far. It appears increasingly likely that the United States has managed to tame high inflation without causing a recession. Jim Tankersley, who covers economic policy for The Times, discusses the encouraging outlook and speculates about why the positive data hasn’t translated into a bump in President Biden’s popularity.

Persons: Biden’s, Jim Tankersley Organizations: The Times Locations: United States

☆ Make it a cool pickle summer with this easy method
▼ + stars: | 2023-08-05 | by ( Casey Barber | ) edition.cnn.com time to read: +8 min

Sure, you can preserve food with a more advanced water-bath canning method, especially if you’re planning to save your summer pickles for up to a year. Or add pickled vegetables such as green beans or cauliflower to a grain salad or grain bowl as a topping. While pickled vegetables are always welcome in pasta salad (and potato salad, for that matter), they also bring an unexpected zing to hot pasta recipes. Or add pickled shallots, broccoli or peppers to pesto-sauced noodles. And when it’s too hot to think of anything else to do, there’s always “snack dinner” with a variety of pickled vegetables to save the day.

Persons: CNN —, chow, Pickles aren’t, Kadir Kemal Behar, don’t, Dill, tarragon, Deb Lindsey, I’ve, Gregory Rec, there’s, Casey Barber Organizations: CNN, Anadolu Agency, Washington Post, Portland Press Herald

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

☆ Oil holds near three-month high on signs of tightening supply
▼ + stars: | 2023-08-01 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

SINGAPORE, Aug 1 (Reuters) - Oil prices slipped on Tuesday but were still near a three-month high reached in the previous session on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer. A private sector survey also showed on Tuesday that China's factory activity swung to contraction in July, with supply, demand and export orders all deteriorating amid sluggish market conditions. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024, and Saudi Arabia pledged an additional voluntary cut of 1 million barrels per day for July. National Australia Bank analysts said they expect Saudi Arabia to extend its voluntary 1 million barrels per day (bpd) supply cut into September. U.S. crude oil and gasoline stockpiles were expected to have declined last week, according to a Reuters poll which estimated on average that crude inventories fell by about 900,000 barrels in the week to July 28.

Persons: Brent, Tina Teng, Teng, Christian Schmollinger, Sonali Paul Organizations: Brent, . West Texas, CMC Markets, Organization of Petroleum Exporting, National Australia Bank, NAB, Energy, Administration, Thomson Locations: SINGAPORE, United States, ., OPEC, Saudi Arabia, Saudi

A major new study has revealed just how much elite colleges admissions in the U.S. systematically favor the rich and the superrich. David Leonhardt, a senior writer for The Times and The Morning, walks through the data and explains why the study is fueling calls to abandon longstanding practices like legacy admissions.

Persons: David Leonhardt Organizations: The Times Locations: U.S

The new market-based pricing system will also encourage distributors like ENN and China Gas that are expanding into global gas trading to look at importing LNG. "The policy will help the whole (gas) distribution sector and restore utilities' profitability," said Tan Yuwei, general manager of capital management at China Gas Holdings. Shares for listed gas utility companies briefly reversed this year's trend downwards after the policy was announced, but they remain under pressure from lacklustre industrial demand and China's struggling economy. China in recent years has liberalized natural gas prices by allowing distributors to pass costs on to industrial and commercial customers, although Beijing maintained tight control over household prices to avoid a consumer backlash. "This policy reform will result in more reasonable downstream gas prices in China, which will encourage city gas utilities to increase purchases from upstream importers," said Yi Cui, an analyst with consultancy Rystad Energy, referring to Chinese national oil companies.

Persons: COVID, Tan Yuwei, Tan, Yi Cui, Chen Aizhu, Emily Chow, Andrew Hayley, Tom Hogue Organizations: ENN Energy Holdings, HK, China Gas Holdings, China Resources Gas, Shanghai Gas, Chongqing Gas, Changchun Gas, China Gas, National Development, Reform Commission, China Gas Association, Rystad Energy, Beijing, Thomson Locations: SINGAPORE, BEIJING, China, Changchun, Qingdao, Nanjing, Shijiangzhuang, Lanzhou, Hubei, Guizhou, Shaanxi, Beijing, Hebei, Singapore

Its group chief investment officer Jeffrey Jaensubhakij told Reuters GIC was keen to invest in Chinese companies that do business within China and do not export to the United States. "There are some 'China for China' type of investments that still make sense," he said. GIC said exposure to China was important for a diversified portfolio. GIC is the world's seventh-biggest sovereign investor with $690 billion in total assets, according to research firm Sovereign Wealth Fund Institute. The share of emerging market equities in GIC's portfolio rose to 17% by end of March from 16% a year earlier.

Persons: Jeffrey Jaensubhakij, Reuters GIC, GIC's, GIC, Lim Chow Kiat, Beijing scrambles, Ang Eng Seng, Jaensubhakij, GIC's Lim, Yantoultra Ngui, Xinghui, Xie Yu, Julie Zhu, Kane Wu, Christina Fincher Organizations: SINGAPORE, Reuters, HK, Ant Group, Temasek, Infrastructure, Sovereign Wealth Fund, Thomson Locations: China, Singapore, United States, Beijing, U.S, Asia, Japan, Xinghui Kok

When Russia invaded Ukraine, it put the global food supply at risk — until the two countries struck an unusual deal to keep shipments flowing. Last week, that deal fell apart. Marc Santora, who has been reporting from Ukraine since the beginning of the conflict, explains what the collapse of the agreement means for the war and why its impact will be felt by tens of millions of people across the world.

Persons: Marc Santora Locations: Russia, Ukraine

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