DIRS.INFO The most relevant business & tech news

☆ Cosmic Aerospace is working on an electric plane with real range
▼ + stars: | 2023-05-16 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Denver startup Cosmic Aerospace is developing a fully electric plane to reduce air pollution from regional flights. The aim is to build an electric plane that operates without any emissions but that can still fly for just over 600 miles. Alex Teng, a partner at 50 Years, told CNBC his firm invested in Cosmic partly owing to the cofounders' experience in aviation. The fund also liked that Cosmic is tackling a problem that other developers of electric planes and air taxis have not solved yet -- getting beyond the short hop flight. "Electric aviation has always suffered from a range problem," Teng said, "but my average flight is over 500 miles personally.

☆ Borrell urges EU to crack down on imports of Indian fuels made with Russian oil -FT
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

India has emerged in the past year as a top buyer of Russian oil following Moscow's invasion of Ukraine on Feb. 24, 2022. Russia's largest oil producer Rosneft (ROSN.MM) and top Indian refiner Indian Oil Corp (IOC.NS) have also signed a term deal to substantially increase and diversify oil grades delivered to India. According to ship-tracking data from Kpler, Reliance Industries (RELI.NS) and Nayara Energy were the key exporters of refined fuels and buyers of Russian oil. However, that has increased to 200,000 bpd after the EU banned Russian oil products imports from Feb. 5 this year, data from Kpler shows. Any mechanism to stem the flow of Russian oil would need to be implemented by the national authorities, Borrell told the FT, suggesting that the EU could target buyers of Indian refined fuels which it believes are derived from Russian crude.

☆ Flights from the US to Europe are going to be incredibly expensive this summer — here's why
▼ + stars: | 2023-05-12 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

There's high demand for international summer travel and likely not enough seats to satisfy it. Americans have their eyes set on international travel — and Europe especially. If you want to fly to Europe this summer, you're likely going to spend $300 more than you would have before the pandemic. Last year, it was flights within the US that had their most expensive summer in years, averaging $376 round trip. "Next summer for international will be less expensive than this summer and probably start returning to some level of normalcy similar to what happened with domestic," Berg said.

☆ Oil prices climb on positive US fuel demand data
▼ + stars: | 2023-05-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

May 11 (Reuters) - Oil prices bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world's top oil consumer. Brent crude futures rose by 56 cents, or 0.7%, to $76.97 a barrel by 0330 GMT, while U.S. crude futures rose 53 cents, also up 0.7%, to $73.09. A sharper-than-expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels in the U.S. The latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates, which can have the knock-on effect of reducing oil demand. Distillate stocks also declined, while U.S. jet fuel demand rose to its highest level since December 2019.

May 11 (Reuters) - Oil prices rose in early Asian trade on Thursday after strong demand for fuels in the U.S. outweighed concerns about the possibility of the world's biggest oil producer and consumer defaulting on its debt. Latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates which can have the knock-on effect of reducing oil demand. Rising global interest rates have weighed on oil prices in recent months, with traders concerned about recession. However, fuel demand in the U.S. is showing signs of strength. U.S. jet fuel demand rose to its highest level since December 2019.

☆ Summer flights in the US are 19% cheaper than last year — here's how to find the best deals
▼ + stars: | 2023-05-10 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Booking a domestic flight 3 to 4 months in advance helps travelers find the best price. Prices for US domestic flights have finally cooled off after a very expensive 2022. Other than domestic flights, only flights to South America and the Antilles are cheaper than they were last year. Finding the best deal for summer travel is all about timing. Domestic mid-week flights — Wednesday especially — are on average $56 cheaper year-round, $60 cheaper over the summer, and up to $100 cheaper during holidays.

[1/3] An Air France aircraft, operated with sustainable aviation fuel (SAF) produced by TotalEnergies, is refueled before its first flight from Nice to Paris at Nice airport, France, October 1, 2021. Sustainable aviation fuel, or SAF, is typically made using biomass-based feedstocks such as soybean oil and used cooking oil. Honeywell said its process can reduce greenhouse gas emissions by 88% compared with traditional petroleum-based jet fuel. SAF is typically two to four times costlier than petroleum-based jet fuel. The United States produces around 24.7 billion gallons of petroleum-based jet fuel annually.

☆ Refiners Have a Lot Riding on Summer Driving Season
▼ + stars: | 2023-05-04 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Marathon Petroleum sees weakening margins in Asia and Europe as a bullish sign for U.S. crack spreads. Photo: David Ryder/Bloomberg NewsThe business of turning crude oil into fuel is still very lucrative for U.S. refiners, but recent declines in pump prices and refiner profitability elsewhere are casting a cloud over their outlook. The plunge has been especially notable for distillates, which are used for diesel and jet fuel. Ultralow sulfur diesel is roughly $2.21 a gallon in New York Harbor, down 33% year to date. Distillate cracks on the Gulf Coast—the spread between the price of crude oil and the price of distillate product—have declined to $18.41 a barrel, down 70% year to date.

☆ Frankfurt to Dubai in 90 minutes? Europe enters the hypersonic plane race
▼ + stars: | 2023-05-04 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +6 min

In recent years, numerous pretenders to the throne – supersonic, hypersonic, hydrogen-powered, with anti-boom technology – have been whizzing round, conceptually at least, but many of these projects promising seamless super-fast travel have instead stalled, sputtered out or hit delays. The Destinus concept is hydrogen-powered flight at five times the speed of sound, cutting flight duration to less than a quarter of current commercial air travel. Its first two prototypes have made successful test flights and are about to start testing hydrogen-powered flight. Hydrogen-powered aviation is still in its infancy, with hydrogen jet engines yet to enter commercial use. The upcoming prototype, Destinus 3, will be supersonic and the hope is for it to achieve supersonic hydrogen-powered flight in 2024.

☆ Phillips 66 joins rivals to beat profit estimates as refining margins soar
▼ + stars: | 2023-05-03 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

[1/2] A general view of the Phillips 66 refinery, as seen from the corner of Fifth Street and California Street in Rodeo, California, the oldest oil refining town in the American West, U.S. December 6, 2022. REUTERS/Brittany Hosea-Small/File PhotoMay 3 (Reuters) - U.S. refiner Phillips 66 (PSX.N) beat Wall Street estimate for first-quarter profit on Wednesday, joining rivals in gaining from elevated margins on sustained fuel demand amid tight crude supplies. Realized margins soared 91% to $20.72 per barrel in the first quarter from a year earlier, Phillips 66 said. "We ran above industry-average crude utilization, successfully executed major turnarounds and increased market capture to 93%," Phillips 66's CEO Mark Lashier said in a statement. The Houston-based refiner reported adjusted earnings of $4.21 per share for the three months ended March 31, compared with average analyst estimate of $3.56, according to Refinitiv data.

☆ Boeing has unveiled a new plane for its 'ecoDemonstrator' program — a modified 787. See all 10 of the company's testbed jets.
▼ + stars: | 2023-05-03 | by ( Taylor Rains | ) www.businessinsider.com time to read: +8 min

Boeing announced a new addition to its fleet of ecoDemonstrator aircraft on Thursday — a Boeing 787-10 Dreamliner. While not every experimental technology makes it onto a future Boeing jet, about a third actually have. 2014: Boeing 787Boeing 787 ecoDemonstrator. BoeingIn 2014, the planemaker debuted its second ecoDemonstrator — a Boeing 787 Dreamliner. The 787 ecoDemonstrator tested 35 projects, including a collaboration with Delta Air Lines to generate real-time turbulence reports.

☆ Marathon Petroleum beats profit estimates as strong demand boosts margins
▼ + stars: | 2023-05-02 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

Companies Marathon Petroleum Corp FollowMay 2 (Reuters) - Marathon Petroleum Corp (MPC.N) topped Wall Street profit estimates on Tuesday as sustained fuel demand and tight crude supplies boosted its margins, prompting the top U.S. refiner to expand its share buyback programme by $5 billion. Pandemic-era closure of facilities and demand recovery have lifted refiners' margins, further bolstered by tight crude supplies following Russia's invasion of Ukraine and a jump in jet fuel demand owed to a travel boom. Marathon refining and marketing margin soared 70.8% to $26.15 per barrel for the January-March quarter, compared with a year earlier. "With operating costs in line with expectations and stronger utilization, Marathon Petroleum captured stronger refining margins, notably on the U.S. Gulf Coast and in the Midwest," Third Bridge analyst Peter McNally said. Marathon returned $3.5 billion to investors through share buybacks and dividends in the first quarter, and repurchased $1.2 billion of shares last month.

☆ Marathon Petroleum posts bumper profit on high demand, tight supply
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

Companies Marathon Petroleum Corp FollowMay 2 (Reuters) - Marathon Petroleum Corp (MPC.N) posted a bumper profit on Tuesday, benefiting from higher margins on sustained fuel demand and tight crude supplies, and announced an additional $5 billion share repurchase authorization. Pandemic-era closure of facilities and demand recovery have boosted margins for refiners, with crude supplies also coming under pressure after Russia's invasion of Ukraine. Strong demand for refined products has also helped the company, with jet fuel recently sprinting higher while diesel demand fell. Refining and marketing margin was $26.15 per barrel for the January-March quarter, compared with $15.31 per barrel for the first quarter of 2022. Reporting by Arunima Kumar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk's private jet emitted 132 times as much carbon as the average American does in an entire year
▼ + stars: | 2023-05-02 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Elon Musk travels more by private jet than nearly anyone else in the US. His annual carbon footprint — just from flying private — is 132 times that of the average American. Musk's carbon footprint from his 171 private flights in 2022 was 132 times the size of the average US resident's total annual footprint from all activities, the report found. His private plane burned about 221,358 gallons of jet fuel and emitted about 2,112 metric tons of carbon emissions last year, the report found. It notes that Musk purchased an additional private plane last year — a $78 million Gulfstream G700, the world's largest purpose-built private jet — that's expected to replace his G50ER model.

☆ The ultra-wealthy who fly private are costing average flyers who won't ever use a private plane a lot of money
▼ + stars: | 2023-05-01 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Private jet travel has surged in the US over the last few years and accounts for one in every six flights. But private flyers pay just two percent of the taxes that fund the Federal Aviation Administration. Commercial flyers must pay a tax on every ticket equivalent to 7.5% of the fare price. But private flyers only pay a jet fuel tax. Private airplane travel is significantly worse for the environment than commercial flight travel, since private jets carry far fewer people.

☆ EU agrees to decarbonize air travel with the 'world's largest green fuels mandate for aviation'
▼ + stars: | 2023-04-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

EU officials described the agreement as a "turning point" and "another important step" for European aviation, saying the measures were designed to reduce reliance on fossil fuel imports and improve energy security. European Union negotiators secured a deal to decarbonize the air travel sector, seeking to slash heat-trapping emissions by stimulating the region's green aviation fuel market. The new rules are set to require aviation fuel suppliers to supply a minimum share of sustainable aviation fuels — or SAF — at EU airports, starting at 2% of overall fuel supplied by 2025. "Fuel suppliers at EU airports must provide an increasing share of sustainable aviation fuels and aircraft operators increase their use," Frans Timmermans, executive vice-president for the European Green Deal, said in a statement. If aviation is to align itself with the Paris climate accord and curb global heating, the industry will need to move away from fossil fuels completely in the long term.

[1/5] A Cuban tanker ship enters Havana's bay with a sign that reads in Spanish: "No more blockade", referring to the trade embargo on Cuba imposed by the U.S., Havana, Cuba, April 25, 2023. Venezuela's oil exports to Cuba so far this year have dropped to 55,000 barrels per day (bpd) from almost 80,000 in 2020. Cuba has also imported since November at least five cargoes from Russia, a long-time supplier, as well as fuel from Caribbean terminals and Europe, the data shows. Officials also blame U.S. sanctions, which complicate the financing and transport of fuel to Cuba, for the crisis. Venezuela's state oil company PDVSA and oil ministry, Pemex, and Mexico's foreign ministry did not reply to requests for comment.

☆ Oil prices settle higher on optimism about fuel demand in China
▼ + stars: | 2023-04-24 | by ( ) www.cnbc.com time to read: +2 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world's largest oil importer. China's bumpy economic recovery after the COVID-19 pandemic has clouded the oil demand outlook, though Chinese customs data on Friday showed record volumes of imports in March. "There's a lot of optimism around Chinese holidays as it relates to jet fuel demand, the first genuine numbers on Chinese demand construction," said Bob Yawger, director of energy futures at Mizuho. "Planned output cuts by the OPEC+ alliance and a strong demand outlook from China could provide a fillip to prices in the coming days", said independent oil analyst Sugandha Sachdeva.

West Texas Intermediate U.S. crude fell 33 cents, also 0.4%, to $80.53 a barrel. In Europe, European Central Bank officials are also wary of inflation and suggesting interest rates must keep rising. Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5% in the first quarter, while the country's oil refinery throughput rose to record levels in March, data showed. ,Adding more pressure on oil benchmarks is Asian refiners continuing to seize Russian crude in April. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations.

April 19 (Reuters) - Oil drifted lower on Wednesday as the market weighed potential interest rate hikes from the Federal Reserve that could slow growth and dampen oil consumption, offsetting falling U.S. inventories and strong Chinese economic data. The U.S. Federal Reserve likely has one more interest rate rise in store to fight inflation, Atlanta Fed President Raphael Bostic said on Tuesday. Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5% in the first quarter, while the country's oil refinery throughput rose to record levels in March, data showed. ,Adding more pressure on the oil benchmarks is that Asian refiners continues to seize Russian crude in April. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations.

LAUNCESTON, Australia, April 18 (Reuters) - There is an increasing disconnect between the forecasts for strong global oil demand growth this year, led by Asia, and the reality of weakening margins for refined fuels. The profit from turning a barrel of Dubai crude into refined products at a typical Singapore refinery dropped to $2.53 a barrel on Monday. The falling margins on refined fuels may result in refiners in Asia processing less, especially as crude costs continue to rise. Despite the current problems facing refiners, both OPEC and the International Energy Agency (IEA) are sticking to bullish forecasts for crude demand growth in 2023. OPEC is also maintaining a bullish view for 2023 oil demand growth, keeping its forecast for an increase of 2.32 million bpd in its latest monthly report.

☆ US labor market gradually losing steam; producer inflation cooling
▼ + stars: | 2023-04-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Still, the labor market and inflation are likely not cooling fast enough to stop the Federal Reserve from raising interest rates one more time next month. Claims, however, remain below the 270,000 level, a breach of which economists say would signal a deterioration in the labor market. "The upcoming labor market downturn will be modest since the drop in demand is expected to be fairly modest." InflationThe annual PPI rate is subsiding as last year's large increases drop out of the calculation. In the 12 months through March, the core PPI advanced 3.6% after increasing 4.5% in February.

☆ U.S. producer prices unexpectedly fall in March
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Hannah BeierWASHINGTON, April 13 (Reuters) - U.S. producer prices unexpectedly fell in March as the cost of gasoline declined, and there were signs that underlying producer inflation was subsiding. The annual PPI rate is subsiding as last year's large increases drop out of the calculation. Goods prices fell 0.3% in February. Excluding the volatile food and energy components, core goods prices rose 0.3% after a similar gain in February. Excluding food, energy and trade services components, producer prices gained 0.1% in March.

☆ American Airlines signals profit hit from rising labor, fuel costs
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining bigger rival United Airlines (UAL.O) to signal a hit from persistently high labor and fuel costs. The dull outlook pushed its shares more than 8% lower and weighed on other major U.S. airlines. Higher fares amid rising global travel have so far helped the airlines industry mitigate rising costs, but concerns over the sustainability of consumer demand have gained ground against the backdrop of high borrowing costs, inflation and job losses. American had in January said that its fuel price has increased by nearly 70%. However, on an adjusted basis, it forecast quarterly profit per share between 1 and 5 cents compared to analysts' expectation of 6 cents, according to Refinitiv data.

☆ OPEC’s surprise production cut complicates the Fed’s fight against inflation
▼ + stars: | 2023-04-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Energy prices across the globe surged last year when Russia invaded Ukraine, fueling global inflation just as the world’s major economies were beginning to rebalance after the pandemic. Now, with oil prices surging once again, headline inflation could remain elevated for longer or even rise. Even core inflation could be affectedWhile Fed officials consider multiple economic metrics in order to inform their decision making, one of their main points of focus is core inflation, which strips out volatile food and energy prices. However, higher oil prices can eventually push up core prices if they remain elevated for long enough. However, he acknowledged the eventual impact of higher prices.

Search resuls for: "Jet Fuel"

25 mentions found