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☆ IEA says oil price downturn ignores looming supply crunch
▼ + stars: | 2023-05-16 | by ( Noah Browning | ) www.reuters.com time to read: +1 min

LONDON, May 16 (Reuters) - Weeks of declining oil prices due to concerns over a possible recession clash with the outlook for scarce supply and robust demand later in the year, the International Energy Agency said on Tuesday. The Paris-based agency raised its forecast for global oil demand by 200,000 bpd to 102 million bpd, noting that China's recovery after the lifting of COVID-19 curbs had surpassed expectations with demand reaching a record 16 million bpd in March. The world's top oil importer is set to account for nearly 60% of global demand growth in 2023, offsetting, along with India and the Middle East, sluggish demand in developed countries. The United States and Brazil will lead modest growth in oil supply of 1.2 million bpd for the year as OPEC+ cuts agreed in April mean volumes from the producer group will fall 850,000 bpd from then through December, the IEA said. Reporting By Noah Browning; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices rise as tight supplies compete with economic concerns
▼ + stars: | 2023-05-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Still, global crude supplies could tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - is making additional output cuts that are reducing sour crude volumes. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani. Meanwhile, flows of northern Iraqi crude oil to Turkey's Ceyhan port have yet to resume following Baghdad's request to restart them last week, industry sources said on Monday, helping keep global supplies tight. The tightening of sanctions will also seek to undermine Russia's future energy production and curb trade that supports the Russian military, the people said.

☆ Oil falls on surprise increase to U.S. inventories
▼ + stars: | 2023-05-10 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Summary U.S. consumer price index figures for April due on WednesdayComing up: EIA data on U.S. oil inventories at 10:30 a.m. EDTMay 10 (Reuters) - Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited inflation data for a steer on U.S. interest rates. U.S. government data on oil inventories is due on Wednesday. The surprising U.S. inventory build along with lower crude imports and April's softer export growth in China exacerbated worries about global oil demand. "Crude futures were unwinding Tuesday’s modest gains early Wednesday as economic worries occupied centre stage, especially over the world’s two largest economies," said Vandana Hari, founder of oil market analysis provider Vanda Insights. OPEC and its allies, together known as OPEC+, agreed last month to cut production by 1.16 million barrels per day (bpd) from May through to the end of the year.

☆ Apple’s Slowdown Eases, but Sluggish Demand Hurts Results
▼ + stars: | 2023-05-04 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

Apple on Thursday provided more evidence for optimists who believe that the worst of the tech industry’s slump may be over while reminding investors that there are still plenty of reasons for concern. Although the company said that its revenue shrank 3 percent in its most recent quarter compared to the same period a year ago, the $94.8 billion total well outpaced investor expectations of $92.9 billion. It was something of a rebound from the previous quarter, when Apple revenue and profit fell more substantially because of economic challenges and a Covid-19 outbreak in China that forced the company’s largest iPhone factory to close temporarily. Apple reported a profit of $24.1 billion, down 3 percent from the same period a year earlier but above the $22.6 billion expected by Wall Street. The company’s sales in its second fiscal quarter were driven by record revenue for its services division and strong demand for iPhones, its flagship product.

☆ Uber’s Revenue Up 29% as U.S. Ride-Hailing Business Improves
▼ + stars: | 2023-05-02 | by ( Kellen Browning | ) www.nytimes.com time to read: 1 min

The NewsUber said on Tuesday that its revenue grew 29 percent in its most recent quarter as the company benefited from a series of investments in new services, as well as the continued return of drivers to its ride-hailing business. The company said it had $8.8 billion in revenue, roughly in line with investors’ expectations. Uber had $31.4 billion in gross bookings — the amount of money paid by customers — a 19 percent jump from a year ago. Uber said it remained on track to generate a quarterly profit from the strength of its business operations sometime this year — a milestone on the road to overall profitability. “With our global scale and deeper local density, we are increasingly separating from smaller regional competitors both on driver preference and on the breadth of mobility products we offer consumers,” Dara Khosrowshahi, Uber’s chief executive, said in a statement.

☆ Lyft Employees Told to Return to Office as New Chief Executive Lays Out Vision
▼ + stars: | 2023-04-28 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

Since the pandemic began, Lyft employees have been able to work remotely, logging into videoconferences from their homes and dispersing across the country like many other tech workers. On Friday, David Risher, the company’s new chief executive, told employees in an all-hands meeting that they would be required to come back into the office at least three days a week, starting this fall. Remote work in the tech industry, he said, had come at a cost, leading to isolation and eroding culture. It could also be an indication that some tech companies — particularly firms that are struggling — may be changing their minds on flexibility about where employees work. Nudges toward working in the office could soon turn into demands.

☆ As Regulators Block Tech Deals, They Increasingly Look to the Future
▼ + stars: | 2023-04-27 | by ( David Mccabe | Kellen Browning | ) www.nytimes.com time to read: +1 min

As companies like Google and Facebook grew into giants in the early 21st century, regulators chose largely not to interfere in the still-young market for online services. Now regulators have reversed course: When it comes to tech, they want to see into the future and beat companies to getting there. The decision by the British authorities on Wednesday to block Microsoft’s $69 billion bid for the video game giant Activision Blizzard exemplified the new approach. British officials said a core reason for rejecting the deal was how it could threaten competition in the nascent market for cloud gaming, which lets users stream their favorite video game titles. The U.S. Federal Trade Commission, which last year sued to block Microsoft’s deal for Activision, also raised concerns about competition in cloud gaming, though the agency focused mostly on the impact to the traditional console games business.

☆ U.K. Blocks Microsoft’s Bid for Activision, a Blow to the Tech Giant
▼ + stars: | 2023-04-26 | by ( David Mccabe | Kellen Browning | ) www.nytimes.com time to read: +1 min

British antitrust regulators on Wednesday blocked Microsoft’s plans to acquire the video game giant Activision Blizzard for $69 billion, a significant hurdle for what would be the largest consumer tech acquisition since AOL bought Time Warner two decades ago. The Competition and Markets Authority in Britain said in a statement that Microsoft’s proposal “failed to effectively address the concerns in the cloud gaming sector.”The decision bolsters an effort by the Federal Trade Commission to block the acquisition and is a red flag for big technology companies trying to make large deals despite increasing government scrutiny over whether they abuse their power to hurt rivals and consumers. “Microsoft already enjoys a powerful position and head start over other competitors in cloud gaming and this deal would strengthen that advantage giving it the ability to undermine new and innovative competitors,” Martin Coleman, the chair of a panel that conducted an investigation for the C.M.A., said in a statement.

☆ Microsoft Beats Financial Expectations Despite Worries About Economy
▼ + stars: | 2023-04-25 | by ( Kellen Browning | ) www.nytimes.com time to read: 1 min

Microsoft’s cloud computing business drove a surprisingly strong quarter despite pressure from the slowing U.S. economy, the company said on Tuesday. Revenue in the first three months of the year was up 7 percent from a year earlier to $52.9 billion, and profit was up 9 percent to $18.3 billion. Microsoft’s cloud business — which includes Azure, its cloud computing product, and its Microsoft 365 platform — had $28.5 billion in revenue, up 22 percent from a year earlier. Sales of Azure, a key result watched by investors, grew 27 percent, which was in line with investors’ expectations. Overall, the segment that the company calls Intelligent Cloud was up 16 percent from a year earlier, which was better than had been expected.

☆ Lyft Will Lay Off About 1,200 People as It Looks to Cut Costs
▼ + stars: | 2023-04-21 | by ( Kellen Browning | ) www.nytimes.com time to read: +1 min

Lyft, which has struggled financially while trying to compete with its rival, Uber, said on Friday that it was planning major job cuts. The layoffs, which are expected next week, will affect about 1,200 people, according to a person with knowledge of the situation. It is the first significant move by David Risher, the company’s new chief executive. Mr. Risher had been considering the cuts for several weeks, the person said, even though his first official day as the company’s C.E.O. “We need to bring our costs down to deliver affordable rides, compelling earnings for drivers and profitable growth,” Mr. Risher said in a note to employees.

☆ Oil slips as recession fears loom over economic data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes, though Chinese GDP data was expected to augur well for demand growth. Both contracts notched their fourth weekly gain in a row last week, the longest such streak since mid-2022. "The oil complex continues to digest ongoing signs of a U.S. economic cool-down." Earnings from U.S. companies could also provide clues for the Fed's policy path and the dollar's trajectory. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil steady as market awaits Chinese GDP data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Companies Vanda Pharmaceuticals Inc FollowSINGAPORE, April 17 (Reuters) - Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. "Crude prices have defaulted to tracking the daily mood in the broader financial markets" as fears over possible recession continue to cloud the horizon, she added. Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports. Rising costs for Middle Eastern crude supplies, which meet more than half of Asia's demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil steady as market awaits China GDP data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports. "Weaker refinery margins remain a feature, with the weakness predominantly driven by middle distillates. Stronger crude prices will not be helping margins for refiners either," ING analysts said in a note. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ OPEC+ cuts risk oil supply deficit, threaten economic recovery - IEA
▼ + stars: | 2023-04-14 | by ( Noah Browning | ) www.reuters.com time to read: +1 min

LONDON, April 14 (Reuters) - Output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday. "Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly," the IEA said in its monthly oil report. "This augurs badly for the economic recovery and growth," it added. The IEA said it expected global oil supply to fall by 400,000 barrels per day (bpd) by the end of the year citing an expected production increase of 1 million bpd from outside of OPEC+ beginning in March versus a 1.4 million bpd decline from the producers bloc. Rising global oil stocks may have influenced the OPEC+ decision, the IEA added, noting OECD industry stocks in January hit their highest level since July 2021 at 2.83 billion barrels.

Summary Dip in China consumer inflation points to weak demandU.S. inflation report due on WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures settled up $1.43, or 1.7%, to $85.61 a barrel. U.S. West Texas Intermediate futures rose $1.79, or 2.2%, to $81.53 a barrel. read moreA U.S. inflation report to be released on Wednesday is expected to help investors gauge the near-term trajectory for interest rates. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group's output agreement expires, the Energy Information Administration forecast on Tuesday.

☆ Oil steady on China demand concerns with US inflation in focus
▼ + stars: | 2023-04-11 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Summary China consumer inflation drop points to weak demandU.S. inflation report due WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures slipped 18 cents, or 0.2%, to $84 a barrel by 1102 GMT, while U.S. West Texas Intermediate futures eased 12 cents, or 0.1%, to $79.62 a barrel. A U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates. "The short-term crude demand outlook will soon be clearer. "Wall Street should have a strong handle on the trajectory of the economy after it gets a pivotal inflation report."

☆ China's demand comeback to help oil weather banking crisis: Reuters poll
▼ + stars: | 2023-03-31 | by ( Bharat Gautam | ) www.reuters.com time to read: +2 min

A survey of 45 economists and analysts forecast benchmark Brent crude would average $86.49 a barrel this year, down from February's estimate of $89.23. "The dip in oil prices is more of a blip at the moment, rather than a sustained move below $80 per barrel". Most analysts polled by Reuters expect oil prices to stay below $90 on fears of a recession in developed economies stemming from interest rate increases to bring down inflation. "Oil demand in China should pick up a bit further over the year. Reuters GraphicsAlong with China, prices will also hinge on potentially declining Russian oil production due to Western sanctions, with a combination of the two likely tightening global supplies, analysts said.

☆ Books in Bloom: The Best Reading for Spring
▼ + stars: | 2023-03-31 | by ( Wsj Books Staff | ) www.wsj.com time to read: 1 min

Photo: Illustration by Jennifer Potter for the WSJRenewal is in the air: Whether you’re moved by the prospect of fresh blossoms or a new season on the golf course, our reviewers have collected a bouquet of reading delights sure to inspire new adventures. This season’s offerings include contributions from Edward Kosner on sports biographies, Eugenia Bone on guides to foraging in the wild, Timothy Farrington on accounts of some memorable walks, Tucker Shaw on cookbooks to relieve kitchen doldrums and Dominique Browning on the all-important garden.

☆ What’s in Our Queue? Kim Petras and More
▼ + stars: | 2023-03-30 | by ( Kellen Browning | ) www.nytimes.com time to read: 1 min

What’s in Our Queue? Kim Petras and MoreI’m a technology reporter for The Times. As one of the resident young people in the San Francisco bureau, I try to absorb my older colleagues’ cultural knowledge while keeping them youthful. Here are some of my recommendations →

Oil prices rebounded as Wall Street posted gains. Earlier, Brent and WTI fell about $3 a barrel to the lowest since December 2021, with WTI sinking below $65 a barrel at one point. After the deal was announced, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. Some executives are calling on the central bank to pause its monetary policy tightening but be ready to resume raising rates later.

The U.S. West Texas Intermediate crude contract for April was down 28 cents at $66.46 before its expiry on Tuesday. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. "We're not moving at all on supply and demand fundamentals, we're just moving on the banking concerns." On Monday, the S&P 500 and the Dow Jones gained, helping lift oil prices off the day's lows. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.

☆ Oil hits lowest since 2021 on banking fears
▼ + stars: | 2023-03-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent and WTI earlier hit lows last registered in December 2021, with WTI sinking below $65 a barrel. After the deal was announced, The U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "The market focus is on current banking sector volatility and the potential for further rate hikes by the Fed," said Baden Moore, National Australia Bank's head of commodity research. However, some executives are calling on the central bank to pause its monetary policy tightening for now but be ready to resume raising rates later. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.

The outages have in recent days led to growing concern that French and regional supplies of fuels, in particular diesel, could tighten in the coming weeks. Reuters GraphicsThe profit margin for refining crude oil into diesel has jumped by nearly 40% over the past month. The Ekofisk North Sea crude grade, produced at a field in Norway where TotalEnergies has equity, relies on France for two-thirds of its export stream, Rauball said. Meanwhile, prices for crude grades from Nigeria, one of France's top suppliers, have dropped by around $1/bbl in the past two weeks, traders said. "It's a buyer's market, with WTI and Azeri crude offered way down to sell," a trader of West African crude said.

Brent crude futures were down 76 cents, or 0.9%, to $82.02 per barrel by 11:51 a.m. EDT (1551 GMT). U.S. West Texas Intermediate crude futures (WTI) fell 75 cents, or 1%, to $75.93 a barrel. Fears of contagion from the failure of Silicon Valley Bank led to a sell-off in U.S. assets at the end of last week, while state regulators closed New York-based Signature Bank (SBNY.O) on Sunday. A weaker greenback makes oil cheaper for holders of other currencies and typically supports oil prices. Worries about further monetary tightening by the Federal Reserve have been exacerbated by high U.S. crude oil inventories.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

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