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Of this amount, hydrogen projects accounted for A$266 billion of potential investment, the largest single contributor to the total. The total of proposed hydrogen and new energy projects is pegged at about A$308 billion in 2022, up about A$100 billion from the end of 2021. Australia's traditional powerhouse commodity exports of iron ore, liquefied natural gas (LNG) and coal are still attracting significant investment interest. In contrast, oil and gas projects at the committed stage total A$46 billion, while five ventures worth A$2.4 billion were completed in the period under review. Coal projects worth A$7.6 billion were at the committed stage and three ventures worth A$2.5 billion were finished in the year to Oct. 31.

One is that China is continuing to build crude oil stockpiles, even though its refinery processing rates have risen strongly in recent months. But despite the solid gain in refinery processing, it appears that China is still building up crude oil inventories in commercial or strategic storage tanks. The total volume of crude available from imports and domestic production in November was 15.46 million bpd, consisting of imports of 11.37 million bpd and local output of 4.08 million bpd. China imported an estimated 1.80 million bpd from Russia in November, according to Refinitiv Oil Research, exceeding the 1.69 million bpd supplied by Saudi Arabia. China total crude available vs refinery runsDIFFERENT CRUDE DRIVERSOverall, there are several dynamics at work in the outlook for China's crude oil imports.

☆ History-making nonbinary government official is out of a job after theft accusations
▼ + stars: | 2022-12-13 | by ( Jo Yurcaba | Jo Yurcaba Is A Reporter For Nbc Out. | ) www.nbcnews.com time to read: +4 min

A department spokesperson confirmed Tuesday that Brinton is no longer the deputy assistant secretary of the Office of Spent Fuel and Waste Disposition but would not elaborate. “By law, the Department of Energy cannot comment further on personnel matters,” the spokesperson said in an email. NBC News has requested a copy of the warrant from the Las Vegas Metropolitan Police Department but has not received it yet. If convicted, Brinton could face five years in prison, a $10,000 fine or both, according to the complaint. Prior to joining the Energy Department, Brinton served as the vice president of advocacy and government affairs for The Trevor Project, a national LGBTQ youth suicide prevention and crisis intervention organization.

CNN —The Department of Energy official responsible for nuclear fuel and radioactive waste is no longer employed by the federal agency after two alleged airport baggage theft incidents, according to local reports and court records. Sam Brinton, the former deputy assistant secretary for spent fuel and waste disposition in the Office of Nuclear Energy, was charged in December for grand larceny in Nevada. Brinton was accused of stealing luggage from Harry Reid International Airport, according to a report from KLAS. By law, the Department of Energy cannot comment further on personnel matters,” a department spokesperson said. Prior to joining the Department of Energy, Brinton served in roles at several think tanks, including the Bipartisan Policy Center, the Breakthrough Institute and Third Way.

The centre-left federal government of Prime Minister Anthony Albanese has played its cards, announcing on Dec. 9 plans to legislate a year-long price cap for wholesale natural gas and thermal coal in the country's populous eastern states. Australia vies with Qatar and the United States for the title of the world's biggest exporter of liquefied natural gas (LNG) and is the second-biggest shipper of thermal coal after Indonesia. Australia still generates about 50% of its electricity from thermal coal, although this share is shrinking rapidly as the country installs renewables such as solar, wind and battery storage. The ruling Labor Party's plans call for a price cap of A$12 ($8.15) per gigajoule (GJ) for gas and A$125 a tonne for thermal coal, with the government saying it will support any coal miner whose costs exceed the price cap. The gas industry probably would have been better served by asking some more relevant questions, such as whether a price cap is the best method of delivering relief to consumers.

☆ Is the U.S. Moving On From Free Trade? Industrial Policy Comes Full Circle
▼ + stars: | 2022-12-11 | by ( Clyde Prestowitz | ) www.wsj.com time to read: 1 min

With the recent passage of the Chips act that will shower $50 billion on the U.S. semiconductor industry while Washington embargoes exports of key chips to China, America is going back to its future. In the 77 years since the end of World War II, both U.S. political parties, American economists, Wall Street and the Business Roundtable have preached free markets, free trade and globalization. Indeed, as counselor to the secretary of commerce in the Reagan administration, I was directed by the Secretary and the White House to negotiate a halt to “Japan’s unfair industrial policies and mercantilist trade practices” such as subsidization of its semiconductor industry.

☆ During Covid, We Ate Comfort Food. We’ve Become a Lot More Adventurous.
▼ + stars: | 2022-12-11 | by ( Adrienne Cheatham | ) www.wsj.com time to read: 1 min

Journal Reports: Year in ReviewIs the U.S. Moving On From Free Trade? Industrial Policy Comes Full CircleBy Clyde PrestowitzFree trade was the mantra of economists for decades. The past few years have seen a return to Alexander Hamilton’s way of thinking.

LAUNCESTON, Australia, Dec 8 (Reuters) - China's imports of major commodities in November appeared unambiguously strong, but delving into the details shows a more nuanced picture amid ongoing uncertainty. Part of the jump in crude oil imports can be explained by a surge in exports of refined fuels. Shipments of products rose to 6.14 million tonnes in November, the highest since April last year and a jump of 37.7% from October and 46.4% from November 2021. MIXED PICTURESCoal imports also looked strong in November, rising to 32.3 million tonnes from October's 29.18 million, the gain being attributed to utilities ensuring sufficient supplies for winter. It was a similar story for iron ore imports, with a solid 10.7% gain in November to 98.85 million tonnes, up from October's 94.98 million.

Saudi crude is mainly sold under long-term contracts, but these usually contain clauses that allow for variations in volumes delivered, either at Aramco's behest or the request of the clients. This dynamic can be seen in China this year, with the world's biggest crude importer dropping imports from Saudi in November, but boosting those from Russia and Angola. China imported 1.72 million barrels per day (bpd) from Saudi Arabia in November, down from 1.87 million bpd in October, according to data compiled by Refinitiv Oil Research. However, China's imports from Russia rose to 1.90 million bpd in November from October's 1.82 million bpd, while those from Angola jumped to 680,000 bpd from 480,000 bpd the prior month. Russian crude will have to be offered at a discount, possible to the point where the $60 a barrel price cap becomes irrelevant.

That is what OPEC+ has chosen to do with the crude oil market. There are several factors currently creating uncertainty in global crude oil markets, and some are likely to push and pull prices in opposing directions. Much of the focus in global oil market has been on the G7 price cap and the EU ban on Russian crude oil imports, both of which commence today. Stronger economic growth and easing COVID-19 restrictions in China are bullish for crude oil demand, but neither of these is locked in and the outlook is still uncertain. Overall, it's now a waiting game for OPEC+ and the global oil market to see how the various uncertainties pan out in reality.

☆ S&P Global lowers 2023 growth forecast for emerging markets
▼ + stars: | 2022-11-29 | by ( Clyde Russell | ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - S&P Global Ratings lowered its 2023 growth forecast for emerging economies on Tuesday, citing persistent pressures from the Russia-Ukraine conflict, a lingering COVID-19 pandemic and tight monetary policy conditions. The ratings agency now projects real gross domestic product growth of 3.8% next year, down from its previous forecast of a 4.1% expansion. "The downward revision to growth comes from all EMs (emerging markets) excluding China and Saudi Arabia, with most economies poised to expand below their longer-run trend rates," it said, adding that forecasts for 2024 and 2025 remain broadly unchanged, averaging at 4.3%. "But the deceleration in inflation--coupled with a worsening growth outlook--could bring policy easing onto the agenda in several EMs, especially in Latin America, by the middle of next year," S&P said. Reporting by Susan Mathew in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. read moreInvestors also focused on Western plans for a price cap on Russian oil. Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

☆ How Atlanta's growing economy burned low-income renters and homebuyers
▼ + stars: | 2022-11-28 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

"It's a huge increase in population," said Dan Immergluck, a professor of urban studies at Georgia State University. "Atlanta is becoming a wider city," said Nathaniel Smith, founder and chief equity officer at the Partnership for Southern Equity. Some Atlanta locals believe ambitious urban redevelopment projects, such as the BeltLine, have contributed to fast-rising prices in the area. "We've put about $700 million into the BeltLine to date," said Atlanta BeltLine Inc. CEO Clyde Higgs. That has caused a number of good things and also a number of pressures within the city of Atlanta."

China, the world's largest crude oil importer, and India, the third-biggest, have increasingly turned to Russian crude this year, buying cargoes at steep discounts as Moscow sought to keep up export volumes after Western countries shunned its oil. Chinese refiners have begun slowing their purchases of Russian crude for December arrivals, according to traders and industry players in China. The lower volumes for December follow strong imports by India of Russian crude in recent months. It's likely that both countries will be keen to buy Russian crude, especially if it comes at a steep discount compared to grades from the Middle East and Africa. Currently, much of the crude China buys from Russia comes from the eastern ports.

The LNG industry argues that all of those of measures would result in lower investment and lower natural gas production over time, which would ultimately lead to higher prices. The Russian invasion of Ukraine and the subsequent surge in energy prices amid fears over the loss of Russian exports of natural gas, LNG, crude oil and coal has provided Australia's LNG exporters with windfall revenues. But it has also led to higher prices in the domestic market, and calls from businesses and households for action to make LNG more affordable. The LNG industry is happy to meet one of those demands, namely ensure sufficient supply is offered to domestic consumers before being made available to the LNG exporters. What gas consumers want is capped prices and guaranteed volumes.

LAUNCESTON, Australia, Nov 21 (Reuters) - Iron ore prices are gathering steam as confidence over the outlook for China's steel demand increases, outweighing bearish factors such as potential winter production curbs and India lowering iron ore export taxes. Iron ore inventories at Chinese ports dropped to 135.45 million tonnes in the week to Nov. 18 from 136 million the previous week. China iron ore imports vs spot priceIRON ORE IMPORTSNovember is shaping up to be a strong month for iron ore arrivals, with commodity analysts Kpler estimating seaborne imports of 103.9 million tonnes, while Refinitiv estimates a higher 106 million tonnes. India may also start exporting more iron ore cargoes after the government scrapped some taxes, especially those on lower-grade material. Even if India does manage to resume exports, it's likely to have only a limited impact on prices for lower grades of iron ore, such as 58% and below.

☆ James Webb Space Telescope: No evidence linking namesake to firings of LGBTQ staff
▼ + stars: | 2022-11-18 | by ( Scottie Andrew | ) edition.cnn.com time to read: +5 min

CNN —Despite numerous calls from astronomers to rename its powerful new telescope, NASA officials stood by the naming of the James Webb Space Telescope before its launch. With the telescope nearly a year into its stint in space, the agency has released its chief historian’s investigation into the namesake of the telescope. Earlier this summer, Dr. Jane Rigby, the operations project scientist for the James Webb Space Telescope, tweeted that “a transformative telescope should have a name that stands for discovery and inclusion.”Officials at NASA have refused to rename it, though, citing an investigation into Webb’s career. The James Webb Space Telescope is the most powerful telescope ever built. NASA Goddard Space Flight CenterNo evidence links Webb to any action that followed those discussions, Odom said.

However, the volume of crude available to refineries was 14.22 million bpd, consisting of imports of 10.16 million bpd and domestic oil production of 4.06 million bpd. China exported 4.46 million tonnes of refined products in October, equivalent to around 1.15 million bpd, using the BP conversion rate of 8 barrels to one tonne. Fuel exports are expected to remain at elevated levels in November as refiners use up their remaining quotas for 2022. China's November crude imports are estimated at 11.46 million bpd by Refinitiv Oil Research, which would be an 11-month high. Overall, the recent strength in China's crude imports may not be long-lasting, especially if new refined fuel export quotas aren't granted.

There are signs, however, that LNG demand is ticking higher ahead of winter, with commodity analysts Kpler estimating November imports in both Asia and Europe to rise. LNG imports by Asia, Europe vs JKM priceEUROPE BUYING AGAINEurope's imports are expected to reach 11.49 million tonnes in November, which would be the second-highest in Kpler's records behind the 11.55 million tonnes in January. Europe's LNG imports were 10.13 million tonnes in October, which was the first time since May they had exceeded 10 million tonnes in a month. The United States remains Europe's biggest supplier, with imports of 4.66 million tonnes expected in November, up from 4.17 million in October. Europe's imports of Russian LNG are continuing, with arrivals of 1.32 million tonnes in November, up from 1.05 million in October.

While supply concerns have eased, the main dynamic behind the price retreat has been weakness in the residential construction sector in China, which takes about 70% of iron ore that is exported by sea. Given that construction accounts for more than a third of China's total steel demand, the ongoing weakness in residential property has been a cloud over iron ore's outlook. A recovery may be on the cards in November, with commodity analysts Kpler estimating that seaborne iron ore imports will be around 96.87 million tonnes. But the overall message from iron ore imports this year is that they will likely be slightly lower in 2022 than last year. While the market tends to focus on weakness in residential property construction, total construction has been holding up far better.

LOS ANGELES — A Louisiana woman has accused Hollywood legend Warren Beatty of coercing her into a sexual relationship when she was a teenager decades ago. Beatty is not identified by name in the suit, which did include a detailed description of the actor. The actor is accused of taking the teen on rides and offering to help with her homework. The relationship between the teen and the actor, who was about 35 at the time, continued and turned sexual, according to the suit. The teen thought she “was involved in a romantic relationship with a movie star," according to the lawsuit.

LAUNCESTON, Australia, Nov 10 (Reuters) - Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the different grades of the polluting fuel. That means it reflects only a small percentage of the total seaborne thermal coal market. A better reflection of Australian coal is provided by the Argus API5 assessment for 5,500 kcal/kg coal , which is bought by customers in India and other Asian nations, such as Vietnam. Russia exported 10.93 million tonnes of thermal coal via ships in October, the most since July's 11.66 million, according to data compiled by commodity consultants Kpler. Overall, the seaborne thermal coal market is showing the prices with the most exposure to Europe are declining, while those linked mainly to China are holding up.

LAUNCESTON, Australia, Nov 8 (Reuters) - China's imports of crude oil rebounded in October, but the details aren't as strong as the headline number suggests. PetroChina started trial operations at a 200,000 bpd crude unit at its new refinery in Guangdong, while Shendong Petrochemical is also starting operations at its new 320,000 bpd plant in Jiangsu province. This appears to have resulted in China boosting imports from the kingdom, with Refinitiv Oil Research estimating that October arrivals were 1.91 million bpd, up from 1.84 million bpd in September. Rising exports of refined products are also acting as a spur to crude imports, with 4.46 million tonnes of fuel being shipped out in October. This was down from September's 1.5 million bpd and August's 1.23 million bpd, but it's worth noting that the past three months have been strongest since July last year.

☆ Morning Bid: Markets defy COVID blues
▼ + stars: | 2022-11-07 | by ( Clyde Russell | ) www.reuters.com time to read: +2 min

Elsewhere, The Guardian reported that British Finance Minister Jeremy Hunt is set to outline up to 60 billion pounds of tax rises and spending cuts next week, including at least 35 billion pounds ($39.56 billion) in cuts in the backdrop of the Bank of England's recession warning. Stock markets in the region chalked up gains across-the-board, underpinning Friday's rise in global shares after jobs data came in stronger than expected but also hinted at some slack in the tight American labor market. And staying on what the world's richest man is up to, Elon Musk laid out Twitter's mission, sparking debate on content accuracy. Twitter also updated its app to begin charging $8 for its sought-after blue check verification marks as it seeks to shore up revenue. China stocksReuters Graphics Reuters GraphicsKey developments that could influence markets on Monday:Economic data: Germany Sep industrial output, UK Halifax Oct house prices, Euro zone Oct PMISpeakers: ECB Board member Fabio Panetta speaksEuropean earnings: RyanairReporting by Anshuman DagaOur Standards: The Thomson Reuters Trust Principles.

☆ China coal imports slip from 10-month high in Oct as COVID curbs crimp demand
▼ + stars: | 2022-11-07 | by ( Muyu Xu | Clyde Russell | ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 7 (Reuters) - China's coal imports slipped in October after hitting a 10-month high in September, as Beijing's ultra-strict COVID-19 restrictions dampened demand for the power generation fuel. Coal arrivals in October totalled 29.18 million tonnes, up 8.3% from a year earlier, data from the General Administration of Customs showed on Monday. Coal imports hit 33.05 million tonnes in the prior month. Coal-fired power and heating plants typically start to build inventory in October. But a stronger dollar is making imported coal more expensive for Chinese buyers and eating into profit margins at power plants.

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