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☆ 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.

NEW DELHI/LONDON, April 6 (Reuters) - Global fuel suppliers are turning to longer and costlier routes that produce more carbon emissions to move their diesel and other products as Western restrictions on Russian cargoes have reshuffled global energy shipping patterns. The ban comes on top of a halt late last year on Russian crude sales into the bloc as well as Western price caps. Also in March, Russian clean products shipped to Togo reached 973 million MT-NM, up from zero in November. Conversely, Russian exports to the Netherlands dropped to 238,200 tonnes in February from 1.15 million tonnes in September. Those longer distances are being done at higher costs for Russian products than for typical shipments from Europe.

But manufacturers across the eurozone have reported business activity has been falling for nine months since June 2022 according to purchasing managers’ surveys. U.S. manufacturers have reported business activity has been falling for five months since November 2022 according to the Institute for Supply Management (ISM)’s purchasing survey. But the deficit had narrowed from 63 million barrels (-15% or -2.05 standard deviations) at the end of June 2022, according to data from Euroilstock. U.S. distillate fuel oil inventories were 18 million barrels (-14% or -1.08 standard deviations) below the prior 10-year seasonal average on March 31. In Singapore, distillate inventories have risen in 12 of the 15 most recent weeks by a total of 3 million barrels, according to data from Enterprise Singapore.

Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from Feb. 5, Kpler data showed. OIL PRODUCTSAs Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16% to 150,000-167,000 bpd in the last fiscal year, the Kpler and Vortexa data showed. The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed. Indian oil products exportsBesides increasing exports to Europe, India has also boosted vacuum gas oil (VGO) shipments to the U.S.

Repsol says the plant, which transforms used cooking oil into so-called sustainable aviation fuel (SAF), has attracted plenty of customers. But it is concerned Europe's investment environment will complicate the industry's efforts to take off. "Europe needs to step up and throw its weight behind a domestic SAF industry to ensure it does not fall behind." That's a bit under 1% of global aviation fuel demand," said Jonathan Wood, Neste's vice-president of renewable aviation. "America's programme of both federal and state incentives for SAF production is the mark of global leadership on the net-zero transition," IAG told Reuters.

☆ Libya signs South Refinery contract with Honeywell
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

TRIPOLI, March 26 (Reuters) - A subsidiary of Libya's state-owned National Oil Corp (NOC) said on Sunday it had signed a contract with U.S.-based Honeywell (HON.O) for engineering work on the planned South Refinery project, likely to cost between $500 million and $600 million. NOC has previously said South Refinery will produce cooking gas, jet fuel and other products, including 1.4 million litres a day of petrol and 1.1 million litres a day of diesel. Libya is seeking to bring foreign investment back into its energy sector after two and a half years of comparative peace following years of conflict. Last month the Tripoli-based government agreed to move ahead with an offshore gas project in cooperation with Italy's Eni (ENI.MI). Reporting by Reuters Libya newsroom; Editing by Angus McDowall and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Mistakes by the US's top spies allowed China to turn a deadly mid-air collision into an intelligence coup
▼ + stars: | 2023-03-22 | by ( James Bamford | ) www.businessinsider.com time to read: +36 min

On April 1, 2001, a US EP-3 spy plane collided with a Chinese fighter jet over the South China Sea. One of eleven left in the fleet, the tired 1960s-era spy plane bristled with porcupine-like antennas. Within minutes, however, the fighters had reached the lumbering spy plane, and while Zhao Yu hung back about a half-mile, Wang Wei rapidly closed in. In severe trouble, he immediately radioed the base, telling them he was unable to maneuver and being sucked in by the spy plane. "You are not allowed aboard the aircraft," Osborn said.

☆ Fly less, sit in coach, and avoid gimmicky offsets. Here's how to make your next trip more sustainable, according to experts.
▼ + stars: | 2023-03-16 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +5 min

Airlines offer options to buy offsets and fuel surcharges to ease one's travel carbon impact. Experts say carbon offsets are good, but they need to be chosen carefully. Last year, Carbon Market Watch commissioned a study that looked at the effectiveness of carbon offsets bought by major European airlines. AirFrance, for example, has increased all its ticket prices by an amount varying from 1 Euro to 24 Euro to cover for the company's increased use of sustainable aviation fuel. Other airlines, like Brussels Airlines, are asking passengers whether they want to pay more for sustainable aviation fuel.

The video showed what the Pentagon said were two Russian Su-27 fighter jets swooping toward the drone and releasing jet fuel on it in harassing behaviour. After a second pass by the jets, the video cuts out then resumes with images of the drone's damaged propeller. WAR CRIMES PROBEInvestigations by an international panel said some of Russia's actions since invading Ukraine on Feb. 24, 2022, may be crimes against humanity. "The day will come when those guilty of war crimes against Ukraine will appear in the halls of the International Criminal Court and in national courtrooms," Zelenskiy said. Ukraine and its allies accuse Moscow of an unprovoked war to grab territory from its pro-Western neighbour.

☆ Sustainable Aviation Fuel No Quick Fix to Greening Air Travel
▼ + stars: | 2023-03-14 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Oscar the Grouch is United Airlines’ pitchman for a new advertising campaign touting the environmental benefits of jet fuel made from waste. It can cut emissions by up to 80% compared with conventional jet fuel, depending on the feedstock used. First, the sustainably derived fuel is typically two to four times as expensive as conventional jet fuel. Globally, jet fuel cost can be volatile but was around $2.76 a gallon as of March 3, according to the International Air Transport Association. Hydrogen’s energy density makes it more promising as a jet fuel.

☆ Crude prices rise slightly on China recovery, weaker dollar
▼ + stars: | 2023-03-13 | by ( Andrew Hayley | ) www.reuters.com time to read: +3 min

BEIJING, March 13 (Reuters) - Oil prices ticked up in Monday's Asian trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect possible further U.S. interest rate increases. After initially slipping in early trading, Brent crude futures were up 25 cents, or 0.30%, to $83.03 per barrel by 0700 GMT. West Texas Intermediate crude futures (WTI) ticked up by 23 cents, or 0.30%, to $76.91 a barrel. A weaker dollar makes oil cheaper for holders of other currencies, lending support to oil prices. Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support.

☆ Oil prices tick up on China demand and weaker dollar
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

BEIJING, March 13 (Reuters) - Oil prices ticked up in Monday Asian late morning trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect possible further U.S. interest rate increases. West Texas Intermediate crude futures (WTI) ticked up by 20 cents, or 0.26%, to $76.88 a barrel. "From an oil trader's perspective, the U.S. dollar should pull back as traders give up on a re-acceleration of Fed hikes; this, in turn, clears a path for more robust Chinese fundamentals to dominate commodity trading," Innes added. A weaker greenback makes oil cheaper for holders of other currencies, lending support to oil prices. Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support.

☆ Oil prices slip as concerns over rate hikes rattle investors
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 13 (Reuters) - Oil prices slipped in Monday Asian morning trade as concerns about possible further U.S. interest rate hikes continue to rattle investors, though a recovery in Chinese demand and a weaker dollar provided some support. Market sentiment was fragile as worries about further monetary tightening by the Fed have been exacerbated by high crude oil inventories in the U.S., analysts from ANZ Bank observed in a note on Monday morning. A weaker greenback , which makes oil cheaper for holders of other currencies, helped lend support to oil prices. The dollar index was down 0.2% in Asian morning trade on Monday. Comments on Sunday from Saudi Aramco CEO Amin Nasser on crude demand from China also provided some support.

Companies Saudi Arabian Oil Co FollowDUBAI, March 12 (Reuters) - Aramco's chief executive Amin Nasser said on Sunday the market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic. Nasser was speaking to the press after the Saudi Arabian oil giant reported its highest ever annual profit since the company was listed. On recent imports of Russian diesel into Saudi Arabia, Nasser said the kingdom had always been importing products for its domestic market since before the Russian invasion of Ukraine. Nasser said Aramco was looking globally at liquefied natural gas (LNG) market opportunities, when asked about potential acquisitions in the year ahead. "We need to make sure that there is additional supply in the market otherwise this tightness of supply in the mid- to long term will have an impact."

Brent crude futures rose 18 cents to $86.36 per barrel by 0730 GMT after settling 0.4% higher on Monday. U.S. West Texas Intermediate crude was at $80.62 per barrel, up 16 cents, following a 1% gain in the previous session. "The supply concerns that helped oil prices higher overnight likely stemmed from Chevron's CEO comment that there's 'not a lot of swing capacity' in oil markets," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. "The key unknown for 2023 will be the disruption to Russia's oil and refined product exports." ET (2130 GMT) on Tuesday, and at 10:30 a.m. (1530 GMT) on Wednesday from the Energy Information Administration.

Schwedt has traditionally supplied 90% of the gasoline, diesel, jet fuel and fuel oil used in Germany's capital city. Moscow last month retaliated against their bilateral efforts by halting oil flows to Poland via the Druzhba pipeline, thereby squeezing Poland’s ability to free up oil for Schwedt. Polish state-controlled refiner PKN Orlen now needs to use more capacity at the Gdansk oil terminal to feed its own Plock refinery. ROSNEFT STAKEGermany and Poland started discussions about shipping non-Russian oil to Schwedt via the port of Gdansk, Polish pipelines and Druzhba in early spring 2022. KEBCOIn a move that further complicated talks with Poland, Germany late last year approached Kazakhstan about supplies for Schwedt, sparking new concerns in Warsaw.

☆ Oil prices rise as China factory gains boost demand outlook
▼ + stars: | 2023-03-01 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

Brent crude oil for May was up 24 cents, 0.3%, to 83.69 a barrel at 0214 GMT. Oil prices continue to be supported by expectations for a strong rebound in demand in China, the world's second-largest crude consumer. U.S. oil inventories rose by 6.2 million barrels in the week ended Feb. 24, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Still, gasoline inventories declined by 1.8 million barrels and distillate fuels, including diesel and jet fuel, dropped by 340,000 barrels, according to the API data. In February, OPEC pumped 28.97 million barrels per day (bpd), a Reuters survey found, up by 150,000 bpd from January.

☆ U.S. Regains Its Energy Clout as Ukraine War Enters Second Year
▼ + stars: | 2023-02-26 | by ( David Uberti | Bob Henderson | ) www.wsj.com time to read: 1 min

More oil from shale regions such as the Permian Basin in western Texas is being directed to the Gulf Coast for shipment to overseas markets. A year of war in Ukraine has highlighted the return of oil as a source of U.S. financial influence and geopolitical power. As the West has shunned most Russian energy, unleashing a pressure campaign against the Kremlin’s petroleum revenues, record U.S. crude exports have helped fill the gap in Europe with the oil needed to produce gasoline, diesel and jet fuel.

☆ War in Ukraine Drives New Surge of U.S. Oil Exports to Europe
▼ + stars: | 2023-02-26 | by ( David Uberti | Bob Henderson | ) www.wsj.com time to read: 1 min

More oil from shale regions such as the Permian Basin in western Texas is being directed to the Gulf Coast for shipment to overseas markets. A year of war in Ukraine is revitalizing U.S. oil exports as a source of financial influence and geopolitical power. As the West has shunned most Russian energy, unleashing a pressure campaign against the Kremlin’s petroleum revenues, record U.S. crude exports have helped fill the gap in Europe with the oil needed to produce gasoline, diesel and jet fuel.

Europe’s distillate stocks were -41 million barrels (-10% or -1.43 standard deviations) below the ten-year average at the end of January. Singapore’s distillate inventories were -3 million barrels (-30% or -1.53 standard deviations) below the ten-year average on February 19. At the end of the last three recessions, U.S. distillate fuel oil inventories stood at 151 million barrels (April 2020), 163 million barrels (June 2009) and 139 million barrels (November 2001). By contrast, inventories currently stand at just 122 million barrels, according to data from the U.S. Energy Information Administration (EIA). So far, there has been only modest progress in rebuilding distillate stocks and defanging the inflation threat.

☆ Morgan Stanley ups 2023 oil demand growth estimate by 36%, flags Russia risk
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - Morgan Stanley has raised its global oil demand growth estimate for this year by about 36%, citing growing momentum in China's reopening and a recovery in aviation, but flagged higher supply from Russia as an offseting factor. Global oil consumption is now expected to increase by about 1.9 million barrels per day (bpd), versus its previous 1.4 million bpd forecast, the bank said in a note dated Tuesday. "Mobility indicators for China, such as congestion, have been rising steadily," while "flight schedules have firmed-up the outlook for jet fuel demand," the bank said. Earlier this month, Goldman Sachs cut its 2023 Brent price forecast and raised its global supply forecasts for 2023 and 2024, with Russia, Kazakhstan and the United States the most notable upward adjustments. But Goldman also noted that a 1.1 million bpd rise in Chinese demand this year should push oil markets back into a deficit in June.

☆ United Airlines, five other companies launch effort to develop sustainable aviation fuel
▼ + stars: | 2023-02-21 | by ( Phil Lebeau | ) www.cnbc.com time to read: +3 min

A United Airlines passenger plane takes off from Frankfurt Airport. The United Airlines Ventures Sustainable Flight Fund will start with $100 million invested by United Airlines, Air Canada , Boeing , GE Aerospace, JPMorgan Chase and Honeywell . The United Airlines Ventures Sustainable Flight Fund will allow United and the other inaugural investors the chance to play a larger role in startups developing and expanding access to SAF. Since then, United Airlines Ventures has invested in startups focused on decarbonization and new fuel sources. In announcing the United Airlines Ventures Sustainable Flight Fund, Kirby reiterated his belief the path to lower emissions requires developing new ideas and technology.

CHICAGO, Feb 21 (Reuters) - United Airlines (UAL.O) launched on Tuesday a more than $100 million investment fund to support start-ups focused on the research and production of sustainable aviation fuel (SAF). The Chicago-based carrier along with inaugural partners such as Air Canada (AC.TO), Boeing (BA.N), General Electric (GE.N) JPMorgan Chase (JPM.N) and Honeywell (HON.O) have invested in the United Airlines Ventures Sustainable Flight Fund, it said. United said the fund was open to investment by companies across industries and would prioritize investment in new technology and "proven" producers. United's Chief Sustainability Officer Lauren Riley said the investment fund was aimed at scaling up the supply of SAF. However, as of last December, the total volume of SAF used in its operations remained less than 0.1% of its total aviation fuel usage.

☆ A 17-year-old Seattle high schooler is tracking more than 150 private jets' emissions
▼ + stars: | 2023-02-18 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Seattle teenager Akash Shendure runs Climate Jets, a website that tracks emissions of private jets. Using Sweeney's Ground Control Registration Database — which was developed to famously track Elon Musk's private jet — Shendure identifies and compiles carbon emissions from the private jets of more than 150 wealthy Americans and their families. Shendure is the latest to publicly keep tabs on the expenditure of private jets, following on the heels of Sweeney, now 20, who recently launched his own public-jet tracking database. Sweeney began tracking Musk's private jet in 2020 and created the Twitter account @ElonJet to share his findings, gaining thousands of followers and even job offers. "I don't mean any harm and that's never the intended purpose of the accounts," Sweeney told Insider in December 2022.

That's when the 69-year-old test pilot found a residential airpark at the Pine Mountain Lake Airport. There are about 90 homes with hangars that have deeded access to use the taxiways and runway at the Tuolumne County airport in the residential airpark. As a test pilot, Sobczak works primarily out of the San Francisco International Airport (SFO). Because the Tuolumne County airport has no control tower, residents of the airpark use a common traffic advisory frequency so pilots can broadcast their position and intended flight path. Part of Sobczak's deed includes access to the Tuolumne County airport.

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