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LONDON, Feb 16 (Reuters) - Resurgent passenger aviation following the coronavirus pandemic has created shortages of jet fuel, pushing up airlines’ operating costs and fares. U.S. jet fuel inventories stood at just 36.5 million barrels on Feb. 10, according to data from the U.S. Energy Information Administration (EIA). Chartbook: U.S. jet fuel inventoriesKerosene-type jet fuel is produced by similar refinery processes to diesel and other distillate fuel oils, but at higher quality specifications. But with shortages of both jet fuel and other middle distillates, the average price paid for jet fuel climbed to $3.37 per gallon ($142 per barrel) in 2022 up from $2.00 per gallon in 2019. With China lifting domestic and international travel restrictions, global consumption of jet fuel is set to rise sharply, which will stretch jet fuel supplies even further in 2023.

Feb 10 (Reuters) - U.S. diesel prices have dropped this month and could go lower, analysts said, an unexpected swoon that coincided with the start of a British and European Union ban on Russian fuel imports. Lower prices could ease inflation worries that have occupied investors. A relatively warm winter across the United States and Europe and lower commercial trucking activity lowered demand. “This week was supposed to be when diesel prices blew out to the moon, but that’s not close to what happened,” said Bob Yawger, director of energy futures at Mizuho. Diesel demand by truckers fell off at the end of this year as high inflation impacted U.S. demand for goods.

☆ North Korea's antique fighter jets are still keeping the US and South Korea on their toes
▼ + stars: | 2023-02-08 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +9 min

Even with an aging fleet, Pyongyang has been able to catch the attention of South Korea and the US. On October 6, 12 North Korean jets were detected practicing air-to-ground attacks near the DMZ, prompting South Korea to scramble 30 of its fighters. On November 4, 80 South Korean fighters were scrambled after 180 North Korean planes were detected on South Korean radar. The activity and scale is unusual given North Korea's air force is widely regarded as the weakest branch of North Korea's military. South Korean troops guard a MiG-19 used by a North Korean pilot to defect to South Korea in May 1996.

Brent crude futures were up $2.70, or 3.3%, to $83.69 a barrel, while U.S. West Texas Intermediate crude futures rose $3.03, or 4.1%, to $77.14 per barrel. The U.S. dollar index fell after the data, raising oil prices. The BTC terminal, which exports Azeri crude oil to international markets, will be closed through Wednesday. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

The U.S. dollar index fell after the data, raising oil prices. Forecasted stronger demand in China also lifted crude prices on Tuesday. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. Iraqi crude oil loadings from storage in Ceyhan were ready for resumption on Tuesday, but bad weather was preventing vessels from berthing, a trade source with direct knowledge said. Iraq's crude oil pipeline to Turkey's Ceyhan port was still halted, the Kurdistan Regional Government's energy ministry said.

☆ Oil rises on China outlook, supply worries after Turkey earthquake
▼ + stars: | 2023-02-07 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

"Crude prices are rising on expectations that China's recovery will take hold and on supply outages from the earthquake that devastated Turkey," said Edward Moya, analyst at OANDA. The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. Operations at Turkey's 1 million barrel per day (bpd) oil export terminal in Ceyhan were halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8. The oil markets will closely watch the U.S. Federal Reserve's chair Jerome Powell's speech on Wednesday, analysts said.

☆ Your next flight might land a lot smoother and quieter than you're used to as new rules that save fuel expand to more airports
▼ + stars: | 2023-02-07 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

An Optimized Profile Descent is a smooth way of landing planes with their engines close to idle. The new, smoother landing approach — "a gracious slide through the clouds," according to one flight reviewer — is called "Optimized Profile Descent" by the Federal Aviation Administration. "So it's a win, win, win and a win," John-Paul Clarke, an aerospace engineering and engineering mechanics professor at the University of Texas, Austin, who has studied continuous descents, told Scientific American. The FAA started using optimized profile descents" in 2014. Other sustainability efforts include increasing the production of Sustainable Aviation Fuel — or SAF — a fuel that's similar to conventional jet fuel but can be up to 80% less carbon intensive.

☆ Oil rises 1% in choppy trade on China demand hopes
▼ + stars: | 2023-02-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Supply concerns continued to affect markets as operations at Turkey's oil terminal in Ceyhan halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8 while operators assess earthquake damage, a Turkish shipping agent said. However, a preliminary Reuters poll showed that U.S. crude oil stockpiles likely rose by about 2.2 million last week.

☆ Oil prices edge higher as IEA's Birol talks up China demand outlook
▼ + stars: | 2023-02-06 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Feb 6 (Reuters) - Oil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China's recovery remains a key driver for oil prices. The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging. "Nevertheless, OPEC's continued constraint on supply should keep the market tight," they said. Reporting by Sonali Paul in Melbourne; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

[1/2] A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/StringerBENGALURU, India, Feb 5 (Reuters) - Oil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday. "We expect about half of the growth in global oil demand this year will come from China," Birol told Reuters on the sidelines of the India Energy Week conference. He added that China's jet fuel demand is exploding, putting upward pressure on demand. OPEC+ rolled over the group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place.

☆ Europe Hopes Its Latest Russian Energy Purge Is Another Nonevent
▼ + stars: | 2023-02-04 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Around 40% of passenger cars in Europe run on diesel, compared with less than 10% in the U.S.Europe is weaning itself off Russian oil and gas in steps. The next phase, targeting oil products such as diesel and jet fuel, could bring fresh snags for buyers and fat profits for refiners. This weekend, the European Union stops importing petroleum products from Russia. This follows a ban on shipments of crude oil that came in early December, and before that, August’s coal embargo.

☆ Here's why Europe's new Russian fuel sanctions won't cripple Moscow
▼ + stars: | 2023-02-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

On Sunday, the European Union imposes an import ban and price cap mechanism on Russian fuel products, such as diesel. He noted that Africa has seen a recent uptick in imports of Russian oil products ahead of the new ban. Smith noted that it's difficult to confirm whether countries are re-exporting Russian diesel as product origins can be muddled by mixing supplies. Regardless of the price cap, buyers of Russian fuels will likely see discounts when the ban takes effect, Smith predicted. "You have countries, such as India, that's able to purchase Russian crude at a significant discount, and so they do it," he said.

☆ Sanctions on Russian crude oil have 'failed completely,' oil analyst says
▼ + stars: | 2023-02-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The European Union's ban on Russian oil product exports is slated to kick in on Feb. 5. Sanctions imposed on Russian crude oil have so far "failed completely" and new price caps could prove immaterial as well, analysts told CNBC. The 27-member bloc has already banned the purchase and import of sea-borne Russian crude oil since December. None of them really understand oil markets," Paul Sankey, president and lead analyst at Sankey Research, told CNBC's "Street Signs Asia" on Thursday. "Its been a total bomb, it has failed completely."

☆ The Western-made tanks heading to Ukraine are unique — but that creates unique problems for Ukraine's military
▼ + stars: | 2023-02-02 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

While most modern tanks run on diesel, the Abrams uses a Honeywell 1,500-horsepower gas-turbine engine that functions best when burning JP-8 jet fuel. Challenger tanks were credited with destroying 300 Iraqi tanks. When Turkish Leopard 2s battled ISIS fighters in Syria in 2016, the results were less than impressive. Leopard manufacturer Rheinmetall has 22 Leopard 2s and 88 older Leopard 1s in its inventory, but those can't be made battle-ready until at least 2024. What matters is how many Ukraine will receive — 31 Abrams and 14 Challenger 2s are not a lot — and how Ukraine's military uses them.

☆ Oil Giants, After Surge in Profits, Are Wary About Spending
▼ + stars: | 2023-02-01 | by ( Clifford Krauss | ) www.nytimes.com time to read: +2 min

While critics often accuse the oil industry of profiteering when prices are high, executives say their companies are prone to cycles. The variables that will determine oil companies’ profitability this year are largely out of their control — in both supply and demand. The International Energy Agency has projected that oil demand this year will grow modestly, by nearly two million barrels a day, reaching 101.7 million barrels a day. The ability of oil companies to provide fuel at reasonable prices could be stretched, especially since they have been cautious about increasing production. And with lockdowns lifted in China, its economy should grow faster, and demand for oil and gas should increase, if the country can overcome a new virus surge.

☆ The US's powerful Abrams tanks are heading to Ukraine, but generals disagree over how hard it'll be to use them on the battlefield
▼ + stars: | 2023-02-01 | by ( Sebastien Roblin | ) www.businessinsider.com time to read: +19 min

The US has pledged to send Abrams tanks to Ukraine, joining a bevy of Western-made tanks. Here comes the M1 Abrams for UkraineA M1A2 Abrams tank fires at a target during an exercise. The same day, word spread that US President Joe Biden would announce he was sending 31 M1 Abrams tanks to Ukraine. But Hertling disagreed that withholding the M1 Abrams was a "political decision" and didn't find the examples of non-US Abrams operators persuasive. M1 Abrams: training and sustainmentAn M1A2 Abrams drives into the woods during an exercise in Hohenfels, Germany.

☆ Many Companies Boost Sustainability Budgets Despite Economic Uncertainty
▼ + stars: | 2023-01-31 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

Some companies are boosting their environmental budgets this year despite worries about the health of the global economy. More than 70% of companies say they are increasing sustainability spending over the next 12 months, while only around 2% are planning to reduce it, according to a recent survey of businesses worldwide. Honeywell International Inc., in collaboration with Futurum Research, last quarter surveyed 753 global business leaders involved in their company’s environmental initiatives for its quarterly Honeywell Environmental Sustainability Index published on Tuesday. Optimism among business leaders about meeting 2030 sustainability goals increased around 11% from last quarter. “Every passing year, the economic feasibility of every technology is only going to get better.”Write to Dieter Holger at dieter.holger@wsj.com

☆ Marathon Petroleum tops profit estimates on high demand, tight supplies
▼ + stars: | 2023-01-31 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

[1/2] A Marathon Petroleum banner covers an Andeavor sign outside the El Paso refinery following a closed $23 billion deal after the Ohio-based Marathon bought the Texas-based company, forming one of the largest global refiners in El Paso, Texas, U.S., October 1, 2018. REUTERS/Julio-Cesar Chavez/File PhotoJan 31 (Reuters) - Marathon Petroleum Corp (MPC.N) on Tuesday beat Wall Street expectations for quarterly profit as its margins soared amid tight supplies and high demand for refined products. The top U.S. refiner also approved an additional $5 billion in stock repurchase, while rival Phillips 66 (PSX.N) raised its quarterly dividend by 5% to 97 cents per share. Meanwhile, realized refining margins for rival Phillips 66 jumped 65% to $19.73 per barrel in the October to December quarter. Phillips 66 reported an adjusted income of $4 per share, missing analysts' expectations of $4.35 per share.

☆ Marathon Petroleum beats profit estimates on high demand, tight supplies
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Marathon Petroleum banner covers an Andeavor sign outside the El Paso refinery following a closed $23 billion deal after the Ohio-based Marathon bought the Texas-based company, forming one of the largest global refiners in El Paso, Texas, U.S., October 1, 2018. REUTERS/Julio-Cesar Chavez/File PhotoCompanies Marathon Petroleum Corp FollowJan 31 (Reuters) - Marathon Petroleum Corp (MPC.N) on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for refined products. Marathon's crude capacity utilization was about 94%, resulting in total throughput of 2.9 million barrels per day (bpd) for the fourth quarter, which was roughly flat year-over-year. Refining and marketing margin rose to $28.82 per barrel for the reported quarter compared with last year's $15.88 per barrel. Reporting by Arunima Kumar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Premarket stocks: Here's why you should always wait for the earnings call
▼ + stars: | 2023-01-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

We’re currently in the thick of fourth quarter earnings reports, but traders don’t seem to care about how companies fared during the final months of 2022. These slowdowns have been partially factored into stock prices, he said, “but not necessarily in full.”The upside: Market reaction appears to go both ways. Gas prices are surging this month. Gas prices are rocketing higher. Why are gas prices jumping?

☆ The Outlook for Diesel: Supply Woes Aren’t Going Away Soon
▼ + stars: | 2023-01-28 | by ( Denton Cinquegrana | ) www.wsj.com time to read: +4 min

Throughout the U.S., diesel supplies remain tight; the East Coast in particular has been pressed to keep tanks fully stocked. Some of the supply issues go back to pre-Covid 19 events, including a June 2019 fire that took out a key East Coast refinery. Europe has been weaning itself off Russian crude oil and natural gas, but replacing Russian diesel may prove trickier. At that time, diesel prices at the retail level in the U.S. were in the $5.25-5.30 a gallon range. By the end of January, retail diesel prices should be approaching $4.75 a gallon.

☆ Chevron annual profit hits record but Q4 miss hits shares
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

The second largest U.S. oil producer's adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. It left global oil and gas production guidance for this year at flat to up 3%. FOURTH-QUARTER MISSIn the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, below analysts' estimate of a $4.38 per share profit. Its refining business picked up and almost tripled results from the previous year as international fuel production delivered stronger margins.

☆ Chevron annual profit doubles to record $36.5 bln, but misses estimates
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of $37.2 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago. U.S. production rose to a record last year led by a 16% increase in Permian, the country's main shale basin.

☆ Oil prices advance on U.S. growth, Chinese recovery hope
▼ + stars: | 2023-01-27 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

Jan 27 (Reuters) - Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month's peak levels. Brent futures gained 30 cents, or 0.34%, to $87.77 a barrel by 0321 GMT, while U.S. crude rose 34 cents to $81.35 per barrel, a 0.42% gain. OPEC+ delegates will meet next week to review crude production levels, amid steady support for crude prices from strong demand for jet fuel and diesel. Gains on U.S. crude were limited by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, earlier this week. "The short-term bullish factor is that the recent outage in the U.S. refineries helped push up gasoline prices, though the U.S. crude inventories hit a 16-month high," Teng said.

☆ Oil prices edge up on strong U.S. economic data, Chinese demand hope
▼ + stars: | 2023-01-27 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand. Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand. The figures point to the normalisation of China's economy, thereby boosting expectations of a recovery in oil demand. Crude prices were also supported by strong demand for jet fuel and diesel as supplies remain tight. Also, the European Commission is proposing the European Union set a $100 per barrel price cap on premium Russian oil products such as diesel and a $45 per barrel cap on discounted products such as fuel oil, EU officials said on Thursday.

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