Energy News
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Almost eight months after his death at age 79, the Los Angeles estate of financier Robert Day is available for the first time in nearly three decades, asking a jaw-dropping $150 million. Built in the 1970s, the Palladian-style residence known as Villa dei Fiori (Villa of Flowers) occupies three contiguous parcels with two separate addresses in Lower Bel ...
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A former Societe Generale trader who was fired for unauthorized risky bets has lambasted the French bank for making him a “scapegoat” and failing to take its share of responsibility for missing the trades. Kavish Kataria, who was dismissed from the bank’s Delta One desk last year, said the profits and losses on his trades were reported on a daily basis to ...
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When it comes to Contracts for Difference (CFDs), one of the most common questions among traders is how long do you hold a CFD? Unlike some financial instruments, CFDs do not have a fixed expiry date and therefore traders can use different trading strategies at their will. Nevertheless, the period that you keep a derivative will affect both your trading ...
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Global oil prices. We expect voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks will keep the Brent crude oil spot price near $90 per barrel (b) for the remainder of 2024 before falling to an average of $85/b in 2025 as global oil production growth picks up. • Global oil production tables. This month we are publishing streamlined global oil data tables. These tables provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil and other liquid fuels production. • U.S. retail gasoline prices. Across the United States, we forecast that retail gasoline prices will average near $3.70 per gallon from April through September, which is similar to prices during the same period last year. Refinery operations are a source of uncertainty for gasoline markets this summer. An upcoming Perspectives supplement looks in more depth at the effect refinery operations could have on retail gasoline prices. • Natural gas production. We expect U.S. dry natural gas production to fall by 2% from the first quarter of 2024 (1Q24) to 2Q24 as a result of low natural gas prices. We expect 1% less natural gas will be produced in the United States in 2024 than last year before production increases by 2% in 2025 to a record of almost 105 billi post: #OOTT | EIA STEO Current Yr Crude F'cast (Bpd) May: 13.20 (prev 13.21) - Forward Yr Crude F'cast (BPD): 13.73 (prev 13.72) - Current Yr Dry NatGas F'cast (Bcf/d): 102.99 (prev 103.58) - Forward Yr Dry NatGas F'cast (Bcf/d): 104.79 (prev 104.88)EIA expects electricity growth to be mostly met by renewables The U.S. Energy Information Administration (EIA) expects electricity generation will grow by about 3% in 2024 and 1% in 2025. Renewable energy sources—chiefly solar—will supply most of that growth. EIA expects electricity from solar, wind, and hydropower combined to account for 22% of total U.S. generation in 2024, increasing to 24% in 2025. Electricity from those three sources had made up 21% of U.S. generation in 2023. EIA forecasts solar will provide 41% more electricity in 2024 than in 2023. Generation from wind grows 5% in 2024 in EIA’s May forecast, but if wind speeds differ significantly from expectations, wind generation could change. EIA expects 6% more hydropower generation in 2023 than in 2024, with the most significant growth in the Southeast. “In 2025, we expect generation from solar to exceed the contribution from hydroelectricity for the first year in history,” said EIA Administrator Joe DeCarolis. Other highlights from the May Short-Term Energy Outlook (STEO) include: U.S. retail gasoline prices. EIA forecasts that retail gasoline prices will average near $3.70 per gallon in the United States from April through September, similar to prices during the same period last year. EIA plans to publish a STEO supplement analyzing how refinery operations could affect retail gasoline prices in the summer driving season next week. Coal. EIA increased its forecasts for U.S. coal production and exports, as the immediate impact of the closure of the Port of Baltimore has become clearer. EIA now forecasts that U.S. coal exports will total 99 million short tons in 2024—a 4% increase from its April forecast but still less than expected before the collapse of the Francis Scott Key Bridge. Although EIA also increased its forecast for coal production in 2024 from last month, it still forecasts 14% less coal will be produced in the United States than in 2023. Trans Mountain Pipeline. EIA expects that the startup of the Trans Mountain Pipeline last week will alleviate distribution bottlenecks and support the increase of Canada’s production of liquid fuels to about 6.3 million barrels per day in 2025, an increase of 500,000 barrels per day from current production. New to STEO: Global oil data tables. Beginning with this month’s STEO, EIA will be including new streamlined global oil data tables, which provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil production that is separate from other liquid fuels production. The full May 2024 STEO is available on the EIA websit
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There was some talk previously that Russia wanted to bring back barrels. I won't trust anything until the OPEC+ decision on June 1 but this is a decent sign. WTI crude is up 24-cents to $78.71 today after falling as low as $77.55.
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The OPEC+ group is still studying whether to raise oil production but it would act on supply if necessary, Russian Deputy Prime Minister Alexander Novak said on Tuesday. The possibility to raise supply is still being reviewed, Russia’s top oilman said, as carried by Russian news agency Interfax. “It always depends on the current situation, the balance of ...
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podcast Over the first two decades of the currency union, labour productivity (output per worker) in the euro area has been weak, at least when compared to other advanced ...
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Recent comments from a number of MPC members have hinted that a cut in Bank Rate might not be too far away and possibly rather sooner than financial markets currently expect. ...
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BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a “significantly weaker” margin in fuels and lower gas and oil ...
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At its meeting today, the Board decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per ...
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Over the past few years, I have published a series of essays assessing where we are in our inflation fight and highlighting some important questions policymakers are facing. My most recent essay was in February of this year, where I questioned how much monetary policy was actually restraining demand. This essay is an update to that commentary, and I now examine the current stance of monetary policy in more detail.1 I will argue that the Federal Open Market Committee (FOMC) has tightened policy significantly, compared with prior cycles, both in absolute terms and relative to the market’s understanding of neutral. But I will also observe that the housing market is proving more resilient to that tight policy than it generally has in the past. Given that housing is a key channel through which monetary policy affects the economy, its resilience raises questions about whether policymakers and the market are misperceiving neutral, at least in the near term. It is possible that once the reopening dynamics of the post-COVID economy have concluded, the macro forces that drove the low-rate environment that existed before the pandemic will reemerge, pulling neutral back down. But the FOMC must set policy based on where neutral is in the short run to achieve our dual mandate goals in a reasonable period of time. The uncertainty about where neutral is today creates a challenge for policymakers. post: FED'S KASHKARI: HOUSING MARKET IS PROVING MORE RESILIENT TO TIGHT MONETARY POLICY THAN IT HAS BEEN IN THE PAST post: FED'S KASHKARI: IT IS POSSIBLE THAT HOUSING MARKET RESILIENCE MEANS THE NEUTRAL RATE HAS BEEN PUSHED HIGHER, AT LEAST IN THE SHORT TERM. post: FED'S KASHKARI: I QUESTION POLICY RESTRICTIVENESS, GIVEN THE INFLATION DATA. post: KASHKARI: FED MUST SET POLICY BASED ON SHORT-RUN NEUTRAL RATE
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post: ECB'S DE COS: RATES CAN BE CUT FROM JUNE IF THE PRICE PATH HOLDS. post: ECB'S DE COS: THE ECB IS DATA-DEPENDENT AND CAN'T COMMIT TO A SPECIFIC RATE PATH.
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Our crude oil analysis suggests prices may bounce back in the coming days. In fact, crude oil prices managed to bounce off their worst levels, after reaching fresh multi-week lows earlier. Both Brent and WTI hit their lowest levels since mid-March, at $82.35 and $79.25, respectively, before recovering in the last couple of hours. Despite, today’s recovery, ...
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Natural gas recently broke through its symmetrical triangle top and is now stalling at the $2.100 area. A correction to the former resistance might be underway and enough to draw more bulls in. The Fibonacci retracement tool shows that the 38.2% level is at $1.957, then the 50% Fib is at $1.915. A larger correction could reach the 61.8% level that’s closest ...
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CME Group, the world's leading derivatives marketplace, today announced that it will expand its suite of short-term WTI Crude Oil options to include Tuesday and Thursday expiries, pending regulatory review. With the addition of these new contracts, which will begin trading on July 22, 2024, Weekly WTI Crude Oil option expiries will now be available every ...