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Tag Archives: Brent
Oil Prices Continue to Fall To Levels Not Seen In Weeks
Crude oil prices continued their fall on Tuesday, with WTI now dipping to levels not seen since before the OPEC+ meeting.
The November contract for WTI crude fell to $83.22 per barrel on Tuesday afternoon—sliding 2.64% from Monday. The last time WTI was this low was days before OPEC+ met, when the group decided to cut 2 million barrels per day from its production targets starting in November.
The price dip is in part attributed to talks about releasing more barrels from the U.S. Strategic Petroleum Reserves. Initial reports suggested that the Biden Administration could release another 10 million barrels and 15 million barrels from the nation’s SPR. Later reports, however, clarified that the figure discussed was part of the 180 million barrels set to be released between March and October—previously disclosed by the Biden Administration. The oil could be sold this week, and would be the final tranche of the 180 million barrels.
But oil markets are still skittish that the United States could release even more oil from the SPR to counteract high gasoline prices ahead of midterm elections. The United States is congressionally mandated to sell another 26 million barrels of crude from the SPR in the fiscal year 2023, which began on October 1, sparking worry that the US could move to release this in short order, rather than spread out throughout the year.
The U.S. SPR has fallen to 405 million barrels so far this year, from 593 million barrels in inventory at the start of the year, according to official EIA data. It is the lowest amount of crude oil in the SPR inventory since June, 1984.
Aside from the SPR release, another factor weighing on oil prices is the persistent fear of recession, which could sap oil demand.
By Julianne Geiger for Oilprice.com
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Brent crude slides below $85 a barrel as dollar surges
An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States.
Tayfun Cosku | Anadolu Agency | Getty Images
Brent crude fell below $85 a barrel Monday, as recession fears weighed and the U.S. dollar surged.
Brent futures for November settlement were trading down over 1% around $84.92 at 8 a.m. London time. West Texas Intermediate futures also fell to trade around $77.93.
The U.S. dollar surged to a high not seen since 2002 Monday, while sterling tumbled to a record low against the currency.
On Friday, both Brent and WTI futures fell around 5% to hit their lowest level since January.
It comes as central banks around the world — including the U.S. and the U.K. — continue to hike interest rates in an effort to tackle inflation.
Meanwhile, fears around an economic slowdown continue to mount, with Steve Hanke, professor of applied economics at Johns Hopkins University, putting the chance that the U.S. will fall into recession at 80%.
“If [the Fed] continue[s] the quantitative tightening and move that growth rate and M2 (money supply) into negative territory, it’ll be severe,” Hanke told CNBC’s “Street Signs Asia” on Friday.
This is a breaking news story and will be updated shortly.
Brent crude hits pre-Ukraine invasion lows on recession fears
FILE PHOTO – A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China June 27, 2018. REUTERS/Stringer AT
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LONDON, Aug 4 (Reuters) – Oil prices fell on Thursday, with Brent touching $93.50 a barrel – the lowest since Feb. 21 before Russia’s invasion of Ukraine sent prices soaring – as fears mounted of an economic recession which could sap fuel demand.
Brent crude futures were down $2.88, or 3%, at $93.90 a barrel by 1543 GMT, while West Texas Intermediate (WTI) crude futures fell $2.37, a 2.6% decline, to $88.29.
Brent hit a low of $93.50, the lowest since Feb. 21 while U.S. crude touched its lowest since Feb. 3 at $87.97.
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The selling followed an unexpected surge in U.S. crude inventories last week. Gasoline stocks, the proxy for demand, also showed a surprise build as demand slowed, the Energy Information Administration said. read more
The demand outlook remained clouded by increasing worries about an economic slump in the United States and Europe, debt distress in emerging market economies, and a strict zero COVID-19 policy in China, the world’s largest oil importer.
“A break below $90 is now a very real possibility which is quite remarkable given how tight the market remains and how little scope there is to relieve that,” said Craig Erlam, senior market analyst at Oanda in London.
“But recession talk is getting louder and should it become reality, it will likely address some of the imbalance.”
Further pressure followed fears that rising interest rates could slow economic activity and limit demand for fuel. The Bank of England (BoE) raised rates on Thursday and warned about recession risks.
An OPEC+ agreement on Wednesday to raise its output target by just 100,000 barrels per day (bpd) in September, equivalent to 0.1% of global demand, was viewed by some analysts as bearish for the market. read more
OPEC heavyweights Saudi Arabia and the UAE are ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said. read more
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Additional reporting by Laura Sanicola and Emily Chow; Editing by Bernadette Baum
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Carolina Hurricanes get All-Star Brent Burns from San Jose Sharks
The Carolina Hurricanes acquired star defenseman Brent Burns from the San Jose Sharks in a multiplayer deal Wednesday, sources told ESPN.
The Sharks traded Burns and AHL forward Lane Pederson to Carolina for forward Steven Lorentz, AHL goalie Eetu Makiniemi and a conditional 2023 third-round pick. The Sharks retained 33% of Burns’ cap hit.
Burns had to approve the trade to Carolina.
Burns, 37, has three more seasons with an $8 million average annual value (AAV) against the salary cap. The Hurricanes will have a cap hit of $5.36 million for Burns.
But in real dollars, Burns will make $6.5 million ($3.5 million in signing bonus money) next season and then $5 million in each of the following two seasons ($2 million in signing bonus money) for the rest of the deal. That was no doubt appealing for the Hurricanes.
Carolina needed a right-side, puck-moving defenseman after trading Tony DeAngelo to the Philadelphia Flyers. The Hurricanes were linked to free agent defenseman John Klingberg of the Dallas Stars but opted to trade for Burns.
Burns had 54 points in 82 games last season for the Sharks. He’s known as one of the NHL’s most prolific shot-generating players, having led the NHL with 320 shots in the 2016-17 season, the same year he won the Norris Trophy as the NHL’s best defenseman. His ability to get shots through on the power play had been an asset during his 11 years in San Jose.
Burns had 594 points in 798 games with San Jose. Before that, he spent seven seasons with the Minnesota Wild, scoring 183 points in 453 games as both a forward and a defenseman.
Lorentz played two seasons with the Hurricanes, scoring 21 points in 112 games. Makiniemi was a fourth-round draft pick by the Hurricanes in 2017. He played professionally in Finland before joining the Chicago Wolves of the AHL last season.
The trade of Burns opens up valuable cap space for the Sharks, who still have Erik Karlsson ($11.5 million AAV) and Marc-Edouard Vlasic ($7 million AAV) on their salary cap through 2025.
Brent Musburger done calling games for Las Vegas Raiders
Brent Musburger is done calling games for the Las Vegas Raiders.
The longtime broadcaster who’s worked as the team’s radio play-by-play voice since 2018 announced the news on Twitter Friday morning while thanking the franchise for “fond memories.”
Musburger, 83, didn’t expound on his exit or what might come next. The Raiders didn’t address his departure.
Musburger joined the Raiders for their last two seasons in Oakland prior to their move to Las Vegas in 2020. Long known for his on-air gambling references, Musburger initially moved to Las Vegas in 2017 after his departure from ESPN to start the Vegas Stats & Information Network, a sports betting media network.
Musburger made his name in sports broadcasting at CBS, where he called play-by-play for NFL games and hosted “NFL Today,” the network’s pregame show that set the blueprint for NFL studio programming. His duties expanded to calling NBA, college football and NCAA tournament games in a stint that lasted from 1973-90.
He was fired in 1990 amid a talent shakeup at CBS before joining ABC and ESPN that same year. He was the face of the network’s college football game coverage throughout the BCS era until his departure in 2017.
Musburger has courted controversy throughout his career, most notably for describing U.S. Olympians John Carlos and Tommie Smith as “a couple of black-skinned storm troopers” while they lifted their fists in protest of racism at the 1968 Olympics. Musburger made the commentary as a columnist for the now-defunct Chicago American prior to his broadcasting career.
He also drew heat in 2013 for commenting on air about former Miss Alabama USA Katherine Webb’s looks when she was in the stands watching her boyfriend AJ McCarron play quarterback for Alabama in the national championship game.
It’s not clear who will take over for Musburger in the Raiders’ radio booth.
Brent Sass holds off Dallas Seavey to seize his first Iditarod victory
NOME — Brent Sass has won the 50th Iditarod Trail Sled Dog Race, a first for the Eureka-based musher and three-time Yukon Quest champion.
Sass cruised to the finish line on Nome’s Front Street at 5:38 a.m. Tuesday, wrapping up his nearly 1,000-mile journey in 8 days, 14 hours, 38 minutes and 43 seconds.
The 42-year-old, originally from Minnesota, had 11 dogs in harness when he crossed under the burled arch to cheers, whoops and whistles from the spectators lining the finish chute under a still-dark sky.
“It’s awesome,” Sass said when asked about his first win. “It’s a dream come true.”
He fed his dogs snacks and petted and congratulated them. He said he was “super, super, super proud” of his team: “It’s all on them. They did an excellent job the whole race.”
“Every one of these dogs I’ve raised from puppies, and we’ve been working towards this goal the whole time, and we’re here,” he said, his voice cracking. “It’s crazy.”
He was presented with an oversized check for $50,000 and posed for photos with his lead dogs, Slater and Morello.
Sass had ice in his beard when he stepped off his sled, and a massive grin on his face as he faced a jubilant crowd. He described severe winds on the run from White Mountain to Nome, saying “it was a lot of work, but a lot of fun.”
His dad, Mark Sass, stood near the burled arch in anticipation of his son’s pre-sunrise arrival and hugged him at the finish line.
“He’s worked really, really, really hard for this,” Mark Sass said.
Forty-nine mushers entered this year’s Iditarod, and five have dropped out so far. Sass’ closest and fiercest competitor, five-time champion Dallas Seavey, narrowed the gap between them early Tuesday but never got close enough to overtake Sass, who held the lead from the race’s midway point onward.
“Being able to sort of keep him at bay the whole entire race and race against the best guy in the business, that just makes this victory even sweeter,” Sass said.
Seavey, 35, arrived in Nome with seven dogs in harness an hour and eight minutes after Sass. Seavey’s father, Mitch, is a three-time champion who’s competing this year, and his grandfather Dan ran the first Iditarod in 1973. A victory would have given Dallas the record for most Iditarod wins, and he has said he plans to step back from the race after this year.
Behind Sass and Seavey, mushers in the chase pack were taking their mandatory eight-hour layovers at White Mountain, 77 miles from Nome, and weren’t expected to cross the finish line until nighttime.
Tuesday’s victory builds on Sass’ third-place finish in 2021, his best result since he entered his first Iditarod in 2012, when he finished in 13th and earned rookie of the year honors.
When he started mushing, he set out to win the thousand-mile Yukon Quest and the Iditarod. He’s worked toward that goal for years and can now, finally, check it off his list.
“It’s been overwhelming, the support I’ve gotten all over the state, all over the world the last six months,” Sass said Tuesday morning.
Born in Excelsior, Minnesota, and raised in the Twin Cities area, Sass came to Alaska in 1998 to attend college in Fairbanks, where he skied competitively.
Sass lives and runs his Wild and Free kennel year-round out of a homestead in Eureka, a remote area 150 miles from Fairbanks and 30 miles from the tiny town of Manley Hot Springs, the closest community.
This year, Sass closed up the homestead so he could live and train at a cabin near Fairbanks, in part so there were less chores to keep up with as he honed his dog team and competed in races.
Four of the 14 dogs Sass started this year’s Iditarod with are newbies that had never run to Nome. His leaders, Slater and Morello, come from litters named for characters from the 1993 Richard Linklater film “Dazed and Confused” and the Netflix show “Orange is the New Black,” respectively.
Before the start of this year’s race, Sass described what it would take to win the Iditarod.
“A lot of things have to come together,” he said during the ceremonial start in Anchorage. “You gotta have a lot of luck, you gotta be prepared and you gotta execute perfectly.”
This year marks the Iditarod finish’s return to Nome after last year’s route was altered to be an out-and-back trail from Deshka Landing, near Willow, in response to the ongoing COVID-19 pandemic.
In the finish area, Iditarod CEO Rob Urbach said that getting to Nome is the essence of the race’s journey.
”The energy here is tremendous,” Urbach said following Sass’ win.
Zachariah Hughes reported from Anchorage and Morgan Krakow reported from Nome. Marc Lester contributed reporting from Anchorage.
Brent Renaud: Tributes paid to US journalist shot dead in Ukraine
In a tweet, Kyiv region police identified the dead man as Renaud, who was 50. Police posted a photo of his body and his American passport as evidence, as well as a photo of an outdated New York Times press badge with Renaud’s name.
Andriy Nebitov, the head of the Kyiv region police, said in a Facebook post that Russian forces shot Renaud, adding that “the occupants cynically kill even journalists of international media, who’ve been trying to tell the truth about atrocities of Russian military in Ukraine.”
“Of course, journalism carries risks, but the US citizen Brent Renaud paid with his life for an attempt to shed light on how underhand, cruel, and merciless the aggressor is,” Nebitov added.
CNN has not independently verified the account given by police.
Renaud is the first foreign journalist known to be killed in the war in Ukraine. A Ukrainian camera operator, Yevhenii Sakun, was reportedly killed when Kyiv’s TV tower was shelled earlier this month.
Press freedom groups denounced Sunday’s violence as a violation of international law.
“Russian forces in Ukraine must stop all violence against journalists and other civilians at once, and whoever killed Renaud should be held to account,” the Committee to Protect Journalists said in a statement.
Time magazine told CNN that Renaud, an acclaimed filmmaker, was in Ukraine in recent weeks to work on “a Time Studios project focused on the global refugee crisis.”
“Our hearts are with all of Brent’s loved ones,” the publication said. “It is essential that journalists are able to safely cover this ongoing invasion and humanitarian crisis in Ukraine.”
Arredondo, a Colombian-American photographer, appeared in a social media video from Okhmatdyt hospital in Kyiv and recounted the shooting. He said he and Renaud were driving through a checkpoint in Irpin on the way to film refugees leaving the city when Russian forces opened fire.
Arredondo said there were “two of us,” and Renaud was “shot and left behind,” adding that Renaud was shot in the neck. “We got split and I got pulled into the (stretcher).” Asked how he got to the hospital, he replied, “an ambulance, I don’t know.”
Arredondo, a filmmaker and visual journalist who is also an adjunct professor at Columbia Journalism School, posted photos from Zhytomyr, Ukraine, on Saturday, noting in an Instagram post that he is “#onassignment.”
The Dean of Columbia Journalism School, Steve Coll, told CNN: “We don’t have any independent information about his injuries at this time but are working now to learn more and to see if we can help.”
Arredondo is a prominent photographer, with work featured in The New York Times, National Geographic, The Wall Street Journal, Newsweek, ESPN, Vanity Fair and other media outlets, according to his personal website bio.
Anton Gerashchenko, an adviser to Ukraine’s interior minister, said in a statement on Telegram that Renaud “paid with his life for attempting to expose the insidiousness, cruelty and ruthlessness of the aggressor.”
Irpin, in northern Ukraine just outside Kyiv, has been the site of substantial Russian shelling in recent days and has seen extensive destruction, according to the Kyiv regional government on Friday.
Tributes to Renaud
Renaud was a Peabody Award-winning documentary filmmaker, producer and journalist who lived and worked in New York and Little Rock, Arkansas, according to his biography on the Renaud Brothers website.
With his brother Craig, Renaud spent years “telling humanistic verite stories from the World’s hot spots,” including projects in Iraq, Afghanistan, Haiti, Egypt and Libya, according to his website bio.
Ann Marie Lipinski, the director of the Nieman Foundation for Journalism at Harvard, said the foundation was “heartsick” over the death of the journalist, who was a 2019 Harvard Nieman Fellow.
“Our Nieman Fellow Brent Renaud was gifted and kind, and his work was infused with humanity. He was killed today outside Kiev, and the world and journalism are lesser for it. We are heartsick,” she said in a tweet.
A post on the Renaud Brothers Facebook page, dated March 8, urged readers to follow their coverage of the war Ukraine.
Christof Putzel, a friend and colleague of Renaud, told CNN his death was a “devastating” loss.
“I woke up this morning to the news that Brent, long-time best friend, incredible colleague, the best war journalist I think ever existed, finding out about his passing,” Putzel said on CNN’s “Reliable Sources.”
“Brent had this ability to go anywhere, get any story, listen and communicate what was happening to people that others wouldn’t otherwise see it. And it is a devastating loss to journalism today,” he added.
Putzel said Renaud was working on a documentary about refugees around the world when the crisis in Ukraine began. He said that “Brent was on the plane the next day” and covered the plight of refugees from Kyiv into Poland.
Several years ago, the pair won a duPont award for a story they worked on about guns being smuggled into Mexico from the United States.
“What I said when we accepted our award was, the only thing bigger than Brent’s balls are his heart. And I stand by that. That’s what kind of journalist he was,” said Putzel.
Renaud had a unique ability to make people trust him as he told their stories in places like Iraq and other war zones, he added.
“You could sit down and spend a week watching all of Brent’s stories over the years back-to-back and just be flabbergasted,” Putzel said. “The career that he had, his ability to reach people, his ability to capture the humanity behind people’s suffering is something I have never seen before, and I was just honored to work with him as long as I did.”
— CNN’s Clarissa Ward reported from Kyiv, Mick Krever reported from Poland, Brian Stelter reported from New York and Lauren Kent wrote in London.
US film-maker Brent Renaud killed by Russian forces in Ukraine | Ukraine
Brent Renaud, an award-winning US film-maker whose work has appeared in the New York Times and other outlets, has been killed by Russian forces in the flashpoint town of Irpin, outside Kyiv. A US photographer, Juan Arredondo, was wounded.
Renaud, 51, was hit in the neck and died after coming under Russian fire while working on Sunday, according to local police officials and multiple Ukrainian sources.
Jane Ferguson, a reporter for PBS Newshour who was nearby when Renaud was killed, tweeted: “Just left roadside spot near Irpin where body of American journalist Brent Renaud lay under a blanket. Ukrainian medics could do nothing to help him by that stage. Outraged Ukrainian police officer: ‘Tell America, tell the world, what they did to a journalist.’”
Just left roadside spot near Irpin where body of American journalist Brent Renaud lay under a blanket. Ukranian medics could do nothing to help him by that stage. Outraged Ukranian police officer: “Tell America, tell the world, what they did to a journalist.”
— Jane Ferguson (@JaneFerguson5) March 13, 2022
Clifford Levy, a deputy managing editor of the New York Times, issued a statement on Twitter clarifying that Renaud was not on assignment for the paper, contrary to earlier reports.
“[The New York Times] is deeply saddened to learn of the death of an American journalist in Ukraine, Brent Renaud. Brent was a talented photographer and film-maker, but he was not on assignment for the New York Times in Ukraine. Early reports that he worked for Times circulated because he was wearing a Times press badge he had been issued for an assignment many years ago.”
Levy added: “Brent’s death is a terrible loss. Brave journalists like Brent take tremendous risks to bear witness and to tell the world about the devastation and suffering caused by Russia’s invasion of Ukraine.”
The Kyiv region police chief, Andrei Nebitov, said in a statement: “The occupiers are cynically killing even journalists of international media who are trying to show the truth about the atrocities of Russian troops in Ukraine.”
Arredondo, 45, a World Press Photo winner and adjunct professor at Columbia University, said he and Renaud had gone to Irpin to film refugees escaping the town, and they were fired on by forces near a checkpoint. Filmed describing what had occurred while he was receiving hospital treatment, he suggested they had driven into an ambush.
“We crossed the first bridge in Irpin. We were going to film all the refugees leaving. We got into a car … Someone offered to take us to the other bridge and we crossed a checkpoint and they started shooting at us,” Arredondo said. “So the driver turned around, and they kept shooting … and there was two of us. My friend is Brent Renaud and he’s been shot and left behind.”
When the interviewer asked how Renaud was, Arredondo replied: “I don’t know. I saw he’d been shot in the neck. And we got split.”
The US national security adviser, Jake Sullivan, told CNN: “If in fact an American journalist was killed, it is a shocking and horrifying event. It is one more example of the brutality of Vladimir Putin and his forces as they’ve targeted schools and mosques and hospitals and journalists.
“And it is why we are working so hard to impose severe consequences on him, and to try to help the Ukrainians with every form of military assistance we can muster, to be able to push back against the onslaught of these Russian forces.”
American journalist Brent Renaud shot and killed by Russian forces in Ukraine, police say
Washington — An American journalist was killed and another journalist was wounded by Russian forces in the town of Irpin outside the capital of Kyiv on Sunday, Ukrainian police said.
Brent Renaud, a 50-year-old filmmaker, was killed when Russian troops opened fire, according to Andriy Nebytov, the head of Kyiv’s regional police force. Nebytov posted a graphic photo purportedly of Renaud’s body on Facebook, as well as pictures of his American passport and media credentials issued by The New York Times.
A spokeswoman for the Times said Renaud was “a talented filmmaker who had contributed to The New York Times over the years,” most recently in 2015, but he “was not on assignment for any desk at The Times in Ukraine.”
Nebytov wrote that Renaud “paid [with] his life for trying to highlight the aggressor’s ingenuity, cruelty and ruthlessness,” according to an automated translation of his Facebook post.
Renaud and his brother Craig Renaud have reported from a number of global hotspots over the past two decades, including Iraq, Afghanistan and Egypt, according to a biography on their website. The pair won a Peabody Award in 2015 for an eight-part documentary for Vice News about a school in Chicago for students with severe emotional issues.
White House national security adviser Jake Sullivan called reports of Renaud’s death “shocking and horrifying,” telling “Face the Nation” on Sunday that the U.S. and its allies would impose “appropriate consequences” against Russia for the killing.
“I will just say that this is part and parcel of what has been a brazen aggression on the part of the Russians where they have targeted civilians, they have targeted hospitals, they have targeted places of worship and they have targeted journalists,” Sullivan said.