US Extends Protections for CITGO to March 2025
The U.S. Treasury Department on Thursday extended a license protecting Venezuela-owned Citgo Petroleum from bondholders to March 2025, a key decision amid a seven-year-long legal case in which the refiner's parent might be auctioned to pay creditors.Citgo's parent, PDV Holding, was found…
Yellen: High US tariff wall a 'deeply misguided policy' that would increase prices
Janet Yellen, U.S. Treasury secretary will announce on Thursday that Donald Trump's proposal to wall off the U.S. Economy would be "deeply ill-informed", raising prices for American customers and making U.S. businesses less competitive. In excerpts from remarks that Yellen will deliver on Thursday afternoon at the Council on Foreign Relations…
Investors flock to US dividend ETFs after Fed rate cut
Since the Federal Reserve began its rate-cutting cycle last month, U.S. ETFs that invest in dividend paying stocks have seen a surge of inflows. However, a rise in U.S. Treasury rates could slow down the inflow of funds. Morningstar's group of 135 U.S. Dividend ETFs tracked in September brought in $3.05 Billion…
Equities, commodities climb after China announces stimulus
After China announced stimulus measures for its economy, a widely-followed global stock index reached a new record high. Copper prices also hit their highest level in 10 week on Tuesday. Mining stocks drove the Dow and S&P 500 to record-breaking closing highs. The Chinese yuan reached a 16-month-high against the U.S.
Yellen warns that the end of US clean energy tax credit would increase consumer costs
U.S. Treasury secretary Janet Yellen will warn on Thursday that any attempt to rollback the Biden administration’s clean energy tax credit would increase costs for families and threaten new investments in U.S. Manufacturing that are creating jobs. In excerpts from remarks that she will deliver on a visit to Raleigh…
US sanctions 400 additional targets for helping Russia's war efforts
The State Department announced that the United States imposed sanctions Friday on more than 400 individuals and entities for supporting Russia's military effort in Ukraine. This included Chinese firms, which U.S. officials believed were helping Moscow skirt Western sanctions while building up its military.
Recession risk roils markets, but it's not alarming yet
The disappointing U.S. employment data has shaken the confidence that there will be a soft landing in the world's biggest economy. Global equity markets have tumbled and bets for interest rate reductions are surging. Investors abandoning popular carry trades in yen have played a major role in the recent selloff.
Valero Seeks US Approval to Import Venezuelan Oil
Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S.
Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries…
US Prepares Renewal of Chevron's Venezuela License Without Broader Terms
The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's license to operate in Venezuela, but likely without the greatly expanded terms the U.S. oil major sought, four people close to the talks said.The last U.S. energy producer in Venezuela asked President…
US Okays LPG Exports to Venezuela
The U.S. government on Monday authorized shipments to Venezuela of liquefied petroleum gas, mainly used in the OPEC nation as cooking fuel and currently in short supply, causing people to burn large amounts of wood.The U.S. Treasury Department authorized through July 8, 2022, some exports and re-exports of the gas…
Venezuelan Oil Exports Rise on Larger Sales to Asia
Venezuela’s oil exports rose in February to over 700,000 barrels per day (bpd), their highest level in 10 months, pushed by more sales of fuel oil cargoes to new clients in Asian markets, according to Refinitiv Eikon’s tanker tracking data and documents.A growing number of clients with no…
PDVSA Changes Oil Deals to Include Shipping as Sanctions Bite
Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters.The United States has blacklisted vessel owners…
Venezuela's Oil Exports Stagnant in July
Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company.Washington has ramped up pressure this year on PDVSA’s customers…
Oil Up 5% as U.S. Fed steps in to Prop Economy
Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.The Fed on Monday rolled out an array of programs including backing for the first time corporate bond purchases. U.S.
US Extends License for Chevron's Operations in Venezuela
The U.S. Treasury Department on Saturday renewed a license allowing Chevron, the last U.S. energy company operating in Venezuela, to continue working in the country until April 22.In January, the United States imposed sanctions on Venezuela's state-run oil company PDVSA in an effort to oust President Nicolas Maduro, though he remains in power.
US Renews Waiver on COSCO's Dalian Tanker Unit
The Trump administration on Thursday renewed a waiver for companies to wind down transactions with the Dalian unit of a Chinese tanker company on which it had imposed sanctions in September for allegedly transporting Iranian oil.The waiver, good until Feb. 4, 2020, allows activities and transactions…
Bullet Dodged? Markets Bet on Global Economy
World shares climbed back towards record highs and safe-haven bonds tumbled on Tuesday, as hopes that Washington may roll back some of the tariffs it has imposed on Chinese imports rekindled optimism about the global economic outlook.A year-end rally looked to be building. Wall Street's main…
OP/ED: Offshore Wind
Set to Soar, Taking Offshore Support Industry With it.Offshore energy development is opening a new front in the United States -- the Atlantic seaboard, with strong winds, a shallow continental shelf and a proximity to dense population centers is driving strong interest in offshore wind development.
Tankers Sail after U.S. Provides Sanctions Relief
At least three tankers are on their way to Asia with U.S. oil cargoes after Washington gave temporary approval to wind down transactions with a Chinese shipping company that it sanctioned last month, according to data and shipping sources.In one of the biggest sanctions actions taken by the U.S.
