Wednesday, August 4

energy

BLOOM, energy, PMN Business

Oil Renews Decline as US Inventories Expand, Delta Spreads

Article content (Bloomberg) — Oil fell after a surprise build in US stockpiles and as investors weighed the impact on demand from the rapid spread of the delta variant. West Texas Intermediate lost 0.6% in early Asian trading, resuming declines after a rise on Tuesday. The American Petroleum Institute was said to report an 806,000 barrel gain in US crude inventories, according to people familiar with the figures. The climb would be first since May, if confirmed by the Energy Information Administration later Wednesday. Gasoline holdings also expanded. Article content Crude has been thrown into retreat since hitting the highest since 2014 earlier this month as the delta variant surged in parts of Asia, and spread in the US and Europe. That challenge has coincided with the Organization of...
Biden administration, Conservation, Donald Trump, energy, Energy department, Enviornment, Politics, Shower head, Showering, Water supply, weekend BI US

Biden reverses Trump-era showerhead rule that sought to increase water flow

The Biden administration will reverse a Trump-era rule on showerhead water flow. Last December, the Trump administration reversed an Obama-era rule on the issue. Since 1992, federal law has stipulated that showerheads should not put out more than 2.5 gallons of water per minute. Sign up for the 10 Things in Politics daily newsletter. The Biden administration is set to reverse a Trump-era rule that would have loosened restrictions on the water flow from showerheads, an issue that generated complaints from the former president during his tenure in office, according to The Associated Press.The Energy Department is returning to the sta...
BLOOM, energy, PMN Business

Peak Profit Spells Danger for Europe’s Earnings Season

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Joe Easton and Clara Hernanz Lizarraga Article content (Bloomberg) — Pain is likely to come down fast and hard for any European company that doesn't deliver this earnings season. At least, that's the early read from a handful of names among the ones that have reported so far. Online-only fashion retailer Asos Plc saw almost a fifth of its market value wiped out in a single day on weaker sales on Thursday. Just Eat Takeaway.com and Siemens Gamesa Renewable Energy SA also tumbled after disappointing investors last week. A sales beat by UK trench-coat maker Burberry Group Plc on Friday wasn't enough to impress investors and the shares fell as much as 5.2%. Advertisement This advertisement h...
BLOOM, energy, PMN Business

Record Steel Prices Inject Life Into Long-Suffering Industry

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Eddie Spence, Irina Anghel and Annie Lee Publishing date: Jul 17, 2021 • 11 minutes ago • 4 minute read • Join the conversation Article content (Bloomberg) — There's rarely been a better time to be in the steel business. Prices have boomed worldwide this year, smashing record after record. Roaring industrial demand is propelling those rallies, with plants straining to boost supply after lying dormant during the pandemic. On top of that, powerhouses China and Russia are trying to limit exports to help other industries at home. "If you'd asked me six months ago what was my most positive vision for the first half of 2021, I don't think I would've even come close to the reality," Carlo...
BLOOM, energy, PMN Business

Air Force Nuclear Cruise Missiles Seen Costing About $29 Billion

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Tony Capaccio Article content (Bloomberg) — The US Air Force's new nuclear cruise missile will cost at least $29 billion to develop, procure, operate and sustain, a Pentagon evaluation found. That's $2 billion more than the service's estimate, with the major difference stemming from the development and procurement phases for as many as 1,020 of the air-launched missiles, known as the Long-Range Standoff Weapon. The Pentagon's Cost Assessment and Program Evaluation office estimated $16.2 billion for those parts of the program, compared with $14.2 billion projected by the Air Force, according to figures obtained by Bloomberg News. Advertisement This advertisement has not loaded yet, but yo...
Bolt EV, Chevrolet, Electric car, energy, General Motors, gm, Hyundai, National Highway Traffic Safety Administration, Tesla, Transportation

General Motors has warned some Chevrolet Bolt EV owners not to park the cars indoors or charge them unattended after two caught fire

GM has told some Chevrolet Bolt EV owners to park their vehicles outside immediately after charging. The automaker said it had been "notified of two recent Chevrolet Bolt EV fire incidents." GM recalled more than 50,000 Bolt EVs in November after reports of battery fires. See more stories on Insider's business page. General Motors (GM) has told some owners of its 2017-2019 Chevrolet Bolt EV to avoid parking them indoors or charging them unattended after receiving reports of two fires.The company updated a recall notice on Wednesday to ask affected owners "to park their vehicles outdoors immediately after charging and not leave thei...
Elon Musk, energy, Powerwall, Solar energy, Tech Insider, Tesla, Tesla Energy, Transportation

Elon Musk says Tesla can’t make enough Powerwall storage batteries to meet demand because of the chip shortage

Elon Musk said Tuesday that demand for Tesla's Powerwall battery was around 80,000 units. But the company will only be able to make 35,000 this quarter at most, he said. Musk blamed the global chip shortage. LoadingSomething is loading. Elon Musk said in court on...
Delaware, Elon Musk, energy, lawsuit, Solar City, Tech Insider, Tesla

Elon Musk sparred with a lawyer in court on Monday, calling him a’bad human’ who asked’tricky and deceptive’ questions

Elon Musk called a lawyer a "bad human" in court on Monday. Musk was defending Tesla's 2016 acquisition of SolarCity in court. Musk told the lawyer, representing Tesla shareholders, that his questions were "tricky and deceptive." LoadingSomething is loading. Elon...
BLOOM, energy, PMN Business

Europe CEOs Join Lawmakers in Urge for Massive Clean Energy Push

Article content (Bloomberg) — A group of 40 European Union lawmakers and chief executives across the industry called on the bloc's top officials to ensure that a planned green overhaul speeds up the deployment of renewables and helps the region's producers in an unprecedented shift to climate neutrality. The European Commission needs to show ambition and determination to make the EU's energy system fit for a stricter 2030 emissions-reduction target, they said in an open letter to Commission President Ursula von der Leyen and the bloc's climate chief, Frans Timmermans. The EU regulatory arm is due to unveil on July 14 a set of measures to align its economy with the Green Deal, whose overarching target is to make Europe the world's first net-zero emissions continent. Article content “Man...
BLOOM, energy, PMN Business

US Oil Price Jumps to Six-Year High After OPEC+ Deal Failure

Article content (Bloomberg) — Oil rose to the highest level in more than six years in New York as the failure of OPEC+ to ratify a production increase spurred concerns of an acute supply shortfall. With the collapse of talks on Monday, the Organization of Petroleum Exporting Countries and its allies won't boost output in August, unless an agreement can be salvaged. That will deprive the global economy of vital extra supplies as demand recovers rapidly from the coronavirus pandemic . West Texas Intermediate crude for August delivery advanced as much as 2.4% from Friday's close to $76.98, the highest since November 2014. Crude's rally will inevitably fan concerns over inflation that are fixating central banks and much of Wall Street. Article content “As negotiations continue, we estimate...