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Iran denies any role in the attack on Saudi Arabia's oil infrastructure but analysts say evidence points to Iran and they are calling for a response that may include military action against Iran.
Two Saudi Aramco crude oil facilities were attacked by Iran-backed Houthi rebels using drones. At 10:23 AM, Brent crude oil was trading up 11.2% at $67.
(Bloomberg) -- Chevron Corp. could start oil production “relatively quickly” in the so-called partitioned zone between Saudi Arabia and Kuwait if required to by both nations, Chief Executive Officer Mike Wirth said in an interview with CNBC.The zone can produce as much as 500,000 barrels a day but has been shuttered for at least four years due to a dispute between the two countries.Key TakeawaysThe partition zone, or PZ, is one of several non-producing fields across OPEC countries that could be restarted to fill a void in global oil supply, Wirth said after an attack on Saudi Arabian oil facilities reduced output from the world’s largest crude exporter.Kuwait officials said in July that the country is in talks with Saudi Arabia over restarting production from the field.The two sides resolved the major issues and only had technical points remaining, a person familiar with the discussions said in July.More from the CNBC interviewPresident Trump is doing “exactly the right thing” in authorizing releases from the U.S.’s Strategic Petroleum Reserve, Wirth said.It’s too early to assess the long-term impact on oil prices but the market has become too comfortable with geopolitical risk, he said. “These events demonstrate that these risks are real.”U.S. shale producers won’t immediately be able to increase production to fill the void, Wirth said. “You can’t just flip a switch.”Get MoreSee the full interview here.To contact the reporter on this story: Kevin Crowley in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Catherine Traywick, David MarinoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...
Coordinated drone strikes on key Saudi oil facilities sends oil prices higher. Here's a rundown on the big winners and losers from the oil price rally.
The drone attack on Saudi Arabia could have a far-reaching impact on oil prices as it eliminated roughly 5% of daily oil supply globally and it is not possible to mitigate these losses immediately.
Investing.com – Wall Street fell after a weekend attack on Saudi Arabian oil installations crippled 5% of the world’s oil supply, raising fears for the global economy and increasing the risk of war between the U.S. and Iran.
Investing.com - U.S. futures pointed to a weak opening bell on Monday as oil prices spiked to their highest level since May after drone strikes hit more than half of Saudi Arabia’s oil capacity over the weekend.
U.S. motorists most likely to feel the hit from rising gas prices following the attacks on Saudi Arabia's oil facilities are on the West Coast, which accounts for nearly half of all of U.S. crude imports from the kingdom. The attacks on Saudi Arabia's oil facilities on Saturday knocked out more than 5% of global oil supply and sent oil prices surging as much as 20%. U.S. pump prices are likely to rise in coming days as gasoline futures spiked by more than 10% on Sunday trading, analysts said.
(Bloomberg Opinion) -- Vinyl records, paper books, glossy magazines – all should be long dead, but they’re refusing to go away and even showing some surprising growth. It’s probably safe to assume that people will always consume content in some kind of physical shell – not just because we instinctively attach more value to physical goods than to digital ones, but because there’ll always be demand for independence from the huge corporations that push digital content on us.According to the Recording Industry Association of America, vinyl album sales grew 12.9% in dollar terms to $224 million and 6% in unit terms to 8.6 million in the first half of 2019, compared with the first six months of 2018. Compact disc sales held steady, and if the current dynamic holds, old-fashioned records will overtake CDs soon, offsetting the decline in other physical music sales. Streaming revenue grew faster for obvious reasons: It’s cheaper and more convenient. But people are clearly not about to give up a technology that hasn’t changed much since the 1960s.In 2018, hardcover book sales in the U.S. increased by 6.9%, paperback sales went up 1.1% and eBook sales dropped 3.6%. The number of print magazine titles published in the U.S. rose to 7,218 from 7,176, according to the Association of Magazine Media. That’s more magazines than the U.S. had in 2009. For all the havoc the digital revolution is wreaking on newsrooms, people are still starting new titles – and 96% of the magazine industry’s subscription revenue still came from the print editions, with digital providing the rest.One explanation could be that, as Ozgun Atasoy from the University of Basel and Carey Morewedge from Boston University wrote in a paper based on a series of experiments, people are more willing to buy physical goods than equivalent digital ones, and they’re likely to pay a higher price for them. Offered an easy choice, people would rather have a vinyl LP than its digital image in the cloud somewhere; it’s just that the choice isn’t there most of the time. Atasoy and Morewedge wrote that the effect is mostly explained by “psychological ownership”: It’s hard for people to feel they own something they can’t physically touch.They wrote, however, that other, unidentified factors were also at play, since psychological ownership didn’t fully explain the difference in people’s willingness to pay for the two kinds of products. I think Michael Palm from University of North Carolina-Chapel Hill put a finger on those factors in a paper published earlier this year. He suggested that physical vs. digital, or new vs. old, could be a less relevant differentiation point than corporate culture vs. independent culture.The record industry got rid of vinyl fabrication when CDs appeared. Big store chains stopped selling LPs. But small producers and record stores that also function as community centers have kept the culture and the format alive. Now, the big companies see a commercial potential again – but they’re ordering vinyl records from independent producers, who can’t always keep up with the orders, and distributing to small stores, not just to giant chains like Best Buy, which are also stocking vinyl records again.“To combat the corporate incursion into vinyl markets, some independent labels are vertically integrating and beginning to manufacture as well as distribute and sell their own records,” Palm wrote. “The stakes of vinyl’s future involve the viability of an independent supply chain for popular music, and these stakes are raised in a media landscape dominated by online access to content controlled by corporate gatekeepers.”A similar logic applies to books. According to the American Booksellers’ Association, independent bookstores’ sales went up about 5% in 2018. These stores are where people hang out, discuss their discoveries, receive recommendations and advice. They are also where the products of small publishing houses can get more attention than they do in major bookstores or on Amazon.The increase in the number of print magazines also isn’t occurring thanks to major launches by big industrial publishers. There’s space in this industry for niche publications that want intimate contact with readers, not a tiny share of the attention squandered on the internet. The Association of Magazine Media claims the average time to read an issue of a magazine published in the U.S. is almost 50 minutes. A magazine is the same kind of alternative to Instagram or Twitter as a vinyl record is to Spotify or Apple Music.This may be the last line of defense for old content formats – a line they could be able to hold forever: The preserve for independent creation, manufacturing and distribution in a world that belongs to giant corporations that mass-produce content and mass-distribute it through the cloud. The old-new dichotomy may well turn out to be misleading; there's nothing “old” about trying to go beyond the mass market.To contact the author of this story: Leonid Bershidsky at firstname.lastname@example.orgTo contact the editor responsible for this story: Tobin Harshaw at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Farm groups and ethanol organizations are angered by the sharp increase in exemptions provided by the Andrew Wheeler-led Environmental Protection Agency to the oil refiners.
Chevron (CVX) stock has fallen 1.4% since July 1, 2019, the beginning of the current quarter. Prices of WTI crude oil have fallen 6.0% in the quarter.
Get set to pay higher prices at the pump. Analysts say prices will likely rise in coming days after attacks on Saudi Arabia's oil facilities Saturday knocked out more than 5% of global oil supply. That drove gasoline futures up more than 10% Monday. California motorists could get hurt the hardest. Nearly half of all U.S. crude imported from Saudi Arabia goes to the West Coast, and much of that heads to refineries in California. The state relies heavily on imports. That's partly because it's geographically isolated, and it lacks pipelines to connect it with Texas and other states rich in oil. Californians already pay the second highest average gas prices in the U.S. at $3.63 a gallon. The AAA says the national average for regular gas is $2.57 a gallon. Chevron's refineries in the Californian cities of Richmond and El Segundo are among the biggest buyers of Saudi crude. A Chevron spokesman said the company will "take the necessary actions to continue to meet the needs of the marketplace." American motorists have been paying relatively low prices for gas. But a big spike in prices can act as a tax on consumers, whose spending has kept the U.S. economy growing at a time of a global slowdown.