Latest News
-
Sources say that Marathon will begin maintenance work at Robinson Refinery in Illinois.
Marathon will begin planned maintenance activities on units at its 255,000-barrel-per-day refinery in Robinson, Illinois on March 18, research company IIR and a source familiar with plant operations said on Thursday. IIR announced that the refinery's primary unit which processes sweet and sour oil will be shut down for maintenance. This includes heat exchanger repairs. The plant's 85,000-barrel-per-day diesel hydrotreater unit, 65,000-bpd vacuum distillation unit and 28,000-bpd hydrocracker unit will also undergo turnaround. IIR stated that the crude unit will be shut down for 7-10 days, and then restarted at a reduced capacity estimated at 75 percent until the remainder of the planned works is completed. Another source said that the 38.500-bpd Reformer unit would also be undergoing a turnaround. Source: The source expects the maintenance to last around two months. Robinson refinery converts sweet and sour crude oil into gasoline, distillates and natural gas liquids, petrochemicals as well as propane and heavy fuel oils, according to its website. Marathon's spokesperson refused to comment on the refinery operation.
-
Nasdaq confirms a correction; dollar falls as news of tariffs fuels unease
The dollar and stock indexes both fell sharply on Thursday. Nasdaq confirmed that it had been in a downward correction since its peak last December as the announcements of U.S. president Donald Trump regarding tariffs increased investor uncertainty. A day after the German Bund yield for 10-years saw its largest rise since the 1990s, the global bond market continued to sell off. Investors were trying to keep up with tariff headlines, which caused volatility in the market. Trump's trade policy has been changing rapidly. On Thursday, he exempted for one month the goods that come from Canada and Mexico as part of a North American Trade pact from the 25% tariffs imposed by him earlier this week. On Tuesday, the U.S. imposed 25% tariffs on imported goods from Mexico and Canada along with new duties on Chinese products. "Trump's been very confused about these tariffs. "One day, they are on and then the next they are off for a whole month," Tim Ghriskey said. He is a senior portfolio strategist with Ingalls & Snyder. He said, "He warned us there would be some initial pain here and that the market does not like pain." The Nasdaq fell 2.6% on Thursday, bringing its total decline to 10.4% since December 16th's record close. This is a common definition of a correction. The Cboe Volatility Index rose to 24,87, its highest level since December 18. A chipmaker index fell 4.5% as investors were not impressed by the Marvell Technology sales forecast. Marvell shares dropped 19.8% in one day. The Dow Jones Industrial Average dropped 427.51 points or 0.99% to 42,579.08; the S&P 500 declined 104.11 or 1.78% to 5,738.52; and the Nasdaq Composite was down 483.48 or 2.61% to 18,069.26. The MSCI index of global stocks fell 8.33 points or 0.97% to 850.38. The pan-European STOXX 600 fell 0.03%. As investors became more risk-averse, and as concerns grew over Trump's tariffs and their potential impact on the U.S. economic system, the U.S. Dollar weakened. The safe-haven currencies yen and Swiss Franc rose. The dollar fell 0.9% in afternoon trading against the yen and reached a low of 147.65. It had earlier hit 147.31, a level not seen for five months. The dollar fell to a 3-month low against the Swiss Franc of 0.8828 francs, and was last trading down 0.9%. The euro was down by 0.05% to $1.0785 after hitting a high of $1.0854, a record for four months. The euro is on course for its largest weekly increase since May 2009. The European Central Bank, as was expected, cut interest rates and said that monetary policy is becoming less restrictive. Traders interpreted this to mean that another cut could not be guaranteed in April. The yield on the 10-year German Bund was last to rise by 10 basis points, at 2.884%. It had risen as high as 2,929% Wednesday. German lawmakers will begin debating a 500 billion euro infrastructure fund as well as sweeping changes in state borrowing rules for funding defence on March 13. The yield on the benchmark U.S. 10 year notes increased by 1.5 basis points, to 4.282% from 4.267% at late Wednesday. Investors also analyzed the latest economic data to look for cracks ahead of the key U.S. monthly payrolls report on Friday. The Labor Department reported that weekly initial U.S. claims for unemployment fell by 21,000 claims to 221,000 claims, which is a larger decline than the 235,000 forecast by economists. Earlier in the day, Challenger, Gray & Christmas, a global outplacement company, said that the number of planned job cuts jumped 245%, to 172,017, last month, reaching the highest level seen since July 2020, when the COVID-19 epidemic was raging. Commentary from European leaders was also in the spotlight. They said that they would stand with Ukraine and increase their defense spending in a world shattered by Trump's reversal in U.S. policy. Trump's suspension this week of military assistance to Kyiv fanned fears that the region could no longer rely upon U.S. security, which has been in place since World War Two. Brent futures rose 16 cents or 0.2% to settle at $69.46 per barrel. U.S. West Texas Intermediate Crude Futures rose 5 cents or 0.1% to settle at $66.36. Spot gold dropped 0.1% to $2.915.83 per ounce.
-
US agency blocks California EV repeal vote
The Government Accountability Office stated on Thursday that the Biden administration’s approval of California’s landmark plan to stop the sale of gasoline only vehicles by 2035 does not require review or possible repeal by Congress. The U.S. Environmental Protection Agency, under President Donald Trump, sent the approval last month to Congress stating that it was correctly considered a regulation under the Congressional Review Act. The GAO stated that the decision is an order, and therefore not subject to review. Trump pledged as a candidate to revoke waivers granted to California by the EPA in accordance with the Clean Air Act, to demand more EVs, and stricter vehicle emission standards. These rules were adopted by 11 other states, including New York Massachusetts and Oregon. The EPA has said that it believes the actions taken by California, as a result of three waivers granted by the EPA last month, should be considered by Congress to be rules that can be repealed. California's rule requires 35% of cars in 2026 to be zero-emission models. Automakers claim this figure is impossible to achieve given current sales. This number will rise to 68% by 2030. California says that the rule is essential to achieving greenhouse gas reduction targets and reducing smog-forming pollution. Shelley Moore Capito, chair of the Senate Environment and Public Works Committee, said that Republicans are evaluating next steps. Adam Schiff, a California Democrat Senator, said that the GAO's ruling was "clearly consistent" with previous decisions and will "enormously help in protecting California’s ability to protect their citizens." Under former president Joe Biden, the EPA took the position the waiver wasn't a rule so it couldn't be reviewed by Congress. California announced its first plan in 2020, requiring that by 2035, at least 80% new cars sold are electric models and up to 20% hybrid plug-ins. In December, the EPA granted a waiver of California's "Omnibus", low-NOx regulations for heavy-duty highway vehicles and off-road engines. It also submitted this waiver to Congress. Separately, the U.S. Transportation Department has taken steps to reverse aggressive fuel efficiency rules that Biden had adopted. (Reporting and editing by Chris Craft, Diane Craft and Chris Shepardson)
-
Costco beats quarterly sales estimates on bulk buying surge, misses profit estimates
Costco Wholesale, which sells in bulk groceries, electronics, and home furnishings, beat Wall Street's expectations on Thursday. However, it missed on profit projections due to rising costs. Shares of the company, which had risen 39% by 2024, dropped nearly 1% during extended trading. The only retail chain that is open to members has seen a rise in the number of customers who are looking for value. This trend was accentuated during the holiday shopping season when many retailers offered heavy discounts. Costco, however, is susceptible to trade wars that may develop from President Donald Trump’s tariffs on U.S. imports, as well retaliatory duties by other countries, including Canada. Costco said that Canada and Mexico are both under U.S. tariffs and have 109 and 41 warehouses respectively. The two largest operations are in Canada and Mexico, after the United States and Puerto Rico. Seven of the 897 warehouses are located in China. As tariff-related uncertainty continues, Costco will likely see an impact on merchandise sourcing decisions and product pricing. Costco's merchandise costs rose by 9% in the first quarter of this year. LSEG data shows that the company's revenue for the quarter rose 9%, to $63.72 Billion. This compares to analysts' expectations of $63.13 Billion. Costco's earnings per share were $4.02, a little less than analysts' estimates of $4.11
-
US extends protection to Venezuelan-owned Citgo against creditors
A notice on the Treasury Department's website showed that the U.S. Treasury Department had extended until early July a licence protecting Venezuelan-owned refiner Citgo Petroleum against creditors. The move came after President Donald Trump's government terminated a license for Chevron that allowed it to operate in Venezuela. Venezuela's opposition asked the U.S. for protection of Citgo - the crown jewel in the South American nation's overseas assets - as an American court proceeds this year with the auction of parent shares to pay its creditors. After the auction, the Treasury's Office of Foreign Assets Control (OFAC) must approve any new owners of shares. These owners will ultimately run Citgo's plants. Venezuelan opposition leaders asked Trump's government to stop any funding to President Nicolas Maduro. Washington does not recognise his two reelections. This led to the cancellation of an authorization this month that allowed Chevron's to export Venezuelan oil since 2022. The new license, which supersedes a previous authorization issued in early November, puts on hold until July 3 all transactions related to a bond maturing in 2020 issued by Citgo's ultimate parent, Caracas-headquartered PDVSA. Citgo, and related U.S. companies, were sued by many bondholders for compensation after PDVSA defaulted. Maduro, along with his government, have accused the U.S.A. of attempting to "steal Citgo". Washington hasn't recognized Maduro's re-elections in 2018 and sanctions have been imposed on Venezuela for the past six years. (Reporting and writing by Brendan O'Brien, Marianna Pararaga and Susan Heavey. Editing and proofreading by Leslie Adler and David Gregorio.
-
The State Department says that all waivers granting Iran economic relief will be reviewed
The United States is reviewing existing sanctions waivers which provide Iran with any degree of economic assistance, and the U.S. State Department spokesperson stated on Thursday that the United States was urging the Iraqi Government to eliminate their dependence on Iranian energy sources as soon as they can. At her first press briefing as the spokesperson for President Donald Trump, Tammy Bruce responded to a question about whether or not a waiver of sanctions that allows Iraqi electricity payments to Iran would be renewed. She said, "We don't have anything to announce regarding the current electricity exemption that expires (on) March 8th...We are re-evaluating all existing sanctions waivers which provide Iran with any economic or financial relief." We welcome the Iraqi prime minister's determination to achieve energy autonomy. The U.S. Government has stated that it wants to isolate Iran and its oil exports from the global economic system in order to slow down Iran's nuclear weapons development. Trump's return to office late in January saw him restore the "maximum-pressure" campaign against Iran. The U.S. imposed sanctions against Tehran for its nuclear program and its support of militant groups, effectively barring countries that do business in Iran from doing so with the U.S. Iran sees its neighboring and ally Iraq as essential to keeping its economy afloat in the face of sanctions. Reporting by Daphne Psaledakis, Humeyra Pauk and Chizu Nomiyama
-
Arbitration to resolve dispute over Guyana energy project
The government announced on Thursday that an international arbitration court would hear the dispute between Guyana, a consortium headed by Lindsayca of the United States and a consortium awarded a contract to build a gas-fueled plant and a plant for natural gas liquids. The consortium says it was late in gaining access to the site, and that this has caused construction to be delayed by about three months. In a press release, the Energy Ministry said that the International Chamber of Commerce would hear from the Guyana government, Lindsayca, and CH4 Systems regarding the delays. The project will lower the cost of electricity generation in South America. In an interview conducted last month, Vice President Bharrat Jadeo referred to the Lindsayca Group's argument. The pipeline that will supply gas to the power plant was built by a consortium that is led by Exxon Mobil, a U.S. oil and gas giant that controls the entire output of Guyana. The pipeline worth $1 billion was completed in 2013. Jagdeo said that "Exxon had to prepare this site... they were therefore delayed." The ministry stated in a release that despite the dispute, transmission lines and the substations connected to the power station are "significantly progressed, with completion expected by mid-year." Both parties are committed to accelerating the construction of the NGL plant and the power plant. They also want to move the steam and gas turbines that are already located in Guyana as soon as possible. Reporting by Kemol Kings, writing by Marianna Pararaga. (Editing by Chris Reese, Chizu Nomiyama and Chizu Reese)
-
Since the turn of the century, butterfly populations have plummeted by 22%.
According to research, the population of butterflies in the United States has declined by over a fifth in this century. This includes hundreds of species such as the red admiral, the American lady and the cabbage white. Researchers said that data from 76,000 surveys of butterflies conducted by different groups, which documented millions of insects representing 554 types, showed a 22% drop in their number from 2000 to 2020 within the contiguous United States. Scientists attributed this decline to habitat loss, pesticides and climate change. The southwestern region, which includes Arizona, New Mexico and Texas, has seen the largest population decline. The study documented 342 species of butterflies. Of these, 114 - or about a third - suffered losses. 107 of them were down more than 50%, and 22 by more that 90%. Four butterflies, the Florida white butterfly, Hermes copper butterfly, tailed Orange Butterfly, and Mitchell's Satyr, saw their numbers plummet by over 99%. Nine species, or about 3% of all species, showed increases. The red admiral has declined by 58%. The cabbage white has fallen by 50%. And the American lady is down by 44%. The results of this research are quite depressing. "But butterflies can recover if we improve things for the them," said Collin Edwards. He is an ecologist who was formerly at Washington State University and currently works with the Washington State Department of Fish and Wildlife. Butterflies are known for their rapid life cycles. They produce at least two or three generations per year. Each of these generations lays tons of eggs. Edwards said that butterfly species can respond quickly to our efforts and benefit from them if the world is made more welcoming for them. Monarch butterflies were included in the study. The study included monarch butterflies. However, because the most clear evidence of their numerical declines is from their wintering grounds in Mexico, and the researchers only used U.S. monitoring information, it was not possible to identify a clear pattern for these butterflies. In just 20 years, we've lost 1 out of 5 butterflies. If you were to go out and watch butterflies in 2000, you'd see 100 butterflies. In 2020, you'd only see 80. This is a staggering loss in such a short period of time," said Eliza Grames, conservation biologist at Binghamton University. It is difficult to identify just one stressor that affects butterfly populations. In the Southeast for instance, drought may be a major threat. In the Midwest insecticides are driving the loss of butterfly biodiversity. The story in other regions is less clear. It is more likely that a combination anthropogenic stressors is causing the dramatic declines. Although reliable data on butterfly populations worldwide is not available, studies conducted in other countries have shown declines that are roughly similar to the U.S. data. Butterflies are among the most closely monitored insects in the United States. Researchers calculated that there were 650 species of butterflies whose range overlapped with the contiguous United States. At least some monitoring data was available for 554 of these species. Insects play a crucial role in many ecological processes, and their loss is particularly alarming given the fact that they have been on Earth for over 100 million years. "Ecologists treat butterflies as a canary for coal mines." Edwards stated that the results of this research suggest there could be a decline in many insect species, for which we do not have reliable data. The beauty of butterflies inspires me. "They deserve to exist just for the sake that they exist," Grames stated. In terms of ecosystem function butterflies are important pollinators and herbivores, as well as serving prey to insectivores, especially birds.
As Trump's latest tariff news weighs on the dollar and stocks, both drop.
The stock indexes plunged sharply Thursday in volatile trading as investors digested the latest tariff announcements by U.S. president Donald Trump, and the U.S. Dollar fell as investors became risk-averse.
A day after the German Bund yield for 10-years saw its largest rise since the 1990s, the global bond market continued to sell off.
Investors reacted to Trump's latest remarks on tariffs by choppy trading.
Trump exempted for one month, under the North American Trade Pact, goods from Canada and Mexico from the 25% tariffs he imposed this week. This is the latest in a series of rapid-fire changes to his trade policy which has rattled the financial markets and the business community.
On Tuesday, he imposed new duties on Chinese products and a 25% tariff on Mexican and Canadian imports. This added to the concerns about inflation and growth.
"Trump's been very confused about these tariffs. "One day, they are on and then the next they are off for a whole month," Tim Ghriskey said. He is a senior portfolio strategist with Ingalls & Snyder.
He said, "He warned us there would be some initial pain here and that the market does not like pain."
A decline in the index of chipmakers was also noted after Marvell's sales forecast failed to impress investors.
The Dow Jones Industrial Average dropped 467.34, or 1.09 percent, to 42 538.76. The S&P 500 declined 106.64, or 1.83 percent, to 5,735.99. And the Nasdaq Composite was down 486.84, or 2.62 percent, to 18,065.89.
The MSCI index of global stocks fell by 8.70 points or 1.01% to 850.01. The pan-European STOXX 600 fell by 0.03%.
The dollar fell 0.77% against the Japanese yen to 147.74.
The euro was up by 0.07% to $1.0797 after hitting a high of $1.0854, a record for four months. The euro is on track to have its largest weekly increase since May 2009.
The European Central Bank, as was expected, cut interest rates and said that monetary policy is becoming less restrictive. Traders interpreted this to mean that another cut could not be guaranteed in April.
The yield on the 10-year German Bund was last to rise by 10 basis points, at 2.884%. It had risen as high as 2,929% Wednesday.
German lawmakers will begin debating a 500 billion euro infrastructure fund as well as sweeping changes in state borrowing rules for funding defence on March 13.
The yield on the benchmark 10-year U.S. notes increased 1.7 basis points from late Wednesday to 4,284%.
Investors analyzed the latest economic data to look for cracks ahead of the U.S. monthly payrolls report on Friday.
According to the Labor Department's weekly report, initial U.S. claims for unemployment benefits fell by 21,000 and now stand at 221,000 seasonally adjusted, which is below the 235,000 expected by economists polled.
Commentary from European leaders was also in the spotlight. They said that they would stand with Ukraine and increase their defense spending in a world shattered by Trump's reversal in U.S. policy. Trump's suspension this week of military assistance to Kyiv fueled fears that the region could no longer depend on U.S. security, which has been in place since World War Two.
(source: Reuters)