Stock Markets
Factbox-US Gulf Coast energy facilities brace for Storm Francine
(Reuters) -Energy facilities along the U.S. Gulf Coast have begun scaling back operations and evacuating some production sites as Tropical Storm Francine swept through the energy-rich region, and was poised to strengthen into a hurricane later Tuesday.
Francine was advancing toward the U.S. Gulf of Mexico, set to become the fourth hurricane of the Atlantic season, which concludes on November 30. Francine could intensify into a Category 2 hurricane, ahead of its expected landfall along the Louisiana coast on Wednesday evening, the National Hurricane Center said.
Offshore production in the U.S. Gulf of Mexico, which accounts for approximately 1.8 million barrels per day or about 15% of the nation’s total crude output, could face disruptions as the storm progresses. Such interruptions have the potential to affect U.S. oil supplies, leading to upward pressure on prices for domestic oil and offshore crude grades.
The port of Brownsville near the border with Mexico and other smaller terminals in Texas remained closed on Tuesday, while other ports, including Houston, Galveston, Corpus Christi, Texas City and Freeport, were working with restrictions.
“As Francine moves north through the Gulf of Mexico, we will continue to work closely with our maritime industry partners to fully reopen impacted ports as soon as it is safe to do so,” the U.S. Coast Guard said.
OPERATOR FACILITY CAPACITY DATE DETAILS
ExxonMobil (NYSE:) Hoover offshore platform – Sept. 09 Shut-in output and evacuated staff
Chevron (NYSE:) Gulf of Mexico – Sept. 09 Evacuating
facilitiesAnchor platform, non-essential staff from four
Tahiti oil platform offshore platforms, shutting in
oil and gas output at two offshore
production platforms
Shell (LON:) Perdido oil platform, Whale 125,000 barrels of oil Sept. 10 Evacuating
platform, Auger and equivalent per day non-essential personnel from three
Enchailada/Salsa assets (boe/d) for Perdido oil offshore oil platforms, paused
platform; 100,000 boe/d drilling operations at Whale
for Whale platform platform, shut in production at
three assets.
Freeport (LNG) LNG export plant in Texas 2.1 billion cubic feet Sept. 09 Begun storm preparations at its
per day Texas plant
Cameron (LNG) LNG export plant in Louisiana – Sept. 10 Amount of flowing to
the export plant dropped
Enbridge (NYSE:) Inc South Marsh Island 76,Ship – Sept. 10 Pulled employees from
Shoal 207, 332 platforms several offshore U.S. Gulf of
Mexico platforms
Kinder Morgan (NYSE:) Marine terminal in Myrtle – Sept. 10 Shut its international
Grove, Louisiana marine terminal in Myrtle Grove,
Louisiana
Citgo Lake Charles, Louisiana 463,000 barrels of oil Sept. 10 Adjusting operations
refinery per day as required
Woodside (OTC:) Energy U.S. offshore, Louisiana – Sept. 10 -Partially evacuating personnel
coastal operations from its Shenzi oil production
facility -Fully evacuating staff
from its coastal shorebase and
warehouse facilities in Louisiana
Stock Markets
Consumers Energy Expanding Community Solar Program with 30-Acre Solar Project in Jackson County
JACKSON, Mich., Sept. 19, 2024 /PRNewswire/ — Consumers Energy plans to break ground next spring on Blackman Solar, a new 30-acre community solar array in its home Jackson County that will provide local clean energy to customers through its Solar Gardens program.
Consumers Energy this week received approval from Blackman Township for the community solar project, which is slated to start generating electricity by the end of 2025.
“Blackman Solar is a great example of a partnership with a community to develop a project that delivers reliable, clean energy as well as local tax and economic benefits,” said David Hicks. Consumers Energy’s vice president of renewable energy development. “We’re grateful for the reception we’ve received from Blackman Township leaders and are excited to continue developing solar projects like this on our path to a carbon-neutral electric grid.”
Blackman Solar will generate power for Consumers Energy’s Solar Gardens community solar program, in which customers choose to support new solar projects without having to own solar arrays.
The new community solar facility will be the fourth that Consumers Energy owns and operates, joining other Solar Gardens projects in Cadillac, at Western Michigan University and at Grand Valley State University. Blackman Solar will include nearly 5,000 solar panels and will generate up to 2.5 megawatts of renewable electricity for 2,500 future Solar Gardens customers.
Blackman Solar also will provide new capacity to expand Consumers Energy’s income-qualified Solar Gardens program MI Sunrise. MI Sunrise is an efficient, easy, cost-effective way for municipalities, nonprofits and tribal governments to deploy federal grant dollars, providing access to clean, reliable renewable energy and measurable financial benefits to offset energy bills.
“Blackman Solar will help meet increased demand for community solar and offers shared solar infrastructure, accessibility and inclusivity, as well as financial and environmental benefits for all customers,” Hicks said.
Consumers Energy is committed to Michigan’s clean energy future. The energy provider is closing its final three coal-burning units next summer, one of the nation’s most aggressive timetables. The company is developing solar projects as part of its Clean Energy Plan to be carbon-neutral by 2040.
Consumers Energy is Michigan’s largest energy provider, providing and/or electricity to 6.8 million of the state’s 10 million residents in all 68 Lower Peninsula counties. Consumers Energy’s Clean Energy Plan calls for eliminating coal as an energy source in 2025, achieving net-zero carbon emissions and meeting 90% of customers’ energy needs through clean sources, including wind and solar.
For more information about Consumers Energy, go to ConsumersEnergy.com.
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Stock Markets
First Horizon Is Now the Official Bank of the Ragin’ Cajuns
MEMPHIS, Tenn., Sept. 19, 2024 /PRNewswire/ — First Horizon (NYSE:) Corp. (NYSE: FHN or “First Horizon“) is proud to announce that First Horizon Bank is now the Official Bank of the University of Louisiana at Lafayette Ragin’ Cajuns.
This five-year agreement expands First Horizon’s long-term commitment to the University and includes a Ragin’ Cajun Visa (NYSE:) Debit card, prominent in-venue signage, entertainment and hospitality opportunities along with participation in game day fan activations and experiences, including the new Cajun Village.
“This is an exciting time to expand our partnership with ULL and ULL athletics,” said Jerry Prejean, President of Acadiana for First Horizon. “With more than $2.5 million invested in recent years towards academic and athletic excellence, First Horizon is proud to deepen our relationship with the University and work together as two long-standing community leaders dedicated to making Acadiana a great place to call home.”
“As opportunities have grown for businesses to support Ragin’ Cajuns athletics, First Horizon Bank has been right there growing with us every step of the way,” adds Brian Bille, General Manager of LEARFIELD-based Ragin’ Cajuns Sports Properties. “Jerry’s commitment to our community has never wavered, and I’m excited to help First Horizon build affinity with our fans through this enhanced partnership, and encourage our fans to add the all-new Ragin’ Cajuns branded debit card to their wallet.”
About First Horizon
First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.
Stock Markets
Oil prices rise on easing demand worries after jumbo Fed rate cut
Investing.com — Oil prices jumped Thursday, riding on a wave of risk-on sentiment as the Federal Reserve’s outsized interest rate cut on Wednesday eased worries that a slowing US economy would further dent crude demand.
At 2:06 p.m. ET (1906 GMT), rose 1.6% to $74.80 a barrel and rose 1.8% to $71.12 a barrel.
Jobless claims rise by less than expected
The number of Americans filing for first-time unemployment benefits rose by less than anticipated last week, with coming in at 219,000 in the week ended on Sept. 14, compared with an upwardly revised 231,000 in the prior week.
Economists had forecast a consensus figure of 230,000.
This figure was better than expected, and has allayed to a degree concerns over the health of the US economy, particularly after the Federal Reserve started its latest rate-cutting cycle on Wednesday, trimming interest rates for the first time since March 2020 by a hefty 50 basis points to a range of 4.75% to 5%.
While lower rates usually bode well for economic activity, the Fed’s aggressive cut sparked some concerns over a potential slowdown in economic growth.
While Fed Chair Jerome Powell helped soothe some of these concerns, he also said that the Fed had no intention of returning to an era of ultra-low interest rates, and that the central bank’s neutral rate was likely to be much higher than seen in the past.
His comments indicated that while interest rates will fall in the near-term, the Fed was likely to keep rates higher in the medium-to-long term.
US inventories fall, but product stockpiles up
Government data released on Wednesday showed a bigger-than-expected, 1.63 million barrel draw in .
While the draw was much bigger than expectations for a draw of 0.2 mb, it was also accompanied by builds in and inventories.
The builds in product inventories sparked increased concerns that U.S. fuel demand was cooling as the travel-heavy summer season wound to a close.
Looking ahead, some expect further draws in domestic crude stocks as exports reaccelerate.
“We look for a significant rebound in exports across crude and products this week. Among products, our preliminary expectations point to draws in gasoline (-1.5 MM BBL) and distillate (-3.7 MM BBL) with a build in jet (+0.5 MM BBL),” Macquarie said in a recent note.
Crude deficit could boost Brent
Still, prices could be bolstered in the near-term by demand possibly outstripping supply in the fourth quarter, according to analysts at Citi.
A reported decision by the Organization of the Petroleum Exporting Countries and its allies to delay the beginning of a tapering in voluntary output cuts, along with ongoing supply losses in Libya, is predicted to contribute to a oil market deficit of around 0.4 million barrels per day in the final three months of 2024, the Citi analysts said.
They added that such a trend could offer some temporary support to Brent “in the $70 to $75 per barrel range.”
Meanwhile, the benchmark could be further boosted by a potential rebound in recently tepid demand from top oil importer China, the analysts said.
But they flagged that they still anticipate “renewed price weakness” in 2025, with Brent on a path to $60 per barrel due to an impending surplus of one million barrels per day.
(Peter Nurse, Ambar Warrick contributed to this article.)
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