Global sea level rise data

PTT’s liquefied natural gas terminal at Map Ta Phut Industrial estate in Rayong province. (Photo: Apichart Jinakul) LONDON: Asian liquefied natural gas (LNG) spot prices continued its upward trend this week as fears of further market tightening following a major outage at a Freeport plant and reduced Russian gas flows to Europe pushed buyers to cover short-term needs. The average LNG price for August delivery into north-east Asia was estimated at US$37 per million British thermal units (mmBtu), up $0.5 or 1.4% from the previous week, industry sources said. "The market is back in a bullish mood, with prices up 60% in a couple of weeks, and we expect this to continue," said Alex Froley, LNG analyst at data intelligence firm ICIS. Froley attributed the jump to lower Russian flows to Europe and the closure of a 15 million tonne per annum plant operated by Freeport LNG in the United States, as "neither of those gas sources look set to pick back up again in the near term". Asian … [Read more...] about Asia LNG spot prices continue rising

Manufacturing growth is slowing worldwide as China's COVID-19 curbs and Russia's invasion of Ukraine disrupt supply chains and keep inflation at the highest in years, while the growing risk of a U.S. recession poses a new threat to the global economy. Gauges of factory activity released Thursday in Japan, Britain, the eurozone, and the United States all softened in June, with U.S. producers reporting the first outright drop in new orders in two years in the face of slumping consumer and business confidence. S&P Global's flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, dropped to 51.2 this month from a final reading of 53.6 in May and the slowest growth pace in five months. The manufacturing component dropped to 52.4, the lowest in nearly two years, from 57 in May and was notably weaker than the estimate of 56 in a Reuters poll of economists. "Business confidence is now at a level which would typically herald an economic downturn, … [Read more...] about U.S. Recession Fears Darken Outlook For Global Growth

Oil prices rose on Monday in a session of volatile trade as tight global supplies outweighed worries that demand would be pressured by a flare-up in COVID-19 cases in Beijing and more interest rate hikes. Brent crude rose 26 cents to settle at $122.27 a barrel. U.S. West Texas Intermediate crude rose 26 cents to settle at $120.93 a barrel. Trade was volatile, with prices down about $3 a barrel earlier. Oil supplies are tight, with OPEC and allies unable to fully deliver on pledged output increases because of a lack of capacity in many producers, sanctions on Russia and unrest in Libya that has slashed output. Oil has surged in 2022 as Russia's February invasion of Ukraine compounded supply concerns and as demand recovered from COVID-19 pandemic-related lockdowns. In March, Brent hit $139, the highest since 2008. Last week, both oil benchmarks rose more than 1%. "We were struggling with the Russian loss (of oil) so now add an exclamation point with the Libyan situation," said … [Read more...] about Oil Rises On Tight Supplies; Trade Choppy On Demand Worries

Ecuador oil company Petroecuador says it is working to shut down gas flares in the Amazon to comply with a court-imposed deadline, but progress is too slow for nearby communities who allege the flares cause cancer and other illnesses. A provincial tribunal in Sucumbios province last year ordered Petroecuador and a handful of private operators to stop hundreds of flares - which burn off natural gas emitted during oil production when there is no infrastructure to capture it - in inhabited areas by March 2023. Flaring last year released 400 million tonnes of greenhouse gases globally, according to the World Bank, and researchers have warned of health problems from cancer to respiratory disease associated with the practice. The state-owned company is hoping to find a private partner to invest in technology needed to capture the 65 million cubic feet of gas emitted daily by flares, which flame constantly above verdant treetops. Petroecuador said 15 companies have expressed interest, … [Read more...] about Ecuador Seeks Partner To Stop Gas Flaring As Anger Rises In The Amazon

At its June 14-15 meeting, the Federal Reserve decided to hike its Fed Funds Rate by 75 basis points, the largest single hike since 1994, to 1.5-1.75% in order to tame inflation. In addition, the Fed downgraded its economic growth projection and raised unemployment and inflation rate projections significantly, hinting there will be a substantial hikes to tame continued inflation. We believe the 75 bps hike and further substantial hikes will create a ripple effect worldwide and cause financial crisis and/or recession in the US, Europe and emerging markets. The magnitude depends on the level of inflation and the monetary policy tightening to tame that inflation. To compare the current stage of stagflation with the 1970s era, we studied the development of the US consumer price index in 1970s. The combination of 1) an oil shock, 2) dirty politics, and 3) a weak central bank led to the first wave of high inflation. The Fed had to hike rates to near the rate of inflation, after which … [Read more...] about Beware the global ripple effect from Fed rate hike

Drivers around the world are tolerating record-high prices for road fuels, as mobility wins out for now over other spending in squeezed household budgets, data showed. The high prices have not yet breached the pain threshold for drivers in major demand centres. But that might change once U.S. drivers have to pay more than $6 a gallon and crude oil prices exceed $140 a barrel which could happen by year-end, analysts say. Consumers have been changing their driving habits, with some, for example, opting not to fill their tanks to capacity, but this is yet to dent overall demand for fuel, data shows. Drivers in the European Union have rarely paid more than $1.60 euros a litre to fill up diesel and petrol cars, and most of the time have paid well below $1.50, based on European Commission data dating back to 2005. GRAPHIC: EU pump prices (https://graphics.reuters.com/OIL-PRODUCTS/jnvweznqbvw/chart.png) GRAPHIC: UK pump prices … [Read more...] about Drivers Shrug Off Soaring Fuel Prices, For Now

Shipping companies are transforming rust buckets into gold mines in a modern-day alchemy that could fuel already rampant inflation for years to come. The disruption to world trade caused by pandemic lockdowns and a shortage of new cargo vessels has pushed freight rates for ageing container ships to record highs. Cashing in on the boom, shipping firms are locking in long-term leases lasting three to four years, which means consumers could carry on paying the price for the surge in costs until hundreds of new ships on order come into service. Take the Synergy Oakland, a mid-sized vessel flagged in Cyprus that can carry more than 4,200 20-foot steel containers. Greek firm Euroseas bought it in 2019 for $10 million when it was already a decade old. As world trade spiralled into chaos last year, it raked in $21 million in just over 100 days at the highest daily freight rate in history for a ship of its size. It squeezed in one more short-term charter earning around $10 million in … [Read more...] about Old Is Gold: Sky-High Cost Of Ageing Ships Sounds Inflation SOS

Edison Xu, Board Director of Huawei Technologies (Thailand) Co., Ltd. says 5G is poised to take productivity to the next level. 5G solves connectivity issues and creates more scenarios where cloud computing and artificial intelligence can be applied to manufacturing, bringing new possibilities to the industry. The Digital Economy and Society (MDES) Ministry has unveiled a 5G technology alliance aimed at transforming 5G showcases into real use cases with a target of rolling out 10 of them this year. The alliance was established to build an affiliate network of 5G tech parties, including telecom operators, vendors and corporate users, to drive the 5G ecosystem. There are 20 current development projects related to 5G use cases under the alliance which was initiated in April this year. Mr Chaiwut, Minister of Digital Economy and Society was speaking on June 23 on the sidelines of Thailand 5G Summit 2022: "Innovation plays a pivotal role in increasing digital applications in various … [Read more...] about How 5G Will Revolutionize Manufacturing

About 800 Syrian refugees are returning to their country from Turkey every week but conditions are not suitable for a large number of voluntary returns, an official from the United Nations refugee agency said. Turkey hosts around 3.7 million Syrians, the largest refugee population in the world, but worsening public sentiment has led the government to work on plans to send them back. President Tayyip Erdogan's government has said it plans to settle around 1 million Syrians in cinderblock houses that will be built in the country's northwest. The plans did not attract international support, and the Turkey representative for the United Nations High Commissioner for Refugees (UNHCR) said on Monday that the conditions in Syria are not suitable for many refugees to return. "The level of uncertainty in Syria does not enable a mass voluntary return movement these days," Philippe Leclerc told Reuters in an interview in Istanbul. He said about 800 Syrians, mostly singles, return to … [Read more...] about Around 800 Syrians Return From Turkey Weekly – UN Refugee Agency Official