Latest news with #Kemp
Yahoo
6 hours ago
- Business
- Yahoo
Benchmark diesel price down, but fundamentals are pointing higher
The growing strength of diesel fuel relative to crude is beginning to draw significant attention in oil markets, even as there is evidence the past few days that the widening spread between the two may be taking a breather. The benchmark Department of Energy/Energy Information Administration average retail diesel price fell 0.7 cents/gallon Monday, posted Tuesday, to $3.805/g. It's the first decline after three weeks of increases, and only the second decline in the last eight weeks. Ultra low sulfur diesel (ULSD) on the CME commodity exchange settled Monday at $2.4266/g, down from a week-earlier settlement of $2.5092/g. Measuring the diesel futures market on a straight comparison of the front month price (some comparisons make other adjustments) shows just how strong diesel has been compared to crude. Diesel spread has blown out against crude On June 11, crude made a significant upward move, with the West Texas Intermediate price on the CME commodity exchange rising 3.17% to settle at $68.15/barrel, and worldwide benchmark Brent rising 2.9% to settle at $69.77. Ultra low sulfur diesel (ULSD) on that day settled at $2.2053/gallon. Since then, based on Monday's CME settlements, WTI is down 2.11%, settling Monday at $66.71. But ULSD is up just over 10%, settling Monday at $2.4266/g. Diesel isn't just strong against crude. RBOB gasoline, an intermediate gasoline blendstock that is the proxy for gasoline prices on CME, is now about 30 cts/g less than ULSD. The spread got as wide as 37 cts/g last week. But RBOB was at a small premium to ULSD as recently as late May. John Kemp, a long-time journalist who writes about energy and is now independent, described diesel recently as 'the lone bright spot in an otherwise despondent oil market.' In a distributed email, Kemp said data on investment in oil futures showed that investors have 'continued to boost their bullish position in middle distillates while selling the rest of the petroleum complex' in the week ended July 25. 'Investors expect low diesel inventories to support prices and crack spreads even if the rest of the complex comes under pressure from rapid production increases by Saudi Arabia and its OPEC⁺ partners,' he wrote. Open interest in ULSD on both the CME and the Intercontinental Exchange (ICE), which reflects investor activity, were high enough on a combined basis to be in the 85th percentile all-time, Kemp wrote. Goldman sees the spreads remaining elevated In an article late last week, Bloomberg said a report published by Goldman Sachs said that while the recent margins of diesel against Brent may slow, the investment bank said they 'are still likely to end up above long-run averages given a crunch in global processing capacity.' Energy economist Philip Verleger, who has long focused on the diesel market as a driver of overall oil market movements, headlined his weekly report published over the weekend as 'A third distillate disruption.' The reference to 'third' is his view that oil topped out over $100/barrel twice in recent history because of environmental regulations regarding diesel: the introduction of ULSD around 2008, leading to the $100 crude spike that spring and summer, and the conversion of bunker fuel that powers ships to a tighter sulfur specification in 2020 but which didn't really kick in to markets until 2022, given the impact on demand from the pandemic. That regulation, known as IMO2020, pulled distillate molecules out of the diesel market and into the bunker fuel supply. Verleger's report had several key points about why diesel markets may be on the verge of yet another instance of pulling oil prices higher. U.S. oil quality doesn't boost diesel output His analysis gets into politics, noting that the Trump administration's emphasis on rising U.S. production, even if it is successful, is likely to bring about an increase in the types of crudes that produce only a small amount of diesel when refined given the dominance of light crudes coming out of U.S. wells. Those crudes traditionally have a low diesel yield when refined. On top of that, restrictions on production by non-OPEC countries in order to support higher prices are taking supply out of the market in those grades of crude that do produce healthy levels of diesel when refined. 'The US does not produce the crude oil types that are most useful for world energy users,' Verleger wrote. 'Further, to sustain oil prices, other nations shut in production of the more desirable crudes to maintain price levels. Their actions and others have now limited the global diesel fuel supply, pushing diesel and crude prices higher.' He ticked off several current conditions in the market that are contributing to the diesel squeeze, and noted they are likely to continue. Restrictions on importing Venezuelan crude into the United States The decline of Mexican Mayan crude exports to the United States The efforts of Asian nations to import more US crude to avoid high tariffs The EU's adoption of regulations that prohibit imports of petroleum products made from Russian crude China's limits on diesel exports Expanding on those points, Verleger notes that several U.S. refineries were specifically built to process heavier Venezuelan crudes that have a strong distillate yield. But there are restrictions now on U.S. companies' ability to bring in that crude. U.S. tariffs are sending Mexican Maya crude elsewhere, and that heavier crude has a stronger distillate yield. Meanwhile, heavy demand for U.S. crudes solely to placate U.S. demands for more exports mean that more of those diesel-poor crudes will be refined elsewhere. The end result is that those Brent to diesel spreads that recently went above 80 cts/g are some of the highest on record, Verleger said. They have softened recently as reports on U.S. inventories show stocks in this country rising, he added. But that may not last, Verleger said. 'Margins may return to that high in the coming months if global demand remains strong and the (listed) disruptions worsen,' he said. 'A major hurricane hitting refineries on the US Gulf Coast could turn things catastrophic.' More articles by John Kingston Yet another broker liability case, this time in the Fifth Circuit, adds to the growing mix Ryder's used vehicle numbers show a bullish corner: tractor sales Five takeaways from the State of Freight for July: What earnings and the indices are saying about the market The post Benchmark diesel price down, but fundamentals are pointing higher appeared first on FreightWaves. Sign in to access your portfolio
North Wales Live
8 hours ago
- Entertainment
- North Wales Live
Spandau Ballet star Martin Kemp opens personal archive for new film
In a move to celebrate the moments that matter most, Martin Kemp has opened up his personal collection of home videos to be featured in a new film accompanying an original poem released today. Life Unfolds Fast is narrated by the Spandau Ballet star and penned by poet Georgie Jones, with the poem a heartfelt exploration of the milestones that shape our lives. From proposals and marriage to sending off a child for the first day of school, the poem captures the essence of love, family and connection. Kemp showcases intimate moments from his family life by sharing home videos featuring his family - wife Shirlie, son Roman and daughter Harley - adding a personal touch to the shared human experience. Video Loading The poem was commissioned by Samsung to celebrate the launch of the new Galaxy Z Fold7, the slimmest and lightest foldable smartphone yet, whilst also boasting its most expansive screen ever. The Galaxy Z Fold7 is available for pre-order now on the Samsung website and other retailers, with general availability beginning July 25. It helps to relive the moments, such as Martin's, that matter to us most like never before. Kemp said: 'Some of my life's greatest memories are those simple moments at home – playing with my kids in the garden, holding Harley and Roman as babies, and singing with my wife in the car. 'These are moments that truly define our lives. Sharing these personal glimpses allows people to see how small, intimate moments become the big memories we want to go back to over again.' A poll of 2,000 British adults has identified holding your baby for the first time, getting the keys to your first home and saying your last goodbyes to a loved one have been ranked among unmissable moments that shape our lives. On average, British adults experience five unmissable moments per year, with three-quarters (76%) agreeing that they represent significant milestones, foster deep emotional connections, and create lasting memories as well as help define us as people. Informing the key beats of the poem, the research offers a stirring portrait of what matters most to Brits today: connection, love, family, and memory, as it appears Britons will go to lengths to keep phone-held memories. Galaxy AI can also offer proactive suggestions to enhance your photos, like removing passers-by in the background of your group selfie so it's just the people that matter. 'Our research shows that over 40% of us take photos and videos for the sole purpose to not forget our best memories,' said Annika Bizon, Mobile Experience VP of Product and Marketing. 'The Galaxy Z Fold7's expansive screen brings you closer to life's unmissable moments. It allows you to capture & revisit the memories you never want to forget, feeling their warmth and emotion time and time again.' Memories are a large part of our emotional wellbeing as 85% of respondents reported to reliving the cherished memories on their phones. The survey found 60% of Britons value their digital memories as much as physical mementos or keepsakes. One of the main motivations for capturing these special experiences is to share them with friends and family who couldn't be there (36%), while 29% want to preserve them for future generations. The majority (85%) regularly revisit the moments they've saved, with 36% doing so as a pick-me-up. Nearly a third (31%) love to flick through digital memories as it brings back little details they'd forgotten, with a quarter (26%) doing so just to feel the same emotions all over again. Nearly half the nation (49%) admitted to worrying about forgetting key life moments, saying they don't want to forget core memories that involve people they love, nor forget some of the happiest times of their lives (46%). As 41% take photos and videos for the sole purpose to not forget their best memories, a further 49% of Brits feel stressed if their phone storage is running low, in case they cannot capture a key life moment. When revealing time spent reliving their favourite moments, British adults rewatching core memories on their phone four times a month on average, with 12% estimating that they have over 10 hours of footage on their phone. Looking ahead, many are still hopeful about the unforgettable moments to come, with 24% hoping to see someone you love achieve something that they have worked hard for.
The Herald Scotland
11 hours ago
- Entertainment
- The Herald Scotland
Spandau Ballet's Martin Kemp opens personal archive for film
From proposals and marriage to saying goodbye to parents, sending off their child to the first day of school, the poem captures the essence of love, family and connection. Kemp showcases intimate moments from his family life by sharing home videos featuring his family —wife Shirlie, son Roman and daughter Harley– adding a personal touch to the shared human experience. The poem was commissioned by Samsung to celebrate the launch of the new Galaxy Z Fold7, the slimmest and lightest foldable smartphone yet, whilst also boasting its most expansive screen ever. The Galaxy Z Fold7 is available for pre-order now on the Samsung website and other retailers, with general availability beginning July 25. It helps to relive the moments, such as Martin's, that matter to us most like never before. Kemp said: 'Some of my life's greatest memories are those simple moments at home – playing with my kids in the garden, holding Harley and Roman as babies, and singing with my wife in the car. 'These are moments that truly define our lives. Sharing these personal glimpses allows people to see how small, intimate moments become the big memories we want to go back to over again.' A poll of 2,000 British adults has identified holding your baby for the first time, getting the keys to your first home and saying your last goodbyes to a loved one have been ranked among unmissable moments that shape our lives. On average, British adults experience five unmissable moments per year, with three-quarters (76%) agreeing that they represent significant milestones, foster deep emotional connections, and create lasting memories as well as help define us as people. Informing the key beats of the poem, the research offers a stirring portrait of what matters most to Brits today: connection, love, family, and memory, as it appears Britons will go to lengths to keep phone-held memories. Galaxy AI can also offer proactive suggestions to enhance your photos, like removing passers-by in the background of your group selfie so it's just the people that matter. 'Our research shows that over 40% of us take photos and videos for the sole purpose to not forget our best memories,' said Annika Bizon, Mobile Experience VP of Product and Marketing. 'The Galaxy Z Fold7's expansive screen brings you closer to life's unmissable moments. It allows you to capture & revisit the memories you never want to forget, feeling their warmth and emotion time and time again.' Memories are a large part of our emotional wellbeing as 85% of respondents reported to reliving the cherished memories on their phones. The survey found 60% of Britons value their digital memories as much as physical mementos or keepsakes. One of the main motivations for capturing these special experiences is to share them with friends and family who couldn't be there (36%), while 29% want to preserve them for future generations. The majority (85%) regularly revisit the moments they've saved, with 36% doing so as a pick-me-up. Nearly a third (31%) love to flick through digital memories as it brings back little details they'd forgotten, with a quarter (26%) doing so just to feel the same emotions all over again. Nearly half the nation (49%) admitted to worrying about forgetting key life moments, saying they don't want to forget core memories that involve people they love, nor forget some of the happiest times of their lives (46%). Recommended reading: As 41% take photos and videos for the sole purpose to not forget their best memories, a further 49% of Brits feel stressed if their phone storage is running low, in case they cannot capture a key life moment. When revealing time spent reliving their favourite moments, British adults rewatching core memories on their phone four times a month on average, with 12% estimating that they have over 10 hours of footage on their phone. Looking ahead, many are still hopeful about the unforgettable moments to come, with 24% hoping to see someone you love achieve something that they have worked hard for.
ABC News
2 days ago
- General
- ABC News
Family unable to repair Sydney home nearly five years after landslide as boulder threat persists
It's been years since the Kemp family have enjoyed a meal, watched TV or even slept in their own house. In October 2020, a landslide cascaded down a slope in Sydney's Northern Beaches, dislodging boulders that took out the side of the building. It was the second property ravaged by natural disaster — seven years earlier, their family home in the Blue Mountains was lost to a bushfire. "They put their entire life savings and all of their retirement into this [Great Mackerel Beach] place," Harry Kemp said of his parents, Ray and Lorraine. The family were not home when authorities called about the incident in the isolated suburb home to about 50 permanent residents. "One of the rooms has been hit by a massive boulder ... two of the walls have come straight off, the roof was damaged as well," Mr Kemp said. The deck is gone, a water tank under the house destroyed, and the family is still investigating if the foundations were "knocked off its axis". A neighbouring house was completely destroyed. Due to bureaucracy and the rock face remaining unsecured almost five years on, the Kemps are stuck in limbo — unable to repair the damage or part ways with the home. The family have only been able to put a tarp to try "stop the bugs, animals and moisture getting in". "They were ... like why us, why is this happening again," Mr Kemp said of his parents. The Kemps say they have been told the remaining boulders will fall at some point, in "not a matter of if, it's a matter of when". Great Mackerel Beach is surrounded by Ku-ring-gai Chase National Park, which is managed by the NSW National Parks and Wildlife Service (NPWS). Geotechnical assessments after the landslide found the cliff line above private properties had other potentially unstable rocks, and the risk to life from future rockfalls was "unacceptable". NPWS said because it was a natural event, it was not liable for resulting damage. It said there were "no feasible long-term risk mitigation options", ruling out rock bolting, cabling, de-scaling, boulder removal or pre-warning systems. "Engineers advised that rock catch fencing behind the other properties ... may be feasible but cannot guarantee that a similar event would not occur in the future," a 2022 report stated of an option which would have cost approximately $9 million to install. Acquiring the high-risk zone properties was estimated to cost the government $2.1 million but said "NPWS is not required to buy the properties and has no funding to acquire these properties". The Kemps have corresponded with local members and councillors over the years, and remain in dispute with their insurer. Mr Kemp said his parents were between a "rock and a hard place" because they cannot make repairs without an approved development application (DA). "Council won't issue one until the rock face is made secure ... even if it was theoretically allowed, I don't think we would want to be there because you have these 100-tonne boulders looming over your head. In a statement, Northern Beaches Council said it made and levied rates in accordance with legislation, and it would "encourage early engagement with technical experts" for DAs of this nature. A spokesperson said that while NPWS provided some information regarding rockfall risks, the state body had "not shared other important technical information about the risk assessments it has undertaken at this site" to council. In a letter seen by the ABC, Environment Minister Penny Sharpe rejected a request for a special circumstance act of grace payment to the Kemps in March. "NPWS has no present legal obligation to compensate Mr and Mrs Kemp for the detriment caused to them by the Incident," she wrote at the time. Ms Sharpe declined to comment for this story. Mr Kemp said it was "disappointing to see NPWS and council attempting to deflect responsibility". "We would just like [the state government] to do something," Mr Kemp said. "Plans have been put on hold, my dad's retirement has been put on hold ... It's pretty disastrous for them." Pittwater MP Jacqui Scruby said it appeared "all avenues have been exhausted" for the Kemps after meeting with NPWS and the Office of the Environment Minister. "I will continue to advocate for [Ray] Kemp and any other affected constituents to ensure they are treated fairly and transparently under the law," she said. A Department of Environment spokesperson said local council identified a "high geotechnical risk and expected geohazard event frequency" in 2009 — factors, they say, that were indicated in the contract of sale when the Kemps bought the property five years later. "It is incumbent upon individual land purchasers to be aware of potential risks when purchasing a property, and to consider their potential insurance needs," they said. "There were no actions undertaken or not undertaken by the NSW National Parks and Wildlife Service ... that prompted the event." The Kemps said there was a "one-line mention" of an environmental plan for the wider Pittwater area, but "no specific reference to any geotechnical hazard" at their house. A 2020 landslide procedure document on how NPWS responds to "unacceptable" risks said a treatment plan "must require mitigation" and "accepting the risk was not an option". A version republished last year was reworded to say NPWS could "determine the feasibility of the risk treatment plan" instead. NPWS said all park management polices were subject to regular review to account for "new information", and that the requirement to consider factors like resources had not changed. In a statement, it acknowledged the "significant impact" the incident had on affected residents, and was "sympathetic" to the concerns of property owners. Mr Kemp said NPWS should not be absolved "of their responsibility to address the current risk posed by the rock face following the landslide". "That's the point we've been trying to make for the past five years — with no success so far."
Yahoo
5 days ago
- Politics
- Yahoo
GA Insurance Commissioner John King suspends Senate campaign
The Brief Georgia Insurance and Fire Safety Commissioner John King has suspended his Republican campaign to unseat U.S. Sen. Jon Ossoff, citing limited chances of winning the nomination. King will instead run for re-election to his current post, vowing to keep Georgia's statewide offices Republican and support a pro-Trump Senate candidate. His decision follows Gov. Brian Kemp's push to back former football coach Derek Dooley and avoid a divisive GOP primary battle. ATLANTA - Georgia Insurance and Fire Safety Commissioner John F. King has ended his bid to challenge U.S. Sen. Jon Ossoff, citing limited prospects for winning the Republican nomination. PREVIOUS: Georgia Insurance Commissioner John King talks about 2026 Senate campaign What we know King shared the news Thursday on social media, saying he entered the race with the goal of defeating Ossoff but now sees no clear path forward. Instead, King will seek re-election to his current post as commissioner. King was appointed by Gov. Kemp in 2019 and secured a full term in 2022. "I'm going to do everything I can to keep Georgia's state offices red and back a Senate nominee who supports President Trump's agenda," King said. According to the Atlanta Journal-Constitution, King's decision was a result of being told that Gov. Kemp was working to consolidate GOP support behind Derek Dooley, the former football coach and family friend expected to join the primary race. Kemp's backing of Dooley follows conversations with other Republicans, including U.S. Reps. Buddy Carter and Mike Collins, signaling the governor's desire to unify the party. Kemp has reportedly spoken with former President Trump in recent weeks to rally support for a consensus GOP candidate. Rep. Buddy Carter (R-Ga.) announced in May that he is planning to run against Sen. Ossoff and Rep. Mike Collins (R-Ga.) may also run.
