By : BrainSlide_83588
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you can keep mining in your Minergate to supply your Eobot Mining power..withdraw all
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Note : Wanna get rich? DO REAL JOB!
#Free Forex Signal
Sunday, February 21, 2016
Thursday, February 18, 2016
Apple likely to invoke free-speech rights in encryption fight
By David Ingram and Dan Levine
NEW YORK/SAN FRANCISCO (Reuters) - Apple Inc (O:AAPL) will likely seek to invoke the United States' protections of free speech as one of its key legal arguments in trying to block an order to help unlock the encrypted iPhone of one of the San Bernardino shooters, lawyers with expertise in the subject said this week.
The tech giant and the Obama administration are on track for a major collision over computer security and encryption after a federal magistrate judge in Los Angeles handed down an order on Tuesday requiring Apple to provide specific software and technical assistance to investigators.
Apple Chief Executive Officer Tim Cook called the request from the Federal Bureau of Investigation unprecedented. Other tech giants such as Facebook Inc (O:FB), Twitter Inc (N:TWTR) and Alphabet Inc's (O:GOOGL) Google have rallied to support Apple.
Apple has retained two prominent, free-speech lawyers to do battle with the government, according to court papers: Theodore Olson, who won the political-speech case Citizens United v. Federal Election Commission in 2010, and Theodore Boutrous, who frequently represents media organizations.
Government lawyers from the U.S. Justice Department have defended their request in court papers by citing various authorities, such as a 1977 U.S. Supreme Court ruling that upheld an order compelling a telephone company to provide assistance with setting up a device to record telephone numbers.
The high court said then that the All Writs Act, a law from 1789, authorized the order, and the scope of that ruling is expected to be a main target of Apple when it files a response in court by early next week.
But Apple will likely also broaden its challenge to include the First Amendment's guarantee of speech rights, according to lawyers who are not involved in the dispute but who are following it.
Compared with other countries, the United States has a strong guarantee of speech rights even for corporations, and at least one court has ruled that computer code is a form of speech, although that ruling was later voided.
Apple could argue that being required to create and provide specific computer code amounts to unlawful compelled speech, said Riana Pfefferkorn, a cryptography fellow at Stanford University's Center for Internet and Society.
The order against Apple is novel because it compels the company to create a new forensic tool to use, not just turn over information in Apple's possession, Pfefferkorn said. "I think there is a significant First Amendment concern," she said.
A spokesman for the U.S. Attorney's Office in Los Angeles declined to comment on the possible free-speech questions on Thursday.
A speech-rights argument from Apple, though, could be met with skepticism by the courts because computer code has become ubiquitous and underpins much of the U.S. economy.
"That is an argument of enormous breadth," said Stuart Benjamin, a Duke University law professor who writes about the First Amendment. He said Apple would need to show that the computer code conveyed a "substantive message."
In a case brought by a mathematician against U.S. export controls, a three-judge panel of the 9th U.S. Circuit Court of Appeals, which covers California, found in 1999 that the source code behind encryption software is protected speech. The opinion was later withdrawn so the full court could rehear the case, but that rehearing was canceled and the appeal declared moot after the government revised its export controls.
The FBI and prosecutors are seeking Apple's assistance to read the data on an iPhone 5C that had been used by Rizwan Farook, who along with his wife, Tashfeen Malik, carried out the San Bernardino shootings that killed 14 people and wounded 22 others at a holiday party.
U.S. prosecutors were smart to pick the mass shooting as a test case for an encryption fight with tech companies, said Michael Froomkin, a University of Miami law professor. That is because the shooting had a large emotional impact while also demonstrating the danger posed by armed militants, he said.
In addition, the iPhone in dispute was owned not by Farook but by his employer, a local government, which has consented to the search of the iPhone. The federal magistrate who issued the order, Sheri Pym, is also a former federal prosecutor.
"This is one of the worst set of facts possible for Apple. That's why the government picked this case," Froomkin said.
Froomkin added, though, that the fight was enormously important for the company because of the possibility that a new forensic tool could be easily used on other phones and the damage that could be done to Apple's global brand if it cannot withstand government demands on privacy. "All these demands make their phones less attractive to users," he said.
NEW YORK/SAN FRANCISCO (Reuters) - Apple Inc (O:AAPL) will likely seek to invoke the United States' protections of free speech as one of its key legal arguments in trying to block an order to help unlock the encrypted iPhone of one of the San Bernardino shooters, lawyers with expertise in the subject said this week.
The tech giant and the Obama administration are on track for a major collision over computer security and encryption after a federal magistrate judge in Los Angeles handed down an order on Tuesday requiring Apple to provide specific software and technical assistance to investigators.
Apple Chief Executive Officer Tim Cook called the request from the Federal Bureau of Investigation unprecedented. Other tech giants such as Facebook Inc (O:FB), Twitter Inc (N:TWTR) and Alphabet Inc's (O:GOOGL) Google have rallied to support Apple.
Apple has retained two prominent, free-speech lawyers to do battle with the government, according to court papers: Theodore Olson, who won the political-speech case Citizens United v. Federal Election Commission in 2010, and Theodore Boutrous, who frequently represents media organizations.
Government lawyers from the U.S. Justice Department have defended their request in court papers by citing various authorities, such as a 1977 U.S. Supreme Court ruling that upheld an order compelling a telephone company to provide assistance with setting up a device to record telephone numbers.
The high court said then that the All Writs Act, a law from 1789, authorized the order, and the scope of that ruling is expected to be a main target of Apple when it files a response in court by early next week.
But Apple will likely also broaden its challenge to include the First Amendment's guarantee of speech rights, according to lawyers who are not involved in the dispute but who are following it.
Compared with other countries, the United States has a strong guarantee of speech rights even for corporations, and at least one court has ruled that computer code is a form of speech, although that ruling was later voided.
Apple could argue that being required to create and provide specific computer code amounts to unlawful compelled speech, said Riana Pfefferkorn, a cryptography fellow at Stanford University's Center for Internet and Society.
The order against Apple is novel because it compels the company to create a new forensic tool to use, not just turn over information in Apple's possession, Pfefferkorn said. "I think there is a significant First Amendment concern," she said.
A spokesman for the U.S. Attorney's Office in Los Angeles declined to comment on the possible free-speech questions on Thursday.
A speech-rights argument from Apple, though, could be met with skepticism by the courts because computer code has become ubiquitous and underpins much of the U.S. economy.
"That is an argument of enormous breadth," said Stuart Benjamin, a Duke University law professor who writes about the First Amendment. He said Apple would need to show that the computer code conveyed a "substantive message."
In a case brought by a mathematician against U.S. export controls, a three-judge panel of the 9th U.S. Circuit Court of Appeals, which covers California, found in 1999 that the source code behind encryption software is protected speech. The opinion was later withdrawn so the full court could rehear the case, but that rehearing was canceled and the appeal declared moot after the government revised its export controls.
The FBI and prosecutors are seeking Apple's assistance to read the data on an iPhone 5C that had been used by Rizwan Farook, who along with his wife, Tashfeen Malik, carried out the San Bernardino shootings that killed 14 people and wounded 22 others at a holiday party.
U.S. prosecutors were smart to pick the mass shooting as a test case for an encryption fight with tech companies, said Michael Froomkin, a University of Miami law professor. That is because the shooting had a large emotional impact while also demonstrating the danger posed by armed militants, he said.
In addition, the iPhone in dispute was owned not by Farook but by his employer, a local government, which has consented to the search of the iPhone. The federal magistrate who issued the order, Sheri Pym, is also a former federal prosecutor.
"This is one of the worst set of facts possible for Apple. That's why the government picked this case," Froomkin said.
Froomkin added, though, that the fight was enormously important for the company because of the possibility that a new forensic tool could be easily used on other phones and the damage that could be done to Apple's global brand if it cannot withstand government demands on privacy. "All these demands make their phones less attractive to users," he said.
Australia, New Zealand urge China show restraint in South China Sea
By Colin Packham
SYDNEY (Reuters) - Australia and New Zealand on Friday strongly urged China to refrain from stoking tensions in the South China Sea after its apparent deployment of surface-to-air missiles on a disputed island.
Tensions between China and its neighbors Vietnam, Malaysia, Brunei, the Philippines and Taiwan over sovereignty in the South China Sea were raised after Taiwan and U.S. officials said China deployed an advanced surface-to-air missile system to Woody Island, in the Paracel Island chain.
"We urge all claimants in the South China Sea to refrain from any building of islands, any militarization of islands, any land reclamation," Australian Prime Minister Malcolm Turnbull said after a meeting in Sydney with his New Zealand counterpart John Key. "It is absolutely critical that we ensure that there is a lowering of tensions."
Turnbull said if Chinese President Xi Jinping was serious about avoiding the so-called Thucydides Trap, where a rising power causes fear in an established power that escalates toward war, he must resolve disputes through international law.
"President Xi is right in identifying avoiding that trap as a key goal," said Turnbull, who is expected to visit Beijing in April.
New Zealand, the first developed country to recognize China as a market economy and to sign a bilateral free trade deal, was leveraging its relationship with China to urge measures to lower tensions, Key said.
"As we get a deeper and closer economic relationship with China, does that give us more opportunities to make that case, both privately and publicly? ... my view is yes," said Key, noting that both Australia and New Zealand are now also part of the Asian Investment Bank.
The comments come after Australian Foreign Minister Julie Bishop visited Beijing, where she bought up the missiles and the South China sea in meetings with Chinese officials, including top diplomat, State Councillor Yang Jiechi.
Yang, in a statement released by the Foreign Ministry late on Thursday, said he told Bishop that Australia was not a party to the dispute, should stick to its promises not to take sides and "not participate in or take any actions to harm regional peace and stability or Sino-Australia ties".
The Chinese government has offered few specific details in response to the missiles claim, while accusing Western media of "hyping up" the story and saying China has a legitimate right to military facilities on territory it views as its own.
Beijing has been angered by air and sea patrols the United States has conducted near islands China claims in the region. Those have included one by two B-52 strategic bombers in November and by a U.S. Navy destroyer that sailed within 12 nautical miles of Triton Island in the Paracels last month.
An influential Chinese state-run tabloid, the Global Times, in an editorial on Friday described the HQ-9 missiles that are apparently now on Woody Island as "a typical type of defensive weapon", but warned the People's Liberation Army may feel compelled to deploy more weapons.
"If the U.S. military stages a real threat and a military clash is looming, the PLA may feel propelled to deploy more powerful weapons," it said.
SYDNEY (Reuters) - Australia and New Zealand on Friday strongly urged China to refrain from stoking tensions in the South China Sea after its apparent deployment of surface-to-air missiles on a disputed island.
Tensions between China and its neighbors Vietnam, Malaysia, Brunei, the Philippines and Taiwan over sovereignty in the South China Sea were raised after Taiwan and U.S. officials said China deployed an advanced surface-to-air missile system to Woody Island, in the Paracel Island chain.
"We urge all claimants in the South China Sea to refrain from any building of islands, any militarization of islands, any land reclamation," Australian Prime Minister Malcolm Turnbull said after a meeting in Sydney with his New Zealand counterpart John Key. "It is absolutely critical that we ensure that there is a lowering of tensions."
Turnbull said if Chinese President Xi Jinping was serious about avoiding the so-called Thucydides Trap, where a rising power causes fear in an established power that escalates toward war, he must resolve disputes through international law.
"President Xi is right in identifying avoiding that trap as a key goal," said Turnbull, who is expected to visit Beijing in April.
New Zealand, the first developed country to recognize China as a market economy and to sign a bilateral free trade deal, was leveraging its relationship with China to urge measures to lower tensions, Key said.
"As we get a deeper and closer economic relationship with China, does that give us more opportunities to make that case, both privately and publicly? ... my view is yes," said Key, noting that both Australia and New Zealand are now also part of the Asian Investment Bank.
The comments come after Australian Foreign Minister Julie Bishop visited Beijing, where she bought up the missiles and the South China sea in meetings with Chinese officials, including top diplomat, State Councillor Yang Jiechi.
Yang, in a statement released by the Foreign Ministry late on Thursday, said he told Bishop that Australia was not a party to the dispute, should stick to its promises not to take sides and "not participate in or take any actions to harm regional peace and stability or Sino-Australia ties".
The Chinese government has offered few specific details in response to the missiles claim, while accusing Western media of "hyping up" the story and saying China has a legitimate right to military facilities on territory it views as its own.
Beijing has been angered by air and sea patrols the United States has conducted near islands China claims in the region. Those have included one by two B-52 strategic bombers in November and by a U.S. Navy destroyer that sailed within 12 nautical miles of Triton Island in the Paracels last month.
An influential Chinese state-run tabloid, the Global Times, in an editorial on Friday described the HQ-9 missiles that are apparently now on Woody Island as "a typical type of defensive weapon", but warned the People's Liberation Army may feel compelled to deploy more weapons.
"If the U.S. military stages a real threat and a military clash is looming, the PLA may feel propelled to deploy more powerful weapons," it said.
Republican Trump backed Iraq war in 2002 interview, says views changed
(Reuters) - Republican presidential front-runner Donald Trump, who
frequently touts his opposition to the Iraq war, appeared to support the
idea in a newly unearthed 2002 interview, but said on Thursday he
became an opponent by the time the invasion occurred.
In the interview before the war began, which was republished by Buzzfeed on Thursday, radio personality Howard Stern asked Trump if he supported invading Iraq. "Yeah I guess so," Trump said, according to the audio clip.
During a town hall event in South Carolina on Thursday, Trump said the interview was not relevant because his views changed before the invasion. "By the time the war started, I was against it, and shortly after, I was really against it," he said.
The billionaire businessman and former reality TV star, who leads the field seeking the Republican nomination for the Nov. 8 election to succeed Democratic President Barack Obama, has cited his opposition to the 2003 invasion of Iraq as evidence of his foreign policy credentials.
But his criticism of former Republican President George W. Bush's actions has aggravated some in his party, including in South Carolina, which holds its Republican primary on Saturday.
Trump's comments on Thursday came after a participant at the CNN event said he was "stung" when the real estate mogul in a recent Republican debate accused Bush of lying about the reasons to go to war. He was referring to allegations, later proven false, that Iraq possessed weapons of mass destruction.
Trump walked back that criticism, saying the reasons for going to war were unclear. But he said the invasion was not justified and contributed to the destabilization of the Middle East.
"Going into Iraq, it may have been the worst decision anybody has made, any president has made, in the history of this country. That's how bad it is," Trump said.
In the interview before the war began, which was republished by Buzzfeed on Thursday, radio personality Howard Stern asked Trump if he supported invading Iraq. "Yeah I guess so," Trump said, according to the audio clip.
During a town hall event in South Carolina on Thursday, Trump said the interview was not relevant because his views changed before the invasion. "By the time the war started, I was against it, and shortly after, I was really against it," he said.
The billionaire businessman and former reality TV star, who leads the field seeking the Republican nomination for the Nov. 8 election to succeed Democratic President Barack Obama, has cited his opposition to the 2003 invasion of Iraq as evidence of his foreign policy credentials.
But his criticism of former Republican President George W. Bush's actions has aggravated some in his party, including in South Carolina, which holds its Republican primary on Saturday.
Trump's comments on Thursday came after a participant at the CNN event said he was "stung" when the real estate mogul in a recent Republican debate accused Bush of lying about the reasons to go to war. He was referring to allegations, later proven false, that Iraq possessed weapons of mass destruction.
Trump walked back that criticism, saying the reasons for going to war were unclear. But he said the invasion was not justified and contributed to the destabilization of the Middle East.
"Going into Iraq, it may have been the worst decision anybody has made, any president has made, in the history of this country. That's how bad it is," Trump said.
Cameron talks through night in Brussels, EU digs in heels
By Elizabeth Piper and Francesco Guarascio
BRUSSELS (Reuters) - Prime Minister David Cameron argued through the night in Brussels on Friday with European Union partners determined to limit concessions on offer to help keep Britain in the bloc.
Fellow leaders and diplomats said an agreement that would allow Cameron to return to London and launch a campaign to stay in the EU at a June referendum still seemed feasible by the end of a two-day summit on Friday, but some said the outstanding issues were proving tough to crack, holding up the process.
A late-night dinner lasting more than five hours that was devoted to renewed arguments over the response to Europe's migration crisis also meant that a plan for an "English breakfast" on Friday for all 28 leaders to try and hammer out a final deal was now set to turn into "brunch".
"It might take longer than they think," Irish Prime Minister Enda Kenny said on leaving the summit center, where Cameron remained locked in overnight talks with top EU officials, French President Francois Hollande and the Belgian and Czech premiers.
Those three national leaders made the case on the various points of most resistance to a draft agreement brokered by summit chairman Donald Tusk, who told reporters: "For now, we have made some progress but a lot still remains to be done."
Cameron had appealed to EU leaders to help him settle the question of Britain's European Union membership for a generation by agreeing a "credible" deal he can sell to the British public.
But aides voiced frustration at a lack of concessions by partners who are wary of Cameron's bid to side-step EU regulation and cut immigration: "I would say the going is tough, this could be a long night," a British official told reporters.
"While many countries were saying they want to help, they want to make sure they keep Britain in the EU, there wasn't much sign of how they are planning to do that in practice, not showing much room for maneuver," the official added.
STUBBORN DIFFERENCES
Paris has pushed for amendments to ensure Britain cannot veto actions by the euro zone countries or give City of London banks competitive advantage through regulation.
A group of east European states chaired by the Czechs is trying to hold back how far their citizens can be denied welfare benefits in Britain, or have family allowances reduced, as part of Cameron's drive to cut immigration.
And Belgian Prime Minister Charles Michel is fighting a rearguard action for the federalist cause to limit damage done to European plans for "ever closer union" by giving eurosceptic Britain a guarantee it need never share more sovereignty.
Italian Prime Minister Matteo Renzi said there had been some backward steps after an round-table session to discuss London's demands of reform in the EU before dinner: "I'm always confident but a bit less optimistic than when I arrived," he said.
German Chancellor Angela Merkel said: "The wish is there to keep Britain as a member of the European Union ... It became clear that agreement will not be easy for many, but that the will is there."
Many leaders said they felt they were at a historic turning point for European integration. No country has ever voted to leave the Union, and a British exit could deal a blow to the UK economy and certainly damage the EU's standing and self confidence.
Kenny, who fears Brexit would badly damage Ireland, told peers according to one participant: "You all have your problems but no one has bigger problems than David. He’s got half his cabinet against him, he’s got half his party against him.
"We have to give him a deal he can take home and sell to the British people."
How far the reform package will sway voters either way is unclear. Cameron's left-wing Labor opponent, Jeremy Corbyn, was also in Brussels where he echoed Conservative eurosceptics in describing the likely immigration deal as a "theatrical sideshow". But Labor plans to campaign to remain in the bloc.
Cameron told leaders on Thursday evening: "The question of Britain's place in Europe has been allowed to fester for too long and it is time to deal with it.
"If we can reach agreement here that is strong enough to persuade the British people to support the UK's membership of the EU then we have an opportunity to settle this issue for a generation," he said, describing the new relationship as a flexible one that allows countries to "live and let live".
BRUSSELS (Reuters) - Prime Minister David Cameron argued through the night in Brussels on Friday with European Union partners determined to limit concessions on offer to help keep Britain in the bloc.
Fellow leaders and diplomats said an agreement that would allow Cameron to return to London and launch a campaign to stay in the EU at a June referendum still seemed feasible by the end of a two-day summit on Friday, but some said the outstanding issues were proving tough to crack, holding up the process.
A late-night dinner lasting more than five hours that was devoted to renewed arguments over the response to Europe's migration crisis also meant that a plan for an "English breakfast" on Friday for all 28 leaders to try and hammer out a final deal was now set to turn into "brunch".
"It might take longer than they think," Irish Prime Minister Enda Kenny said on leaving the summit center, where Cameron remained locked in overnight talks with top EU officials, French President Francois Hollande and the Belgian and Czech premiers.
Those three national leaders made the case on the various points of most resistance to a draft agreement brokered by summit chairman Donald Tusk, who told reporters: "For now, we have made some progress but a lot still remains to be done."
Cameron had appealed to EU leaders to help him settle the question of Britain's European Union membership for a generation by agreeing a "credible" deal he can sell to the British public.
But aides voiced frustration at a lack of concessions by partners who are wary of Cameron's bid to side-step EU regulation and cut immigration: "I would say the going is tough, this could be a long night," a British official told reporters.
"While many countries were saying they want to help, they want to make sure they keep Britain in the EU, there wasn't much sign of how they are planning to do that in practice, not showing much room for maneuver," the official added.
STUBBORN DIFFERENCES
Paris has pushed for amendments to ensure Britain cannot veto actions by the euro zone countries or give City of London banks competitive advantage through regulation.
A group of east European states chaired by the Czechs is trying to hold back how far their citizens can be denied welfare benefits in Britain, or have family allowances reduced, as part of Cameron's drive to cut immigration.
And Belgian Prime Minister Charles Michel is fighting a rearguard action for the federalist cause to limit damage done to European plans for "ever closer union" by giving eurosceptic Britain a guarantee it need never share more sovereignty.
Italian Prime Minister Matteo Renzi said there had been some backward steps after an round-table session to discuss London's demands of reform in the EU before dinner: "I'm always confident but a bit less optimistic than when I arrived," he said.
German Chancellor Angela Merkel said: "The wish is there to keep Britain as a member of the European Union ... It became clear that agreement will not be easy for many, but that the will is there."
Many leaders said they felt they were at a historic turning point for European integration. No country has ever voted to leave the Union, and a British exit could deal a blow to the UK economy and certainly damage the EU's standing and self confidence.
Kenny, who fears Brexit would badly damage Ireland, told peers according to one participant: "You all have your problems but no one has bigger problems than David. He’s got half his cabinet against him, he’s got half his party against him.
"We have to give him a deal he can take home and sell to the British people."
How far the reform package will sway voters either way is unclear. Cameron's left-wing Labor opponent, Jeremy Corbyn, was also in Brussels where he echoed Conservative eurosceptics in describing the likely immigration deal as a "theatrical sideshow". But Labor plans to campaign to remain in the bloc.
Cameron told leaders on Thursday evening: "The question of Britain's place in Europe has been allowed to fester for too long and it is time to deal with it.
"If we can reach agreement here that is strong enough to persuade the British people to support the UK's membership of the EU then we have an opportunity to settle this issue for a generation," he said, describing the new relationship as a flexible one that allows countries to "live and let live".
NYMEX crude holds weakness in Asia, Baker Hughes rig data ahead
Source : Investing.com
Crude prices fell in Asia on Friday with the global supply outlook bearish and demand lagging.
On the New York Mercantile Exchange, WTI crude for March delivery fell 0.94% to $30.48 a barrel. Brent eased 1.08% to $33.91 a barrel.
Later Friday, research group Baker Hughes is expected to report rig count data in the U.S.. It last week that that the number of rigs drilling for oil in the U.S. decreased by 28 to 439 in the previous week.
Overnight, crude futures pared most of its earlier gains on Thursday, after an unexpected build in U.S. inventories last week pushed inventories to near full storage capacity.
It marked the first time in nearly two weeks that U.S. crude futures remained above $30 a barrel for the entirety of a session. A day earlier, the front month contract for WTI crude surged more than 8%, after Iran oil minister Bijan Zanganeh said his nation supports a so-called Doha Agreement, in which four top producers have pledged to freeze output at their January levels in an effort to bolster persistently low prices.
On the Intercontinental Exchange, Brent crude for April delivery traded between $34.09 and $35.73 a barrel, before closing at $34.20, down 0.31 or 0.90% on the session. North Brent Sea futures also soared more than 8% on Thursday, capping a four-day stretch where the international benchmark for crude jumped more than $4 a barrel or 15%.
On Thursday morning, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that commercial crude inventories for the week ending on February 12 rose by 2.1 million barrels from the previous week. At 504.1 million barrels, U.S. crude oil inventories remain at historically high levels for this time of year. Total motor gasoline inventories increased by 3.0 million barrels last week, while distillate fuel inventories rose by 1.4 million barrels.
Although the build fell below consensus estimates of a 3.9 million barrel increase, investors for the most part anticipated a significant draw after the American Petroleum Institute reported a weekly decline of 3.3 million barrels on Wednesday evening. Both reports were released a day later than usual this week due to Monday's Presidents Day holiday.
At the Cushing Oil Hub in Oklahoma, inventories rose by only 36,000, defying expectations for an increase of 500,000. The figures exacerbate concerns that Cushing officials could be denying storage requests, as capacity at the nation's largest storage facility approaches its limit. Furthermore, a number of analysts found the data to be confounding given that Genscape, Inc. estimated a weekly build of 705,000 just days earlier.
U.S. production, meanwhile, fell sharply by 51,000 barrels per day to 9.135 million bpd for the week. It represented the fourth straight week of weekly declines and the second consecutive week that output dipped below the 9.2 million bpd threshold.
In the Middle East, United Arab Emirates oil minister Suhail bin Mohammed al-Mazrouei criticized Iran for their intentions to continue to pump oil, while their counterparts in the region are advocating a production freeze. It came one day after Zanganeh said he backed a plan by Saudi Arabia, Russia, Venezuela and Qatar to cap their production at levels reached last month. Still, Zanganeh stopped short of approving any deal which requires Iran to limit their production before it can return to pre-sanction levels from 2007.
“Anyone who is introducing more supply into the market in the current situation is going to make it worse. That’s obvious, I don’t think we need a scientist to tell you that," Mazrouei told reporters at a conference in Abu Dhabi. "They are entitled to produce whatever they want, whether it’s 100,000 or 200,000 or 500,000 but (it's not) going to help the situation.”
Crude prices fell in Asia on Friday with the global supply outlook bearish and demand lagging.
On the New York Mercantile Exchange, WTI crude for March delivery fell 0.94% to $30.48 a barrel. Brent eased 1.08% to $33.91 a barrel.
Later Friday, research group Baker Hughes is expected to report rig count data in the U.S.. It last week that that the number of rigs drilling for oil in the U.S. decreased by 28 to 439 in the previous week.
Overnight, crude futures pared most of its earlier gains on Thursday, after an unexpected build in U.S. inventories last week pushed inventories to near full storage capacity.
It marked the first time in nearly two weeks that U.S. crude futures remained above $30 a barrel for the entirety of a session. A day earlier, the front month contract for WTI crude surged more than 8%, after Iran oil minister Bijan Zanganeh said his nation supports a so-called Doha Agreement, in which four top producers have pledged to freeze output at their January levels in an effort to bolster persistently low prices.
On the Intercontinental Exchange, Brent crude for April delivery traded between $34.09 and $35.73 a barrel, before closing at $34.20, down 0.31 or 0.90% on the session. North Brent Sea futures also soared more than 8% on Thursday, capping a four-day stretch where the international benchmark for crude jumped more than $4 a barrel or 15%.
On Thursday morning, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that commercial crude inventories for the week ending on February 12 rose by 2.1 million barrels from the previous week. At 504.1 million barrels, U.S. crude oil inventories remain at historically high levels for this time of year. Total motor gasoline inventories increased by 3.0 million barrels last week, while distillate fuel inventories rose by 1.4 million barrels.
Although the build fell below consensus estimates of a 3.9 million barrel increase, investors for the most part anticipated a significant draw after the American Petroleum Institute reported a weekly decline of 3.3 million barrels on Wednesday evening. Both reports were released a day later than usual this week due to Monday's Presidents Day holiday.
At the Cushing Oil Hub in Oklahoma, inventories rose by only 36,000, defying expectations for an increase of 500,000. The figures exacerbate concerns that Cushing officials could be denying storage requests, as capacity at the nation's largest storage facility approaches its limit. Furthermore, a number of analysts found the data to be confounding given that Genscape, Inc. estimated a weekly build of 705,000 just days earlier.
U.S. production, meanwhile, fell sharply by 51,000 barrels per day to 9.135 million bpd for the week. It represented the fourth straight week of weekly declines and the second consecutive week that output dipped below the 9.2 million bpd threshold.
In the Middle East, United Arab Emirates oil minister Suhail bin Mohammed al-Mazrouei criticized Iran for their intentions to continue to pump oil, while their counterparts in the region are advocating a production freeze. It came one day after Zanganeh said he backed a plan by Saudi Arabia, Russia, Venezuela and Qatar to cap their production at levels reached last month. Still, Zanganeh stopped short of approving any deal which requires Iran to limit their production before it can return to pre-sanction levels from 2007.
“Anyone who is introducing more supply into the market in the current situation is going to make it worse. That’s obvious, I don’t think we need a scientist to tell you that," Mazrouei told reporters at a conference in Abu Dhabi. "They are entitled to produce whatever they want, whether it’s 100,000 or 200,000 or 500,000 but (it's not) going to help the situation.”
Tuesday, February 16, 2016
Gold stage moderate recovery in Asia after earlier dip
Source : Investing.com - Gold prices recovered in Asia on Wednesday as
investors await minutes from the Federal Reserve's most recent policy
meeting to determine sentiment on the path of U.S. interest rates in
2016.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.07% to $1,209.00 a troy ounce, after dipping earlier in the day.
A story in the Wall Street Journal that hedge-fund manager John Paulson pared a long-bet on gold in the fourth quarter also dampened demand for the yellow metal.
Silver futures for March delivery rose 0.14% to $15.355 a troy ounce and copper futures for March delivery dropped 0.27% to $2.044 a pound.
Overnight, gold continued its retreat from 12-month highs on Tuesday, as investors awaited the release of the Federal Open Market Committee's minutes from its January meeting for further signals of possible divergence between the Federal Reserve and other major central banks throughout the world.
Since surging by more than $60 an ounce to one-year highs last Thursday, gold has erased nearly all of the gains from the session by falling back approximately 3.6% over the last four sessions. The precious metal is still up nearly 14% since the start of the year, on pace for one of its strongest quarters in 30 years.
Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,260.80, the high from Feb. 11.
Investors continued to digest dovish comments from European Central Bank president Mario Draghi on the strong possibility that its Governing Council will approve further easing measures when it holds its next monetary policy meeting in March. Speaking before the European Parliament's Economic and Monetary Affairs Committee in Brussels on Monday, Draghi indicated that the ECB will not show reluctance to act if persistent financial market turmoil or low energy prices continue to impact inflation expectations.
Last month, an ECB survey of 57 economists showed that annual inflation expectations for 2016 fell to 0.7%, down 0.3% from previous forecasts three months earlier. While forecasters anticipate that inflation in the euro zone will increase in each of the following two years, it is still expected to remain below the ECB's targeted goal of 2% through the end of 2018.
Crude prices have hovered around 12-year lows over the last two months, while euro zone banking stocks have tumbled in recent weeks amid concerns related to a rout in the high-yield sector and the ramifications of the adoption of negative interest rate policies at major central banks across the continent.
"We will examine the strength of the pass-through of low imported inflation to domestic wage and price formation and to inflation expectations. This will depend on the size and the persistence of the fall in oil and commodity prices and the incidence of second-round effects on domestic wages and prices," Draghi said.
"In light of the recent financial turmoil, we will analyze the state of transmission of our monetary impulses by the financial system and in particular by banks. If either of these two factors entail downward risks to price stability, we will not hesitate to act."
When the FOMC releases the minutes from its January meeting on Wednesday afternoon, investors could receive further indications on the pace of tightening the U.S. central bank will embark on over the next several months. While Janet Yellen testified last week that it is unlikely that economic conditions will force the FOMC to cut short-term interest rates, the Fed chair did not take negative interest rates off the table.
In late-January, the Bank of Japan spooked global markets by pushing its benchmark rate below zero for the first time in history. With the ECB's deposit rate already in subzero territory, it marks the first time on record that two of the three top central banks in the world have operated negative interest rate policies at the same time.
Any rate hikes by the Fed this year are viewed as bearish for gold, which struggles to compete with high-yield bearing assets in rising rate environments.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.07% to $1,209.00 a troy ounce, after dipping earlier in the day.
A story in the Wall Street Journal that hedge-fund manager John Paulson pared a long-bet on gold in the fourth quarter also dampened demand for the yellow metal.
Silver futures for March delivery rose 0.14% to $15.355 a troy ounce and copper futures for March delivery dropped 0.27% to $2.044 a pound.
Overnight, gold continued its retreat from 12-month highs on Tuesday, as investors awaited the release of the Federal Open Market Committee's minutes from its January meeting for further signals of possible divergence between the Federal Reserve and other major central banks throughout the world.
Since surging by more than $60 an ounce to one-year highs last Thursday, gold has erased nearly all of the gains from the session by falling back approximately 3.6% over the last four sessions. The precious metal is still up nearly 14% since the start of the year, on pace for one of its strongest quarters in 30 years.
Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,260.80, the high from Feb. 11.
Investors continued to digest dovish comments from European Central Bank president Mario Draghi on the strong possibility that its Governing Council will approve further easing measures when it holds its next monetary policy meeting in March. Speaking before the European Parliament's Economic and Monetary Affairs Committee in Brussels on Monday, Draghi indicated that the ECB will not show reluctance to act if persistent financial market turmoil or low energy prices continue to impact inflation expectations.
Last month, an ECB survey of 57 economists showed that annual inflation expectations for 2016 fell to 0.7%, down 0.3% from previous forecasts three months earlier. While forecasters anticipate that inflation in the euro zone will increase in each of the following two years, it is still expected to remain below the ECB's targeted goal of 2% through the end of 2018.
Crude prices have hovered around 12-year lows over the last two months, while euro zone banking stocks have tumbled in recent weeks amid concerns related to a rout in the high-yield sector and the ramifications of the adoption of negative interest rate policies at major central banks across the continent.
"We will examine the strength of the pass-through of low imported inflation to domestic wage and price formation and to inflation expectations. This will depend on the size and the persistence of the fall in oil and commodity prices and the incidence of second-round effects on domestic wages and prices," Draghi said.
"In light of the recent financial turmoil, we will analyze the state of transmission of our monetary impulses by the financial system and in particular by banks. If either of these two factors entail downward risks to price stability, we will not hesitate to act."
When the FOMC releases the minutes from its January meeting on Wednesday afternoon, investors could receive further indications on the pace of tightening the U.S. central bank will embark on over the next several months. While Janet Yellen testified last week that it is unlikely that economic conditions will force the FOMC to cut short-term interest rates, the Fed chair did not take negative interest rates off the table.
In late-January, the Bank of Japan spooked global markets by pushing its benchmark rate below zero for the first time in history. With the ECB's deposit rate already in subzero territory, it marks the first time on record that two of the three top central banks in the world have operated negative interest rate policies at the same time.
Any rate hikes by the Fed this year are viewed as bearish for gold, which struggles to compete with high-yield bearing assets in rising rate environments.
NYMEX crude gains in Asia with API data ahead, output freeze eyed
Source : Investing.com - Crude oil prices rebounded mildly in Asia on
Wednesday after an overnight drop based on lukewarm sentiment for a
potential output freeze.
On the New York Mercantile Exchange, WTI crude for March delivery rose 0.57% to $29.20 a barrel. Brent oil gained 1.09% to $32.53 a barrel
The American Petroleum Institute is expected to provide estimates of crude oil and refined product stocks last week, followed on Thursday by more closely-watched figures from the U.S. Department of Energy. The data was delayed by a day because of a federal holiday on Monday in the U.S.
In the U.S., crude stockpiles at the Cushing Oil Hub in Oklahoma, rose by 705,000 for the week ending on Feb. 12, according to global data provider Genscape, Inc. Inventories at Cushing, the main delivery point of Nymex oil, are approaching near 90% of full storage capacity.
Overnight, U.S. crude pared sharp gains on Tuesday, after investors expressed intense skepticism that a Saudi Arabian-Russian brokered deal aimed at freezing production at its current levels could be completed without the cooperation of Iran.
On the Intercontinental Exchange, Brent crude for April delivery traded in a broad range between $31.93 and $35.54 a barrel, before closing at $32.76, down 1.25 or 3.73% on the session. At one point on Tuesday, North Sea brent futures sprung to near three-week highs reached at the start of the month, following a four-day winning streak to cap January. Brent still settled at its lowest closing level in four sessions, following a late sell-off.
Both the international and U.S. benchmarks of crude are down more than 70% over the last 15 months since OPEC rattled global energy markets in November, 2014, with a strategic decision to leave its production ceiling above 30 million barrels per day. As a result oil markets have been awash in excessive supply, pushing crude prices to levels not seen since the early-2000s.
In Doha, the four producers agreed in principle on an accord to freeze output at its January levels, representing the first time OPEC and Non-OPEC states have reached a deal in 15 years. Last month, Saudi Arabia, the world's top exporter pumped 10.2 million barrels of crude per day, just below its June peak of 10.5 million bpd.
"The reason we agreed to a potential freeze of production is simple: it is the beginning of a process which we will assess in the next few months and decide if we need other steps to stabilize and improve the market," Saudi Arabia energy minister Ali al-Naimi told reporters on Tuesday.
"We don't want significant gyrations in prices, we don't want reduction in supply, we want to meet demand, we want a stable oil price," al-Naimi added. "We have to take a step at a time."
Any deal, however, is contingent on the approval of Persian Gulf neighbor Iran, which was notably absent from the meeting. On Monday, Iran began exporting crude oil to Europe for the first time in five years, nearly a month after a group of Western Powers eased long-term economic sanctions against the nation, paving the way for its return to global markets. Three Iranian tankers carrying 2 million barrels to French Oil and Gas company Total, and another 2 million to companies in Spain and Russia were headed for Europe, Iran deputy oil minister Rokneddin Javadi told the Shana News Agency. Iran also announced plans over the weekend to boost its production and exports by 1 million barrels per day in 2016.
While the four producers are scheduled to meet with Iran and Iraq on Wednesday in Tehran, Iranian officials are not expected to freeze production until it returns to pre-sanction levels.
On the New York Mercantile Exchange, WTI crude for March delivery rose 0.57% to $29.20 a barrel. Brent oil gained 1.09% to $32.53 a barrel
The American Petroleum Institute is expected to provide estimates of crude oil and refined product stocks last week, followed on Thursday by more closely-watched figures from the U.S. Department of Energy. The data was delayed by a day because of a federal holiday on Monday in the U.S.
In the U.S., crude stockpiles at the Cushing Oil Hub in Oklahoma, rose by 705,000 for the week ending on Feb. 12, according to global data provider Genscape, Inc. Inventories at Cushing, the main delivery point of Nymex oil, are approaching near 90% of full storage capacity.
Overnight, U.S. crude pared sharp gains on Tuesday, after investors expressed intense skepticism that a Saudi Arabian-Russian brokered deal aimed at freezing production at its current levels could be completed without the cooperation of Iran.
On the Intercontinental Exchange, Brent crude for April delivery traded in a broad range between $31.93 and $35.54 a barrel, before closing at $32.76, down 1.25 or 3.73% on the session. At one point on Tuesday, North Sea brent futures sprung to near three-week highs reached at the start of the month, following a four-day winning streak to cap January. Brent still settled at its lowest closing level in four sessions, following a late sell-off.
Both the international and U.S. benchmarks of crude are down more than 70% over the last 15 months since OPEC rattled global energy markets in November, 2014, with a strategic decision to leave its production ceiling above 30 million barrels per day. As a result oil markets have been awash in excessive supply, pushing crude prices to levels not seen since the early-2000s.
In Doha, the four producers agreed in principle on an accord to freeze output at its January levels, representing the first time OPEC and Non-OPEC states have reached a deal in 15 years. Last month, Saudi Arabia, the world's top exporter pumped 10.2 million barrels of crude per day, just below its June peak of 10.5 million bpd.
"The reason we agreed to a potential freeze of production is simple: it is the beginning of a process which we will assess in the next few months and decide if we need other steps to stabilize and improve the market," Saudi Arabia energy minister Ali al-Naimi told reporters on Tuesday.
"We don't want significant gyrations in prices, we don't want reduction in supply, we want to meet demand, we want a stable oil price," al-Naimi added. "We have to take a step at a time."
Any deal, however, is contingent on the approval of Persian Gulf neighbor Iran, which was notably absent from the meeting. On Monday, Iran began exporting crude oil to Europe for the first time in five years, nearly a month after a group of Western Powers eased long-term economic sanctions against the nation, paving the way for its return to global markets. Three Iranian tankers carrying 2 million barrels to French Oil and Gas company Total, and another 2 million to companies in Spain and Russia were headed for Europe, Iran deputy oil minister Rokneddin Javadi told the Shana News Agency. Iran also announced plans over the weekend to boost its production and exports by 1 million barrels per day in 2016.
While the four producers are scheduled to meet with Iran and Iraq on Wednesday in Tehran, Iranian officials are not expected to freeze production until it returns to pre-sanction levels.
Shares in Asia dip as investors await Fed minutes
Source : Investing.com - Shares fell in Asia on Wednesday ahead of minutes
from the Federal Reserve expected to set a tone on the rate outlook.
The Nikkei 225 fell 1.48%, while the Shanghai Composite eased 0.24% and the S&P/ASX 200
dropped 0.56%.
In Japan, core machinery orders for December rose 4.2%, below a gain of 4.7% seen month-on-month and year-on-year orders fell 3.6%, more than the drop of 3.1% expected.
Japan's Cabinet Office projects core machinery orders will rise 8.6% on quarter in January-March after rising 4.3% in Q4. It would be the largest increase since 11.2% in the first quarter of 2003.
But it is uncertain whether the recent stock market sell-off and the appreciation of the yen will slow the pace of the gradual pickup in machinery orders.
Earlier, the MI leading index came in flat from a 0.3% drop in January.
The yuan fell against the dollar Wednesday after the People's Bank of China set another weaker fixing at 6.5237 Wednesday compared with 6.5130.
Overnight, U.S. stocks were higher after the close on Tuesday, as gains in the Consumer Services, Industrials and Technology sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average rose 1.39%, while the S&P 500 index climbed 1.65%, and the NASDAQ Composite index climbed 2.27%.
The Nikkei 225 fell 1.48%, while the Shanghai Composite eased 0.24% and the S&P/ASX 200
dropped 0.56%.
In Japan, core machinery orders for December rose 4.2%, below a gain of 4.7% seen month-on-month and year-on-year orders fell 3.6%, more than the drop of 3.1% expected.
Japan's Cabinet Office projects core machinery orders will rise 8.6% on quarter in January-March after rising 4.3% in Q4. It would be the largest increase since 11.2% in the first quarter of 2003.
But it is uncertain whether the recent stock market sell-off and the appreciation of the yen will slow the pace of the gradual pickup in machinery orders.
Earlier, the MI leading index came in flat from a 0.3% drop in January.
The yuan fell against the dollar Wednesday after the People's Bank of China set another weaker fixing at 6.5237 Wednesday compared with 6.5130.
Overnight, U.S. stocks were higher after the close on Tuesday, as gains in the Consumer Services, Industrials and Technology sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average rose 1.39%, while the S&P 500 index climbed 1.65%, and the NASDAQ Composite index climbed 2.27%.
Monday, February 15, 2016
Forex - Aussie jumps after RBA minutes upbeat on assessment
Source : Investing.com
The Aussie jumped higher after the release of central bank minutes on Tuesday pointed to a upbeat assessment of the economy.
AUD/USD traded at 0.7177, up 0.54% while NZD/USD traded at 0.6668, up 0.32% and the USD/JPY traded at 114.71, down 0.10%.
The Reserve Bank of Australia sees domestic conditions on balance as positive, though it continues to keep a close eye on the economic wobbles in China, according to the minutes of its Feb. 2 board meeting released Tuesday.
At the meeting, the RBA held rates at a record low 2%.
Earlier, in New Zealand, retail sales quarter-on-quarter rose 1.2% in the fourth quarter, weaker than the 1.4% gain expected.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 96.75, up 0.79%
Overnight, the dollar pushed broadly higher against the other major currencies on Monday, as Friday’s upeat U.S. retail sales data continued to support and as comments by Japanese Prime Minster Shinzo Abe still weighed on the yen.
Trading volumes were low on Monday with U.S. markets closed in observance of Presidents' Day.
The Commerce Department said on Friday that retail sales rose 0.2% last month, beating expectations for an increase of 0.1%.
Retail figures used to calculate gross domestic product, which exclude cars, fuel, building materials and food services, rose 0.6% in January after a 0.3% fall in the previous month.
Meanwhile, the yen weakened after Japanese Prime Minister Shinzo Abe told parliament that "excessive currency volatility is undesirable," and said Tokyo will take appropriate action in the exchange rate market as needed. Separately, data earlier showed that Japan’s gross domestic product contracted by an annualized 1.4% in the three months to December, worse than expectations for a contraction of 1.2%, following a revised 1.3% expansion in the second quarter.
Also Monday, data showed that China’s exports fell 11.2% in January from the same month a year earlier, following a drop of 1.4% in December. Economists had forecast a far more modest decline of 1.9%.
Imports dropped 18.8% last month after falling 7.6% in December, compared to expectations for a 0.8% decrease.
The Aussie jumped higher after the release of central bank minutes on Tuesday pointed to a upbeat assessment of the economy.
AUD/USD traded at 0.7177, up 0.54% while NZD/USD traded at 0.6668, up 0.32% and the USD/JPY traded at 114.71, down 0.10%.
The Reserve Bank of Australia sees domestic conditions on balance as positive, though it continues to keep a close eye on the economic wobbles in China, according to the minutes of its Feb. 2 board meeting released Tuesday.
At the meeting, the RBA held rates at a record low 2%.
Earlier, in New Zealand, retail sales quarter-on-quarter rose 1.2% in the fourth quarter, weaker than the 1.4% gain expected.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 96.75, up 0.79%
Overnight, the dollar pushed broadly higher against the other major currencies on Monday, as Friday’s upeat U.S. retail sales data continued to support and as comments by Japanese Prime Minster Shinzo Abe still weighed on the yen.
Trading volumes were low on Monday with U.S. markets closed in observance of Presidents' Day.
The Commerce Department said on Friday that retail sales rose 0.2% last month, beating expectations for an increase of 0.1%.
Retail figures used to calculate gross domestic product, which exclude cars, fuel, building materials and food services, rose 0.6% in January after a 0.3% fall in the previous month.
Meanwhile, the yen weakened after Japanese Prime Minister Shinzo Abe told parliament that "excessive currency volatility is undesirable," and said Tokyo will take appropriate action in the exchange rate market as needed. Separately, data earlier showed that Japan’s gross domestic product contracted by an annualized 1.4% in the three months to December, worse than expectations for a contraction of 1.2%, following a revised 1.3% expansion in the second quarter.
Also Monday, data showed that China’s exports fell 11.2% in January from the same month a year earlier, following a drop of 1.4% in December. Economists had forecast a far more modest decline of 1.9%.
Imports dropped 18.8% last month after falling 7.6% in December, compared to expectations for a 0.8% decrease.
Winter storm hits U.S. East Coast, tornadoes tear into South
By Ian Simpson and Barbara Goldberg
WASHINGTON/NEW YORK (Reuters) - An expansive winter storm bore down on the U.S. East Coast on Monday, scuttling almost 1,600 flights, while tornadoes downed trees and flattened homes in the South, trapping some residents in their dwellings.
From 2 to 4 inches (5 to 10 cm) of snow blanketed Washington by nightfall, with less accumulation forecast for New York City. National Weather Service meteorologist Patrick Burke said the snow would turn into freezing rain and then rain amid rising temperatures.
"It could be pretty tricky for the morning commute on Tuesday," he said.
The New York City Office of Emergency Management issued a travel advisory for Monday and Tuesday, warning residents about potentially slick roads and possible coastal flooding.
Record-breaking cold intensified by gusting winds gripped the U.S. Northeast over the Presidents Day holiday weekend. But temperatures on Tuesday were predicted to rise as high as 56 degrees Fahrenheit (13 Celsius) in New York and 53F (12C) in Washington.
On the southern edge of the cold front, Mississippi, Alabama and the Florida Panhandle were hit by heavy rain, hail and tornadoes.
A high school was damaged in Wesson, Mississippi, and a fire department headquarters was destroyed in Conecuh County, Alabama, the National Weather Service said.
In Escambia County, Florida, about 30 homes were damaged and that number could increase as crews assess damage in coming hours, according to Joy Tsubooka, a spokeswoman for the county emergency agency.
Two people were taken to hospital with minor injuries. "We've been going door to door and doing search and rescue," Tsubooka said.
Almost 1,600 U.S. flights were canceled, mostly at Washington, North Carolina and New York-area airports, according to flight tracking website FlightAware.com.
The vast storm stretched to western parts of Pennsylvania and New York, where Buffalo was expected to get more than 12 inches of snow.
New England ski resorts, struggling through a relatively warm and snowless winter, may receive up to 5 inches of snow, meteorologist Burke said.
WASHINGTON/NEW YORK (Reuters) - An expansive winter storm bore down on the U.S. East Coast on Monday, scuttling almost 1,600 flights, while tornadoes downed trees and flattened homes in the South, trapping some residents in their dwellings.
From 2 to 4 inches (5 to 10 cm) of snow blanketed Washington by nightfall, with less accumulation forecast for New York City. National Weather Service meteorologist Patrick Burke said the snow would turn into freezing rain and then rain amid rising temperatures.
"It could be pretty tricky for the morning commute on Tuesday," he said.
The New York City Office of Emergency Management issued a travel advisory for Monday and Tuesday, warning residents about potentially slick roads and possible coastal flooding.
Record-breaking cold intensified by gusting winds gripped the U.S. Northeast over the Presidents Day holiday weekend. But temperatures on Tuesday were predicted to rise as high as 56 degrees Fahrenheit (13 Celsius) in New York and 53F (12C) in Washington.
On the southern edge of the cold front, Mississippi, Alabama and the Florida Panhandle were hit by heavy rain, hail and tornadoes.
A high school was damaged in Wesson, Mississippi, and a fire department headquarters was destroyed in Conecuh County, Alabama, the National Weather Service said.
In Escambia County, Florida, about 30 homes were damaged and that number could increase as crews assess damage in coming hours, according to Joy Tsubooka, a spokeswoman for the county emergency agency.
Two people were taken to hospital with minor injuries. "We've been going door to door and doing search and rescue," Tsubooka said.
Almost 1,600 U.S. flights were canceled, mostly at Washington, North Carolina and New York-area airports, according to flight tracking website FlightAware.com.
The vast storm stretched to western parts of Pennsylvania and New York, where Buffalo was expected to get more than 12 inches of snow.
New England ski resorts, struggling through a relatively warm and snowless winter, may receive up to 5 inches of snow, meteorologist Burke said.
NYMEX, Brent crude soar in Asia on output cut talks
Source : Investing.com
Crude oil prices continued strong gains in Asia on Tuesday as elements come together to at least consider a cut in crude output by major producers.
On the New York Mercantile Exchange, crude oil for delivery in March jumped 4.81% to $30.86 a barrel. Brent was last quoted at $34.73 a barrel, up 4.03%.
This week, the American Petroleum Institute and U.S. Department of Energy estimates of crude and refined stockpiles in the U.S. are likely to be delayed by a day each because of a federal holiday on Monday.
Overnight, oil prices were steady on Monday, holding on to last week's gains on speculation that OPEC might agree to cut production to reduce a supply glut that has pushed prices to the lowest in over a decade.
"Some traders still think about the chances of an OPEC plus Russia (production) cut and close their short positions," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.
Nigeria's oil minister told Reuters the mood inside OPEC was shifting to a growing consensus that a decision must be reached on how to prop up prices.
Non-OPEC member Russia said on Monday it was in talks on coordinated output cuts with individual OPEC members, mainly Venezuela, but not with the organization itself, news agency Interfax quoted Russia's representative to OPEC as saying.
Last week, the United Arab Emirates' energy minister said OPEC was willing to cooperate on an output cut, the Wall Street Journal reported last week.
"The fact that the market has reacted so strongly certainly indicates that these comments are being taken seriously," analysts at Frankfurt-based Commerzbank (DE:DE:DE:CBKG) wrote. However, many analysts, including the International Energy Agency, are still skeptical OPEC will cut a deal with other producers to reign in ballooning output.
"We continue to believe that if prices were to be artificially supported with production cuts it would only give more expensive forms of production more room to breathe and would only solve the problem in the short term," Phillip Futures said in a note.
Iran is exporting 1.3 million barrels per day (bpd) of crude, and will be pumping 1.5 million bpd by the start of the next Iranian year on March 20, a vice president was quoted as saying on Saturday.
Iran would load 4 million barrels of crude on tankers destined for Europe in the coming 24 hours, a senior official was quoted as saying. Ben van Beurden, chief executive of oil company Shell (L:L:L:RDSa), said on Monday that volatility in oil prices may stabilize later this year and that prices could rebound after that.
Crude oil prices continued strong gains in Asia on Tuesday as elements come together to at least consider a cut in crude output by major producers.
On the New York Mercantile Exchange, crude oil for delivery in March jumped 4.81% to $30.86 a barrel. Brent was last quoted at $34.73 a barrel, up 4.03%.
This week, the American Petroleum Institute and U.S. Department of Energy estimates of crude and refined stockpiles in the U.S. are likely to be delayed by a day each because of a federal holiday on Monday.
Overnight, oil prices were steady on Monday, holding on to last week's gains on speculation that OPEC might agree to cut production to reduce a supply glut that has pushed prices to the lowest in over a decade.
"Some traders still think about the chances of an OPEC plus Russia (production) cut and close their short positions," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.
Nigeria's oil minister told Reuters the mood inside OPEC was shifting to a growing consensus that a decision must be reached on how to prop up prices.
Non-OPEC member Russia said on Monday it was in talks on coordinated output cuts with individual OPEC members, mainly Venezuela, but not with the organization itself, news agency Interfax quoted Russia's representative to OPEC as saying.
Last week, the United Arab Emirates' energy minister said OPEC was willing to cooperate on an output cut, the Wall Street Journal reported last week.
"The fact that the market has reacted so strongly certainly indicates that these comments are being taken seriously," analysts at Frankfurt-based Commerzbank (DE:DE:DE:CBKG) wrote. However, many analysts, including the International Energy Agency, are still skeptical OPEC will cut a deal with other producers to reign in ballooning output.
"We continue to believe that if prices were to be artificially supported with production cuts it would only give more expensive forms of production more room to breathe and would only solve the problem in the short term," Phillip Futures said in a note.
Iran is exporting 1.3 million barrels per day (bpd) of crude, and will be pumping 1.5 million bpd by the start of the next Iranian year on March 20, a vice president was quoted as saying on Saturday.
Iran would load 4 million barrels of crude on tankers destined for Europe in the coming 24 hours, a senior official was quoted as saying. Ben van Beurden, chief executive of oil company Shell (L:L:L:RDSa), said on Monday that volatility in oil prices may stabilize later this year and that prices could rebound after that.
Shares in Asia gain further as sentiment improves
Source : Investing.com
Shares in Tokyo gained smartly in Asia on Tuesday, joined by Sydney and Shanghai as sentiment improved following recent sharp volatility in global markets.
The Nikkei 225 rose 1.70%, while the Shanghai Composite gained 2.83% and the S&P/ASX 200 rose 0.82%.
Earlier, the Reserve Bank of Australia said it sees domestic conditions on balance as positive, though it continues to keep a close eye on the economic wobbles in China, according to the minutes of its Feb. 2 board meeting released Tuesday.
At the meeting, the RBA held rates at a record low 2%.
U.S. markets were closed on Monday. Ahead, market players will be turning their attention to Wednesday’s minutes of the Fed’s latest policy meeting for fresh indications on whether the U.S. central bank will raise interest rates at all this year.
Shares in Tokyo gained smartly in Asia on Tuesday, joined by Sydney and Shanghai as sentiment improved following recent sharp volatility in global markets.
The Nikkei 225 rose 1.70%, while the Shanghai Composite gained 2.83% and the S&P/ASX 200 rose 0.82%.
Earlier, the Reserve Bank of Australia said it sees domestic conditions on balance as positive, though it continues to keep a close eye on the economic wobbles in China, according to the minutes of its Feb. 2 board meeting released Tuesday.
At the meeting, the RBA held rates at a record low 2%.
U.S. markets were closed on Monday. Ahead, market players will be turning their attention to Wednesday’s minutes of the Fed’s latest policy meeting for fresh indications on whether the U.S. central bank will raise interest rates at all this year.
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