Latest news with #Marshall
Yahoo
3 hours ago
- Business
- Yahoo
Oil hedging volumes hit new records as US producers rush to lock in soaring prices
By Georgina McCartney HOUSTON (Reuters) -Israel's surprise attack on Iran last week had oil prices spiking which sent U.S. producers scrambling to lock in the price gain, driving record hedging volumes that will help shield them from future price swings. West Texas Intermediate crude futures rose further this week, closing on Friday at around $75 a barrel. This prompted U.S. producers to secure additional price gains through 2026, having already driven hedging activity on the Aegis Hedging platform to a record high last Friday. Aegis Hedging, which handles hedging for roughly 25-30% of U.S. output, according to internal estimates, saw a record volume and greatest number of trades done on its trading platform on June 13. The U.S. produces some 13.56 million barrels per day of oil, according to the latest government figures. U.S. crude futures jumped 7% on June 13 to around $73 a barrel, after Israel struck Iran, the largest single day rise since July 2022. Prices had been hovering under where many producers would opt to hedge, hitting a four-year low of $57 a barrel in May as OPEC+ started hiking output while U.S. President Donald Trump waged a trade war. The jump on June 13 gave traders an opportunity to lock in prices for their barrels not seen in several weeks. When prices react to risk-related events - such as Israel's attack on Iran - as opposed to supply-and-demand fundamentals, the front of the oil futures curve rises more than later contracts, influencing whether producers opt for short- or long-term hedging strategies, according to Aegis Hedging. "In this case it was probably a six-month effect," said Matt Marshall, president of Aegis Hedging. Oil producers need a price of $65 a barrel on average to profitably drill, according to the first quarter 2025 Dallas Federal Reserve Survey. U.S. crude futures closed below $65 every day from April 4 to June 9, according to LSEG. "We stay disciplined and pay close attention to market volatility. We watch for accretive pricing to our existing hedges and layer in hedges to reduce risk to our asset revenue as well as meet our reserve-based lending covenants," said Rhett Bennett, chief executive at Black Mountain Energy, a producer with operations in the Permian Basin. A reserve-based lending covenant refers to a type of loan producers can obtain, based on the value of the company's oil and gas reserves. "Producers recognized that this could be a fleeting issue and so they saw a price that was above their budget for the first time in a few months, and instead of doing a structure that would give them a floor which is below market, they opted to be aggressive and lock in," said Aegis' Marshall. Aegis' customers often have hedging policies in which a certain amount of production must be hedged by a certain time in the year. "Producers had two months of hedges that they needed to catch up on," Aegis' Marshall said. Traders on June 13 exchanged the most $80 West Texas Intermediate crude oil call options since January on the Chicago Mercantile Exchange, expecting more upside to prices. A total of 33,411 contracts of August-2025 $80 call options for WTI crude oil were traded that day on a total trading volume of 681,000 contracts, marking the highest volume for these options this year, according to CME Group data. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 hours ago
- Science
- Yahoo
It's Official: Scientists Confirmed What's Inside Our Moon
Well, the verdict is in. The Moon is not made of green cheese after all. A thorough investigation published in May 2023 found that the inner core of the Moon is, in fact, a solid ball with a density similar to that of iron. This, researchers hope, will help settle a long debate about whether the Moon's inner heart is solid or molten, and lead to a more accurate understanding of the Moon's history – and, by extension, that of the Solar System. "Our results," wrote a team led by astronomer Arthur Briaud of the French National Centre for Scientific Research in France, "question the evolution of the Moon magnetic field thanks to its demonstration of the existence of the inner core and support a global mantle overturn scenario that brings substantial insights on the timeline of the lunar bombardment in the first billion years of the Solar System." Watch the video below for a summary on what they found: Probing the interior composition of objects in the Solar System is most effectively accomplished through seismic data. The way acoustic waves generated by quakes move through and reflect from material inside a planet or moon can help scientists create a detailed map of the object's interior. We happen to have lunar seismic data collected by the Apollo mission, but its resolution is too low to accurately determine the inner core's state. We know there is a fluid outer core, but what it encompasses remains under debate. Models of a solid inner core and an entirely fluid core work equally well with the Apollo data. To figure it out once and for all, Briaud and his colleagues collected data from space missions and lunar laser-ranging experiments to compile a profile of various lunar characteristics. These include the degree of its deformation by its gravitational interaction with Earth, the variation in its distance from Earth, and its density. Next, they conducted modeling with various core types to find which matched most closely with the observational data. They made several interesting findings. Firstly, the models that most closely resembled what we know about the Moon describe active overturn deep inside the lunar mantle. This means that denser material inside the Moon falls towards the center, and less dense material rises upwards. This activity has long been proposed as a way of explaining the presence of certain elements in volcanic regions of the Moon. The team's research adds another point in the "for" tally of evidence. And they found that the lunar core is very similar to that of Earth – with an outer fluid layer and a solid inner core. According to their modeling, the outer core has a radius of about 362 kilometers (225 miles), and the inner core has a radius of about 258 kilometers (160 miles). That's about 15 percent of the entire radius of the Moon. The inner core, the team found, also has a density of about 7,822 kilograms per cubic meter. That's very close to the density of iron. Curiously, in 2011 a team led by NASA Marshall planetary scientist Renee Weber found a similar result using what were then state-of-the-art seismological techniques on Apollo data to study the lunar core. They found evidence of a solid inner core with a radius of about 240 kilometers, and a density of about 8,000 kilograms per cubic meter. Their results, Briaud and his team say, are confirmation of those earlier findings, and constitute a pretty strong case for an Earth-like lunar core. And this has some interesting implications for the Moon's evolution. We know that not long after it formed, the Moon had a powerful magnetic field, which started to decline about 3.2 billion years ago. Such a magnetic field is generated by motion and convection in the core, so what the lunar core is made of is deeply relevant to how and why the magnetic field disappeared. Given humanity's hope to return to the Moon in relatively short order, perhaps we won't have long to wait for seismic verification of these findings. The research has been published in Nature. A version of this article was first published in May 2023. Jaw-Dropping Explosions on The Sun Captured in First NASA PUNCH Images SpaceX Starship Explodes in Towering Fireball Astronomers Uncover a Massive Shaft of Missing Matter
Hindustan Times
2 days ago
- Automotive
- Hindustan Times
This BMW CE 02 is a DJ console on two wheels. Not your average electric scooter
BMW CE 02 is an electric scooter that is designed to be straddled like a motorcycle. Check Offers Remember the BMW CE 02 electric scooter from BMW Motorrad, which was launched in India during the festive season last year? The premium electric scooter that was introduced to the Indian market at ₹ 4.5 lakh (ex-showroom) has now become a DJ console on two wheels. The German premium two-wheeler manufacturer, which has been known for making some of the finest motorcycles on the planet, has joined hands with the Australian brand Deus Ex Machina to make a one-off CE 02 that looks like a mobile DJ console. The one-off BMW CE 02, christened as BMW Motorrad x Deus, is essentially a mobile DJ booth on two wheels. While the machine comes from the German auto OEM, the Australian brand has given it a distinctive touch with customisation. It has created a new leather saddle for the CE 02 and installed four compact Marshall speakers as well as a foldable DJ turntable. Also Read : Upcoming bikes in India BMW is currently touring this electric scooter around France and will display it at various BMW Motorrad dealerships. Additionally, it will be showcased at Deus Ex Machina boutiques across France. This special iteration of BMW CE 02 will not be available for buyers, but could serve as an inspiration for owners who seek to customise their own electric two-wheelers. Despite being an electric scooter, the BMW CE 02 is designed to be straddled like a motorcycle. Powering this EV is a single electric motor that churns out power in two different states of tune - 5 bhp and 15 bhp. The most powerful variant is capable of sprinting to 48 kmph from a standstill position in just 3.0 seconds. The top variant is capable of running at a top speed of 95 kmph and gets energy from dual lithium-ion battery packs that have a combined capacity of 1.96 kWh, allowing the EV to run a range of up to 95 kilometres on a full charge. Also, the company claims the EV is capable of quick charging, allowing it to be topped up from zero to 80 per cent in 180 minutes. Check out Upcoming EV Bikes in India. First Published Date: 19 Jun 2025, 09:01 AM IST
The Advertiser
3 days ago
- Politics
- The Advertiser
Premier backs fire leaders after no-confidence vote
A state premier has been accused of double standards after refusing to sack senior fire leaders following an "overwhelming" vote of no confidence. The United Firefighters Union has revealed 90 per cent of its members have lost faith in Fire Rescue Victoria's top leadership team, making it the state's third emergency service to withdraw support for its leadership in the past year. The union has been locked in a long-running dispute with the state government over pay and allowances, while also raising serious safety concerns about ageing and unsafe vehicles. Nine-out-of-ten of nearly 3000 firefighters and union members expressed "no confidence" in Commissioner Gavin Freeman, acting deputy secretary Tony Matthews, and acting executive director Tom McPherson. The latest vote comes just months after Victoria Police members passed a similar motion, which led to the resignation of former Chief Commissioner Shane Patton. Ambulance Victoria's chief executive Jane Miller also stepped down in 2024 following a no-confidence vote by staff. Union secretary Peter Marshall has written to Premier Jacinta Allan and Emergency Services Minister Vicki Ward advising them of the vote and requesting action to repair the relationship with workers and executive leaders. "In an organisation like a fire brigade, which follows a quasi-military structure, this is not a step that anyone has taken lightly," he said. His request has fallen on deaf ears, with the premier throwing her full support behind the trio and saying the situation isn't comparable to Victoria Police. "I have full confidence in the leadership of Fire Rescue Victoria," she told reporters. "This is a very different industrial environment." Mr Marshall accused the premier of "double standards", given her intervention when police registered a similarly resounding no-confidence vote. "The premier can live and fall on that statement," he said. "It's only 12 months away from an election, premier, and what we're saying is if someone loses their life it's on your head." Mr Marshall said the vote follows years of mismanagement and leadership failures, which include rising consultants spending, along with a hostile industrial strategy where leaders allegedly reneged on promises made to the workforce. He also said many trucks are past their use-by date, with potentially life-threatening breakdowns putting firefighters and the public at daily risk. Mr Freeman said he would continue to work with the state government to resolve the matter as quickly as possible. "I have full confidence in my executive leadership team, whose commitment to leading with integrity and accountability is delivering a world-class, values-led fire and rescue service for Victorians," he said. "I am aware that the protracted and complex nature of industrial bargaining has caused frustration and concern among our people." The industrial dispute has been referred to the Fair Work Commission after the parties were unable to reach an agreement. A state premier has been accused of double standards after refusing to sack senior fire leaders following an "overwhelming" vote of no confidence. The United Firefighters Union has revealed 90 per cent of its members have lost faith in Fire Rescue Victoria's top leadership team, making it the state's third emergency service to withdraw support for its leadership in the past year. The union has been locked in a long-running dispute with the state government over pay and allowances, while also raising serious safety concerns about ageing and unsafe vehicles. Nine-out-of-ten of nearly 3000 firefighters and union members expressed "no confidence" in Commissioner Gavin Freeman, acting deputy secretary Tony Matthews, and acting executive director Tom McPherson. The latest vote comes just months after Victoria Police members passed a similar motion, which led to the resignation of former Chief Commissioner Shane Patton. Ambulance Victoria's chief executive Jane Miller also stepped down in 2024 following a no-confidence vote by staff. Union secretary Peter Marshall has written to Premier Jacinta Allan and Emergency Services Minister Vicki Ward advising them of the vote and requesting action to repair the relationship with workers and executive leaders. "In an organisation like a fire brigade, which follows a quasi-military structure, this is not a step that anyone has taken lightly," he said. His request has fallen on deaf ears, with the premier throwing her full support behind the trio and saying the situation isn't comparable to Victoria Police. "I have full confidence in the leadership of Fire Rescue Victoria," she told reporters. "This is a very different industrial environment." Mr Marshall accused the premier of "double standards", given her intervention when police registered a similarly resounding no-confidence vote. "The premier can live and fall on that statement," he said. "It's only 12 months away from an election, premier, and what we're saying is if someone loses their life it's on your head." Mr Marshall said the vote follows years of mismanagement and leadership failures, which include rising consultants spending, along with a hostile industrial strategy where leaders allegedly reneged on promises made to the workforce. He also said many trucks are past their use-by date, with potentially life-threatening breakdowns putting firefighters and the public at daily risk. Mr Freeman said he would continue to work with the state government to resolve the matter as quickly as possible. "I have full confidence in my executive leadership team, whose commitment to leading with integrity and accountability is delivering a world-class, values-led fire and rescue service for Victorians," he said. "I am aware that the protracted and complex nature of industrial bargaining has caused frustration and concern among our people." The industrial dispute has been referred to the Fair Work Commission after the parties were unable to reach an agreement. A state premier has been accused of double standards after refusing to sack senior fire leaders following an "overwhelming" vote of no confidence. The United Firefighters Union has revealed 90 per cent of its members have lost faith in Fire Rescue Victoria's top leadership team, making it the state's third emergency service to withdraw support for its leadership in the past year. The union has been locked in a long-running dispute with the state government over pay and allowances, while also raising serious safety concerns about ageing and unsafe vehicles. Nine-out-of-ten of nearly 3000 firefighters and union members expressed "no confidence" in Commissioner Gavin Freeman, acting deputy secretary Tony Matthews, and acting executive director Tom McPherson. The latest vote comes just months after Victoria Police members passed a similar motion, which led to the resignation of former Chief Commissioner Shane Patton. Ambulance Victoria's chief executive Jane Miller also stepped down in 2024 following a no-confidence vote by staff. Union secretary Peter Marshall has written to Premier Jacinta Allan and Emergency Services Minister Vicki Ward advising them of the vote and requesting action to repair the relationship with workers and executive leaders. "In an organisation like a fire brigade, which follows a quasi-military structure, this is not a step that anyone has taken lightly," he said. His request has fallen on deaf ears, with the premier throwing her full support behind the trio and saying the situation isn't comparable to Victoria Police. "I have full confidence in the leadership of Fire Rescue Victoria," she told reporters. "This is a very different industrial environment." Mr Marshall accused the premier of "double standards", given her intervention when police registered a similarly resounding no-confidence vote. "The premier can live and fall on that statement," he said. "It's only 12 months away from an election, premier, and what we're saying is if someone loses their life it's on your head." Mr Marshall said the vote follows years of mismanagement and leadership failures, which include rising consultants spending, along with a hostile industrial strategy where leaders allegedly reneged on promises made to the workforce. He also said many trucks are past their use-by date, with potentially life-threatening breakdowns putting firefighters and the public at daily risk. Mr Freeman said he would continue to work with the state government to resolve the matter as quickly as possible. "I have full confidence in my executive leadership team, whose commitment to leading with integrity and accountability is delivering a world-class, values-led fire and rescue service for Victorians," he said. "I am aware that the protracted and complex nature of industrial bargaining has caused frustration and concern among our people." The industrial dispute has been referred to the Fair Work Commission after the parties were unable to reach an agreement. A state premier has been accused of double standards after refusing to sack senior fire leaders following an "overwhelming" vote of no confidence. The United Firefighters Union has revealed 90 per cent of its members have lost faith in Fire Rescue Victoria's top leadership team, making it the state's third emergency service to withdraw support for its leadership in the past year. The union has been locked in a long-running dispute with the state government over pay and allowances, while also raising serious safety concerns about ageing and unsafe vehicles. Nine-out-of-ten of nearly 3000 firefighters and union members expressed "no confidence" in Commissioner Gavin Freeman, acting deputy secretary Tony Matthews, and acting executive director Tom McPherson. The latest vote comes just months after Victoria Police members passed a similar motion, which led to the resignation of former Chief Commissioner Shane Patton. Ambulance Victoria's chief executive Jane Miller also stepped down in 2024 following a no-confidence vote by staff. Union secretary Peter Marshall has written to Premier Jacinta Allan and Emergency Services Minister Vicki Ward advising them of the vote and requesting action to repair the relationship with workers and executive leaders. "In an organisation like a fire brigade, which follows a quasi-military structure, this is not a step that anyone has taken lightly," he said. His request has fallen on deaf ears, with the premier throwing her full support behind the trio and saying the situation isn't comparable to Victoria Police. "I have full confidence in the leadership of Fire Rescue Victoria," she told reporters. "This is a very different industrial environment." Mr Marshall accused the premier of "double standards", given her intervention when police registered a similarly resounding no-confidence vote. "The premier can live and fall on that statement," he said. "It's only 12 months away from an election, premier, and what we're saying is if someone loses their life it's on your head." Mr Marshall said the vote follows years of mismanagement and leadership failures, which include rising consultants spending, along with a hostile industrial strategy where leaders allegedly reneged on promises made to the workforce. He also said many trucks are past their use-by date, with potentially life-threatening breakdowns putting firefighters and the public at daily risk. Mr Freeman said he would continue to work with the state government to resolve the matter as quickly as possible. "I have full confidence in my executive leadership team, whose commitment to leading with integrity and accountability is delivering a world-class, values-led fire and rescue service for Victorians," he said. "I am aware that the protracted and complex nature of industrial bargaining has caused frustration and concern among our people." The industrial dispute has been referred to the Fair Work Commission after the parties were unable to reach an agreement.
France 24
3 days ago
- Business
- France 24
Paul Marshall: Britain's anti-woke media baron
The 65-year-old added to his impressive stable last autumn when he purchased The Spectator magazine, viewed as the bible of Britain's Conservative Party, for £100 million ($135 million). He already co-owned brash current affairs television channel GB News, a sort of British Fox News, and is the owner of respected centre-right-leaning news and opinion website UnHerd. Marshall -- who himself has been on a journey from supporting centrist politics to more right-wing causes in recent years -- got into media after making a fortune in finance. He is worth more than £850 million ($1.1 billion), according to this year's edition of the Sunday Times rich list. During a recent lecture at Oxford University, Marshall said he became a press baron "in an almost unplanned way". "I was a frustrated consumer," he said, denouncing what he called a "biased mainstream media" where "truth was sacrificed and trust was lost". During his media journey, he says he has "discovered a set of illiberal practices and a dominating mindset which I believe need to be challenged." 'Generating influence' Born in Ealing, London, in August 1959, the public-school-educated Marshall studied history at Oxford before enrolling at the prestigious French business school INSEAD. He made his wealth as a successful hedge fund manager, co-founding Marshall Wace. Along the way, he was a donor and member of the Liberal Democrats, a pro-European, social democratic party that usually finishes third in UK general elections. But Marshall left the Lib Dems in 2015 and donated to the Leave campaign in the referendum on European Union membership the following year. He told the Financial Times in 2017: "Most people in Britain do not want to become part of a very large country called Europe. They want to be part of a country called Britain." "He's different from Murdoch, who used his media empire to make money," Matt Walsh, head of the journalism school at Cardiff University, told AFP. "Marshall was rich before acquiring his media," Walsh added, noting his outlets are currently loss-making. "It's about generating influence, presenting his view of the world." Marshall "was a right-wing Lib Dem but gradually shifted further to the right", he said. Marshall donated once to the Conservative Party and founded UnHerd in July 2017, a website "for people who dare to think for themselves". In 2021, the financier shook up Britain's TV news ecosystem when he helped found GB News, the country's first new news channel since Murdoch's Sky News launched in 1989. The channel, whose logo adopts the colours of the British flag, is proudly anti-woke, and its presenters regularly rail against immigration and net zero climate policies. GB News has on several occasions fallen foul of Britain's broadcasting watchdog Ofcom, which says its use of politicians as interviewers breaches impartiality rules. But the provocative channel is growing in popularity. TV rating agency Barb found that in November 2024 GB News overtook Sky News for monthly live viewings for the first time. 'Under-represented views' According to Barb, GB News enjoyed an average of more than 3.1 million monthly viewings in the year to April. Its accounts published in February show that despite doubling turnover to more than £15.7 million, GB News made a pre-tax loss of £33.4 million for the year ending May 31, 2024. "He is keen about the promotion of what he sees as underrepresented ideas and viewpoints," a source close to Marshall told AFP. The mogul largely shuns publicity, as his communications team reminded AFP, declining a request for an interview. Marshall is a committed Christian who was knighted in 2016 for services to education and philanthropy. He launched ARK School in 2002, which has helped nearly 30,000 students from modest backgrounds. Marshall has also donated more than £80 million to the London School of Economics. His wife is French and their son Winston played the banjo in Mumford & Sons before leaving the folk-rock band after reportedly falling out with bandmates over his conservative views. In 2022, Marshall co-founded the Alliance for Responsible Citizenship, an international conference of conservative lawmakers and right-wing influencers. To the Hope Not Hate organisation, Marshall is far right. Last year, it uncovered an anonymous account on X in which he had liked tweets calling for the mass deportation of immigrants. A spokesman for Marshall said then the tweets did not "represent his opinions". © 2025 AFP
