Harris, Trump clash as polls hang in balance
Former president Donald Trump and vice president Kamala Harris brawled, often in personal terms, in their first presidential debate on Tuesday, with Trump branding Harris a "Marxist" and Harris saying world leaders know they can manipulate Trump with flattery.
With polls indicating an even match between Trump and Harris across the six or seven battleground states that will determine the election outcome, Tuesday's debate — likely the only one they will have — presented a breakout opportunity for the two candidates.
While President Joe Biden was unable to stand up to Trump's attacks in their match-up in June — in a debate performance that eventually led to his withdrawing from the race — Harris, a former prosecutor, frequently had Trump on the defensive, casting her 78-year-old opponent as confused and extreme.
The debate, held in the crucial swing state of Pennsylvania, started off on a calm note as Harris walked up to Trump to introduce herself — the two politicians were meeting face to face for the first time. Harris touted her plan to extend child tax credits and provide tax deductions for small businesses.
Harris cast Trump's plan to impose tariffs of up to 20pc on all imported goods as essentially a national sales tax that would hurt the middle class. Trump argued that his plan would not represent a tax on US consumers because "other countries are going to finally pay us back for all that we've done".
But the debate quickly deteriorated, as Trump called Harris a "Marxist", suggested that immigrants moving to the US hunt dogs and cats for personal consumption and asserted that Harris would ban hydraulic fracturing (fracking) on her first day in office.
"I have not banned fracking as vice president of the US, and in fact, I was the tie breaking vote on the Inflation Reduction Act (IRA) which opened new leases for fracking," Harris said. When Harris was running for the Democratic nomination in 2019, she said there was "no question I'm in favor of banning fracking", only to abandon that position when running this year.
The IRA, the landmark climate legislation that Congress approved in 2022, included a compromise provision demanded by the Republican lawmakers that set aside more areas for leasing in the Gulf of Mexico.
Trump appeared to give the Democratic administration credit for keeping the US oil industry intact. "They started getting rid of it, and the prices were going up the roof. They immediately let these guys go where they were." But he contended that US oil output would have been "four-five times" than it is now if he had been re-elected in 2020.
US crude output fell sharply in Trump's last year in office as the Covid-19 pandemic devastated demand. Oil output reached a record high of 12.9mn b/d last year and is projected to grow again this year, according to the Energy Information Administration.
"If she won the election, the day after that election, they'll go back to destroying our country, and oil will be dead," Trump said. "Fossil fuel will be dead. We'll go back to windmills, and we'll go back to solar."
Foreign policy issues presented another area of personal attacks for the candidates.
"World leaders are laughing at Donald Trump," Harris said. Trump countered by citing praise for his leadership from Hungary's prime minister Viktor Orban, a controversial leader who frequently clashes with EU leaders over their support for Ukraine.
Trump repeatedly refused to say whether he wanted Ukraine to win its war with Russia, merely saying that the war should end. And he argued it would not have started if he had been in office.
"If Donald Trump were president, [Russian president Vladimir] Putin would be sitting in Kyiv right now," Harris said. "You adore strongmen instead of caring about democracy."
Trump frequently attacked Biden during the debate, prompting Harris to say: "It's important to remind the former president, you're not running against Joe Biden, you're running against me."
An average of national polls aggregated by the Washington Post shows Harris with a 2 percentage point lead over Trump this week — a result that pollsters interpret as a statistical dead heat, as the winner is determined in the Electoral College, not in the nationwide voting.
It will take some time for the outcome of Tuesday's debate to become apparent in the polls. Harris and Trump have not agreed to hold another debate. Trump's vice presidential pick, Ohio senator JD Vance and Harris' running partner, Minnesota governor Tim Walz, are scheduled to hold a televised debate on 1 October.
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Port of NOLA to close prior to TS Francine
Port of NOLA to close prior to TS Francine
Houston, 10 September (Argus) — The port of New Orleans (Nola) in Louisiana and terminal operators there are limiting operations today in preparation for a full closure Wednesday as tropical storm Francine passes. Terminal operators are expected to reopen on 12 September after damages are assessed. United Bulk Terminals (UBT) issued a force majeure this morning from the Davant terminal on concerns for employee safety. The company did not disclose a timeline for reopening. UBT specializes in coal and petcoke along with other commodities. Associated Terminals will suspend operations 11-12 September and will assess damages on 13 September. The National Weather Service forecasts Francine to make landfall tomorrow on the Louisiana coast as a hurricane. Commodities including petcoke, coal, agriculture and fertilizer are likely to be affected by the port closure. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Italy's Falconara refinery widens crude slate
Italy's Falconara refinery widens crude slate
Barcelona, 10 September (Argus) — Italian refiner API is widening the crude slate at its 83,000 b/d Falconara refinery, joining other Mediterranean operators in seeking new grades because of political disruption and ownership changes. Falconara was a keen importer of Iraqi Kirkuk crude between 2019-23, before a dispute between the Kurdistan Regional Government (KRG) and Turkey halted exports. In 2022 Falconara received 33 crude cargoes, all but five of which were Kirkuk grade. Since the second half of July this year Falconara received six cargoes, all of different grades. August receipts were 75,000 b/d, up from 50,000 b/d a month earlier, according to Argus tracking. Deliveries were 35,000 b/d of Saudi Arab Light and 40,000 b/d of Libyan crude, split between Es Sider and Sarir. The latter was the first at Falconara in eight years. In September Falconara has taken 1mn bl of Kazakh Kebco and, according to Kpler data, a first cargo of 125,000bl cargo of Italian onshore Val'd Agri. At 38.4°API and 2.1pc sulphur Val'd Agri is close to Kirkuk's 36°API and 2pc sulphur, although output is far lower. Argus assessed Falconara's receipts at 55,000 b/d in January-August. The slate was a weighted average gravity of 30.6°API and 2pc sulphur content, compared with 31.8°API and 2pc sulphur overall last year and 35.6°API and 1.8pc in 2022, when Kirkuk dominated. Other regional refiners have changed their sourcing. Italy's Saras is importing a first cargo of Azeri Light since February 2022 , with light sweet Libyan alternatives halted by conflict. It may take different grades as trading firm Vitol becomes its new owner, after Trafigura had supplied large amounts of US WTI. Greece's Motor Oil Hellas (MOH) had to find an alternative to a 1mn bl cargo of Basrah Medium that was attacked in the Red Sea on the way to its 180,000 b/d Corinth facility. MOH opted for a first cargo of Guyanese Unity Gold. Helleniq Energy has changed its slate in the absence of Kirkuk and sanctioned Russian Urals, and it took first cargoes of Guyanese crude , and Ivory Coast crude and struck a deal with Iraq for Basrah grades. . Spain's Repsol is boosting cargoes of heavy Venezuelan crude under a sanctions waver and API's Trecate refinery has increased receipts of Nigerian Qua Iboe since it bought out ExxonMobil. Argus estimates Italian seaborne crude imports — excluding the northeast terminal of Trieste — at 1.13mn b/d in August, a four-month high and up from 1.06mn b/d in July. For a seventh consecutive month, Azeri BTC Blend and Libyan grades were Italy's largest imports, at 205,000 b/d and 195,000 b/d respectively. Nigeria and Caspian CPC Blend each supplied 125,000 b/d and Arab Light 115,000 b/d. By Adam Porter Italy crude imports mn bl Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Francine set for Wednesday landfall as hurricane
Francine set for Wednesday landfall as hurricane
New York, 10 September (Argus) — Tropical storm Francine is expected to become a hurricane today, as it continues on a path north through offshore US Gulf of Mexico oil and gas production areas on its way to a Louisiana landfall Wednesday. Francine was located about 395 miles south-south west of Cameron, Louisiana, according to an 8am ET advisory from the National Hurricane Center. It is expected to remain off the coast of Texas and intensify to a Category 2 hurricane with winds of up to 100 mph, before landfall. The storm will track through an offshore region that accounts for about 15pc of US crude output and 5pc of US natural gas production. Oil and gas producers started to evacuate personnel from offshore facilities earlier this week and shut in some production. Ports are starting to restrict traffic and offshore lightering operations were paused off of Galveston, Texas, starting Monday night due to high seas. Shell said late Monday it was in the process of shutting in production at its Perdido platform after earlier pausing drilling operations from the facility located about 190 miles south of Houston. Drilling has also been suspended at its Whale facility, which is not scheduled to start operations until later this year. Non-essential personnel have been evacuated from Shell's Enchilada/Salsa and Auger assets, located about 120 miles south of Vermillion Bay, Louisiana. Chevron initiated shut-in procedures for its Anchor and Tahiti platforms 190 miles south of New Orleans and began transporting all personnel from the facilities. Production from its other operated platforms in the Gulf of Mexico remained at normal levels. Non-essential staff were also being removed from the Big Foot and Jack/St. Malo platforms. ExxonMobil said all staff had been transported off the Hoover platform, located about 200 miles south of Houston, and operations shut-in. So far, no major problems are expected at BP's offshore facilities in the region. Ports in the northwestern Gulf of Mexico — including the Texas ports of Corpus Christi, Houston, Galveston, Texas City, Freeport, Beaumont and Port Arthur and the Louisiana ports of Cameron, Lake Charles and New Orleans — were set at port condition Yankee today, meaning gale force winds (39-54 mph) are expected within 24 hours and inbound vessel traffic over 500 gross tons is prohibited. The US Coast Guard's captain of the port of Houston suspended lightering operations at the Galveston Offshore Lightering Area (GOLA) at 11pm ET Monday. Lightering, the process in which crude or refined products are transferred from one ship to another, likely will be delayed off the Texas ports of Corpus Christi and Houston until Thursday due to sea conditions. By Stephen Cunningham and Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Opec trims oil demand growth forecasts again
Opec trims oil demand growth forecasts again
London, 10 September (Argus) — Opec has cut its global oil demand growth forecasts for 2024 and 2025 for a second month in a row, but its projection for demand remains way above other outlooks. In its latest Monthly Oil Market Report (MOMR) the producer group revised down its 2024 demand growth projection to 2.03mn b/d from 2.11mn b/d. This is mainly due to lower than previously expected oil demand growth from China and the US. It now sees China's oil demand growing by 650,000 b/d this year, compared with 700,000 b/d in the previous report. It cut US oil demand growth by 60,000 b/d to 110,000 b/d. Opec's forecast for this year remains bullish. The IEA projects oil demand will increase by 970,000 b/d this year, and the EIA sees demand rising by 1.1mn b/d. Opec noted its 2mn b/d growth forecast for this year "remains well above the historical average of 1.4mn b/d seen before the Covid-19 pandemic." Oil prices have declined sharply in early September following weaker-than-expected economic data from the US and China. And on 5 September eight members of the Opec+ alliance agreed to delay a plan to start increasing output by two months. Opec also today cut its oil demand growth forecast for next year, by 40,000 b/d to 1.74mn b/d, again mainly driven by lower consumption growth estimates this time in the Middle East. On the supply side, the group has kept its non-Opec+ liquids growth estimate for 2024 and 2025 unchanged at 1.23mn b/d and 1.10mn b/d, respectively. Opec+ crude production — including Mexico — fell by 304,000 b/d to 40.655mn b/d in July, according to an average of secondary sources that includes Argus . This is about 2.15mn b/d below Opec's projected call on Opec+ crude for this year, which stands at 42.8mn b/d. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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