Monthly Archives: May 2021

Bloomberg

(Bloomberg) -- The worlds top exporter of liquefied natural gas is ramping up production dramatically and undercutting competitors in a bid to squeeze them out of the market.Qatar is dropping prices and pushing ahead with a $29 billion project to boost its exports of the fuel by more than 50%, stymieing the prospects of new plants elsewhere. Its also established a trading team to compete in the nascent spot market and pushing into Asia more aggressively, according to people familiar with the matter.The strategy marks a shift for Qatar, which has barely raised production in the past five years and traditionally prioritized prices over market share. Increased competition, especially from the U.S. and Australia, has forced the Persian Gulf state to become more nimble and attract buyers in Asia, a hot spot for gas demand.The global transition to renewable energy is adding to the countrys sense of urgency. While LNG was until recently touted as a bridge from coal and oil to the likes of solar and wind power, its falling out of favor with some governments as they step up efforts to slow climate change.Qatars expansion plan is so huge that there are questions on the need for other supply options, said Julien Hoarau, head of EnergyScan, the analytics unit of the French utility Engie SA. Its still the number one, but the U.S. has never been so close, so Qatar needed to move if it wanted to keep its leading position.The U.S. came close to overtaking Qatars monthly exports for the first time in April, while Australia has been neck-in-neck with the Middle Eastern nation for the last year, according to ship-tracking data compiled by Bloomberg. As Gulf Coast projects develop, the U.S. is slated to briefly become the worlds top supplier by 2024, before Qatar regains that status later in the decade, according to data from BloombergNEF.Several factors are playing into Qatars hands. China, one of the fastest growing LNG markets, has been reluctant to import more from the U.S. or Australia due to trade and geopolitical tensions.But Qatars main advantage is that it has the worlds lowest production costs thanks to an abundance of easy-to-extract gas, most of it contained in the giant North Field that extends into Iran.Bonds ComingQatars state energy company, which may soon sell up to $10 billion of bonds to fund the gas expansion, said the project will be viable even with oil at $20 a barrel, 70% less than current levels. LNG contracts are typically linked to oil.Thats enabling Qatar Petroleum to set pricing below what other exporters can manage, according to traders. The firm has sold LNG in recent months at around 10% of Brent crude prices, including to China and Pakistan, whereas it used to set the level at 15%.Nobody can compete with Qatari costs, said Jonathan Stern, a senior research fellow at the Oxford Institute of Energy Studies. They can do whatever they like and everybody will have to respond the way they can. And, especially when the market is in surplus and prices are low, that will impact the competitions profits.QP executives have jetted across Asia over the past few months to ink export deals. Their efforts led in March to a 10-year contract with Beijing-based Sinopec, signed at 10%-10.19% of Brent.Qatars Ministry of Energy and QP didnt respond to requests for comment.A few years ago, demand for LNG was projected to rise steeply over the coming decades. Gas emits less carbon dioxide than most other fossil fuels when its burned, while renewable-energy projects were still too expensive to power electricity grids, factories and transport on a mass scale.But solar and wind technology is improving faster than expected, helped in part by massive government green-spending programs triggered by the coronavirus pandemic.Were Not AfraidEven as Qatar seeks to make the most of its assets, there are obstacles to it reaching total domination. Many buyers want a diverse group of suppliers. Russias Yamal LNG project and the planned Arctic LNG 2 plant, led by Novatek PJSC, are among those that will remain competitive as Qatar ramps up exports, according to analysts at Citigroup Inc.The biggest U.S. LNG exporter, Cheniere Energy Inc., said its unperturbed by Qatars moves. Some importers are attracted by American firms offering more flexible delivery terms and pricing thats not tied to oil, which has soared almost 30% this year.Were not afraid, Chenieres Chief Commercial Officer Anatol Feygin told investors this month. Were part of a sort of diversification of the supply and contracting structure along with Qatar Petroleum and our friends at Novatek.Yet U.S. projects are among those most likely to struggle. At least 10, five of them in Texas and four in Louisiana, probably wont secure enough financing to be completed, according to analysis from BloombergNEF.Feedstock costs are part of the problem. American companies have to buy gas at around $2.50 per million British thermal units, way above Qatars wellhead prices of $0.30 or lower.New suppliers in the U.S. need spot LNG prices to be at least $7.80 per million Btu in Asia and $6.80 in Europe, said David Thomas, an independent adviser and former head of LNG at Vitol, the worlds largest independent oil trader. For comparison, Asian rates have averaged about $6.80 over the last five years. The economics for producers in Australia and Africa are similar, Thomas said.The Qatari strategy appears to be maintaining its global market share and also maximizing sales, before the gas market starts to shrink, OIESs Stern said. It is a competitive and strategic rush. They recognize LNG demand will eventually decline as the world moves forward in the energy transition.(Updates with export forecast in sixth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2021 Bloomberg L.P.

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A group of eminent Australians have published an open letter to Prime Minister Scott Morrison labelling the federal government "irresponsible" for "overheated war talk" and calling for legislative change to require a parliamentary vote before Australia enters any international conflict.

Nearly 70 former Australian diplomats, politicians, historians, scholars and experts put their name to the letter which said now is the time to carefully consider Australias position amid "increasingly bleak assessments of the possibility of armed conflict".

"A major war today would be very different from past wars. Today a single weapon can cause massive destruction of life and property and permanent contamination of the environment. No current threat to Australia justifies taking such a risk," the letter said.

J15 fighter jets on China's sole operational aircraft carrier, the Liaoning, during a drill at sea. Source: AFP

"The stakes are too high for another ill-judged decision by the Prime Minister alone, as we saw with Iraq and Afghanistan."

While it did not mention China, increased tensions with the rising superpower under the Morrison government was the impetus for the letter, said Dr Alison Broinowski AM, vice president of Australians for War Powers Reform, which published it.

The purpose of it is to express the views of a lot of very knowledgeable Australians on what has recently been called the drums of war or slow march to war, to which we all object, she told Yahoo News Australia.

"It's one of the most momentous decisions a government can make and yet our constitution allows the prime minister virtually alone, to make that decision all by himself."

Dr Broinowski, and the letter's signatories which include former Liberal leader John Hewson, former Labor minister Melissa Parke and the Lord Mayor of Sydney Clover Moore, cautioned against simply following the lead of the United States if tensions ratchet up further.

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Prime Minister Scott Morrison has denied stoking anxieties about war with China ahead of an expected federal election. Source: Getty

She said among democracies, Australia stands virtually alone with other Commonwealth nations New Zealand and Canada by not having a requirement for parliament to vote on conflict engagement something her organisation is seeking to change.

"What we want is a democratic process, which is what most democratic countries have."

As others have noted, conflict with China would not look like past wars, with an obvious starting point.

If there were to be a war with China, it wouldnt start with an invasion there would be a creeping process for which each side would blame the other. It would likely escalate in a very dangerous fashion, including into cyber war with disastrous effects, Dr Broinowski said.

It comes as federal ministers and government officials have been publicly discussing the prospect of heated conflict with China.

In a speech on Wednesday, Shadow Foreign Affairs Minister Penny Wong accused Mr Morrison of fuelling anxiety about conflict with the Asian giant for domestic political gain.

"My concern is that not only does he not fully comprehend Australia's interests in relation to China, he doesn't even seek to," she said.

"It would represent a monumental and catastrophic failure of leadership to see that anxiety realised," Senator Wong warned, in a rare break from the usual bipartisan unity on foreign affairs and China.

On Wednesday, Scott Morrison denied stoking tensions with China through alarmist rhetoric for personal gain.

"Australians can always rely on the Liberals and the Nationals, the coalition government, to do what's right in Australia's national security interests," he told reporters in Melbourne.

"Under a coalition government, we will always stand up for Australia."

During his time as prime minister, relations with China have hit frosty new lows.

China has blocked key Australian exports in wine, coal, barley, lobster

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'Stakes are too high': Open letter to PM over 'irresponsible' war talk - Yahoo News Australia

Recent reports of breakthrough cases of COVID-19 in vaccinated individuals sparked worry among many Americans, who feared that the coronavirus vaccines are not effective after all.

But health experts continue to stress that these cases are no cause for concern when considering how vaccinated Americans have generally fared.

The CDC offers guidance, and that guidance is taken very seriously, Dr. Howard Forman, Yale School of Public Health professor, said on Yahoo Finance Live (video above). Its important to convey to the public the confidence they have and what we know right now. What we know right now is that vaccinated people are exceedingly safe, that the breakthrough cases are very, very low.

There are currently 154.5 million Americans (roughly 59.8%) who have received at least one dose of the COVID-19 vaccine and 122.2 million who are fully vaccinated. In comparison, there have only been 1,359 reported breakthrough cases that led to hospitalizations or deaths, as of May 10, according to CDC data.

This is part of the reason why the CDC recently issued new guidance stating that fully vaccinated individuals do not need to wear face masks in outdoor and most indoor settings.

To my knowledge, we still dont have an identified case of a vaccinated person spreading to another vaccinated person, Forman said. When you add those things up, it really says that we need to have a different set of rules and guidelines for vaccinated individuals.

That lack of vaccinated-to-vaccinated transmission is crucial as more and more vaccinated individuals interact in closer settings.

If Im in rooms with people who I know to be vaccinated, particularly at my work if my employer requires to be vaccinated that changes the environment for me because it means that everybody in my workplace is verified to be vaccinated, Forman said. That is a game changer for my workplace. That can be a game changer for other peoples workplaces.

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The outbreak of COVID-19 within the New York Yankees baseball team is among the most notable recent breakthrough cases. Over the past week, nine members (including players, staff, and other personnel) have tested positive for COVID-19, despite all being fully vaccinated.

Yet only one of those positive cases presented actual symptoms, with the others being asymptomatic.

Brian Cashman, general manager for the Yankees, stated that this demonstrated the efficacy of the vaccines that while vaccination didnt guarantee 100% protection from contracting the virus, it drastically minimized the severity of symptoms from the disease.

Manager Aaron Boone of the New York Yankees watches his team play while wearing his required face covering during an interleague game against the Miami Marlins. (Photo by Paul Bereswill/Getty Images)

When you read the fine print, they tell you that you still could get the COVID, and the vaccine is to protect you from the symptoms, Cashman said. Its not full protection The one thing I take from this is I believe the vaccine is working. Weve got eight positives, and seven of the eight presented as without symptoms, so without testing, you wouldnt have even known.

All eight players who tested positive had received the Johnson & Johnson (JNJ) vaccine, which is said to be 66.3% effective at preventing the virus, in comparison to the Moderna (MRNA) and Pfizer (PFE) vaccines which have efficacy rates of 94.1% and 95% respectively. However, the J&J vaccine was a popular choice among MLB players because it only requires one dose, meaning they wouldnt have to miss much playing time from any side effects.

In another breakthrough case, television personality Bill Maher also tested positive for COVID-19 after being fully vaccinated. He tweeted to his followers that he felt perfectly fine.

Though the CDCs latest recommendation indicates that vaccinated individuals are safe without masks, Forman said that doesnt mean the mandates are going away in some places.

It does not mean that were getting rid of mask mandates, quite frankly, because if youre not vaccinated, you should still be socially distancing, he said. You should still be wearing a mask. In many settings, you probably should continue getting tested on a regular basis to protect those around you.

Mask mandates are still in effect on public transit across the country, and likely will remain so until Sept. 14, when the order expires.

People walk along the boardwalk on Tuesday, April 27, 2021 in Redondo Beach, CA. (Gary Coronado / Los Angeles Times via Getty Images)

I will not have a conversation with somebody that I meet on the street without a mask on, without socially distancing, facing that individual right now Unless I know somebody is vaccinated, Im still going to protect myself, even though I know, as somebody whos been vaccinated for four months at this point, that the likelihood of me getting symptomatic disease is very, very low. Im still going to do what I can to minimize even that small risk to begin with, Forman said.

Despite more and more restrictions being lifted, Forman said that now is not the time for anyone to let their guard down just yet.

In my opinion, even though others have said the sixth inning, I think we may be in the eighth or ninth inning, Forman said. But we cannot give up the game right now because theres still time to lose it if were not careful.

Adriana Belmonte is a reporter and editor covering politics and health care policy for Yahoo Finance. You can follow her on Twitter @adrianambells and reach her at adriana@yahoofinance.com.

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'Vaccinated people are exceedingly safe,' doctor stresses amid reports of breakthrough cases - Yahoo Finance

Bloomberg

(Bloomberg) -- The worlds top exporter of liquefied natural gas is ramping up production dramatically and undercutting competitors in a bid to squeeze them out of the market.Qatar is dropping prices and pushing ahead with a $29 billion project to boost its exports of the fuel by more than 50%, stymieing the prospects of new plants elsewhere. Its also established a trading team to compete in the nascent spot market and pushing into Asia more aggressively, according to people familiar with the matter.The strategy marks a shift for Qatar, which has barely raised production in the past five years and traditionally prioritized prices over market share. Increased competition, especially from the U.S. and Australia, has forced the Persian Gulf state to become more nimble and attract buyers in Asia, a hot spot for gas demand.The global transition to renewable energy is adding to the countrys sense of urgency. While LNG was until recently touted as a bridge from coal and oil to the likes of solar and wind power, its falling out of favor with some governments as they step up efforts to slow climate change.Qatars expansion plan is so huge that there are questions on the need for other supply options, said Julien Hoarau, head of EnergyScan, the analytics unit of the French utility Engie SA. Its still the number one, but the U.S. has never been so close, so Qatar needed to move if it wanted to keep its leading position.The U.S. came close to overtaking Qatars monthly exports for the first time in April, while Australia has been neck-in-neck with the Middle Eastern nation for the last year, according to ship-tracking data compiled by Bloomberg. As Gulf Coast projects develop, the U.S. is slated to briefly become the worlds top supplier by 2024, before Qatar regains that status later in the decade, according to data from BloombergNEF.Several factors are playing into Qatars hands. China, one of the fastest growing LNG markets, has been reluctant to import more from the U.S. or Australia due to trade and geopolitical tensions.But Qatars main advantage is that it has the worlds lowest production costs thanks to an abundance of easy-to-extract gas, most of it contained in the giant North Field that extends into Iran.Bonds ComingQatars state energy company, which may soon sell up to $10 billion of bonds to fund the gas expansion, said the project will be viable even with oil at $20 a barrel, 70% less than current levels. LNG contracts are typically linked to oil.Thats enabling Qatar Petroleum to set pricing below what other exporters can manage, according to traders. The firm has sold LNG in recent months at around 10% of Brent crude prices, including to China and Pakistan, whereas it used to set the level at 15%.Nobody can compete with Qatari costs, said Jonathan Stern, a senior research fellow at the Oxford Institute of Energy Studies. They can do whatever they like and everybody will have to respond the way they can. And, especially when the market is in surplus and prices are low, that will impact the competitions profits.QP executives have jetted across Asia over the past few months to ink export deals. Their efforts led in March to a 10-year contract with Beijing-based Sinopec, signed at 10%-10.19% of Brent.Qatars Ministry of Energy and QP didnt respond to requests for comment.A few years ago, demand for LNG was projected to rise steeply over the coming decades. Gas emits less carbon dioxide than most other fossil fuels when its burned, while renewable-energy projects were still too expensive to power electricity grids, factories and transport on a mass scale.But solar and wind technology is improving faster than expected, helped in part by massive government green-spending programs triggered by the coronavirus pandemic.Were Not AfraidEven as Qatar seeks to make the most of its assets, there are obstacles to it reaching total domination. Many buyers want a diverse group of suppliers. Russias Yamal LNG project and the planned Arctic LNG 2 plant, led by Novatek PJSC, are among those that will remain competitive as Qatar ramps up exports, according to analysts at Citigroup Inc.The biggest U.S. LNG exporter, Cheniere Energy Inc., said its unperturbed by Qatars moves. Some importers are attracted by American firms offering more flexible delivery terms and pricing thats not tied to oil, which has soared almost 30% this year.Were not afraid, Chenieres Chief Commercial Officer Anatol Feygin told investors this month. Were part of a sort of diversification of the supply and contracting structure along with Qatar Petroleum and our friends at Novatek.Yet U.S. projects are among those most likely to struggle. At least 10, five of them in Texas and four in Louisiana, probably wont secure enough financing to be completed, according to analysis from BloombergNEF.Feedstock costs are part of the problem. American companies have to buy gas at around $2.50 per million British thermal units, way above Qatars wellhead prices of $0.30 or lower.New suppliers in the U.S. need spot LNG prices to be at least $7.80 per million Btu in Asia and $6.80 in Europe, said David Thomas, an independent adviser and former head of LNG at Vitol, the worlds largest independent oil trader. For comparison, Asian rates have averaged about $6.80 over the last five years. The economics for producers in Australia and Africa are similar, Thomas said.The Qatari strategy appears to be maintaining its global market share and also maximizing sales, before the gas market starts to shrink, OIESs Stern said. It is a competitive and strategic rush. They recognize LNG demand will eventually decline as the world moves forward in the energy transition.(Updates with export forecast in sixth paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2021 Bloomberg L.P.

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After four months in the driver's seat for Trevor Lawrence in the NFL Draft, the Jacksonville Jaguars are still creating intrigue in the offseason. Coach Urban Meyer controversially worked out first-round RB Travis Etienne at WR during last week's rookie minicamp causing the fantasy industry, as it often does, to flip out.

Yahoo's very own Scott Pianowski is joined by Pat Fitzmaurice of The Football Girl and the Fitz on Fantasy podcast; they kick off the show taking a deeper look at the former 1-15 team, Trevor Lawrence's outlook for 2021, the addition of Marvin Jones to the receiver corps and more.

Next, the guys discuss the teams and players they're fading this year, starting off with Matt Ryan, Julio Jones, Kyle Pitts and the Atlanta Falcons. (13:00)

Later on, the guys talk about some of their other fades including Joe Mixon, David Montgomery, Miles Sanders, Ezekiel Elliott and more (25:15)

Rookie QB Trevor Lawrence participates in Jaguars rookie mini-camp. (Photo by Sam Greenwood/Getty Images)

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Trevor Lawrence's QB1 potential & why we're fading the Falcons - Yahoo Sports