Come October 14, skies across the Americas are set to host a spectacular celestial dance with a solar eclipse gracing the heavens. Provided the weather plays along, onlookers will witness the moon’s elegant passage across the sun’s face.

This awe-inspiring phenomenon will be seen along a trail that stretches across portions of the United States, Mexico, and extends through various nations in Central and South America.

Let's dive into the specifics of this solar eclipse, understanding its nature and where the best seats to this cosmic theatre will be.
WHAT IS AN ANNULAR SOLAR ECLIPSE?

A solar eclipse unfolds when the moon takes a stroll between the Earth and the sun, casting a shadow along a narrow stretch on Earth, momentarily veiling the sun’s visage as it moves along. The upcoming event on October 14 is dubbed an "annular solar eclipse." This spectacle transpires when the moon aligns between the Earth and the sun while near its most distant orbital point from Earth, thus failing to completely shroud the sun, a scenario contrasting with a total solar eclipse.
WHY IS IT DUBBED A RING OF FIRE?

The moon, being further from Earth during an annular solar eclipse, doesn't quite manage to fully cloak the sun. Instead, it presents a captivating view of a dark disc silhouetted against the sun’s brilliant face, creating a momentary ‘ring of fire’ around the moon’s dark silhouette. The next total solar eclipse is slated for April 8, 2024, promising another breathtaking display as it traverses Mexico, the United States, and Canada.

[1/3]Sky-gazers enjoyed a solar eclipse from the Griffith Observatory’s lawn in Los Angeles, California, U.S., on August 21, 2017, with coordinates 34°7'9"N 118°18'1"W. REUTERS/Mario Anzuoni/File Photo Obtain Licensing Rights
WHERE CAN I CATCH THIS SIGHT AND ALONG WHICH PATH?

As per NASA, the United States will experience the maximum solar concealment on October 14, commencing at 9:13 a.m. PDT (12:13 p.m. EDT/1613 GMT) in Oregon, proceeding through California, Nevada, Utah, Arizona, New Mexico, and Texas. The eclipse path will then continue through parts of Mexico, Guatemala, Belize, Honduras, Nicaragua, Panama, Colombia, and Brazil, before concluding its grand journey at sunset in the Atlantic Ocean. Even if you are situated in broader regions of North America, Central America, or South America, a partial view of this event will still offer a remarkable visual treat.
HOW DO THE SIZES OF EARTH, MOON, AND SUN PLAY A ROLE?

The sight of the moon almost covering the sun is facilitated by its closer proximity to Earth, despite its much smaller size compared to the sun. To give a sense of scale, the moon’s diameter is 2,159 miles (3,476 km), whereas the sun boasts a diameter of about 865,000 miles (1.4 million km), and Earth’s diameter measures 7,918 miles (12,742 km).
HOW TO SAFELY ENJOY THIS ECLIPSE?

Eye safety is paramount during a solar eclipse. It's advised not to stare directly at the bright sun without the aid of specialized eye gear crafted for solar observation, to avoid eye damage. In an annular solar eclipse, since the sun is never entirely masked by the moon, looking at it unprotected is risky. Experts caution against using camera lenses, binoculars, or telescopes without a proper solar filter as it can result in severe eye damage. Safe solar viewing glasses or a secure handheld solar viewer are recommended for a safe and enjoyable experience, emphasizing that regular sunglasses fall short in providing necessary protection.
HOW ARE SOLAR AND LUNAR ECLIPSES DISTINCT?

Lunar eclipses are staged when Earth positions itself between the moon and the sun, casting a shadow on the moon, which renders it dim, and at times, a reddish hue from Earth. Unlike solar eclipses, lunar eclipses are accessible to viewers across half the globe, thus entertaining a more expansive audience.

Source : Reuters (Reporting by Will Dunham)

On September 29, an enthusiastic initiative by the Biden administration rolled out, aiming to trim down offshore oil and gas leasing, and it surely stirred the pot, eliciting reactions from both the fossil fuel sector and environmental enthusiasts last Friday. While energy conglomerates argue that this move is set to elevate fuel costs, environmentalists are of the view that it's a setback to the global warming mitigation efforts.

This mixed reception underlines the intricate landscape the White House navigates in fine-tuning U.S. oil extraction policies. The objective remains to strike a harmonic chord between ensuring energy security for the nation while advancing the fight against climate change by reducing greenhouse gas emissions. Although Biden aspired to put a halt on new federal leasing during his campaign, judicial hurdles and the uptick in fuel prices, perceived as a possible dent on his reelection prospects, have kept that pledge at bay.

On a vibrant Friday, the Interior Department lifted the veil on a diligently crafted five-year strategy for offshore oil drilling. The plan, brimming with congressional backing, reveals a modest trio of sales, all nestled in the Gulf of Mexico -- marking the slightest count in any quintennial blueprint since its inception in 1980. This notable dip was initially spotlighted by Reuters a day earlier.

Erik Milito, the head honcho of the National Ocean Industries Association embodying offshore oil and gas moguls, conveyed his displeasure calling it a stark "misstep for the nation." He forewarns of an upswing in gas prices, dwindling job opportunities along the Gulf Coast, and a potential uptick in oil import dependency.

Historically, the quintennial offshore lease agendas have showcased between 11 and 41 sales, as documented by the Interior's U.S. Bureau of Ocean Energy Management.

The green brigade didn’t hold back their discontent either.

As elucidated by Earthjustice President Abigail Dillen, the advancing climate debacle leaves no room for entangling ourselves in decades of fresh fossil fuel excavation, more so after experiencing the warmest summer on the records.

The Gulf of Mexico, a pivotal point, churns out about 15% of the U.S. crude oil, government statistics highlight. The span from lease issuance to oil production ranges from four to a decade of years, as per the Bureau of Ocean Energy Management's notes.
THE HEART OF THE MATTER

Amid the unveiling, the Interior Department articulated its choice of green-lighting the bare minimum of oil lease sales to propel its offshore wind program forward, which at the moment, is anchored to fossil fuel leasing by the federal legislation.

Thanks to the Inflation Reduction Act, a groundbreaking climate change law enacted the previous year, the road to new offshore wind power ventures now hinges on oil and gas lease sales. This aligns well with Biden's aspiration of offshore wind power being a pivotal player in his scheme to decarbonize the U.S. economy come 2050.

Nevertheless, the American Petroleum Institute, a prominent player in the U.S. oil sector, laments that this is a step back from the nation’s historical stride towards energy self-reliance.

The sentiment is echoed by the U.S. Chamber of Commerce and a Gulf Coast senator, who express their dissatisfaction over the decision. Senator Bill Cassidy from Louisiana, a state deeply rooted in fossil fuel commerce, has stepped into the legislative arena with a proposal aiming to compel the Interior to conduct two offshore lease sales each in 2024 and 2025.

This final blueprint from the Interior Department is a pronounced deviation from a former proposition by the Trump administration. Sculpted in 2018, the erstwhile plan which was later dismissed, envisaged a whopping 47 lease sales spanning California to the Atlantic.

The current plan circles around three sales slotted for 2025, 2027, and 2029.

Adding a twist to the U.S. drilling policy saga, a looming lawsuit concerning federal protection of an endangered whale species has led a U.S. appeals court to extend the timeline for the Interior Department to conduct a Gulf of Mexico oil and gas lease auction to November, which was earlier scheduled for this month.

Source : Reuters (Reporting by Nichola Groom)

Steel prices in India are on a rising spree, driven by the swift upsurge in the rates of crucial input material, coking coal, shared industry bigwig Bimlendra Jha.

The primary ingredients in steel production are coking coal and iron ore.

India has a rich supply of iron ore, however, for coking coal, steel manufacturers have to look beyond borders, sourcing a whopping 90 percent of their needs from nations such as Australia and South Africa.

"The pricing of coking coal has shot up notably, currently pegged at USD 341 per tonne CFR (cost and freight) India, marking a jump from USD 230 a tonne during June-July 2023," unveiled Jha, the Managing Director of Jindal Steel and Power (JSP), in a conversation with PTI.

The soaring cost of coking coal is propelling a rise in steel prices, leaving the industry with no alternative but to transfer the inflated costs onto the consumers, remarked Jha while addressing queries about the climbing steel prices in India.

According to a market analysis by SteelMint India, the price for a tonne of hot rolled coil (HRC) which stood at Rs 55,200 in June, witnessed a climb, settling at Rs 58,800 this Thursday post price adjustment.

Delving deeper, Jha noted an encouraging surge in steel demand in the market, circling around 7-8 percent.

Post a slump, especially during the monsoon season, the demand for steel is seeing a positive turnaround, he further added.

Steel takes its place among the triumvirate of most utilized metals, and any price fluctuation triggers a ripple effect across the entire value chain.

Source : PTI

On September 28th, U.S. oil witnessed an impressive surge, with prices climbing by nearly a dollar per barrel, reaching their highest levels in over a year. This sudden spike was driven by a significant decrease in crude oil inventories within the United States, intensifying concerns about a global supply crunch stemming from production cuts led by Saudi Arabia and the OPEC+ alliance.

Leading the charge were U.S. West Texas Intermediate crude futures (WTI), which soared above the $95 mark for the first time since August of the previous year. At precisely 0145 GMT, WTI was trading at $94.60 per barrel, marking an impressive gain of 92 cents, equivalent to a 1% increase.

Brent crude futures also made notable gains, surging by 77 cents, or 0.8%, to settle at $97.32 per barrel, reaching levels not witnessed since November.

Stefano Grasso, a seasoned senior portfolio manager at 8VantEdge in Singapore, shared his insights, stating, "The oil market is rapidly adjusting to the profound impact of the OPEC+ cuts announced during the summer. Stockpiles are dwindling while demand continues to rise. However, we are still a considerable distance away from price levels that might lead to a decrease in demand."

Government data revealed that U.S. crude oil inventories had declined by a substantial 2.2 million barrels during the previous week, reaching a total of 416.3 million barrels. This decline greatly surpassed the expectations of analysts who had predicted a drop of 320,000 barrels, as indicated in a Reuters poll.

Additionally, data showed that crude oil stocks at the Cushing, Oklahoma storage hub, which serves as the delivery point for U.S. crude oil futures, had fallen by 943,000 barrels during the week, now standing at just under 22 million barrels. This marked the lowest inventory level since July 2022. The consistent decline in Cushing stockpiles was attributed to robust demand from refineries and exports. However, it also raised concerns about the quality of the remaining oil at the hub and the possibility of it falling below the minimum operating levels.

These reductions in crude oil inventories followed the production cuts of 1.3 million barrels per day agreed upon by Saudi Arabia and Russia from the OPEC+ group, which are set to continue until the end of the year. The group is scheduled to convene on October 4th to review market conditions.

Analysts from the National Australian Bank expressed their expectations, saying, "As near-term oil prices continue to push higher, a reduction in current supply cuts is becoming increasingly likely."

Grasso added his perspective, "I believe Saudi Arabia can tolerate significantly higher prices, but not much lower. If cutting production by 10% results in a 30% price increase, it makes perfect sense for them to proceed with it."

In response to the recent spike in retail fuel prices due to increased exports, President Vladimir Putin took action by instructing his government to ensure the stabilization of retail fuel prices. As a result, his deputy prime minister proposed restrictions on the exports of oil products intended for domestic consumption, further contributing to the tightness in the market.

Source: Reuters (Reporting by Florence Tan and Laura Sanicola)