Artificial Intelligence Will Be Critical For Renewable Energy Growth

The digitalization of oil and gas has been well documented, with pretty much all energy majors adopting AI, machine learning, and other innovative technologies to improve their operations. But what role does artificial intelligence play in renewables? Just as in oil and gas, AI is being adopted for use in wind, solar, and other green energy projects to improve efficiency through greater automation. As energy firms look to digitalize their operations to a greater extent, AI will likely play a leading role in the energy transition of the future.

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Artificial-Intelligence-Will-Be-Critical-For-Renewable-Energy-Growth.html

Washington Has Trouble Refilling The SPR After 220 Million Barrel Draw

After drawing over 221 million barrels of oil from the Strategic Petroleum Reserve (SPR) in 2022, Washington is having a tough time refilling it in the New Year, with the Department of Energy (DoE) rejecting the first offers on the grounds that they failed to benefit taxpayers. The DoE has by now received several offers for February purchases to refill the SPR, according to both Bloomberg and Reuters. However, those offers have been rejected as too expensive or failing to meet other requirements. For February, the plan was to purchase

Read more at: https://oilprice.com/Energy/Crude-Oil/Washington-Has-Trouble-Refilling-The-SPR-After-220-Million-Barrel-Draw.html

Russian Lukoil To Sell Strategic Italian Refinery To Trafigura-Backed Company

In its first major overseas asset sale following Russia’s invasion of Ukraine and subsequent Western sanctions, Lukoil, Russia’s second-largest oil company, has agreed to sell its Italian ISAB refinery to a Cypriot company backed by Geneva-based commodities trader Trafigura. The deal will see Lukoils 100% subsidiary, Litasco S.A., sell the ISAB refinery to Cyprus-based G.O.I. Energy Limited, a private equity firm backed by Trafigura, according to a statement on Lukoil’s website. The deal value was not disclosed.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Lukoil-To-Sell-Strategic-Italian-Refinery-To-Trafigura-Backed-Company.html

WTI Breaks $75 Barrier, But Traders Remain Cautious

After shedding 8% last week, crude oil prices are trading up over 1.7% midday Monday, driven by China’s reopening and a weaker U.S. dollar. West Texas Intermediate (WTI) was trading up 1.84% as of 1:31 p.m. EST on Monday, breaking the $75/barrel barrier, while Brent was trading up 1.55%, pushing towards the $80 mark. China’s reopening news was the key driver pushing against recession fears that commanded all the attention last week. Less hawkish sentiments coming from the Fed, combined with a softening dollar, also gave

Read more at: https://oilprice.com/Energy/Crude-Oil/WTI-Breaks-75-Barrier-But-Traders-Remain-Cautious.html

China Signals Surge In Oil Demand With Major Increase In Import Quotas

China issued a substantial increase in its crude imports quotas for this year, the clearest sign yet that Chinese refiners are set for a material increase in output – and a surge in demand for oil – as the nation finally moves away from its ridiculous Covid Zero policy. On Monday, China issued a second batch of 2023 crude oil import quotas, raising the total for this year by 20% compared to the same time last year, according to Reuters and Bloomberg. According to the document from the Ministry of Commerce,44 companies,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Signals-Surge-In-Oil-Demand-With-Major-Increase-In-Import-Quotas.html

Why Hydro Energy Storage Is Needed Despite Its Shortcomings

Depending on who you ask, pumped hydro energy storage is either the future of the clean energy industry and the key to decarbonizing the global economy, or it’s an ecological disaster that needs to be stopped. The truth, of course, lies somewhere in between but friends and enemies of pumped hydro tend to espouse either one narrative or the other with inadequate attention to the nuanced trade-offs and potential synergies that pumped hydro storage presents to the renewable energy industry. The issue is this: building dams is good for

Read more at: https://oilprice.com/Energy/Energy-General/Why-Hydro-Energy-Storage-Is-Needed-Despite-Its-Shortcomings.html

What’s ahead for Bed Bath & Beyond in wake of bankruptcy warning

Bed Bath’s turnaround plan called for cost-cutting and improved partnerships with vendors. But its sales have yet to improve.

Read more at: https://www.cnbc.com/2023/01/09/bed-bath-beyond-bbby-whats-ahead-in-wake-of-bankruptcy-warning.html

Bob Iger tells Disney employees they must return to the office four days a week

Disney CEO Bob Iger told hybrid employees on Monday they must return to corporate offices four days a week starting March 1.

Read more at: https://www.cnbc.com/2023/01/09/disney-ceo-bob-iger-tells-employees-to-return-to-the-office-four-days-a-week.html

Consumer confidence in housing finally rises, thanks to falling home prices

Consumer confidence in the U.S. housing market is improving slightly, as mortgage rates settle and home prices fall.

Read more at: https://www.cnbc.com/2023/01/09/consumer-confidence-in-housing-rises-as-prices-fall.html

SEC fines former McDonald’s CEO for misleading investors about his firing

The SEC filed charges against former McDonald’s CEO Steve Easterbrook for misrepresenting why he was fired in November 2019 and charged him a $400,000 fine.

Read more at: https://www.cnbc.com/2023/01/09/sec-fines-mcdonalds-ex-ceo-steve-easterbrook-misled-investors-about-his-firing.html

Used vehicle prices are falling but not enough to offset grossly inflated levels

Cox Automotive expects wholesale used vehicle prices to end the year down 4.3% from December 2022.

Read more at: https://www.cnbc.com/2023/01/09/used-vehicle-prices-are-falling-but-not-enough-to-offset-record-highs.html

Rolls-Royce sees record sales in 2022, no slowdown in spending by the wealthy

Rolls-Royce sold a record number of cars in 2022 as demand for its $500,000 vehicles remained strong.

Read more at: https://www.cnbc.com/2023/01/09/rolls-royce-2022-sales-soar-ceo-says-no-slowdown-in-spending-by-the-rich.html

The Earth’s ozone layer is slowly recovering, UN report finds

The upper atmosphere ozone layer protects the Earth from harmful ultraviolet radiation, which is linked to skin cancer, eye cataracts and agricultural damage.

Read more at: https://www.cnbc.com/2023/01/09/the-earths-ozone-layer-is-slowly-recovering-un-report-finds-.html

Everyone’s elite, but not for long. Airlines make travel perks harder to earn this year

Airlines are scaling back perks for frequent flyers and big spenders as travel roars back.

Read more at: https://www.cnbc.com/2023/01/08/airlines-scale-back-frequent-flyer-perks.html

Biden declares emergency in California as more winter storms advance

National Weather Service forecasters have warned of a “relentless parade of cyclones” over the coming days in central and Northern California.

Read more at: https://www.cnbc.com/2023/01/09/biden-declares-emergency-in-california-as-more-winter-storms-advance-.html

Stocks making the biggest moves midday: Tesla, Nvidia, Lululemon, and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2023/01/09/stocks-making-the-biggest-moves-midday-tesla-nvidia-lululemon-and-more.html

Jim Cramer’s Investing Club meeting Monday: Consumer prices, overvalued tech stocks, oil

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

Read more at: https://www.cnbc.com/2023/01/09/jim-cramers-investing-club-meeting-monday-consumer-prices-tech-.html

Vince McMahon is back at WWE to ensure a smooth sale process. Here’s who might want to buy it

Comcast, Endeavor Group Holdings, and Netflix are among the companies that could have an interest in acquiring WWE.

Read more at: https://www.cnbc.com/2023/01/07/who-would-buy-wwe-as-mcmahon-returns-to-board-to-pursue-sale.html

Tesla breaks into America’s bestselling cars list for 2022, but trucks still dominate

Pickup trucks continued to lead America’s top-selling vehicles in 2022, but Tesla broke into the top 10 for the first time amid a shakeup among other models.

Read more at: https://www.cnbc.com/2023/01/07/americas-top-10-bestselling-cars-of-2022-tesla-makes-the-cut.html

US Stocks Prefer Big Bad Wolf Of Recession To Goldilocks

By Mark Cudmore, Bloomberg Markets Live reporter and analyst

US stocks are trading positively since Friday’s US data due to raised hopes for rate cuts, not on some Goldilocks narratives. It’s important the driver is clear as there are different implications.

The NFP jobs data was indeed a so-called Goldilocks report: an increase in the labor force and lots of new jobs added, particularly in the private sector. Wage inflation not only fell sharply, but with the bonus of revisions lower to prior wage increases. For those who believe that the US can bring inflation back down to target without a hard landing, it was about as good as you could get. It suggests that the economy can cope with the policy-tightening seen, so it should have resulted in curve-steepening and equities getting a bid. And that’s exactly what we got… BOOM! All makes sense.

But wait… We then got the big bad wolf of the ISM report. It was horrible data. The headline came in at 49.6 (recession territory) versus 55 forecast, and 56.6 prior. The new orders component was even more traumatic at 45.2 versus 56 prior. Not helped by the fact that the more backward-looking factory orders data released at the same time missed expectations and revised the prior figures lower too. Oh, and the final durable good print was slightly softer, as well. Recession alarm bells blaring loudly. The bit of the ISM report that stayed very high was the prices paid component — uh-oh, stagflation sounds?

Read more at: https://www.zerohedge.com/markets/us-stocks-prefer-big-bad-wolf-recession-goldilocks

Controvery Swirls Over Mystery ‘3-Page Addendum’ To House Rules Package

Update (1445ET): There’s word of a ‘much-fabled 3-page House rules addendum’ circulating throughout certain GOP offices in which McCarthy reportedly agrees on everything from the 20-holdout demands on everything from the strategy on the debt ceiling to committee assignments.

Via Axios’ Andrew Solender:

At least one GOP office apparently has the much-fabled 3-page House rules addendum.

“We’re taking a look at it … we’re just going through it,” Rep. Ken Calvert, a Steering Committee member, tells @Axios

Asked if members have received a copy: “I don’t know if everybody has.”

— Andrew Solender (@AndrewSolender) January 9, 2023

According to Punchbowl News,

there’s also a secret three-page addendum that McCarthy and his allies hashed out during several days of grueling negotiations with the House Freedom Caucus. This pact includes the most controversial concessions McCarthy made in order to become speaker – three seats on the Rules Committee for conservatives, freezing spending at FY2022 levels, a debt-ceiling strategy, coveted committee assignments and mor …

Read more at: https://www.zerohedge.com/political/mccarthy-faces-first-test-house-rules-package-including-vote-cut-irs-funding

Used-Car Prices Record “Largest Annualized Decline In Series’ History”

Cox Automotive reported that its Manheim Used Vehicle Value Index (MUVVI), which tracks the auction prices of used cars, plunged the most on record in December from a year ago as the auto market cools.

MUVVI increased 0.8% in December from November and rose slightly to 219.3, but was down 14.9% from a year ago. “This was the largest annualized decline in the series’ history,” Manheim wrote in a statement.

Despite the most significant yearly decline on record, used car prices at auction houses remain 14% below record highs.

The Manheim Used Vehicle Value Index was down 14.9% from a year ago. This was the largest annualized decline in the series’ history. The non-adjusted price change in December was a decline of 1.9% compared to November pic.twitter.com/cB3X1N8jAY

— zerohedge …

Read more at: https://www.zerohedge.com/markets/used-car-prices-record-largest-annualized-decline-series-history

Rep. Rogers Says He Regrets Tense Confrontation With Rep. Gaetz During Speaker Vote

Authored by Rita Li via The Epoch Times,

Rep. Mike Rogers (R-Ala.) offered his regrets to Rep. Matt Gaetz (R-Fla.) on Jan. 8 for a tense confrontation during the heated House speaker vote on Friday evening.

“I regret that I briefly lost my temper on the House Floor Friday evening and appreciate Matt’s kind understanding,” Roger, the incoming chairman of the House Armed Services Committee, wrote via Twitter on Sunday.

“@RepMattGaetz and I have a long and productive working relationship, that I am sure will continue,” his post reads.

Read more at: https://www.zerohedge.com/political/rep-rogers-says-he-regrets-tense-confrontation-rep-gaetz-during-speaker-vote

Energy bill support for firms to be reduced from April

The government says the current level of support for firms was “unsustainably expensive”.

Read more at: https://www.bbc.co.uk/news/business-64211744?at_medium=RSS&at_campaign=KARANGA

McDonald’s: Former boss Easterbrook fined after staff relationship

Stephen Easterbrook was fired in 2019 after the firm found he had had a consensual relationship with an employee.

Read more at: https://www.bbc.co.uk/news/business-64211747?at_medium=RSS&at_campaign=KARANGA

Rents rising at fastest rate for seven years

Renters are being hit harder than owners by rising housing costs, official data shows.

Read more at: https://www.bbc.co.uk/news/business-64209861?at_medium=RSS&at_campaign=KARANGA

TCS looks well-placed to sail through turbulent macroeconomic scenarios in key markets

While the management has expressed confidence over the demand momentum, caution is in the air given that over three-fourths of its revenue is generated in the US and Europe, the regions that are likely to be affected due to macroeconomic challenges.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/tcs-looks-well-placed-to-sail-through-turbulent-macroeconomic-scenario-in-key-markets/articleshow/96863876.cms

How does Nifty behave in January? Check out the leaders & laggards of last 10 years

Within the Nifty 50 index, certain sectoral outperformers and laggards within the 10-year period. Nifty IT performed well in January for the most number of years (about six), while Nifty Metal was under pressure three times in the analyzed time frame.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/how-do-markets-behave-in-january-leaders-laggards-of-nifty-of-last-10-years/articleshow/96847980.cms

DIIs’ clout in domestic equities continued to increase in Dec amid sustained inflow

​DIIs include local mutual funds, insurance companies, pension funds, and banks. Their increased participation has reduced the effect of higher market volatility on Indian equities compared with their peers in emerging markets

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/diis-clout-in-domestic-equities-continued-to-increase-in-dec-amid-sustained-inflow/articleshow/96852098.cms

The Tell: Forget the old playbook. How investors should be ‘pricing in the damage’ of recession, says BlackRock

The way investors can protect portfolios in 2023 isn’t by relying on the same tactics that worked in past recessions, according to BlackRock.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7179-9536650CBB06%7D&siteid=rss&rss=1

Market Snapshot: Dow erases 300-point gain as S&P 500 struggles to extend ‘soft-landing’ rally

The Dow Jones Industrial Average fumbles a big gain, while the S&P 500 struggles to build on last week’s rise.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7179-37980C46A108%7D&siteid=rss&rss=1

The Tell: Why stock-market bulls are ‘woefully myopic’ about S&P 500 profit growth — even before the impact of a potential recession

Wall Street forecasts for the S&P 500 to see single-digit profit growth in 2023-24 seem ‘woefully myopic,’ warns Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7179-BE312FADAFD9%7D&siteid=rss&rss=1