Rystad: Energy Services To Grow To $1 Trillion By 2025

Rystad Energy expects the global market for oil and gas contractors to rise to a peak of $1 trillion in 2025 and remain at high levels for several years thereafter. Helped by strong growth in the midstream part of the industry to liquefy, transport, and re-gasify natural gas, overall oil and gas spending will stay above $920 billion annually on average for the 2022-2028 period. Despite the risk that another downturn cycle in oil and gas may occur after 2025, oilfield service suppliers should be able to balance out the downturn by branching out…

Read more at: https://oilprice.com/Energy/Energy-General/Rystad-Energy-Services-To-Grow-To-1-Trillion-By-2025.html

Energy Industry Leaders Call For Social Tariff To Tackle Winter Crisis

Momentum is growing in the energy sector for a ‘social tariff’, with Good Energy becoming the latest supplier to call for more targeted support for vulnerable customers. Good Energy boss Nigel Pocklington told City A.M. that “a social tariff is the route to go” if the government wants to shelter lower-income households from sky-high energy bills. He said: “A social tariff seems to be the most effective way of dealing with what is an affordability crisis for vulnerable, poorer households.” Pocklington believed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Energy-Industry-Leaders-Call-For-Social-Tariff-To-Tackle-Winter-Crisis.html

The True Cost Of Ignoring Nuclear Energy In The UK

The price of continued stalling in the UK’s nuclear ambitions was exposed last week, when the National Grid paid households to turn off their tumble dryers, television sets and electric ovens as it scrambled to shore up energy supplies to ease the threat of blackouts amid frosty winter weather. Suppliers across the sector offered discounts to households using smart meters on Monday and Tuesday evening who were prepared to slash their energy usage at peak times in exchange for discounts on their electricity bills. It also placed three separate…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/The-True-Cost-Of-Ignoring-Nuclear-Energy-In-The-UK.html

UAE Sees Investment Opportunity After $68 Billion Adani Wipeout

Adani Group published a 413-page rebuttal on Sunday, condemning Hindenburg Research’s 100-page short report last week. Hindenburg responded overnight, indicating the rebuttal only answered 62 of 88 questions and sidestepped key questions. Adani’s rebuttal wasn’t enough to calm investors as most stocks and bonds tied to the Indian group plummeted for the third session. However, bucking the bear trend, Abu Dhabi’s royal family is bullish on Adani.  Since Hindenburg accused Adani Group of “pulling the largest con in corporate…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-Sees-Investment-Opportunity-As-Adani-Wipeout-68-Billion.html

OPEC+ Closely Watches Chinese Factory Data

While all eyes are temporarily on the Federal Reserve’s rate hike plans and a virtual meeting of OPEC+ ministers–both on Wednesday–Chinese factory data will also weigh heavily on oil prices, and is exactly what OPEC+ will be watching.  While COVID-19 continues to wreak havoc on Chinese production in the wake of the removal of restrictions related to Beijing’s zero-COVID policy, Asian sources say that January’s manufacturing activity should see a decelerated slowdown, even if it will not yet hit expansion territory.  …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Closely-Watches-Chinese-Factory-Data.html

The Push To Modernize Power Grids Is Fueling Demand For A Key Metal

Via AG Metal Miner No matter where in the world you go and what energy source you’re using, energy transfer requires transformers. Be it a nuclear power facility, a power plant running on natural gas, a wind field, or a plant running on hydropower. The energy generated in these facilities cannot light up homes, businesses, and schools without transformers. And to construct transformers, you need grain-oriented electrical steel (GOES). As global energy grids continue to grow, so does GOES demand. MetalMiner observes the GOES marketplace very…

Read more at: https://oilprice.com/Metals/Commodities/The-Push-To-Modernize-Power-Grids-Is-Fueling-Demand-For-A-Key-Metal.html

Ford Slashes Electric Vehicle Prices

Five days after we reported that Tesla was accused of ‘weaponizing’ price cuts in order to crush their competition in the electric vehicle space, Ford announced price cuts for their electric Mustang Mach-E along with several other models ‘across the board.’ The company will also increase production, “underscoring the company’s commitment to lead the EV revolution by increasing the value of its EVs for customers,” according to a Monday press release. “We are not going to cede ground to anyone. We are producing more EVs to reduce customer…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ford-Slashes-Electric-Vehicle-Prices.html

Venezuela Demands Prepayment For Its Oil

Venezuela’s state-owned oil firm PDVSA has tightened the prepayment rules for its oil after a review of contracts, demanding now cargoes be paid in cash or in goods and services that should be received before loadings can take place, Reuters reported on Monday, quoting PDVSA documents it had seen. Earlier this month, Venezuela’s PDVSA suspended most of its crude oil exports and some fuel exports for a review of the contractual terms, a review that was to be conducted under the new head of the company, Pedro Rafael Tellechea. The review…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venezuela-Demands-Prepayment-For-Its-Oil.html

Why Middle East Producers Cut Prices In The Face Of Soaring Chinese Oil Demand

China is back, and even the most ardent skeptics of Beijing’s policy easing will be compelled to admit that there is great upside in global oil demand in 2023. China has been allocating huge export and import quotas, nudging its oil refiners as hard as possible. Against the background of US economic readings rising quicker than expected and increasing the likelihood of a soft landing, as well as of Europe soon implementing its import ban on Russian products, there are several bullish factors that should push oil prices higher, in fact much…

Read more at: https://oilprice.com/Energy/Oil-Prices/Why-Middle-East-Producers-Cut-Prices-In-The-Face-Of-Soaring-Chinese-Oil-Demand.html

How Will Western Tanks Transform The Battlefield In Ukraine?

Leopard 2 and Abrams tanks pledged by the West will give Ukraine a substantial boost in its fight against invading Russian forces, but numbers are a key factor and time is of the essence as the war grinds on and both sides prepare for possible offensives in the coming months, experts said. The promised deliveries are also an important sign of support from the United States and its European allies, but tanks are not the only weapons that Ukraine wants from the West as it struggles to fend off sustained attacks, regain territory, and ultimately drive…

Read more at: https://oilprice.com/Geopolitics/International/How-Will-Western-Tanks-Transform-The-Battlefield-In-Ukraine.html

Putin, MBS Discuss Oil Strategy Ahead Of OPEC+ Meeting

Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin discussed OPEC+ cooperation in a Monday phone call, according to various sources, with the focus on maintaining the stability of oil prices ahead of a virtual OPEC+ meeting planned for Wednesday. Russian oil production has held up in spite of new Western sanctions and price caps, and three OPEC+ delegates have told Reuters that the Wednesday meeting is likely to conclude without any output policy changes. The Wednesday meeting, which will take place at 1100 GMT, is a meeting…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Putin-MBS-Discuss-Oil-Strategy-Ahead-Of-OPEC-Meeting.html

Aramco Closes In On $7.2 Billion In Deals Supporting Saudi Industry

Saudi Aramco has signed more than 100 agreements and memoranda of understanding (MoUs) worth $7.2 billion to support the local industrial and manufacturing sectors, the Saudi oil giant said on Monday as the Kingdom looks to have more local content in the industrial supply chains. The signing of the deals took place during the 7th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition, a program to boost local content in supply chains. The program achieved 63% local content in 2022, up from 35% in 2015 when it was launched, Saudi…

Read more at: https://oilprice.com/Energy/Energy-General/Aramco-Closes-In-On-72-Billion-In-Deals-Supporting-Saudi-Industry.html

Israel Responsible For Drone Attack On Iranian Weapons Factory

Israel carried out the drone attack on an ammunition factory in Iran this weekend, The Wall Street Journal reported, citing sources with knowledge of the operation and U.S. officials. The strike came as the U.S. and Israel continue to discuss ways to limit Iran’s influence in the region and elsewhere. Iran is believed to be supplying Russia with drones for strikes in Ukraine. Iran has said that a drone attack on a military facility in the city of Isfahan had been thwarted, and the site of the strike suffered only minor damage to the roof,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Israel-Responsible-For-Drone-Attack-On-Iranian-Weapons-Factory.html

Texas Oil And Gas Industry Braces For Severe Winter Weather

Oil and gas operators in Texas should be prepared for severe winter weather this week, the Railroad Commission of Texas (RRC) said on Sunday, as snow and ice conditions are expected in parts of the biggest U.S. oil-producing state, including in parts of the Permian basin. The RRC advised all operators under its jurisdiction in areas of potential impact to heed all watches, warnings, and orders issued by local emergency officials, and secure all personnel, equipment, and facilities to prevent injury or damage. Operators were also advised to monitor…

Read more at: https://oilprice.com/Energy/Energy-General/Texas-Oil-And-Gas-Industry-Braces-For-Severe-Winter-Weather.html

India Set To Crank Up Coal Power To Meet Soaring Demand

India will see its power generation from coal increase in the coming year as authorities plan to have coal-fired units maximize electricity production from imported coal to meet rising demand, government sources told Reuters on Monday. The government of India, where coal still generates around 70% of electricity, plans to use an emergency law to have more coal-fired power generation this summer, expecting record demand, according to Reuters’ sources. Indian coal power plants that have relied on imported coal have not run at full capacity…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Set-To-Crank-Up-Coal-Power-To-Meet-Soaring-Demand.html

Ford and General Motors enter a new phase of uncertainty on prices and demand

Ford and General Motors are set to report earnings this week.

Read more at: https://www.cnbc.com/2023/01/30/ford-general-motors-earnings-prices.html

Stocks close lower, Dow sheds more than 250 points to snap six-day win streak

Earnings reports from Big Tech giants including Apple and a possible Fed rate hike will test Wall Street’s January rally.

Read more at: https://www.cnbc.com/2023/01/29/stock-market-news-live-updates-futures-open-to-close.html

The Federal Reserve is likely to hike interest rates again. What that means for you

The Federal Reserve is expected to raise interest rates once again this week. Here’s what that means for your wallet.

Read more at: https://www.cnbc.com/2023/01/30/federal-reserve-likely-to-hike-interest-rates-again-how-to-prepare.html

Apple’s expected to post its first revenue decline since 2019 on Thursday

Apple reports December quarter earnings on Thursday, and there are a lot of factors pointing to the company’s first year-over-year revenue decline since 2019.

Read more at: https://www.cnbc.com/2023/01/30/apple-expected-to-post-first-revenue-decline-since-2019-on-thursday-.html

If January is the barometer it historically has been, stocks could see a very strong year

January’s stock market gains may be a good sign for the rest of the year, even though strategists widely expect continued turbulence and possibly a new low.

Read more at: https://www.cnbc.com/2023/01/30/if-january-is-the-barometer-it-historically-has-been-stocks-could-see-a-very-strong-year.html

Boeing plans to add a new 737 Max production line to meet strong demand

Boeing is planning a new production line at the company’s Everett, Washington, factory.

Read more at: https://www.cnbc.com/2023/01/30/boeing-new-737-max-production-line.html

How the Supreme Court could soon change free speech on the internet

In 2023, the U.S. justice system, including the Supreme Court, will take on cases that will help determine the bounds of free expression on the internet.

Read more at: https://www.cnbc.com/2023/01/30/the-supreme-court-could-change-free-speech-on-the-internet.html

Ukraine war live updates: Boris Johnson says Putin threatened him with missile strike in pre-call; Berlin rules out fighter jets for Kyiv

Ukraine is pressing its allies for faster weapons supplies, while the prospect of receiving fighter jets looks distant for now.

Read more at: https://www.cnbc.com/2023/01/30/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Bitcoin drops after weekend rally, and DOJ claims SBF tried to influence witness: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Alexandre Birry, chief analytical officer at S&P Global, discusses the future of tokenization.

Read more at: https://www.cnbc.com/video/2023/01/30/bitcoin-drops-doj-claims-sbf-influence-witness-cnbc-crypto-world.html

Watch: Biden touts latest infrastructure project, replacing the 150-year-old train tunnel in Baltimore

The current Baltimore and Potomac Tunnel opened during the Ulysses S. Grant administration and is used daily for commuters between New York and Washington, D.C.

Read more at: https://www.cnbc.com/2023/01/30/watch-live-biden-talks-plans-for-a-new-rail-tunnel-in-baltimore.html

Folding iPad will launch in 2024, top Apple analyst Kuo says

Apple will launch a foldable iPad in 2024, analyst Ming-Chi Kuo wrote in a tweet Monday, rather than a foldable iPhone.

Read more at: https://www.cnbc.com/2023/01/30/folding-ipad-will-launch-next-year-top-apple-analyst-kuo-says.html

What happens if the Supreme Court strikes down student loan forgiveness? Here are 3 predictions

Here’s what experts predict will happen if the Supreme Court rules against President Joe Biden’s student loan forgiveness plan.

Read more at: https://www.cnbc.com/2023/01/29/3-predictions-if-supreme-court-rules-against-student-loan-forgiveness.html

What to watch for when 9 Club holdings report earnings on Thursday

Earnings season for the Club will hit a fever pitch Thursday, when nine companies in Jim Cramer’s Charitable Trust report quarterly results.

Read more at: https://www.cnbc.com/2023/01/30/what-to-watch-for-when-9-club-holdings-report-earnings-on-thursday-.html

US Halts New Licenses For Export To Huawei

The Biden administration has halted the provision of licenses for US companies to export technology to Huawei, as it moves closer to imposing a total ban on the sale of American technology to the Chinese telecom equipment maker.

According to the Financial Times, the commerce department has sent notifications to various companies to let them know that it would not longer grant export licenses to sell American technology to Huawei – which US national security officials believe helps China engage in espionage.

The move comes after the Trump administration imposed severe restrictions on exports to the Chinese telecom giant, placing it on the “entity list,” however the commerce department had still been granting licenses to various companies for products that were unrelated to 5G telecom networks.

The move comes as Washington steps up efforts to work wi …

Read more at: https://www.zerohedge.com/geopolitical/us-halts-new-licenses-export-huawei

The Minimum Wage Does More Harm Than Good

Via SchiffGold.com,

There is a relentless push to raise the minimum wage, both at the state and national levels.

Minimum wage advocates somehow think that their wishful thinking can override basic economics. But no matter how much they tell you otherwise, supply and demand are a thing. Raising the cost of labor will mean less labor employed, all other things being equal.

But every so often, we get an economic study that claims basic economics has been overturned.

But as André Marques explains, no matter what these studies purport to show, the minimum wage creates unemployment and a lack of opportunity for people with little or no work experience or skills.

The following was originally published by the Mises W …

Read more at: https://www.zerohedge.com/personal-finance/minimum-wage-does-more-harm-good

Has The Housing Market Bottomed? The Surprising Result From A Little-Known Market Indicator

The Surprising Result From A Little-Known Market IndicatorIt may come as a bit of a shock to those who have been following the creeping freeze in housing transactions as the bid-ask spread grows to monstrous proportions, leading to a record crash in pending home sales…

… and collapse in US home prices, especially on the West Coast…

Read more at: https://www.zerohedge.com/markets/has-housing-market-bottomed-surprising-result-little-known-market-indicator

The Absurdity Of Elon Musk’s Fraud Trial

Via ‘The Space Worm’ Substack,

Mainstream outlets perfectly content with shallow coverage as long as they can juxtapose “Elon” and “Fraud” in the same headline…

Am considering taking Tesla private at $420. Funding secured.

— Elon Musk (@elonmusk) August 7, 2018

This tweet spawned a potential billion-dollar lawsuit.

Before looking into the trial, I did not think it would be all that interesting but was surprised at how many relevant facts surrounding the case — from the lead plaintiff’s blatant lie on the stand to the glaringly illogical basis for the suit — were being omitted by mainstream coverage. So, I decided to describe the situation in more detail. Hope you enjoy…

Background of Lead PlaintiffIn 2018, Glenn Littleton was chosen as lead plaintiff — the representative of the class-action suit — among nine candidates who initially attempted to sue Mr. Musk over the above tweet. Six of the other vying plaintiffs were investment firms. Littleton himself is a veteran derivatives and commodities trader, and while he’s now 71, he hasn’t slowed down one bit. H …

Read more at: https://www.zerohedge.com/markets/absurdity-elon-musks-fraud-trial

Cost of living: One in five eating food beyond use-by date

A similar number have eaten smaller portions owing to rising prices, with more struggling to stay warm.

Read more at: https://www.bbc.co.uk/news/business-64452348?at_medium=RSS&at_campaign=KARANGA

JD Sports says 10 million customers hit by cyber-attack

The sportswear chain says stored data relating to its customers might be at risk following the attack.

Read more at: https://www.bbc.co.uk/news/business-64452986?at_medium=RSS&at_campaign=KARANGA

Over-50s at work: ‘You feel your usefulness has passed’

A survey suggests applicants are right when they say employers are less open to hiring older workers.

Read more at: https://www.bbc.co.uk/news/business-64441775?at_medium=RSS&at_campaign=KARANGA

Budget a boon! Sensex gives positive returns for 4 years in a row

The spike in commodity prices following Russia’s invasion of Ukraine, spiraling inflation, and steep rate hikes by central banks hurt consumption significantly and hurt consumer durables and consumer discretionary firms.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/budget-a-boon-sensex-gives-positive-returns-for-4-years-in-a-row/articleshow/97431812.cms

76 stocks turned multi-baggers since last Budget. Which sectors may benefit this time?

In the last Budget, which was pro-growth, Sitharaman had increased capex by 35%. Nifty welcomed the Budget with great vigor and closed the Budget day session on a cheerful note, up 1.4%.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/76-stocks-turned-multibaggers-since-last-budget-which-sectors-may-benefit-this-time/articleshow/97431356.cms

BPCL Q3 Results: Net profit falls 36% YoY to Rs 1,747 crore

Revenue from operations rose 13% to Rs 1.33 lakh crore in the three months ended December

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bpcl-q3-results-net-profit-falls-36-yoy-to-rs-1747-crore/articleshow/97442050.cms

Crypto: Elon Musk is trying to build a Twitter payments system — and crypto may be part of it: report

Twitter is reportedly advancing its efforts to introduce payments across the social media platform. In Elon Musk’s vision, crypto may be part of it.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-718A-900582D6B35F%7D&siteid=rss&rss=1

Economic Report: U.S. Treasury increases borrowing estimate for first quarter

The Treasury Department on Monday raised its borrowing estimate for the first quarter to $932 billion

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-718A-777A84CAD627%7D&siteid=rss&rss=1

Crypto: Fed rejects crypto bank’s application to join U.S. payment system

The Federal Reserve on Friday rejected a Wyoming-based crypto bank’s application to become a member of the central bank’s payment system.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7188-E2A30D08578F%7D&siteid=rss&rss=1