Nuclear Power Will Play A Key Role In The UK’s Energy Transition

For 65 years, nuclear power has been an integral part of the UK’s electricity system, providing low-carbon and reliable power to UK homes, public services, and businesses. However, there is much work to be done in modernizing and increasing nuclear capacity if the UK is to keep the lights on and hit net zero carbon emissions. New build projects bring real economic benefits and can help transform the life chances of people in nearby communities: Hinkley Point C alone has delivered more than £4 billion of investment into the South West…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Nuclear-Power-Will-Play-A-Key-Role-In-The-UKs-Energy-Transition.html

Oil Rig Count Dips As WTI Falls To $75

The total number of total active drilling rigs in the United States fell by 1 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 760 this week—115 rigs higher than the rig count this time in 2022 and 315 rigs lower than the rig count at the beginning of 2019, prior to the pandemic. Oil rigs in the United States decreased by 2 this week, to 607 after increasing by 10 in the week prior. Gas rigs increased by 1, to 151. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Rig-Count-Dips-As-WTI-Falls-To-75.html

U.S. To Receive 3 Million Barrels Of Venezuelan Crude Oil In February

The United States is on track to receive nearly 3 million barrels of crude oil from Venezuela this month, according to shipping documents seen by Reuters. Chevron is on track to ship 100,000 barrels of Venezuelan crude oil per day into the United States as part of a license it received from the U.S. Treasury Department that gives it a limited pass to move sanctioned oil, after a three-year ban. Since obtaining its license, Chevron has exported Venezuelan crude oil for use in its Pascagoula, Mississippi, refinery, and has sold some to Phillips 66…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-To-Receive-3-Million-Barrels-Of-Venezuelan-Crude-Oil-In-February.html

Steelmakers Increase Production Amidst Rising Prices And Demand

Via AG Metal Miner U.S. steel prices continue to rise amid ongoing price hikes from domestic steelmakers. The ascent for HRC prices accelerated throughout January as they jumped by over 10%. Meanwhile, plate prices returned sideways with a modest month-over-month rise of just under 2%. Of course, this came after prices traded down throughout December. Overall, the Raw Steels Monthly Metals Index (MMI) rose by 5.55% from January to February. More Price Hikes for Flat-Rolled Steel   As U.S. steel prices remain bullish, steelmakers appear…

Read more at: https://oilprice.com/Metals/Commodities/Steelmakers-Increase-Production-Amidst-Rising-Prices-And-Demand.html

Centrica And EDF UK Post Multi-Billion Profits Amidst Energy Price Cap Scrutiny

EDF UK has raked in hefty profits, with soaring electricity prices powering its rebound from last year’s losses. The French energy giant’s UK arm recorded bumper earnings of £1.12bn compared with a £21m loss the year before, driven by the vastly improved performance of its nuclear electricity generators. Unlike generators which rely on gas to produce power, it has benefitted from higher electricity prices across wholesale markets. This has provided a huge boost in revenues without a comparable rise in costs. However, its…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Centrica-And-EDF-UK-Post-Multi-Billion-Profits-Amidst-Energy-Price-Cap-Scrutiny.html

China’s Crude Oil Imports Expected To Hit A Record High In 2023

The Chinese reopening and new refineries coming online are set to raise the crude oil imports in the world’s top importer to a record high this year, industry consultants told Reuters. Chinese crude oil imports could increase to average as high as 11.8 million barrels per day (bpd) this year, rising by between 500,000 bpd and 1 million bpd, according to Energy Aspects, FGE, S&P Global Commodity Insights, and Wood Mackenzie.   This would reverse the decline of 2021 and 2022 and beat the record of an average of 10.8 million bpd in yearly…

Read more at: https://oilprice.com/Energy/Crude-Oil/Chinas-Crude-Oil-Imports-Expected-To-Hit-A-Record-High-In-2023.html

China Wants To Know How Much Russian Oil Its Independent Refiners Are Buying

The Chinese Ministry of Commerce has recently met with representatives of around ten independent refiners to inquire about how much Russian crude oil the private refiners are importing and at what prices, sources familiar with the matter told Reuters on Friday. China is buying increased volumes of Russian crude as Moscow pivots its sales to Asian markets after the Western embargoes and price cap on its crude oil and refined petroleum products. The independent refiners often referred to as the teapots, are importing a large portion of the Russian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Wants-To-Know-How-Much-Russian-Oil-Its-Independent-Refiners-Are-Buying.html

WTI Tumbles As Dollar And Crude Inventories Climb

The spread between WTI and other benchmarks is widening as several bearish factors combine in the United States to push prices lower. Oilprice Alert: In a rare move from our head trader, this week’s Global Energy Alert includes a recommendation for a technical trade. With oil markets seemingly torn at the moment, the next move could be a big one. Sign up for Oilprice.com’s premium newsletter to read it right away, and all for less than a cup of coffee per week. Friday, February 17th, 2023. The gap seems to be widening between WTI and…

Read more at: https://oilprice.com/Energy/Energy-General/WTI-Tumbles-As-Dollar-And-Crude-Inventories-Climb.html

JPMorgan: Oil Prices Are Unlikely To Hit $100 This Year

Brent Crude prices are not expected to reach $100 per barrel in 2023 unless a major geopolitical event rattles markets again, according to JPMorgan. The OPEC+ alliance could add 400,000 barrels per day (bpd) to supply this year, and Russian exports could recover by the middle of 2023, JPMorgan said in a Friday note carried by Reuters. Russian crude oil production is expected to recover by June, while high price levels would prevent the U.S. from repurchasing crude to refill the Strategic Petroleum Reserve (SPR), according to the Wall Street bank.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/JPMorgan-Oil-Prices-Are-Unlikely-To-Hit-100-This-Year.html

European Natural Gas Prices Sink To 18-Month Low

Europe’s benchmark natural gas price fell on Friday to the lowest level in 18 months as concerns about a gas crisis this winter continue to recede amid mild weather and above-average inventories across the continent. On Friday morning in Amsterdam, the front-month futures at the TTF hub were down by 6% and fell below the threshold of 50 euros ($53) per megawatt-hour (MWh) for the first time since August 2021. Prices are now more than 85% down from the record high of 300 euros ($318) per MWh from August 2022, and down by around 35% so far…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Natural-Gas-Prices-Sink-To-18-Month-Low.html

Pressure Builds On Erdogan Following Turkey’s Tragic Earthquake

Politics, Geopolitics & Conflict As the Russia-Ukraine war enters its second year, Washington is under pressure on another front as well – China, more so after the shooting down of a Chinese spy balloon last week, which U.S. officials believe to be part of a wider Chinese surveillance program. Three other UFOs shot down may or may not have been connected to this. Attempting to change the narrative of his leadership following the devastating earthquake that has so far killed more than 35,000 people in Turkey (and nearly 6,000 in Syria), Erdogan…

Read more at: https://oilprice.com/Energy/Energy-General/Pressure-Builds-On-Erdogan-Following-Turkeys-Tragic-Earthquake.html

It’s Time For A Technical Oil Trade

Regular readers will know, as will anyone that has ever attended one of my instructional courses, that I very rarely arrive at a trade idea just by looking at a chart. Rather, I prefer to arrive at an idea in a “top-down” style, starting with a big-picture view of the global economy, then deciding which energy commodity or stocks will be most impacted. Only then do I look at charts, to find things that are poised to break out of a pattern and to find logical exit points for the position I am looking to put on. Sometimes, though, even…

Read more at: https://oilprice.com/Energy/Energy-General/Its-Time-For-A-Technical-Oil-Trade.html

Russia’s Spring Offensive Is Now Underway

On the eve of the anniversary of Russia’s invasion of Ukraine, the next phase appears to have begun, and now it’s all about getting more weapons to Ukraine. It’s a race against time. In fact, Chechen strongman Ramzan Kadyrov has been bold enough to say that Moscow will take Kyiv by the end of this year. The NATO consensus, following a Tuesday meeting, is that Moscow could be planning a major air strike to break the battlefield deadlock, including the battle raging now in and around Bakhmut, eastern Ukraine, where Russian forces…

Read more at: https://oilprice.com/Energy/Energy-General/Russias-Spring-Offensive-Is-Now-Underway.html

Fossil Fuel Subsidies Spiked To Record High In 2022

1. Fossil Fuel Subsidies Peaked Last Year Amidst Surging Prices- According to the IEA, global spending on fossil fuel subsidies surpassed $1 trillion last year as governments across the globe sought to mitigate the impact of soaring commodity prices. – As such, spending on fossil fuel subsidies was more than double the total global investment in renewable energy sources, with the most marked increase coming from the power sector. – Arguably the most price-impacted region amidst the Russia-Ukraine war, the European Union alone spent $349 billion…

Read more at: https://oilprice.com/Energy/Energy-General/Fossil-Fuel-Subsidies-Spiked-To-Record-High-In-2022.html

Oil Prices Are Increasingly Influenced By U.S. Economic Data

U.S. West Texas Intermediate crude oil futures finished lower on Thursday after giving up earlier gains. Helping to put a lid on prices was a rise in the U.S. Dollar, which strengthened after fresh economic reports suggested the Federal Reserve would have to raise rates for longer than previously anticipated. Sellers may have also been influenced by a massive build in U.S. crude oil stockpiles reported on Wednesday although prospects for a Chinese demand recovery likely offset this news. Traders Tracking U.S. Economic Reports Closely The price…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Are-Increasingly-Influenced-By-US-Economic-Data.html

Dow closes more than 100 points higher on Friday, but notches third straight week of losses on rate fears: Live updates

A week of inflation and retail sales data has put the consumer in sharp focus. Recent comments from Fed officials have also spooked investors.

Read more at: https://www.cnbc.com/2023/02/16/stock-market-today-live-updates.html

Amazon tells employees to be in the office at least three days a week

Amazon will require corporate staffers to be in the office “a majority of the time,” or at least three days per week, according to a memo from CEO Andy Jassy.

Read more at: https://www.cnbc.com/2023/02/17/amazon-employees-asked-to-be-in-office-three-days-a-week-andy-jassy.html

Ford warned some F-150 Lightning owners about separate EV battery issue before this month’s fire

The Ford F-150 Lightning owners are being asked to have their vehicles serviced to “prevent performance degradation” of the high-voltage battery.

Read more at: https://www.cnbc.com/2023/02/17/ford-f-150-lightning-ev-issues-battery-fire.html

Average 401(k) balances dropped 20% in 2022 — but few investors flinched, Vanguard research shows

Although the average balance among 401(k) participants ended 2022 down 20% from a year earlier, most investors stayed the course, according to Vanguard.

Read more at: https://www.cnbc.com/2023/02/17/401k-balances-dropped-20percent-in-2022-but-investors-barely-flinched.html

The week in inflation: Data signals higher prices, possibly more aggressive Fed

A week’s worth of surprising economic data sent a pretty strong message to the market.

Read more at: https://www.cnbc.com/2023/02/17/the-week-in-inflation-data-signals-higher-prices-possibly-more-aggressive-fed.html

DraftKings stock surges after sports-betting company boosts outlook

DraftKings jumped after the sports betting company reported stronger-than-expected revenue and raised its outlook.

Read more at: https://www.cnbc.com/2023/02/17/draftkings-earnings-stock-surges.html

Trump seeks to bar evidence of 2 other alleged sexual assaults at rape defamation trial

The writer E. Jean Carroll is just one of many women who have accused former President Donald Trump of sexual assault or misconduct. Trump denies the claims.

Read more at: https://www.cnbc.com/2023/02/17/trump-seeks-to-bar-sexual-assault-evidence-at-trial.html

Investors and techies gather in San Francisco to bathe in generative A.I. hype sparked by ChatGPT

Startup Jasper held a conference in San Francisco to discuss generative artificial intelligence. About 1,000 people showed up.

Read more at: https://www.cnbc.com/2023/02/17/jasper-generative-ai-conference-in-san-francisco-what-was-it-like.html

Sen. John Fetterman will likely be in hospital for a few weeks for clinical depression treatment

Fetterman suffered a life-threatening stroke during his Senate campaign, but still defeated his Trump-backed Republican challenger, Dr. Mehmet Oz.

Read more at: https://www.cnbc.com/2023/02/17/fetterman-to-be-in-hospital-for-weeks-for-depression-care.html

Ukraine war live updates: Germany’s Scholz urges allies to send tanks to Ukraine; European gas hits cheapest level in 18 months

This is the first time in 20 years that Russia is banned from the Munich Security Conference.

Read more at: https://www.cnbc.com/2023/02/17/russia-ukraine-live-updates.html

Look inside Super Nintendo World, which just opened at Universal Studios Hollywood

Super Nintendo World is now open at Universal Studios in Hollywood. A look at Mario Kart: Bowser’s Challenged and the Toadstool Cafe.

Read more at: https://www.cnbc.com/2023/02/17/super-nintendo-world-universal-studios-hollywood.html

‘Ant-Man and the Wasp: Quantumania’ eyes $100 million open after $17.5 million Thursday

Disney’s “Ant-Man and the Wasp: Quantumania” collected $17.5 million in previews on its way towards a $100 million opening weekend.

Read more at: https://www.cnbc.com/2023/02/17/ant-man-and-the-wasp-in-quantumania-eyes-100-million-opening.html

Why energy and tech stocks are struggling Friday — listen to the ‘Homestretch’

Director of Portfolio Analysis Jeff Marks provides an overview of Friday’s trading. He discusses the rise in bond yields, the Club’s trim of two energy holdings and next week’s earnings calendar.

Read more at: https://www.cnbc.com/video/2023/02/17/why-energy-and-tech-stocks-are-struggling-friday-listen-to-the-homestretch.html

El-Erian Says Fed Needs To Raise 2% Inflation Target Or It Will “Crush The Economy”

Recall back in September, when we wrote that “The “Scariest Paper Of 2022″ Reveals The Terrifying Fate Of Biden’s Economy: Millions Are About To Lose Their Job” we reminded readers of what we wrote last June, when we said that “at some point Fed will concede it has no control over supply. That’s when we will start getting leaks of raising the inflation target”…

At some point Fed will concede it has no control over supply. That’s when we will start getting leaks of raising the inflation target

— zerohedge (@zerohedge) June 21, 2022

… and just a few months later that’s precisely what happened because according to a growing number of economists, such as Obama’s own top economic adviser from 2013-2017 and currently economic policy professor at Harvard, Jason Furman, “To bring price increases down to 2%, we may need to tolerate unemployment of 6.5% for two years” who added that to avoid a social crisis, “stabilizing at a 3% inflation rate is probably healthier for the economy than stabilizing at 2%—so while fighting inflation should be the central bank’s only focus today, at some point the Fed should reassess the meaning of victory in that struggle.”

Read more at: https://www.zerohedge.com/markets/el-erian-says-fed-needs-raise-2-inflation-target-or-it-will-crush-economy

Treasury Traders Know Fed Has Missed The Boat On A Bigger Move

Authored by Ven Ram, Bloomberg cross-asset strategist,

On Thursday afternoon, Federal Reserve Bank of Cleveland President Loretta Mester remarked that she saw a compelling case for a bigger increase earlier this month when policymakers met. Not much later in the day, her colleague James Bullard commented that he would not rule out supporting a 50-basis point hike at the March meeting.

Whatever their comments, the Fed’s February move of 25 basis points will remain a missed opportunity to hike more, and it would seem that there is now little chance of reviving such a possibility.

By the middle of January, it was clear from Fed officials’ steer that the monetary authority was only considering a 25-basis point increase – an end-of-season folly that is coming to haunt it two weeks after the decision.

After all, if an overwhelming majority of policymakers have already penciled in a rate of 5.25%, and …

Read more at: https://www.zerohedge.com/markets/treasury-traders-know-fed-has-missed-boat-bigger-move

Terra Founder Do Kwon Stashed 10,000 Bitcoin In Cold Wallet, SEC Filing Alleges

The former head of Terraform Labs turned crypto fugitive, Do Kwon, dipped into a secret stash of bitcoin and pulled over 10,000 coins from his doomed project and turned them into cash, according to a new report from Bloomberg.

Citing an SEC filing from Thursday of this week, the allegations accuse Kwon and his company of causing losses of “at least $40 billion”, the report says. But Kwon and Terraform stashed away 10,000 bitcoin into a cold wallet during Terra’s demise, it is alleged. This means those coins no longer sit on any exchange.

From the cold wallet, the assets are being send to a bank in Switzerland that is helping Kwon convert them into cash. The banking institution was not identified in the filing.

The filing reads: “Between June 2022 and the date of this complaint, over $100 million in fiat currency has been withdrawn from that Swiss bank.”

…

Read more at: https://www.zerohedge.com/markets/terra-founder-do-kwon-stashed-10000-bitcoin-cold-wallet-sec-filing-alleges

San Francisco Bay Area Housing Market Crashes, Prices Plunge 35% From Crazy Peak

Authored by Wolf Richter via WolfStreet.com,

In the first 10 months of Housing Bust 2 (now), the median price plunged a lot faster than in the first 10 months of Housing Bust 1 (2007-11)…

There better be a halfway decent spring selling season, which is supposed to already have started in San Francisco and Silicon Valley, because this is getting pretty bad, pretty fast. But it’s hard to imagine just how good the spring selling season can be amid countless reports of layoffs, working from home somewhere else, with big numbers being thrown around about how many people have left Silicon Valley and San Francisco. The City of San Francisco alone lost about 56,000 residents, or about 6.3% of its population, in the period of 2020 through 2022, according to Census data, even as about 12,000 new housing units were completed over the same period.

The median price in the nine-county Bay Area plunged by another 8% in January from December, by 17% year-over-year, and by 35%, or by $540,000, in 10 months from the crazy peak in March 2022, from $1.54 million to $1.00 million, according to the California Association of Realtors.

…

Read more at: https://www.zerohedge.com/personal-finance/san-francisco-bay-area-housing-market-crashes-prices-plunge-35-crazy-peak

Bus £2 fare cap extended for three months

The government support comes after warnings hundreds of services could be cut if funding ended.

Read more at: https://www.bbc.co.uk/news/business-64678990?at_medium=RSS&at_campaign=KARANGA

US food sanitation firm fined after children worked nights

More than 100 teenagers, ages 13-17, worked for a sanitation company, the Department of Labor says.

Read more at: https://www.bbc.co.uk/news/business-64683265?at_medium=RSS&at_campaign=KARANGA

Transpennine: True extent of cancellations revealed

The rail franchise pulled far more trains than any other operator, figures released by the regulator show.

Read more at: https://www.bbc.co.uk/news/business-64680175?at_medium=RSS&at_campaign=KARANGA

Increase in trade volume ‘purely market driven’: Adani Transmission

The company made the remarks in response to a BSE query seeking clarification with reference to movement in volume of its shares

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/increase-in-trade-volume-purely-market-driven-adani-transmission/articleshow/98021821.cms

India setting up $4 billion fund to backstop corporate debt market

According to a regulatory official, the government will provide a credit line to ensure funds have liquidity equivalent to Rs 30,000 crore

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/india-setting-up-4-billion-fund-to-backstop-corporate-debt-market/articleshow/98021576.cms

Market Snapshot: Dow turns higher, S&P 500 heads for weekly losses as traders bet on more Fed rate hikes

U.S. stocks are mixed Friday afternoon as investors bet on more interest-rate hikes from the Fed.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-719C-6D5CF5C10953%7D&siteid=rss&rss=1

The Moneyist: My fiancé’s adult daughter is opposed to our marriage — and has a list of inheritance demands from her father. How should we handle her?

‘She wants the family home retitled in a trust. She wants all life insurance and brokerage beneficiaries in her name.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-719C-39AAA72FB9C2%7D&siteid=rss&rss=1

Futures Movers: Oil prices log a weekly loss as interest rate-hike fears mount

Oil ends lower Friday, with U.S. benchmark crude prices down over 4% for the week, as tough talk from central bankers renews worries over an economic slowdown.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-719C-809180D98174%7D&siteid=rss&rss=1