Will Shell And BP Use Their Mammoth Profits For Green Energy?

The mammoth profits of the world’s oil and gas giants will pass £200bn when Saudi Aramco unveil their record results next month – with the state-backed energy titan on course to post the most lucrative results in the history of business. Closer to home, BP and Shell unveiled their own mega earnings, announcing record annual profits of £23bn and £32bn respectively, fuelled by soaring fossil fuel prices and rebounding post-pandemic demand last year. When pressured over their bumper profits, the energy giants position…

Read more at: https://oilprice.com/Energy/Energy-General/Will-Shell-And-BP-Use-Their-Mammoth-Profits-For-Green-Energy.html

Uzbek Police Bust Three Involved In Million-Dollar Radioactive Materials Sale

Police in Uzbekistan say they have arrested three men for plotting to sell homemade devices containing mercury and weapons-grade radioactive material for $1 million.  The group was caught in a sting operation while attempting to sell a device containing 1 kilogram of mercury in exchange for an advance payment of $200,000, the Interior Ministry in Samarkand said on February 17. The detained suspects had previously engaged in the sale of radioactive and poisonous substances, the police said. This incident is far from an isolated one.  Last…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Uzbek-Police-Bust-Three-Involved-In-Million-Dollar-Radioactive-Materials-Sale.html

Tackling One Of Hydrogen Storage’s Biggest Bottlenecks

Tohoku University researchers drilling into the magnesium hydride hydrogen storage concept are zeroing into the problems. Magnesium hydride has long been touted for its potential to store large amounts of hydrogen, something essential if hydrogen is to play a role in powering a sustainable future. Yet, sluggish dehydrogenation kinetics and the high temperature required to decompose and produce hydrogen from the material have stymied its use. Now, researchers have identified why this is so, paving the way for future design guidelines and widespread…

Read more at: https://oilprice.com/Energy/Energy-General/Tackling-One-Of-Hydrogen-Storages-Biggest-Bottlenecks.html

Oil Inches Higher On U.S. President’s Day

Crude oil prices are gaining at the start of the week as sentiment shifts to the supply and demand picture after being weighed down last week by U.S. inflation data.  On Monday at 1:50 p.m. EST, Brent crude was trading up 1.31% at $84.09 per barrel, up $1.09 on the day, while WTI was up 1.11% at $77.19, up 85 cents per barrel on the day. Volumes were subdued in Monday trading due to Presidents’ Day in the United States, a market holiday.  Last week saw oil prices close 4% lower, but the outlook has somewhat improved, with the International…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Inches-Higher-On-US-Presidents-Day.html

Philippines Looks To Replicate Indonesia’s Nickel Market Success

Via AG Metal Miner The Stainless Monthly Metals Index (MMI) rose 5.82% from January to February as the nickel price index lost upward momentum. Nickel prices returned sideways in the short term after finding a peak in January. Since the price has not bounced high enough to confirm an uptrend, downside risk may increase. Meanwhile, volume levels appear at least partially responsible for current stainless and nickel price action. Overall buyer volume has continued to decline since January. This comes after a much more substantial loss of liquidity…

Read more at: https://oilprice.com/Metals/Commodities/Philippines-Looks-To-Replicate-Indonesias-Nickel-Market-Success.html

India Invokes Maximum Energy Output Law from Coal Plants

With India gearing up for massive power usage in the second quarter, the government will utilize an emergency law that will demand maximum output from power plants running on imported coal, Reuters reports, citing the Indian power ministry. The emergency law reflects a situation in which power plants running on more expensive imported coal are having a difficult time competing cost-effectively with plants that can operate on cheaper domestic coal. Beginning on March 16 and ending on June 15, all power plants will have to be running at maximum capacity…

Read more at: https://oilprice.com/Energy/Coal/India-Invokes-Maximum-Energy-Output-Law-from-Coal-Plants.html

UN Atomic Watchdog: Iran On The Cusp of Having Nuclear Weapons

Inspectors from the UN atomic agency discovered uranium enriched to 84% purity in Iran last week, a level just below that needed for nuclear weapons, Bloomberg reported Sunday, citing two unnamed senior diplomats. Until now, Iran had been known to have enriched uranium to 60%, while a purity of 90% is needed to produce nuclear weapons. The IAEA said in a tweet that it was “aware of recent media reports relating to uranium enrichment levels in Iran.” Director-General Rafael Grossi noted that the agency was in talks with Iran regarding…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UN-Atomic-Watchdog-Iran-On-The-Cusp-of-Having-Nuclear-Weapons.html

Controversial Cost-Cutting Measures To Blame For Ohio Derailment Disaster

Complex, tightly networked systems run very efficiently and can work with precision for long periods, until they don’t. Money saved on the front end can be lost in one catastrophic accident. There is no better recent example than the derailment of a Norfolk Southern train carrying copious amounts of toxic vinyl chloride and other toxic chemicals. By now nearly everyone knows the tale of toxic fires and fears of explosion which led officials to drain undamaged tank cars carrying the same toxic chemicals which escaped the initial fires and then burn…

Read more at: https://oilprice.com/Energy/Energy-General/Controversial-Cost-Cutting-Measures-To-Blame-For-Ohio-Derailment-Disaster.html

U.S. Gasoline Prices Are Dropping, Except In The West

The national average price for a gallon of gasoline in the United States appears to be holding steady, but consumers out West are seeing hikes, Gas Buddy said in a Monday note— and prices across the country may rise starting next month. The national average for a gallon of gasoline held steady at $3.37, Gas Buddy data showed on Monday, down 2.7 cents from a month ago and 14.5 cents lower than this time last year. Texas and Mississippi consumers are paying the least for gas, at under $3 per gallon. Meanwhile, California and Nevada residents…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Are-Dropping-Except-In-The-West.html

U.S. Electric Vehicle Sales Poised For A Breakout Year

China is the largest market for electric vehicles in the world. Germany was the second until the US just displaced Europe’s largest economy as EV sales accelerated.  BloombergNEF data shows the US is now the world’s second-largest EV market, shifting Germany down to the third spot. Last year, nearly one million EVs were sold in the US, compared with 650,000 in 2021. Not surprising is Tesla’s dominance in overall sales. Elon Musk’s automaker sold a whopping 510,610 vehicles last year. Ford Motor Company was number two with 74,000.  “The…

Read more at: https://oilprice.com/Energy/Energy-General/US-Electric-Vehicle-Sales-Poised-For-A-Breakout-Year.html

Russia’s Weekly Oil Exports Jump To Highest Level In Over A Month

Russian crude oil exports by sea surged by 26% to 3.6 million barrels per day (bpd) in the week ending February 17, the highest level in more than a month, according to shipment tracking data compiled by Bloomberg. All export terminals on the Russian Baltic, Black Sea, Arctic, and Pacific coasts saw a rise in crude oil shipments last week. The four-week average rate of exports was also higher and rebounded to 3.34 million bpd, according to the data monitored by Bloomberg. Of those, as much as 3.19 million bpd was headed to China and India, while…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Weekly-Oil-Exports-Jump-To-Highest-Level-In-Over-A-Month.html

Global Oil Demand Hit Record High In December

Global oil demand surged by 1.3 million barrels per day (bpd) to a new record high in December, with total demand at 102% above the pre-Covid levels in December 2019, data from the Joint Organizations Data Initiative (JODI) showed on Monday.   Rising consumption in Japan, Indonesia, and South Korea drove the growth in global oil demand in the last month of 2022, according to the JODI data shared by the Riyadh-based International Energy Forum (IEF). In Japan, total product demand jumped by 512,000 bpd to a 12-month high. In November, world…

Read more at: https://oilprice.com/Energy/Energy-General/Global-Oil-Demand-Hit-Record-High-In-December.html

China’s Renewable Energy Revolution Is Running Into Roadblocks

The renewable energy industry in China faces hurdles in land access and access to the grid, and despite the rapid development, it still needs policy support to overcome those issues, China’s National Energy Administration (NEA) said on Monday. Large-scale solar and wind power projects are increasingly competing with agriculture for land and for the right to install solar panels and wind turbines, according to an NEA report quoted by Reuters.    China has to remove the hurdles and improve land use regulations and restrictions, otherwise,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Renewable-Energy-Revolution-Is-Running-Into-Roadblocks.html

Saudi Arabia Reiterates That OPEC+ Decisions Are Not Political

The OPEC+ alliance bases its decisions on oil market fundamentals, not on political bias, the energy minister of OPEC’s de facto leader, Saudi Arabia, said on Monday, reiterating previous comments from OPEC+ that it is looking at the markets when agreeing on oil production levels. The decisions of the OPEC+ alliance, which is led by Saudi Arabia and Russia, are not politicized, Saudi Energy Minister Prince Abdulaziz bin Salman said at an event in Riyadh today, as carried by Reuters. OPEC+ is flexible enough to adjust its production quotas…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Arabia-Reiterates-That-OPEC-Decisions-Are-Not-Political.html

Australia’s Energy Market Interventions Are Worrying Its Trade Partners

Australia’s main energy trade partners and allies are increasingly concerned about the latest proposals for energy market interventions in Australia, which could also undermine new investment plans in Australian natural gas and other energy resources. Australia is seeking to limit gas supply for exports in order to ensure domestic energy security. The country is a large producer of natural gas and one of the world’s top three LNG exporters alongside the U.S. and Qatar. But Australia also faces a gas crisis on its east…

Read more at: https://oilprice.com/Energy/Energy-General/Australias-Energy-Market-Interventions-Are-Worrying-Its-Trade-Partners.html

Covid’s ‘legacy of weirdness’: Layoffs spread, but some employers can’t hire fast enough

Retail sales and other economic data has been positive, despite inflation and rising interest rates.

Read more at: https://www.cnbc.com/2023/02/20/weird-job-market-layoffs-hiring.html

President Joe Biden makes surprise visit to Kyiv just days before one-year anniversary of Ukraine war

U.S. President Joe Biden made a surprise visit to Kyiv, Ukraine Monday in a show of solidarity, almost a year after Russia began its full-scale invasion of the country.

Read more at: https://www.cnbc.com/2023/02/20/president-joe-biden-makes-surprise-visit-to-kyiv-just-days-before-one-year-anniversary-of-ukraine-war.html

Inside Peloton’s rapid rise and bitter fall — and its attempt at a comeback

Peloton used to be the toast of Wall Street. Now, under CEO Barry McCarthy, it’s a year into an aggressive turnaround that has altered the company’s identity.

Read more at: https://www.cnbc.com/2023/02/19/peloton-rise-fall-attempted-comeback.html

United says it will make it easier for families to book seats with their children for free

United Airlines says it will open up more seats to families seeking to sit together without paying a fee.

Read more at: https://www.cnbc.com/2023/02/20/united-airlines-flight-seating-fees-for-families.html

The SEC has a stablecoin firm in its sights — and it could shake up the whole $137 billion market

The U.S. Securities and Exchange Commission (SEC) could be gearing up to take action against Paxos, over the issue of whether Binance USD (BUSD) is a security.

Read more at: https://www.cnbc.com/2023/02/20/how-the-sec-and-paxos-busd-fight-could-impact-the-stablecoin-market.html

These are Wall Street’s favorite chip stocks, including one expected to rally more than 30%

Easing supply chain pressures and a recent push toward AI technology has boosted semiconductor stocks in early 2023. Here’s how to play it.

Read more at: https://www.cnbc.com/2023/02/20/wall-streets-favorite-chip-stocks-include-mrvl-and-amd.html

Turkey and Syria rocked again by magnitude 6.3 earthquake

A magnitude 6.3 earthquake struck the Turkey-Syria border region, setting off panic and damaging buildings.

Read more at: https://www.cnbc.com/2023/02/20/turkey-and-syria-rocked-again-by-magnitude-6point3-earthquake.html

High-profile hedge funds dive back into beaten-down tech stocks to capitalize on the big comeback

Big-name hedge funds run by Stephen Mandel, Seth Klarman and Philippe Laffont jumped back into tech stocks to benefit from a furious comeback.

Read more at: https://www.cnbc.com/2023/02/20/high-profile-hedge-funds-dive-back-into-beaten-down-tech-stocks.html

The Fed’s favorite inflation gauge will be the big market hurdle of next week

Worries about high inflation continue to weigh on investors’ minds, as hotter-than-expected data this week showed the stubbornness of lofty prices.

Read more at: https://www.cnbc.com/2023/02/18/the-feds-favorite-inflation-gauge-is-big-market-hurdle-of-next-week.html

Alec Baldwin’s ‘Rust’ manslaughter charges downgraded, cutting possible prison time

Prosecutors have downgraded the involuntary manslaughter charges against Alec Baldwin over the fatal “Rust” set shooting.

Read more at: https://www.cnbc.com/2023/02/20/alec-baldwins-rust-manslaughter-charges-downgraded.html

The most expensive home in the Caribbean just listed for $200 million – take a look inside

The Terraces spans 17 acres and nine structures. It’s located on the small private Caribbean island of Mustique.

Read more at: https://www.cnbc.com/2023/02/19/most-expensive-home-in-the-caribbean-mustique.html

You can avoid paying surprise taxes by picking the best investment accounts. Here’s how

When building a portfolio, you need to weigh the location of your assets to avoid surprise taxes. Here’s what to consider, according to experts.

Read more at: https://www.cnbc.com/2023/02/20/avoid-paying-surprise-taxes-by-picking-the-best-investment-accounts.html

One year on, Russia’s war in Ukraine ramps up fears over Europe’s next security ‘soft spot’

Concerns over Russia’s influence in the Western Balkans have intensified since the Kremlin’s full-scale invasion of Ukraine.

Read more at: https://www.cnbc.com/2023/02/20/russia-ukraine-war-stokes-security-fears-in-the-western-balkans.html

James O’Keefe Out At Project Veritas

Project Veritas founder and CEO James O’Keefe is exiting the organization.

O’Keefe announced to his staff Monday that he was leaving over a conflict in vision between himself and the board in an poignant 15-minute video.

“Throughout my 13 years doing this my mission has evolved,” O’Keefe said in his announcement.

“Over the last few weeks I have felt a lot of despair and seen a lot of evil and felt overcome with various emotions.”

A clearly emotional O’Keefe expressed gratitude for his employees, but noted that:

“The external threats and pressure inflicted upon myself has been unimaginable,” O’Keefe continued.

Employees had been dissatisfied by O’Keefe’s management and alleged he wasted money and was “outright cruel” to his staff, according to the The Daily Beast.

Speculation has been rampant about the timing of this debacle as O’Keefe points out:

“A few days after the Pfizer story, I was informed by an officer of Project Veritas that he would resign unless I step down as CEO. We’ve been having a conflict of vision over fundraising, there were tactical disagreements about …

Read more at: https://www.zerohedge.com/political/james-okeefe-out-project-veritas

Don Lemon Off Air (Again) Monday Following Growing Fallout From His Sexist Comments About Nikki Haley

If you were tuned into CNN this morning (we’ll pause for laughter), you may have noticed that for the second straight business day, anchor Don Lemon was missing from the set of “CNN This Morning”.

Lemon was conveniently given another day off Monday, bringing his “missed show” total since his sexist remarks about Presidential Candidate Nikki Haley up to 2.

Sources are now saying that “a new schedule is in place per CNN management”, absent Lemon, and that “Poppy Harlow will be accompanied by Sara Sidner and Kaitlan Collins”.

The source told the Post Millennial this weekend: “There are ongoing conversations about Don’s future. He is a constant distraction.”

“His remarks were upsetting, unacceptable, and unfair to his co-hosts, and ultimately a huge distraction to the great work of this organization,” CNN boss Chris Licht said late last week.

Read more at: https://www.zerohedge.com/markets/don-lemon-air-again-monday-following-growing-fallout-his-sexist-comments-about-nikki-haley

How A Country Loses Its Currency Reserve Status

Authored by Daniel Lacalle,

The U.S. dollar enjoys the world reserve currency status due to numerous factors.

Legal and investor security, an open and transparent market, as well as independent institutions with checks and balances that limit political power and strengthen the country’s currency in relative terms. No, a country does not have a world reserve currency due to military power. No one accepted the kopek when the Soviet Union ruled half the world.

For a fiat currency to be a world reserve it needs to be widely accepted as unit of measure, method of payment and reserve of value.

The problem is that all the above may be under threat.

Increasing pressure from politicians is threatening the reserve of value status of fiat currencies, and the political threat is not only against monetary authorities, but aimed at all institutions that provide independent checks and ba …

Read more at: https://www.zerohedge.com/economics/how-country-loses-its-currency-reserve-status

“The Trials Should Have Been Halted”: Rate Of ‘Serious Adverse Events’ Closely Tracks Spike In Post-Vax Disabilities

Over the past 18 months, skeptics of mRNA Covid-19 vaccines and those pointing out high rates of adverse reactions have been subject to ostracism, deplatforming, and flawed ‘fact checks’ to shut down opinions and analysis which conflicted with official narratives.

Now, the data has begun to speak for itself, thanks to people like former Blackrock portfolio manager Ed Dowd, who has devoted the last several years to deep-dive research and analysis of pandemic-related data (in fact, he’s written an excellent book on the topic). Dowd, along with partners Carlos Alegria and Yuri Nunes, launched Phinance Technologies – where, aside from traditional macroeconomic analysis, the …

Read more at: https://www.zerohedge.com/covid-19/trials-should-have-been-stopped-rate-serious-adverse-events-closely-tracks-spike-post-vax

Cost of living: Falling energy bills may prompt more customer deals

A typical domestic energy bill will rise in April but there are fresh forecasts of subsequent falls.

Read more at: https://www.bbc.co.uk/news/business-64706726?at_medium=RSS&at_campaign=KARANGA

UK supermarkets face tomato shortages

Harvests in Europe and Africa have been disrupted by bad weather, a retail body says.

Read more at: https://www.bbc.co.uk/news/business-64712361?at_medium=RSS&at_campaign=KARANGA

Russia’s economy shrinks by less than expected

Despite widespread sanctions, the country’s economy fared better last year than many analysts forecast.

Read more at: https://www.bbc.co.uk/news/business-64708832?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty charts hint at weakness ahead. What should traders do on Tuesday

A bearish candle on daily charts is indicating further weakness from the current levels. However, the Nifty is trading near the 20-day SMA and Sensex is trading near the important support level of 60600. If the index succeeds to trade above 17900, a quick pullback rally is not ruled out

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-weakness-ahead-what-should-traders-do-on-tuesday/articleshow/98094994.cms

Cipla stocks dive to 7-month low; here’s why bears are ruling the counter

If they are minor in nature, then it is unlikely to hurt sales from the unit. However, if the regulator found major deviations from good manufacturing practices norms, then the resolution process could be longer and delay product launches from the facility.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/cipla-stocks-dive-to-7-month-low-heres-why-bears-are-ruling-the-counter/articleshow/98082005.cms

NMDC Steel shares locked in 5% upper circuit at listing

In October 2020, the CCEA gave its ‘in-principle’ approval to the demerger of the Nagarnar steel manufacturing unit from NMDC and strategic disinvestment of the resulting entity by selling the entire stake of the central government. Last year, NMDC had approved the demerger of NMDC and NMDC Steel.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nmdc-steel-shares-locked-in-5-upper-circuit-at-listing/articleshow/98080518.cms

Starbucks workers contend company is busting unions. ‘This will be a priority for me,’ congressman says.

Starbucks employees met with U.S. Rep. Ro Khanna and contended the company is retaliating against employees who unionize or are trying to organize.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-719A-E0B390EE1847%7D&siteid=rss&rss=1

Michael Sincere’s Long-Term Trader: ‘Siblings betray family members, even their own mother, just to get a bigger payout for themselves.’ Watch out for these scam attempts.

Protect yourself against unethical family members who try to cheat you out of your money.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-719C-651681CE9D56%7D&siteid=rss&rss=1

Earnings Watch: Just how bad were holiday sales? The world’s biggest retailers are about to tell us

Some of the biggest retail chains report this week, after concerns about inflation and holiday-season demand.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-719C-F47CC1286779%7D&siteid=rss&rss=1