Spy Balloon Fallout Highlights Fragility Of U.S.-China Relations

While President Xi Jinping has often been criticized by Western politicians, as well as intellectuals inside and outside of China, for restoring quasi-Maoist values, he has at least been consistent in his conservative agenda. On foreign policy, he has never strayed from the Chinese Communist Party’s (CCP) claim that “the East is rising and the West is declining.” Furthermore, Xi’s keen support for the Vladimir Putin regime is central to his efforts to form a kind of axis of autocratic states comprising China, Russia, the…

Read more at: https://oilprice.com/Geopolitics/International/Spy-Balloon-Fallout-Highlights-Fragility-Of-US-China-Relations.html

Ecuador Calls Force Majeure On Almost All Of Its Oil Production

Ecuador’s oil production is expected to be offline for at least three weeks, the country’s government said on Friday after declaring a force majeure on Thursday.  Ecuador announced the force majeure for its oil industry following a Marker River bridge collapse that triggered a closure of crude oil and gas pipelines. Petroecuador and pipeline operator OCP Ecuador suspended pipelines on Wednesday after the bridge collapsed. On Thursday, Petroecuador said it would gradually shut oil wells, estimating that it would be seven days before pumping…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ecuador-Calls-Force-Majeure-On-Almost-All-Of-Its-Oil-Production.html

African Fintech Startups Saw A Flood In VC Funding Last Year

As rising borrowing costs and recession concerns weighed on global venture capital investment in 2022, Africa’s start-up ecosystem attracted record funding. While most regions experienced double-digit declines in start-up funding last year, Africa posted gains in total investment volume, deals and number of investors. Start-up funding on the continent grew by roughly 5% in 2022, compared to a decline of 62% in Latin America and 39% in Asia Pacific. Globally, venture capital funding was down 35% at $445bn, albeit still well above the levels…

Read more at: https://oilprice.com/Finance/the-Economy/African-Fintech-Startups-Saw-A-Flood-In-VC-Funding-Last-Year.html

BOEM To Hold Oil, Gas Lease Sale On March 29

The BOEM issued on Thursday its final notice for the oil and gas lease sale in the Gulf of Mexico on March 29, 2023, as required by the Inflation Reduction Act of 2022. The BOEM is offering up for sale 13,600 blocks across 73.3 million acres for Lease Sale #259, covering Western, Central, and Eastern Planning Areas on the Outer Continental Shelf. The Inflation Reduction Act gave the BOEM until March 31 to hold the sale. “BOEM’s proposed economic terms are designed to encourage diligent development while ensuring fair market value to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BOEM-To-Hold-Oil-Gas-Lease-Sale-On-March-29.html

Report Warns Of Looming Overcapacity In Container Ship Market

Here it comes. An unprecedented flood of new container ships is about to enter service. The pace of deliveries will pick up in earnest next month, surge much higher in the second quarter, go higher still in the second half, even higher throughout 2024, and stay strong in 2025. “The colossal orderbook is like a sword of Damocles hanging over the market, with a raft of new ship deliveries in the next months inevitably triggering a return of overcapacity,” warned Alphaliner in a new report on Tuesday. “The change will be obvious…

Read more at: https://oilprice.com/Energy/Energy-General/Report-Warns-Of-Looming-Overcapacity-In-Container-Ship-Market.html

U.S. Oil Drilling Activity Retreats For Second Week In A Row

The total number of total active drilling rigs in the United States fell by 7 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 753 this week—103 rigs higher than the rig count this time in 2022 and 322 rigs lower than the rig count at the beginning of 2019, prior to the pandemic. Oil rigs in the United States decreased by 7 this week, to 600 after decreasing by 2 in the week prior. Gas rigs stayed the same at 151. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Drilling-Activity-Retreats-For-Second-Week-In-A-Row.html

The U.S. Intensifies Sanctions Against Russia

The United States on Friday imposed a new series of sanctions against Russian banks, key industries, and individuals, as well as third-country persons believed to be helping Russia’s sanctions evasion efforts. The fresh sanctions – announced one year after the Russian invasion of Ukraine – target Russia’s metals and mining industry and third-country individuals and companies connected to Russia’s sanctions evasion efforts, including those related to arms trafficking and illicit finance, the Department of the Treasury…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-US-Intensifies-Sanctions-Against-Russia.html

UK Car Manufacturers Are Slowly Shifting To Electric Vehicles

Car production in Britain fell slightly in January as thousands continued the shift towards electric vehicles which experienced a near 50 percent increase. Despite global economic instability, car production fell just 0.3 percent last month, which was welcomed by the industry as a sign of market stability.  The Society of Motor Manufacturers and Traders (SMMT), latest figures show that output of new vehicles totalled 68,575 units, a fall of 215 on the previous month. It added that the shift is evidence of the UK’s ability to…

Read more at: https://oilprice.com/Energy/Energy-General/UK-Car-Manufacturers-Are-Slowly-Shifting-To-Electric-Vehicles.html

U.S. Pledges Additional $2 Billion In Security Assistance To Ukraine

The U.S. Defense Department has announced an additional $2 billion in “security assistance” for Ukraine as Russia’s full-scale invasion of its neighbor enters its second year. The Pentagon said in a statement on February 24, the first anniversary of the Kremlin’s unprovoked invasion, the package includes ammunition for HIMARS rocket systems and other weaponry, high-tech drones, mine clearing equipment, and funds for training. “One year ago today, Russia launched an unprovoked and indefensible full-scale invasion of its peaceful and democratic neighbor…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Pledges-Additional-2-Billion-In-Security-Assistance-To-Ukraine.html

Oil Prices Drop As Bearish Sentiment Builds

After an initially subdued reaction to yet another crude oil build in the U.S. on Thursday, oil prices fell on Friday morning as bearish sentiment built. Speculation of further Russian production cuts and a rebound in Chinese demand had held oil prices higher, but inflation fears and continued inventory builds eventually sent prices lower. Friday, February 24th, 2023 Yet another build in U.S. crude inventories added to downward pressure on oil prices on Friday morning. The EIA’s report weighed particularly heavily on WTI, opening an arbitrage window…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Drop-As-Bearish-Sentiment-Builds.html

Europe Hikes Diesel Imports From Middle East, Asia After Russian Ban

Europe is on track to import this month the highest volumes of diesel from the Middle East and Asia in seven years as the EU turns to alternative supply after the ban on imports of Russian diesel and other fuels took effect on February 5. Diesel and gasoil arrivals to Europe are expected to be around 1.55 million barrels per day (bpd) in February, slightly above the imports in January, according to initial estimates by Vortexa cited by Bloomberg. Shipments of diesel-type fuels from the Middle East and Asia are set to reach the highest since 2016…

Read more at: https://oilprice.com/Energy/Energy-General/Europe-Hikes-Diesel-Imports-From-Middle-East-Asia-After-Russian-Ban.html

Three Fires At Pemex Facilities In One Day

Mexico’s state-owned oil company Pemex saw three fires in one day at three separate facilities that it operates in Mexico and the United States. Pemex reported on Thursday a fire at the storage facility Tuzandepetl in the state of Veracruz. The fire started in the drilling equipment for reasons that are yet unknown, the Mexican company said. Five workers are unaccounted for after the incident, while three others are being treated for their injuries in hospital, Pemex said, adding that the fire was extinguished. Later on Thursday, the company said…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Three-Fires-At-Pemex-Facilities-In-One-Day.html

Bad News For U.S. Producers As Natural Gas Prices Plunge

1. US Gas Producers Face Difficult Decisions as Prices Drop- For the first time since September 2020, Henry Hub natural gas futures plunged below $2 per mmBtu this week before bouncing back to a more palatable level of $2.4/mmBtu. – The combination of a relatively mild winter in key US consumption hubs and excess domestic volumes on the back of the Freeport LNG outage depressed gas futures that only six months ago were trading above $10/mmBtu. – US shale gas producer Chesapeake Energy was one of the first to claim they would be reducing their active…

Read more at: https://oilprice.com/Energy/Energy-General/Bad-News-For-US-Producers-As-Natural-Gas-Prices-Plunge.html

Fears Mount Of Russia Making A Move On Moldova

Politics, Geopolitics & Conflict Following the devastating earthquake in Turkey, Erdogan has been rumored to be considering postponing May 14 elections until June, though Turkish media sources said on Thursday that the election would go forward in May as planned before the tragedy. Some 47,000 people have been killed so far. While any critical Turkish journalism on the earthquake and rescue efforts has been stifled by the authorities, indications from sources on the ground are that anger remains at a boiling point. This week, Erdogan also continued…

Read more at: https://oilprice.com/Energy/Energy-General/Fears-Mount-Of-Russia-Making-A-Move-On-Moldova.html

What Russia’s Withdrawal From The START Treaty Really Means

While the specter of nuclear war may seem to loom larger and more ominously in the wake of Putin’s speech on the anniversary of the invasion of Ukraine, the New START treaty, in which Putin has now suspended cooperation, has been on its way out since last summer. The speech was not shocking and was straight from the traditional Cold War playbook. But what was the aim? It’s hard to say. Putin simply wants to win the war. There is no ideology here other than anti-everything. Putin’s senseless scorched-earth tactics in eastern Ukraine,…

Read more at: https://oilprice.com/Energy/Energy-General/What-Russias-Withdrawal-From-The-START-Treaty-Really-Means.html

Stocks close lower Friday after hot inflation report; major averages log worst week in 2023: Live updates

All majors

Read more at: https://www.cnbc.com/2023/02/23/stock-market-today-live-updates.html

Luxury EV maker Lucid appears to have a demand problem

Lucid plans to build just 10,000 to 14,000 vehicles in 2023, despite factory capacity to build more.

Read more at: https://www.cnbc.com/2023/02/24/lucid-ev-demand-problem.html

Warren Buffett’s must-read annual letter arrives Saturday. Here’s what to expect from the investing legend

The 92-year-old chairman and CEO of Berkshire Hathaway is slated to release his annual shareholder letter Saturday alongside the conglomerate’s earnings.

Read more at: https://www.cnbc.com/2023/02/24/buffetts-must-read-annual-letter-lands-saturday-what-to-expect.html

As new data shows inflation rose in January, here’s what consumers can expect next

Price growth will likely stay higher this year, and the Federal Reserve is poised to continue to hike interest rates.

Read more at: https://www.cnbc.com/2023/02/24/as-new-data-shows-inflation-rose-in-january-what-consumers-can-expect.html

Stocks are reversing course as inflation looks sticky with more retail earnings on deck

Key economic reports and earnings from Target and Salesforce next week take on new importance after a hot inflation reading on Friday.

Read more at: https://www.cnbc.com/2023/02/24/stocks-reverse-course-as-inflation-looks-sticky-with-more-retail-earnings-on-deck.html

Democratic attorneys general sue FDA to drop all remaining restrictions on abortion pill

The lawsuit adds to an escalating series of legal battles over access to the abortion pill in the U.S.

Read more at: https://www.cnbc.com/2023/02/24/democratic-ags-sue-fda-over-abortion-pill-restrictions.html

Ukraine war live updates: Ukraine’s allies pledge fresh aid as Kyiv marks one year of war and ‘invincibility’

The mood in Kyiv is somber and defiant as Ukraine marks one year since the start of Russia’s full-scale invasion.

Read more at: https://www.cnbc.com/2023/02/24/russia-ukraine-live-updates.html

Nikki Haley heads to fundraiser hosted by Wall Street executives

Nikki Haley is set to attend a fundraiser in support of her 2024 Republican presidential campaign hosted by Wall Street executives.

Read more at: https://www.cnbc.com/2023/02/24/nikki-haley-set-to-be-hosted-by-wall-street-execs.html

Bitcoin tumbles 3%, and IMF warns against making crypto legal tender: 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, Lee Reiners, policy director at the Duke Financial Economics Center, explains why crypto’s harms outweigh its benefits.

Read more at: https://www.cnbc.com/video/2023/02/24/bitcoin-tumbles-imf-warns-making-crypto-legal-tender-crypto-world.html

Mark Zuckerberg announces Meta’s new large language model as A.I. race heats up

The model, called LLaMA, is intended to help scientists and engineers explore applications for AI such as answering questions and summarizing documents.

Read more at: https://www.cnbc.com/2023/02/24/mark-zuckerberg-announces-meta-llama-large-language-model.html

For the Black community, bitcoin represents an opportunity for wealth preservation

Bitcoin continues to perplex investors with various narratives but for the Black community, storing and securing wealth is the most important one.

Read more at: https://www.cnbc.com/2023/02/24/for-the-black-community-bitcoin-represents-an-opportunity-for-wealth-preservation.html

Ex-basketball star thought Nike and Adidas weren’t doing enough for Black people—so he built a $30 million competitor

Lanny Smith launched Actively Black in the wake of George Floyd’s 2020 murder, when he felt big companies’ statements on racism and social justice rang hollow.

Read more at: https://www.cnbc.com/2023/02/24/actively-black-startup-taking-on-nike-adidas-by-helping-black-communities.html

FDA says Guillain-Barre syndrome is possible risk of Pfizer’s RSV vaccine for older adults

The FDA sees a potential risk and has asked Pfizer to conduct a safety study on Guillain-Barre after a potential approval, which the company said it would do.

Read more at: https://www.cnbc.com/2023/02/24/fda-says-guillain-barre-syndrome-is-possible-risk-of-pfizer-rsv-vaccine.html

Watch: White House Brags About Most Staff Being Black, Female, Or LGBTQ+

Authored by Steve Watson via Summit News,

Press Secretary Karine Jean-Pierre appeared to argue Thursday that the performance of White House staff and the Biden Administration should be judged on race, gender and sexual preference.

“The Cabinet is majority people of color for the first time in history,” Jean-Pierre stated, adding “The Cabinet is majority female for the first time in history. A majority of White House senior staff identify as female.”

She continued, “Forty percent of White House senior staff identify as part of the racially diverse communities. And a record seven assistants to the president are openly LGBTQ+.”

“So again, this is something that the president prides himself on,” she concluded.

Read more at: https://www.zerohedge.com/political/watch-white-house-brags-about-most-staff-being-black-female-or-lgbtq

“Shocked” Goldman Trader: “This Was The Largest 0DTE Block Trade I Have Ever Seen”

There was a lot of head-scratching across Wall Street yesterday when exactly at 10:40 am ET S&P futures swooned, with no fundamental news to catalyze the move. And then, 80 minutes later, the selling suddenly stopped and reversed as stocks staged a remarkable recovery with the S&P closing almost unchanged from its opening price.

A bizarre U-turn that left many asking what happened? We now have the answer, and yes – as many speculated, 0DTE was involved, only this time in (record) size.

As Goldman flows guru Scott Rubner writes this morning, there was a major development in 0DTEs, that he needed to flag ahead of his regular weekly commentary:

“Yesterday was a pretty “boring Thursday” after all of the macro events / data releases, and then…”

• 26,000 2/23/23 4000 strike Put options (Bloomberg code IMDWG3P4 4000 Index) on S&P 500 e-mini futures traded yesterday morning (10:40am) in block form. This was well after all of the data releases and macro events for the rest of the day, and when spoos were trading comfortably above 4,000.
• The strike notional was $5.2 Billion, and the premium paid $5.5M. There was $2B worth of delta selling as a result of the hedge, 40% delta.

Read more at: https://www.zerohedge.com/markets/shocked-goldman-trader-was-largest-0dte-block-trade-i-have-ever-seen

Russia Sends Ship To Space Station To Rescue “Stranded Crew”

Russia launched an uncrewed Soyuz spacecraft on Friday for a NASA astronaut and two cosmonauts after their original ride back to Earth was damaged by a micrometeoroid impact while parked at the International Space Station in December.

The rescue plan was announced last month. The empty rescue capsule, Soyuz MS-23, blasted off from Baikonur Cosmodrome in Kazakhstan early Friday morning and is set to dock at the orbiting lab on Sunday.

WATCH: NASA launched a Roscomos Soyuz spacecraft from the Baikonur Cosmodrome in Kazakhstan to the International Space Station to bring back a stranded crew to Earth https://t.co/aUNd9r46fs pic.twitter.com/6brPI1vVzm

— Reuters Asia (@ReutersAsia) February 24, 2023

NASA astronaut Frank Rubio and Russian cosmonauts Sergey Prokopyev and Dmitri Petelin were supposed to return to Earth in March, but when Prokopyev and Petelin were preparing for a spacewalk in mid-December, they noticed liquid coolant particles spraying from the docked Soyuz capsule. The spacewalk was canceled, and NASA and Roscosmos later determined the damaged capsule was too dangerous to return the trio.

Read more at: https://www.zerohedge.com/technology/russia-sends-ship-space-station-rescue-stranded-crew

Court Blocks West Virginia’s “Save Women’s Sports” Law

Authored by Mimi Nguyen Ly via The Epoch Times,

A West Virginia law that bars transgender people from competing on sports teams different from their biological sex has been blocked.

This means that transgender athletes in West Virginia can, for now, compete in teams of the gender with which they identify.

The 2-1 decision (pdf) was made by an appeals court on Feb. 22. It reinstates a preliminary injunction, which was first issued in July 2021, against West Virginia’s “Save Women’s Sports” legislation.

That July 2021 injunction was issued by U.S. District Court Judge Joseph R. Goodwin, a Clinton appointee. But he

Read more at: https://www.zerohedge.com/political/court-blocks-west-virginias-save-womens-sports-law

TSSA rail union accepts pay offer from train companies

The TSSA union says its 3,000 members have accepted an offer including a two-year 9% pay deal.

Read more at: https://www.bbc.co.uk/news/business-64756141?at_medium=RSS&at_campaign=KARANGA

Pasta price doubles to 95p as cost of basics rises

While overall price rises in the UK slow, food inflation may not have peaked yet, research suggests.

Read more at: https://www.bbc.co.uk/news/business-64732404?at_medium=RSS&at_campaign=KARANGA

Fruit and vegetable shortage could last until May, say growers

UK growers delay planting crops due to high energy prices, producers say.

Read more at: https://www.bbc.co.uk/news/business-64743704?at_medium=RSS&at_campaign=KARANGA

Gainers & Losers: Zee Entertainment among 6 stocks in limelight on Friday

Nifty ended below 17,500 levels, dropping 0.26% or 45 points, while Sensex fell 0.24% or 142 points to close at 59,464.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/gainers-losers-zee-entertainment-among-6-stocks-in-limelight-on-friday/articleshow/98210554.cms

Tech View: Nifty forms a long bear candle. What traders should do next week

He said Nifty is now placed near the crucial support of 17,450-17,500 levels and that there is no sign of any reversal pattern unfolding at the lows. A new swing low has been formed at 17,421 levels

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-a-long-bear-candle-what-should-traders-do-next-week/articleshow/98211056.cms

Death Crossovers: These 5 stocks signal further bearishness

In the NSE list of stocks, five stocks with a market cap of over Rs 1,000 crore have been witnessing Death Crossovers, according to stockedge.com’s technical scan data.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/death-crossovers-these-5-stocks-signal-further-bearishness/articleshow/98196849.cms

The Ratings Game: Citi reiterates buy on Goldman ahead of investor day, with hopes for more color on bank’s growth picture

Citi analyst Keith Horowitz is looking for clues on how Goldman plans to deliver its return targets under its three reformed divisions.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71A3-4FE1F099B531%7D&siteid=rss&rss=1

Personal Finance Daily: Money can destroy a relationship: Are you financially compatible with your partner? and 1 in 4 Americans would need to use a credit card to pay a $1,000 expense

Friday’s top personal finance stories.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71A3-1E78A8FB177F%7D&siteid=rss&rss=1

Market Snapshot: Dow pares losses as U.S. stocks head for weekly declines after Fed’s favorite inflation gauge runs hotter than expected

U.S. stock are down Friday afternoon, with major indexes facing weekly losses after a closely watched inflation reading came in hotter than forecast.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71A2-95624553BB83%7D&siteid=rss&rss=1