The Dark Side Of Europe’s Green Energy Transition

At the eleventh hour, Europe converted an energy crisis into a clean energy revolution. In the aftermath of Russia’s illegal invasion of Ukraine, there has been an urgent scramble to lessen the bloc’s dependency on Russian natural gas and on energy imports in general. As a result, the EU energy sector has made an incredible turnaround in a remarkably short time span.  The EU’s use of Russian natural gas has plummeted from around 40% to less than 17% between 2021 and 2022. While some of this was offset by a regrettable…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/The-Dark-Side-Of-Europes-Green-Energy-Transition.html

Iran Claims To Have Found World’s Second-Largest Lithium Deposit

A major lithium deposit that rises to the level of the world’s second-largest has been found in Iran, the country’s Ministry of Industry, Mines, and Trade said on Iranian state television on Saturday. “For the first time in Iran, a lithium reserve has been discovered in Hamedan,” the Ministry said, adding that it believes the deposit holds 8.5 million tons of lithium. Only Chile holds more lithium, with 9.2 million metric tons, according to the U.S. Geological Survey. Lithium is a critical part of electric vehicle batteries.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Claims-To-Have-Found-Worlds-Second-Largest-Lithium-Deposit.html

Germany Is Still The Second-Largest Buyer Of Russian Fossil Fuels

A year on from Russia’s initial invasion of Ukraine, Russian fossil fuel exports are still flowing to various nations around the world. As Visual Capitalist’s Niccolo Conte details below, according to estimates from the Centre for Research on Energy and Clean Air (CREA), since the invasion started about a year ago, Russia has made more than $315 billion in revenue from fossil fuel exports around the world, with nearly half ($149 billion) coming from EU nations. This graphic uses data from the CREA to visualize…

Read more at: https://oilprice.com/Geopolitics/International/Germany-Is-Still-The-Second-Largest-Buyer-Of-Russian-Fossil-Fuels.html

WTI Crude Hits $80 Despite Disappointing Growth Plans From China

West Texas Intermediate (WTI) crude oil prices have broken above the $80 barrier despite disappointing growth plans coming out of China Monday.  On Monday at 1:50 p.m. EST, WTI was trading up 0.64% at $80.19 per barrel, up 51 cents on the day, while Brent crude was up 13% at $85.94.  Oil prices opened Monday lower on underwhelming data from China in terms of post-COVID economic recovery.  The oil price pullback earlier on Monday following Beijing’s GDP growth target of “around 5%” for this year, which comes in lower…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Crude-Hits-80-Despite-Disappointing-Growth-Plans-From-China.html

Rare Earth Elements: What They Are And Why They Matter

Rare earth elements (REEs) are a group of 17 metallic elements essential in many modern technologies. Despite their name, they are not actually rare, but they are difficult to extract and refine. In recent years, the importance of REEs has grown due to their role in energy production and storage and their impact on geopolitics. What Are Rare Earth Elements? The 17 rare earth elements include: Scandium Yttrium Lanthanum Cerium Praseodymium Neodymium Promethium Samarium Europium Gadolinium Terbium Dysprosium Holmium Erbium Thulium Ytterbium Lutetium…

Read more at: https://oilprice.com/Metals/Commodities/Rare-Earth-Elements-What-They-Are-And-Why-They-Matter.html

Russia Remains India’s Top Oil Supplier For Fifth Month In A Row

India keeps on taking major volumes of Russian oil, as the latest data suggests. Moscow supplies at present around 35% of India’s total oil imports, in stark contrast to less than 1% before the Ukraine war. Based on data provided by consultancy Vortexa, India imported around 1,62 million bpd in February from Russia. These record levels are almost the same as India’s imports from Iraq (940,000 bpd) and Saudi Arabia (648,000 bpd) combined. The UAE (Abu Dhabi) is India’s 4th largest supplier, with around 404,000 bpd. All these figures…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Remains-Indias-Top-Oil-Supplier-For-Fifth-Month-In-A-Row.html

Africa’s Oil Industry Is Set To Flourish In 2023

Several energy firms have developed oil and gas projects in Africa and the Caribbean in recent years as they shift to focus on low-carbon oil and future-proofing their operations. With mounting pressure to decarbonize, many oil and gas majors have moved away from aging, carbon-intensive operating sites in favor of developing new projects in non-traditional oil regions. Meanwhile, African countries are determined to claim their piece of the global energy pie, unwilling to give up valuable natural resources without taking a stake in operations. So,…

Read more at: https://oilprice.com/Energy/Crude-Oil/Africas-Oil-Industry-Is-Set-To-Flourish-In-2023.html

Iraq’s Risky Reliance On Oil Revenues

Iraq managed to collect a lot of revenues from oil exports last year due to higher prices, but the Iraqi economy remains heavily reliant on oil income, which represents a massive 95% of the country’s federal budget revenue. Higher oil prices led to a budget surplus for Iraq, OPEC’s second-largest producer after Saudi Arabia, last year, according to the financial statements of the federal government reported by news outlet Shafaq News. Oil revenues accounted for an overwhelming 95% of Iraq’s federal budget, the data showed, raising…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraqs-Risky-Reliance-On-Oil-Revenues.html

U.S. Oil Producers Prioritize Short-Term Gains Over Future Output

U.S. oil companies have prioritized shareholder returns over future output, resulting in a $128 billion windfall for investors and marking the first time in a decade that drillers spent more on share buybacks and dividends than on capital projects.  According to Bloomberg calculations, shareholders in US oil companies reaped a $128 billion windfall in 2022 thanks to a combination of global supply disruptions such as Russia’s war in Ukraine and intensifying Wall Street pressure to prioritize returns (dividends and buybacks) over…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Oil-Producers-Prioritize-Short-Term-Gains-Over-Future-Output.html

Tesla Slashes Prices Of Luxury Models

Tesla has announced yet another price cut for its high-end electric vehicles in North America, according to the company’s website. The move comes after Tesla CEO Elon Musk stated that previous price cuts had led to increased demand for more affordable models during an Investor Day event last week. The starting prices of Model S and X in the US have been lowered by 5.3% and 9.1%, respectively, to $89,990 and $99,990. The Plaid versions of these models have also been reduced by 4.3% and 8.3%, respectively, with the new cost of $109,990 representing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Slashes-Prices-Of-Luxury-Models.html

Natural Gas Plunges over 12% As Extreme Volatility Continues

Forecasts for milder weather and lower heating demand have seen natural gas prices plummeting by over 12% on Monday, after a strong rally on Friday to five-week high.  At 10:07 a.m. EST on Monday, front-month gas futures for April delivery were down 12.30% to $2.639 per million British thermal units, the biggest drop since January 30th, when nat gas prices shed 14%.  The large drop comes only days after Freeport LNG boosted exports at its Texas plant after reopening last month following a shutdown that had lasted for eight months. At…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Natural-Gas-Plunges-over-12-As-Extreme-Volatility-Continues.html

Equipment Failure Disrupts UK Natural Gas Exports To Europe

A major natural gas export pipeline from the UK this weekend halted supply to Belgium and other EU customers following an equipment failure that is expected to be fixed by Wednesday.   Exports via the UK-Belgium Interconnector were interrupted, the pipeline operator said in a notice this weekend, just as the UK is experiencing a cold snap driving demand for natural gas higher. Flows via the interconnector were already lower at the end of last week due to the higher gas demand in Britain. On Saturday, natural gas generated 53.6% of British…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equipment-Failure-Disrupts-UK-Natural-Gas-Exports-To-Europe.html

Oil Price Rally Unravels On China’s Underwhelming GDP Growth Target

Oil prices pulled back on Monday morning after China set a GDP growth target of “around 5%” for 2023, lower than last year’s target of 5.5% and also lower than the average forecast of 5.24% by a cross-section of economic experts.  Last year, China’s GDP expanded by just 3% but experts were optimistic that this year’s target could be set as high as 6% after the country relaxed its strict covid-19 rules.  Additionally, China set a goal of 3% for the consumer price index (CPI), with Beijing keen to maintain…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Price-Rally-Unravels-As-China-Fails-To-Impress.html

Poland’s Top Refiner To Sue Russia For Halting Oil Supply

PKN Orlen, the biggest refiner in Poland, will seek compensation from Russia after Moscow cut off crude oil deliveries to Poland via the Druzhba pipeline at the end of last month, the refiner’s chief executive Daniel Obajtek said on Monday.   Crude oil deliveries from Russia to Poland were suspended on February 25, PKN Orlen said at the time.   Russia claims that incomplete paperwork prevented the supply of Russian oil to Poland, and Polish refineries were cut off, Russian media reported. According to a spokesperson for Russian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Polands-Top-Refiner-To-Sue-Russia-For-Halting-Oil-Supply.html

The EIA Vows To Improve The Accuracy Of Its Oil Data

The EIA has baffled the market and analysts with high adjustments in its weekly and monthly U.S. oil data in recent years.  The so-called adjustment in weekly and monthly crude oil data, or “Unaccounted For Crude Oil” as it was previously referred to, has been used to balance the difference between oil supply entering the market and oil disposition, or oil leaving the market.  In the latest weekly petroleum status report, the data from the Energy Information Administration showed last week that the adjustment – the balancing…

Read more at: https://oilprice.com/Energy/Energy-General/The-EIA-Vows-To-Improve-The-Accuracy-Of-Its-Oil-Data.html

Dow closes higher Monday to notch four-day win streak: Live updates

Wall Street is coming off a positive week for the major averages, where the Dow Jones Industrial Average snapped a four-week losing streak.

Read more at: https://www.cnbc.com/2023/03/05/stock-market-today-live-updates.html

Fed’s Powell heads to Capitol Hill this week, and he’s going to have his hands full

Federal Reserve Chairman Jerome Powell appears before Congress with a tall task.

Read more at: https://www.cnbc.com/2023/03/06/fed-chair-powell-heads-to-capitol-hill-and-hes-got-his-hands-full.html

Google CEO defends desk-sharing policy, says some offices are like a ‘ghost town’

In responding to employee criticism of Google’s new desk-sharing policy for the cloud unit, CEO Sundar Pichai reminded staffers that real estate is pricey.

Read more at: https://www.cnbc.com/2023/03/06/google-ceo-defends-desk-sharing-policy-says-offices-like-ghost-town.html

Norfolk Southern makes broad safety adjustments after third train derailment

A Norfolk Southern spokesman told CNBC the train carrier is now mandating that any trains over 10,000 feet use distributed power.

Read more at: https://www.cnbc.com/2023/03/06/norfolk-southern-adjusts-train-safety-after-third-derailment.html

All-weather stocks that can outperform in any economic ‘landing,’ according to Evercore ISI

If the U.S. enters a recession or the Fed achieves a soft landing, these names should outperform in either scenario, Evercore ISI said in a note to clients.

Read more at: https://www.cnbc.com/2023/03/06/all-weather-stocks-that-can-outperform-in-any-economic-landing-according-to-evercore-isi.html

Paramount Global considers selling a majority stake of BET Media Group, sources say

Paramount Global is exploring a majority stake sale of BET Media Group but isn’t looking to sell off other parts of the business, sources say.

Read more at: https://www.cnbc.com/2023/03/06/paramount-bet-media-majority-stake-sale.html

Companies that give up stock buybacks for 5 years will get preferential treatment in $52 billion CHIPS program, Commerce Secretary Raimondo says

Raimondo said stock buybacks is one factor being taken into consideration as part of a $39-billion manufacturing subsidy program.

Read more at: https://www.cnbc.com/2023/03/06/companies-that-give-up-stock-buybacks-for-5-years-will-get-preferential-treatment-in-52-billion-under-chips-program-commerce-secretary-raimondo-says.html

Bitcoin and Ether rise despite Silvergate suspending its crypto payments network: 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, Caitlin Long, founder and CEO of Custodia Bank, which aims to bridge traditional finance and digital assets, discusses the uncertainty at Silvergate Bank.

Read more at: https://www.cnbc.com/video/2023/03/06/bitcoin-ether-rise-despite-silvergate-suspending-crypto-payments-network-cnbc-crypto-world.html

Ukraine war live updates: Ukraine likely staging ‘tactical withdrawal’ in Bakhmut; Russian mercenary chief’s rift with officials deepens

It’s unclear how much of Bakhmut is controlled by Russian forces, and whether Ukrainain forces are starting to withdraw from parts of the city.

Read more at: https://www.cnbc.com/2023/03/06/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Risky feedback loops are accelerating climate change, scientists warn

A group of international scientists reviewed climate literature to identify 41 climate feedback loops, 27 of which are accelerating global warming.

Read more at: https://www.cnbc.com/2023/03/06/risky-feedback-loops-are-accelerating-climate-change-scientists-warn.html

Toblerone chocolate to cut iconic Matterhorn logo from packaging due to ‘Swissness’ laws

Switzerland requires milk-based products promoting themselves as Swiss to be made entirely within the country.

Read more at: https://www.cnbc.com/2023/03/06/toblerone-to-drop-matterhorn-from-packaging-due-to-swissness-laws.html

Senators call for two changes to help encourage Social Security beneficiaries to claim retirement benefits later

Many retirees claim Social Security at age 62, even though their benefit checks would be bigger if they waited. Now some lawmakers hope to help change that.

Read more at: https://www.cnbc.com/2023/03/06/senators-call-for-changes-to-help-retirees-claim-social-security-later.html

Marlboro maker Altria agrees to buy e-cigarette startup NJOY for nearly $2.8 billion

Altria’s deal to buy NJOY comes after the Marlboro maker exited its position in Juul Labs.

Read more at: https://www.cnbc.com/2023/03/06/marlboro-maker-altria-to-buy-njoy.html

Anger As Djokovic Withdraws From US Open; Still Banned From Entering Country Due To Vaxx Status

Authored by Steve Watson via Summit News,

The world’s number one tennis player Novak Djokovic has withdrawn from the Miami Open and the U.S. Open because he is still banned from entering the country owing to his vaccination status.

While the news is being reported as a “visa dispute,” the reason Djokovic cannot complete is because he refuses to take the COVID vaccine.

Djokovic has appealed for a special dispensation to play in the tournaments, given that the rest …

Read more at: https://www.zerohedge.com/political/anger-djokovic-withdraws-us-open-still-banned-entering-country-due-vaxx-status

Bloomberg Terminal Users Embrace ‘Cash Is No Longer Trash’

In a new survey, Bloomberg Terminal users have overwhelmingly agreed that cash in their portfolios would be a net positive this year, supporting the case ‘cash is no longer trash’ amid signs that higher-than-expected inflation data indicates global central banks will continue their ultra-hawkish stance to keep aggressively raising interest rates.

Over 400 professional and retail investors participated in the latest MLIV Pulse survey. Two-thirds of professional respondents believe cash will be a net positive on their portfolios, while only 35% answered that cash holdings would drag on performance. Retail traders gave similar responses.

The appeal of cash stems from increasing nervousness as higher-than-expected inflation data means central banks will continue to raise interest rates through at least June, dashing hopes for a full-blown risk-on rally in equity markets. The Federal Reserve clearly has more work to do as the economy still runs hot. The Fed’s benchmark rate implied by …

Read more at: https://www.zerohedge.com/markets/bloomberg-terminal-users-embrace-cash-no-longer-trash

Fed Study Shows Loose Monetary Policy Leads To Disaster And Financial Crisis

Authored by Mike Shedlock via MishTalk.com,

A Fed study shows the obvious… But Fed presidents never believe the few studies that ever make any sense…

Please consider the San Francisco Fed paper, Loose Monetary Policy and Financial Instability.

Much of the Fed report is truly Geek stuff and incomprehensible formulas. But the conclusions and many snippets ring home.

Snips That Make Sense

Do periods of persistently loose monetary policy increase financial fragility and the likelihood of a financial crisis? This is a central question for policymakers, yet the literature does not provide systematic empirical evidence about this link at the aggregate level. In this paper we fill th …

Read more at: https://www.zerohedge.com/markets/fed-study-shows-loose-monetary-policy-leads-disaster-and-financial-crisis

Germany’s Scholz Signals ‘Assurances’ That China Won’t Arm Russia

Authored by Dave DeCamp via AntiWar.com,

German Chancellor Olaf Scholz said Sunday that China “declared” it will not provide Russia with weapons for its war in Ukraine despite US claims, signaling that the German leader received some sort of assurance from Beijing.

“We all agree that there should be no arms deliveries, and the Chinese government has declared that it will not deliver any either,” Scholz said at a press conference with European Commission President Ursula von der Leyen, according to POLITICO. “We insist on this, and we are monitoring it.”

Image source: dpa/picture allianceVon der Leyen said that the US has provided “no evid …

Read more at: https://www.zerohedge.com/geopolitical/germanys-scholz-signals-assurances-china-wont-arm-russia

CBI boss Tony Danker steps aside after misconduct allegations

Tony Danker said he was “mortified” to hear that he had caused “offense or anxiety to any colleague”.

Read more at: https://www.bbc.co.uk/news/business-64861370?at_medium=RSS&at_campaign=KARANGA

Costa Coffee follows Pret a Manger with third staff pay rise in a year

The High Street coffee chain joins others in increasing wages as firms struggle to recruit staff.

Read more at: https://www.bbc.co.uk/news/business-64861175?at_medium=RSS&at_campaign=KARANGA

Elon Musk’s Tesla cuts prices again as tries to boost sales

Tesla boss Elon Musk has previously said he hoped price cuts would help the firm avoid the hit from a “pretty difficult recession” in 2023.

Read more at: https://www.bbc.co.uk/news/business-64867287?at_medium=RSS&at_campaign=KARANGA

Gold outlook: Fed commentary on the rate hike to keep bullion on edge this week

Correction in the dollar index from resistance levels was one of the major reasons for the recovery in gold and silver, currency and commodity expert Anuj Gupta said. Bullion is also taking positive cues from stronger-than-expected business activity in China which is the largest commodity importer in the world, Gupta said.

Read more at: https://economictimes.indiatimes.com/markets/commodities/news/gold-outlook-fed-commentary-on-rate-hike-to-keep-bullion-on-edge-this-week/articleshow/98444727.cms

ETMarkets Smart Talk: Stay invested! The market can play like Shane Warne on a good day: Arun Chulani

I think one needs to keep a long-term perspective when it comes to investing. The market has seen many who have been bowled out clean trying to second guess near-term events and trends.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-stay-invested-the-market-can-play-like-shane-warne-on-a-good-day-arun-chulani/articleshow/98440465.cms

Foreign funds bullish on capex theme, also buy into IT, healthcare

About 80% of the foreign portfolio investor (FPI) inflows into Indian equities in February 2023 went into capital goods, services, information technology, and healthcare.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/foreign-funds-bullish-on-capex-theme-also-buy-into-it-healthcare/articleshow/98437733.cms

Dick’s Sporting Goods will sidestep retail spending weakness, analysts say

Retailers have seen a pullback in discretionary spending this earnings season.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71AC-25E0ABEE9914%7D&siteid=rss&rss=1

Market Extra: What stock-market investors want to hear when Fed’s Powell testifies before Congress this week

A modest U.S. stock-market recovery from last year’s carnage will be again put to the test this week, as investors closely watch Powell’s testimony to Congress for clues to whether the recent market discussion of interest rates going “higher for longer” is justified.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71AB-F94B98AC4AAA%7D&siteid=rss&rss=1

Futures Movers: Oil prices settle higher as traders shake off demand concerns tied to China’s 5% growth target

Oil futures settle higher on Monday, giving up early declines, as traders shake off demand concerns tied to the growth target set by China.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71AB-6B7C52A7CCF4%7D&siteid=rss&rss=1