Republican Party Struggles To Find Common Ground On Energy Policy

The Republican Party is preparing to introduce its first major legislation since it took control of the House of Representatives in the November midterm elections. The GOP wants to use its House majority to push through a major energy bill that will serve as a key part of the party platform for the current term, setting the scene for the upcoming presidential election in November 2024. The problem is that the party is more fractured than ever while the GOP has the floor. Multiple contentious and competing interests are reflected in the kitchen-sink-style…

Read more at: https://oilprice.com/Energy/Energy-General/Republican-Party-Struggles-To-Find-Common-Ground-On-Energy-Policy.html

Libya Eyes First Oil And Gas Licensing Round In Two Decades

Libya will be ready to hold an oil and gas licensing round next year, Libya’s state-run oil company chief said at CERAWeek, according to Argus. If Libya does manage to hold a licensing round next year, it would be its first in nearly two decades, and would help Libya reach its production goal of 2 million barrels per day within the next three years. Libya’s crude oil production in January fell to 1.148 million bpd, after averaging 1.153 million bpd in the fourth quarter of last year, OPEC data showed in its latest Monthly Oil Market Report. A report…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libya-Eyes-First-Oil-And-Gas-Licensing-Round-In-Two-Decades.html

Will China Change Its Stance On The War In Ukraine?

After releasing a 12-point proposal on how to broker a cease-fire in Ukraine and facing allegations from the United States that it is considering arming Moscow, China’s involvement in the war is set to enter a new phase. Finding Perspective: Beijing’s so-called peace plan, which is actually more of a position paper than an actual framework for ending the war, was mostly a repackaging of previous Chinese talking points, as I wrote here. The reception has been largely cold in the West, with officials brushing it aside as a way to cement Russian…

Read more at: https://oilprice.com/Geopolitics/Europe/Will-China-Change-Its-Stance-On-The-War-In-Ukraine.html

Windfall Tax Leads To Job Losses At UK’s Largest Oil & Gas Producer

The UK’s largest oil and gas producer, Harbour Energy, is cutting investments and jobs after the new windfall tax on the industry sapped nearly all of its 2022 profits. Harbour Energy’s profits last year were $2.5 billion, pre-tax, but after taxes, the company was left with just an $8 million profit—that’s after the $1.5 billion that needed to go towards the Energy Profits Levy. Harbour Energy has not divulged how many workers will lose their jobs. Harbour Energy said it has cut back on investments, too, with Harbour choosing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Windfall-Tax-Leads-To-Job-Losses-At-UKs-Largest-Oil-Gas-Producer.html

Singapore’s Central Bank Quietly Boosts Its Gold Reserves By 30%

In January 2023, Singapore’s central bank, the Monetary Authority of Singapore (MAS) returned to gold buying again, adding a massive 44.6 tonnes of gold to its official reserves, and thereby boosting Singapore’s gold holdings from 153.8 tonnes to 198.4 tonnes. In percentage terms, this gold buying represents an incredible 29% increase in Singapore’s gold holdings in just one month. In fact, this is Singapore’s second largest largest gold purchase ever in one month, the only gold purchase that was larger was…

Read more at: https://oilprice.com/Metals/Gold/Singapores-Central-Bank-Quietly-Boosts-Its-Gold-Reserves-By-30.html

Europe Set To Raise LNG Imports As Regasification Capacity Jumps

The EU is boosting its LNG import capacity and is ready to welcome even more LNG cargoes this year and in the coming years, Maros Sefcovic, European Commission Vice President for Interinstitutional Relations and Foresight, said on Thursday.     The EU will soon have 35 LNG regasification terminals, up from 27 currently, and the regasification capacity is set to increase to 227 bcm from 178 bcm, Sefcovic tweeted today after holding what he described as a “productive” virtual meeting with international gas suppliers. The EU is getting…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europe-Set-To-Raise-LNG-Imports-As-Regasification-Capacity-Jumps.html

Venture Capital Is Obsessed With Climate Tech

Investments in climate tech have risen significantly in recent years, as governments put increasing pressure on companies to decarbonise, introduce favourable climate policies, and push a rapid transition to green. This has provided opportunities for start-ups and long-established tech companies worldwide to innovate and develop new products that will support an accelerated green transition.  Just a decade ago, climate tech was largely unheard of, with little funding coming from the world’s biggest companies. But skip forward 10 years,…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Venture-Capital-Is-Obsessed-With-Climate-Tech.html

Kenya’s Plan To Nationalize All Oil Imports Faces Resistance

Kenya’s plan to have the government take over all imports of petroleum products from private companies has been challenged in court, with several petitioners seeking a ruling that the nationalization of the oil imports is unconstitutional.   Kenya decided to go with the plan to have all oil imports nationalized after a severe foreign exchange reserves crunch left the African country with just four months worth of foreign currency to cover imports. So the government and the energy ministry are seeking to take over all imports and pay…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kenyas-Plan-To-Nationalize-All-Oil-Imports-Faces-Resistance.html

Falling U.S. Container Imports Highlight Economic Weakness

Amid the mounting speculation of a soft landing and even talk of a “no landing”, we’ve pointed out multiple strategists who don’t share that sense of optimism but rather one that is typical of an end-cycle environment (read: here & here).  A new report by Canada-based logistics company Descartes Systems Group indicates that US shipping container imports plunged 20% in the first two months, according to Bloomberg.  In January and February of this year, the total volume of inbound containers, measured in 20-foot equivalent…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Falling-US-Container-Imports-Highlight-Economic-Weakness.html

Oil Execs Call On Governments To Simplify Hydrogen Rules

As the world races towards a cleaner future, hydrogen is quickly becoming a popular alternative to fossil fuels in industries where electrification is impractical. However, the high cost of producing hydrogen has been a major obstacle for its widespread adoption. Governments worldwide are seeking ways to facilitate rapid development and incentivize investment in this fuel source to make it an economic alternative to fossil fuels in industry. At the CERAWeek, oil executives called on governments to simplify rules around hydrogen supply to…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Execs-Call-On-Governments-To-Simplify-Hydrogen-Rules.html

German Heating Industry Warns Against Rapid Switch To All-Electric Solutions

Germany’s plan to install electric heat pumps in place of oil and gas boilers shouldn’t be rushed as fully electric heating systems require massive grid investments, the German heating industry says. Germany plans to have more and more electric heating pumps installed to reduce CO2 emissions from buildings and reduce its dependence on oil and natural gas for heating. However, associations in the heating pumps industry warn that ditching oil and gas boilers too soon would be both unrealistic and an enormous financial challenge. “We can’t bet on…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/German-Heating-Industry-Warns-Against-Rapid-Switch-To-All-Electric-Solutions.html

Brent Crude And WTI Crude Prices Stabilize After Two-Day Drop

Oil prices are trading flat on Thursday after two consecutive days in decline as a strike in France, a drop in U.S. crude inventories, and a faltering dollar offset fears over the economic impact of rising interest rates.  In early trading, Brent Crude was sitting at $83.52, while WTI was trading at $77.40. Both benchmarks had dropped by around 5% this week. The halt in deliveries from French refineries and slight weakness in the dollar might attract some short-covering, Tamas Varga of oil broker PVM told Reuters.  He added…

Read more at: https://oilprice.com/Energy/Crude-Oil/Brent-Crude-And-WTI-Crude-Prices-Stabilize-After-Two-Day-Drop.html

EPA Takes Bold Steps To Curb Toxic Wastewater From Coal-Fired Plants

The Biden administration has proposed a new plan to put stricter limits on wastewater pollution from coal-burning power plants in a significant step towards environmental protection.  The Environmental Protection Agency (EPA) sets standards under the Clean Water Act to restrict wastewater discharge from this industry and other businesses, the Trump administration relaxed those regulations so companies could use cheaper technologies and take longer to comply with guidelines for cleaning coal ash and toxic heavy metals such…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EPA-Takes-Bold-Steps-To-Curb-Toxic-Wastewater-From-Coal-Fired-Plants.html

Energy Commissioner Urges EU To Stop Importing Russian LNG

The European Union has managed to significantly cut its imports of Russian pipeline natural gas over the past year, but now it should stop all LNG imports from Russia, EU Energy Commissioner Kadri Simson said on Thursday, urging all EU member states and all companies not to sign new contracts with Russia.   Since September 2022, when Russia cut off deliveries via Nord Stream before the pipelines were sabotaged later that month, Russian gas has accounted for some 8% of all pipeline gas imported into the EU. Norway has replaced Russia as Europe’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Energy-Commissioner-Urges-EU-To-Stop-Importing-Russian-LNG.html

Russia And Saudi Arabia Vow To Continue OPEC+ Oil Policy Cooperation

The leaders of the OPEC+ coalition, Russia and Saudi Arabia, pledged to continue close cooperation in oil policy in the group during a visit of Saudi Arabia’s foreign minister to Moscow on Thursday. “We have reaffirmed the mutual readiness for further coordination of efforts in OPEC+,” Russian Foreign Minister Sergei Lavrov said, as carried by Interfax, after talks with his Saudi counterpart, Prince Faisal bin Farhan Al Saud. “All countries participating in this format are consistently fulfilling their obligations to maintain…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-And-Saudi-Arabia-Vow-To-Continue-OPEC-Oil-Policy-Cooperation.html

S&P 500 closes 1.8% lower as bank stocks succumb to pressure, Dow sheds more than 500 points: Live updates

Stocks fell Thursday as traders processed comments from Federal Reserve Chairman Jerome Powell and awaited key employment data.

Read more at: https://www.cnbc.com/2023/03/08/stock-market-today-live-updates.html

Biden budget would cut deficit by $3 trillion over next decade with 25% minimum tax on richest Americans

Biden proposes to impose a minimum tax of 25% on the rich, hike taxes on oil and gas companies and raise the corporate tax rate from 21% to 28%.

Read more at: https://www.cnbc.com/2023/03/09/biden-budget-would-cut-deficit-by-3-trillion-over-next-decade-with-25percent-minimum-tax-on-richest-americans.html

In just a few minutes this week, Powell changed everything on market’s view of interest rates

The central bank leader set out a new paradigm for how the Fed views its policy path.

Read more at: https://www.cnbc.com/2023/03/09/powell-changed-everything-this-week-on-markets-view-of-interest-rates.html

February is expected to have been a strong month for hiring and wage growth

Economists expect hiring stayed strong in February and that wages grew even faster than they did in January.

Read more at: https://www.cnbc.com/2023/03/09/february-is-expected-to-have-been-a-strong-month-for-hiring-and-wages.html

Wells Fargo says buy Signature Bank, the ‘last game in Crypto-town’

Signature Bank is one of the last remaining on-ramps between fiat currency and cryptocurrency after the liquidation of competitor Silvergate.

Read more at: https://www.cnbc.com/2023/03/09/wells-fargo-says-buy-signature-bank-the-last-game-in-crypto-town.html

Shares of SVB Financial fall 60% as tech-focused bank looks to raise more cash

Trading in the stock was halted for volatility multiple times during the session after SVB announced plans to raise more than $2 billion of new capital.

Read more at: https://www.cnbc.com/2023/03/09/svb-financial-falls-more-than-50percent-as-tech-bank-looks-to-raise-more-cash.html

GM offers buyouts to ‘majority’ of U.S. salaried workers

GM expects to take a pretax charge of up to $1.5 billion related to the buyouts, according to a public filing Thursday by the company.

Read more at: https://www.cnbc.com/2023/03/09/gm-buyouts-us-salaried-workers.html

President Biden’s proposed 2024 budget calls for top 39.6% tax rate

President Joe Biden is proposing higher taxes on wealthy Americans to help cover priorities like Medicare and Social Security in his 2024 budget.

Read more at: https://www.cnbc.com/2023/03/09/president-bidens-proposed-2024-budget-calls-for-top-39point6percent-tax-rate.html

Mitch McConnell suffered concussion after fall, will stay in hospital for ‘a few days,’ his office says

McConnell, 81, is expected to remain hospitalized “for a few days of observation and treatment,” his spokesman said.

Read more at: https://www.cnbc.com/2023/03/09/senate-gop-leader-mitch-mcconnell-suffered-concussion-after-fall.html

Ukraine war live updates: Power restored at huge nuclear plant after Russia unleashes strikes across Ukraine

Kyiv and other major cities including Lviv, Kharkiv and Odesa have been hit by a wave of Russian drone and missile strikes overnight, Ukrainian officials said.

Read more at: https://www.cnbc.com/2023/03/09/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

A look inside a $22.5 million Miami condo with insane luxury amenities

The touted amenities span over 70,000 square feet and 300 acres and include everything from a giant waterpark to a $1.2 million beachfront cabana.

Read more at: https://www.cnbc.com/2023/03/09/miami-condo-insane-luxury-amenities.html

Disney CEO Bob Iger says it’s time for ‘newness’ from Marvel movies

“Do you need a third and a fourth for instance? Or is it time to turn to other characters?” Iger said of Disney’s Marvel strategy.

Read more at: https://www.cnbc.com/2023/03/09/disney-ceo-bob-iger-newness-marvel-movies.html

Bitcoin tumbles as Silvergate announces it will wind down operations: 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, Dave Weisberger, CEO of CoinRoutes, reacts to the announcement that Silvergate will liquidate.

Read more at: https://www.cnbc.com/video/2023/03/09/bitcoin-tumbles-silvergate-announces-wind-down-operations-crypto-world.html

A Permanent Wartime Economy

Authored by Jeff Deist via The Mises Institute,

“Governments create money all the time. We do that for war.”

This is the argument for more money printing, and perhaps unlimited money printing, recently advanced by Professor Mariana Mazzucato on prime-time BBC.

“This whole notion that you run government like you run a household…is a complete myth”

Economist Prof Mariana Mazzucato tells #Newsnight Government’s should address social issues through taxhttps://t.co/P0zxS1DNGF pic.twitter.com/I6NLtXgDqN

— BBC Newsnight (@BBCNewsnight) March 6, 2023

Channeling Warren Mosler, the godfather of modern monetary theory, Dr. Mazzucato argues against “austerity”—by which she means any natural restraints on government spending. In order to spend, sovereign states need not “earn” tax revenue like a household must earn money, nor do they need to borrow. There is a third option: they can print new money at will and enjoy the profit of seigniorage.

Read more at: https://www.zerohedge.com/geopolitical/permanent-wartime-economy

US Obtains Warrant To Seize Boeing 737 Owned By Russia’s Rosneft

The United States obtained a warrant to seize a Boeing 737 aircraft owned by Russian oil company Rosneft that is valued at over $25 million, the U.S. Justice Department said.The US District Court for the Eastern District of New York authorized the seizure on March 8, 2023.

“Today’s enforcement action demonstrates there is a price to pay for Russian companies and oligarchs that flagrantly evade sanctions that the United States has imposed in response to the unjustified war against the people of the Ukraine,” stated United States Attorney Peace. https://t.co/IPZdIjBmLW

— US Attorney EDNY (@EDNYnews) March 8, 2023

Authorities were given the go-ahead to seize the jet based on violations of the Export Control Reform Act (ECRA) and the recent sanctions issued against Russia, aerotime reported.

Rosneft’s CEO, Igor Ivanovich Sechin, is a close friend of the Russian President Vladimir Putin and was sanctioned along with multiple oligarchs in 2022. The sanctions impose export controls and license requirements to protect US national security and foreign policy interests.

Read more at: https://www.zerohedge.com/markets/us-obtains-warrant-seize-boeing-737-owned-russias-rosneft

“Stay Calm” – Silicon Valley Bank CEO Reassures VC Clients Amid Sudden Liquidity Crisis

Update (1500ET): As the day wore on and SIVB shares collapsed (and fear spread contagiously across other banks and asset-classes), The Information reports that Silicon Valley Bank CEO Greg Becker on Thursday told top venture capitalists in Silicon Valley to “stay calm” amid concerns around a capital crunch that wiped nearly $10 billion off the bank’s market valuation.

“I would ask everyone to stay calm and to support us just like we supported you during the challenging times,” he said.

On a call, Becker said that “calls started coming and started panic.”

He added that the bank has “ample liquidity to support our clients with one exception: If everyone is telling each other SVB is in trouble that would be a challenge.”

Haven’t we heard that kind of reassurance befor …

Read more at: https://www.zerohedge.com/markets/silicon-valley-bank-center-venture-capital-bubble-suffers-record-47-crash-amid-sudden

The CDS Market Reveals How To Profit From The Coming Collapse Of Fiat Currency

Authored by Nick Giambruno via InternationalMan.com,

As told in the movie The Big Short, a group of hedge fund managers who saw the housing crash coming used Credit Default Swaps (CDS) to make a fortune.

These exotic financial instruments conveyed information crucial to seeing the 2008 financial crisis in advance. That knowledge allowed astute speculators to get positioned for massive profits as the crisis unfolded.

In the coming crisis—which has already started—I expect CDS will again play a key role in telegraphing important information shrewd speculators can use to their advantage.

A CDS is a contract between two parties. Think of it like an insurance policy against a borrower—typically a large company or a government—defaulting. One party underwrites the insurance policy, and another buys it. If the borrower defaults, the CDS issuer pays out the CDS buyer.

CDS trade in the open market and reflect investor expectations of the default probability of a particular borrower. The more likely the underlying entity is to default, the more expensive the insurance (CDS) will cost.

The seller of the CDS collects a premium and bets that the underlying entity will not default. Conversely, the buyer of the CDS is betting that the underlying entity will default or become more distressed so that he can sell the insurance policy in the market for a higher price than he paid it for.

For example, in 2006, a CDS t …

Read more at: https://www.zerohedge.com/crypto/cds-market-reveals-how-profit-coming-collapse-fiat-currency

Asda and Morrisons lift limits on some fresh produce

The supermarkets lift restrictions on some fresh produce as shortages ease.

Read more at: https://www.bbc.co.uk/news/business-64908081?at_medium=RSS&at_campaign=KARANGA

Ex-Goldman Sachs Malaysia boss gets 10 years for 1MDB scheme

The bank’s ex-Malaysia head was found guilty last year in one of the world’s biggest financial scandals.

Read more at: https://www.bbc.co.uk/news/business-64906691?at_medium=RSS&at_campaign=KARANGA

Food fraud probe into beef falsely labelled as British

A supplier is under investigation after pre-packed meat was found to be from South America and Europe.

Read more at: https://www.bbc.co.uk/news/business-64904334?at_medium=RSS&at_campaign=KARANGA

Crypto stocks slide after Silvergate decides to shut down

Silvergate’s latest move only highlights high-profile collapses among crypto market players since last year. Shorting in shares of Silvergate has turned out to be profitable for bearish investors

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-stocks-slide-after-silvergate-decides-to-shut-down/articleshow/98524347.cms

Bond yield curve inverts: Should investors be worried?

This declining trend in liquidity and inversion of the yield curve is likely to continue for some more time, according to Vijayakumar, but he does not expect it to impact India’s GDP growth in the next fiscal year. On the global front, the US Federal Reserve head Jerome Powell’s hawkish remarks on interest rate hikes have dampened sentiment.

Read more at: https://economictimes.indiatimes.com/markets/bonds/bond-yield-curve-inverts-should-investors-be-worried/articleshow/98515191.cms

India’s $3-billion green borrowing may add longer maturity debt

India’s green bond offerings in current fiscal consist of 5-year and 10-year tenor ones, totaling Rs 16,000 crore. Green bonds are part of country’s plan to fund the switch to clean energy

Read more at: https://economictimes.indiatimes.com/markets/bonds/indias-3-billion-green-borrowing-may-add-longer-maturity-debt/articleshow/98524811.cms

The Fed: Want to know the precise number of jobs that would push the Fed to hike by 50 basis points? There isn’t one.

Don’t ask economists for a precise payroll number that would guarantee a 50-basis-point hike this month. It will be the total picture of the data that counts.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71AF-C85B29B4E63A%7D&siteid=rss&rss=1

Sick of paying all kinds of fees on top of rent? The Biden administration is urging the housing industry to limit or disclose extra costs.

An open letter from HUD Secretary Marcia Fudge concerning extra rental costs aligns with the Biden administration’s crackdown on so-called junk fees.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71AF-F6C033451358%7D&siteid=rss&rss=1

Outside the Box: Working women need support in many ways. Start by helping out more at home.

How to share responsibilities with a partner and make the relationship easier for you both.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71AD-C09D842050F4%7D&siteid=rss&rss=1