Residential Heat Pumps Could Cut U.S. Energy Consumption In Half

In November of last year, some of the greatest minds and biggest influencers in the global energy sector gathered in Sharm el Sheikh, Egypt for the 27th annual Conference of the Parties (COP27) to discuss climate change. The two-week conference was crowded with lofty goals, emerging technologies, and innovative approaches, but one of the most effective strategies for reducing global greenhouse gas emissions was ignored almost entirely: energy efficiency.  As the World Economic Forum wrote in a report from the sidelines of COP27,…

Read more at: https://oilprice.com/Energy/Energy-General/Residential-Heat-Pumps-Could-Cut-US-Energy-Consumption-In-Half.html

Coal Is Still King In Asia, But Renewables Are On The Rise

The International Energy Agency (IEA) predicts that Asia will account for half of the world’s electricity consumption by 2025, with one-third of global electricity being consumed in China. To explore how this growing electricity demand is currently being met, Visual Capitalist’s Sam Parker and Selin O?uz created the graphic below, mapping out Asia’s main sources of electricity by country, using data from the BP Statistical Review of World Energy and the IEA. A Coal-Heavy Electricity Mix Although clean energy…

Read more at: https://oilprice.com/Energy/Energy-General/Coal-Is-Still-King-In-Asia-But-Renewables-Are-On-The-Rise.html

Battle Over Nuclear’s Role In Renewable Energy Goals Continues

The battle over nuclear energy’s role in the EU’s renewable energy future is far from over, with Germany, Spain, and other EU countries fighting to keep nuclear energy from counting when it comes to calculating renewable energy targets, a letter seen by Reuters suggests. France has made it clear that low-carbon hydrogen derived from nuclear energy should indeed count toward the bloc’s renewable energy tarts. Spain, Germany, Denmark, Austria, Ireland, Luxembourg, and Portugal, strongly disagree. On Thursday, the group sent a letter to the rotating…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Battle-Over-Nuclears-Role-In-Renewable-Energy-Goals-Continues.html

Taiwan Looks To Replace Nuclear Power With LNG

Taiwan is buying more LNG for delivery over the next year as it closed a nuclear reactor and is set to phase out nuclear power generation by 2025.  Taiwan’s CPC Corp bought via a tender this week at least 10 cargoes of LNG to be delivered between May this year and March next year, traders familiar with the deals told Bloomberg on Friday.  The LNG purchases are also part of Taiwan’s strategy to procure more gas to offset the decline in nuclear power generation, according to the traders.  This week, Unit 2 of Taiwan’s…

Read more at: https://oilprice.com/Energy/Natural-Gas/Taiwan-Looks-To-Replace-Nuclear-Power-With-LNG.html

Xi Set To Meet With Putin In Moscow Next Week

Chinese President Xi Jinping will pay an official visit to Moscow from March 20 to March 22 as Beijing looks to show support for Russian President Vladimir Putin while also pushing forward a peace plan aimed at ending the conflict in Ukraine. “During the talks, topical issues of further development of comprehensive partnership and strategic cooperation between Russia and China will be discussed,” the Kremlin said in a statement on March 17. “An exchange of views is also planned in the context of deepening Russian-Chinese cooperation in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Xi-Set-To-Meet-With-Putin-In-Moscow-Next-Week.html

U.S. Drilling Makes Gains As Gas Rig Count Jumps

The total number of total active drilling rigs in the United States rose by 8 this week, with gas-directed rigs making all the gains, according to new data from Baker Hughes published on Friday. The total rig count rose to 754 this week—91 rigs higher than the rig count this time in 2022 and 321 rigs lower than the rig count at the beginning of 2019, prior to the pandemic. Oil rigs in the United States decreased by 1 this week, to 589 on top of the 2 rigs lost in the week prior. Gas rigs was a different story, gaining 9 in the week to 162.…

Read more at: https://oilprice.com/Energy/Energy-General/US-Drilling-Makes-Gains-As-Gas-Rig-Count-Jumps.html

Rolls-Royce Wins Bid To Power The Future Of Lunar Exploration

Rolls-Royce has received funding from the UK Space Agency to develop a nuclear reactor for a Moon base. The project will look into how nuclear power could be used to support a future base on the Moon for astronauts. Scientists and engineers at the British company are working on the micro-reactor program to develop technology that will provide power needed for humans to live and work on Earth’s natural satellite. All space missions depend on a power source, to support systems for communications, life-support, and science experiments.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rolls-Royce-Wins-Bid-To-Power-The-Future-Of-Lunar-Exploration.html

OECD: Falling Energy Prices Could Bolster Global Economic Growth

Signs have emerged of a slight improvement in the global economy, thanks to falling energy and food prices in early 2023, the OECD said on Friday as it raised its global economic growth projections for this year and next.  The OECD now expects global economic growth at 2.6% this year, up from 2.2% expected in November, and at 2.9% for 2024, up by 0.2 percentage points compared to the previous projection in November.  Despite the increase in growth projections, the OECD cautioned that the recovery is still fragile and risks remain skewed…

Read more at: https://oilprice.com/Energy/Oil-Prices/OECD-Falling-Energy-Prices-Could-Bolster-Global-Economic-Growth.html

Russia Extends Black Sea Grain Deal

The Kremlin says Russia is extending a deal that allows Ukraine to export grain through its Black Sea ports for another 60 days. Kremlin spokesman Dmitry Peskov’s comments on March 17 come one day before the deal was set to expire. The pact can be extended only with Russia’s agreement. Moscow had previously expressed dissatisfaction with the deal, hinting that it might not approve an extension. It was unclear when an agreement on the extension would be signed. The United Nations Office in Geneva said discussions were ongoing. Before the Black…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Extends-Black-Sea-Grain-Deal.html

Gold Nears $2,000 As Banking Turmoil Continues

Gold prices continue to rise as investors look for safe-haven assets amid fears of further market volatility following Silicon Valley Bank’s collapse and the Swiss government’s emergency loan for Credit Suisse. The precious metal was trading at $1,936 on Friday afternoon, having started the day at $1,921 – reflecting a hefty bump-up over the week from its opening position of $1,879 per ounce on Monday. Investors typically turn to gold as a flight to safety option amid concerns of market instability, with fears of contagion…

Read more at: https://oilprice.com/Metals/Gold/Gold-Nears-2000-As-Banking-Turmoil-Continues.html

Four Out Of Six French Refineries To Stop Operations As Strikes Escalate

Four out of France’s six refineries will shut down by Monday, March 20, as strikes escalate after French President Emmanuel Macron pushed through with a controversial pension reform without a vote in Parliament, refinery workers told Argus on Friday.   Earlier this week, Macron pushed to pass the reform without a vote in Parliament under a parliamentary clause known as 49:3. The pension reform proposes to raise the retirement age in France by two years to 64. Macron’s move without a parliamentary vote sparked even more protests…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Four-Out-Of-Six-French-Refineries-To-Stop-Operations-As-Strikes-Escalate.html

The Oil Price Collapse Continues After Brief Respite

The oil price crash appeared to have been halted on Thursday after the Swiss central bank stepped in to save Credit Suisse and the energy ministers of Russia and Saudi Arabia met to signal a willingness to intervene if the collapse continued. On Friday morning, however, prices headed lower once again.Oilprice Alert: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis,…

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Eni Makes Oil Discovery Offshore Mexico

Italian oil and gas major Eni SpA on Friday said it had discovered oil in the Sureste Basin offshore Mexico in a prospect that could contain around 200 million barrels of oil in place. The discovery was made on the Yatzil exploration prospect in Block 7, which is located in the mid-deep water of the Cuenca Salina in the Sureste Basin. This is not the first discovery for the Italian energy major in the basin. Three years ago, Eni announced a discovery in the Sureste Basin, saying it could contain between 200 and 300 million barrels of crude oil.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Eni-Makes-Oil-Discovery-Offshore-Mexico.html

The Only Really Bullish Factor In Oil Markets

1. Chinese Demand Becomes the Only Really Bullish Factor for Oil- Whilst oil prices were undergoing one of the most spectacular declines in recent months with WTI plunging below the $70 per barrel mark, international organizations have maintained their bullish views on 2023. – The IEA upped its estimate for global oil demand growth in 2023 by another 100,000 b/d to a net 2 million b/d increase year-on-year, taking the total to 102 million b/d. – Poised for a 7.5 million b/d year-on-year growth between Q4 2022 and Q4 2023, jet fuel is bound to lead…

Read more at: https://oilprice.com/Energy/Energy-General/The-Only-Really-Bullish-Factor-In-Oil-Markets.html

Crude Has Broken Out of Its Range: What’s Next?

A couple of times over the last few weeks, I have pointed out here that crude was looking for a direction. It has been trading in a narrowing range, and in that situation any breakout beyond the initial support or resistance usually proves quite significant. That is not because of any technical signal, but rather because a breakout in those circumstances suggests that the market has decided where its focus should be. In this case, the problems in banking here in the U.S. and now in Europe with Credit Suisse have grabbed their attention, bringing…

Read more at: https://oilprice.com/Energy/Energy-General/Crude-Has-Broken-Out-of-Its-Range-Whats-Next.html

Dow closes nearly 400 points lower on Friday as First Republic and regional banks resume slide: Live updates

The Dow Jones Industrial Average fell Friday as investors remained skittish on First Republic and other banks amid the industry’s crisis.

Read more at: https://www.cnbc.com/2023/03/16/stock-market-today-live-updates.html

Fed poised to approve quarter-point rate hike next week, despite market turmoil

Chairman Jerome Powell and his fellow central bankers will want to signal that it’s important to continue the fight to bring down inflation.

Read more at: https://www.cnbc.com/2023/03/17/fed-poised-to-approve-quarter-point-rate-hike-next-week-despite-market-turmoil.html

TikTok’s potential U.S. ban presents a host of questions for app stores, internet companies and the government

If TikTok is banned in the U.S., connecting to the app likely won’t be as easy as using a virtual private network.

Read more at: https://www.cnbc.com/2023/03/17/how-a-tiktok-ban-in-the-us-might-work-and-challenges-it-raises.html

First Republic shares slide almost 30% despite deposit infusion, dragging down other regional banks

The losses come even after 11 other banks pledged to deposit $30 billion in First Republic for at least 120 days in a coordinated rescue attempt.

Read more at: https://www.cnbc.com/2023/03/17/first-republic-shares-fall-despite-deposit-infusion-dragging-down-other-regional-banks.html

CNBC Special Pro Talks: Bank investor and specialist Anton Schutz on navigating the banking crisis

Volatility in the financial sector has left investors questioning if banks are a safe investment, especially with well-known institutions down significantly this year. Anton Schutz, who founded Mendon Capital Advisors with an eye for investing in financials, joins CNBC Pro Talks with his best picks in the sector.

Read more at: https://www.cnbc.com/video/2023/03/17/cnbc-special-pro-talks-bank-expert-anton-schutz-on-investing-during-crisis.html

Google nixes paying out the remainder of maternity and medical leave for laid-off employees

Google’s layoffs announced in January included employees who were on medical and maternity leave and who are now at risk of not getting paid out for time off.

Read more at: https://www.cnbc.com/2023/03/17/google-nixes-paying-out-rest-of-medical-leave-for-laid-off-employees.html

New York law enforcement preparing for possible Trump indictment in porn star payoff case

If indicted in connection to the hush-money payment to porn actor Stormy Daniels, Donald Trump would become the first former president to face criminal charges.

Read more at: https://www.cnbc.com/2023/03/17/trump-grand-jury-new-york-law-enforcement-prepping-for-indictment.html

JPMorgan CEO Jamie Dimon ‘knew in 2008’ that Epstein was a sex trafficker, lawyer argues

JPMorgan Chase is asking a judge to dismiss a lawsuit against the largest U.S. bank for its relationship with notorious sex offender Jeffrey Epstein.

Read more at: https://www.cnbc.com/2023/03/17/jpmorgan-ceo-jamie-dimon-aware-of-jeffrey-epstein-trafficking.html

Ukraine war live updates: Turkey will start ratifying Finland’s NATO application; International court issues arrest warrant for Putin for alleged war crimes

Kyiv has been pleading with NATO allies for fighter jets since Putin’s full-scale invasion of Ukraine began more than a year ago.

Read more at: https://www.cnbc.com/2023/03/17/russia-ukraine-live-updates.html

Macron enrages France by forcing through pension bill with no vote. But few think he’ll be forced out

The French government faces a no-confidence vote that it is expected to survive.

Read more at: https://www.cnbc.com/2023/03/17/macron-enraged-france-with-his-pension-bill-but-few-think-hell-be-forced-out.html

Big changes in the S&P 500 Friday highlight the power of index providers

In a world where people buy funds that are tied to indexes, the people who determine what go into those indexes have become very powerful indeed.

Read more at: https://www.cnbc.com/2023/03/17/big-changes-in-the-sp-500-friday-highlight-power-of-index-providers.html

‘The Wire’ star Lance Reddick dies from natural causes, publicist says

“Lance will be greatly missed. Please respect his family’s privacy at this time,” his publicist said.

Read more at: https://www.cnbc.com/2023/03/17/the-wire-star-lance-reddick-dies-from-natural-causes-publicist-says.html

Hunter Biden Countersues Over Laptop Files… That May Or Might Not Be His

Authored by Jonathan Turley,

We have been discussing the scorched earth campaign by the new legal team Hunter Biden as well as a type of legion of Doom of Democratic activists. That included seeking criminal investigations of critics while threatening a wide array of journalists and potential witnesses with civil lawsuits. Today, Biden moved against John Paul Mac Isaac, the repairman who revealed the laptop and its contents. The lawsuit, in my view, has serious flaws but reflects the new “dark Biden” stage of this saga. The effort to go on offense against key figures and witnesses could well backfire for Hunter Biden and his family.

Read more at: https://www.zerohedge.com/political/hunter-biden-countersues-over-laptop-files-may-or-might-not-be-his

USVI Lawsuit Makes Stunning Allegation: Jamie Dimon ‘Knew In 2008’ That Jeffrey Epstein Was Sex Trafficker

The US Virgin Islands hit back against JPMorgan’s claim earlier this month that CEO Jamie Dimon had no clue that Jeffrey Epstein was breaking the law.

“Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker,” argued US Virgin Islands attorney Mimi Liu during a late Thursday hearing in front of Manhattan US District Judge Jed Rakoff, referring to the year Epstein was first criminally charged with sex crimes, CNBC reports.

“If Staley is a rogue employee, why isn’t Jamie Dimon?” Liu said during the hearing to discuss the bank’s efforts to have the USVI lawsuit against the bank dismissed.

“Staley knew, Dimon knew, JPMorgan Chase knew,” Liu continued, noting that there were several cash transfers and wire transfers made by the prolific pedophile (Epstein), including several hundreds of thousands of dollars paid to several women which should …

Read more at: https://www.zerohedge.com/political/jpmorgans-dimon-knew-2008-jeffrey-epstein-was-sex-trafficker-usvi

Elon Musk Hits Back At “Protect Trans Kids” Democrat Lieutenant Governor

Authored by Steve Watson via Summit News,

Twitter owner Elon Musk called out the Democrat lieutenant governor of Minnesota for making comments about transgender surgery on kids being “life-saving health care.”

Lt. Gov. Peggy Flanagan donned a “Protect Trans Kids” t-shirt with a dagger on it at an event following the signing of an executive order that will force state agencies to push “gender-affirming” health care.

Flanagan stated “Let’s be clear: this is life-affirming and life-saving health care,” adding “When our children tell us who they are, it is our job as grown-ups to listen and to believe them. That’s what it means to be a good parent.”

Musk responded, tweeting “Not when they’re fed propaganda by adults.”

“Moreover, every child goes through an ident …

Read more at: https://www.zerohedge.com/political/elon-musk-hits-back-protect-trans-kids-democrat-lieutenant-governor

The “Big Short 3” Has Its Best Day Yet

Last Thursday, in that ancient past when Silicon Valley Bank and Signature Bank were still solvent, we (correctly) warned that a new “credit event” had emerged – namely the collapse of the small and regional banking sector (not even we expected how fast things would move in the nex few days) and also said that after MBS and resis, and malls, a new “Big Short 3.0” trade had re-emerged:

“Yes: the Big Short 3.0 is all about shorting offices…. and with good reason: office property values have plunged 25% in the past 12 months, according to Green Street, and higher interest rates will only add to the pain. Ultimately, the decline in office prices is likely to outpace the drop for commercial real estate prices broadly.”

We won’t regurgitate the whole post (please read it here), suffice it to say that since last Thursday, the office trade has absolutely imploded, reaping material profits for those who put the short on.

As BBG notes, office real estate investment trusts like Vornado Realty Trust, SL Green Realty Corp. and Hudson Pacific Properties Inc. are falling Friday as investors ditch real estate stocks amid a broad market selloff. Office giants, VNO, SLG and HPP all slumped at least 7% Friday…

Read more at: https://www.zerohedge.com/markets/big-short-3-has-its-best-day-yet

Credit Suisse shares hit as investor fears reignite

Investors are selling shares despite an overnight rescue deal for America’s First Republic.

Read more at: https://www.bbc.co.uk/news/business-64986520?at_medium=RSS&at_campaign=KARANGA

What do we know about the Silicon Valley and Signature Bank collapse?

Two US banks have collapsed and shares have tumbled. So how serious is this and what does it mean for you?

Read more at: https://www.bbc.co.uk/news/business-64951630?at_medium=RSS&at_campaign=KARANGA

Ann Summers boss Jacqueline Gold dies aged 62

Ms Gold transformed the company into a multi-million pound business and championed women in business.

Read more at: https://www.bbc.co.uk/news/business-64986528?at_medium=RSS&at_campaign=KARANGA

Govt approves listing of state-owned IREDA by selling part stake

DIPAM will drive the listing process for which the Centre had given initial approval in 2017.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/govt-approves-listing-of-state-owned-ireda-by-selling-part-stake/articleshow/98738384.cms

Adani Green Energy, NDTV to move to ASM stage-1 framework from Monday

Meanwhile, shares of seven Adani Group companies out of the ten listed entities settled higher on Friday, with Adani Enterprises jumping 2 per cent amid a positive momentum in equity markets.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/adani-green-energy-ndtv-to-move-to-asm-stage-1-framework-from-monday/articleshow/98740122.cms

Tiger Global sells 0.75% stake in Delhivery via open market for Rs 177 cr

Delhivery is among the largest logistics players in India with full-stack solutions across the value chain. It is fully owned by public shareholders, wherein top mutual funds own 11.12% and the stake held under foreign direct investment is about 59.93%.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tiger-global-sells-0-75-stake-in-delhivery-via-open-market-for-rs-177-cr/articleshow/98739915.cms

Futures Movers: Recession fears put oil on track for worst week of 2023

Oil futures suffer the biggest weekly drop of 2023 as worries over the U.S. and European banking sector stoke recession fears.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71B9-43B922FF3D31%7D&siteid=rss&rss=1

The Ratings Game: It’s not the ‘Twilight Zone,’ Silicon Valley Bank turned big tech into the ‘new safety trade’

The demise of Silicon Valley Bank may pose an existential crisis for many startups this year, but for big tech, it’s a boon.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71B9-C482773A0C1A%7D&siteid=rss&rss=1

Project Syndicate: U.S. companies will rely less on China and move manufacturing closer to home as globalization splinters, El-Erian says.

As companies opt for resilience over efficiency, they will increasingly shift their approach to supply chains from ‘just in time’ to ‘just in case.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71B2-5492093B1816%7D&siteid=rss&rss=1