Warning: A Fed Pivot Is Not As Bullish As You Think

An old saying cautions one to be careful of what one wishes for. Stock investors wishing for the Federal Reserve to pivot may want to rethink their logic and review the charts. The second largest U.S. bank failure and the deeply discounted emergency sale of Credit Suisse have investors betting the Federal Reserve will pivot. They don’t seem to care that inflation is running hot and sticky, and the Fed remains determined to keep rates “higher for longer” despite the evolving crisis. Like Pavlov’s dogs, investors…

Read more at: https://oilprice.com/Energy/Energy-General/Warning-A-Fed-Pivot-Is-Not-As-Bullish-As-You-Think.html

Gulf of Mexico Auction Opens As Biden Compromises On Public Land

The Biden administration is moving ahead today with the controversial online auction of over 114,000 square miles of oil and gas leases in the Gulf of Mexico in line with a climate bill compromise that prohibits public land leases for renewable power unless oil and gas gets first dibs on tens of thousands of acres, the Associated Press reports. This is the first such auction in over a year, and will place Joe Biden in the firing line coming off sharp criticism for his approval earlier this month of the Willow drilling project in northern Alaska.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gulf-of-Mexico-Auction-Opens-As-Biden-Compromises-On-Public-Land.html

Which President Had The Biggest Impact On U.S. Oil Production?

In the previous article, I reviewed gasoline prices under the past four presidents. I only went back that far because gasoline prices were pretty stable prior to 2000. Today, I want to look at the evolution of oil production over the past 120 years. But I want to focus on oil production since 1970, highlighting the periods of the largest gains and declines. From 1900 to 1920, the U.S. oil industry slowly increased production. Starting in about 1920, that production rate accelerated, and growth was fairly steady right up until 1970. There were a…

Read more at: https://oilprice.com/Energy/Crude-Oil/Which-President-Had-The-Biggest-Impact-On-US-Oil-Production.html

Copper Shortage Looms, But Will It Translate To Higher Prices?

Via AG Metal Miner In recent weeks, the copper market has taken an upward turn. However, many are curious whether or not copper prices today will continue this uptrend. Copper rose in December 2022 due to low inventories and hopes for recovery after China lifted zero-COVID restrictions. After that rally finally cooled down in January, prices appeared to finally find a bottom on March 16. Now that prices are ticking up again in the short-term, many experts wonder if the market will be able to continue fighting short-term bearish pressure. As…

Read more at: https://oilprice.com/Metals/Commodities/Copper-Shortage-Looms-But-Will-It-Translate-To-Higher-Prices.html

Repsol Invests $217 Million In Sustainable Jet Fuel Production

Repsol has invested a whopping €200 million ($217 million) in southeast Spain to set up a plant that converts used cooking oil into sustainable aviation fuel (SAF).  While the project has piqued widespread interest, the company is concerned about Europe’s regulatory environment and legal instability that might impede the industry’s growth. Oliver Fernandez, the director for air-fuel in Madrid, noted, “(In Europe) there is a legal instability and a regulatory machinery that is very complex and very discouraging towards seeking new…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Repsol-Invests-217-Million-In-Sustainable-Jet-Fuel-Production.html

China’s Growing Arctic Ambitions Spell Trouble For Russia

At the recent summit with Chinese President Xi Jinping, Russian President Vladimir Putin announced he was ready to establish a joint Chinese-Russian working group to develop the Northern Sea Route (NSR). However, the offer has not led to a new Chinese contract to purchase more Russian gas as the Kremlin leader clearly had expected. Rather, it has sparked concerns within the Russian Federation that China is now in a position to elbow Russia aside not only along the NSR but across the Arctic more generally. Indeed, one Russian observer on the “Captain…

Read more at: https://oilprice.com/Geopolitics/International/Chinas-Growing-Arctic-Ambitons-Spell-Trouble-For-Russia.html

Italy To Unveil $5.4 Billion In Funds To Compensate Energy Costs For Consumers

Italy is set to outline its plan to dole out $5.4 billion in funds to cut the costs for energy consumers, government officials said on Tuesday. The measures will be revealed after today’s cabinet meeting that began at 11:00am EST. Earlier this year, Italy vowed to set aside 21 billion euros—or $22.7 billion—as part of its 2023 budget to ease the burden of high energy costs. Italy’s Prime Minister Giorgia Meloni is reconfiguring that earlier plan using part of those funds that weren’t spent because energy prices have fallen since the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Italy-To-Unveil-54-Billion-In-Funds-To-Compensate-Energy-Costs-For-Consumers.html

Nature Inspires Breakthrough In Energy Efficiency

Scientists will report at the American Chemical Society an eco-friendly plant-based film that cools when exposed to sunlight. The material could someday keep buildings, cars and other structures cool without requiring as much external power. The film comes in many textures and bright, iridescent colors. The researchers will present their results at the spring meeting of the American Chemical Society (ACS). Silvia Vignolini, Ph.D., the project’s principal investigator at Cambridge University (U.K.), started the explanation with,…

Read more at: https://oilprice.com/Energy/Energy-General/Nature-Inspires-Breakthrough-In-Energy-Efficiency.html

Westinghouse Secures Czech Nuclear Fuel Contract

Westinghouse, a U.S.-based nuclear fuel supplier, will replace Russia’s TVEL as the supplier for CEZ’s Dukovany nuclear power plant in the Czech Republic beginning in 2024.  This change comes as a result of CEZ seeking a new supplier after Russia invaded Ukraine. TVEL had been the only supplier of fuel for Dukovany’s VVER reactors. The switch is a significant win for Westinghouse, solidifying its position as a major supplier of nuclear fuel in the Czech Republic. Westinghouse has already been the supplier of the Temelin power station…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Westinghouse-Secures-Czech-Nuclear-Fuel-Contract.html

Oil Rallies On Large Crude Draw

Oil prices ticked up today after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21. This compared with a relatively modest inventory build of 1.1 million barrels for the previous week. At 473.7 million barrels, the EIA said, crude oil inventories are 6 percent above the five-year average for this time of the year. In fuels, meanwhile, the authority estimated a mixed inventory picture, after last week major draws in both gasoline and middle distillates pushed oil prices…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Rallies-On-Large-Crude-Draw.html

$11 Trillion Investor Group Urges Members Not To Fund New Oil And Gas Projects

The Net-Zero Asset Owner Alliance, a group made up of members from the banking, insurance, and investment sectors with $11 trillion of assets under management, called on its members on Wednesday to align their oil and gas policies to a 1.5-degree Celsius pathway, which cannot be achieved if there are new upstream infrastructure investments in new oil and gas fields. “On private asset investment in new unabated oil and gas infrastructure, investors, including Alliance members, shall align with credible 1.5°C net zero scenarios. This cannot…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/11-Trillion-Investor-Group-Urges-Members-Not-To-Fund-New-Oil-And-Gas-Projects.html

Russian Oil Giant Signs New Deal To Boost Crude Supply To India

Russia’s largest oil firm, state-controlled Rosneft, signed on Wednesday a term agreement with Indian Oil Corporation to raise the supply of Russian crude to India significantly.   The deal was signed by Rosneft’s chief executive Igor Sechin during a visit to India, in which he met with officials from the Indian government, as well as with the heads of some of the country’s largest oil and gas companies, Rosneft said in a statement on Wednesday. “The parties also discussed ways of expanding cooperation between Rosneft Oil Company and Indian…

Read more at: https://oilprice.com/Energy/Energy-General/Russian-Oil-Giant-Signs-New-Deal-To-Boost-Crude-Supply-To-India.html

Chinese Oil Giant CNOOC Books Record-High Profit For 2022

CNOOC, the Chinese state-owned oil and gas giant, reported on Wednesday a record-high profit for 2022, thanks to the high oil and gas prices.  CNOOC also boosted its net oil and gas production to 623.8 million barrels of oil equivalent (boe), which was a new record high for the company. The Chinese giant saw its net profit double to $20.6 billion (141.7 billion Chinese yuan) last year as it “maximized its profit during the high oil price cycle.” Total revenues jumped by 71.6% year over year to $61.3 billion (422.2 billion yuan) in 2022. CNOOC’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Oil-Giant-CNOOC-Books-Record-High-Profit-For-2022.html

European Gas Prices Extend Gains As French Strikes Block LNG Imports

Europe’s benchmark natural gas prices rose on Wednesday morning for a third consecutive day of gains amid lower LNG supply due to the nationwide strikes in France and expectations of a colder start to April than usual. The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, traded up by 1.3% at $47 (43.30 euros) per megawatt-hour (MWh) at noon in Amsterdam, while the equivalent UK benchmark contract was up by nearly 1% at the same time in London.   Wednesday’s trade marked the longest streak of gains…

Read more at: https://oilprice.com/Energy/Energy-General/European-Gas-Prices-Extend-Gains-As-French-Strikes-Block-LNG-Imports.html

Major Oil Producer In Kurdistan Shuts Down Fields After Export Halt

The company pumping a quarter of Kurdistan’s crude oil exports, Norway-based DNO ASA, said on Wednesday it had started an orderly shutdown of its oil fields in the semi-autonomous region of Iraq, following the suspension of oil exports from Kurdistan via the Turkish port of Ceyhan. Kurdistan’s crude oil exports – around 400,000 bpd shipped through an Iraqi-Turkey pipeline to Ceyhan and then on tankers to the international markets – were halted late last week by the federal government of Iraq. Last week, the International…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Major-Oil-Producer-In-Kurdistan-Shuts-Down-Fields-After-Export-Halt.html

Stocks close higher on Wednesday as tech names lead a turnaround, Dow adds 300 points: Live updates

U.S. stocks rose Wednesday as tech stocks led the charge. Elsewhere, added to bets that the worst is of the banking crisis is over.

Read more at: https://www.cnbc.com/2023/03/28/stock-market-today-live-updates.html

Apple announces its big annual conference, where it could reveal its new headset

WWDC also provides a preview of where Apple is heading because the company discusses its goals for software development and reveals new iPhone features.

Read more at: https://www.cnbc.com/2023/03/29/apple-announces-wwdc-2023-new-ios-expected.html

Donald Trump is back on social media, and nobody knows what happens next

Now that Donald Trump has his Twitter and Facebook back, the social media platforms have to decide how much they’re willing to take.

Read more at: https://www.cnbc.com/2023/03/29/donald-trump-is-back-on-social-media-and-now-what-happens.html

Pope Francis hospitalized for pulmonary infection, had difficulty breathing in recent days

The 86-year-old pope doesn’t have Covid-19, spokesman Matteo Bruni said in a statement late Wednesday.

Read more at: https://www.cnbc.com/2023/03/29/vatican-pope-francis-goes-to-hospital-cancels-audiences.html

Credit Suisse whistleblowers say Swiss bank has been helping wealthy Americans dodge U.S. taxes for years

The bank notoriously pleaded guilty in 2014 to criminal charges for “knowingly and willfully” helping U.S. clients hide offshore assets and income from the IRS.

Read more at: https://www.cnbc.com/2023/03/29/credit-suisse-whistleblowers-say-bank-has-been-helping-americans-dodge-us-taxes.html

Alibaba shares could more than double in a ‘blue sky scenario’ after company split, JPMorgan says

The Wall Street firm said the Chinese tech stock has even further upside over the medium- and long-term.

Read more at: https://www.cnbc.com/2023/03/29/alibaba-shares-could-more-than-double-in-a-blue-sky-scenario-after-company-split-jpmorgan-says.html

House lawmakers tear into top bank regulators in second hearing this week on SVB collapse

“We need competent financial supervisors. But Congress can’t legislate competence,” House Financial Services chairman Rep. Patrick McHenry told regulators.

Read more at: https://www.cnbc.com/2023/03/29/svb-hearing-house-lawmakers-tear-into-top-bank-regulators-in-second-hearing-this-week-on-collapse-.html

Bitcoin reclaims $28,000, and FDIC gives deadline for Signature’s crypto clients: 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, Sergey Nazarov, the co-founder of Chainlink, weighs in on sentiment among blockchain developers amid the current crypto environment.

Read more at: https://www.cnbc.com/video/2023/03/29/bitcoin-fdic-deadline-signature-crypto-clients-cnbc-crypto-world.html

JetBlue is preparing to trim New York flights in response to FAA staffing shortage, CEO says

The Federal Aviation Administration will let airlines reduce schedules congested airports due to air traffic controller shortages.

Read more at: https://www.cnbc.com/2023/03/29/jetblue-to-trim-new-york-flights-because-of-faa-staffing-shortages.html

Ukraine war live updates: Mercenary boss says fighting in Bakhmut is battering both sides; Russia tests intercontinental ballistic missiles

Russia continues to flex its military muscles, announcing that it has launched military drills involving its Yars intercontinental ballistic missile system.

Read more at: https://www.cnbc.com/2023/03/29/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

We’re halfway to a tipping point that would trigger 6 feet of sea level rise from melting of the Greenland Ice Sheet

New research on the melting of the Greenland Ice Sheet identifies tipping points defined by cumulative carbon emissions in the atmosphere.

Read more at: https://www.cnbc.com/2023/03/29/were-halfway-to-a-tipping-point-for-melting-the-greenland-ice-sheet.html

Dumb phones are on the rise in the U.S. as Gen Z looks to limit screen time

A resurgence in dumb phones in the U.S. may be tied to concerns about the mental health impact of smartphones, especially among younger generations.

Read more at: https://www.cnbc.com/2023/03/29/dumb-phones-are-on-the-rise-in-the-us-as-gen-z-limits-screen-time.html

Dueling court cases in Washington state and Texas could determine the legality of abortion pill

A hearing in Spokane place took place Tuesday as a judge in Texas is expected to rule in another case that threatens to pull the abortion pill from the market.

Read more at: https://www.cnbc.com/2023/03/29/abortion-pill-dueling-court-cases-could-determine-legality-of-mifepristone.html

FDIC Weighs Squeezing Big Banks To Plug $23 BIllion Hole From Small Bank Failure Costs

Yesterday, we explained that the reason why the stock price of First-Citizens Bank & Trust exploded on Monday after the FDIC revealed that it would “acquire” much of the now failed Silicon Valley Bank, is that in exchange for paying $500 million to the FDIC, the Raleigh, N.C. bank would get $16.5 billion in clean assets, and would also get a taxpayer backstop for future losses to boot.

But while the transaction was immediately accretive to First-Citizens, which doubled its market cap moments after the news hit…

Read more at: https://www.zerohedge.com/markets/fdic-weighs-squeezing-big-banks-plug-23-billion-hole-small-bank-failure-costs

The Implausibility Of A Net Zero Carbon Energy Future Is Now Obvious

Authored by Mike Shedlock via MishTalk.com,

Germany has hit a brick wall on clean energy, postponing a ban on internal-combustion automobile engines. Let’s start there…

EU Drafts Plan to Allow E-Fuel Combustion Engine CarsReuters reports EU Drafts Plan to Allow E-Fuel Combustion Engine Cars

The European Commission has drafted a plan to allow sales of new cars with internal combustion engines after 2035 if they run only on climate neutral e-fuels, as it tries to resolve a spat with Germany over moves to phase out combustion engine cars.

The draft proposal, seen by Reuters on Tuesday, suggests creating a new type of vehicle category in the European Union for cars that can only run on carbon neutral fuels.

S …

Read more at: https://www.zerohedge.com/political/implausibility-net-zero-carbon-energy-future-now-obvious

No, Social Media Had Nothing To Do With SVB’s Implosion

No, Social Media Had Nothing To Do With SVB’s ImplosionAn odd narrative which emerged following the dramatic collapse of Silicon Valley Bank was that it was the “first Twitter-fueled bank run,” with notables such as Peter Thiel and Bill Ackman taking the blame for influencing businesses to withdraw funds from the bank.

Also promoting this absurd narrative (without a clue about the underlying causes of the collapse, such as failure to hedge against interest-rate risk) was the ‘woman-owned and operated’ Alethea Group, which circulated a dossier of sorts accusing ZeroHedge and others of potentially contributing “to increased online panic about SVB.”

Interestingly, Alethea – run by a former staffer for Sen. Angus King – cropped up in 2019, and last November received

Read more at: https://www.zerohedge.com/political/no-social-media-had-nothing-do-svbs-implosion-bloomberg

Ohio River Disaster As Barge Hauling 1,400 Tons Of Methanol Smashes Into Dam

Three large barges, one carrying 1,400 tons of methanol, were wedged against a dam and partially submerged, on the Ohio River in Louisville, Kentucky, following their detachment from a tugboat.

The Louisville Metropolitan Emergency Services  said the navigation accident occurred early Tuesday morning when three barges — part of a group of ten — broke free from a tugboat after hitting a structure at the entrance to the Portland Canal near the river’s McAlpine Locks and Dam.

Videos from Tuesday evening show the three barges pinned against the bridge

🚨#BREAKING: Multiple Emergency Response Teams has been Deployed to Address Submerged Barge Carrying 1,400 Tons of Toxic Methanol in the Ohio River

📌#Louisville |

Read more at: https://www.zerohedge.com/markets/ohio-river-disaster-barge-hauling-1400-tons-methanol-smashes-dam

Renting: ‘We were kicked out because we complained’

Renters tell the BBC how they have been evicted for complaining about the state of their homes.

Read more at: https://www.bbc.co.uk/news/business-65114284?at_medium=RSS&at_campaign=KARANGA

Renting: Number of UK homes available down by a third

UK lettings agencies have 10 places to rent on average, compared to 16 before 2021, Zoopla data shows.

Read more at: https://www.bbc.co.uk/news/business-65090846?at_medium=RSS&at_campaign=KARANGA

Mortgage lending hits lowest since 2016 excluding pandemic

Borrowing falls sharply but more mortgage applications are being approved, says Bank of England

Read more at: https://www.bbc.co.uk/news/business-65112278?at_medium=RSS&at_campaign=KARANGA

Online dispute resolution mechanism in securities mkt strengthened

Among the measures the market watchdog extended the MII [Market Infrastructure Institution] administered conciliation and arbitration mechanism to registered intermediaries / regulated entities and their investors / clients. It also allowed conducting proceedings in a hybrid mode along with streamlining the dispute resolution process and adoption of other measures to strengthen enforcement of awards

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-strengthens-online-dispute-resolution-mechanism-in-securities-market/articleshow/99097189.cms

From PPF to NPS: Top 7 tax-saving options retail investors can consider before March 31

Under Section 80C, you can claim deductions of up to Rs 1.5 lakh on instruments, including ELSS, PPF, FDs, SCSS, insurance schemes.​

Read more at: https://economictimes.indiatimes.com/markets/web-stories/from-ppf-to-nps-top-7-tax-saving-options-retail-investors-can-consider-before-march-31/articleshow/99087472.cms

House members focus on need for more oversight of capital and liquidity after failure of Silicon Valley Bank

In testimony on Capitol Hill Wednesday, federal banking regulators emphasized plans to investigate what went wrong on the government side in the failure of SVB.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71C5-434E341774D7%7D&siteid=rss&rss=1

Market Snapshot: U.S. stocks extend rally in final hour of trade, powered by tech stocks and calm in banking sector

U.S. stock indexes extended gains in the final hour of trade on Wednesday, helped by a rally in technology stocks and easing concerns about stress in the banking sector.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71C4-F76738E36879%7D&siteid=rss&rss=1

Futures Movers: Oil ends lower after tapping highest intraday price in 2 weeks

Oil futures end lower on Wednesday, giving up gains that lifted prices to their highest intraday level in just over two weeks.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71C5-23407E2B9E3B%7D&siteid=rss&rss=1