Emerging Markets Grapple With Rising Solar Panel Costs

With high energy prices and supply chain disruptions creating shortages of key renewable energy components and materials, emerging markets are reassessing how to build out utility-scale solar power to accelerate their energy transitions. After more than a decade of decline, the cost of solar photovoltaic (PV) panels has risen around the world, due primarily to the increasing cost of solar-grade polysilicon in China. A key component in PV panels, polysilicon spot market prices rose from less than $7 per kg in July 2020 to $39 in August 2022. Though…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Emerging-Markets-Grapple-With-Rising-Solar-Panel-Costs.html

Ford Gets Outsold By GM In EV Market As The Two Duke It Out For No. 2 Spot

GM outsold Ford when it comes to electric vehicles by almost two-to-one in the first quarter of 2023 as production troubles plagued the former No. 2 EV seller behind Tesla. Ford sold 10,866 EVs in Q1 this year. While that’s up 41% from Q1 2022, it’s about 50% behind GM’s sales of 20,670 EVs. Ford’s lackluster EV performance can be attributed mostly to a factory outage in its Mexico plant that makes its Mustang Mach-E as it attempts to double the factory’s capacity, as well as five weeks of lost production with its…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ford-Gets-Outsold-By-GM-In-EV-Market-As-The-Two-Duke-It-Out-For-No-2-Spot.html

Iraq Agrees To Hold 30% In TotalEnergies’ $27 Billion Iraqi Project

The Iraqi government has agreed to have 30% in a major $27-billion project to be developed by supermajor TotalEnergies in Iraq, down from the 40% stake Baghdad had wanted previously, industry sources told Reuters on Tuesday. In September 2021, TotalEnergies signed multi-energy agreements in Iraq for the construction of a new gas network and treatment units, the construction of a large-scale seawater treatment unit, and the construction of a 1 gigawatt (GW) photovoltaic power plant in the southern Iraqi region of Basra. TotalEnergies signed the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Agrees-To-Hold-30-In-TotalEnergies-27-Billion-Iraqi-Project.html

U.S. Wheat Production Problems Could Worsen Food Inflation

The spread between hard-red winter wheat and soft-red winter wheat has blown out to a record high as drought threatens crop yields across the Midwest and other major farming regions.  Hard-red winter wheat’s premium over soft-red winter wheat is $1.72 a bushel in Chicago on Tuesday morning, surpassing the 2011 record.  James Bolesworth, managing director at CRM AgriCommodities, told Bloomberg the widening spread is “a factor of the drought in the US Plains which is detrimentally impacting crop conditions.”  The latest report from…

Read more at: https://oilprice.com/Energy/Energy-General/US-Wheat-Production-Problems-Could-Worsen-Food-Inflation.html

Tesla Continues To Slide Despite Jump In Chinese Sales

Shares of Tesla continue to dip despite news that the company’s deliveries in China rose 19% in March.  According to the China Passenger Car Association (CPCA) on Tuesday, Tesla sold 88,869 units of China-made electric vehicles for the month of March, a 35% increase from a year ago, according to Reuters.  The figure is also up 19.4% sequentially after Tesla delivered 74,402 vehicles in February. Competitor BYD remains the name to watch in China, however, selling 206,089 vehicles last month. It marks the “second-highest China-made…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Continues-To-Slide-Despite-Jump-In-Chinese-Sales.html

The Case For Nationalizing American Solar Energy Supply Chains

Meeting global climate goals will require a massive increase and acceleration of green energy production capacity and infrastructure. The scale of this challenge is unprecedented, and we have a lot to lose by getting it wrong. Changing the basis of the global economy – carbon-based fossil fuels – is scary and will inevitably have hiccups. Finding the right balance between decarbonization and energy security will therefore be essential to a successful clean energy transition.  Right now, the climate for energy security is particularly…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/The-Case-For-Nationalizing-American-Solar-Energy-Supply-Chains.html

Biden Approves Funds To Turn Coal Country Into Renewable Hotspots

The Biden Administration on Tuesday approved $450 million to be used for clean energy projects near coal mines in the United States. Up to five renewable projects will receive funds from the Administration’s 2021 infrastructure law. At least two of those five projects will go towards solar farm projects, the Administration said on Tuesday. The $450 million aren’t the only funds that will be available for clean energy projects in the United States. Developers of clean energy projects will also be eligible for bonuses, as well as investment…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Approves-Funds-To-Turn-Coal-Country-Into-Renewable-Hotspots.html

Africa Looks To Help Europe Ease Its Dependence On Russian Gas

As the EU works to rebalance its natural gas supply away from Russia, African countries are expected to gain a larger share of the bloc’s liquefied natural gas (LNG) market in the coming years. Last month the EU announced that it would launch the first tenders for joint gas purchases in April, with contracts expected to be signed by June. This novel approach seeks to leverage the bloc’s purchasing power to secure supplies at lower prices ahead of the summer when EU countries are expected to refill their underground gas storage.…

Read more at: https://oilprice.com/Energy/Natural-Gas/Africa-Looks-To-Help-Europe-Ease-Its-Dependence-On-Russian-Gas.html

West Ready To Support Ukraine For As Long As It Takes, Says NATO Chief

NATO member states are “ramping up” production of military supplies to ensure the Western alliance can continue to support Ukraine in its fight against Russia’s full-scale invasion, Secretary-General Jens Stoltenberg told RFE/RL in an interview.”The main challenge [facing NATO] is that this war now has become a war of attrition, which means the battle of logistics is about getting ammunition, weapons, supplies to the front lines.”Stoltenberg, speaking at NATO headquarters in Brussels ahead of an April 4 meeting of foreign ministers from the military…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/West-Ready-To-Support-Ukraine-For-As-Long-As-It-Takes-Says-NATO-Chief.html

Will OPEC’s Surprise Production Cuts Push Oil Prices To $100?

OPEC+ stunned the oil market, announcing additional surprise production cuts until the end of this year and sending prices up by around $5 a barrel in a single-day surge on Monday.  Brent Crude bounced back to $85, and WTI Crude hit $80 per barrel again, as the latest 1.66 million bpd of cuts from nearly half of the OPEC+ members from May through December are expected to tighten the market in the second half of the year.   Analysts, who had just slashed price forecasts in the wake of the banking sector jitters in mid-March, raised…

Read more at: https://oilprice.com/Energy/Energy-General/Will-OPECs-Surprise-Production-Cuts-Push-Oil-Prices-To-100.html

Venezuelan Oil Exports Jumped In March

Venezuela’s oil exports jumped in March, reaching the highest monthly average since August.  The increase came as Chevron ramped up its imports and as cargoes resumed after a brief export freeze.  Venezuela shipped 774,420 barrels of oil per day in March, with China as its biggest buyer.  The freeze of two export contracts, initiated by PDVSA boss Pedro Tellechea, halted deliveries to Hangzhou Energy and Adinius Sociedade de Servicios. These deliveries account for a significant portion of oil exports, and suggest that PDVSA…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venezuelan-Oil-Exports-Jumped-In-March.html

Japan Is Betting Big On Hydrogen

Japan announced plans to revise its hydrogen strategy on Tuesday, with an ambitious goal to increase its annual supply to 12 million tonnes by 2040.  The move comes in response to growing competition in the global market for this fuel, with significant investments being made by the United States and Europe.  Japanese Prime Minister Fumio Kishida aims to accelerate the development of hydrogen supply chains and increase domestic regulation and support to reach this target. Plans are already in place to increase Japan’s hydrogen supply…

Read more at: https://oilprice.com/Energy/Energy-General/Japan-Is-Betting-Big-On-Hydrogen.html

U.S. And EU Pledge To Combat Any Attempts To Disrupt Global Energy Markets

In response to Russia’s threats to global energy security, the United States and the European Union are strongly committed to combat attempts at energy market disruptions, the two sides said on Tuesday after a meeting of top American and EU officials in Brussels. “The EU and the United States intend to continue to coordinate bilateral and multilateral responses to keep the global energy markets stable and support the energy transition required to achieve the goals of the Paris Agreement,” said the parties after the meeting attended…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-And-EU-Pledge-To-Combat-Any-Attempts-To-Disrupt-Global-Energy-Markets.html

The Oil Bulls Are Back On The Attack

Bullish sentiment appears to have taken over oil markets in the wake of the OPEC+ decision to cut production by an additional 1.6 million bpd from May through to the end of the year. While some, including Morgan Stanley, are warning of significant demand problems going forward, it seems that oil bulls are very much in control.Investor 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…

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EIA: U.S. Oil And Liquids Production Expected To Rise By 10% Through 2050

U.S. petroleum and other liquids production is expected to grow by 10% from 2022 through 2050, driven by international demand and higher exports of finished products, according to the Reference case in the recent Annual Energy Outlook 2023 (AEO2023) by the U.S. Energy Information Administration. The Reference case is the benchmark case in the outlook and reflects laws and regulations adopted through the middle of November 2022 but assumes no new laws or regulations in the future. The Reference case is also based on the assumption that Brent Crude…

Read more at: https://oilprice.com/Energy/Energy-General/EIA-US-Oil-And-Liquids-Production-Expected-To-Rise-By-10-Through-2050.html

Job openings tumbled below 10 million in February for the first time in nearly two years

Available positions totaled 9.93 million, a drop of 632,000 from January’s downwardly revised number.

Read more at: https://www.cnbc.com/2023/04/04/jolts-february-2023-.html

Read the indictment against Donald Trump, details of payments to porn star, Playboy model

Former President Donald Trump pleaded not guilty in a New York courtroom for a criminal case related to a hush money payment to porn star Stormy Daniels.

Read more at: https://www.cnbc.com/2023/04/04/-donald-trump-unsealed-indictment-ny-arraingment.html

Stocks close lower Tuesday, Dow and S&P 500 snap four-day win streaks as economic worries loom: Live updates

The Dow fell nearly 200 points as investors digest the potential for an economic slowdown.

Read more at: https://www.cnbc.com/2023/04/03/stock-market-futures-open-to-close-news.html

Virgin Orbit COO calls out company leadership for failures in goodbye memo. Read the full email

An email from Virgin Orbit’s outgoing Chief Operating Officer Tony Gingiss appears to call out CEO Dan Hart, although not by name.

Read more at: https://www.cnbc.com/2023/04/04/virgin-orbit-coo-goodbye-email.html

Frank Founder criminally charged with fraud over $175 million JPMorgan deal

Prosecutors accused Charlie Javice of inflating Frank’s user base before selling the startup to JPMorgan Chase.

Read more at: https://www.cnbc.com/2023/04/04/frank-founder-charged-with-fraud-over-175-million-jpmorgan-deal.html

Oppenheimer says a rally is coming for renewable stocks, gives its top picks

The Wall Street firm is predicting better-than-feared sales levels for renewable energy companies and sees a big upside for several stocks.

Read more at: https://www.cnbc.com/2023/04/04/oppenheimer-top-picks-for-upcoming-renewable-stock-rally.html

Trump arrest live updates: Ex-president pleads not guilty, leaves courthouse for Mar-a-Lago

Ex-President Donald Trump will be arraigned in Manhattan, as the U.S. awaits details on the charges he faces related to a hush money payment to Stormy Daniels.

Read more at: https://www.cnbc.com/2023/04/04/trump-arraignment-new-york-indictment-live-updates-and-news.html

Jamie Dimon says the banking crisis is not over and will cause ‘repercussions for years to come’

The annual letter from the JPMorgan CEO addressed the state of the banking system after the collapse of SVB.

Read more at: https://www.cnbc.com/2023/04/04/jpmorgans-jamie-dimon-says-banking-crisis-is-not-over-yet.html

Ukraine war live updates: Finland officially becomes the 31st member of NATO; Russia warns it will take ‘countermeasures’

Finland’s historic decision to apply to NATO is one of the biggest geopolitical changes in Europe to come about as a direct result of Russia’s war on Ukraine.

Read more at: https://www.cnbc.com/2023/04/04/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Dogecoin spikes 25% after Twitter logo swap, and bitcoin miners seek 2023 comeback: 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, Andy Long, CEO of White Rock Management, discusses the outlook for bitcoin miners after 2022’s meltdown.

Read more at: https://www.cnbc.com/video/2023/04/04/dogecoin-spikes-25percent-twitter-logo-swap-bitcoin-miners-2023-comeback-crypto-world.html

Goldman Sachs invests $2 billion in Black women-owned businesses — the first chapter of a bigger plan

One Million Black Women launched in March 2021 with the bigger goal of having a positive impact on the lives of 1 million Black women by 2030.

Read more at: https://www.cnbc.com/2023/04/04/goldman-sachs-one-million-black-women-announces-first-investment.html

Here’s who qualifies for the home office deduction this year, tax pros say

If you worked remotely in 2022, you may be curious about claiming the home office deduction on your taxes. Here’s how to know if you’re eligible.

Read more at: https://www.cnbc.com/2023/04/04/how-to-know-if-you-qualify-for-the-home-office-deduction.html

GM says 5,000 salaried workers will take buyouts, expects $1 billion charge in first quarter

About 5,000 white-collar workers at GM opted to participate in a buyout program to lower the automaker’s global head count and fixed costs.

Read more at: https://www.cnbc.com/2023/04/04/gm-says-5000-workers-take-buyouts-expects-1-billion-charge-in-q1.html

Manhattan Real Estate Sales Tumble 38%, While Cash Deals Hit Record

Manhattan real estate sales experienced a significant 38% decline in the first quarter. The combination of high mortgage expenses and elevated property prices has led to widespread affordability challenges for the masses.

Total sales volume slumped to $4.4 billion in the quarter, with 2,242 apartments and townhouses sold, compared to 2,546 sales in the first quarter of 2022, according to CNBC, citing a new report from real estate firm Douglas Elliman and Miller Samuel. The average price declined by 5% to $1.95 million, and the median sales price dropped 10% to $1.075 million.

The cooldown in Manhattan real estate market follows a 29% decline in sales in the fourth quarter and is only a sign the pandemic boom is coming to a close. One question realtors in the borough have is if prices can sustain lofty levels.

Jonathan Miller, CEO of Miller Samuel, the appraisal and research f …

Read more at: https://www.zerohedge.com/markets/manhattan-real-estate-sales-tumble-38-while-cash-deals-hit-record

Here’s How We’ll Have Labor Shortages And High Unemployment At The Same Time

Authored by Charles Hugh Smith via OfTwoMinds blog,

This is how we’ll end up with severe shortages of truly skilled labor and high unemployment of those who lack the necessary skills.

The labor force and the job market are referred to as if they were monolithic structures. But they’re not monolithic, they are complex aggregates of very different cohorts of age, skills, mobility, education, experience, opportunity, potential and motivation.

As a result, numbers such as the unemployment rate tell us very little about the labor force and the job market in terms of what matters going forward. So what does matter going forward?

1. Demographics–the aging and retirement of key sectors of the work force.

2. Skills and experience that will be increasingly scarce due to mismatched demand for skills that are diminishing as older workers retire.

3. What skills and experience will be demanded by re-industrialization, reshoring and expanding the electrification of the economy.

Consider these two charts of the US work force by age. (Courtesy of CH @econimica)

In the first chart, Total US Employees, note that the prime working age work force (ages 25-54) has been flatlined for the past 20 years at 101-102 million. In contrast, the 55-and-older cohort of employees soared from 17 million to 37 million. This increase of 20 million accounts f …

Read more at: https://www.zerohedge.com/personal-finance/heres-how-well-have-labor-shortages-and-high-unemployment-same-time

Gordon Johnson: Despite Positive China Numbers, Tesla’s Q1 Earnings Setting Up For “Epic Disaster”

Tesla’s 35% rise in sales in China for the month of March may be good news for today, but it likely won’t change what will be a disappointing Q1 for the company, according to Tesla skeptic and bear Gordon Johnson of GLJ Research.

Johnson put out a note on Tuesday, following the China numbers being reported, claiming that despite the beat of expectations, he still believes there is a Q1 earnings miss of “herculean proportions” on its way.

“In 1Q22, 2Q22, 3Q22, 4Q22, and 1Q23, TSLA produced 305.4K, 258.6K, 365.9K, 439.7K, and 440.8K cars, respectively. Stated differently, that’s 2Q22 production growth of -15.3% QoQ (when TSLA’s margins fell -226bps QoQ), 3Q22 production growth of +41.5% QoQ (when TSLA’s margins gained +47bps QoQ), and 4Q22 production growth of +20.2% QoQ (when TSLA’s margins fell -319bps QoQ),” Johnson wrote.

But he notes that Q1 production was essentially flat, sequentially, and then asks: “Where are the production efficiencies/cost savings going to come from?”

“In the car [manuf …

Read more at: https://www.zerohedge.com/markets/gordon-johnson-despite-positive-china-numbers-teslas-q1-earnings-setting-epic-disaster

Here Are 7 Signs That Global De-Dollarization Has Just Shifted Into Overdrive

Authored by Michael Snyder via The Economic Collapse blog,

For decades, the U.S. dollar was the undisputed king of global currencies, but now dramatic changes are happening.  China, Russia, India, Brazil, Saudi Arabia and other nations are making really big moves which will enable them to become much less dependent on the U.S. dollar in the years ahead.  This is really bad news for us, because having the primary reserve currency of the world has enabled us to enjoy a massively inflated standard of living.  Once we lose that status, our lifestyles will be much different than they are today.  Unfortunately, most Americans don’t understand any of this.  Even though our leaders have treated the stability of our currency with utter contempt in recent years, most Americans just assume that the dollar will always reign supreme.  Meanwhile, much of the planet is preparing for a future in which the U.S. dollar will be far less important than it is right now.

Read more at: https://www.zerohedge.com/geopolitical/here-are-7-signs-global-de-dollarization-has-just-shifted-overdrive

CBI postpones all public events after new sexual misconduct claims

The business lobby group is facing a number of allegations and is conducting an investigation.

Read more at: https://www.bbc.co.uk/news/business-65176751?at_medium=RSS&at_campaign=KARANGA

Coach firms try Eurotunnel after Dover ferry delays

The cross-Channel operator has seen a rise in inquiries but is unlikely to have availability.

Read more at: https://www.bbc.co.uk/news/business-65175072?at_medium=RSS&at_campaign=KARANGA

JPMorgan chief Jamie Dimon warns banking crisis ‘not yet over’

Jamie Dimon is a Wall Street veteran who steered JPMorgan through the 2008 financial crisis.

Read more at: https://www.bbc.co.uk/news/business-65180127?at_medium=RSS&at_campaign=KARANGA

Debt funds & target maturity funds vs FDs: Who is the winner? Feroze Azeez explains

“The short-term capital gains tax is only 15% and long term capital gains after one year is just 10%. I think an arbitrage fund is going to have a large flight of capital from the other debt categories which from April 1, have become less efficient from the taxation standpoint.”

Read more at: https://economictimes.indiatimes.com/budget-2023/expert-speak/debt-funds-target-maturity-funds-vs-fds-who-is-the-winner-feroze-azeez-explains/articleshow/99245823.cms

Oil price stable as markets weigh OPEC+ surprise cuts amid demand woes

“While the price action in crude is impressive, we will need to see demand hold and grow to push crude into the upper $80’s,” says Dennis Kissler, senior vice president of trading at BOK Financial

Read more at: https://economictimes.indiatimes.com/markets/commodities/news/oil-price-stable-as-markets-weigh-opec-surprise-cuts-amid-demand-woes/articleshow/99247175.cms

Indian Energy Exchange trade volume dips 4% on-year to 9,212 m units in March

It achieved 9,212 MU overall volume in March 2023, including green market trade of 391 MU, 8.69 lac RECs (equivalent to 869 MU) and 22,881 ESCerts (equivalent to 23 MU), a statement said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/indian-energy-exchange-trade-volume-dips-4-on-year-to-9212-m-units-in-march/articleshow/99245670.cms

Market Snapshot: Dow drops 250 points as fewer job openings stoke recession worries

U.S. stocks retreat Tuesday as investors weighed new declines in factory orders, fresh data hinting at a softening labor market ahead of Friday’s jobs report, and what that means for recession fears and interest rates.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71CA-52D9088104CD%7D&siteid=rss&rss=1

Movers & Shakers: Stocks on the move: AMC and APE stocks head in opposite directions, while Etsy benefits from upgrade

AMC Entertainment and its preferred equity shares, alongside Etsy and Virgin Orbit, were among the biggest moving companies on Tuesday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71CA-4B941E284F6E%7D&siteid=rss&rss=1

Futures Movers: U.S. oil prices settle at their highest since January in wake of surprise OPEC+ production cuts

Oil futures climb on Tuesday, with U.S. prices settling at their highest since January in the wake of the recent unexpected announcement of OPEC+ production cuts.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71C9-C88938B25810%7D&siteid=rss&rss=1