U.S. Treasury Dept. Issues Warning About Buying Russian Crude Above Price Cap

The U.S. Treasury Department has published a warning to U.S. companies about possible evasion of a price cap on exported Russian oil, pointing specifically to oil exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports in eastern Russia. The department’s Office of Foreign Assets Control (OFAC) said on April 17 it was aware of reports that ESPO and other crude-oil exports may be trading above the $60-per-barrel price cap imposed by Western countries. OFAC issued an alert addressing possible price cap evasion, naming Kozmino…

Read more at: https://oilprice.com/Energy/Oil-Prices/US-Treasury-Dept-Issues-Warning-About-Buying-Russian-Crude-Above-Price-Cap.html

Gold And A New Crude Benchmark: A New Dawn For The Petroyuan?

Did you know that central banks bought more gold last year than any year in the past 55 years—since 1967? Though most don’t realize it, 1967 was a significant year in financial history, mainly due to the events at the London Gold Pool. The London Gold Pool was an agreement among central banks of the United States and Western European countries to stabilize the price of gold. The goal was to maintain the price of gold at $35 per ounce by collectively buying or selling gold as needed. However, in 1967 the London Gold Pool collapsed due…

Read more at: https://oilprice.com/Energy/Crude-Oil/Gold-And-A-New-Crude-Benchmark-A-New-Dawn-For-The-Petroyuan.html

Permian Growth Expected To Be Slow Before Peaking In 2030

The largest oil basin in the United States is set to grow its output by 40% over the next 7 years, according to a Bloomberg survey of four major forecasters—but that growth will be slow and steady instead of explosive. Major forecasters surveyed by Bloomberg are predicting that production from the Permian basin will hit 7.86 million barrels per day in 2030—the point at which they are expecting it to peak. According to the most recent Drilling Productivity Report published on Monday, the Energy Information Administration estimates that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Permian-Growth-Expected-To-Be-Slow-Before-Peaking-In-2030.html

White House Criticizes Lula’s Peace Brokering Rhetoric

The White House has sharply criticized Brazil after its president accused the United States of encouraging the war in Ukraine, saying he was “parroting Russian and Chinese propaganda without looking at the facts.” John Kirby, spokesman for the White House National Security Council, said on April 17 that Luiz Inacio Lula da Silva’s comments over the weekend during trips to China and Abu Dhabi were “simply misguided.” Kirby’s comments came as Russian Foreign Minister Sergei Lavrov visited the Brazilian capital and expressed gratitude for Brazil’s…

Read more at: https://oilprice.com/Geopolitics/International/White-House-Criticizes-Lulas-Peace-Brokering-Rhetoric.html

Exxon Quits Colombia Oilfield

ExxonMobil has decided to withdraw as of May 31 from a joint venture operating agreement for an oil and gas field in Colombia, the partner in the venture said on Tuesday, not even a month after pulling out of a sizeable project in Brazil. Sintana Energy said in a regulatory filing that ExxonMobil had sent its subsidiary Patriot Energy Oil and Gas a notice stating that, based on the terms of the Joint Operating Agreement between ExxonMobil and Patriot, the U.S. supermajor had decided to withdraw from the agreement as of May 31, 2023.     …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-Quits-Colombia-Oilfield.html

G7 Ministers Decide Natural Gas Investment Is Still Necessary

Environmentalists are up in arms over apparent slack added to the Group of Seven’s energy and environmental goals, after ministers decided that the ‘war in Ukraine and its effects on oil and gas’ warrant breaking what are supposed to be ‘firm commitments’ that climate advocates say are necessary to limit global warming. Nishimura Yasutoshi, Japan’s Minister of Economy, Trade and Industry, Environment Minister Akihiro Nishimura and other delegates attend the opening session of G7 Ministers? Meeting on Climate, Energy and Environment in Sapporo,…

Read more at: https://oilprice.com/Energy/Energy-General/G7-Ministers-Decide-Natural-Gas-Investment-Is-Still-Necessary.html

Volkswagen Has Ambitious Plans To Capture European EV Market Share

Just as the EV price wars are heating up, Volkswagen has launched its much-awaited ID7 sedan. Expected to be priced around $38,000 to $40,000 for the entry-level model, the stunning sedan will assuredly be a direct competitor to Tesla’s Model 3. A release by the company on Monday details the first all-electric Volkswagen for the upper mid-size sedan class, touting its “combination of excellent aerodynamics and a new, more efficient drivetrain”.  The launch is set for Fall 2023 for Europe and China, and then 2024 for North…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Volkswagen-Has-Ambitious-Plans-To-Capture-European-EV-Market-Share.html

Atomic Breakthrough Could Have Huge Implications For Petroleum Refining

University of Wisconsin-Madison chemical engineers have developed a model of how catalytic reactions work at the atomic scale. It should be an advance considered a breakthrough in computational chemistry research. The understanding could allow engineers and chemists to develop more efficient catalysts and tune industrial processes – potentially with enormous energy savings, given that 90% of the products we encounter in our lives are produced, at least partially, via catalysis. The team published the news of their advance in the journal…

Read more at: https://oilprice.com/Energy/Energy-General/Atomic-Breakthrough-Could-Have-Huge-Implications-For-Petroleum-Refining.html

Gazprom: Europe Will Find It “Very Difficult” To Fill Storage For Next Winter

Europe will find it very difficult to refill its natural gas stockpiles ahead of next winter, Russian gas giant Gazprom said on Tuesday. Filling the European gas storage to the levels from before the 2022/2023 winter could become “a non-trivial task” for European companies, Gazprom said on its Telegram social media account, Reuters reported. “This will be very difficult to do, given the politically motivated decisions aimed at refusing to import Russian pipeline gas. The volume of gas available on the European market…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Europe-Will-Find-It-Very-Difficult-To-Fill-Storage-For-Next-Winter.html

Li Auto Is Making Major Moves In China’s Competitive Car Market

Li Auto Inc, one of China’s up-and-coming electric vehicle (EV) producers, is looking to expand its footprint in a big way, announcing on Tuesday that it aims to add seven new cars to its lineup. The new lineup will include five range-extended electric models, five pure electric models, and its flagship model. The vehicles will be priced at 200,000 yuan ($29,100) and up. Ma Donghui, Li Auto’s president and chief engineer, announced the new lineup at the Shanghai auto show, noting that Li Auto’s current best-selling car in China – the Li One…

Read more at: https://oilprice.com/Energy/Energy-General/Li-Auto-Is-Making-Major-Moves-In-Chinas-Competitive-Car-Market.html

Fears Of An Interest Rate Hike Keep Oil Prices Under Pressure

Oil prices have started the week trending lower, with positive economic news out of China unable to counter the rising fear of another U.S. interest rate hike. One potentially bullish catalyst for oil prices is the upcoming U.S. inventory data, which is expected to show another weekly drop.Chart of the Week- An extremely tight LNG market that pushed spot prices to $65-70 per mmBtu last year has rapidly transformed into a supply glut thanks to a combination of abundant supply and lower demand. – With Freeport LNG resuming exports in February,…

Read more at: https://oilprice.com/Energy/Energy-General/Fears-Of-An-Interest-Rate-Hike-Keep-Oil-Prices-Under-Pressure.html

Chevron Expands Footprint In East Med Natural Gas Basin

U.S. oil and gas giant Chevron is looking to explore for natural gas off the coasts of Cyprus, Egypt, and Israel as the region’s energy demands grow.  In a lease tender issued on Monday, the company is seeking a drilling vessel for 2024 with an option to extend its use for several years.  Chevron already operates in these three eastern Mediterranean countries and remains committed to working with their respective governments and partners to support the growth of the region’s energy sector. The Eastern Mediterranean…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-Expands-Footprint-In-East-Med-Natural-Gas-Basin.html

China And India Buy Russian Crude Above The Price Cap

China and India, the main customers of Russia’s crude oil in recent months, have snapped up in April Russian cargoes at prices above the $60 per barrel price cap set by the G7, Reuters reports, citing traders and its own calculations. Russia’s flagship crude grade Urals is now trading above the $60 price cap and has headed mostly to India and China so far this month, per data from Refinitiv Eikon cited by Reuters. India is estimated to account for over 70% of the Urals shipments in April, and China is receiving 20% of those shipments so far this…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-And-India-Buy-Russian-Crude-Above-The-Price-Cap.html

The UK Will Have Enough Natural Gas For The Summer

The UK will have enough natural gas supply to meet demand this summer, with supply coming mostly from the UK North Sea and Norway, supplemented by LNG imports, the UK’s National Gas Transmission said in its Summer Outlook 2023. Moreover, National Gas Transmission expects to see sustained flows of gas from the UK into Europe this summer. “We are anticipating that the NTS could again be used as a transit for gas flows going into Europe, however, we don’t expect demand for exports from GB will be as high as it was last year,”…

Read more at: https://oilprice.com/Energy/Energy-General/The-UK-Will-Have-Enough-Natural-Gas-For-The-Summer.html

The Number Of EV Charging Points In Germany Surged By 35% Last Year

Germany saw a record year for EV registrations and EV charging points installations in 2022, with the number of charging points surging by 35% last year, the German energy industry association BDEW said on Tuesday. The jump in EV charging points installations has now exceeded the rate at which charging infrastructure needs to expand to accommodate the planned rollout of electric vehicles. The number of installed ultra-fast charging points with a charging capacity of over 150 kW soared by 80% last year, from 3,851 in 2021 to 7,037 charging points…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-Number-Of-EV-Charging-Points-In-Germany-Surged-By-35-Last-Year.html

Netflix shares sink after earnings report

Netflix reported earnings after the bell. Here are the results.

Read more at: https://www.cnbc.com/2023/04/18/netflix-nflx-1q23-earnings.html

Fox News and Dominion settle election defamation lawsuit, judge says

The settlement between Fox Corp. and Dominion Voting Systems came as opening arguments in a Delaware court were delayed for hours amid speculation about talks.

Read more at: https://www.cnbc.com/2023/04/18/fox-news-and-dominion-settle-election-defamation-lawsuit-judge-says.html

Some electric vehicles from BMW, Nissan, Hyundai and Volkswagen will no longer get federal tax credits

Revised tax incentives for electric vehicles are part of the Inflation Reduction Act, the landmark climate law that President Joe Biden signed in August.

Read more at: https://www.cnbc.com/2023/04/18/some-bmw-hyundai-nissan-evs-will-no-longer-get-federal-tax-credits.html

S&P 500 ends Tuesday little changed as earnings season picks up steam: Live updates

The S&P 500 finished little changed Tuesday as traders digested a slew of earnings reports and their implications for the U.S. economy.

Read more at: https://www.cnbc.com/2023/04/17/stock-market-today-live-updates.html

Cheap Disney shares set to rise 30% the next 12 months on strong film slate, Deutsche Bank says

Deutsche Bank says shares of Disney could rally 34.6% over the next 12 months as it raises its short- and long-term earnings estimates for the company.

Read more at: https://www.cnbc.com/2023/04/18/disney-shares-set-to-rise-30percent-on-strong-film-slate-deutsche-bank-says.html

Goldman Sachs is watching for ‘cannibalization’ from Apple’s new savings account

Goldman Sachs is Apple’s primary banking partner for its iPhone financial services.

Read more at: https://www.cnbc.com/2023/04/18/goldman-sachs-ceo-david-solomon-on-apples-new-savings-account.html

Boeing CEO stands by plans to increase 737 Max production despite recent flaw

Boeing disclosed a flaw with some of its 737 Max planes last week and said it was likely to delay deliveries.

Read more at: https://www.cnbc.com/2023/04/18/boeing-ceo-737-max-production-increases-stand-despite-recent-flaw.html

Apple CEO Tim Cook to meet with India’s Prime Minister Narendra Modi following Mumbai store opening

Apple CEO Tim Cook will be meeting with Prime Minister Narendra Modi, as the iPhone maker looks to expand in India.

Read more at: https://www.cnbc.com/2023/04/18/apple-ceo-tim-cook-plans-to-meet-with-modi-on-wednesday-in-new-delhi.html

Coinbase preps for ‘years-long’ SEC battle, and celebrities want FTX suit dropped: 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, Niklas Polk, research analyst at blockchain analytics platform Nansen, discusses the new Shanghai dashboard he helped create and the data following Ethereum’s latest upgrade.

Read more at: https://www.cnbc.com/video/2023/04/18/coinbase-preps-years-long-sec-battle-celebrities-want-suit-dropped-crypto-world.html

Ukraine war live updates: Zelenskyy meets with troops in Donetsk; Moscow court denies WSJ reporter’s appeal

Russian President Vladimir Putin has made a rare trip to meet Russian military commanders and troops fighting in Ukraine.

Read more at: https://www.cnbc.com/2023/04/18/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Germany has shut down its last three nuclear power plants, and some climate scientists are aghast

Germany shut down its last three operating nuclear power plants on April 15, despite a last-minute plea from some prestigious scientists.

Read more at: https://www.cnbc.com/2023/04/18/germany-shuts-down-last-nuclear-power-plants-some-scientists-aghast.html

McDonald’s is tweaking the recipes for its most iconic burgers, including the Big Mac and McDouble

The fast food giant says it has made “small but tasty improvements” to the Big Mac, McDouble, cheeseburger, double cheeseburger and hamburger.

Read more at: https://www.cnbc.com/2023/04/18/mcdonalds-is-tweaking-the-recipes-for-its-most-iconic-burgers.html

JPMorgan Chase CEO Jamie Dimon depositions set in Jeffrey Epstein sex trafficking lawsuits

Sex criminal Jeffrey Epstein, whose former friends included Donald Trump, Bill Clinton and Prince Andrew, was a JPMorgan Chase client from 1998 through 2013.

Read more at: https://www.cnbc.com/2023/04/18/jpmorgan-ceo-jamie-dimon-to-face-questions-in-jeffrey-epstein-suits.html

The Housing Bubble: Owners Trapped By Low-Rate Mortgages, Buyers Thwarted By High-Rate Mortgages

Authored by Charles Hugh Smith via OfTwoMinds blog,

Who’s left to buy overvalued houses? Too few to prop up bubble valuations

If as many posit the Federal Reserve has an unstated mandate to generate a “wealth effect” by propping up housing, they’ve managed to create a no-win situation. As longtime correspondent K.M. recently documented, roughly half of the 50+ million home mortgages in the US were refinanced in 2020 and 2021 to lock in historically low-interest rates of less than 4%, with many around 3%.

Closed-end originations (excluding reverse mortgages) increased in 2020 by 65.2 percent, from 8.3 million in 2019 to 13.6 million in 2020.

Almost 25% of homeowners refinanced in 2021.

About half (51%) of homeowners have a rate under 4%.

As K.M. observed:

“That doesn’t include the millions who bought houses 2020 – 2021 at rates below 4%, who similarly are unlikely to sell unless rates drop well below 5%. Those who got rates below 3% or thereabouts, may be permanently off the market.

…

Read more at: https://www.zerohedge.com/personal-finance/housing-bubble-owners-trapped-low-rate-mortgages-buyers-thwarted-high-rate

Moscow Court Upholds WSJ Journalist’s Detention In 1st Appearance Since Arrest

Since ArrestJournalist Evan Gershkovich was seen for the first time since his arrest in a Moscow court on Tuesday, where a judge upheld his continued detention on charges of espionage, which the Biden administration has condemned as a false, trumped-up charge.

The 31-year-old Wall Street Journal correspondent is the first American journalist to be detained in Russia since the Cold War. He’s now expected to be held at the notorious Lefortovo Prison until at least through the end of May, following the judge rejecting his legal challenge to pre-trial detention.

His lawyers tried to argue he should be freed on bail or placed under house arrest. The bail suggested was 50 million roubles (or $614,000) – but the court cited the severity of the charges to deny the requests.

If convicted he could face 20 years in prison. The US considers that he’s a hostage of the Russian government, following the US changing his status last week to “wrongfully detained”. He’s reportedly optimistic, having met with� …

Read more at: https://www.zerohedge.com/geopolitical/moscow-judge-upholds-wsj-journalists-detention-1st-appearance-arrest

The Tax Man Cometh… Again

Authored by Michael Maharrey via SchiffGold.com,

Today is tax day.

I’m not pleased.

I don’t know about you, but that means my bank account balance will be significantly smaller later this evening. I’m going to have to write a big check. But hey, this is the price I pay for a more civilized society.

That’s the mantra, right? Taxes are the price we pay for a civilized society. That sounds like some BS a tax collector would come up with.

Of course, tax day normally falls on April 15th, but since the 15th was a Saturday, tax day got pushed to Monday, and as it turns out, Monday the 17th was the Emancipation Day holiday in Washington, DC, commemorating the abolition of slavery in the nation’s capital. So, we got a three-day reprieve from the taxman.

But as they say, nothing is certain but death and taxes. The grim reaper a …

Read more at: https://www.zerohedge.com/markets/tax-man-cometh-again

Dominion Vs. Fox News Defamation Trial Kicks Off In Delaware

Dominion Voting Systems’ lawsuit against Fox News kicks off on Tuesday, after the voting machine company accused the network of defamation following their coverage of the 2020 election, including former President Trump’s claims that voter fraud is the reason he lost the race.

“It’s potentially the most important defamation case in generations,” said RonNell Andersen Jones, a law professor at the University of Utah who specializes in media law, in a statement to The Hill. “Partially, this is because it involves very high stakes for two very important entities. That in and of itself makes it important. But beyond that, it sits at the intersection of some of the most significant constitutional, social and political debates of our time.”

After an abrupt Sunday night delay for

Read more at: https://www.zerohedge.com/political/dominion-vs-fox-news-defamation-trial-kicks-delaware

Anger as prepayment energy meter force-fittings to be allowed again

Campaigners criticize new rules over which homes can be forcibly switched to a prepayment energy meter.

Read more at: https://www.bbc.co.uk/news/business-65305959?at_medium=RSS&at_campaign=KARANGA

More people looking for work as vacancies fall

The number of jobs on offer continues to fall with companies blaming economic pressures.

Read more at: https://www.bbc.co.uk/news/business-65301742?at_medium=RSS&at_campaign=KARANGA

Call for onshore wind farm planning rules to be changed

Onshore wind power decisions should be removed from local authorities in England and Wales, a report says.

Read more at: https://www.bbc.co.uk/news/business-65312044?at_medium=RSS&at_campaign=KARANGA

2 Tata stocks among Motilal Oswal’s top 4 weekly picks for up to 27% upside

Just when the stock market bulls found their mojo back, Infosys earnings shocker played spoilsport.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/2-tata-stocks-among-motilal-oswals-top-4-weekly-picks-for-up-to-27-upside/articleshow/99581616.cms

Tech View: 17,600 strong support zone for Nifty. What traders should do on Wednesday

India VIX was down by 1.51% from 12.26 to 12.07 levels. Volatility spiked towards 13 mark on Monday but later cooled off from its highs. Option data suggests a shift in trading range between 17,400 and 18,000 zones while a shift in immediate trading range between 17,500 and 17,850 zones

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-17600-strong-support-zone-for-nifty-what-traders-should-do-on-wednesday/articleshow/99587545.cms

Nifty bulls may raise a toast in June quarter, 10-year performance history suggests

Historical data shows that the first quarter of the financial year has by and large been positive for Dalal Street. The positive start to the quarter this time has, therefore, brightened prospects for history to repeat itself.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bulls-may-raise-a-toast-in-june-quarter-10-year-performance-history-suggests/articleshow/99574701.cms

In One Chart: As Biden says he’s ‘planning on running,’ here are the potential 2024 Republican candidates

This is MarketWatch’s list of the 2024 Republican presidential contenders and the status of their candidacies.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-718F-2109B20E2531%7D&siteid=rss&rss=1

Yellen to give speech on U.S. economic policy toward China

Treasury Secretary Yellen is scheduled to give a speech about the U.S. economic relationship with China amid tensions between world’s two biggest economies.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71D8-C2D2056FA4CF%7D&siteid=rss&rss=1

Debt-ceiling standoff: Here’s what’s next as Democrats and Republicans warn about U.S. default

While a divided Washington has made little progress in raising the debt limit, there will be an endgame at some point. Here’s what looks likely to come next.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71D8-61B9120A3753%7D&siteid=rss&rss=1