Who Can Challenge China’s EV Dominance?

As Tesla announces a new Megapack battery factory in Shanghai, the question arises about which country or region will dominate electric vehicle (EV) production in the coming decades. Tesla also recently announced a major factory in Mexico, and other EV firms have been looking to diversify their manufacturing locations, finally signaling greater competition in a market overwhelmingly dominated by China.  China has gradually been rising as an EV giant over the last decade, supporting government efforts to lead the green energy revolution.…

Read more at: https://oilprice.com/Energy/Energy-General/Who-Can-Challenge-Chinas-EV-Dominance.html

Tanker Carrying Oil For Chevron Seized By Iran

A tanker carrying crude oil destined for Chevron has been seized by the Iranian Navy, the United States Navy said on Thursday. The tanker had reportedly been involved in a collision with an Iranian vessel in the Gulf of Oman. Iran’s Navy seized a Marshall Islands-flagged oil tanker, Advantage Sweet, in the Gulf of Oman shortly after the tanker hit another Iranian vessel, Iran’s Navy said on Thursday. The oil tanker— had departed the Mina Saud Port in Kuwait and was destined for Houston, Texas, after being commissioned by U.S. oil giant Chevron.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tanker-Carrying-Oil-For-Chevron-Seized-By-Iran.html

The Volatility Of Nickel And Stainless Steel Markets

Via AG Metal Miner Stainless steel is intriguing from a pricing perspective. After all, it has practical applications that are especially sensitive to even small shifts in the economic state of play. With the likelihood of ongoing volatility at a global level this year and in the near future, now is a good time to discuss what changes stainless steel prices might incur. By doing so, those “in the know” might potentially make the most of this period of protracted uncertainty. Supply and Demand Dynamics: What to Look for in the Years…

Read more at: https://oilprice.com/Metals/Commodities/The-Volatility-Of-Nickel-And-Stainless-Steel-Markets.html

Oil Ticks Up as Russia’s Novak Says No More OPEC+ Cuts Needed

Crude oil prices ticked higher on Thursday, stabilizing after Wednesday’s drop due to sentiments that the OPEC+ late March production cut announcement had already been priced in for the next month, when they go into force.  On Thursday at 1:41 p.m. EST, Brent crude was trading at $78.53, up 1.08% for an 84-cent gain on the day, but still well below the $80 resistance mark. West Texas Intermediate (WTI) was trading at $75.11 per barrel, up 1.09% for an 81-cent gain on the day. On Wednesday, oil prices shed nearly 4% despite a surprisingly…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Ticks-Up-as-Russias-Novak-Says-No-More-OPEC-Cuts-Needed.html

The High Costs Of Electrifying The U.S. Auto Industry

New proposed EPA emissions targets would require that at least two-thirds of vehicle sales will need to be EVs by just 2032 – less than a decade from now. Powering this massive increase in electrification will require an unprecedented expansion of existing infrastructure and supply chains, and it won’t be cheap.  At the moment, the future of EVs looks bright in the United States thanks to the strict proposed emissions standards, state-level “Advanced Clean Truck” rules, and the major incentives offered by the Biden…

Read more at: https://oilprice.com/Energy/Energy-General/The-High-Costs-Of-Electrifying-The-US-Auto-Industry.html

Exxon Looks To Recoup Investment As Colombia Prepares To Ban Fracking

ExxonMobil is holding discussions with the Colombian government to potentially recover some of its investments in projects as Colombia prepares to ban fracking in the coming months, sources close to the talks have told Reuters. Colombia’s leftist president Gustavo Petro, who took office on August 7, 2022, campaigned on a platform of ending hydrocarbon exploration, hiking taxes and banning hydraulic fracturing, known as fracking. The Colombian Senate has already approved a ban on unconventional oil and gas exploration and projects, including…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-Looks-To-Recoup-Investment-As-Colombia-Prepares-To-Ban-Fracking.html

Suncor In $4.1B Deal To Buy TotalEnergies’ Oilsands Operations

Calgary-based Suncor Energy will acquire French TotalEnergies’ Canadian operations in a US$4.1-billion deal for the oilsands patch.  For US$4.1 billion in cash and another potential $450 million under a conditional arrangement, Suncor will acquire TotalEnergies EP Canada’s 31.23% interest in Canada’s Fort Hills oilsands project and a 50% working interest in Surmont, which is operated by ConocoPhillips. Fort Hills is an open-pit mine containing raw oil sands bitumen. Suncor says the deal will boost its per day production capacity…

Read more at: https://oilprice.com/Energy/Crude-Oil/Suncor-In-41B-Deal-To-Buy-TotalEnergies-Oilsands-Operations.html

Tesla Model Y Now Cheaper Than Average New Car In U.S.

Tesla’s latest round of price cuts on its Model Y – putting the base model of the crossover vehicle at $46,990 – has made the vehicle cheaper than the average new vehicle in the U.S. In fact, it’s now about $759 cheaper than the average price tag on any given car or truck, according to Bloomberg. The Model Y was the best-selling EV in the U.S. last year, the report notes, stating about Tesla’s price cuts: “No carmaker has made such a dramatic a reduction to a high-volume vehicle in the modern age of the automobile.” Tesla is continuing what seems…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Model-Y-Now-Cheaper-Than-Average-New-Car-In-US.html

Wisconsin’s Only Oil Refinery Reopens 5 Years After Explosion

The Superior refinery is restarting five years after a massive explosion wounded dozens at Wisconsin’s only such facility, with product sales expected to begin this quarter.   The restart will accomplish a rare task—increasing refinery capacity in the United States. An explosion occurred at the Superior refinery at the end of April 2018, injuring dozens of workers and forcing people to evacuate. An explosion and a fire occurred at the refinery while preparations were underway for major maintenance work, and the refinery has been shut…

Read more at: https://oilprice.com/Energy/Energy-General/Wisconsins-Only-Oil-Refinery-Reopens-5-Years-After-Explosion.html

U.S. Ethanol Producers Seek Sustainable Aviation Fuel Credits

The U.S. ethanol industry, some top U.S. airlines, and sustainable aviation fuel (SAF) producers are lobbying the Biden Administration to have ethanol-sourced SAF receive credits under the Inflation Reduction Act. Currently, the IRA says that the SAF credit applies to certain fuel mixtures that contain SAF. To qualify for the credit of $1.25 for each gallon of SAF, the fuel must have a minimum reduction of 50% in lifecycle greenhouse gas emissions. There is also a supplemental credit of one cent for each percent that the reduction exceeds 50%.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Ethanol-Producers-Seek-Sustainable-Aviation-Fuel-Credits.html

Falling Crude Prices Drag Down Profits At China’s Oil Giants

China’s giant state-owned oil corporations saw their first-quarter profits fall from the same period a year ago as a decline in international oil prices squeezed profit margins.    China Petroleum & Chemical Corporation, or Sinopec, the largest refiner in Asia, reported on Thursday an 11.8% drop in first-quarter net profit to $2.9 billion (20.1 billion Chinese yuan). As international crude oil prices fluctuated in a wide range and the spot price of Brent for the first quarter averaged $81.27 per barrel, down by 19.7% year on…

Read more at: https://oilprice.com/Energy/Energy-General/Falling-Crude-Prices-Drag-Down-Profits-At-Chinas-Oil-Giants.html

Think Tank Says Coal Use In EU Dropped This Winter

Coal power plants produced less electricity this winter despite the energy crunch in Europe, a climate think tank has reported. According to Ember, quoted by the FT, coal power plants in Europe produced 27 fewer terawatt-hours between October 2022 and March 2023 than the same period of 2021/22. Gas generation also declined, the think tank said, adding that the reason for the decline was lower electricity consumption overall in response to higher prices. “For a lot of people this winter was really hard with prices that were extraordinarily…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Think-Tank-Says-Coal-Use-In-EU-Dropped-This-Winter.html

OPEC Bites Back At IEA Over Production Cut Warning

In response to the IEA’s warning made on Wednesday that OPEC should be careful not to cut too much production lest they jack up prices too high, the Organization of the Petroleum Exporting Countries (OPEC) issued a warning of its own to the IEA: your calls to stop investing in oil and gas is what could lead to future price volatility, OPEC said in a Thursday statement. The IEA’s warning was simple: OPEC should be careful not to cut production too much, lest crude oil prices rise to the point where it stifles economic growth and pressures…

Read more at: https://oilprice.com/Energy/Energy-General/OPEC-Bites-Back-At-IEA-Over-Production-Cut-Warning.html

India To Boost Wind, Solar Tenders Ahead Of 2030 Target

India will triple the number of wind and solar power auctions in a bid to reach a capacity target for 2030, which stands at 500 GW in low-carbon generation capacity, including hydro and nuclear. According to a Bloomberg report, this means that India needs to close deals for the construction of some 50 GW in new wind and solar capacity in the year until March 2024. For context, BloombergNEF says India auctioned 15 GW in wind and solar capacity annually in the last five years. Earlier this month, Reuters reported that India was planning to issue…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-To-Boost-Wind-Solar-Tenders-Ahead-Of-2030-Target.html

Pioneer CEO Retirement Could Reignite Exxon Takeover Talks

Scott Sheffield, chief executive of Pioneer Natural Resources, is set to retire at the end of the year. Pioneer recently made the news with a report from Wall Street Journal that said Exxon was considering a takeover bid for the company. Reuters now notes that the news about Sheffield could reignite such talk, which appears to be a regular occurrence on Wall Street. The news outlet reported earlier this month Exxon was in informal talks with Pioneer to acquire it in order to boost its position in the U.S. shale patch. It has said for years that…

Read more at: https://oilprice.com/Energy/Energy-General/Pioneer-CEO-Retirement-Could-Reignite-Exxon-Takeover-Talks.html

Dow jumps 500 points on strong earnings, heads for best day since January: Live updates

Stocks rose Thursday, as strong results from Meta Platforms boosted tech-related names, and investors weighed the latest data on the U.S. economy.

Read more at: https://www.cnbc.com/2023/04/26/stock-market-today-live-updates.html

Coinbase offers a fiery response to the SEC’s threat of enforcement action

The crypto exchange unleashed the latest salvo against the regulator in an arguably existential battle over Coinbase’s business model.

Read more at: https://www.cnbc.com/2023/04/27/coinbase-offers-fiery-response-to-sec-wells-notice-.html

Amazon earnings are out — here are the numbers

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

Read more at: https://www.cnbc.com/2023/04/27/amazon-amzn-q1-earnings-report-2023.html

Here’s why the stock market is having such a massive rally today

Investors looked past what appeared to be a weak first-quarter GDP report on Thursday.

Read more at: https://www.cnbc.com/2023/04/27/heres-why-the-stock-market-is-having-such-a-massive-rally-today.html

The most heavily shorted stocks on Wall Street include three electric vehicle-related names

These increases in short interest come as all three stocks have taken a beating this year.

Read more at: https://www.cnbc.com/2023/04/27/most-heavily-shorted-stocks-fisker-workhorse-and-blink.html

U.S. GDP rose at a 1.1% pace in the first quarter as signs build that the economy is slowing

Gross domestic product was expected to increase at an annualized pace of 2% in the first quarter, according to Dow Jones.

Read more at: https://www.cnbc.com/2023/04/27/gdp-q1-2023-.html

Hasbro, Mattel shares rise as toymakers announce multiyear licensing agreement, increased IP focus

Hasbro, Mattel and other toy stocks rallied on Thursday after mixed earnings reports from the two rival toymakers.

Read more at: https://www.cnbc.com/2023/04/27/hasbro-mattel-shares-rise-after-earnings.html

Meta shares are up 170% in five months despite virtually no revenue growth

Revenue at Facebook’s parent shrank for three straight quarters before increasing slightly in the latest period, but the stock is soaring.

Read more at: https://www.cnbc.com/2023/04/27/meta-shares-are-up-170percent-in-five-months-on-virtually-no-growth.html

SEC’s Gensler says ‘the law is clear’ for crypto exchanges and that they must comply with regulators

SEC Chairman Gary Gensler wrote in a post on Thursday that crypto exchanges “must come into compliance, register with us, and deal with conflicts of interest.”

Read more at: https://www.cnbc.com/2023/04/27/sec-chairman-gary-gensler-says-the-law-is-clear-for-crypto-exchanges.html

Ukraine war live updates: Moscow ‘welcomes’ China contacting Ukraine; Kyiv says Russia ‘won’t get away with’ Mykolaiv strikes

Ukraine’s President Volodymyr Zelenskyy said Russia “won’t get away with this crime” after the southern Ukrainian city of Mykolaiv was hit by missiles.

Read more at: https://www.cnbc.com/2023/04/27/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Paramount wants to get moviegoers back to theaters. Here’s what it has on deck

Paramount Pictures’ president of domestic distribution spoke Thursday about focusing on the long-term health of the movie business.

Read more at: https://www.cnbc.com/2023/04/27/paramount-film-slate-studio-hopes-to-draw-back-moviegoers.html

Americans are saving far less than normal in 2023. Here’s why

The U.S. personal savings rate fell in 2022 after excess savings from pandemic stimulus bolstered deposits. The slowdown could introduce economic headwinds.

Read more at: https://www.cnbc.com/2023/04/27/us-personal-savings-rate-falls-near-record-low-as-consumers-spend.html

This style of dividend ‘aristocrat’ ETF could outperform going into a recession

Dividend aristocrats could be a winning trade as the U.S. economy slows, according to Wolfe Research.

Read more at: https://www.cnbc.com/2023/04/27/this-style-of-dividend-etf-could-outperform-entering-a-recession.html

Another Lockdown Authoritarian Tries To Weasel Out Of Responsibility For Role During Pandemic

Another lockdown fanatic is attempting to rewrite history.

Randi Weingarten, president of the American Federation of Teachers (which coordinated with the DOJ to label concerned parents domestic terrorists), claimed this week in front of the House Select Subcommittee on the Coronavirus Pandemic, that her organization “spent every day from February on trying to get schools open,” adding “We knew that remote education was not a substitute for opening schools.”

AFT President Randi Weingarten: “We spent every day from February on trying to get schools open. We knew that remote education was not a substitute for opening schools.” pic.twitter.com/1qNL05VD3u

— Washington Free Beacon (@FreeBeacon) April 26, 2023

Except, as Twitter users quickly noted, Weingarten is misrepresenting her prior positions – having called attempts to reopen schools in the fall of 2020 “reckless, callous and cruel.”

What’s more, her union

Read more at: https://www.zerohedge.com/political/another-lockdown-authoritarian-tries-weasel-out-responsibility-role-during-pandemic

So This Is What The Bottom Of The Freight Market Feels Like

By Joe Antoshak of Freight Waves

Freight pundits have spent plenty of time over the last few months wondering when conditions would improve. In the first quarter, despite that initial glimmer of hope in the beginning, capacity remained too high for demand. That pushed rates further downward and contributing to big-ticket acquisition and bankruptcy news within trucking. It did not help to boost freight sentiment.

…

Read more at: https://www.zerohedge.com/economics/so-what-bottom-freight-market-feels

AMZN Earnings Preview: Here Are The Main Things To Look For

Unlike yesterday’s Facebook earnings, which were viewed by many including JPM, as the “least controversial” mega tech name of all, with most expecting stellar results – and judging by the move today they were not wrong – today’s tech giant on deck after the close on this busiest day of Q1 earnings season is Amazon, which JPM’s Jack Atheron writes is “number 2 to GOOGL on the list of most controversial mega-cap tech names.”

Here is what the JPM trader expects from the online retail giant:

• Most focus will be on the AWS trends: buyside looking for Q1 +12-13%, Q2/Q3 tracking to ~8%, and Q4 bouncing back into double digits.
• At a group level, buyside whispers are Q1 revenue $125B, EBIT $3.0B (guide $121-126b, $0-4b);
• Q2 guidance of $130b, EBIT ~$3.5B (both midpoints). Commentary in last week’s shareholder letter gave more confidence in Retail profitability trends which will be the 2nd most important topic this quarter. After last quarter’s wobble, getting the call right will also be essential for mgmt.

Taking a step back, here is what Wall Street’s median sellside consensus expects AMZN to report: EPS of $0.21, Revenue of $124.7BN (around the mid-line of the company’s $121-126BN guidance) and operating income of $3BN (guidance of $0-$4BN), translating into 2.38% operating margin.

Read more at: https://www.zerohedge.com/markets/amzn-earnings-preview-here-are-main-things-look

“It’s Fairy Dust”: The Proud Boys Case Goes To Jury

Authored by Julie Kelly via American Greatness,

A marathon January 6 trial besieged by scandal, controversy, and acrimony is now in the hands of a Washington, D.C. jury. After nearly four months of back and forth, the government and defense attorneys made their final pitch during closing arguments this week in the multi-count case against five members of the Proud Boys.

The drama surrounding the trial, both inside and outside the courtroom, is worthy of a Netflix series: shocking revelations of numerous FBI informants, deleted government evidence, outbursts from the bench, colorful defense attorneys, last-minute accusations of an assault on police, a mysterious “attack plan” sourced to a former intelligence operative, and concerns over a

Read more at: https://www.zerohedge.com/political/its-fairy-dust-proud-boys-case-goes-jury

Rail strike on 13 May, day of Eurovision final

The RMT is to strike after talks in long-running pay dispute break down again.

Read more at: https://www.bbc.co.uk/news/uk-65407844?at_medium=RSS&at_campaign=KARANGA

Sainsbury’s and Unilever deny prices are too high

The supermarket and Marmite-maker reject suggestions they are not protecting customers from inflation.

Read more at: https://www.bbc.co.uk/news/business-65414994?at_medium=RSS&at_campaign=KARANGA

Federal Reserve chair Jerome Powell pranked by Russians

Federal Reserve chairman Jerome Powell is the latest personality to be pranked by comedians.

Read more at: https://www.bbc.co.uk/news/business-65414175?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms a long bull candle on F&O expiry day. What should traders do on Friday

Options data suggests a broader trading range between 17500 to 18500 zones, while an immediate trading range between 17700 to 18200 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-a-long-bull-candle-on-fo-expiry-day-what-should-traders-do-on-friday/articleshow/99818390.cms

Paytm likely to clock sustained growth in Q4 operating profitability, says Citi; raises target price

Citibank has raised its target price for Indian fintech Paytm to INR1,103 ($14.60), signalling a potential upside of 71%. After breaking even last year, Citibank expects Paytm’s growth to continue, partly thanks to recognition of annual UPI payouts from the Indian government, along with decent Q4 figures. Citibank believes Paytm’s lending and monetisation focus help it to achieve ongoing growth, and has raised the estimates for FY24 and FY25 by 6% and 5% respectively, while revised the adjusted EBITDA upwards by 31% for FY24 and 7% for FY25.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/paytm-likely-to-clock-sustained-growth-in-q4-operating-profitability-says-citi-raises-target-price/articleshow/99821019.cms

Up 20% in a day, here’s how to trade this Gujarat-based smallcap company

The Gujarat Mineral Development Corporation (GMDC) soared by 20% with high volumes, opening up the possibility of hitting Rs 200 in the next six months, according to experts. Traders and investors should keep an eye on the stock and consider buying on dips to Rs 135-140. The stock is part of the S&P BSE Smallcap index and has been trading above short and long-term moving averages. The technical indicator MACD is also in a buy mode providing support for bulls, while a clear break above Rs 160 levels will open up fresh investment opportunities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-up-20-in-a-day-heres-how-to-trade-this-gujarat-based-smallcap-company/articleshow/99804945.cms

Brett Arends’s ROI: The debt ceiling nightmare could be a bond and gold buyer’s dream

This toxic political standoff could easily go down to the wire, threatening the U.S. with its first-ever technical default, writes Brett Arends.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E2-116839FCDA93%7D&siteid=rss&rss=1

Market Snapshot: Dow jumps over 500 points as stocks rally after earnings from Meta and other big-tech names

U.S. stocks rise sharply on Thursday as investors cheer tech earnings.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E2-2C6CAF3E2264%7D&siteid=rss&rss=1

Futures Movers: Oil ends higher after erasing rally scored after OPEC+ rate cuts

Oil futures ends higher on Thursday, a day after erasing the rally scored earlier this month after OPEC+ announced an unexpected round of production cuts.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E2-4E41B5322D5D%7D&siteid=rss&rss=1