Iraq’s Giant Halfaya Gas Project May Be Finished Ahead Of Time

News last week from Iraq Oil Ministry sources that the first stage of a gas processing facility at the Halfaya oil field is now expected to come online ahead by early 2024, ahead of schedule, is crucial for the country’s future in three respects. First, it will go some way to appeasing repeated U.S. calls for Iraq to end its energy dependence on neighbouring pariah state, Iran. Second, it bodes well for progress on the similar gas capture projects that are part of the four-part US$27 billion deal with France’s TotalEnergies. And third,…

Read more at: https://oilprice.com/Energy/Natural-Gas/Iraqs-Giant-Halfaya-Gas-Project-May-Be-Finished-Ahead-Of-Time.html

U.S. April Oil Exports Beat Expectations

U.S. crude oil exports for the month of April have surpassed forecasts, hitting a record 4.5 million barrels per day in March thanks to rising fuel demand in China. U.S. crude exports grew 22% last year from 2021 after Russia’s invasion of Ukraine led the U.S., the EU, and Canada to ban imports of Russian oil and dramatically altered global flows.  China is the world’s second-largest oil consumer and has recorded an economic resurgence ever since it rolled back its strict zero-covid policies. April exports to China surged to ~850,000…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-April-Oil-Exports-Beat-Expectations.html

India Leads In Russian Oil ‘Laundering’ To Europe

A new report by the Center for Research on Energy and Clean Air (CREA) has found that European countries that banned Russian oil imports are instead importing huge amounts of oil commodities from India, China, United Arab Emirates, Singapore, and Turkey, therefore qualifying them as laundromats.  The report, titled Laundromat: How the price cap coalition whitewashes Russian oil in third countries, reveals that Western countries bought $42 billion worth of laundered Russian crude in the form of various oil products from nations that are friendly…

Read more at: https://oilprice.com/Energy/Crude-Oil/India-Leads-In-Russian-Oil-Laundering-To-Europe.html

TotalEnergies To Buy LNG From ADNOC In $1B Deal

ADNOC Gas Plc, a listed subsidiary of Abu Dhabi National Oil Co, has reached an agreement with France’s TotalEnergies SE (NYSE:TTE) to supply the latter with liquefied natural gas (LNG) in a $1B deal, Bloomberg has reported. The deal is one of the latest by a European gas buyer as Europe once again scrambles to fill its gas stores ahead of the next winter season. Last year, Europe managed to fill its gas stores well ahead of winter and has seen storage levels remain above historical levels thanks to mild weather, with higher temperatures…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-To-Buy-LNG-From-ADNOC-In-1B-Deal.html

Harvard Study: Divesting From Coal Is More Beneficial Than Previously Thought

Over the last decade, banks have had a very hot and cold relationship with divesting from coal. As calls to defund the world’s dirtiest fossil fuel have ramped up, big banks have increasingly agreed to sever ties with coal enterprises – but they haven’t always kept those promises. Part of the reason that divesting from coal has been such a wishy-washy component of the global road to decarbonization is that there has been a lack of empirical studies proving the efficacy of this approach. But now, thanks to a new study by the Harvard…

Read more at: https://oilprice.com/Energy/Coal/Harvard-Study-Divesting-From-Coal-Is-More-Beneficial-Than-Previously-Thought.html

Libya’s Natural Gas Exports Set To Slump Due To Maintenance

Exports of natural gas from Libya to Europe are expected to be significantly lower this month compared to normal levels, due to a three-week maintenance program at the Mellitah Industrial Complex in the North African oil and gas producer. The Mellitah Industrial Complex will begin a total shutdown to start renovation at the Mellitah complex, the Bahr Es Salam gas field, and the Wafa gas field, the National Oil Corporation (NOC) of Libya said this weekend. NOC chairman Farhat Bengdara issued instructions for the renovations and maintenance…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libyas-Natural-Gas-Exports-Set-To-Slump-Due-To-Maintenance.html

New Nuclear Technology Is Safer, More Efficient, And More Sustainable

In 2019, the International Energy Agency (IEA) released Nuclear Power in a Clean Energy System, which highlights the importance of nuclear power in decarbonizing the world’s energy sector. The paper notes: “For advanced economies, nuclear has been the biggest low-carbon source of electricity for more than 30 years, and it has played an important role in the security of energy supplies in several countries. But it now faces an uncertain future as aging plants begin to shut down in advanced economies, partly because of policies to phase…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/New-Nuclear-Technology-Is-Safer-More-Efficient-And-More-Sustainable.html

Oil Prices Fall On Disappointing Manufacturing Data

Oil prices were down sharply on Monday after the latest manufacturing data showed that the sector contracted for the 5th straight month in April, ending a 30-month period of expansion. Brent crude was down 1.8% to $79.15 per barrel at 11:30 ET, marking the first time it has slipped below $80 per barrel in nearly four weeks.  Meanwhile, WTI crude lost 2.1% to trade at $75.20 per barrel after the manufacturing report showed that April Manufacturing Purchasing Managers Index (PMI) clocked in at 47.1 percent, 0.8…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Fall-On-Disappointing-Manufacturing-Data.html

Will Demand Concerns Force Middle East Producers To Cut Oil Prices

Less than a month following the announcement of OPEC+ production cuts, oil prices have gone back to where they were before. As difficult as it is to fathom the real-time concerns of the oil group, in case the output target curtailments were a deliberate measure to maintain a pricing range of 70-80 per barrel in the midst of severe macroeconomic headwinds, it worked. In case the expectation was that prices would stay high for longer, then the overall effect has dissipated relatively quickly. For Middle Eastern pricing in May 2023 the OPEC+ production…

Read more at: https://oilprice.com/Energy/Oil-Prices/Will-Demand-Concerns-Force-Middle-East-Producers-To-Cut-Oil-Prices.html

U.S. Administration Set To Delay Decision On Biofuel Credits For EVs

The Biden Administration, which last year proposed to include electric vehicle charging from renewable electricity in the renewable fuel standard, could delay a decision on giving the so-called eRIN tradable credits to EVs over concerns about expected legal challenges, sources with knowledge of the plans told Reuters on Monday.   Last year, the U.S. Environmental Protection Agency (EPA) proposed to significantly expand the current Renewable Fuel Standard (RFS) to include the so-called eRIN proposal which would allow automakers…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Administration-Set-To-Delay-Decision-On-Biofuel-Credits-For-EVs.html

In A World First, California Bans New Diesel Truck Sales From 2036

California’s regulators have unanimously voted to move with a plan to ban the sales of new diesel trucks as of 2036 as part of the state’s push to clean up its transportation sector emissions. Late last week, the California Air Resources Board (CARB) approved a first-of-its-kind rule that requires a phased-in transition toward zero-emission medium-and-heavy duty vehicles. Under the new rule, named Advanced Clean Fleets, all truck sales need to shift to zero emissions by 2036, and is especially focused on…

Read more at: https://oilprice.com/Energy/Energy-General/In-A-World-First-California-Bans-New-Diesel-Truck-Sales-From-2036.html

World’s Largest LNG Buyer Concerned About Another Price Spike

The northern hemisphere experienced higher-than-average temperatures this past winter, which helped alleviate energy crunches and sent liquefied natural gas prices tumbling from record-high levels. Now the world’s largest gas buyer expects another price spike this year.  In an interview with Bloomberg, Yukio Kani, the chairman and CEO of Jera Co., expressed his concerns about another potential surge in LNG prices, attributing this to the increasing import capacity in Europe and China, along with potential severe weather risks. Here’s…

Read more at: https://oilprice.com/Energy/Natural-Gas/Worlds-Largest-LNG-Buyer-Concerned-About-Another-Price-Spike.html

Fuel Smuggling Out Of Iran Is Thriving

Diesel and gasoline are being smuggled out of Iran to neighboring countries where fuel prices are much higher than in the Islamic Republic, according to analysts and officials. Some 58,000 barrels per day (bpd) of domestic diesel supply is not going for local consumption, Jalil Salari, managing director of the National Iranian Oil Refining and Distribution Company (NIORDC), tells Argus.    Due to the cheap Iranian fuel, nearly 10 million liters of diesel are smuggled out of the Islamic Republic every day, Salari told the local IRNA news…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Fuel-Smuggling-Out-Of-Iran-Is-Thriving.html

Total’s CEO Blames Stock Discount On European Listing

The primary listing on a stock market in Europe is the main reason for the discount at which TotalEnergies’ stock trades relative to the market value fundamentals of its U.S. competitors, TotalEnergies’ chief executive Patrick Pouyanné has said at meetings with investors in recent months. However, TotalEnergies does not consider moving its primary listing to the United States, Pouyanné has said during recent meetings with investors, the Financial Times reports, citing sources familiar with the discussions. “Culturally…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Totals-CEO-Blames-Stock-Discount-On-European-Listing.html

Carney: New Oil & Gas Investment Is Still Needed In The Energy Transition

Investment in new oil and gas production will still be needed in the energy transition as demand will still be there over the next few decades, Mark Carney, former governor of the Bank of Canada and the Bank of England, said in an interview with CTV on Sunday. The world is raising investments in clean energy, but oil and gas will still be necessary and will need investment to keep up with demand, said Carney, who is currently head of transition investing at Brookfield Asset Management.   The energy crisis and policy actions sent global investment…

Read more at: https://oilprice.com/Energy/Energy-General/Carney-New-Oil-Gas-Investment-Is-Still-Needed-In-The-Energy-Transition.html

The First Republic deal has come at a crucial point for the markets and economy

With financial services covering such a wide swath of activities in the $26.5 trillion U.S. economy, the bank failures will reverberate.

Read more at: https://www.cnbc.com/2023/05/01/the-first-republic-deal-has-come-at-a-crucial-point-for-the-markets-and-economy.html

Jamie Dimon says ‘this part of the crisis is over’ after JPMorgan Chase buys First Republic

JPMorgan Chase, which acquired banking assets in the 2008 financial crisis, just won an auction to gain even more size with the takeover of First Republic.

Read more at: https://www.cnbc.com/2023/05/01/jamie-dimon-jpmorgan-first-republic.html

DeSantis Disney oversight board votes to sue company over tax-district fight

DeSantis is battling Disney as he is considered a leading potential contender against ex-President Donald Trump for the 2024 Republican presidential nomination.

Read more at: https://www.cnbc.com/2023/05/01/desantis-disney-tax-lawsuit-oversight-board-votes-to-sue.html

‘Godfather of A.I.’ leaves Google after a decade to warn society of technology he’s touted

Geoffrey Hinton, known as the “godfather of A.I.” is leaving his role at Google, and plans to warn about the risks of the technology he’s promoted.

Read more at: https://www.cnbc.com/2023/05/01/godfather-of-ai-leaves-google-after-a-decade-to-warn-of-dangers.html

Dow closes slightly lower following JPMorgan’s takeover of fallen First Republic: Live updates

Stocks are coming off a winning week and month.

Read more at: https://www.cnbc.com/2023/04/30/stock-futures-are-flat-after-dow-notches-best-month-since-january.html

A.I. mentions in earnings calls skyrocket this season. What executives are saying

Data analyzed by CNBC showed there were more mentions of AI in earnings calls for S&P 500 companies this season than any earnings season since at least 2016.

Read more at: https://www.cnbc.com/2023/05/01/ai-mentions-in-earnings-calls-skyrocket-this-season-what-executives-are-saying.html

FAA sued over SpaceX Starship launch program following April explosion

The FAA is sued by environmental groups over SpaceX Starship Super Heavy launch.

Read more at: https://www.cnbc.com/2023/05/01/faa-faces-suit-over-spacex-starship-launch-following-april-explosion.html

Scientists develop A.I. system focused on turning peoples’ thoughts into text

Scientists have developed a noninvasive AI system focused on translating a person’s brain activity into a stream of text.

Read more at: https://www.cnbc.com/2023/05/01/scientists-develop-ai-system-focused-on-turning-thoughts-into-text.html

Robinhood Crypto reveals new wallet feature, and Google announces web3 tools: 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, Robinhood Crypto GM Johann Kerbrat explains the new feature to help fund digital asset wallets and Richard Widmann, global head of strategy for web3 at Google Cloud, reveals the new tools for web3 developers.

Read more at: https://www.cnbc.com/video/2023/05/01/robinhood-crypto-wallet-feature-google-web3-tools-cnbc-crypto-world.html

Facebook was the main donor to a group that fought antitrust reforms in 2020 and 2021

Facebook donated $34 million to pro-tech industry group American Edge Project as the nonprofit took on antitrust legislation.

Read more at: https://www.cnbc.com/2023/05/01/facebook-primary-donor-group-antitrust-fight.html

4 strategies for avoiding taking on too much student debt in college

On College Decision Day, one key consideration should be picking a school that doesn’t require acquiring too much student debt, experts say.

Read more at: https://www.cnbc.com/2023/05/01/4-strategies-for-avoiding-taking-on-too-much-student-debt-in-college-.html

Mastering this skill is the ‘hardest part’ of personal finance, advisors say

Being a “master of cash flow” is an important foundational step households should consider addressing before they invest.

Read more at: https://www.cnbc.com/2023/05/01/cash-flow-is-the-hardest-part-of-personal-finance-advisors-say.html

JPMorgan Chase takes over First Republic after biggest U.S. bank failure since 2008

JPMorgan acquired all of First Republic’s deposits and a “substantial majority of assets.” Its shares rose 2.6% in premarket trading on the news.

Read more at: https://www.cnbc.com/2023/05/01/first-republic-bank-failure.html

Bonds, Bitcoin, & Bullion Battered After Bank Bailout, Stagflation Scare

Weak macro data, re-accelerating inflation (prices paid), no progress on the debt-ceiling, and a bank bailout that literally does nothing to calm fears of more bank runs (or superwalks).

Macro data disappointment continues…

Source: Bloomberg

ISM Manufacturing signaled stagflation with prices paid rising but activity and new orders still in contraction…

Source: Bloomberg

“Sta …

Read more at: https://www.zerohedge.com/markets/bonds-bitcoin-bullion-battered-after-bank-bailout-stagflation-scare

Wagner Chief Threatens To Quit Bakhmut Unless His Men Get More Munitions

The head of Wagner Group and Russia’s defense ministry have continued their public spat over war strategy and the mercenary firm’s role in Ukraine operations.

On Sunday Wagner’s outspoken chief Yevgeny Prigozhin threatened to withdraw his fighters from the strategic eastern city of Bakhmut, where fighting has raged for several months, at a time Russian forces control something like eighty to ninety percent of the city.

“I am appealing to Sergei Shoigu with a request to issue ammunition immediately,” he said in reference to Russia’s defense minister. “Now if this is refused … I deem it necessary to inform the commander-in-chief about the existing problems and to make a decision regarding the feasibility of continuing to station units in the settlement of Bakhmut, given the current shortage of ammunition,” Prigozhin warned.

By many accounts, Wagner has spearheaded successful operat …

Read more at: https://www.zerohedge.com/military/wagner-chief-threatens-quit-bakhmut-unless-his-men-get-more-munitions

The Economy Is A Powder Keg, Boiling Over And Ready To

Submitted by QTR’s Fringe Finance

A long time ago, in a different lifetime, I used to work at an industrial plant that operated several 20-ton chemical processes. Our processes operated using a closed-loop system, in the absence of oxygen, and were not pressurized.

We monitored each aspect of our processes using an array of gauges, pressure sensors, thermocouples, and other devices to make sure things were running smoothly at any given point.

Near the midpoint of each process, we had a blowoff valve — a long piece of piping that led to the outside of the building, fitted with a seal that was set to blow out when it reached a certain pounds per square inch (PSI) threshold. The valve was meant to be a safety mechanism so that if, inadvertently, pressure started to build up inside of the process, it would “blow off” outside the building, instead of turning our process into a 20-ton pressure bomb waiting to explode. It’s the same principle that causes a kettle to scream when the steam reaches a certain pressure inside: the whistle only goes off once the water gets hot enough to create enough steam.

Read more at: https://www.zerohedge.com/markets/economy-powder-keg-boiling-over-and-ready-blow

Blackstone’s BREIT Suffers Sixth Consecutive Month Of Withdraws As CRE Deteriorates

Blackstone has limited investor redemption requests from its $70 billion real estate trust for high-net wealth investors for six consecutive months while storm clouds gather over commercial real estate markets.

According to an investor letter published Monday, the CRE giant and the world’s largest commercial landlord said investors asked to pull out more than $4.5 billion in April from Blackstone Real Estate Income Trust (BREIT). Out of the request, the firm only allowed $1.3 billion to be withdrawn, or approximately 29% of the amount requested.

The firm restricts withdrawals to about 5% a quarter, or about 2% monthly caps, leaving investors with a narrower path out of the non-trade REIT.

“We remain confident that BREIT’s portfolio will continue to be well-positioned to deliver strong long-term performance and consistent distributions, while providing investors access to the diversification benefits of high-quality real estate as a core portfolio holding,” Blackstone told investors.

However, if this were the case, why do BREIT investors continue to panic exit? Recall last December, Blackstone sent a letter to financial advisors to keep their clients calm. Read the bizarre letter here.

The continued high level of withdrawal requests is an ominous sign that investors are limiting their exposure to the CRE space, as higher borrowing costs risk sending some commercial property values into a tailspin. We’ve pointed out (”

Read more at: https://www.zerohedge.com/markets/blackstones-breit-hit-six-consecutive-month-withdraws-cre-deteriorates

First Republic: JP Morgan snaps up major US bank

First Republic was seized by regulators, making it the third major US bank to fail in recent months.

Read more at: https://www.bbc.co.uk/news/business-65445427?at_medium=RSS&at_campaign=KARANGA

UK chip giant Arm files for blockbuster US share listing

In a blow to the London stock market, the firm said in March that it would not list shares in the UK.

Read more at: https://www.bbc.co.uk/news/business-65445428?at_medium=RSS&at_campaign=KARANGA

Capita: Watchdog warns pension funds over data after hack

The Pensions Regulator has told hundreds of funds to check details of customers after a data leak.

Read more at: https://www.bbc.co.uk/news/business-65443841?at_medium=RSS&at_campaign=KARANGA

6 zero-debt penny stocks under Rs 25 that have rallied up to 900% in just one year

Here are 7 such penny stocks under Rs 25 with zero debt levels. These stocks have also given multibagger returns to investors in the last one-year period.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/6-zero-debt-penny-stocks-under-rs-25-that-have-rallied-up-to-900-in-just-one-year/articleshow/99910824.cms

First Republic collapse sparks sector-wide regional bank shares sell-off

The collapse of First Republic Bank, the third major casualty of the US banking sector since 2008, has led to the fall of shares of regional lenders. The KBW Regional Banking Index was down nearly 1%.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/first-republic-collapse-sparks-sector-wide-regional-bank-shares-sell-off/articleshow/99914216.cms

Looking to ‘Sell in May & go away’? 10-year history shows you may lose out on gains

ICICIDirect Research has closely examined the performance of NSE Nifty index over the past 20 years to verify if this adage holds true in the Indian context

Read more at: https://economictimes.indiatimes.com/markets/web-stories/looking-to-sell-in-may-amp-go-away-10-year-history-shows-you-may-lose-out-on-gains/articleshow/99908571.cms

Bond Report: 2-year Treasury yield jumps to highest in a week ahead of Fed meeting

Treasury yields finish higher on Monday as investors prepare for another quarter-point rate increase by the Federal Reserve in two days.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E5-D4D0796B49B0%7D&siteid=rss&rss=1

Key Words: ‘It is hard to see how you can prevent the bad actors from using it for bad things’: Google’s former ‘Godfather of AI’ warns of misuse after quitting tech giant

AI researcher paraphrases atom bomb developer Oppenheimer in one way, but sounds like he is also paraphrasing him in another, more dire way

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E6-600B4ABC9E35%7D&siteid=rss&rss=1

Key Words: After TOP Financial’s surge, influential meme-stock trader looks for next big opportunity

Is Mullen Automotive about to get the meme-stock treatment?

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E6-488007796E0A%7D&siteid=rss&rss=1