OPEC’s April Production Falls: Survey

Julianne Geiger OPEC’s crude oil production fell last month to a level not seen in nearly a year, a Bloomberg survey showed on Tuesday. OPEC’s crude oil production fell 310,000 barrels per day in April to just 28.8 million bpd, the survey said. The group had said at the end of March that it would cut production by another 1.6 million bpd starting in May, but much of April’s small decrease came in the form of unintentional production cuts, with Iraq’s decreased production for the month accounting for about 80% of the…

Read more at: https://oilprice.com/Energy/Crude-Oil/OPECs-April-Production-Falls-Survey.html

Tesla Hikes Prices Of Model 3, Model Y In The U.S. And China

The ebb and flow of Tesla vehicle prices continued this week, with the automaker raising the prices of its main models – the Model 3 and the Model Y – for the second time since the company’s earnings report. Bloomberg reported Tuesday morning that Tesla’s main models are marked up $250 each, stating that the model prices are being raised both in the United States and China. The Model 3 is now priced at $40,240 in the US and 231,900 yuan in China, while the Model Y is now priced at $47,240 in the US and 263,900 yuan in China.…

Read more at: https://oilprice.com/Energy/Energy-General/Tesla-Hikes-Prices-Of-Model-3-Model-Y-In-The-US-And-China.html

Russian Seaborne Crude Continues To Flow

Despite Russia’s professed plan to scale back its crude oil production, the country’s seaborne crude oil exports reached 4 million barrels per day. It is only the second time a level that high has been achieved since Russia invaded Ukraine. Russia warned in February that it would cut crude oil production in the sanctioned nation by 500,000 bpd due to EU import bans and price caps on its crude oil and oil products. Initially, Russia said this lowered production would apply to March. But Deputy Prime Minister Alexander Novak announced…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Seaborne-Crude-Continues-To-Flow.html

Platinum May Soon Be In Short Supply

Whenever there is an argument about the sufficiency of resources to meet the demands of our voracious industrial economy, those defending the cornucopian view say, “But, we are not running out of that resource.” Of course, that is not the point. It is more likely that the first phase of resource depletion will be that not everyone who was previously able to afford a particular resource will continue to have access to it at affordable prices. Enter platinum, which may soon be in short supply since the country that produces 75 percent…

Read more at: https://oilprice.com/Metals/Commodities/Platinum-May-Soon-Be-In-Short-Supply.html

5 Oil Producing Nations Ask To Join BRICS Alliance

Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations as it prepares to hold its annual summit in South Africa. In total, 19 nations have expressed interest in joining the emerging-markets bloc of Brazil, Russia, India, China, and South Africa, according to Anil Sooklal, South Africa’s ambassador to the group. “What will be discussed is the expansion of BRICS and the modalities of how this will happen… Thirteen countries have formally asked to join, and another six have asked…

Read more at: https://oilprice.com/Energy/Energy-General/5-Oil-Producing-Nations-Ask-To-Join-BRICS-Alliance.html

Oil Prices Unlikely To Get Support From Rising Jet Fuel Demand

Airlines are finally emerging from the gloom of the global pandemic. Having weathered record fuel prices and a sharp downturn in customers, the industry is looking forward to a surge in demand, with major airlines forecasting bumper profits for 2023.   Such resurgent demand in the world’s most developed economies across Europe and North America should lead to booming fuel consumption – which could prove to be a major tailwind for oil prices.     After all, data shared with City A.M. by analytics firm Cirium, clearly…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Unlikely-To-Get-Support-From-Rising-Jet-Fuel-Demand.html

WTI Crude Falls 4% As Economic Fears Trigger Selloff

Crude oil prices were sent tumbling on Tuesday morning, with WTI falling below $73 per barrel, with Brent falling below $77 per barrel on jitters about the economy. Oil futures are set to finish out the day on Tuesday at their lowest levels since the end of March as the market looks toward the Fed’s next policy decision. WTI for June delivery (CLM23) fell $3.12 (-4.18%) on Tuesday by 10:45 a.m. to $72.56 per barrel. Brent crude oil for July 2023 delivery (BRNN23) fell $3.07 (-3.87%) per barrel to $76.24. New data from China—the world’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Crude-Falls-4-As-Economic-Fears-Trigger-Selloff.html

Oil Prices Tank On Worrying Economic Data From China

Oil prices continued to sell off on Tuesday morning, with WTI losing more than 3.5% after China’s PMI data for April came in lower than expected. Chart of the Week Last Hurrah for the US Gulf of Mexico – Ever since Pure Oil drilled its first well approximately a mile offshore in the US Gulf of Mexico back in 1938, the region has defined deepwater drilling in the country even as the Deepwater Horizon spill has tarnished its reputation. – Production of oil and natural gas in the US Gulf is set for an almost 20% increase over the next three years,…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Tank-On-Worrying-Economic-Data-From-China.html

BP Has Paid $1 Billion In UK Windfall Taxes

BP has paid around $1 billion in taxes on its UK North Sea profits since the so-called windfall tax was introduced in May 2022, according to estimates from Bloomberg. During the first quarter of 2023, BP paid around $300 million for the Energy Profits Levy (EPL), as the windfall tax is formally known, the supermajor’s CFO Murray Auchincloss told Bloomberg in an interview on Tuesday, when BP announced its first-quarter profits.   The tax paid in the first quarter brings the total taxes paid for the EPL to some $1 billion, according to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Has-Paid-1-Billion-In-UK-Windfall-Taxes.html

India And China Look To Avoid Setting Deadline For Fossil Fuels Phase-Out

The biggest developing economies and largest coal consumers, India and China, are seeking a G20 pledge that would leave countries to decide on “multiple energy pathways” to reduce emissions instead of setting a firm deadline for phasing out the use of fossil fuels, Indian government officials have told Reuters. India, currently presiding over G20, has proposed to include “multiple energy pathways” in a press statement expected to be released at the group’s summit in September. China, as well as South Africa, has backed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-And-China-Look-To-Avoid-Setting-Deadline-For-Fossil-Fuels-Phase-Out.html

Oil Tanker Catches Fire Near Malaysia

Energy expert Anas Alhajji shared a video on Twitter that appears to show, according to his description, “An oil tanker, known for transporting Iranian oil, catching fire off the coast of Malaysia.” An oil tanker with a history of shipping Iranian oil catches fire off Malaysia. Video below. Name: Pablo Year Built: 1997Flag: Gabon25 crew members rescued, 3 missing It was on a trip from China to the UAE pic.twitter.com/FIo4yms2aM — Anas Alhajji (@anasalhajji) May 2, 2023 Bloomberg said the vessel is named “Pablo,” a Gabon-registered…

Read more at: https://oilprice.com/Energy/Energy-General/Tanker-With-Iranian-Oil-Catches-Fire-Near-Malaysia.html

Senator Manchin Floats New Bill To Speed Up Permitting For Energy Projects

Senator Joe Manchin introduced a new bill on Tuesday aimed at accelerating the permitting process for oil, gas, renewables, mineral extraction, and power transmission projects to address domestic energy security. The Democratic Senator of coal and natural gas-producing West Virginia has been working for months to garner support from both sides of the aisle for a permitting reform that would shorten the timelines for permitting all types of American energy and mineral infrastructure without bypassing environmental laws or community input.   …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Senator-Manchin-Floats-New-Bill-To-Speed-Up-Permitting-For-Energy-Projects.html

Diamondback Energy Misses Q1 Forecasts As Oil Prices Slide

Diamondback Energy (NASDAQ: FANG) booked lower-than-expected revenues and earnings for the first quarter on the back of lower commodity prices. The U.S. shale producer reported adjusted net income of $751 million, or $4.10 per diluted share, for the first quarter, below the Zacks consensus estimate of $4.36 per share earnings.   For the first quarter of last year, Diamondback booked an adjusted net income of $929 million, or $5.20 per diluted share. Revenues for Q1 2023 slid to $1.9 billion, from $2.4 billion for the same period a year ago,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Diamondback-Energy-Q1-Misses-Forecasts-As-Oil-Prices-Slide.html

BP Beats Q1 Profit Forecast With “Exceptional” Oil And Gas Trading

Despite falling oil and gas prices, BP on Tuesday reported $5 billion in profits for the first quarter, higher than the earnings for the fourth quarter of 2022 and above consensus estimates, thanks to what it described as “exceptional” gas trading and “a very strong oil trading result.” Underlying replacement cost profit – BP’s metric closest to net profit – was $4.963 billion for the first quarter of 2023, up from $4.807 billion for the fourth quarter of 2022, but down from the $6.245 billion for the first…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Beats-Q1-Profit-Forecast-With-Exceptional-Oil-And-Gas-Trading.html

Weak U.S. Diesel Demand Intensifies Recession Fears

Diesel demand in the United States has been falling in recent months, also reflected in declining wholesale and retail diesel prices, pointing to a slowdown in industrial and freight activities and intensifying fears of a recession in the world’s largest economy.   Major U.S. transportation and logistics companies missed Wall Street forecasts in their Q1 earnings and flagged a “freight recession” last week. “To start, we’re in a challenging freight environment where there is deflationary price pressure for an industry…

Read more at: https://oilprice.com/Energy/Energy-General/Weak-US-Diesel-Demand-Intensifies-Recession-Fears.html

Dow tumbles more than 300 points as banking sector worries reignite before Fed rate decision: Live updates

Stocks fell sharply Tuesday, led lower by declines in bank shares, as traders braced for the latest Federal Reserve policy announcement.

Read more at: https://www.cnbc.com/2023/05/01/stock-market-today-live-updates.html

Ford Motor earnings are out — here are the numbers

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

Read more at: https://www.cnbc.com/2023/05/02/ford-motor-f-earnings-q1-2023.html

PacWest falls more than 20% as regional bank stocks slide to new lows

Regional bank stocks saw their losses for the week deepen as investors digest the failure of First Republic.

Read more at: https://www.cnbc.com/2023/05/02/pacwest-falls-30percent-as-regional-banks-stocks-slide-to-new-lows.html

Starbucks earnings beat as China reverses same-store sales declines

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

Read more at: https://www.cnbc.com/2023/05/02/starbucks-sbux-earnings-q2-2023-earnings.html

Barclays downgrades a string of retail stocks as its hopes for a V-shaped recovery fade

Many retailers had expected sales in the first half of this year to be weak, followed by a pickup in the second half. Barclays says this is less likely.

Read more at: https://www.cnbc.com/2023/05/02/barclays-cuts-a-host-of-retail-stocks-as-hopes-for-a-bounceback-fade.html

Chegg shares drop more than 40% after company says ChatGPT is killing its business

Chegg beat first-quarter expectations on the top and bottom lines but issued a weak second-quarter revenue outlook.

Read more at: https://www.cnbc.com/2023/05/02/chegg-drops-more-than-40percent-after-saying-chatgpt-is-killing-its-business.html

Drugs, guns and crypto seized, 288 arrested, in ‘unprecedented’ dark web crackdown

Operation SpecTor took down the darknet site Monopoly Market and resulted in the arrests of 288 suspects who sold drugs and other goods for crypto.

Read more at: https://www.cnbc.com/2023/05/02/operation-spector-288-arrests-made-in-international-drug-takedown.html

Ukraine war live updates: Putin warned of arrest if he attends summit; Kremlin rejects U.S. claim of 100,000 Russian casualties

The White House estimated that Russia’s military suffered 100,000 casualties in the last five months of fighting in the area around Bakhmut and other areas.

Read more at: https://www.cnbc.com/2023/05/02/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Joe Biden to attend $25,000 per person fundraiser during NYC campaign cash blitz

Joe Biden set to be hosted by former Blackstone executive Tony James for a lucrative campaign fundraising event.

Read more at: https://www.cnbc.com/2023/05/02/joe-biden-to-attend-2024-campaign-fundraiser-hosted-by-tony-james.html

Job openings fell more than expected in March to lowest level in nearly two years

The JOLTS report showed that job vacancies totaled 9.59 million for the month, down from 9.97 million in February.

Read more at: https://www.cnbc.com/2023/05/02/jolts-march-2023-.html

No, the IRS still isn’t hiring an ‘army’ of armed auditors—here’s how the agency is actually spending $80 billion

The IRS clarified how it plans to spend $80 billion in funding from the Inflation Reduction Act. Republicans how to erase the new funding altogether.

Read more at: https://www.cnbc.com/2023/05/02/no-the-irs-still-isnt-hiring-an-army-of-armed-auditors.html

That simple ‘hi’ text from a stranger could be the start of a scam that ends up costing you millions

“Pig butchering” operations run out of Asia but target victims globally, with scammers promising love and wealth to get their victims to invest their fortunes.

Read more at: https://www.cnbc.com/2023/05/02/pig-butchering-scammers-make-billions-convincing-victims-of-love.html

ATF broke the law by paying agents millions in wrongful benefits, watchdog tells Biden

Nearly 110 ATF employees who worked in non-law-enforcement positions received pay that only law-enforcement posts were entitled to, a report said.

Read more at: https://www.cnbc.com/2023/05/02/atf-broke-law-with-agents-pay-biden-told-in-letter-from-watchdog.html

“We’ve Never Seen Such A Dramatic Shift”: Bud Light Hopes New Ad Blitz Can Overcome Corporate Suicide

Bud Light parent company Anheuser-Busch is desperately scrambling to rehabilitate their image following corporate suicide over a transgender ad campaign featuring TikTok influencer Dylan Mulvaney.

In order to make amends with distributors after off-site sales fell 26.1% in the week ending April 22 vs. one year ago, the company has pledged to boost marketing spending on Bud Light and accelerate production of a new slate of ads, according to the Wall Street Journal, which adds that Anheuser-Busch will give a ‘case of Bud Light to every employee’ of a wholesaler.

Bud Light sales down 26.1% vs last year in the week ending April 22nd. 📉

Sales of the beer plummeted vs last year due to the ongoin …

Read more at: https://www.zerohedge.com/political/weve-never-seen-such-dramatic-shift-bud-light-hopes-new-ad-blitz-can-overcome-corporate

Taiwan Leader Provokes China By Meeting With Uber-Hawk John Bolton

Authored by Kyle Anzalone via The Libertarian Institute,

Former American national security adviser John Bolton completed a week-long tour of Taiwan by meeting President Tsai Ing-wen. During the meeting, Tsai claimed Taiwan was on the frontline in the fight for democracy and, as such, Taipei needs stronger ties with like-minded nations.

According to a press release from Tsai’s office she said, “As Taiwan stands on the frontline of the defense of democracy, she said that we are not only determined but also well prepared to protect our homeland.” The statement continued, “…further stating that Taiwan is willing to deepen cooperation with the United States and all other like-minded partners to jointly safeguard peace and stability across the Taiwan Strait as well as the values of freedom and democracy.”

Read more at: https://www.zerohedge.com/geopolitical/taiwan-leader-provokes-china-meeting-uber-hawk-john-bolton

Rickards: Fed’s Looking In Wrong Direction

Authored by James Rickards via DailyReckoning.com,

What’s the situation with the economy? The short answer is not good. Here’s why…

There are literally hundreds of economic indicators either as hard data or sentiment surveys released daily. It’s impossible for any analyst to keep up with all of them.

But with computers, natural language processing and charts, it is possible to follow broad trends. The key for any good analyst is to settle on a subset of data that has the greatest predictive power and a long track record of getting things right.

It’s equally important to know whether indicators are leading, concurrent or lagging.

A lagging indicator may be a measure of how bad things are, but it comes too late to do anything to stop the bad turn. By the time you see it, a recession has already begun.

Concurrent indicators are useful as validation of what leading indicators have been saying, but they don’t put you ahead of the curve.

Clearly, the most valuable indicators are leading indicators — signals that arise six months and sometimes a full year before trouble arrives. Those are the ones to watch most carefully if you want to be prepared in advance.

The Fed Lags BehindFor reasons that are not clear, the Federal Reserve is obsessed with lagging indicators. This partly explains why they always get policy wrong. They tighten monetary policy after recessions have already begun, making the recession …

Read more at: https://www.zerohedge.com/economics/rickards-feds-looking-wrong-direction

Peter Schiff: Joe Biden Is Rewarding People With Bad Credit

Via SchiffGold.com,

On May 1, new Federal Housing Finance Agency (FHFA) rules went into effect that will allow borrowers with lower credit ratings to qualify for better mortgage rates than they otherwise would have. Meanwhile, borrowers with better credit ratings will pay higher fees to subsidize the program. Peter Schiff recently appeared on Real America with Dan Ball to talk about the new rules.

Experts say a person with a credit score over 680 could pay an extra $40 to $70 per month.

When the news came out, Peter Schiff tweeted, “Just when you thought the Joe Biden administration couldn’t get any dumber, it does this. It’s a perfect example of why government shouldn’t have any involvement in the housing market and why the FHA, Fannie Mae and Freddie Mack should all be abolished.”

Dan said he’s about ready to buy a home and he’ll be punished i …

Read more at: https://www.zerohedge.com/political/peter-schiff-joe-biden-rewarding-people-bad-credit

Tinder swipes left on Russia a year after invasion

The owner of the dating app follows other global brands that cut ties in 2022.

Read more at: https://www.bbc.co.uk/news/business-65457098?at_medium=RSS&at_campaign=KARANGA

Banks: Is this a banking crisis – how worried should I be?

Another troubled US bank has been taken over, but your money is safe, say regulators.

Read more at: https://www.bbc.co.uk/news/business-64951630?at_medium=RSS&at_campaign=KARANGA

Bumper BP profits of £4bn in three months spark criticism

Strong profits lead to renewed calls for energy firms to pay more tax, with households facing high bills.

Read more at: https://www.bbc.co.uk/news/business-65453952?at_medium=RSS&at_campaign=KARANGA

IndoStar Capital Finance promoters to sell 14.2% stake via OFS; floor price at 20% discount

Under the OFS, promoters Indostar Capital and Everstone Capital Partners will offload about 1.93 crore equity shares with a floor price fixed at Rs 95 per unit, a 20% discount from the last closed price of Rs 120. On May 4, the OFS will be available for retail investors, whilst non-retail investors who have placed their bids on ‘T Day’ may carry forward any un-allotted to T+1 day.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/indostar-capital-finance-promoters-to-sell-14-2-stake-via-ofs-floor-price-at-20-discount/articleshow/99938556.cms

Learn with ETMarkets | Direct equity vs equity funds: 4 key differences

​Before kickstarting your investment journey, here are four key differences that you must know.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/learn-with-etmarkets-direct-equity-vs-equity-funds-4-key-differences/articleshow/99927816.cms

Tech View: Nifty supports shifting higher after 6 days of rally. What traders should do on Wednesday

The Nifty formed a small bodied bullish candle with minor shadows, indicating that bulls are getting fatigued after the recent rally, according to chartists. The index has been making higher highs in the last six trading sessions, and supports are gradually moving up. The index must hold above 18,081 zones to witness a rise toward 18,250 and 18,300 zones while supports are placed at 18,081 and 17,887 marks. Option data suggests a broader trading range between 17,700 and 18,500 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-supports-shifting-higher-after-6-days-of-rally-what-traders-should-do-on-wednesday/articleshow/99936457.cms

Washington Watch: Debt-ceiling standoff: Here’s what’s next, as U.S. faces potential default on June 1

A divided Washington is making a little progress in raising the ceiling, but the endgame still isn’t clear.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E2-7C0DAC78E16D%7D&siteid=rss&rss=1

Market Extra: Why the stock market can’t break through the 4,200 ceiling on the S&P 500

For roughly a year, the 4,200 level on the S&P 500 has proven to be an almost-impenetrable barrier for U.S. stocks.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E8-0487D8DA0DAE%7D&siteid=rss&rss=1

Crypto: Why meme coins are trending again

Over the weekend, a meme coin called Pepe Coin rallied over 200%. On Monday, another meme coin called Wall Street Baby surged over 300% in price.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E8-2005BE90BB4E%7D&siteid=rss&rss=1