Biden Is Losing Young Climate-Conscious Voters

Authored by Rick Whitbeck via RealClear Wire,   Now that President Biden has made his 2024 run official, he has plenty of work to do if he hopes to shore up his lagging support among key constituencies. According to a recent NBC News survey, a full 70 percent of Americans do not want the President to run again. One demographic to watch is younger voters, who backed Biden by a wide 61-36 margin in 2020.  Younger Americans are exceptionally aggressive and vocal on climate policies. Nearly two-thirds (62%), support phasing out fossil fuels…

Read more at: https://oilprice.com/Energy/Energy-General/Biden-Is-Losing-Young-Climate-Conscious-Voters.html

TotalEnergies To Launch $27 Billion Energy Project In Iraq This Month

French oil and gas multinational TotalEnergies (NYSE:TTE) has finally reached an agreement with the government of Iraq to start a long-delayed $27 billion energy project in two weeks, Iraq’s oil minister Hayan Abdel-Ghani said on Wednesday.  The two parties first struck the deal back in 2021 that would see Total build four oil, gas, and renewables projects in southern Iraq over 25 years with an initial investment of $10 billion. Unfortunately, the giant project was shelved amid disputes and squabbling between Iraqi politicians over the terms…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-To-Launch-27-Billion-Energy-Project-In-Iraq-This-Month.html

Rare Earth Metals See Prices Plunge

By Jennifer Kary via AGMetalminer.com The Rare Earths MMI (Monthly Metals Index) suffered yet another significant drop month-over-month. Overall, the index fell 15.81%. These massive drops in prices are the result of several factors. One of the biggest culprits is rising supply and falling demand. Prices for rare earth metals have also decreased due to new mining initiatives cropping up globally. While some parts of the MetalMiner rare earths index traded sideways month-over-month, most components fell, pulling the overall index down sharply.China…

Read more at: https://oilprice.com/Energy/Energy-General/Rare-Earth-Metals-See-Prices-Plunge.html

European Oil Giants Beat Energy Traders At Their Own Game In 2022

Europe’s oil giants saw their trading arms rake in some $37 billion in pre-tax earnings last year, overtaking the estimated $34 billion made by the world’s largest energy traders, with soaring profits attributed to the events since Russia invaded Ukraine.  According to data from Bernstein Research cited by The Financial Times, Shell generated $16 billion in pre-tax earnings from its energy trading arm, while TotalEnergies took in $11.5 billion and BP earned $8.4 billion.  These figures compare to Vitol’s record energy…

Read more at: https://oilprice.com/Energy/Energy-General/European-Oil-Giants-Beat-Energy-Traders-At-Their-Own-Game-In-2022.html

Oil Exporters In The Middle East To See Economic Growth Slow

Economic growth in the oil exporters in the Middle East and North Africa will shift from oil to the non-oil sectors due to lower crude production as part of the OPEC+ agreement, the International Monetary Fund (IMF) said in its latest regional outlook published on Wednesday. Economic growth is set to moderate in oil-exporting countries in the Middle East – which are some of the world’s biggest oil exporters, including top crude exporter Saudi Arabia – according to the IMF. That’s due to the OPEC+ cuts decided late last year,…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Exporters-In-The-Middle-East-To-See-Economic-Growth-Slow.html

Oil Prices Crash As Demand Fears Mount

Oil prices crashed in Wednesday’s session, marking the second day of declines ahead of a likely 25-basis point rate hike by the Federal Reserve as well as growing anxiety over the prospect of a recession amid questions about the health of U.S regional banks. WTI June contract slipped 5.1% to $68.29 per barrel while Brent for June settlement was 4.7% lower to $71.80, the lowest level in more than a year. The current crash closely mirrors the March decline when the banking crisis first unfolded, suggesting the markets are getting concerned…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Crash-As-Demand-Fears-Mount.html

Iraq And Turkey Yet To Reach Deal On Restarting Kurdistan Oil Exports

Iraq and Turkey have not reached an agreement yet on the resumption of crude oil exports out of the semi-autonomous Iraqi region of Kurdistan from the Turkish port of Ceyhan, Iraq’s Oil Minister Ihsan Abdul Jabbar Ismaael was quoted as saying on Wednesday.   Kurdistan’s exports of crude oil have been shut for more than a month now, weeks after the federal government of Iraq and the region of Kurdistan reached an agreement in early April to resume exports via an Iraq-Turkey pipeline and the port of Ceyhan on the Mediterranean.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-And-Turkey-Yet-To-Reach-Deal-On-Restarting-Kurdistan-Oil-Exports.html

Iran Seizes Second Oil Tanker In Arabian Gulf

A commercial oil tanker was seized by Iran in the Strait of Hormuz on Wednesday in the second such merchant vessel seizure by the Islamic Republic in waters in the Arabian Gulf in less than a week. Iran’s Islamic Revolutionary Guard Corps Navy (IRGCN) seized early on Wednesday local time the Panama-flagged oil tanker Niovi, the U.S. Navy said today. The tanker was seized while transiting the Strait of Hormuz, the world’s most important oil transit chokepoint between Oman and Iran that connects the Persian Gulf with…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Iran-Seizes-Second-Oil-Tanker-In-Arabian-Gulf.html

EIA Inventory Report Fails To Arrest Oil Price Slide

Crude oil prices continued lower after the Energy Information Administration reported yet another weekly inventory draw on crude oil inventories. The report came a day after the American Petroleum Institute estimated inventories had shrunk by almost 4 million barrels in the week to April 28. The EIA estimated inventories had shed 1.3 million barrels in the period, which compares with a draw of 5.1 million barrels for the previous week. Whatever the size of the draw, it was unlikely to move prices, however, as worry about the…

Read more at: https://oilprice.com/Energy/Oil-Prices/EIA-Inventory-Report-Fails-To-Arrest-Oil-Price-Slide.html

Phillips 66 Trumps Earnings Estimates As Refining Margins Rise

One of the top U.S. refiners, Phillips 66 (NYSE: PSX), reported higher-than-expected earnings for the first quarter amid solid demand and lower crude oil feedstock. Phillips 66 booked adjusted earnings of $2.0 billion, or $4.21 per share, in the first quarter, compared with fourth-quarter adjusted earnings of $1.9 billion. Adjusted EPS beat the Wall Street consensus of $3.56 compiled by the Wall Street Journal. “In Refining, we ran above industry-average crude utilization, successfully executed major turnarounds and increased market capture…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Phillips-66-Trumps-Earnings-Estimates-As-Refining-Margins-Rise.html

IMF: Saudi Arabia Needs Oil Prices At $80.90 To Balance Budget

Saudi Arabia needs oil prices at $80.90 per barrel to balance its budget this year, the International Monetary Fund (IMF) said on Wednesday in its latest economic projections for the Middle East and Central Asia. The breakeven price for the world’s largest crude oil exporter for 2023 is estimated to be lower than the $83.60 and $85.80 a barrel levels of 2021 and 2022, respectively, but higher than the $80.40 breakeven average for the two decades to 2019. Economic growth in OPEC’s de facto leader is set to materially slow down from 8.7% last year…

Read more at: https://oilprice.com/Energy/Energy-General/IMF-Saudi-Arabia-Needs-Oil-Prices-At-8090-To-Balance-Budget.html

Norway Set To Accelerate Arctic Oil And Gas Drilling

Companies operating in the Norwegian Continental Shelf are planning for more drilling in the Arctic areas in the Barents Sea, encouraged by Norway’s government which wants more oil and gas discoveries to boost energy security and help European partners with energy supply. At a conference on the Barents Sea in Hammerfest last week, Norway’s Petroleum and Energy Minister Terje Aasland called on oil and gas companies to fulfill their “social responsibility” and “leave no stone unturned” to find more natural gas…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norway-Set-To-Accelerate-Arctic-Oil-And-Gas-Drilling.html

Albemarle Plans To Boost Lithium Capacity In Australia

The world’s largest lithium producer Albemarle has announced plans to expand a lithium processing facility in Australia, boosting its production capacity twofold to 100,000 tons of lithium hydroxide annually. “Our decision to expand was driven by our confidence in future demand and allows us to offer customers additional supply from Greenbushes, well known as one of the world’s best lithium mines,” chief executive Ken Masters said, as quoted by the Wall Street Journal. According to the company, annual production of 100,000 tons of lithium…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Albemarle-Plans-To-Boost-Lithium-Capacity-In-Australia.html

Oil Price Rout Sends Ripples Across Related Industries

Oil prices are down despite OPEC+ production cuts and the war in Ukraine because of growing economic worries focused on the U.S. and China. But this is no longer affecting traders only. The rout is spreading to related industries, including tanker owners, who are witnessing their stocks dive. “We believe the market will more heavily discount energy exposed companies, including tanker owners, based on current downside demand risks and negative macroeconomic sentiment,” Deutsche Bank shipping analyst Chris Robertson said this week as…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Price-Rout-Sends-Ripples-Across-Related-Industries.html

Why Shale Frackers Should Be In A Strong Position In 2023

Last December I published an article on Oilprice discussing why I thought land drilling contractors would start to rally after the first of the year. It turned out I was a bit early in my thesis and both of the companies I highlighted in the article, Patterson-UTI Energy, (NYSE:PTEN), and Helmerich & Payne, (NYSE:HP) have both fallen about 60% from where I thought they were attractively priced. At this point, I will quote Dr. Niels Bohr who once famously said, “Predicting is very difficult, especially when it is about the future.”…

Read more at: https://oilprice.com/Energy/Energy-General/Why-Shale-Drillers-Should-Be-In-A-Strong-Position-In-2023.html

Fed recap: Here are Chair Powell’s market-moving comments after the latest rate hike

The Federal Reserve will announce its decision on interest rates Wednesday afternoon. Investors expect a 25 basis point rate hike.

Read more at: https://www.cnbc.com/2023/05/03/live-updates-fed-decision-may-2023.html

Dow closes more than 250 points lower Wednesday after Fed hikes rates for a 10th time: Live updates

The central bank signaled it could pause rate hikes through a change in its statement.

Read more at: https://www.cnbc.com/2023/05/02/stock-market-today-live-updates.html

The market is looking for the next ‘domino’ to fall, keeping banks under pressure

The sharp selloff in regional banks sparked by the March failure of Silicon Valley Bank resumed Tuesday, catching Wall Street analysts and investors off guard.

Read more at: https://www.cnbc.com/2023/05/03/regional-banks-market-looking-for-next-domino-to-fall.html

Apple expected to announce $90 billion in buybacks and dividends when it reports earnings

Regardless of its quarterly results, Apple will remind investors of how much cash it generates and its extreme profitability.

Read more at: https://www.cnbc.com/2023/05/03/apple-q2-2023-earnings-preview-90-billion-in-buybacks-expected.html

Apple’s profit report is the market’s next big test now. JPMorgan breaks down whether it can deliver

With the Federal Reserve’s rate decision now in the rear view mirror, the next major test for markets will come from Apple earnings.

Read more at: https://www.cnbc.com/2023/05/03/apples-profit-report-may-be-the-markets-next-big-test-jpmorgan-says.html

Private payrolls surged by 296,000 in April, much higher than expected, ADP says

Private payrolls growth was above the downwardly revised 142,000 the previous month and well ahead of the Dow Jones estimate for 133,000.

Read more at: https://www.cnbc.com/2023/05/03/adp-jobs-report-april-2023.html

UAW withholding Biden re-election endorsement until EV concerns are addressed

UAW President Shawn Fain says the union wants a “just transition” for workers, as the government uses taxpayer money to subsidize the EV industry.

Read more at: https://www.cnbc.com/2023/05/03/uaw-withholding-biden-re-election-endorsement-over-ev-transition.html

Ether rises after Fed raises rates, and the White House pushes crypto mining tax: 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, Justin Chapman, global head of digital assets and financial markets at Northern Trust and Elliot Han, head of crypto, blockchain and digital assets investment banking at Cantor Fitzgerald, discuss the future of tokenization on Wall Street from Digital Assets Week in San Francisco.

Read more at: https://www.cnbc.com/video/2023/05/03/ether-rises-fed-white-house-pushes-crypto-mining-tax-cnbc-crypto-world.html

Trump lawyers will not offer witnesses at E. Jean Carroll rape defamation trial

Donald Trump denies claims he raped the writer E. Jean Carroll in the dressing room of the New York City department store Bergdorf Goodman in the mid-1990s.

Read more at: https://www.cnbc.com/2023/05/03/trump-no-witnesses-e-jean-carroll-rape-trial.html

FDA approves GSK’s RSV vaccine for older adults, world’s first shot against virus

The FDA’s approval is a victory for GSK in a race against Pfizer and Moderna to bring a shot that targets respiratory syncytial virus to the market.

Read more at: https://www.cnbc.com/2023/05/03/rsv-vaccine-fda-approves-gsk-shot-for-older-adults.html

Olive Garden owner Darden Restaurants buys Ruth’s Chris Steak House for $715 million

Ruth’s Chris Steak House has more than 150 locations worldwide and generated $505.9 million in revenue in 2022.

Read more at: https://www.cnbc.com/2023/05/03/olive-garden-owner-darden-restaurants-buys-ruths-chris-steak-house.html

Here’s how the Federal Reserve’s latest quarter-point interest rate hike impacts your money

When the Federal Reserve boosts its benchmark rate, everything from credit cards to savings accounts can be affected.

Read more at: https://www.cnbc.com/2023/05/03/how-a-federal-reserve-25-basis-point-interest-rate-hike-impacts-you.html

Deposition of JPMorgan CEO Dimon in Jeffrey Epstein lawsuit set for late May, source says

Jeffrey Epstein, a sex offender who had been friends with Donald Trump and Bill Clinton, was a customer of JPMorgan Chase for years.

Read more at: https://www.cnbc.com/2023/05/03/deposition-of-jpmorgan-ceo-dimon-in-jeffrey-epstein-lawsuit-set-for-late-may-sources-say.html

The Path To Full Stagflation

Authored by Peter Earle via The American Institute for Economic Research,

In an article last week, I referred to the combination of rapidly slowing US economic growth and persistently high inflation as “stagflation lite.” Despite receding from the highs of last summer, inflation remains near its highest levels in decades as disinflation (particularly in services) has recently slowed to a crawl.

Meanwhile, US economic growth has been on a downward trajectory over the past few years, including a brief recession in the middle two quarters of 2022.

What’s currently missing from the full stagflationary scenario is elevated unemployment. The Bureau of Labor Statistics reported the U-3 US unemployment rate as …

Read more at: https://www.zerohedge.com/economics/path-full-stagflation

Joe Biden ‘Engaged In A Bribery Scheme With A Foreign National’: FBI Internal Document Alleges

President Joe Biden allegedly participated in “a criminal scheme” to exchange money for policy decisions, according to Sen. Chuck Grassley (R-IA) and Rep. James Comer (R-KY), citing an internal FBI document they say contains evidence of the alleged bribery which took place when Biden was Vice President.

“We have received legally protected and highly credible unclassified whistleblower disclosures, ” reads a Wednesday letter addressed to Attorney General Merrick Garland and FBI Director Christopher Wray. “It has come to our attention that the Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) possess an unclassified FD-1023 form that describes an alleged criminal scheme involving then-Vice President Biden and a foreign national relating to the exchange of money for policy decisions. It has been alleged that the document includes a precise description of how the alleged criminal scheme was employed as well as its purpose.”

Read more at: https://www.zerohedge.com/political/joe-biden-engaged-bribery-scheme-foreign-national-fbi-internal-document-alleges

Watch Live: Fed Chair Powell Attempt To Explain If The Pause Is Hawkish Or Dovish

“One and done”?

The Fed statement was a hawkish pause – signaling “some additional policy firming may be appropriate” as opposed to “some additional policy easing may be appropriate.”

Can Fed Chair Powell walk the high-wire again – justifying a ‘pause’ with inflation so high and unemployment so low without spreading fear about the banking system crisis being worse than we know (remember they have seen the latest SLOOS data).

Bear in mind that the market is now massively (and dovishly) divergent from The Fed’s dot-plots for the end of this year and next year… How will Powell explain that ‘higher for longer’ compared to the market’s belief that cuts are coming fast and many…

Read more at: https://www.zerohedge.com/markets/watch-live-fed-chair-powell-attempt-pitch-dovish-hike

Fed Hikes 25bps As Expected, Signals ‘Hawkish Pause’; Warns Of ‘Tighter Credit Standards’

Fed raises rates by 25 bps as expected.

Policy statement softens the rate guidance in a way consistent with past pauses and The Fed deletes reference to “some additional policy firming may be appropriate.”

A clear hat-tip to the banking crisis:

“Recent development are likely to result in tighter credit conditions” removed and replaced with “Tighter credit conditions”

The decision was unanimous.

As WSJ Fed Whisperer Nick Timiraos notes: “The FOMC statement used language broadly similar to how officials concluded their interest-rate increases in 2006, with no explicit promise of a pause by retaining a bias to tighten.”

This is clearly more of a hawkish pause since it doesn’t suggest whether ‘policy easing’ may be appropriate…

Read more at: https://www.zerohedge.com/markets/fomc-7

Fed raises US interest rates to highest in 16 years

The US central bank announces its tenth rate rise, while signaling it may be the last increase for now.

Read more at: https://www.bbc.co.uk/news/business-65474456?at_medium=RSS&at_campaign=KARANGA

UK to ban all cold calls selling financial products

It comes as part of a wider crackdown on scams that affect millions of people each year.

Read more at: https://www.bbc.co.uk/news/business-65466653?at_medium=RSS&at_campaign=KARANGA

Bank closures prompt calls for High Street hubs

Spaces shared by several different lenders could help communities that have seen all their branches close.

Read more at: https://www.bbc.co.uk/news/business-65457428?at_medium=RSS&at_campaign=KARANGA

​Fall from grace! Tesla loses most in April among top 20 global companies​

​Among the top 20 global companies by market cap, Tesla Inc was the biggest loser in April​

Read more at: https://economictimes.indiatimes.com/markets/web-stories/fall-from-grace-tesla-loses-most-in-april-among-top-20-global-companies/articleshow/99959656.cms

Tech View: Nifty forms red-bodied candle. What should traders do on Thursday expiry

Present minor weakness or consolidation movement could end up with the formation of another higher bottom at the lows. Hence, the present weakness with range movement could be a buy-on-dips opportunity, said Nagaraj Shetti, Technical Research Analyst, HDFC Securitie

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-red-bodied-candle-what-should-traders-do-on-thursday-expiry/articleshow/99963061.cms

Nexus Select Trust REIT IPO: 10 things to know about the first retail asset offering in India

India’s first retail asset offering, Nexus Select Trust, will launch its IPO on May 9, closing on May 11, with a price band for its initial shares of between INR 95-100 ($1.28-$1.35). The company, which has 17 high-quality mall assets in 14 cities across India with a total leasable area of 9.2 million sq ft, is the country’s largest mall platform. The IPO comprises a fresh issue of shares worth INR 1,400 crore and a sale of existing shares of up to INR 1,800 crore.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/nexus-select-trust-reit-ipo-10-things-to-know-about-the-first-retail-asset-offering-in-india/articleshow/99959537.cms

Fed’s Powell says U.S. banking system is ‘sound and resilient’ after First Republic failure

Federal Chairman Jerome Powell attempted to reassure Americans that the U.S. banking system remains stable following the failure of First Republic Bank

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E9-D227C43AA1C7%7D&siteid=rss&rss=1

Earnings Outlook: Apple is about to rain billions more on investors as cash position shrinks

It’s time once again for Apple Inc.’s annual cash bonanza.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E8-1EFEDBEA4FF3%7D&siteid=rss&rss=1

Crypto: LeBron James pictured wearing $791 Nike sneakers that are only available via an NFT. Here’s how that works.

LeBron James, who plays for the Lakers, was wearing Nike sneakers that are only available through an NFT.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71E9-ED29F9C3B54C%7D&siteid=rss&rss=1