U.S. Gasoline Prices Dip Again

The U.S. average gasoline price has fallen for the third week in a row, falling another 7.5 cents per gallon from a week ago, according to GasBuddy data. U.S. gasoline prices were at $3.50 per gallon on average yesterday, according to Gas Buddy. That’s 7.5 cents per gallon lower than a month ago and 80.7 cents per gallon less than the year-ago levels. Diesel prices have also fallen—by 6.3 cents in the last week to $4.01 per gallon, and down $1.51 per gallon compared to a year ago. “For the third straight week, consumers have been…

Read more at: https://oilprice.com/Energy/Energy-General/US-Gasoline-Prices-Dip-Again.html

14,000 Inactive Oil & Gas Wells In U.S. Unplugged

A study published in Nature Energy on Monday has revealed that the U.S. Oil Patch is home to tens of thousands of inactive offshore oil and gas wells that remain unplugged, posing the risk of possible leaks into the ocean.  The study estimates that whereas plugging and abandoning these wells could minimize their environmental risk, the exercise would cost the industry a hefty $30 billion. There are more inactive, non-producing wells in the Gulf of Mexico coastal waters in Louisiana, Texas and Alabama that have not been plugged and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/14000-Inactive-Oil-Gas-Wells-In-US-Unplugged.html

Teck Changes Proposal To Separate Metal And Coal Business

By AGMetalminer.com Canadian mining group Teck Resources recently withdrew its proposal to separate its metals and coal companies into two separate assets. The Vancouver-headquartered company announced its plans not to proceed with a vote to divide the business into two separate companies, Teck Resources and Elk Valley Resources, at its April 26 annual and special shareholders meeting. “We received very strong support from shareholders for the goal of separation, which is to unlock value through creation of a premier, pure-play base metals…

Read more at: https://oilprice.com/Metals/Commodities/Teck-Changes-Proposal-To-Separate-Metal-And-Coal-Business.html

An Oil Expert Explains U.S. Energy Independence To TikTok

A friend informed me that my previous article on energy independence was mentioned in a TikTok video. As I write this, the video has over 160,000 views and more than 2,000 comments — some of which were a sight to behold. In today’s article, I want to address some of the comments, as well as some email correspondence I received about the article. Let me first say that many of the comments could be answered by simply reading the article. But let’s dive right in. I Don’t Believe It One comment that showed up frequently —…

Read more at: https://oilprice.com/Energy/Energy-General/An-Oil-Expert-Explains-US-Energy-Independence-To-TikTok.html

EU Looks To Extend Trade Restrictions On Companies Aiding Russia

The European Commission has proposed to EU member states to consider trade restrictions on companies from China, Hong Kong, the UAE, Uzbekistan, and Armenia which are thought to be helping Russia obtain technology for its military and industrial complex, Bloomberg reported on Monday, quoting draft proposals it had seen.    The Commission is targeting companies considered to be “directly supporting Russia’s military and industrial complex in its war of aggression against Ukraine,” according to a document Bloomberg has…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Looks-To-Extend-Trade-Restrictions-On-Companies-Aiding-Russia.html

Alberta Wildfires Take 145,000 Bpd Of Oil Off Market

The Canadian energy sector is reeling after the shutting in of at least 145,000 of oil equivalent per day (boepd) in the oil-rich province of Alberta due to wildfires. The unprecedented fires have forced tens of thousands of Albertans  to evacuate their homes. More than half a dozen Canadian oil and gas companies including Paramount Resources (OTCPK:PRMRF), Crescent Point Energy Corp. (NYSE:CPG), Vermilion Energy Inc. (NYSE:VET), Pipestone Energy Corp. (OTCPK:BKBEF), Kiwetinohk Energy…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Alberta-Wildfires-Take-145000-Bpd-Of-Oil-Off-Market.html

Oil Gains Nearly 2% After ‘Overblown’ Selloff

Brent crude oil was up nearly 2% on Monday, largely driven by the easing of economic slowdown fears in the U.S.At 10:39 a.m. EST on Monday, Brent was trading up 1.62% at $76.52, for a $1.22 gain on the day, while West Texas Intermediate (WTI) was trading up 1.95% at $72.73, for a $1.39 gain on the day. Last week, while Brent was up on Friday, the crude benchmark shed over 5% and WTI shed over 7% on the week, hitting their lowest levels since Q4 2021. Friday also marked three straight weeks of price slides.  Driving bearish sentiment in markets…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Gains-Nearly-2-After-Overblown-Selloff.html

European Natural Gas Prices Continue To Drop

Europe’s benchmark natural gas prices extended losses on Monday and began a sixth week of declines amid comfortable inventories and tepid gas demand in Europe and Asia.  The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, fell to $40 (36.25 euros) per megawatt-hour (MWh) as of 1:08 p.m. GMT on Monday. Prices have now halved since the beginning of the year after a milder winter, which left European gas inventories at the end of the 2022/2023 heating season well above the five-year average.  As of…

Read more at: https://oilprice.com/Energy/Gas-Prices/European-Natural-Gas-Prices-Continue-To-Drop.html

Buffett Will Not Seek Control Of Occidental Petroleum

Warren Buffett’s Berkshire Hathaway will not be seeking full control of Occidental Petroleum (NYSE:OXY) despite having amassed a stake of over 23%, the Omaha investor said at Berkshire’s annual shareholder meeting this weekend.   Shares in Oxy dropped in pre-market trade in New York on Monday after Buffett rebuffed speculation that he would seek control of the oil company. “We don’t know where the price of oil will be, but we like Occidental’s position in the Permian,” Buffett told Berkshire Hathaway’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Buffett-Will-Not-Seek-Control-Of-Occidental-Petroleum.html

Central Banks All Over The World Are Scrambling To Buy Gold

It may not be the off the charts gold buying observed in the second half of 2022, but central bank Central bank gold buying made a blistering start to 2023 when according to the latest report from the World Gold Council, demand for the hard currency by the world’s money-printing authorities reached 228 tonnes in Q1, a 176% increase compared to the 82.7 tonnes one year ago. While lower than the figures seen in the previous two quarters this was nonetheless the strongest first quarter on record. According to the WGC, “this is all the…

Read more at: https://oilprice.com/Metals/Gold/Central-Banks-All-Over-The-World-Are-Scrambling-To-Buy-Gold.html

Nigeria To Finally Commission Huge 650,000 Bpd Oil Refinery

After years of delays and massive cost overruns, Nigeria is set to finally see a 650,000 barrels per day (bpd) oil refinery commissioned later this month. The Dangote Refinery, built by the group of the same name of Africa’s richest person, Aliko Dangote, is expected to be inaugurated by Nigeria’s outgoing President Muhammadu Buhari on May 22, Nigerian outlet THISDAY reported on Sunday, quoting a source at the refinery.   Construction at the refinery has been completed, and tests are being carried out, the source told THISDAY.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-To-Finally-Commission-Huge-650000-Bpd-Oil-Refinery.html

Recession Fears Halt The Rally In U.S. Oil Stocks

Despite another strong set of quarterly profits reported over the past two weeks, the oil and gas sector has underperformed the broader market this year as commodity prices have dropped and fears of a recession have intensified.   The energy sector in the S&P 500 outperformed the index in the previous two years as oil prices and demand rose in 2021 after the reopening of economies from the Covid lockdowns and after oil and gas prices surged in 2022 following the Russian invasion of Ukraine and the heightened concerns about energy security.…

Read more at: https://oilprice.com/Energy/Energy-General/Recession-Fears-Halt-The-Rally-In-US-Oil-Stocks.html

Warren Buffett Sees Uncertainty In The EV Market

There will be no winner in the EV market as uncertainty abounds in the sector. This is what Berkshire Hathaway CEO Warren Buffett said at the firm’s annual meeting this weekend. “You will see a change in the vehicles, but you won’t see anyone that owns the market because they changed the vehicles,” Buffett said, as quoted by Yahoo Finance. To illustrate the uncertainty in electric vehicles, Buffett reminded his audience how Ford had dominated the car market for a while thanks to the Model T but two decades later it was operating at a…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Warren-Buffett-Sees-Uncertainty-In-The-EV-Market.html

China Boosts Offshore Oil And Natural Gas Output

China reported higher offshore crude oil and natural gas production for the first quarter, with oil production up by 3.8% and natural gas production up by 6.5%, Xinhua reported. The increase was part of a broader one for the country’s marine economy, which grew by 5.1% during the first quarter, accounting for over 8% of China’s GDP for the period. China has been active in boosting its domestic production of oil and natural gas in order to reduce its overwhelming dependence on imports. Despite these efforts, imports still remain essential…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Boosts-Offshore-Oil-And-Natural-Gas-Output.html

Alberta In State Of Emergency Amid Wildfires

The province of Alberta declared a state of emergency this weekend with tens of thousands forced to evacuate amid raging wildfires in Canada’s oil country. According to Reuters, on Saturday there were 110 active wildfires in the province, of which 36 were out of control. Some 24,000 people were forced to evacuate because of the fires. By Monday, the number of people affected by evacuation orders had risen to nearly 30,000, according to the Edmonton Journal. Since then another 16 wildfires have been detected, according to Global News. At the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Alberta-In-State-Of-Emergency-Amid-Wildfires.html

The most important thing Warren Buffett said Saturday, and it isn’t good news for the economy

Warren Buffett, whose conglomerate is viewed as a barometer for the health of the U.S. economy, didn’t sound so cheery about the near future.

Read more at: https://www.cnbc.com/2023/05/08/the-most-important-thing-warren-buffett-said-saturday-and-isnt-good-news-for-the-economy.html

S&P 500 ends Monday little changed as investors look ahead to key inflation reports: Live updates

Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March.

Read more at: https://www.cnbc.com/2023/05/07/stock-futures-are-flat-to-start-the-week.html

Worries linger about financial stability following bank rescue, Fed report shows

The Fed last published its Financial Stability Report in November 2022, before the implosion of several prominent mid-sized banks.

Read more at: https://www.cnbc.com/2023/05/08/worries-linger-about-financial-stability-after-bank-rescue-fed-says.html

Alphabet to unveil A.I. updates at Google I/O, showing off creative writing and coding capabilities

Google’s hefty investments in artificial intelligence will be on display at its annual developer conference this week.

Read more at: https://www.cnbc.com/2023/05/08/google-io-to-feature-ai-updates-showing-off-palm-2-llm.html

These stocks are breaking out to the upside and may be poised for further gains

The market may be trading in a tight range, but some stocks are breaking out of the trend, at least in the short term.

Read more at: https://www.cnbc.com/2023/05/08/these-stocks-are-breaking-out-to-the-upside-and-may-gain-more.html

Lucid posts widening losses as demand concerns linger, says it has enough cash to last into 2024

Luxury electric vehicle maker Lucid is still batting down demand concerns.

Read more at: https://www.cnbc.com/2023/05/08/lucid-lcid-earnings-q1-2023.html

Fed report shows banks worried about conditions ahead, with focus on slowing economy and deposit outflows

The Senior Loan Officer Opinion survey said requirements got tougher for commercial and industrial loans as well as for many household-debt instruments.

Read more at: https://www.cnbc.com/2023/05/08/senior-loan-officer-opinion-survey-shows-banks-worried-about-conditions-ahead.html

House Judiciary chair threatens to hold Google in contempt of Congress for failing to produce subpoenaed documents

Jordan had subpoenaed the CEOs of Alphabet, Amazon, Apple, Meta and Microsoft in February, demanding they hand over communication with the U.S. government.

Read more at: https://www.cnbc.com/2023/05/08/jordan-threatens-action-against-google-for-not-complying-with-subpoena.html

Disney expands lawsuit against DeSantis after governor signs bill to void land deals

The Disney-DeSantis feud began after Disney publicly criticized the controversial classroom bill dubbed “Don’t Say Gay” by critics.

Read more at: https://www.cnbc.com/2023/05/08/disney-lawsuit-against-desantis-expanded.html

Tesla urged by seven senators to end forced arbitration for workers and customers

Like most large companies, Tesla requires workers to sign an arbitration agreement upon employment wherever it is legal to do so.

Read more at: https://www.cnbc.com/2023/05/08/tesla-urged-by-senators-to-end-arbitration-for-employees-consumers.html

The No. 1 danger of not talking about money with your partner, according to Showtime therapist

CNBC spoke with Orna Guralnik, psychoanalyst on Showtime series “Couples Therapy,” about the biggest money issues people face with their partners.

Read more at: https://www.cnbc.com/2023/05/08/orna-guralnik-of-couples-therapy-and-the-risk-of-financial-secrets.html

Disney nixes reservation requirements at Florida parks, adds back dining plans

Disney is rolling back a pandemic-era reservation policy at Walt Disney World that some guests considered confusing or inconvenient.

Read more at: https://www.cnbc.com/2023/05/08/walt-disney-world-nixes-reservations-adds-back-dining-plans.html

Sell-off hits bitcoin as Binance paused withdrawals amid heavy volumes: 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, Benedikt Schuppli, the co-founder and co-CEO of blockchain company Obligate, discusses MiCA and the implications for the United States.

Read more at: https://www.cnbc.com/video/2023/05/08/sell-off-bitcoin-binance-paused-withdrawals-cnbc-crypto-world.html

SLOOS Finds Even Tighter Credit Standards, A Collapse In C&I Loan Demand, And A Dire Outlook For Rest Of 2023

Three months ago, back in February, we had already warned that the Q4 “Fed Loan Officers Paints Dire Picture: Loan Standards Approaching Record Tightness As Loan Demand Plummets.”

Well, fast forward to today when the latest, just released Senior Loan Officer Opinion Survey on Bank Lending Practices showed that what was already an ugly picture turned much worse as both credit standards tightened further, while credit demand tumbled to levels not seen since 2009.

First, we look at what today’s closely-watched SLOOS survey revealed quantitatively for the first quarter of 2023 when, as everyone knows, no less than 3 major banks collapsed, requiring the biggest Fed banking system intervention since Lehman.

• Regarding loans to businesses, survey respondents reported, on balance, tighter standards and weaker demand for commercial and industrial (C&I) loans to large and middle-market firms as well as small firms over the first quarter. Meanwhile, banks reported tighter standards and weaker demand for all commercial real estate (CRE) loan categories.
• For loans to households, banks reported that lending standards tightened across all categories of residential real estate (RRE) loans other than government-sponsored enterprise (GSE)-eligible and government residential mortgages, wh …

  Read more at: https://www.zerohedge.com/markets/sloos-finds-even-tighter-credit-standards-collapse-ci-loan-demand-and-dire-outlook-rest

Chilean Right Triumphs In Key Vote On Attempt To Impose ‘World’s Most Progressive’ Constitution

Chilean assets gained Monday morning on the news of a major conservative-led political shakeup, after Sunday’s vote to elect advisers to draft a new constitution saw the Chilean right come out on top. It’s being widely dubbed an earthquake in Chilean politics: the ultra-conservative Republican party has won 22 of 50 seats for the body tasked with overseeing a rewrite of the country’s Pinochet-era constitution, giving it clear veto power.

Led by conservative firebrand and former presidential candidate Jose Antonio Kast, the Republican party has long staunchly opposed a drastic revision of the Pinochet document. Mainstream English-language media has long dismissed Kast as a “far-right radical”.

José Antonio Kast, Image: EPA

Simultaneously, the vote was a huge blow to the Left, especially at a time when cen …

Read more at: https://www.zerohedge.com/geopolitical/chilean-right-triumphs-key-vote-efforts-impose-worlds-most-progressive-constitution

Elon Musk Asks Of Jordan Neely Protesters: “Why Didn’t They Protest The Children Murdered At The Christian School?”

Authored by Steve Watson via Summit News,

Twitter owner Elon Musk reacted Sunday to protesters disrupting the New York City Subway to protest the death of Jordan Neely, a man with long history of threatening and physically attacking people on the subway who was accidentally killed during an attempt by a former US Marine to subdue him during a confrontation.

The protesters caused mayhem Saturday night, jumping on the tracks and attempting to block trains, as well as blocking people from entering and exiting stations.

Protesters are now disrupting the NYC subway to protest the death of Jordan Neely. pic.twitter.com/9y5SDetzQX

— Ian Miles Cheong …

Read more at: https://www.zerohedge.com/political/elon-musk-asks-jordan-neely-protesters-why-didnt-they-protest-children-murdered-christian

NY Fed Finds Inflation Expectations Mixed, As Spending Growth Outlook Tumbles To Two Year Low

While we wait for today’s 2pm SLOOS release, where the latest C&I credit standards are expected to measure at a level tighter than the dot-com crisis (if still less extreme than during the financial crisis or the height of the pandemic… at least until a few more banks collapse), earlier today the NY Fed published the results of its April Survey of Consumer Expectations, which found that while inflation expectations at the one-year horizon decreased to 4.45% in April from the previous month’s 4.75%, longer-dated inflation expectations – at both the three- and five-year horizons –  rose to 2.89% (from 2.78%) and 2.62% (from 2.54%), respectively.

And while these are largely C-grade data points at best since they gyrate wildly month to month, here are the rest of the survey’s findings:

Read more at: https://www.zerohedge.com/markets/ny-fed-finds-inflation-expectations-mixed-spending-growth-outlook-tumbles-two-year-low

Royal Mail boss expected to resign within weeks

Simon Thompson is said to be in talks after a bitter union dispute and after he was accused of misleading MPs.

Read more at: https://www.bbc.co.uk/news/business-65524835?at_medium=RSS&at_campaign=KARANGA

Mortgage refused ‘for hosting Ukrainian refugees’

Halifax apologises to a Money Box listener after rejecting his home loan application.

Read more at: https://www.bbc.co.uk/news/business-65424719?at_medium=RSS&at_campaign=KARANGA

Sunday sunshine helps Coronation pub takings

One pub chain says sales on Sunday had been “really, really strong” as hospitality firms hope for a boost.

Read more at: https://www.bbc.co.uk/news/business-65524830?at_medium=RSS&at_campaign=KARANGA

Mankind Pharma IPO: What GMP signals ahead of listing on Tuesday

Mankind Pharma is set to list on May 9 with a premium of Rs 120 apiece according to grey market trends. The company is valued at a price-to-earnings ratio of 30 times FY22 earnings and has a market capitalisation of Rs 44,000 crore. The initial share sale of the company was subscribed 15.32 times with strong interest from QIBs and is the largest IPO so far this year. The company has 25 manufacturing facilities across India, a dedicated in-house R&D centre and a team of over 600 scientists.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/mankind-pharma-ipo-what-gmp-signals-ahead-of-listing-on-tuesday/articleshow/100072778.cms

MRF misses the 1 lakh mark by just Rs 67 despite hitting 52-week high

MRF shares reached a 52-week peak of INR99,933.50 ($1,356) before closing at INR97,750 ($1,324), falling short of the coveted INR100,000 mark by INR66.50 ($0.90). Over the last three trading sessions, the stock saw almost 11% growth and gains of over INR10,000 per share. MRF outperformed the Nifty50, delivering more than 37% returns compared to the 9% returned by the 50-stock index. Technical analyst Nilesh Jain said MRF was set to surpass the INR100,000 mark and could test levels of INR105,000, although he cautioned against fresh buying at higher levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/a-slip-between-cup-and-lip-mrf-misses-the-1-lakh-mark-by-just-rs-67-despite-hitting-a-52-week-high/articleshow/100079438.cms

Tech View: Nifty50 in buy mode till 18,200. What should traders do on Tuesday

The Nifty index ended above 18,250 points and formed a bullish candle on the daily chart, indicating that it is still in buy mode as long as it remains above the support of 18,200 points. Supports are placed at 18,181 and 18,081, while the index has a broader trading range between 17,800 to 18,500 points and an immediate trading range between 18,100 to 18,400 points. The daily and hourly momentum indicators signal a buy, and the consolidation range is estimated to be between 18,000 to 18,300 points. The expanding triangle shows that the Nifty may have obstacles at 18,330 to 18,350 points.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-in-buy-mode-till-18200-what-should-traders-do-on-tuesday/articleshow/100075279.cms

Futures Movers: Crude-oil prices tally a gain of more 2% as recession fears ease

Oil futures tack on more than 2% on Monday after U.S. benchmark prices snapped a four-day losing streak at the end of last week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71ED-F24053339009%7D&siteid=rss&rss=1

Biden proposes cash compensation from airlines for flight cancellations or major delays

President Joe Biden rolls out a plan that targets how airlines handle flight cancellations and significant delays that are within a carrier’s control.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71EE-0DA48ED5AD07%7D&siteid=rss&rss=1

Bond Report: Treasury yields extend advance after Fed survey shows banks reported tighter lending standards, inflation data looms

The 2-year Treasury yield rises on Monday, extending the gain seen at the end of last week following a stronger-than-expected April jobs report.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71ED-EAC757B763C5%7D&siteid=rss&rss=1