As Europe Turns To Morocco For Clean Energy, North Africa May Lose Out

Morocco is at a crossroads. Its ecological conditions, with the sun of the Sahara and the wind of the Atlantic coast, make it a prime candidate for massive-scale solar and wind farms. Its numerous port cities and proximity to Europe also make it a prime candidate for becoming a major source of European energy as the continent pivots away from its dependence on Russian natural gas. But while this approach would undoubtedly be a boon to the Moroccan economy, it would come at a major cost to the African energy market.   As much as North…

Read more at: https://oilprice.com/Energy/Energy-General/As-Europe-Turns-To-Morocco-For-Clean-Energy-North-Africa-May-Lose-Out.html

NextEra To Sell Natural Gas Pipelines In 100% Transition To Renewables

Renewable energy giant NextEra Energy Partners is planning to offload all of its natural gas pipelines to focus on clean energy expansion exclusively by 2025.  NextEra CEO John Ketchum told investors on Monday that the sale of natural gas pipelines–which has been rejected in past years–would finance the company’s renewable energy growth plants over the next couple of years without assuming new high-interest debt.  In a call with investors, Ketchum said “NextEra Energy Partners is better positioned than ever to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/NextEra-To-Sell-Natural-Gas-Pipelines-In-100-Transition-To-Renewables.html

Iran Ramps Up Trade With BRICS Nations

Non-oil trade between Iran and members of the BRICS alliance of emergent economies – Brazil, Russia, India, China, and South Africa – reached $38.43 billion in fiscal year 2022-23, according to data released by the Islamic Republic’s Customs Administration. This represents a 14 percent increase from the previous fiscal year. China remains Iran’s main trade partner in the BRICS alliance, with $30.32 billion in trade, an increase of 37 percent. India comes next with $4.99 billion, a 47 percent hike; Russia follows with $2.32…

Read more at: https://oilprice.com/Energy/Energy-General/Iran-Ramps-Up-Trade-With-BRICS-Nations.html

TotalEnergies Set To Start Drilling In Lebanon Later This Year

French TotalEnergies is set to launch long-awaiting drilling offshore Lebanon in Q3 of this year, with the restive, energy-starved country now awaiting news of a potential first discovery by the end of 2023. The consortium drilling offshore Lebanon in Block 9 is led by TotalEnergies, with partners Italian Eni and QatarEnergy. Lebanon’s interim energy minister, Walid Fayyad, on Tuesday said the rig commissioned by the consortium would start working in September and “before the end of the year we will know if there is a discovery”,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Set-To-Start-Drilling-In-Lebanon-Later-This-Year.html

Can Zinc Batteries Compete With Lithium Ion Batteries?

ETH Zurich researchers think zinc batteries can be made cheap, efficient, durable, safe and environmentally friendly. All attributes combined would be a breakthrough for the zinc metal battery chemistry effort. The details about the study have been reported in the journal Energy & Environmental Science. Zinc batteries are considered promising alternatives to lithium-?ion batteries. Image Credit: Visualisations: ETH Zurich / Xin Zou. Click the press release link to see a larger unedited image. The world economy needs cheap and powerful batteries…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Can-Zinc-Batteries-Compete-With-Lithium-Ion-Batteries.html

Church Of England Loses Faith In Shell’s Climate Plans

The Church of England (CofE) will vote against the reappointment of all directors at upcoming AGMs – starting with Shell later this month – in response to a perceived lack of progress over climate change objectives. The Church Commissioners, which manages the CofE’s £10bn endowment fund, will vote to oust Shell’s chief executive Wael Sawan and chairman Sir Andrew Mackenzie at the energy giant’s upcoming shareholder meeting on May 23. It will showcase similar defiance at rival AGMs including Exxon, Occidental…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Church-Of-England-Loses-Faith-In-Shells-Climate-Plans.html

The U.S. Needs To Double The Size Of Its Energy Grid

In order to keep up with the expansion of renewable energy production capacity, the United States will have to more than double the current size of the electric grid. Stimulus from both the public and private sectors are hitting their intended mark, and the clean energy sector is booming. However, much of the potential environmental benefits of electrification will be completely wasted if we don’t have the power lines and grid capacity to transmit that power from where it’s being produced to where the demand is concentrated.  Meeting…

Read more at: https://oilprice.com/Energy/Energy-General/The-US-Needs-To-Double-The-Size-Of-Its-Energy-Grid.html

Russia’s Crude Oil Shipments Hit Highest Since At Least Early 2022

Russia’s crude oil exports by sea hit a new high of 3.55 million barrels per day (bpd) in the four weeks to May 5, the highest shipments since at least early 2022, tanker-tracking data monitored by Bloomberg showed on Tuesday. Russian crude shipments have continued to rise over the past four weeks, according to the data reported by Bloomberg’s Julian Lee, despite Russia’s insistence that it is cutting oil production by 500,000 bpd and even more. Russia warned in February that it would cut its crude oil production by…

Read more at: https://oilprice.com/Energy/Crude-Oil/Russias-Crude-Oil-Shipments-Hit-Highest-Since-At-Least-Early-2022.html

Australia Looks To Become World’s Leading Green Hydrogen Producer

Australia’s government is allocating $1.35 billion (AUS$2 billion) in the 2023- 24 budget to accelerate large-scale renewable hydrogen projects, aiming to become a world leader in green hydrogen production. The Australian government will invest the sum in the so-called Hydrogen Headstart, a new program to support hydrogen production, it said in the budget unveiled on Tuesday.   “Australia already has the largest pipeline of renewable hydrogen projects in the world. Hydrogen Headstart will bridge the commercial gap for early-stage projects,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Australia-Looks-To-Become-Worlds-Leading-Green-Hydrogen-Producer.html

Supply Disruptions Fail To Break Bearish Sentiment

Supply-side disruptions and promising fundamentals appear to be unable to shake the recession fears that continue to weigh oil prices down. While several banks and analysts believe oil prices are set to climb later this year, economic uncertainty continues to be the main factor for oil markets this week.Investor Alert: Whether you are new to the oil and gas industry or an energy market veteran, Global Energy Alert is an absolute must-read. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis,…

Read more at: https://oilprice.com/Energy/Energy-General/Supply-Disruptions-Fail-To-Break-Bearish-Sentiment.html

Canada Wildfires Shut In Nearly 4% Of Oil And Gas Production

Wildfires in Canada have so far resulted in the shut-in of 319,000 barrels of oil equivalent per day (boepd) from the country’s oil and natural gas production, or 3.7% of all output, as operators shut down producing fields and processing plants. Alberta, the main energy-producing province in Canada, declared this weekend a state of emergency, with tens of thousands forced to evacuate amid raging wildfires in Canada’s oil country.    On Saturday, there were 110 active wildfires in the province, of which 36 were out of control.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canada-Wildfires-Shut-In-Nearly-4-Of-Oil-And-Gas-Production.html

What’s Next For The World’s Largest Oil Company As Profits Decline?

Saudi Aramco, the world’s largest oil company, has made headlines once again with its lower Q1 profits of $31.9bn, which is a 19.25% decrease compared to the same period a year earlier when it made $39.5bn. This drop in profits can be attributed to global market developments, such as reduced oil prices and production cuts. Despite this, Aramco’s overall profits remain staggering when compared to its peers. In its report, the Saudi company revealed that the decrease in profits was primarily due to lower crude oil prices, although this was partially…

Read more at: https://oilprice.com/Energy/Energy-General/Whats-Next-For-The-Worlds-Largest-Oil-Company-As-Profits-Decline.html

Supertanker Rates Crash 75% After OPEC+ Cuts Oil Supply To Markets

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year.    Daily rates on the Middle East to China route for the very large crude carriers (VLCC) capable of shipping up to 2 million barrels of oil have crashed from nearly $100,000 per charter day in March to just $24,000 a day at the end of last week, per data from the Baltic Exchange cited by Bloomberg. The key reason for the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Supertanker-Rates-Crash-75-After-OPEC-Cuts-Oil-Supply-To-Markets.html

Ford To Trial Hydrogen Fuel Cell Transit Van

Ford is launching a three-year hydrogen fuel cell trial to see if a hydrogen-powered version of its E-Transit van can work, the carmaker said on Tuesday. Ford will be joined by UK oil and gas supermajor BP in a consortium focusing on trials of hydrogen and infrastructure. The research will be funded by the UK’s Advanced Propulsion Centre (APC), which will see Ford design, develop, and build a fleet of 8 hydrogen fuel cell powered Transit vans, with the latest advances in technology, as part of the 22nd funding round from APC. The Ford-led…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ford-To-Trial-Hydrogen-Fuel-Cell-Transit-Van.html

Saudi Aramco’s Q1 Profit Slips By 19% Year-Over-Year

Saudi oil giant Aramco on Tuesday reported a first-quarter net income of $31.9 billion, down by 19% from the first quarter of 2022 as macroeconomic concerns dragged down oil prices between January and March 2023. Aramco still beat a median analyst estimate of $30.8 billion in net profit compiled by Refinitiv. The company’s average realized crude oil price dropped to $81.0 per barrel in the first quarter of 2023, down from $97.7 a barrel in the same period of 2022. Capital expenditures rose to $8.746 billion from $7.583 billion, driven by…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Aramcos-Q1-Profit-Slips-By-19-Year-Over-Year.html

Stocks close lower as investors eye inflation data, White House meeting on debt ceiling: Live updates

Stocks closed lower Tuesday, with regional bank shares retreating, as investors readied for key inflation reports due later in the week and progress on the U.S. debt limit.

Read more at: https://www.cnbc.com/2023/05/08/stock-market-today-live-updates.html

McCarthy rejects short-term debt limit fix ahead of pivotal meeting with Biden, congressional leaders

Congress is at an impasse over hiking the debt ceiling, as the U.S. stands only weeks away from a potential default.

Read more at: https://www.cnbc.com/2023/05/09/debt-ceiling-biden-to-meet-mccarthy-schumer-jeffries-and-mcconnell.html

Jury says Trump must pay E. Jean Carroll $5 million for sexual abuse and defamation

Former President Donald Trump called the verdict in New York a “disgrace.” A lawyer for E. Jean Carrol said “we are very happy.”

Read more at: https://www.cnbc.com/2023/05/09/trump-rape-defamation-trial-jury-gets-instructions-from-judge-.html

Fed’s John Williams says rates could be increased if inflation doesn’t come down

The current problems in the banking industry and their impact will factor into Williams’ policy outlook.

Read more at: https://www.cnbc.com/2023/05/09/feds-john-williams-says-it-will-take-time-before-inflation-gets-back-to-2percent-target.html

Stanley Druckenmiller says A.I. could win big coming out of a recession, and he’s bullish on Nvidia

Stanley Druckenmiller said he believes artificial intelligence could be a fruitful opportunity for investors, especially post-recession.

Read more at: https://www.cnbc.com/2023/05/09/stanley-druckenmiller-says-ai-could-win-big-coming-out-of-a-recession-likes-nvidia.html

Confused about the debt ceiling? Here’s what you need to know

The White House and Republicans in Congress are at an impasse over the debt limit, risking a potential sovereign default.

Read more at: https://www.cnbc.com/2023/05/09/debt-ceiling-explained.html

Novavax surges after biotech company unveils job cuts, positive vaccine data

Novavax still reported bleak first-quarter earnings and revenue that missed Wall Street’s estimates.

Read more at: https://www.cnbc.com/2023/05/09/novavax-nvax-q1-earnings-report-2023.html

Bittrex files for bankruptcy, and Irish official equates crypto to ‘Ponzi schemes’: 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, Timothy Tully, the CEO of ZelCore, warns the current heavy-handed regulatory approach might force most blockchain innovation overseas.

Read more at: https://www.cnbc.com/video/2023/05/09/bittrex-bankruptcy-irish-official-equates-crypto-ponzi-schemes-cnbc-crypto-world.html

These are the 2023 CNBC Disruptor 50 companies

CNBC reveals the 2023 Disruptor 50 list, breakthrough companies chasing the market’s biggest opportunities amid a challenging global economy.

Read more at: https://www.cnbc.com/2023/05/09/these-are-the-2023-cnbc-disruptor-50-companies.html

Dianne Feinstein set to return to Senate after nearly 3-month absence

The California Democrat has missed 91 floor votes while recovering from shingles.

Read more at: https://www.cnbc.com/2023/05/09/dianne-feinstein-set-to-return-to-senate-after-nearly-3-month-absence.html

Ukraine war live updates: Zelenskyy says Russia intensifying attacks out of frustration; Moscow holds Victory Day military parade

All eyes are on Russia’s Victory Day parade on Tuesday, an annual event marking the Soviet Union’s victory over Nazi Germany in 1945.

Read more at: https://www.cnbc.com/2023/05/09/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Russia’s Victory Day in pictures: Putin watches on during scaled-back parade

Russia’s annual Victory Day parade is underway in Moscow with thousands of military personnel and weaponry filing past Russia’s President Vladimir Putin.

Read more at: https://www.cnbc.com/2023/05/09/russia-victory-day-photos-show-putin-watching-on-during-annual-parade.html

Wheels Up founder abruptly steps down as losses mount, potential bankruptcy looms

Like many private jet startups, Wheels Up was dogged by high costs and operating issues.

Read more at: https://www.cnbc.com/2023/05/09/wheels-up-founder-abruptly-steps-down-as-losses-mount-bankruptcy-looms.html

Top Adidas Investor Will Ask Execs To Turn Over Kanye West Misconduct Probe Details

As criticism from shareholders about its failed partnership with a former US rapper mounts, Adidas faces pressure from Germany’s third-largest asset manager to reveal its investigation into how it handled accusations of misconduct against Kanye West.

According to Financial Times, Janne Werning, head of ESG at Union Investment, will request the German sportswear maker to disclose the results of its internal investigation over inappropriate behavior by its former business partner Kayne West, also known as “Ye,” who was terminated last year over antisemitic remarks.

Werning wants results of the investigation “here and now,” emphasizing that shareholders are entitled to know about the company’s handling of misconduct allegations. There are reports Adidas executives turned a blind eye to inappropriate behavior by Ye at meetings. In one s …

Read more at: https://www.zerohedge.com/markets/top-adidas-investor-will-ask-execs-turn-over-kayne-west-probe-misconduct-allegations

Battles Rage Over Biden’s Clean Energy Projects As The Size And Cost Jump

Authored by Mike Shedlock via MishTalk.com,

A NIMBY backlash has begun as the scope of the Inflation reduction act is too much for local communities…

Backlash Builds Against $3 Trillion Clean-Energy PushThe Wall Street Journal notes the Ballooning Size of Wind and Solar Projects Draws Local Ire

County-by-county battles are raging as wind and solar projects balloon in size, edge closer to cities and encounter mounting pushback in communities from Niagara Falls to the Great Plains and beyond. Projects have slowed. Even in states with a long history of building renewables, developers don’t know if they can get local p …

Read more at: https://www.zerohedge.com/political/battles-rage-over-bidens-clean-energy-projects-size-and-cost-jump

Americans’ Confidence In Fed Chair Hits Record Low As Inflation Batters Households

American households, battered with two years of negative real wage growth and observing a flurry of news headlines about regional bank failures and increasing recession risk, are losing faith in Federal Reserve Chair Jerome Powell’s ability to ‘do the right thing for the US economy.’ The skepticism is driven by their increasing belief that the economy might be headed for turmoil.

A new Gallup poll published Tuesday shows only 36% of respondents had a “great deal” or “fair amount” of confidence in Powell to do the right thing for the economy – the lowest rating in his six years as the captain of the world’s largest economy (also the lowest rating of any Fed Chair). This figure is below Yellen’s 37% in 2014 and Ben Bernanke’s 39% in 2012. Someone grab Powell a liferaft because he’s sinking quickly in the eyes of the American people.

Powell’s confidence with respondents peaked at 58% when he unleashed trillions of dollars in stimulus checks for Americans. His confidence rating has since tumbled precipitously as the free money expired more than a year ago and inflation emerged, causing tremendous pain for households.

Read more at: https://www.zerohedge.com/markets/americans-confidence-jerome-powell-sinks-inflation-batters-households

Blinken Contest: House Committee Prepares To Hold Secretary Of State In Contempt

Authored by Jonathan Turley,

The House of Representatives and the Biden Administration appear in a staring contest waiting for any sign of Blinken.

Rep. Michael McCaul (R-TX) warned Secretary of State Antony Blinken that the House Foreign Affairs Committee is moving to hold him in contempt of Congress for refusing to comply with subpoena requests related to the U.S. withdrawal from Afghanistan.

There is no question that the Committee has a legitimate oversight interest in the disastrous withdrawal from Afghanistan at a huge loss of life, abandonment of thousands of allies, and seven billion dollars in military equipment. The committee specifically wants to review a full copy of a dissent cable that had been signed by nearly two dozen State Department officials warning Blinken of a Taliban insurgency in Afghanistan a month before the terrorist group’s takeover occurred.

The Wall Street Journal reported that the cable undermines the claims of the Biden Administration that it had no forewarning of the chaos that would unfold in the country.

…

Read more at: https://www.zerohedge.com/political/blinken-contest-house-committee-prepares-hold-secretary-state-contempt

Thames, Yorkshire and South West Water bosses refuse bonuses over sewage spill

The CEOs of Thames, Yorkshire and South West Water will not take their bonuses this year.

Read more at: https://www.bbc.co.uk/news/business-65533482?at_medium=RSS&at_campaign=KARANGA

Goldman Sachs to pay $215m in sex discrimination case

The bank will pay a “substantial” sum after facing claims it underpaid female staff in the US.

Read more at: https://www.bbc.co.uk/news/business-65538014?at_medium=RSS&at_campaign=KARANGA

Tesco chairman denies inappropriate touching

John Allan refutes allegations he touched women during events at the supermarket and CBI.

Read more at: https://www.bbc.co.uk/news/business-65532230?at_medium=RSS&at_campaign=KARANGA

Tech View: RIL may trigger next leg of rally in Nifty. What should traders do on Wednesday

The Nifty formed a small-bodied bearish candle on Tuesday and remained indecisive between bulls and bears. The hourly Nifty time frame chart showed a negative divergence formation in RSI. However, the index needs to hold above the 18181 zones to see an up-move towards the 18350 and 18500 zones, while support is at 18181 and 18081 marks. India VIX increased from 12.64 to 12.67 levels, resulting in a muted market movement, while options suggest a broader trading range of 17800 to 18500 zones. Experts suggest that the Nifty outlook is positive, and trade should take place between 18150 to 18350 levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-ril-may-trigger-next-leg-of-rally-in-nifty-what-should-traders-do-on-wednesday/articleshow/100103321.cms

Can Q4 earnings be a game changer for this beaten-down pack?

Indian metal stocks suffered a drop of nearly 15% in CY23, making it the second-worst performer after the Nifty Media. Despite many analysts and brokerage firms highlighting that the drop provided an excellent buying opportunity, there was enough negative sentiment to overshadow the positive news. Headwinds such as China’s slowing economy, the imposition of heavy export duty, and rising raw material prices have caused the decline. Due to this challenging environment, earnings for metal stocks will be a crucial factor in deciding the industry’s fate.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/can-q4-earnings-be-a-game-changer-for-this-beaten-down-pack/articleshow/100092781.cms

Mukesh Ambani’s Reliance has stock analysts most bullish in 7 years

The stock is down 3% so far in 2023 compared with a gain of 1.5% in the S&P BSE Sensex Index, hurt in part by a decline in crude prices. Thirty-three of the 38 analysts that cover the conglomerate have buy ratings, with many citing attractive valuations as well as optimism for its various oil-related, consumer and telecom businesses.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/billionaire-mukesh-ambanis-reliance-has-stock-analysts-most-bullish-in-7-years/articleshow/100095727.cms

The Tell: Stocks may be about to lose the secret to their success in 2023

Highflying U.S. stocks could be headed for an uncomfortable descent as the wash of central-bank liquidity that has given equity markets a boost this year begins to ebb, according to one longtime Wall Street strategist.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B70A56091-6FD5-4422-8BD5-05E62A383408%7D&siteid=rss&rss=1

Warner Music’s stock heads for worst drop on record, but CEO hopes Ed Sheeran can help turn things around

Shares of Warner Music Group were headed for their worst day on record Tuesday after the recording and publishing company reported that earnings dove.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7BE13EA42C-C6BC-4B11-A7D3-38EEDDB91DE0%7D&siteid=rss&rss=1

The Ratings Game: Shopify stock looks ‘relatively expensive’ after strong rally, analyst says in downgrade

Shopify shares have rallied 36% since the company an