Rivian To Leverage $15 Billion in Phantom Bonds To Build Atlanta Facility

We’re at the point where “EV adoption” is going so well that EV companies have taken to offering fake bonds in order to get tax breaks. At least, that’s what’s going on over at Rivian, where the company has structured out $15 billion in “phantom bonds,” which are employed by businesses to secure a reduction in property taxes in Georgia, according to Bloomberg. The purpose is for the company to build a campus outside of Atlanta and the practice of “phantom bonds”, although it sounds shady, actually is quite commonplace. The bond “sale” is required…

Read more at: https://oilprice.com/Energy/Energy-General/Rivian-To-Leverage-15-Billion-in-Phantom-Bonds-To-Build-Atlanta-Facility.html

OPEC Said To Consider Additional 1 Million Bpd Output Cut

Two days ago, JPMorgan’s head of energy strategy Christyan Malek warned that amid the recent plunge in oil prices, driven as much by shorting CTAs (who today are in full-blown short squeeze panic mode) as the Biden admin, the oil market was underestimating the chances of deeper supply cuts during this month’s Nov 26 OPEC+ meeting. “The market’s probably assuming very little chance of that happening, I’d say it’s much higher than that – not as a base case but as a scenario” Malek told Bloomberg in an interview,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Said-To-Consider-Additional-1-Million-Bpd-Output-Cut.html

Russia Removes Gasoline Export Ban As Domestic Market Stabilizes

Russia has lifted its gasoline export implemented in mid-September, citing a supply surplus of some 2 million metric tons, Reuters reports.  The lifting of the export restrictions follow a similar move to suspend restrictions on diesel exports by pipeline during the first week of October. Reuters cited the Russian energy ministry as saying on Friday that domestic market saturation had been ensured over the past two months, creating a surplus of motor gasoline.  The ministry said it could reimpose export bans if that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Removes-Gasoline-Export-Ban-As-Domestic-Market-Stabilizes.html

Economic Momentum Wanes in Eurozone as Borrowing Costs Soar

The European Commission has downgraded its forecasts for growth across the eurozone this year and next as economic activity in the bloc stumbles in the face of higher borrowing costs. In its new Autumn forecast, the Commission predicted that the currency union would grow 0.6 percent in 2023, a downgrade on its previous forecast of 0.8 percent. “The loss of growth momentum so far this year has been underpinned by the lack of a solid growth driver, with weakness especially in consumption but also on the external side. Private consumption broadly…

Read more at: https://oilprice.com/Finance/the-Economy/Economic-Momentum-Wanes-in-Eurozone-as-Borrowing-Costs-Soar.html

Oil Gains Over 4% Likely On Profit-Taking, Short Covering

While fundamentals took over from the war-risk premium this week, pummeling oil prices, Brent crude was gaining over 4% by midday Friday, but analysts told Bloomberg that there is little chance for oil to top $90 in the current market atmosphere.  At 1:49 p.m. ET on Friday, Brent crude was up 4.31% at $80.76, for a $3.34-per-barrel gain on the day. West Texas Intermediate (WTI) was up 4.06% at $75.86, for a $2.96 gain on the day.  In an interview with Bloomberg earlier in the day, Lipow Oil Associates president Andrew Lipow…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Gains-Over-4-Likely-On-Profit-Taking-Short-Covering.html

Breakthrough Research Unveils True Cause of Battery Degradation

Pacific Northwest National Laboratory researchers have upended what’s known about how rechargeable batteries function. Rechargeable battery performance could be improved by a new understanding of how they work at the molecular level. For decades, researchers have assumed that the inevitable filmy buildup on electrodes inside rechargeable batteries is the driver of performance loss. Research shows that view is backward. The research report has been published in Nature Energy. The buildup of mossy or tree-like structured lithium metal deposits…

Read more at: https://oilprice.com/Energy/Energy-General/Breakthrough-Research-Unveils-True-Cause-of-Battery-Degradation.html

US Drillers See Sharpest One-Week Increase In Oil Rigs Since February

The total number of active drilling rigs in the United States rose by 2 this week after falling by 2 last week, according to new data that Baker Hughes published Friday. The total rig count rose to 618 this week. So far this year, Baker Hughes has estimated a loss of 161 active drilling rigs. This week’s count is 457 fewer rigs than the rig count at the beginning of 2019 prior to the pandemic. The number of oil rigs rose by 6 to 500—the highest one-week increase in 9 months. Oil rigs are now down by 121 so far in 2023. The number of…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Drillers-See-Sharpest-One-Week-Increase-In-Oil-Rigs-Since-February.html

Goldman Sachs Sees OPEC Keeping Oil In $80-$100 Price Range

Goldman Sachs expects OPEC to not let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said in a note this week, ahead of the OPEC+ meeting on November 26. Oil prices dived this week to their lowest level since July as market participants focused on concerns about the world’s two biggest economies—the United States and China. The U.S. benchmark WTI Crude slumped below $75 a barrel, and Brent Crude prices slipped below the key threshold…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Sees-OPEC-Keeping-Oil-In-80-100-Price-Range.html

U.S. Investigates Chipmaker Over Alleged Export Violations to China

Shares of Applied Materials tumbled in early trading in New York following a Reuters report that disclosed the largest US maker of chipmaking machinery faces a US criminal investigation for allegedly violating export restrictions to China.  The Justice Department is investigating Applied Materials’ dealings with China’s biggest chipmaker, Semiconductor Manufacturing International Corp. One source said Applied Materials sent hundreds of millions of dollars in semiconductor equipment to SMIC without export licenses.  “Applied Materials…

Read more at: https://oilprice.com/Energy/Energy-General/US-Investigates-Chipmaker-Over-Alleged-Export-Violations-to-China.html

Is This The Best Way To Play The Plunge In Oil Prices?

One of the things on which I pride myself when writing here, or elsewhere for that matter, is that I don’t run away and hide should I make a bad call. Dealing room life taught me to own my mistakes, an essential thing to do if you are going to cut, take a small loss and move on to the next opportunity. So, I will freely admit that I have got crude wrong in my last couple of calls. I was bearish on the run up to $95 and bullish, looking for a bottom, on the way down. That, though, is behind me. I have taken a couple of small losses, and with…

Read more at: https://oilprice.com/Energy/Energy-General/Is-This-The-Best-Way-To-Play-The-Plunge-In-Oil-Prices.html

BP Weighs Team-Ups, Anchor Investments To Cut Renewables Costs

BP is exploring ways to reduce soaring costs in the renewables sector by considering potential investments in the supply chain and development partnerships, the supermajor’s renewables business chief has told Reuters. The energy giant, which plans to boost its renewables energy business, is weighing potential partnerships in offshore wind in Japan and investments in technology companies building green hydrogen electrolyzer plants, Anja-Isabel Dotzenrath, Executive Vice President of Gas and Low Carbon Energy at BP, told Reuters. “We…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Weighs-Team-Ups-Anchor-Investments-To-Cut-Renewables-Costs.html

U.S. Sanctions U.A.E. Maritime Firms for Bypassing Russian Oil Price Cap

The U.S. Treasury Department has imposed sanctions on three maritime companies based in the United Arab Emirates (U.A.E.) and three vessels owned by the companies for shipping Russian oil sold above a price cap imposed by the world’s major economies to reduce the amount of oil revenue Moscow has to fund its war in Ukraine. The companies and the vessels are accused of engaging in the export of Russian crude oil priced above the $60 a barrel cap. The department’s Office of Foreign Assets Control (OFAC) said in announcing the sanctions…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Sanctions-UAE-Maritime-Firms-for-Bypassing-Russian-Oil-Price-Cap.html

UK’s Octopus Energy Launches $3.7 Billion Offshore Wind Fund

UK’s Octopus Energy is launching a $3.7-billion (£3 billion) offshore wind fund in cooperation with Japan’s Tokyo Gas as part of an ambition to invest in projects in Europe to reduce fossil fuel reliance and boost energy security. The Octopus Energy Offshore Wind fund will invest in the development, construction, and operational stages of both fixed and floating offshore wind farms, as well as companies creating new offshore wind, the UK company said in a statement on Friday. The fund was set up with a $236 million (£190…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UKs-Octopus-Energy-Launches-37-Billion-Offshore-Wind-Fund.html

Oil Prices Recover Slightly But Remain Under Pressure

Oil prices were recovering slightly on Friday morning after four consecutive weeks of losses pushed both Brent and WTI to their lowest levels since July. Friday, November 17th, 2023Oil prices declined to their lowest level since July this week, with WTI falling to $73 per barrel on its way toward a fourth consecutive weekly loss. With a combination of weak economic data from the US where the labor market seems to finally be cooling off and CTA trading patterns that aggravated the downward spiral, WTI has shed its previous levels of steep backwardation…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Recover-Slightly-But-Remain-Under-Pressure.html

Campaigners Urge Lenders to Halt Funding for Total’s Mozambique LNG Project

Environmental campaigners have urged banks to withdraw financing and guarantees for the $20-billion Mozambique LNG project led by supermajor TotalEnergies, claiming that the plant’s construction and operation would contribute to climate change and exacerbate abuses of human rights in the country. “As a critical financial supporter of the project, you bear a direct and important responsibility in its dreadful impacts,” more than 100 climate activist groups wrote in a letter to the lenders seen by Reuters. The warning from the environmentalists…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Campaigners-Urge-Lenders-to-Halt-Funding-for-Totals-Mozambique-LNG-Project.html

OpenAI’s Sam Altman exits as CEO because ‘board no longer has confidence’ in ability to lead

OpenAI’s board of directors said Friday that Sam Altman will step down as CEO and will be replaced by technology chief Mira Murati.

Read more at: https://www.cnbc.com/2023/11/17/sam-altman-leaves-openai-mira-murati-appointed-interim-boss.html

Black Friday came early this year, signaling worries about holiday demand

Both the depth of discounts and the total amount of items on sale were higher in October compared to the past four years.

Read more at: https://www.cnbc.com/2023/11/17/early-black-friday-discounts-higher-2023.html

Amazon cuts ‘several hundred’ jobs in Alexa division

The company’s devices and services unit, which includes Alexa, was hit by an earlier round of layoffs.

Read more at: https://www.cnbc.com/2023/11/17/amazon-cuts-several-hundred-jobs-in-alexa-division.html

S&P 500 ends Friday slightly higher, major averages cruise to third week of gains: Live updates

The S&P 500 rose on Friday as investors looked to keep this month’s gains going.

Read more at: https://www.cnbc.com/2023/11/16/stock-market-today-live-updates.html

Wall Street turns to Nvidia earnings in the week ahead as stocks try to keep their November momentum

The chip giant, which reports Tuesday, is anticipated to show solid third-quarter results.

Read more at: https://www.cnbc.com/2023/11/17/wall-street-turns-to-nvidia-earnings-in-the-week-ahead-as-stocks-try-to-keep-their-november-momentum.html

Ford union workers ratify UAW deal, closing out historic negotiations with Detroit automakers

A majority of Ford facilities overwhelmingly approved the deal, which, like those with GM and Stellantis, includes at least 25% wage increases.

Read more at: https://www.cnbc.com/2023/11/17/uaw-ford-workers-ratify-new-contract.html

T-Mobile sued after employee stole nude images from customer phone during trade-in

T-Mobile has been sued again for failing to protect consumer data after an employee at one of its Washington stores stole nude images off of a customer’s phone.

Read more at: https://www.cnbc.com/2023/11/17/t-mobile-sued-after-employee-stole-nude-images-from-phone.html

Cadillac reveals its new entry-level EV, a compact crossover called the Optiq

The General Motors brand says the vehicle, which will be its fourth EV, will slot below the Lyriq midsize crossover, which starts around $59,000.

Read more at: https://www.cnbc.com/2023/11/17/cadillac-optiq-entry-level-ev.html

White House blasts Elon Musk for promoting ‘Antisemitic and racist hate’

The White House said it was “unacceptable to repeat the hideous lie behind the most fatal act of Antisemitism in American history at any time.”

Read more at: https://www.cnbc.com/2023/11/17/white-house-blasts-elon-musk-for-promoting-antisemitic-racist-hate.html

Israel says tunnel shaft found at Al-Shifa hospital; deadly clashes in West Bank

The IDF raided the Al-Shifa medical complex, the largest in the Gaza enclave, on suspicions of Hamas using the facility as an operations base.

Read more at: https://www.cnbc.com/2023/11/17/israel-hamas-war-updates-news-on-gaza-conflict.html

Tipping once rewarded good service. Now it determines how consumers are treated

With more opportunities to tip and predetermined point-of-sale options for each transaction, gratuity has become less about rewarding good service.

Read more at: https://www.cnbc.com/2023/11/17/tipping-once-rewarded-good-service-now-it-predicts-how-youre-treated.html

These are the top 10 trending travel destinations for 2024—only 1 U.S. city made the list

American Express Travel published its 2024 trending destinations list, featuring must-visit vacation spots.

Read more at: https://www.cnbc.com/2023/11/17/trending-vacation-destinations-2024-american-express.html

Georgia DA seeks Aug. 5 trial for Trump in election interference case

Donald Trump and other defendants are charged with racketeering over their attempt to reverse his 2020 election loss to Presiden Biden in Georgia.

Read more at: https://www.cnbc.com/2023/11/17/georgia-da-seeks-aug-5-trial-for-trump-in-election-interference-case.html

First Two Jan. 6 Appeals Reach Supreme Court

Authored by Joseph M. Hanneman via The Epoch Times (emphasis ours),

The U.S. Supreme Court has set a conference for Dec. 1 on whether to accept two key Jan. 6 case appeals—one involving a federal agent who carried his firearm at the U.S. Capitol and the other on the Department of Justice’s controversial use of evidence-tampering law to prosecute Jan. 6 defendants for felony obstruction of Congress.

If either or both of the petitions are accepted, it will be the first time a Jan. 6-related case is reviewed by the Supreme Court.

On Nov. 14, the court listed both cases as “distributed for conference” on Dec. 1.

Defense attorney Marina Medvin, who is involved in both cases, said it should be clear by Dec. 4 if the court will issue orders, accept or reject the petitions for review, or hold the cases over for …

Read more at: https://www.zerohedge.com/political/first-two-jan-6-appeals-reach-supreme-court

MSM Admits “Magical Thinking” Guided Its Reporting On Ukraine… Many Thousands Of Deaths Later

A very short while ago, any US politician or media pundit publicly calling for peace negotiations in Ukraine with Russia’s Putin was branded ‘pro-Kremlin’ and somehow compromised. For example, mainstream media has sought to isolate and cancel thinkers like John Mearsheimer for his realism toward Moscow and the conflict, and urging immediate ceasefire which would require territorial concessions from Kiev. It was only in September that one prominent publication branded him “the world’s most hated thinker.”

But now, at a moment Ukraine’s leadership itself has become more desperate while admitting its forces are facing almost insurmountable odds, the D.C. beltway consensus has clearly and drastically changed, and now it’s apparently okay to admit the following…

The War Street Journal acknowledges that the narratives it’s been pushing for months — of a successful Ukrainian counteroffensive, a possible palace coup in Moscow, a Russian economy in tatters — are “Magical Thinking.” In other words, their coverage has been a fraud. pic.twitter.com/ZxB25W61Kn

— David Sacks (@DavidSacks) November 16, 2023

Read more at: https://www.zerohedge.com/geopolitical/msm-admits-magical-thinking-guided-its-reporting-ukraine-many-thousands-deaths-later

Watchdog Exposes Fraud Risks In Biden’s Canceled $430 Billion Student Debt Relief Plan

Authored by Caden Pearson via The Epoch Times,

A recent government report has highlighted serious lapses in safeguards against potential fraud in President Joe Biden’s scuttled plan to unilaterally forgive $430 billion in student loan debt.

The Biden plan, announced in August 2022, aimed to provide relief ranging from $10,000 to $20,000 for 31 million federal student loan holders. Mired in legal challenges, court orders halted the program in November 2022 before the U.S. Supreme Court struck the final blow in June.

The Government Accountability Office’s (GAO) report, released Thursday, revealed that the U.S. Department of Education’s handling of the initiative lacked critical measures to ascertain …

Read more at: https://www.zerohedge.com/political/watchdog-exposes-fraud-risks-bidens-canceled-430-billion-student-debt-relief-plan

OPEC+ Considering Additional 1 Million Barrel Oil Production Cut Amid Outrage Over Gaza War

Two days ago, JPMorgan’s head of energy strategy Christyan Malek warned that amid the recent plunge in oil prices, driven as much by shorting CTAs (who today are in full-blown short squeeze panic mode) as the BIden admin, the oil market was underestimating the chances of deeper supply cuts during this month’s Nov 26 OPEC+ meeting.

“The market’s probably assuming very little chance of that happening, I’d say it’s much higher than that – not as a base case but as a scenario” Malek told Bloomberg in an interview, adding that deeper curbs would be “in order to get ahead of potential weakness in the first half of next year.”

“We may need to see” a cut “given where the balances are, particularly given the demand trending.” And while “there’s a view that Saudi is tapped out”, Malek said that he doesn’t believe that: “I think there’s more flex if they wish to cut. We could see them do sizable cuts from here; having said that, I think it’s more likely they’ll want to socialize them among their OPEC peers – a collective cut rather than one on their own.”

And so, from JPM’s strategist to OPEC+’s ears because moments ago the FT reported that what until recently was unthinkable, is suddenly all too possible and largely thanks to the (mostly) Arabic resentment at what Israel is doing in Palestine: according to the FT, not only is Saudi Arabia prepared to prolong oil production cuts well into nex …

Read more at: https://www.zerohedge.com/markets/opec-considering-additional-1-million-barrel-oil-production-cut-amid-outrage-over-gaza-war

Autumn Statement: Jeremy Hunt considering cuts to inheritance tax

The BBC has been told the chancellor is considering cutting some taxes in his Autumn Statement.

Read more at: https://www.bbc.co.uk/news/business-67448602?at_medium=RSS&at_campaign=KARANGA

What is inheritance tax and will it be cut?

Inheritance tax is again creating political debate so how does it work and who pays?

Read more at: https://www.bbc.co.uk/news/business-36014533?at_medium=RSS&at_campaign=KARANGA

Retail sales hit lowest level since 2021 lockdowns

Shoppers bought less in October amid higher prices, rising living costs and poor weather.

Read more at: https://www.bbc.co.uk/news/business-67447597?at_medium=RSS&at_campaign=KARANGA

RIL, HDFC Bank are poised to drive the market: Sanjiv Bhasin

“ I am looking at 20,000 coming, whether it comes next week, today or by the end of the month it is very much on the cards that new highs are here. The index has consolidated enough and maybe for a day or so, consolidation may continue. But we are going to outperform in the near future.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/reliance-hdfc-bank-poised-to-drive-market-2-auto-ancillary-stocks-to-go-up-30-over-next-year-sanjiv-bhasin/articleshow/105282698.cms

Adani Power promoter entities buy 2% stake via open market; cumulative holding tops 70%

Ardour Investment Holding and Emerging Market Investment DMCC, who are part of the promoter group entities, acquired 7.92 crore shares or 2.06% stake in Adani Power between September 26 and November 16. In the early part of September, promoter entities Fortitude Trade and Investment Ltd and Emerging Market Investment DMCC had acquired 8.5 crore shares or 2.2% stake in Adani Power, which had taken the cumulative holding of the promoter group to 69.09%.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/adani-power-promoter-entities-buy-2-stake-via-open-market-cumulative-holding-tops-70/articleshow/105295673.cms

Tech View: Nifty shows strong resistance around 19,850. Here’s what traders should do next week

The positive chart pattern like higher tops and bottoms is intact as per the daily chart and Thursday’s swing high of 19,875 could be considered as a new higher top of the sequence. Hence, any decline from here could open a possibility of higher bottom formation around 19,600 -19,550 levels in the coming sessions, said Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-shows-strong-resistance-around-19850-heres-what-traders-should-do-next-week/articleshow/105292768.cms

Market Snapshot: U.S. stocks rise, Dow heads for third straight week of gains

U.S. stocks edge higher Friday as the major indexes head for a third straight week in the green, spurred by hopes for a soft landing for the U.S. economy, and the prospect of interest-rate cuts arriving during the first half of 2024.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729C-ED9AE2B9F984%7D&siteid=rss&rss=1

Market Extra: S&P 500 flirts with quickest comeback from correction territory in 10 years. Could it last?

S&P 500 could soon revisit record levels, LPL Financial says

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729D-4EFF0355F926%7D&siteid=rss&rss=1

Futures Movers: Oil prices end higher but notch fourth straight weekly loss

Oil futures finished higher on Friday, reversing most of a decline in the previous session that brought them to their lowest levels since July and pulled U.S. benchmark prices into bear-market territory.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729C-FDA3C9A2F552%7D&siteid=rss&rss=1