Ten Steps to a Faster Energy Transition

The global energy system is at a tipping point on its path to a net-zero emission future. With the COP28 conference kicking off this week, Rystad Energy is outlining the 10 critical steps required to accelerate the transition, limit global warming and ensure a clean and reliable energy future. The transition from fossil fuels to clean energy sources is gaining momentum, with notable progress in the adoption of clean technologies around the world. Despite current progress, an even quicker expansion is required, and global government and business…

Read more at: https://oilprice.com/Energy/Energy-General/Ten-Steps-to-a-Faster-Energy-Transition.html

Steelmaker ArcelorMittal Halts Bosnia Steel Plant Amid Demand Slump

By Sohrab Darabshaw via AGMetalminer.com A drop in steel demand throughout Europe proved the reason for ArcelorMittal temporarily suspending output at its Bosnia plant. The company remains a leading player in the steel industry, making approximately 700,000 tons of liquid steel every year and employing 2,200 workers. According to this report, company management moved to halt production due to a drop in European demand. The company stated that the decline began with the Russian invasion of Ukraine in 2022, but added that an increase in energy…

Read more at: https://oilprice.com/Energy/Energy-General/Steelmaker-ArcelorMittal-Halts-Bosnia-Steel-Plant-Amid-Demand-Slump.html

New U.S. Sanctions on Iran Target Oil Revenues Feeding Military

The U.S. Department of Treasury has slapped sanctions on an additional 20 entities, including Iranian Sepehr Energy and individuals and companies globally, in connection to the facilitation of finances that support Iran’s military.  Sepehr is targeted in the newest sanctions package for allegedly serving as a front company for Iranian government oil sales, which the Treasury department says is funding Iran’s “destabilizing regional activities” and supporting “multiple regional proxy groups”, including…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-US-Sanctions-on-Iran-Target-Oil-Revenues-Feeding-Military.html

Shell Retail Energy Arm Slapped with Second Fine for ‘Serious Overcharging’

A company owned by oil and gas giant Shell has been slapped with a fine by the energy regulator Ofgem, weeks after the communications regulator also fined part of the customer-facing part of the group. Hudson Energy Supply (HES), a non-domestic market energy supplier which Shell purchased in 2019 as part of its efforts to take on the UK retail energy supply market, must cough up £1.6m after the regulator found it “failed its customers by failing to comply with a number of important licence conditions.” An investigation by Ofgem…

Read more at: https://oilprice.com/Energy/Energy-General/Shell-Retail-Energy-Arm-Slapped-with-Second-Fine-for-Serious-Overcharging.html

Sweden Doubles Down on Nuclear Energy with Parliamentary Approval

The Parliament of Sweden has approved a new energy bill paving the way for the construction of additional nuclear reactors beyond the 10 originally approved to boost energy security and reduce carbon emissions, Reuters reports. Sweden’s current fleet of six nuclear reactors is all that remains from 12 reactors after a 1980 referendum committed to exiting nuclear energy entirely.  A parliamentary statement said the additional nuclear reactors were a response to “expected greater demand for electricity in combination with…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sweden-Doubles-Down-on-Nuclear-Energy-with-Parliamentary-Approval.html

A Tech Breakthrough That Counters Critical Issues for Lithium-Sulfur Batteries

Tokyo University of Science researchers have developed a graphene separator embedded with platinum-doped gold nanoclusters for lithium-sulfur batteries. Lithium-sulfur batteries face issues like the formation of lithium polysulfides and lithium dendrites that lead to capacity loss and raise safety concerns. Yet lithium-sulfur batteries (LSBs) offer a higher energy storage potential and with the new separator have enhanced lithium-ion transport and facilitate redox reactions. This breakthrough addresses the long-standing issues associated with LSBs,…

Read more at: https://oilprice.com/Energy/Energy-General/A-Tech-Breakthrough-That-Counters-Critical-Issues-for-Lithium-Sulfur-Batteries.html

India Launches its First-Ever Critical Minerals Auction

India is launching its first-ever auction of tracts containing critical and strategic minerals as it looks to boost its renewable energy rollout and EV uptake and protect its national security. The Indian Ministry of Mines said that it is auctioning 20 blocks of critical and strategic minerals across the country in a “landmark initiative that will boost our economy, enhance national security and support our transition to a clean energy future.”     The auction process for the blocks containing lithium, graphite,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Launches-its-First-Ever-Critical-Minerals-Auction.html

South America’s Offshore Oil Boom Will Challenge OPEC’s Dominance

In Guyana’s territorial waters, after Exxon’s swathe of world-class petroleum discoveries, gigantic ships called floating production storage and offloading (FPSO) vessels are sucking crude oil from reservoirs up to four miles below the Earth’s surface. Since then, it has been estimated the former British colony of just over 800,000 possesses at least 11 billion barrels of recoverable oil resources. These discoveries not only garnered the attention of energy supermajors, notably Exxon, Chevron, and TotalEnergies but heralded a…

Read more at: https://oilprice.com/Energy/Energy-General/South-Americas-Offshore-Oil-Boom-Will-Challenge-OPECs-Dominance.html

EU/US Yields Tumble Amid Slump In Industrial Confidence

US and European bonds are extending their gains following yesterday’s dovish comments from Fed Gov. Waller as German CPI plunged far more than expected and European Industrial Confidence dipped back towards 10-year-lows (ex-COVID-lockdowns). German inflation eased more than forecast in November on retreating energy and travel costs, putting the European Central Bank’s 2% target within reach. Consumer prices rose 2.3% from a year ago, down from 3% in October and less than the 2.5% estimated by economists in a Bloomberg…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EUUS-Yields-Tumble-Amid-Slump-In-Industrial-Confidence.html

The Concerning Energy Cost of Artificial Intelligence

As the world welcomes innovative technologies, they could spur a sharp spike in energy consumption if not regulated appropriately. A wide range of industries, including the energy sector, is looking to artificial intelligence (AI) to modernize operations. However, many are not considering the potential energy costs of adopting AI and other innovative technologies. Just as we’ve seen with cryptocurrency mining, the use of new, advanced technologies is expected to significantly drive up energy usage across different industries, and a lack of…

Read more at: https://oilprice.com/Energy/Energy-General/The-Concerning-Energy-Cost-of-Artificial-Intelligence.html

Activist Investor Elliott Buys $1-Billion Stake in U.S. Refiner Phillips 66

Elliott Investment Management, an activist investment group, said on Wednesday it had amassed a $1-billion stake in one of the largest U.S. refiners, Phillips 66, and expressed dissatisfaction with the company’s underperformance in recent years.    Apart from disclosing its $1 billion investment in Phillips 66, the activist investment firm sent a letter to the Board of Directors of Phillips 66, in which it outlined its ideas of how the refiner could regain trust with investors and unlock significant and sustainable value for its…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Activist-Investor-Elliott-Buys-1-Billion-Stake-in-US-Refiner-Phillips-66.html

Oil Ticks Down on Crude, Fuels Inventory Build

Crude oil prices moved lower today, after the Energy Information Administration reported an estimated inventory increase of 1.6 million barrels for the week to November 24. This compared with a sizeable build for the previous week, at 8.7 million barrels, which pushed prices lower last week, contributing to other bearish factors. A day earlier, the American Petroleum Institute estimated a crude oil inventory dip of a little over 800,000 barrels for the week to November 24. In fuels, the EIA estimated inventory builds for the…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Ticks-Down-on-Crude-Fuels-Inventory-Build.html

COP28 President Denies Reports of Plans to Use Climate Summit to Push Oil Deals

COP28 President Sultan Al Jaber, who is also group CEO of the Abu Dhabi National Oil Company (ADNOC), denied on Wednesday reports of plans to use the climate summit in Dubai for pushing oil deals. Al Jaber’s presidency of COP28 has stirred controversy in recent months. He is the first CEO designated to be president of any climate summit so far. But he is also the chief executive of the national oil company of OPEC’s third-largest producer, the United Arab Emirates (UAE). Earlier this week, the BBC and many other news outlets reported that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/COP28-President-Denies-Reports-of-Plans-to-Use-Climate-Summit-to-Push-Oil-Deals.html

Oil Prices Extend Gains as Market Awaits Key OPEC+ Meeting

Oil prices extended gains early on Wednesday as a storm continues to disrupt crude loadings in the Black Sea and the market awaits news about the next move from OPEC+ set to hold a meeting on Thursday. As of 8:50 a.m. ET on Wednesday, the U.S. benchmark, WTI Crude, traded 1.77% higher at $77.79, and Brent Crude, the international benchmark, was up by 1.54% on the day at $82.96. Ahead of the weekly EIA inventory report, prices were supported by the industry report from API showing a small draw in U.S. commercial crude stockpiles and a drop in gasoline…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Extend-Gains-as-Market-Awaits-Key-OPEC-Meeting.html

Bad Weather Continues to Disrupt Russia’s Oil Exports

Oil exports from Russia’s ports on the Black Sea remained disrupted on Wednesday as shipping continues to be restricted due to a storm in the region. Bad weather conditions persevere in the Black Sea and restrictions will remain in place until the weather improves, Russia’s Transport Ministry said on Wednesday. The storm has disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhstan and Russia, according to data from state officials and port agents cited by Reuters. Earlier this week, crude oil loadings at key Black…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Bad-Weather-Continues-to-Disrupt-Russias-Oil-Exports.html

Here’s what it would take for the Fed to start slashing interest rates in 2024

Interest rate cuts don’t happen during good times, something important for markets to remember.

Read more at: https://www.cnbc.com/2023/11/29/heres-what-it-would-take-for-the-fed-to-start-slashing-rates-in-2024.html

Nvidia CEO Jensen Huang says AI will be ‘fairly competitive’ with humans in 5 years

Nvidia CEO Jensen Huang said Wednesday at The New York Times DealBook summit that AI is getting more competitive with humans

Read more at: https://www.cnbc.com/2023/11/29/nvidia-ceo-ai-will-be-fairly-competitive-with-humans-in-5-years.html

Why Dallas? Las Vegas Sands casino moguls make a play for the NBA – and Texas

Mark Cuban has agreed to sell a majority stake in the NBA’s Dallas Mavericks to casino mogul Miriam Adelson’s family.

Read more at: https://www.cnbc.com/2023/11/29/why-dallas-miriam-adelson-las-vegas-sands-texas-mark-cuban.html

Dow ends Wednesday near flat, but the major averages remain on track for big November gains: Live updates

The Dow and the S&P 500 were near the flat line Wednesday.

Read more at: https://www.cnbc.com/2023/11/28/stock-market-today-live-updates.html

How giving away some winning stocks can help cut taxes and balance your portfolio

Peel off a few shares of those big winners this year and donate them to charity.

Read more at: https://www.cnbc.com/2023/11/29/giving-away-some-winning-stocks-can-cut-taxes-balance-your-portfolio.html

UAW launches union campaigns at Tesla, 12 other automakers in the U.S.

The UAW union is launching an unprecedented campaign to organize 13 non-union automakers after bargaining record contracts with the Detroit automakers.

Read more at: https://www.cnbc.com/2023/11/29/uaw-launches-union-campaigns-at-tesla-12-others.html

Americans are ‘doom spending’ — here’s why that’s a problem

As financial fears mount, some Americans are “doom spending,” or spending money despite their economic and geopolitical concerns, as a way to cope with stress.

Read more at: https://www.cnbc.com/2023/11/29/americans-are-doom-spending-heres-why-thats-a-problem.html

House Republicans believe there are enough votes to expel Rep. George Santos this week

Rep. George Santos survived an earlier vote to expel him from the House, but a damning ethics report has prompted many GOP lawmakers to back his ouster.

Read more at: https://www.cnbc.com/2023/11/29/george-santos-house-republicans-expect-to-expel-new-york-lawmaker-.html

Bitcoin briefly crosses $38,000 mark despite more fallout from Binance charges: 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, Professor Yesha Yadav of Vanderbilt University Law School discusses crypto regulation and what’s next for the industry following Binance’s historic settlement with U.S. government officials.

Read more at: https://www.cnbc.com/video/2023/11/29/bitcoin-briefly-crosses-38000-mark-despite-more-fallout-from-binance-charges-cnbc-crypto-world.html

Cigna, Humana shares fall after report health-care giants are in talks to merge

Cigna and Humana are discussing a stock-and-cash deal that could be finalized by the end of this year, according to the report from the Wall Street Journal.

Read more at: https://www.cnbc.com/2023/11/29/cigna-shares-slide-after-report-it-could-merge-with-humana.html

Charlie Munger: These ‘basic rules’ made me successful in life—‘with Warren Buffett, I had all 3’

Charlie Munger was Vice Chairman of Berkshire Hathaway and Warren Buffett’s closest business partner. Before he died at age 99, he shared three “basic rules” that drove his success in life — and they can help any young person today.

Read more at: https://www.cnbc.com/2023/11/29/charlie-munger-these-basic-career-rules-made-me-successful-in-life-with-warren-buffett-i-had-all-3.html

How Munger and Buffett’s 60-year partnership was so special: ‘Charlie and I have never had an argument’

The journey to Munger and Buffett’s unparalleled success was full of learning, experience and laughter, but never an argument.

Read more at: https://www.cnbc.com/2023/11/29/munger-and-buffetts-60-year-partnership-we-never-had-an-argument.html

JPMorgan CEO Jamie Dimon to business leaders: ‘Help Nikki Haley’

JPMorgan CEO Jamie Dimon is calling on business leaders to “help” Nikki Haley’s 2024 campaign for president.

Read more at: https://www.cnbc.com/2023/11/29/jamie-dimon-urges-business-leaders-to-help-nikki-haley.html

Panama Forcing First Quantum To Close Mega-Copper Mine Is A “Significant Event”

Copper futures reached a ten-week high on Wednesday following the announcement by Panama’s government to shut down a controversial $10 billion copper mine owned by First Quantum Minerals Ltd. The decision came after the Supreme Court of the Central American country declared the 20-year concession given to the Canadian mining operator was unconstitutional.

“We have decided to unanimously declare unconstitutional the entire law 406 [granted mining concessions to First Quantum Minerals] of October 20, 2023,” Supreme Court President Maria Eugenia Lopez said on Tuesday.

Later that evening, President Laurentino Cortizo posted on social media platform X that the “transition process for the orderly and safe closure of the mine” had already begun. Production at Cobre mine has already been disrupted due to environmentalist protesters and labor unions.

The court’s ruling and resulting shuttering of Cobre Mine is a shock to …

Read more at: https://www.zerohedge.com/commodities/panama-forcing-copper-close-mega-copper-mine-significant-event

‘Confetti Dollars’ Are Coming, But Silver Will Pull “The Pin In The Gold Grenade”

Via Greg Hunter’s USAWatchdog.com,

Precious metals expert and financial writer Bill Holter says the recent underreported announcement by the UBS CEO Sergio Ermotti in Switzerland that his bank might need a “rescue” is yet another sign on the short road to the end of the global Ponzi scheme backed by the US dollar reserve currency.

Holter points out, “You’ve got a sick bank (Credit Suisse) that is being bailed out by another bank (UBS) that may turn out to be sick…”

“My question is who is going to bail out these central banks?

You have got the Fed with a $9 trillion balance sheet.  The last time, the Fed went from $900 billion to $9 trillion.

Can th …

Read more at: https://www.zerohedge.com/markets/confetti-dollars-are-coming-silver-will-pull-pin-gold-grenade

US Osprey Aircraft Crashes Off Japan Coast, Killing At Least One

A US military MV-22B Osprey with six souls on board crashed into the sea in western Japan on Wednesday while on a training mission, killing at least one person, according to Reuters.

The tiltrotor aircraft that can operate as a helicopter or a turboprop aircraft crashed some 2 miles from Yakushima island. This area is part of Japan’s Kagoshima prefecture and about 650 miles southwest of Tokyo.

Read more at: https://www.zerohedge.com/military/us-osprey-aircraft-crashes-japan-coast-killing-least-one

Downbeat Beige Book Finds Economic Activity “Slowing”, Brings Fed One Step Closer To Rate Cuts

One month after the October Beige book found “little change” in the US economy even as the outlook turned decidedly gloomier, moments ago the Fed released the latest, November, Beige Book in which we find just why the outlook darkened: according to the Fed, economic activity in the US “slowed” since the previous report, with four Districts reporting modest growth, two indicating conditions were flat to slightly down, and half (or six) noting slight declines in activity. The slowdown was visible across both Fed mandates: price increases moderated across districts (though prices remained elevated) the Beige Book notes, while demand for labor continued to ease, as most Districts reported flat to modest increases in overall employment.

According to Bloomberg, “taken at face value, that’s two-thirds of districts citing conditions that are ostensibly consistent with a mild recession.” In other words, the various regional Feds confirm that the trigger for a Fed rate cut is that much closer.

Some more details, starting with overall economic activity:

• Retail sales, including autos, remained mixed; sales of discretionary items and durable goods, like furniture and appliances, declined, on average, as consumers showed more price sensitivity.
• Travel and tourism activity was generally healthy. Demand for transportation services was sluggish.
• Manufacturing activity was mixed, and manufacturers’ outlooks weakened.
• Dem …

  Read more at: https://www.zerohedge.com/markets/downbeat-beige-book-finds-economic-activity-slowing-brings-fed-one-step-closer-rate-cuts

Shoppers hit by escalating prices of branded goods

Baby formula is one of the areas in which prices have risen by more than costs, a watchdog says.

Read more at: https://www.bbc.co.uk/news/business-67563844?at_medium=RSS&at_campaign=KARANGA

E-Scooters: over half of casualties are outside trial areas

It is illegal to ride e-scooters on public roads except in areas selected for trials.

Read more at: https://www.bbc.co.uk/news/business-67565065?at_medium=RSS&at_campaign=KARANGA

Renting: Rising cost and lack of choice forcing families to smaller homes

Older tenants are also struggling with essential bills as rents rise and the choice for tenants narrows.

Read more at: https://www.bbc.co.uk/news/business-67543835?at_medium=RSS&at_campaign=KARANGA

MSCI Rejig: IndusInd Bank, Paytm & 7 other stocks to trade in India Standard index from Thursday

According to Nuvama’s estimates the addition is likely to result in combined passive inflows of $1.50 billion.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/msci-rejig-indusind-bank-paytm-7-other-stocks-to-trade-in-india-standard-index-from-thursday/articleshow/105583392.cms

Tech View: Nifty forms a long bull candle ahead of monthly expiry. What traders should do on Thursday

The short-term trend of Nifty continues to be positive. Having witnessed a decisive upside breakout of 19,900 levels, there is a possibility of continuation of sharp upside momentum for Nifty in the coming sessions. Open Interest (OI) data showed the call side had the highest OI at the 45,000 level, followed by 45,500 strike prices. On the put side, the highest OI was observed at the 44,000 strike price

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-a-long-bull-candle-ahead-of-monthly-expiry-what-traders-should-do-on-thursday/articleshow/105596166.cms

Charlie Munger had a tremendous influence on me professionally: Zerodha’s Nithin Kamath

Munger was the Vice Chairman of Berkshire Hathaway, a conglomerate run by Warren Buffet. He passed away on Tuesday at the age of 99 in a California hospital.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/charlie-munger-had-a-tremendous-influence-on-me-professionally-zerodhas-nithin-kamath/articleshow/105591929.cms

$88 for a Christmas tree? 5 ways to save money on your holiday tree.

If the Rockefeller Center Christmas Tree lighting has you shopping for a live tree, here’s how to save some green

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A3-1207B145FD74%7D&siteid=rss&rss=1

Market Extra: Tesla’s stock fought the downtrend and the downtrend won, for now

Tesla’s stock climbed enough Wednesday to test a key chart level, but then pulled back as bulls failed to make any progress.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A4-A926CF96DC81%7D&siteid=rss&rss=1

UAW pushes to unionize workers at Tesla, Toyota and other carmakers

The United Auto Workers say the organizing drive will cover nearly 150,000 workers at about 13 carmakers.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A4-B648170F3EA1%7D&siteid=rss&rss=1