06 Dec 2023 Market Close & Major Financial Headlines: Wall Street Opened Sharply Higher, But Closed Moderately Down

What’s Holding BackThe Battery Storage Boom In Europe?

Battery energy storage systems (BESS) are playing an increasingly pivotal role in global energy systems, helping improve grid reliability and flexibility by managing the intermittency of renewable energy. But uncertainty over the profitability of such systems in Europe risks holding back their roll-out, according to Rystad Energy research. As well as providing trading (arbitrage) opportunities for operators, the development of large-scale BESS projects is essential for the energy transition, helping balance fluctuations in renewable energy and…

Read more at: https://oilprice.com/Energy/Energy-General/Whats-Holding-BackThe-Battery-Storage-Boom-In-Europe.html

Airlines Come Under Fire for Misleading Sustainability Ads

Adverts for Air France, Lufthansa and Etihad have been banned for giving consumers a misleading impression of the airlines’ environmental credentials. The Google ads, all seen in July, stated that Air France was “committed to protecting the environment” and urged consumers to “travel better and sustainably”, while Lufthansa suggested that its customers would “Fly more sustainably”. Etihad’s ad claimed its service included “Environmental Advocacy”. The Advertising Standards Authority (ASA)…

Read more at: https://oilprice.com/Energy/Energy-General/Airlines-Come-Under-Fire-for-Misleading-Sustainability-Ads.html

Crude Oil Tanks Nearly 4% as US Output Overshadows OPEC

Prices of Brent crude and West Texas Intermediate were down nearly 4% on Wednesday as an unexpected and significant increase in U.S. gasoline inventories added to concerns about lagging demand.  Wednesday’s prices reflect the lowest levels of crude oil since June this year, shuffling between a 3.5 and 4% loss throughout the first part of the day.  At 1:34 p.m. ET on Wednesday, Brent crude was trading $74.64, down 3.32%, for a $2.56 loss on the day. WTI was trading at $69.71, down 3.61%, for a $2.61 loss on the day. …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Crude-Oil-Tanks-Nearly-4-as-US-Output-Overshadows-OPEC.html

MIT Scientists Develop New Process To Convert CO2 into Fuel

Massachusetts Institute of Technology researchers developed an efficient process that can convert carbon dioxide into formate. Formate is a nonflammable liquid or solid material that can be used like hydrogen or methanol to power a fuel cell and generate electricity. The describing paper has been published in the journal Cell Press Physical Sciences. The search is on worldwide to find ways to extract carbon dioxide from the air or from power plant exhaust and then make it into something useful. One of the more promising…

Read more at: https://oilprice.com/Alternative-Energy/Fuel-Cells/MIT-Scientists-Develop-New-Process-To-Convet-CO2-into-Fuel.html

World Report Shows Nuclear Energy Production Fell by 4% Last Year

Nuclear energy’s share in global electricity production fell by 4% in 2022, year-on-year, reaching its lowest since the 1980s, according to the annual World Nuclear Industry report released on Wednesday.  In 2022, nuclear energy was responsible for generating 2,546 terawatt-hours (TWh) of electricity globally, representing 9.2% of total generation, with the U.S. generating the largest share, followed by China.  At a time when climate change is fostering a sort of renaissance for nuclear power, aging nuclear power plants…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/World-Report-Shows-Nuclear-Energy-Production-Fell-by-4-Last-Year.html

The World’s Safest and Deadliest Sources of Energy

Recent conversations about climate change, emissions, and health have put a spotlight on the world’s energy sources. As of 2021, nearly 90% of global CO? emissions came from fossil fuels. But energy production doesn’t just lead to carbon emissions, it can also cause accidents and air pollution that have a significant toll on human life. Visual Capitalist’s Freny Fernandes introduces this graphic by Ruben Mathisen, which uses data from Our World in Data to help visualize exactly how safe or deadly these energy sources are.Fossil Fuels…

Read more at: https://oilprice.com/Energy/Energy-General/The-Worlds-Safest-and-Deadliest-Sources-of-Energy.html

Saudis Ask U.S. for Restraint As Houthis Direct Missiles At Israel

As Yemen’s Houthis continue to target vessels in the Red Sea, and claimed on Wednesday to have launched missiles directly at Israel, Saudi Arabia is calling on the U.S. to show restraint as U.S. naval forces respond to Houthi attacks. On Wednesday, the Houthis launched “several” ballistic missiles at Israeli military posts in the city of Eilat, Reuters reports, citing a Houthi spokesperson. That statement followed the U.S. Navy’s shooting down of a Houthi drone earlier in the day.  Analysts seem to be…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudis-Ask-US-for-Restraint-As-Houthis-Direct-Missiles-At-Israel.html

Hydrogen in the Limelight at COP28

The UN’s COP28 climate talks, a mega-conference running for two weeks, are organized around daily themes. The fifth day on Tuesday focused on energy and brought out much high-level discussion of hydrogen.  The high hopes for green hydrogen were apparent at last year’s COP27 summit in Egypt with a flurry of big project announcements. Those have faded from the news as few major projects have reached financial commitment.  Yet the seriousness of discussions in Dubai this week, pursued by top ministry officials and high-level…

Read more at: https://oilprice.com/Energy/Energy-General/Hydrogen-in-the-Limelight-at-COP28.html

‘Leave No Stone Unturned’: Norway Urges Firms to Boost Natural Gas Output

Norway still holds huge natural gas reserves, which exploration and production companies should pursue to unlock and “leave no stone unturned” in determining if it is profitable to produce with current technology, the Norwegian petroleum regulator said on Wednesday. Much of the natural gas reserves remaining on the Norwegian Continental Shelf are located in tight reservoirs with low permeability, which makes them more difficult to produce, the Norwegian Petroleum Directorate (NPD) said. The regulator, however, urged companies “to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Leave-No-Stone-Unturned-Norway-Urges-Firms-to-Boost-Natural-Gas-Output.html

Oil Falls on Mixed Inventory Changes in Crude, Fuels

WTI oil prices held just above $70 today after the U.S. Energy Information Administration reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build in gasoline and a smaller one in distillates, however, offset the crude draw. The crude inventory draw followed a weekly estimated inventory build of 1.6 million barrels for the previous week. A day before the EIA released its latest estimate, the American Petroleum Institute reported its own estimate showed an inventory build in crude oil and…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Falls-on-Mixed-Inventory-Changes-in-Crude-Fuels.html

U.S. Gasoline Prices Fall to 11-Month Low

Amid lower crude oil prices and weakening fuel demand, U.S. gasoline prices have fallen to the lowest level since January and analysts say there is a chance of below $3 a gallon average American gasoline price by Christmas. According to AAA, the average price of a gallon of regular gasoline in the United States was $3.216 as of December 6.   The national average gasoline price has now fallen for 11 consecutive weeks, Patrick De Haan, head of petroleum analysis at GasBuddy, wrote on Monday. For the 11th consecutive week, the nation’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Fall-to-11-Month-Low.html

OPEC’s Oil Output Drops for the First Time Since July

OPEC’s crude oil production dropped in November for the first monthly decline since July as Nigeria and Iraq saw lower shipments, the monthly Reuters survey found on Wednesday.   OPEC produced 27.81 million barrels per day (bpd) of crude last month, a drop of 90,000 bpd compared to October, the Reuters survey of OPEC sources, consultants, and vessel-tracking companies showed. In the three months before November, OPEC’s oil output was either flat or rising as growing supply from African members and Iran largely…

Read more at: https://oilprice.com/Energy/Crude-Oil/OPECs-Oil-Output-Drops-for-the-First-Time-Since-July.html

Trans Mountain Oil Pipeline Faces Yet Another Delay

The Trans Mountain Expansion Project could face fresh delays after the Canadian regulator denied a variance request from the project developer to move a small section of the pipeline due to challenging drilling conditions. The Canada Energy Regulator (CER) denied the variance request but said that it also considers it appropriate to take the exceptional step of issuing its decision with reasons to follow as soon as possible. Trans Mountain Corporation, the company owned by the federal government of Canada, acknowledged it had received the letter…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trans-Mountain-Oil-Pipeline-Faces-Yet-Another-Delay.html

Exxon to Boost Share Buybacks to $20 Billion Next Year

ExxonMobil plans to accelerate the pace of its share repurchases to $20 billion annually in 2024 as it raises production and generates higher cash flows and earnings, the U.S. supermajor said in a corporate plan update on Wednesday.   Since 2019, ExxonMobil has added about $10 billion to its annual earnings and cash flow at a real Brent price of $60 per barrel, the company said in the update following the announced acquisition of Pioneer.   “These improvements provide a strong foundation to further grow annual earnings and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-to-Boost-Share-Buybacks-to-20-Billion-Next-Year.html

Saudi Arabia May Have Set the Price of Its Oil Too High

Asian buyers could reduce intake of term supplies from Saudi Arabia in January and look to buy more spot crude cargoes after the world’s top crude exporter reduced the price of its oil to Asia by less than expected, traders and refiners told Bloomberg on Wednesday.    On Tuesday, Saudi Arabia cut the price of its flagship crude, Arab Light, loading in January for Asia by $0.50 per barrel over the Oman/Dubai average, the benchmark off which Middle Eastern crude exports to Asia are priced.   While the cut was widely expected…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-May-Have-Set-the-Price-of-Its-Oil-Too-High.html

Jamie Dimon lashes out against crypto: ‘If I was the government, I’d close it down’

The JPMorgan Chase CEO lashed out at bitcoin and its peers, suggesting that cryptocurrencies should be banned.

Read more at: https://www.cnbc.com/2023/12/06/jamie-dimon-lashes-out-on-crypto-if-i-was-the-government-id-close-it-down.html

Disney+ adding Hulu integration as streaming bundles accelerate

Disney had previously offered a bundle of Disney+ and Hulu, but Wednesday’s release is part of a push to integrate the two platforms.

Read more at: https://www.cnbc.com/2023/12/06/disney-adding-hulu-integration-as-streaming-bundles-accelerate.html

U.S. crude oil falls below $70 a barrel, closing at the lowest level since June

U.S. crude declined nearly 4% on Wednesday with retail gasoline prices hitting the lowest point this year ahead of the holiday shopping and travel season.

Read more at: https://www.cnbc.com/2023/12/06/us-crude-drops-below-70-per-barrel-gas-prices-fall-to-11-month-low.html

Dow, S&P 500 slide for a third straight day as recent rally falters: Live updates

U.S. stocks dropped on Wednesday as investors assessed economic data indicating inflation is falling.

Read more at: https://www.cnbc.com/2023/12/05/stock-market-today-live-updates.html

Here’s what chart analysts say about bitcoin’s path from here to $50,000

Bitcoin broke above $40,000 last weekend and has remained above that level for much of this week – the next stop could be close to $50,000.

Read more at: https://www.cnbc.com/2023/12/06/heres-what-chart-analysts-say-about-bitcoins-path-from-here-to-50000.html

Police responding to reports of active shooter, multiple victims at University of Nevada, Las Vegas

Authorities on Wednesday were responding to reports of multiple victims in a shooting at University of Nevada, Las Vegas, police say.

Read more at: https://www.cnbc.com/2023/12/06/police-responding-to-reports-of-active-shooter-multiple-victims-at-university-of-nevada-las-vegas.html

Walmart’s hiring and wage pressures have eased, CEO says

Walmart CEO Doug McMillon also said artificial intelligence is changing employees’ roles across stores and in warehouses.

Read more at: https://www.cnbc.com/2023/12/06/walmart-hiring-wage-pressures-have-eased-ceo-says.html

JPMorgan CEO lashes out at bitcoin, suggests crypto should be banned: 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. Amira Valliani, the Solana Foundation’s head of policy, explains the findings of its December 2023 energy use report and discusses how the crypto industry can address energy efficiency and environmental concerns.

Read more at: https://www.cnbc.com/video/2023/12/06/jpmorgan-jamie-dimon-government-should-shut-down-crypto-crypto-world.html

Biden administration to forgive $4.8 billion in student loan debt for 80,300 borrowers

The Biden administration announced Wednesday that it would forgive an additional $4.8 billion in student loan debt, for 80,300 borrowers.

Read more at: https://www.cnbc.com/2023/12/06/biden-administration-to-forgive-4point8-billion-in-student-loan-debt.html

Ex-Twitter security executive sues X for wrongful termination and retaliation

A former Twitter security chief filed a lawsuit against X alleging wrongful termination after objecting to various cost-cutting measures enacted by Elon Musk

Read more at: https://www.cnbc.com/2023/12/06/ex-twitter-security-exec-sues-x-for-wrongful-termination-retaliation-.html

Governments are spying on Apple and Google users through phone notifications, U.S. senator says

U.S. Sen. Ron Wyden warned that foreign governments are spying on smartphone users by compelling Apple and Google to turn over push notification records

Read more at: https://www.cnbc.com/2023/12/06/apple-and-google-phone-users-spied-on-through-phone-push-notifications.html

Taylor Swift tops Time’s (and seemingly everyone else’s) person of the year list

“This is the proudest and happiest I’ve ever felt, and the most creatively fulfilled and free I’ve ever been,” Swift told Time, which announced its cover Wednesday.

Read more at: https://www.cnbc.com/2023/12/06/taylor-swift-tops-times-and-seemingly-everyone-elses-person-of-the-year-list.html

Google launches its largest and ‘most capable’ AI model, Gemini

The company is planning to license Gemini to customers through Google Cloud for them to use in their own applications.

Read more at: https://www.cnbc.com/2023/12/06/google-launches-its-largest-and-most-capable-ai-model-gemini.html

VP Biden Linking Ukraine Loan To Prosecutor’s Firing Surprised State Department Officials, Emails Show

Authored by Mark Tapscott via The Epoch Times,

Key White House and National Security Council and State Department officials were caught by surprise when they learned in January 2016 that then-Vice President Joe Biden had abruptly changed U.S. policy to require the firing of Ukrainian Special Prosecutor Viktor Shokin as a condition for receiving $1 billion in U.S.-backed International Monetary Fund (IMF) loans, according to House Judiciary Committee Chairman Jim Jordan (R-Ohio) citing emails reviewed by The Epoch Times.

“There are State Department emails where they are, like, ‘Oh!’ surprised. There were people in the State Department saying, ‘Oh, Biden says they aren’t getting the money unless Shokin is fired,’ and they are surprised, saying, ‘Why did you do that, we didn’t talk about this; we didn’t plan that.’ So it was a total change from the consensus where the State Department was,” Mr. Jordan told reporters during a Monday question-and-answer session focused on the status of the House impeachment investigation of President Biden.

That probe is technically only an “inquiry,” but it is expected to be upgraded to an official House investigation with a vote next week in the lower chamber. Mr. Jordan told reporters Monday that he is confident the Republican majority will prevail in that vote despite having only a two-v …

Read more at: https://www.zerohedge.com/political/vp-biden-linking-ukraine-loan-prosecutors-firing-surprised-state-department-officials

Biden Admits ‘Only In Election To Beat Trump’ As Former President Promises Not To Be A Dictator “Except On Day One”

Amid an avalanche of not-at-all-coordinated hit-pieces all focused on the word “Dictator”, former President Trump appeared to play right into the hands of the narrative-writers with his comments overnight – albeit completely removed from context (just like “good people on both sides”… except the nazis!)

Dark scenarios about what could happen if Trump wins in 2024 have appeared in the space of a few days in major US media outlets that include The Washington Post, The New York Times and the Atlantic.

Grim predictions also came from no lesser Trump-hater than Liz Cheney, who said that the country is “sleepwalking into dictatorship” and that she is weighing a third-party presidential run of her own to try to stop him.

Are you afraid yet?

Trump’s campaign responded by pointing out that “this is nothing more than another version of the media’s failed and false Russia collusion hoax,” referring to The Atlantic’s project to devote their January/February issue to analyzing what a second Trump term would mean for immigration, civil rights, the Justice Department, climate and more.

Read more at: https://www.zerohedge.com/political/watch-trump-promises-not-be-dictator-except-day-one

The Market’s Next Big Pain Trade

Authored by Ven Ram, Bloomberg cross-asset strategist,

Extreme Bond-Market Positioning Heralds Pain TradeDisappointments are the deepest when just about everyone in the markets is positioned for the same outcome.

With the disinflationary narrative in the US evolving in line with the Fed’s estimates, traders are bracing for that definitive inflection point in the economy that will send Treasuries soaring.

In fact, traders are clamoring for bonds relative to stocks at a pace close to the fastest in two decades, possibly setting a low bar for disappointment – and potentially making it the markets’ next big pain trade.

Options on longer-maturity Treasuries show that outstanding open positions that will benefit from a rally are almost 2.5 times as much as those that offer downside protection, hovering around a peak set in September.

In contrast, positions that will gain from a slump in equities are twice as much as those that seek upside, a sign tha …

Read more at: https://www.zerohedge.com/markets/extreme-bond-market-positioning-heralds-pain-trade

Janet Yellen Joins Zelensky In Saying US Would Be “Responsible For Ukraine’s Defeat”

Treasury Secretary Janet Yellen says the United States would be “responsible for Ukraine’s defeat” if Congress fails to approve the Biden administration’s $106 billion request to fund the wars in Ukraine and Israel, among other security issues.

Yellen made the remarks Tuesday to reporters while on a trip to Mexico City, calling the funding “utterly essential” and as a pre-condition for the International Monetary Fund to keep funds flowing uninterrupted into Ukraine, according to Reuters.

“I’ve talked to members of Congress, my colleagues have. I think they understand this, that this is a dire situation and we can hold ourselves responsible for Ukraine’s defeat if we don’t manage to get this funding to Ukraine that’s needed, and I’m including direct budget support here because that’s utterly essential,” Yellen said.

She is …

Read more at: https://www.zerohedge.com/political/janet-yellen-joins-zelensky-saying-us-would-be-responsible-ukraines-defeat

Meta is child abuse ‘breeding ground’, lawsuit claims

Facebook and Instagram are rife with child abuse, the New Mexico attorney general alleges.

Read more at: https://www.bbc.co.uk/news/business-67640177?at_medium=RSS&at_campaign=KARANGA

AOG Technics: UK fraud body makes arrest in aircraft parts probe

It has launched a criminal investigation into alleged fraud at aircraft parts supplier AOG Technics.

Read more at: https://www.bbc.co.uk/news/business-67641076?at_medium=RSS&at_campaign=KARANGA

EU to delay tariffs on UK electric cars until 2027

It comes after EU and UK carmakers said they were not ready for the change in post-Brexit trade rules.

Read more at: https://www.bbc.co.uk/news/business-67634706?at_medium=RSS&at_campaign=KARANGA

Network18 Group to consolidate TV, digital ops; merge TV18 Broadcast with Network18 Media

Under the proposed merger scheme, shareholders of TV18 Broadcast will get 100 shares of Network18 Media for every 172 shares held in the former. Shareholders of E18 will receive 19 shares of Network18 Media for every 1 share held in the former.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/network18-group-to-consolidate-tv-digital-ops-merge-tv18-broadcast-with-network18-media/articleshow/105789115.cms

Tech View: Nifty bulls losing momentum. What traders should do on Thursday

The support for the index lies at 20,850, below which the market may witness a healthy correction in the short term, he said. On the other hand, a move above 21,000 might trigger a resumption of the bullish trend.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-bulls-losing-momentum-what-traders-should-do-on-thursday/articleshow/105785371.cms

Sunil Subramaniam on 2 sectors to bet on as 2024 elections loom

“A broad-based rally in largecaps – not market cap broad-based, but sectorally broad-based within the largecap space – would be the best strategy for investors to adopt. If they want to go beyond largecap funds, then flexi-cap funds represent a good option because they normally have 15-20% or maybe up to 30% in the broader market.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/sunil-subramaniam-on-2-sectors-to-bet-on-as-2024-elections-loom/articleshow/105772888.cms

Beth Pinsker: Is giving stock to kids a good idea? There might be a better way to teach them about money.

You might think you’re sharing lessons about the value of investing, but you need to focus on basics instead.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A8-B2BD4CAEF6EB%7D&siteid=rss&rss=1

Futures Movers: U.S. oil prices end below $70 a barrel, down a fifth straight session

Oil futures settle lower for a fifth straight day, at their lowest since late June.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A9-572D8D81E20B%7D&siteid=rss&rss=1

Why Brenda Lee may not see much money from her No. 1 hit ‘Rockin’ Around the Christmas Tree’

The 78-year-old artist has a No. 1 hit that’s been decades in the making — still, a financial windfall may elude her, say music-industry experts

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A9-DF06D1B1A4AF%7D&siteid=rss&rss=1