New Catalyst and Solar Process Produces Low Cost Hydrogen

A study developed jointly by Istituto Italiano di Tecnologia (IIT) and the spin-off BeDimensional has identified a solution based on ruthenium particles and a solar-powered electrolytic system. Small ruthenium particles and a solar-powered system for water electrolysis can produce green hydrogen more efficiently and cheaply. The technology, developed in the context of the Joint-lab’s activities and recently published in two high-impact factor journals (Nature Communications and the Journal of the American Chemical…

Read more at: https://oilprice.com/Alternative-Energy/Fuel-Cells/New-Catalyst-and-Solar-Process-Produces-Low-Cost-Hydrogen.html

Andurand’s Wrong-Way Bet on Oil Cost Fund 54%

Following a three-year Midas Touch streak, oil trader Pierre Andurand’s main hedge fund has lost 54% so far this year, and is set to rack up more losses before the year’s end, making this the worst 12 months for the fund in its history, Bloomberg reports.  Citing an anonymous source with knowledge of the fund’s current situation, Bloomberg said the Andurand Commodities Discretionary Enhanced, which has no set limits on risk, lost approximately one-third of its value in the first quarter of this year, and approximately…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Andurands-Wrong-Way-Bet-on-Oil-Cost-Fund-54.html

Brazil’s Invitation to Join OPEC+ Highlights the Importance of Its Oil Boom

In a shock development, Latin American energy giant Brazil announced it will join the OPEC+ group of oil-producing countries, including some of the world’s biggest such as Russia and the Kingdom of Saudi Arabia. The consortium works in concert to coordinate and unify petroleum production to secure pricing for the benefit of its members. Brazil, which government data shows pumped 3.5 million barrels per day for October 2023, intends to join OPEC+ during January 2024. In a surprise development, the CEO of Brazil’s national oil company…

Read more at: https://oilprice.com/Energy/Energy-General/Brazils-Invitation-to-Join-OPEC-Highlights-the-Importance-of-Its-Oil-Boom.html

TotalEnergies Cements Its Position in South Africa’s Offshore Oil Boom

TotalEnergies has big plans for South African oil and gas despite increasing pressure from environmentalists to curb production. Following the recent go-ahead from the government to develop a new project in the country’s Orange Basin, it appears that Total has solidified its position in the upstream sector of South Africa’s oil industry following several months of uncertainty. In October, the South African government approved TotalEnergies’ bid to drill test wells in the Orange Basin, which extends into Namibia, starting next year.…

Read more at: https://oilprice.com/Energy/Energy-General/TotalEnergies-Cements-Its-Position-in-South-Africas-Offshore-Oil-Boom.html

Would the U.S. Intervene to Defend Guyana’s Oil Riches?

Venezuela’s revival of its border dispute with the Cooperative Republic of Guyana may provide an opportunity for the AUKUS pact – Australia, United Kingdom, United States – to reverse or challenge the gains of the People’s Republic of China (PRC), Russia, Iran in South America and the Caribbean. The territorial dispute over the Essequibo region of Guyana extends back to 1840, ostensibly resolved with the Paris Arbitral Award of 1899, but was revived with the discovery of massive energy reserves off its coast in the early 21“ Century.…

Read more at: https://oilprice.com/Energy/Energy-General/Would-the-US-Intervene-to-Defend-Guyanas-Oil-Riches.html

Oil Gains 4% on Interest Rates, 2024 Forecasts

Oil prices were nearing a 4% gain on Thursday as the U.S. dollar weakened and the International Energy Agency (IEA) upgraded its demand forecast to a 1.1 million barrel-per-day increase next year.  Brent crude was trading at $76.70 on Thursday at 11:50 a.m. ET, up 3.29%. West Texas Intermediate (WTI), the U.S. benchmark, was trading at $71.87, up 3.45%. Earlier on Thursday, the IEA boosted its 2024 demand forecast by 130,000 bpd based on U.S. supply growth that “continues to defy expectations”.  However, the agency revised…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Gains-4-on-Interest-Rates-2024-Forecasts.html

Maersk Gives Fuel Carriers Ability to Bypass Red Sea to Avoid Attacks

Maersk fuel carriers will have the option of bypassing the Red Sea following a spate of attacks on other vessels in the area, possibly extending fuel voyages by thousands of miles. Maersk said on Thursday that its fuel carriers can bypass the Red Sea to avoid potential danger, according to company correspondence seen by Bloomberg. If carriers choose to bypass the Red Sea, it will also bypass the Suez Canal and add thousands of miles to their journeys, opting to sail around Africa instead. This will add days to the journey and burn “hundreds…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Maersk-Gives-Fuel-Carriers-Ability-to-Bypass-Red-Sea-to-Avoid-Attacks.html

The World Could Soon Face A Copper Supply Deficit

The world is sliding into a copper deficit over the next couple of years as one of the world’s largest copper mines was forced to shutter operations while demand for the refined metal remains elevated due to renewable energy infrastructure and electric vehicles demand.  Warnings of a copper squeeze come as the Panamanian government recently closed First Quantum Minerals Ltd.’s $10 billion Cobre Panama copper mine, which produces 400,000 tons of copper annually and is considered one of the largest copper mines in the world. This decision…

Read more at: https://oilprice.com/Metals/Commodities/The-World-Could-Soon-Face-A-Copper-Supply-Deficit.html

EU Reaches Provisional Deal on Electricity Market Reform

The European Union and the European Parliament reached on Thursday a provisional deal to reform the EU’s electricity market design to make power prices less dependent on volatile fossil fuel prices. The EU is seeking to reform the way its electricity market works to avoid a repeat of last year’s energy crisis which hit households and industries with soaring power prices. The reform is also aimed at shielding consumers from price spikes, accelerating the deployment of renewable energies, and improving consumer protection. The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Reaches-Provisional-Deal-on-Electricity-Market-Reform.html

Russia’s Oil Revenues Slump to the Lowest Level since July

Russia’s oil revenues dropped in November to the lowest level since July as crude export prices dropped and volumes declined, the International Energy Agency (IEA) said on Thursday.   Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion—the lowest export revenues for Moscow since July this year, the agency said in its Oil Market Report for December. Revenues from crude exports fell by $2.4 billion month-on-month in November, while product export revenues dropped…

Read more at: https://oilprice.com/Energy/Energy-General/Russias-Oil-Revenues-Slump-to-the-Lowest-Level-since-July.html

Plunging Solar Module Production Costs Give China Huge Advantage

China’s costs for producing solar modules have plummeted by 42% over the past year, which gives Chinese manufacturers a huge cost advantage over the U.S. and European solar equipment producers, Wood Mackenzie said in a report on Thursday. In the past 12 months, Chinese solar production costs have fallen to US$0.15 per watt, which suggests that the United States and Europe can’t compete with the Asian manufacturing powerhouse currently, according to the report from the energy consultancy. “As the world’s solar module powerhouse,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Plunging-Solar-Module-Production-Costs-Give-China-Huge-Advantage.html

Electric Vehicle Market Sees 20% Surge in Global Sales for November

Sales of EVs and plug in hybrids were up 20% globally in November, according to market research firm Rho Motion. The boost in sales was mainly attributed to strong growth both in North America and China, which offset poor sales in Europe, according to Reuters.  Total sales hit a new monthly record of 1.4 million units, the report says. This figure is up from 1.1 million EVs sold in November 2022.  Data manager Charles Lester commented to Reuters: “Sales have continued to rise despite a lot of negative sentiment in the market,…

Read more at: https://oilprice.com/Energy/Energy-General/Electric-Vehicle-Market-Sees-20-Surge-in-Global-Sales-for-November.html

IEA: Global Oil Inventories Fell in October

Global observed oil inventories fell in October, with the first drop in oil product stocks for the first time in four months, the International Energy Agency (IEA) said on Thursday. Global observed oil inventories dropped by 19.6 million barrels in October, with crude inventories largely unchanged, but with the first decline in refined petroleum stocks in four months. The falling product stocks in October reversed the trend from the third quarter when oil product stocks rose by 1.3 million barrels per day (bpd), while crude drew 1.6 million bpd…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/IEA-Global-Oil-Inventories-Fell-in-October.html

Canada’s Cenovus Energy Raises Capital Expenditure for 2024

Cenovus Energy, one of Canada’s biggest oil and gas companies, expects to spend more capital next year compared to 2023 to boost upstream production and capture better margins in the downstream segment.   In a corporate update on Thursday, Cenovus Energy said that its 2024 budget entails capital investments of US$3.3 billion-US$3.7 billion (C$4.5 billion and C$5.0 billion), “delivering disciplined capital investment and balancing growth of the company’s base business with meaningful shareholder returns.” The investment…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadas-Cenovus-Energy-Raises-Capital-Expenditure-for-2024.html

IEA Raises Its 2024 Oil Demand Growth Forecast

Global oil demand growth is materially slowing down this quarter compared to the third quarter, the International Energy Agency (IEA) said on Thursday, but at the same time, it lifted its 2024 demand growth projection by around 130,000 barrels per day (bpd) from last month’s assessment. Demand growth is slowing down this quarter, the agency said in its Oil Market Report for December, and revised down its Q4 consumption growth forecast by nearly 400,000 bpd, with Europe making up more than half of the downward revision. “Evidence of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/IEA-Raises-Its-2024-Oil-Demand-Growth-Forecast.html

Dow continues rally, closes up 100 points after strong economic data, hopes for falling rates: Live updates

Wall Street received fresh economic data on Thursday that helped fuel hopes for a soft landing.

Read more at: https://www.cnbc.com/2023/12/13/stock-market-today-live-updates.html

Intel unveils new AI chip to compete with Nvidia and AMD

Intel announced new details about PC, server, and AI chips on Thursday, including Gaudi3, an AI chip for generative AI software that will compete with Nvidia.

Read more at: https://www.cnbc.com/2023/12/14/intel-unveils-gaudi3-ai-chip-to-compete-with-nvidia-and-amd.html

GM’s Cruise laying off 900 employees, or 24% of its workforce: Read the memo here

The cuts come after a barrage of safety concerns and incidents have plagued the robotaxi subsidiary since it gained approval to operate in San Francisco.

Read more at: https://www.cnbc.com/2023/12/14/gms-cruise-laying-off-900-or-24percent-of-its-workforce.html

Southwest CEO vows last year’s Christmas meltdown ‘will never happen again’

Last year, Southwest canceled close to 17,000 flights over the crucial Christmas and New Year’s holiday period.

Read more at: https://www.cnbc.com/2023/12/14/southwest-ceo-christmas-meltdown-will-never-happen-again.html

Congress passes $886 billion defense policy bill, Biden to sign into law

The bill includes a four-month extension of Section 702, a controversial surveillance authority, giving lawmakers more time to either reform or keep the program.

Read more at: https://www.cnbc.com/2023/12/14/congress-passes-886-billion-defense-policy-bill-biden-to-sign-into-law.html

Art Cashin shares his 2024 outlook: How stocks could fare under elections, AI boom, high valuations

Art Cashin expects the presidential election cycle to give stocks a boost, but that doesn’t mean there’s no risks for equity investors in the year ahead.

Read more at: https://www.cnbc.com/2023/12/14/art-cashins-2024-outlook-how-stocks-could-fare-with-elections-and-ai-boom.html

SEC Chair Gary Gensler slams noncompliance tied to ‘Wild West’ of crypto: 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, Steven McClurg, co-founder and CIO at Valkyrie Investments, discusses the latest developments related to the asset manager’s pending spot bitcoin ETF application.

Read more at: https://www.cnbc.com/video/2023/12/14/coinbase-launches-bitcoin-ether-spot-trading-outside-united-states-cnbc-crypto-world.html

401(k), IRA balances fell for older millennials, young Gen Xers during the pandemic. Here’s why

Rising access to 401(k) plans has created more small accounts among young savers, say researchers.

Read more at: https://www.cnbc.com/2023/12/14/401k-ira-retirement-savings-fell-for-typical-millennial-gen-x-saver.html

Impeachment vote boosts Biden campaign fundraising

A donor pitch linked to the impeachment vote was the top performing ask of the 2024 cycle for VP Kamala Harris, a Biden campaign source told CNBC.

Read more at: https://www.cnbc.com/2023/12/14/impeachment-vote-boosts-biden-campaign-fundraising.html

European Union leaders agree to open membership talks with Ukraine

Ukraine has seemingly moved one step closer to EU membership after leaders in Brussels agreed to open membership negotiations with the war-torn nation.

Read more at: https://www.cnbc.com/2023/12/14/eu-leaders-agree-to-start-membership-talks-with-ukraine-.html

Four men indicted in $80 million ‘pig butchering’ scheme

LA federal prosecutors said four indictments and two arrests had been made in an international “pig butchering” scheme that caused $80 million in damages.

Read more at: https://www.cnbc.com/2023/12/14/pig-butchering-scam-results-in-four-indictments-two-arrests-doj.html

Bull on the tracks delays trains in New York, New Jersey

It was not known how a bull ended up on the train tracks near Penn Station in Newark, New Jersey, disrupting commuter service to and from New York.

Read more at: https://www.cnbc.com/2023/12/14/bull-on-the-tracks-delays-trains-in-new-york-new-jersey.html

Retail sales rose 0.3% in November vs. expectations for a decline

Retail sales rose 0.3% in November, stronger than the 0.2% decline in October and better than the Dow Jones estimate for a decrease of 0.1%.

Read more at: https://www.cnbc.com/2023/12/14/retail-sales-rose-0point3percent-in-november-vs-expectations-for-a-decline.html

IEA Raises Its 2024 Oil Demand Growth Forecast

By Tsvetana Paraskova of OilPrice.com

Global oil demand growth is materially slowing down this quarter compared to the third quarter, the International Energy Agency (IEA) said on Thursday, but at the same time, it lifted its 2024 demand growth projection by around 130,000 barrels per day (bpd) from last month’s assessment.

Demand growth is slowing down this quarter, the agency said in its Oil Market Report for December, and revised down its Q4 consumption growth forecast by nearly 400,000 bpd, with Europe making up more than half of the downward revision.

“Evidence of a slowdown in oil demand is mounting, with the pace of expansion set to ease from 2.8 mb/d y-o-y in 3Q23 to 1.9 mb/d in 4Q23,” said the agency, which advocates for a faster energy transition.

“A d …

Read more at: https://www.zerohedge.com/markets/iea-raises-its-2024-oil-demand-growth-forecast

“F*** You, Chris! Butter Your Own Biscuit, Fat Ass!” – Cuomo Cursed Out By Girl With Tourette’s

Former CNN star Chris Cuomo interviewed a TikTok star with Tourette’s syndrome on Tuesday night, and the nation was treated to the spectacle of the disgraced anchor being repeatedly cursed out and flipped off on his own show.

Cuomo — who was fired by CNN amid an internal investigation of his crossing ethical lines to help his brother, former Governor Andrew Cuomo, fight a sexual harassment scandal — is now a host on the subscription TV network NewsNation.

Dupree repeatedly gave Cuomo the finger, and we’ll forever be gratefulCuomo was interviewing Baylen Dupree, a 21-year-old woman with 9 million followers on a TikTok account she uses to build understanding of what life is like for people with

Read more at: https://www.zerohedge.com/political/f-you-chris-butter-your-own-biscuit-fat-ass-cuomo-cursed-out-girl-tourettes

Republican Senator Calls Out Companies For Remaining On TikTok While Boycotting X

Authored by Frank Fang via The Epoch Times,

Sen. Marco Rubio (R-Fla.) criticized companies including Comcast and Disney for having a double standard, over their recent decision to boycott American social media app X but not Chinese-owned TikTok.

In letters sent to the chief executive officers of 18 companies on Dec. 12, Mr. Rubio, a senior member of the Senate’s Foreign Relations Committee, said his office had conducted a review and found their boycott “originated with the left-wing advocacy group, Media Matters.” X, formerly Twitter, has filed a lawsuit against the non-profit for defamation, for charging the platform with promoting pro-Nazi content.

Read more at: https://www.zerohedge.com/political/republican-senator-calls-out-companies-remaining-tiktok-while-boycotting-x

Eggflation Returns As Top Producer Hit With Bird Flu In Kansas

America’s top egg producer and distributor revealed on Tuesday that its egg-laying hens at a mega-industrial farm in Kansas had been infected with the highly pathogenic avian influenza. This is bad news as egg prices will likely rebound after crashing from record highs earlier this year.

On Tuesday, Cal-Maine Foods wrote in a press release that 684,000 laying hens, or approximately 1.6% of its total flock, have been affected by bird flu. The production facility is located in Kansas and has temporarily ceased operations to follow safety protocols instructed by the United States Department of Agriculture.

Bloomberg noted Cal-Maine escaped bird flu cases after the virus decimated 72 million birds last year.

However, the re-emergence of bird flu should have consumers worried that ‘eggflation’ has returned.

Now, new data from Urner Barry, a market research firm that tracks wholesale food prices, shows its Urner Barry Egg Index has jumped from a low of 48 cents a dozen in May to as high as $1.75 in November. Prices were $4.65 in December 2022.

Read more at: https://www.zerohedge.com/commodities/eggflation-returns-top-producer-hit-bird-flu-kansas

Interest rates: Too early to speculate about cut, says Bank boss

The Bank of England has held interest rates at a 15-year high and dashed hopes they may soon fall.

Read more at: https://www.bbc.co.uk/news/business-67713669?at_medium=RSS&at_campaign=KARANGA

Interest rates: How the Bank of England’s decision affects you and your money

The Bank of England has held interest rates at 5.25%, but borrowing costs remain comparatively high.

Read more at: https://www.bbc.co.uk/news/business-57764601?at_medium=RSS&at_campaign=KARANGA

Tesco recalls Christmas stuffing mix because it may contain moths

The UK’s largest retailer says a batch of Christmas stuffing may be “unfit for human consumption”,

Read more at: https://www.bbc.co.uk/news/business-67710700?at_medium=RSS&at_campaign=KARANGA

RIL stock crowned largest wealth creator, Adani Enterprises best all-rounder

Companies helmed by two of India’s most richest men have earned the tag of being the largest and best all-rounder wealth creators for stock investors.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ril-stock-crowned-largest-wealth-creator-adani-enterprises-best-all-rounder/articleshow/105987331.cms

Wealth Tracker: SIP amount needed to create Rs 10 cr at 60 yrs

Kickstarting your investment journey early can reap benefits, according to this study from FundsIndia. According to them, an analysis of how much money investors should put into monthly SIPs to garner Rs 10 crore at the age of 60 shows interesting insights. For this purpose, they have assumed an annual return rate of 12% p.a.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/wealth-tracker-sip-amount-required-to-reach-rs-10-crore-at-60-years/starting-early/slideshow/105997595.cms

General Atlantic likely to sell 6.2% stake in KFin Tech via block deal: Report

The floor price set for the sale is Rs 490, a discount of 8% to the current market price. On Thursday, shares of the company ended 5.6% higher on the National Stock Exchange at Rs 531.80. The offer size is around Rs 515-833 crore, with 90 days of lock-in, and IIFL Securities is the broker to the deal, ETNow reported.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/general-atlantic-likely-to-sell-6-2-stake-in-kfin-tech-via-block-deal-report/articleshow/105998160.cms

History shows even the Fed can’t really predict what it does with interest rates a year out

For a second day in a row, financial markets continued to absorb what’s being described as the Great Monetary Pivot, one in which the world’s perhaps most powerful central bank looks ready to start cutting interest rates from 22-year highs starting in 2024.

Read more at: https://www.marketwatch.com/story/history-shows-even-the-fed-cant-really-predict-what-it-does-with-interest-rates-a-year-out-82592660?mod=mw_rss_topstories

10-year Treasury yield ends at 3.9%, its lowest level since July

Treasury yields finished at their lowest levels since the summer on Thursday as investors continued to price in the Federal Reserve’s unexpectedly dovish policy pivot from the previous session.

Read more at: https://www.marketwatch.com/story/treasury-yields-fall-afresh-as-goldman-sachs-sees-fed-cutting-rates-in-march-fd80cdb3?mod=mw_rss_topstories

How a breakthrough on the cause of morning sickness could help relieve a ‘huge economic burden’

A new study pinpointing the cause of nausea and vomiting during pregnancy could have positive implications for women in the workforce.

Read more at: https://www.marketwatch.com/story/how-a-breakthrough-on-the-causes-of-morning-sickness-could-help-relieve-a-huge-economic-burden-ed0dc89c?mod=mw_rss_topstories