Russia To Cut Oil Exports From Sea Ports in January

Russia is planning to scale back oil exports from its sea ports next month by between 100,000 and 200,000 barrels per day compared to December levels, according to industry sources familiar with Russia’s export plans. The reason for the scaleback, the anonymous sources told Reuters, is increased throughput at its own refineries. Kpler pegged Russia’s seaborne crude oil exports at 3.5 million bpd so far in December. Kpler has also predicted that Russia’s oil exports will fall in January as its domestic refining picks up steam,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-To-Cut-Oil-Exports-From-Sea-Ports-in-January.html

Armenia Considers Departure from Russia-Led Military Bloc

Armenia’s possible exit from the Russia-led Collective Security Treaty Organization (CSTO) is being discussed more and more actively as differences grow between Yerevan and Moscow. Many in Armenia are wondering what the point is of remaining in a military alliance that has demonstrated its unwillingness to protect the country.  Prime Minister Nikol Pashinyan has repeatedly denied claims, including by Russian officials, of an imminent change in Armenia’s foreign policy vector, but that has not stopped speculation as to how the country might…

Read more at: https://oilprice.com/Geopolitics/International/Armenia-Considers-Departure-from-Russia-Led-Military-Bloc.html

U.S. Clean Hydrogen Tax Credit Proposal Leaves Out Nuclear Energy

The U.S. Department of the Treasury finally released on Friday the long-awaited proposed tax credits for clean hydrogen production under the Inflation Reduction Act (IRA), in a move welcomed by environmentalists but criticized by others as too narrow and unclear on whether nuclear power generators could benefit. “The Inflation Reduction Act’s hydrogen tax credit will help build a clean hydrogen industry that will be critical in reducing emissions from harder-to-decarbonize sectors like heavy industry and heavy transportation,”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Clean-Hydrogen-Tax-Credit-Proposal-Leaves-Out-Nuclear-Energy.html

SOCAR Expands Influence in Caspian Basin with Equinor Deal

Equinor is exiting Azerbaijan by selling all its oil and gas assets there to Azeri state energy firm SOCAR, the Norwegian major said on Friday.  For an undisclosed sum, Equinor will divest all its assets in Azerbaijan, which include a 7.27% non-operated interest in the huge Azeri Chirag Gunashli (ACG) oil fields in the Caspian Sea, an 8.71% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline, and 50% in the Karabagh field.  SOCAR already holds a 25.0% stake in ACG, a 25.0% interest in BTC via Azerbaijan BTC Limited, and 50% in…

Read more at: https://oilprice.com/Energy/Energy-General/SOCAR-Expands-Influence-in-Caspian-Basin-with-Equinor-Deal.html

Russia’s LNG Export Plans Suffer Setbacks Due to Sanctions

Potential contract cancellations for the construction of ice-class LNG carriers and U.S. sanctions on the latest Russian LNG export project could hamper Russia’s plans to boost LNG sales now that its pipeline route to Europe is largely cut off.    There aren’t enough ice-class LNG tankers built to carry LNG from the Arctic LNG 2 project via and Northern Sea Route across the Arctic Ocean to the east, while sanctions on the same project could also impede Russia’s efforts to sell more LNG abroad, sources in the industry…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-LNG-Export-Plans-Suffer-Setbacks-Due-to-Sanctions.html

Falling Nickel Prices Weigh Heavy on Stainless Steel Industry

Via Metal Miner Nickel prices remained within a strong downtrend throughout November, hitting their lowest level since April 2021. While prices appeared to stabilize during the first half of December, the nickel market has overwhelmingly proven itself the worst-performing base metal with a roughly 45% year-to-date drop. Overall, the Stainless Monthly Metals Index (MMI) remained bearish, with a 6.59% decline from November to December. Stainless Market Sees Increased Quotation Activity, But No Additional Buying 2023 will wrap up with…

Read more at: https://oilprice.com/Metals/Commodities/Falling-Nickel-Prices-Weigh-Heavy-on-Stainless-Steel-Industry.html

Asia-Bound U.S. LNG Cargoes Avoid The Red Sea Route

Several cargoes of LNG loaded in recent days at U.S. export facilities and bound for Asia have changed course shortly after departing to avoid crossing the Red Sea, which has become theater of daily attacks on commercial vessels by the Iran-aligned Houthis from Yemen. Several vessels have indicated they would not transit the Suez Canal and the Red Sea and will travel around the southern tip of Africa instead, Bloomberg’s ship-tracking data showed on Friday.   The African route adds weeks to the travel time for the cargoes to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Asia-Bound-US-LNG-Cargoes-Avoid-The-Red-Sea-Route.html

Buffett’s Berkshire Hathaway Raises Occidental Stake To 27.7%

Berkshire Hathaway bought this week further 5.2 million shares in Occidental Petroleum, which raises its stake in the U.S. oil producer to around 27.7%, Warren Buffett’s conglomerate said in a regulatory filing with the SEC.   Between December 19 and December 21, Berkshire Hathaway bought Oxy shares at a price of around $60 per share for a total spending of about $312 million this week, the filing showed.    As of December 21, Berkshire Hathaway held a total of 243,715,804 of common stock in Oxy plus 84,897…

Read more at: https://oilprice.com/Energy/Energy-General/Buffetts-Berkshire-Hathaway-Raises-Occidental-Stake-To-277.html

India To Grow Thermal Coal Power Fleet As Demand Calls

India will increase the size of its thermal power fleet, the country’s power minister said, to meet an increased demand for power. India said it would add another 88GW of new power capacity by early 2032—63% more than India’s plan that it published just seven months ago. And most of that will be coal-fired power, with gas-fired electricity generation unavailable to India due to the high cost of natural gas. India will not only leave out natural gas power in its expansion plans, but it doesn’t even use the gas-fired electricity…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-To-Grow-Thermal-Coal-Power-Fleet-As-Demand-Calls.html

Global Commerce Threatened by Intensified Assaults on Red Sea Vessels

Via Metal Miner The recent surge in assaults on vessels in the Red Sea by Houthi rebels significantly impacted global commerce and maritime pathways. These intensified attacks continue to disrupt one of the busiest trade corridors on the planet, leading to longer voyage time, increased fuel consumption, and a potential need for larger fleets. Moreover, the resulting disruptions and delays in order delivery have ultimately raised shipping expenses. The Houthi rebels, with support from Iran in Yemen, have primarily targeted ships connected to Israel.…

Read more at: https://oilprice.com/Energy/Energy-General/Global-Commerce-Threatened-by-Intensified-Assaults-on-Red-Sea-Vessels.html

China To Seek Rare Exemption from Sanctions on Russia’s Latest LNG Project

Chinese state energy giants plan to ask the United States for exemptions from the fresh sanctions on Russia’s Arctic LNG 2 project in a rare request to the U.S. as LNG deliveries could be threatened, Bloomberg reported on Friday, citing sources familiar with the issue. The U.S. imposed last month fresh sanctions on Russia’s Arctic LNG 2 project, which is close to first production.  The Arctic LNG 2 project is being developed by Russia’s largest independent natural gas producer, Novatek, and was on track to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-To-Seek-Rare-Exemption-from-Sanctions-on-Russias-Latest-LNG-Project.html

Oil Prices Gain Ahead Of Christmas

Brent crude hovers near $80 per barrel amid low-volume trading before Christmas. Traders are set to begin the new year amid heightened geopolitical risk in the Middle East. Friday, December 22, 2023 Trading liquidity has evaporated with Christmas being just around the corner and Angola’s sudden parting ways with OPEC failed to swing oil prices in any direction. With Red Sea diversions becoming the new trend in international shipping, ICE Brent has remained around $80 per barrel whilst WTI moved up to $75 per barrel, marking the second straight…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Gain-Ahead-Of-Christmas.html

China’s Renewable Energy Capacity Tops 50% Milestone

Renewable energy generation capacity in China has surpassed 50% of the total this year, China Daily reported today, noting that share was in excess of 145 GW. The report did not, however, go into detail about the energy sources included in the total renewable capacity and how much of each was in the mix. However, in terms of production hydrocarbons still rule with a 70% of the total output, led by coal. China is the world’s largest investor in wind and solar, but it is also investing heavily in hydropower and hydrocarbons as it pursues an…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Renewable-Energy-Capacity-Tops-50-Milestone.html

BP Leads Oil Majors in Rerouting Ships Away from Red Sea

Oil and fuel tankers passing through the Bab el-Mandeb strait in the Red Sea have declined in numbers significantly following the string of vessel attacks from the Yemeni Houthis. According to Bloomberg tracking data, since the start of this week only 30 tankers have passed through the chokepoint, which is one of the busiest globally. That’s a 40% decline from the average for the previous three weeks, the news outlet noted. The Houthis who control most of Yemen started targeting vessels sailing in the Red Sea earlier this month demanding…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Leads-Oil-Majors-in-Rerouting-Ships-Away-from-Red-Sea.html

Oil Could See Second Weekly Gain in a Row

Oil prices have added 4% since the start of the week and may book the second consecutive five-day trading period for the past two months. The biggest reason for the spike is the situation in the Red Sea as cargo traffic gets diverted away from the Yemeni coast where Houthis target ships with ballistic missiles and drones. “The tensions in the Red Sea have largely boosted prices, but that’s been countered by uncertainty over supply,” Will Sungchil Yun, senior commodities analyst at SI Securities, told Bloomberg. “While it’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Could-See-Second-Weekly-Gain-in-a-Row.html

S&P 500 closes higher Friday, registers longest weekly win streak since 2017: Live updates

The broader index was headed for a weekly gain Wall Street looks to extend its year-end rally.

Read more at: https://www.cnbc.com/2023/12/21/stock-market-today-live-updates.html

Fed’s favorite inflation gauge shows prices rose at 3.2% annual rate in November, less than expected

The core personal consumption expenditures price index was expected to increase 0.1% in November and 3.3% from a year ago.

Read more at: https://www.cnbc.com/2023/12/22/pce-inflation-november-2023-.html

Tech companies like Google and Meta made cuts to DEI programs in 2023 after big promises in prior years

After vocal commitments following the murder of George Floyd in 2020, DEI programs in the tech industry are in broad retreat.

Read more at: https://www.cnbc.com/2023/12/22/google-meta-other-tech-giants-cut-dei-programs-in-2023.html

Supreme Court sidesteps decision on Trump presidential immunity claim in federal election interference case

Trump is claiming broad immunity for actions he took in office, including efforts to overturn the 2020 presidential election results for which he faces criminal prosecution.

Read more at: https://www.cnbc.com/2023/12/22/supreme-court-sidesteps-decision-on-trump-presidential-immunity-claim-in-federal-election-interference-case-.html

Stocks making the biggest moves midday: Nike, Rocket Lab, Bristol Myers, NetEase and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2023/12/22/stocks-making-the-biggest-moves-midday-nke-rklb-bmy-ntes.html

Solana nears $100 as the crypto token extends rally: 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, crypto experts explain the pros and cons of investing in a crypto-focused stock, like Coinbase, compared to investing in the token itself.

Read more at: https://www.cnbc.com/video/2023/12/22/solana-nears-100-as-crypto-token-extends-rally-cnbc-crypto-world.html

Cathie Wood’s highest conviction stock picks for 2024 include one with ‘life-changing innovation’

The innovation investor said her biotech darling CRISPR Therapeutics in the multiomics space has the potential to be her top performer next year.

Read more at: https://www.cnbc.com/2023/12/22/cathie-woods-highest-conviction-stock-picks-for-2024-include-one-with-life-changing-innovation.html

Nike, Foot Locker shares sink after athletic apparel maker cuts revenue outlook

Nike lowered its revenue outlook for the fiscal year and unveiled a plan to cut $2 billion in costs.

Read more at: https://www.cnbc.com/2023/12/22/nike-foot-locker-stock-weak-outlook.html

Karuna Therapeutics surges 47% after Bristol Myers Squibb announces $14 billion deal

Bristol Myers Squibb said it agreed to buy biopharmaceutical company Karuna Therapeutics for $14 billion in cash.

Read more at: https://www.cnbc.com/2023/12/22/bristol-myers-squibb-to-buy-karuna-therapeutics.html

IRS to send taxpayers a ‘special reminder letter’ about debt. Who may get one and what to expect

Starting next month, the IRS will resume automated collection notices and some taxpayers will receive a “special reminder letter.” Here’s what to know.

Read more at: https://www.cnbc.com/2023/12/22/irs-is-resuming-automated-collection-notices-heres-what-to-know.html

In a tough real estate market, a century-old housing idea could make a comeback

In today’s real estate market, with affordability stretched and climate and issue, the modular home could be poised for a comeback.

Read more at: https://www.cnbc.com/2023/12/22/in-tough-real-estate-market-a-century-old-home-idea-could-come-back.html

Why American CEOs quit in record numbers during 2023

American CEOs are leaving their posts in record numbers in 2023.

Read more at: https://www.cnbc.com/2023/12/22/why-american-ceos-quit-in-record-numbers-during-2023.html

Tencent loses over $43 billion in market value after China proposes new online gaming rules

Netease and Bilibili shares also plunge in Hong Kong after Beijing released draft guidelines aimed at curbing excessive gaming and spending.

Read more at: https://www.cnbc.com/2023/12/22/tencent-netease-shares-plummet-on-new-china-online-gaming-guidelines.html

Passive Investing Has “Gone Too Far”, Elon Musk Tells Cathie Wood In Wide-Ranging Spaces Interview

Potentially one of the biggest beneficiaries of indexing in public markets was railing against it yesterday when Elon Musk took to a Spaces conversation with ARK Investment Management’s Cathie Wood.

It was one of a number of topics that a wide-ranging discussion covered, including Twitter, the regulatory demands placed on public companies, shareholder scrutiny, artificial intelligence and Tesla.

Talking about public reporting, Musk told Wood: “There’s a lot of pressure, like immense pressure on a public company to not have a bad quarter. So this can actually result in a less efficient operation where you’re going to great lengths at the end of the quarter to not disappoint people.”

He added that the “time horizons do not match between investors versus a company’s long-term vision,” a Bloomberg recap of the call noted.

On the call Musk also advised Wood against companies going public unless it is absolutely necessary. Claiming that Tesla has “created more millionaires than any other company”, he also lamented the “millions of strings” that can be used by regulators to keep companies tied to the ground.

Musk said that privatizing Twitter enabled him to implement significant alterations at the company, free from the scrutiny of public investors. Twitter’s co-founder, Jack Dorsey, had also consistently maintained that t …

Read more at: https://www.zerohedge.com/markets/passive-investing-has-gone-too-far-elon-musk-tells-cathie-wood-wide-ranging-spaces

Christmas Gifts: The Newest Target Of Climate Change Activists

Authored by Dennis Prager,

People need to realize the Left is using the alleged “existential” threat of global warming to wage war against liberty, against the Western world’s (not China’s) economy, and against joy.

The automobile, that magnificent enhancement to human freedom and joy, is a target of the Left. The idea that individuals should be able to go where they want when they want in their own car is anathema to the Left — it provides way too much individual liberty. Ideally, almost no one should own a car. We should all aspire to live in a high-rise apartment building in a major metropolis and use public transportation, ride bicycles or walk. If for some reason we have to travel a longer distance, let us say to conservative relatives who selfishly own their own homes in the suburbs, we can use public transportation; and if none is available, we can use Uber or Lyft.

Even the family, one of life’s greatest sources of joy and meaning, is a target of the climate change activists. They believe that there are way too many people in the world. Kids are carbon-emitting machines. So, an increasing number of women, including married women, are choosing not to have children. They don’t see how they can justify bringing children into a world in which they will be roasted to death. And frequently their progressive parents (the would-be grandparents) agree with them. As I wrote in a previous column, based on the many comments of New York Times readers on an opinion piece written …

Read more at: https://www.zerohedge.com/political/christmas-gifts-newest-target-climate-change-activists

Supreme Court Rules Against Special Counsel, Will Not Expedite Trump Immunity Clash

The Supreme Court’s new docket just dropped, notably without expedited consideration of Trump’s claim of presidential immunity in his 2020 election interference case – a critical question which will determine whether he can be put on trial for trying to overturn the results of the last presidential election.

BREAKING: Supreme Court docket reflects a *denial* of Jack Smith’s request for expedited consideration of Trump’s immunity appeal. https://t.co/eOKZyWnyhj pic.twitter.com/daCuXjOmkR

— Kyle Cheney (@kyledcheney) December 22, 2023

Read more at: https://www.zerohedge.com/markets/supreme-court-rules-against-special-counsel-will-not-expedite-trump-immunity-clash

‘Pursuing Litigation, Not Democracy’ – Federal Judge Rejects Lawsuit To Remove Trump From Ballot

Authored by Jack Phillips via The Epoch Times,

A federal judge in West Virginia rejected a bid Thursday to remove former President Donald Trump from the state’s ballot, rebuffing a bid from a little-known presidential candidate to remove the former president.

District Judge Irene Berger ruled that John Anthony Castro, the candidate who filed a lawsuit against President Trump, lacked the standing to sue. She sided with attorneys for President Trump, Secretary of State Mac Warner, and the West Virginia GOP to dismiss Mr. Castro’s suit.

U.S. District Judge Irene Berger wrote that the evidence that Mr. Castro had submitted removes “any doubt that Mr. Ca …

Read more at: https://www.zerohedge.com/political/pursuing-litigation-not-democracy-federal-judge-rejects-lawsuit-remove-trump-ballot

Rail fares in England to rise by up to 4.9% in March

The rise is below inflation but comes after a year of travel disruption for passengers.

Read more at: https://www.bbc.co.uk/news/business-67784711?at_medium=RSS&at_campaign=KARANGA

UK at risk of recession after economy shrinks

Revised figures show the economy contracted between July and September this year.

Read more at: https://www.bbc.co.uk/news/business-67799713?at_medium=RSS&at_campaign=KARANGA

Vet prices need to be made clearer, says Which?

The consumer body says it has found evidence of unclear fees and potential overtreatment by vets.

Read more at: https://www.bbc.co.uk/news/business-67800677?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty ends 7-week-long winning run. What traders should do next week

Momentum readings like the 14-day RSI too remain in decline mode after declining sharply from overbought levels on Wednesday. Nifty would need to cross the recent highs of 21,593 to reverse the current downtrend. Crucial supports to watch for re-emergence of weakness are at 21,232, Subash Gangadharan of HDFC Securities said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-ends-7-week-long-winning-run-what-traders-should-do-next-week/articleshow/106214156.cms

Nifty Bank falls more than 1% in a week; breakout above 47,700 may trigger short covering move

The Nifty Bank fell from 48,143 as on 15th December 2023 to 47,491 recorded on 22 December 2023, which translates into a fall of 1.3% in a week. The Nifty50 closed with gains of 94 points at 21,349 on Friday.

Read more at: https://economictimes.indiatimes.com/markets/options/nifty-bank-falls-more-than-1-in-a-week-breakout-above-47700-may-trigger-short-covering-move/articleshow/106214778.cms

Technical Stock Pick: Tata Consumer stock hits fresh record high in December: should you buy, sell or hold?

:Those who missed the rally can still look to buy the stock for a possible break above 1000 levels in the next 3-4 weeks, suggest experts.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-stock-pick-tata-consumer-stock-hits-fresh-record-high-in-december-should-you-buy-sell-or-hold/articleshow/106200864.cms

Synopsys and Ansys in talks to merge: report

Shares of Ansys Inc. soared 19% Friday on the heels of a report it is in discussions to be acquired by Synopsys Inc. in a deal that would create a design-software behemoth.

Read more at: https://www.marketwatch.com/story/synopsys-and-ansys-in-talks-to-merge-report-9201af60?mod=mw_rss_topstories

Oil prices score weekly gain as worries rise over Red Sea

Oil futures ended slightly lower Friday but booked weekly gains as worries remained over disruptions to shipments in the Red Sea.

Read more at: https://www.marketwatch.com/story/oil-prices-set-for-weekly-gain-as-worries-rise-over-red-sea-2a40fe84?mod=mw_rss_topstories

Treasury yields end mostly higher after subdued U.S. inflation reading in holiday-shortened session

Yields on U.S. Treasurys held steady during Friday’s preholiday shortened session after data showed inflation continuing to slow in November and moving toward the Federal Reserve’s target.

Read more at: https://www.marketwatch.com/story/treasury-yields-slightly-lower-after-subdued-u-s-inflation-reading-in-holiday-shortened-session-8aeed4c4?mod=mw_rss_topstories