Ferrari Hits €1 Billion in Profits Amid Luxury Market Boom

Net profits at Ferrari exceeded €1bn (£853.7m) for the first time in its history in 2023, the Italian supercar maker’s chief executive has announced. In a statement, Benedetto Vigna said it had been a “very successful year, during which we strengthened our brand through a number of achievements reflected in our unprecedented financial results.” “For the first time, our net profit, up 34 percent, exceeded €1bn and the annual EBITDA margin rose to 38.2 percent.” Revenues at the Prancing Horse rose 17.2…

Read more at: https://oilprice.com/Finance/the-Markets/Ferrari-Hits-1-Billion-in-Profits-Amid-Luxury-Market-Boom.html

Two U.S. Refineries Returning To Service After Emergency Outages

TotalEnergies’ Texas refinery in Port Arthur restarted on Friday, people familiar with the operations told Reuters. The 238,000-barrel-per-day refinery has been shuttered since mid-January due to a power outage that triggered a malfunction at its gasoline-producing fluidic catalytic cracker. Two crude distillation units and two vacuum distillation units were shuttered—those units convert crude oil into feedstock for the other units at the refinery. The refinery also had units that failed to start up on time when 3-month maintenance…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Two-US-Refineries-Returning-To-Service-After-Emergency-Outages.html

US Oil, Gas Drillers Take Their Foot Off The Gas

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 2 to 619 this week, compared to 759 rigs this same time last year. The number of oil rigs stayed the same this week after rising by 2 last week, staying at 499–down by 100 compared to this time last year. The number of gas rigs fell by 2 this week to 117, a loss of 41 active gas rigs from this time last year. Miscellaneous rigs stayed at 3. Meanwhile, U.S. crude oil…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Drillers-Take-Their-Foot-Off-The-Gas.html

European Industry Hesitant to Boost Natural Gas Demand Amid Price Volatility

European industries continue to be hesitant about boosting natural gas consumption, although prices are now a fraction of the records seen in 2022 and Europe appears to have put the worst of the energy crisis behind. The still high volatility in gas futures prices, compared to historical averages, and uncertainties ranging from geopolitical flare-ups in the Middle East to the U.S. pausing new LNG export project approvals, continue to be a concern for European industrial gas customers, analysts tell Bloomberg.   The implied volatility…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Industry-Hesitant-to-Boost-Natural-Gas-Demand-Amid-Price-Volatility.html

Iraq Wants to Ditch the U.S. Dollar in Oil Trade

Via The Cradle The Finance Committee in the Iraqi parliament made a statement on Wednesday calling for the sale of oil in currencies other than the US dollar, aiming to counter US sanctions on the Iraqi banking system.  “The US Treasury still uses the pretext of money laundering to impose sanctions on Iraqi banks. This requires a national stance to put an end to these arbitrary decisions,” the statement said. “Imposing sanctions on Iraqi banks undermines and obstructs Central Bank efforts to stabilize the dollar exchange rate and reduce the…

Read more at: https://oilprice.com/Energy/Crude-Oil/Iraq-Wants-to-Ditch-the-US-Dollar-in-Oil-Trade.html

Exxon: Biden’s Halt To LNG Project Approvals is ‘A Mistake’

The pause in new LNG export project approvals announced by the Biden Administration last week is “a mistake” as it would actually hold back global efforts to reduce emissions, ExxonMobil’s CFO Kathy Mikells told Bloomberg in an interview published on Friday.     “Reducing production of LNG actually harms the world achieving net zero sooner rather than later,” Mikells said told Bloomberg. “It’s a mistake,” the senior Exxon executive added. Last week, the Biden Administration…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-Bidens-Halt-To-LNG-Project-Approvals-is-A-Mistake.html

Oil Poised for Biggest Weekly Loss since November

Oil prices were falling by 2% on Friday morning and were headed to their biggest weekly decline since November 2023 as reports continue to emerge that negotiations of a possible ceasefire between Israel and Hamas in Gaza are advancing. As of 10:04 a.m. ET on Friday, the U.S. benchmark, WTI Crude, was trading down by 2.30% at $72.21, while Brent Crude, the international benchmark, had declined by 1.89% on the day, to $77.28 per barrel. On Monday, Brent surged to nearly $85 a barrel following a drone attack in Jordan that killed…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Poised-for-Biggest-Weekly-Loss-since-November.html

Major U.S. Strike in Middle East Could Begin Within Hours

Sky News Arabia is reporting Friday morning that major US strikes against Iran-aligned targets may begin within hours, while NBC is once again reporting that Biden’s counterattack plan in response to the killing of three Americans last weekend is expected to unfold over days and possibly even weeks. The speculation over the scope of the expected attacks has grown with each passing day that there are no strikes. An overnight Israeli attack on parts of Damascus triggered initial speculation it could have been the start of the US operation,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Major-US-Strike-in-Middle-East-may-Begin-Within-Hours.html

Uncertainty in Oil Markets as Speculation Overshadows Fundamentals

Rumors and speculation appear to be driving oil markets this week, adding to volatility as the world awaits a potential ceasefire agreement between Israel and Hamas. Friday, February 2nd, 2024Speculation has overshadowed market fundamentals this week, with unsubstantiated reports of an impending ceasefire between Israel and Palestine dragging Brent futures below $80 per barrel again. On the fundamental side, with OPEC+ rolling over its policy and refusing to change its pre-set course, unforeseen refinery outages in the United States might have…

Read more at: https://oilprice.com/Energy/Energy-General/Uncertainty-in-Oil-Markets-as-Speculation-Overshadows-Fundamentals.html

Chevron Returns Record Cash to Investors as Oil and Gas Output Hits New High

Chevron (NYSE: CVX) boosted cash returns to shareholders to a record and set annual oil and gas production records in 2023, as it reported its second-highest yearly earnings last year and fourth-quarter profits beating consensus estimates. Chevron reported on Friday adjusted earnings of $6.5 billion, or $3.45 per share, for the fourth quarter 2023, compared to adjusted earnings of $7.9 billion, or $4.09 per share for the same period of 2022. Reported earnings declined compared to last year primarily due to lower upstream realizations,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-Returns-Record-Cash-to-Investors-as-Oil-and-Gas-Output-Hits-All-Time-Hig.html

Uncertainty in Oil Markets Amid Rumors of a Ceasefire in Gaza

Politics, Geopolitics, and Conflict Oil prices had a particularly volatile Thursday, tanking on Qatari rumors that Israel and Hamas had agreed to a ceasefire deal, and then recovering shortly afterward when the source of the rumor, Al Jazeera, removed the tweet suggesting the ceasefire. The markets are particularly sensitive to rumors these days, making them extremely volatile. While there has been no confirmation of any ceasefire deal, later on Thursday night, UK Foreign Secretary David Cameron told reporters that Britain might officially recognize…

Read more at: https://oilprice.com/Energy/Energy-General/Uncertainty-in-Oil-Markets-Amid-Rumors-of-a-Ceasefire-in-Gaza.html

This Boring Stock Still Makes Sense in 2024

An old friend is back in the news at the moment, and it has prompted me to look again at a stock that I recommended a while ago. What I found was that, despite it being 35% or so higher than it was then, it still makes sense as a long-term investment, and for the same reasons. Back in October of 2022, I wrote a piece in these pages saying that if you wanted exposure to fuel cells, but without the kind of wild ride that came with investing in things like FCEL or PLUG, you should consider Linde PLC (LIN), an originally German industrial gas company…

Read more at: https://oilprice.com/Energy/Energy-General/This-Boring-Stock-Still-Makes-Sense-in-2024.html

Can OPEC Win Back Its Lost Market Share?

While the unrest in the Middle East lends an element of risk to the oil markets, helping to put a floor under prices, OPEC is maneuvering to keep the status quo. This week, OPEC’s JMMC did not recommend any changes to the group’s oil output targets during the quarter – as most had predicted. Second, Saudi Arabia announced that it was canceling its plans to boost capacity to 13 million bpd.  This could be interpreted in any number of ways, whether that’s because oil demand isn’t what it needs to be to utilize the additional…

Read more at: https://oilprice.com/Energy/Energy-General/Can-OPEC-Win-Back-Its-Lost-Market-Share.html

A Drilling Boom in Africa

1. Shell Kicks Off Q4 Results With a Bang- The second largest investor-owned oil and gas company in the world, Shell has kicked off this month’s Q4 earnings calls exceeding expectations and promising to maintain the pace of buybacks despite lower commodity prices. – Shell posted a net profit of $28 billion for 2023, beating analyst expectations with Q4 readings of $7.3 billion thanks to improved LNG trading as well as higher production after Australia’s Prelude facility came back online. – The UK-based energy major cut spending on its…

Read more at: https://oilprice.com/Energy/Energy-General/A-Drilling-Boom-in-Africa.html

What to Watch in Oil Markets Next Week

The global oil market is currently facing a unique set of challenges and opportunities, influenced by various factors including China’s economic slowdown, fluctuations in US crude inventories, OPEC’s strategic moves, and the evolving geopolitical landscape in the Middle East. These elements are crucial in shaping the short-term outlook for crude oil prices. China’s Economic Influence on Oil Demand China’s role as a major oil consumer means its economic health is a key driver of global oil demand. The country’s recent economic slowdown, fueled by…

Read more at: https://oilprice.com/Energy/Energy-General/What-to-Watch-in-Oil-Markets-Next-Week.html

Meta shares surge 20% on soaring profit, better-than-expected guidance and first-ever dividend

Meta shares surged 20% on Friday, after profits tripled in the fourth quarter and the company issued its first-ever dividend.

Read more at: https://www.cnbc.com/2024/02/02/meta-shares-surge-17percent-as-investors-cheer-first-ever-dividend.html

Here’s where the jobs are for January 2024 — in one chart

Health care and professional services were bright spots in a strong January jobs report.

Read more at: https://www.cnbc.com/2024/02/02/heres-where-the-jobs-are-for-january-2024-in-one-chart.html

S&P 500 jumps to record, on pace for winning week after strong tech earnings: Live updates

Strong tech earnings helped lift the broader Nasdaq on Friday, while investors also parsed the latest jobs report.

Read more at: https://www.cnbc.com/2024/02/01/stock-market-today-live-updates.html

Apple’s Vision Pro virtual reality headset launches in U.S.

The new virtual reality headset is now available for pickup at all U.S. Apple Store locations and the online U.S. Apple Store.

Read more at: https://www.cnbc.com/2024/02/02/apples-vision-pro-headset-launches-in-us.html

Wall Street heads into the week ahead worrying the rally to record highs is running out of steam

Questions remain for investors after some major disappointments in an intense week suggest more challenges ahead.

Read more at: https://www.cnbc.com/2024/02/02/wall-street-heads-into-the-week-ahead-as-traders-worry-the-rally-is-running-out-of-steam.html

Bitcoin rises 3% in a week as analysts expect longer-term uptrend: 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 World explores what it will take for the new spot bitcoin ETFs to survive in a crowded field.

Read more at: https://www.cnbc.com/video/2024/02/02/bitcoin-rises-3percent-week-analysts-expect-longer-term-uptrend-cnbc-crypto-world.html

Fourth-quarter earnings are shaping up to be the best of 2023, but there’s a catch

Almost halfway into earnings season, profits are clearly coming in far better than anybody expected.

Read more at: https://www.cnbc.com/2024/02/02/fourth-quarter-earnings-shaping-up-to-be-the-best-of-2023.html

Trump Georgia prosecutor admits romantic relationship with Atlanta D.A. boss

Atlanta D.A. Fani Willis rejected claims from Donald Trump co-defendant Michael Roman that her relationship with prosecutor Nathan Wade merits disqualification.

Read more at: https://www.cnbc.com/2024/02/02/trump-georgia-prosecutor-admits-romantic-relationship-with-atlanta-da-boss.html

U.S. economy added 353,000 jobs in January, much better than expected

Nonfarm payrolls were expected to increase by 185,000 in January, according to a Dow Jones consensus estimate.

Read more at: https://www.cnbc.com/2024/02/02/us-economy-added-353000-jobs-in-january-much-better-than-expected.html

Manufacturing and construction are hiring — but there aren’t enough people trained to fill the jobs

Manufacturing and construction companies will be struggling to fill all of their available jobs in the coming years, and are getting creative for training.

Read more at: https://www.cnbc.com/2024/02/02/jobs-report-manufacturing-and-construction-sectors-are-hiring.html

Nearly 1 in 5 eligible taxpayers don’t claim this ‘valuable credit,’ IRS says

Nearly 1 in 5 eligible taxpayers don’t claim the earned income tax credit, which was worth an average of $2,541 in 2022, according to the IRS.

Read more at: https://www.cnbc.com/2024/02/02/heres-how-to-qualify-for-the-earned-income-tax-credit-this-season.html

A year after bankruptcy concerns, Carvana is leaner and ready for its Wall Street redemption

Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting.

Read more at: https://www.cnbc.com/2024/02/02/carvana-leaner-and-ready-for-wall-street-redemption.html

Tens of thousands of workers were laid off in January. If you were affected, here’s how you may find work faster

New government data shows a surprisingly strong job market for January. Yet, tens of thousands of workers still found themselves out of work.

Read more at: https://www.cnbc.com/2024/02/02/laid-off-heres-how-to-find-new-work-faster.html

Exxon, Chevron Beat Estimates, Report Second-Biggest Annual Profits In Past Decade

One wouldn’t know it from their stock price today, which has been slammed by tech bros shorting anything that does not mention AI at least 100 times in its press release/conference so they can fund their purchase of META 20% higher on the day, but in a time when two-thirds of US companies do not generate any GAAP profits, two of America’s cash flow titans – ExxonMobil and Chevron – reported their second-biggest annual profits in a decade thanks to surging oil production which offset a slide in prices that tempered earnings from the records hit in 2022.

At a time when OPEC+ and Saudi Arabia has been hurting due to a flood of oil by US companies, America’s oil supermajors increased output sharply in their own backyard in 2023, pursuing a strategy of doubling down on oil and gas that has prompted blowback over their commitment to cutting emissions .

Exxon posted full-year net income of $36bn, down from $55.7bn the previous year due to a $17.9BN drop in price/margin, but otherwise its biggest since 2012 as Exxon CFO Kathryn Mikells hailed a “great end to a great year”.

Read more at: https://www.zerohedge.com/markets/exxon-chevron-beat-estimates-report-second-biggest-annual-profits-past-decade

Asia’s Oil Imports Hit An 8-Month High In January

By Tsvetana Paraskova of OilPrice.com

Strong buying from China and India at the end of last year pushed Asia’s crude oil imports in January 2024 to the highest level in eight months, data compiled by LSEG Oil Research showed on Thursday.

Crude cargo arrivals in Asia, the prized oil-importing region and the world’s biggest rose to 28.57 million barrels per day (bpd) in January 2024, up from 27.03 million bpd in December 2023, per the data reported by Reuters columnist Clyde Russell.

Chinese crude imports were estimated at slightly lower levels compared to December, but much higher than in January 2023. India, for its part, is likely to have imported a record high volume of crude last month amid strong economic growth and rising fuel margin …

Read more at: https://www.zerohedge.com/commodities/asias-oil-imports-hit-8-month-high-january

French Shipping Giant Is Latest To Suspend Red Sea Transit, As Details Emerge Of US Destroyer’s ‘Close Call’

French container shipping giant CMA CGM has announced suspension of all its Red Sea transit due to security risks, Bloomberg has reported Friday, adding to a growing list of major firms now deeming the area too unsafe.

The Bloomberg note additionally confirms that “CMA CGM will keep operating in the northern Red Sea but will not send its fleets through the southern part that is unavoidable for any vessel seeking to use Egypt’s Suez Canal to go between Europe and Asia.” With every addition of a shipping major, there’s yet further confirmation that the US-led ‘Operation Prosperity Guardian’ is failing.

Via Reuters”Hundreds of container ships and large numbers of oil tankers and commodity carriers have elected to avoid the area altogether,” Bloomberg underscores.

Until this week, CMA CGM had continued sending some vessels through the vital transit passage despite the almost daily Houthi missile and …

Read more at: https://www.zerohedge.com/geopolitical/french-shipping-giant-latest-suspend-red-sea-transit-details-emerge-us-destroyers

Truce Deal Is Faltering As Hamas Wants A Who’s Who Of Murderers Released

Update(1357ET): This week has seen several false starts when it comes to announcing an Israel-Hamas truce and new prisoner exchange deal, as we reported yesterday. Qatar on Thursday said Hamas has issued ‘positive confirmation’ that it’s seriously contemplating the deal. It would theoretically result in several rounds of hostage/prisoner exchanges, with the Israeli side ultimately wanting to see all captives freed from Gaza by the end of the process, which would happen over a 2-month ceasefire period.

While both sides appear to agree that major concessions will have to be made on the swap front, the big hold-up centers on precisely who Hamas is trying to spring from Israeli prisons. Israeli officials complain that Hamas is seeking the release of several multi-murderers. A top Hamas official has been cited in Israeli media as saying the following:

He mentioned two by name, including Marwan Barghouti, a popular Palestinian leader seen as a unifying figure. Barghouti was arrested by Israel in 2002 and is serving five life terms for planning three terror attacks that killed five Israelis during the Second Intifada.

In addition to Barghouti, Hamdan named Ahmad Saadat, head of the Popular Front …

Read more at: https://www.zerohedge.com/geopolitical/after-fresh-israeli-strikes-damascus-whole-region-braces-us-attack-possibly-hours-away

Post Office victims had lives ‘utterly destroyed’

Lawyers representing sub-postmasters say their physical and mental health was damaged by the Horizon IT scandal.

Read more at: https://www.bbc.co.uk/news/business-68160711?at_medium=RSS&at_campaign=KARANGA

Big US jobs rise in January surprises again

Employers added 353,000 jobs, while the unemployment rate held steady at 3.7%, official figures show.

Read more at: https://www.bbc.co.uk/news/business-68183421?at_medium=RSS&at_campaign=KARANGA

Water bills to rise above inflation in April

Water companies in England and Wales expect an increase of 6%, with an 8.8% rise in Scotland.

Read more at: https://www.bbc.co.uk/news/business-68172008?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms bearish shooting star candle. What traders should do next week

The short-term uptrend status of Nifty remains intact. But, the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of upmove from here could encounter strong resistance around 22,100 -22,200 levels and that could possibly result in short-term weakness from the highs.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bearish-shooting-star-candle-what-traders-should-do-next-week/articleshow/107365515.cms

ICICI Prudential MF dumps 2% ZEE stake following Sony-merger collapse

According to an exchange filing, I-Pru MF has sold 2.06 crore shares or 2.15% stake between January 20 and January 30 in a series of secondary market transactions. At the end of the December quarter, the fund house held a 7.25% stake in the company and post the stake sale, it has about 5.09%.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/icici-pru-mf-dumps-2-zee-stake-following-sony-merger-collapse/articleshow/107368677.cms

Sebi panel suggests abolishing security deposit requirement in public issues

An expert committee formed by Sebi on Friday suggested to abolish the requirement of a mandatory security deposit with the exchanges before a public issue, a move that could make it easier for companies to access the primary market.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-panel-suggests-abolishing-security-deposit-requirement-in-public-issues/articleshow/107367644.cms

A $6 surcharge for bread? Why restaurant-week promotions may be a bad deal.

From New York City to Tuscaloosa, Ala., diners need to do the math and see if the deals are really worthwhile.

Read more at: https://www.marketwatch.com/story/a-surcharge-for-bread-why-restaurant-week-promotions-may-no-longer-make-sense-813fa90c?mod=mw_rss_topstories

When mortgage rates will cross the ‘key threshold’ that unfreezes the housing market, according to five economists

Mortgage rates are falling, but when will the 30-year mortgage dip below 6%? Here’s what five economists are forecasting.

Read more at: https://www.marketwatch.com/story/when-mortgage-rates-will-cross-the-key-threshold-that-unfreezes-the-housing-market-according-to-five-economists-7703fd40?mod=mw_rss_topstories

Oil prices post biggest weekly loss since October

Oil futures end lower Friday, contributing to the first weekly loss for prices in three weeks.

Read more at: https://www.marketwatch.com/story/oil-prices-on-track-for-weekly-drop-eaedbabd?mod=mw_rss_topstories