Net-Zero Gimmicks Unravel Under Consumer Pressure

Authored by Mike Shedlock via mishtalk.com, Our net zero lesson of the day is from the U.K. but it applies universally. It’s increasingly difficult for Biden and the EU to hide the true costs of net zero mandates. Britain Boiler Tax Scandal In the latest green fiasco, UK Prime Minister Rishi Sunak created a quota system that would require manufacturers to sell more heat pumps to households. Instead of meekly complying with the regulation as happens with Biden administration EPA announcements, manufacturers let consumers know they would have…

Read more at: https://oilprice.com/Energy/Energy-General/Net-Zero-Gimmicks-Unravel-Under-Consumer-Pressure.html

Uzbekistan to Install Thousands of EV Charging Stations in Eco Push

For the last two decades or so, motorists in Uzbekistan could buy any car brand they wanted, as long as it was either a Daewoo or Chevrolet. This limited selection resulted from the de facto monopoly held by government-controlled UzAvtosanoat, which manufactured vehicles under those brands through joint ventures. The ongoing economic liberalization is altering this dynamic. Data reported by Tashkent-based outlet Gazeta.uz reveal how far things have changed over the past year, however. While Chevrolets are still a ubiquitous sight on Uzbekistan’s…

Read more at: https://oilprice.com/Energy/Energy-General/Uzbekistan-to-Install-Thousands-of-EV-Charging-Stations-in-Eco-Push.html

Texas Was Warned of $12 Billion Cost of Grid Reliability Policy

Officials in Texas were repeatedly warned that the new Electric Reliability Council of Texas (ERCOT) rules about backup power capacity from last summer would be expensive and could drive up electricity prices, a Bloomberg investigation of documents obtained via open records requests showed.   Ahead of the summer peak demand in 2023, ERCOT launched the Ercot Contingency Reserve Service (ECRS) policy to ensure grid stability.  However, reserve capacity from cheap natural gas-fired power plants sat idle due to the policy, while…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Texas-Was-Warned-of-12-Billion-Cost-of-Grid-Reliability-Policy.html

Japanese Shipping Giant: Global Supply Chain Disruptions Could Last Up to a Year

President Biden’s Operation Prosperity Guardian to shield commercial vessels in the Red Sea, along with US and UK bombing raids across the Middle East, have yet to stop Iran-backed Houthi rebel attacks around the Bab al-Mandab Strait.  On Tuesday morning, Houthi rebels fired “projectiles” at two commercial vessels, striking one, highlighting the ongoing risks of sailing through the Red Sea.  Japanese shipping giant Mitsui OSK Lines Ltd. issued a warning today that shipping disruptions might extend for up to a year, indicating that expectations…

Read more at: https://oilprice.com/Geopolitics/International/Japanese-Shipping-Giant-Global-Supply-Chain-Disruptions-Could-Last-Up-to-a-Year.html

Enphase Shares Jump 17% Despite Earnings Miss

Shares of renewable energy company Enphase Energy Inc. (NASDAQ:ENPH) have rocketed 17% in Wednesday’s intraday session a day after the company returned a quarterly report that missed Wall Street’s expectation.  Enphase reported Q4 2023 Non-GAAP EPS of $0.54, $0.01 lower than the Wall Street consensus while revenue of $302.57M (-58.2% Y/Y) missed by $25.44M. Q4 net income fell to $21M, or $0.15/share, from $154M, or $1.06/share, in the previous year’s corresponding quarter.  The company reported that revenue…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Enphase-Shares-Jump-17-Despite-Earnings-Miss.html

Is the Push for Electric Vehicles Outpacing Market Readiness?

Via Metal Miner  All components of the Automotive MMI moved sideways or down month-on-month. Moreover, January saw prices flatten out across the steel market, causing hot-dipped galvanized steel prices to trend close to support zones. Meanwhile, China’s wavering economy continues to prove a concern for global markets because the country is such a large steel demand driver. Many fear that if HDG demand were to drop too much within China, it could impact global demand overall. Therefore, HDG buyers for vehicle manufacturers should to keep…

Read more at: https://oilprice.com/Energy/Energy-General/Is-the-Push-for-Electric-Vehicles-Outpacing-Market-Readiness.html

Western, Israeli-Linked Ships Pay 50% Extra Insurance Premiums for Red Sea

War underwriters are now charging ships linked to U.S, British and Israeli companies as much as 50% extra in war risk premiums to navigate the Red Sea, with other providers avoiding such business altogether due to the persistent threat of attacks by Yemen’s Houthis.  The Iran-aligned group claims it is acting in solidarity with Palsetinians as Israel’s war in the Gaza Strip grinds on. Many companies have re-routed ships through southern Africa at significantly higher costs but others are still traveling through the Red Sea and Suez Canal.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Western-Israeli-Linked-Ships-Pay-50-Extra-Insurance-Premiums-for-Red-Sea.html

Silicon Valley Startup Claims Massive Copper Discovery in Africa

A Silicon Valley firm dubbed KoBold Metals has announced what it says is a huge copper deposit discovery in Zambia—one of the biggest producers of the metal in Africa. Kobold Metals uses artificial intelligence to explore the Earth’s crust to find metals and critical minerals for the energy transition. The company has the financial backing of Jeff Bezos and Bill Gates, as well as Richard Branson and Ray Dalio, among others. Per its own website, Kobold Metals aims to accelerate the “clean energy future”…

Read more at: https://oilprice.com/Metals/Commodities/Silicon-Valley-Startup-Claims-Massive-Copper-Discovery-in-Africa.html

Petrobras Discusses Joint Projects With Other National Oil Companies

Brazilian state oil and gas company Petrobras is discussing potential cooperation in energy projects with other national oil companies (NOCs) from the Middle East, China, and India, Petrobras CEO Jean Paul Prates told Reuters on Wednesday. The NOCs with which the Brazilian state firm is currently in talks include Kuwait Petroleum and QatarEnergy, the executive told Reuters on the sidelines of an energy forum in India. Petrobras is keen to collaborate with Kuwait Petroleum on upgrading Brazilian refineries and cooperating in petrochemicals,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Petrobras-Discusses-Joint-Projects-With-Other-National-Oil-Companies.html

Oil Jumps Despite Crude Inventory Build

Crude oil prices rose today shortly after the Energy Information Administration reported an inventory increase of 5.5 million barrels for the week to February 2. This compared with a build of 1.2 million barrels for the previous week that depressed oil prices. On Tuesday, the American Petroleum Institute estimated crude oil inventories had added a modest 674,000 barrels in the week to February 2, much less than the 2.13 million barrels that analysts expected inventories to have added during the period. In fuels, the EIA…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Jumps-Despite-Inventory-Build.html

Tellurian Fights to Keep Driftwood LNG Project Alive

Tellurian is fighting for survival and keeping its Driftwood LNG export project alive, sources with knowledge of Tellurian’s current thinking have told Reuters, after the company failed to secure commercial offtake deals to underpin its final investment decision for the project. Tellurian has been planning for years to build Driftwood LNG, a production and export terminal on the Calcasieu River south of Lake Charles, Louisiana. Once complete, the terminal would be capable of exporting up to 27.6 million tons of liquefied natural gas…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tellurian-Fights-to-Keep-Driftwood-LNG-Project-Alive.html

Sweden Ends Probe into Nord Stream Sabotage Without Verdict

Sweden has ended its investigation into the explosions that rocked the Nord Stream 1 and 2 pipelines in 2022, saying it has no jurisdiction to proceed. Prosecutors said on February 7 that a preliminary investigation has given authorities “a good picture” of the incident and that nothing has emerged to indicate that Sweden or Swedish citizens were involved in the attack, which took place in international waters.Western officials initially blamed Russia for the blasts, which all but destroyed the pipelines. Moscow blamed the West, saying it had no…

Read more at: https://oilprice.com/Geopolitics/International/Sweden-Ends-Probe-into-Nord-Stream-Sabotage-Without-Verdict.html

Wind Power Giants Warn of Another Challenging Year Ahead

Orsted, Siemens Energy, and Vestas – the three biggest wind power developers and turbine makers in the world – warned that last year’s challenges in the industry would continue this year and suspended dividends as they look to return to profitability and reduce costs. The wind industry, especially offshore wind, was plagued in 2023 by cost increases, rising interest rates, quality issues with turbines, and delays and cancelation of projects. The new year will not fix all those challenges immediately, the three companies say, still…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Wind-Power-Giants-Warn-of-Another-Challenging-Year-Ahead.html

YPF Seeks to Quadruple Its Value by Boosting Vaca Muerta Shale

Argentina’s oil and gas firm YPF SA targets to boost its market capitalization fourfold over the next four years, betting on growing its production from the key Vaca Muerta shale play, Reuters reports, citing a source at the Argentinian state company. Vaca Muerta—Spanish for ‘dead cow’—has been dubbed the Argentinian Permian, although its geologic properties have been compared more appropriately to the Eagle Ford. The Vaca Muerta shale play is estimated to hold recoverable resources consisting…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/YPF-Seeks-to-Quadruple-Its-Value-by-Boosting-Vaca-Muerta-Shale.html

Equinor Raises Dividend as Big Oil Looks to Boost Returns

Equinor (NYSE: EQNR) is proposing a dividend increase for Q4 and aims to raise quarterly cash dividends each year as the Norwegian group and other oil majors look to reward shareholders after higher-than-expected profits for 2023.     Equinor reported on Wednesday adjusted earnings of $8.68 billion for the fourth quarter of 2023, slightly higher than the $8.46 billion expected in a consensus provided by the company, and much lower than in the same period of 2022, due to a significant decline in natural gas and crude oil prices.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-Raises-Dividend-as-Big-Oil-Looks-to-Boost-Returns.html

Disney beats earnings estimates, hikes guidance as it slashes streaming losses

Disney reported earnings after the bell. Here are the results.

Read more at: https://www.cnbc.com/2024/02/07/disney-dis-earnings-report-q1-2024.html

S&P 500 closes near 5,000, notches closing high as strong earnings continue: Live updates

The S&P 500 rose Wednesday and edged closer to the 5,000 level for the first time, hitting a new intraday record.

Read more at: https://www.cnbc.com/2024/02/06/stock-market-today-live-updates.html

New sports streaming bundle could be a ‘monster’ — or a dud. Here are the biggest remaining questions

Disney, Warner Bros. Discovery and Fox are launching a joint sports streaming platform, but it remains to be seen how appealing it is to consumers.

Read more at: https://www.cnbc.com/2024/02/07/new-sports-streaming-platform-what-to-know.html

Hedge fund billionaire Bill Ackman to launch a NYSE-listed fund for regular investors

Pershing Square’s Ackman will offer a new investment vehicle listed on the New York Stock Exchange, aiming to leverage his following among retail investors.

Read more at: https://www.cnbc.com/2024/02/07/billionaire-bill-ackman-to-open-a-nyse-listed-fund-for-regular-investors.html

Goldman warns these are the most crowded AI-related stocks

The enthusiasm around artificial intelligence has run up the prices for some stocks so high that investors are worried they are becoming overcrowded.

Read more at: https://www.cnbc.com/2024/02/07/goldman-warns-these-are-the-most-crowded-ai-related-stocks.html

Trump Media SPAC insider trading defendant hit with new money laundering count

Donald Trump said in October 2021 that his social media company hoped to merge with a SPAC and become publicly traded. That deal has yet to happen.

Read more at: https://www.cnbc.com/2024/02/07/trump-spac-insider-trading-defendant-charged-with-money-laundering.html

CleanSpark extends rally after announcing plan to buy four mining facilities: 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, Jess Houlgrave, COO of WalletConnect, discusses the recent growth of stablecoins and potential for regulation around the globe.

Read more at: https://www.cnbc.com/video/2024/02/07/cleanspark-extends-rally-to-buy-four-mining-facilities-crypto-world.html

NYCB shares whipsaw after bank picks new chairman, Moody’s downgrades bank’s credit to junk

NYCB has been in free fall since reporting a surprise loss last week, along with mounting losses on commercial real estate and the need to slash its dividend.

Read more at: https://www.cnbc.com/2024/02/07/nycb-moodys-downgrades-banks-credit-rating-to-junk-shares-tumble.html

Snap shares drop 35% after company’s revenue miss and weak guidance

Snap shares tanked more than 35% in Wednesday trading, a day after the company reported Q4 earnings that missed revenue estimates and issued light guidance.

Read more at: https://www.cnbc.com/2024/02/07/snap-stock-drops-30percent-after-revenue-miss-and-weak-guidance.html

This simple calculation will show if you’re withholding enough taxes from your paycheck

If your tax refund or bill is higher than expected, it may be time to adjust your paycheck withholding. Here’s how to know if you’re withholding enough.

Read more at: https://www.cnbc.com/2024/02/07/how-to-know-if-youre-withholding-enough-taxes-from-your-paycheck.html

‘None of these candidates’ defeats Nikki Haley in Nevada Republican primary, NBC News projects

Donald Trump was not on the Nevada primary ballot.

Read more at: https://www.cnbc.com/2024/02/07/nevada-republican-primary-nbc-news-projects.html

Spirits sales beat out beer and wine for second straight year, despite little growth

Americans are still spending on spirits, but new data from DISCUS sheds light on where and how much they are spending.

Read more at: https://www.cnbc.com/2024/02/07/spirits-sales-top-beer-and-wine-in-2023.html

Enphase CEO says solar industry poised to rebound on falling interest rates and rising utility costs

Enphase CEO Badri Kothandaraman has called a bottom in the first quarter and sees falling interest rates and rising utility costs providing tailwinds.

Read more at: https://www.cnbc.com/2024/02/07/enphase-ceo-says-solar-industry-poised-to-rebound-on-falling-interest-rates-and-rising-utility-costs.html

Blistering Saudi Statement Slams Door On Normalization With Israel

A hoped-for ‘deal of the century’ involving a permanent Saudi Arabia-Israel detente diplomatic recognition based on Trump’s Abraham Accords looks to be effectively dead, at a moment that a hoped-for Hamas-Israel truce also looks dead.

Saudi Arabia’s foreign ministry has issued a new statement confirming the kingdom will not participate in deal with Israel until an “independent Palestinians state is recognized”.

Riyadh has made it clear in the Wednesday statement that Saudi-Israel peace off the table until an “independent Palestinian state is recognized on the 1967 borders with East Jerusalem as its capital.”

The statement included a demand for a full Gaza retreat on the part of Israeli forces. The Saudis say there can be no detente until “Israeli aggression on the Gaza Strip stops and all Israeli occupation forces withdraw from the Gaza Strip.”

It further calls for east Jerusalem to be established as the capital of a Palestinian state, “so that the Palestinian people can obtain their legitimate rights and so that a comprehensive and just peace is achieved for all.”

Crucially it was only on Monday that US Secretary of State Antony Blinken was in Riyadh as part of his new Gaza-related tour. Blinken met with Crown Prince Mohammed bin Salman Al Saud in Riyadh. The top US diplomat is currently in Tel Aviv.

Below is the full English translation of the Saudi statement…

Read more at: https://www.zerohedge.com/geopolitical/blistering-saudi-statement-slams-door-normalization-israel

The Future Of American Energy Production Must Include Nuclear

Authored by Tommy Tuberville via RealClear Wire,

It’s the coldest time of the year, and the demand for energy is significantly higher as people try to warm their homes. According to the U.S. Energy Information Administration (EIA), in Alabama seven out of ten homes rely on electric heating during the winter months. Increasing demand is placing a strain on our power grid, and the Biden administration has no solution to the problem.

Instead of providing families with reliable energy, Joe Biden and his administration have other priorities. They’ve spent the last three years on a crusade to make America dependent on unreliable energy sources such as wind and solar power, all in the name of supposedly fighting “climate change.” While wind and solar have roles to play in� …

Read more at: https://www.zerohedge.com/energy/future-american-energy-production-must-include-nuclear

Israel-Hamas Deal Is Dead As Netanyahu Dismisses ‘Delusional’ Terms, War To ‘Expand’

Update(1450ET): Statements currently coming out of both sides strongly suggest the much anticipated Israel-Hamas truce is simply not going to happen. This despite a series of ambiguous statements out of Qatar over the last week of ‘positive’ developments. Israeli Prime Minister Benjamin Netanyahu has on Wednesday called Hamas’ demands “delusional” (see below for Hamas’ said list of truce terms). This is according to Axios:

Israeli Prime Minister Benjamin Netanyahu said on Wednesday that caving to Hamas’ “delusional” ceasefire demands won’t lead to the release of the hostages still being held in Gaza,

Read more at: https://www.zerohedge.com/geopolitical/hamas-responds-ceasefire-offer-135-day-truce-plan-israel-pessimistic

Inflation-Adjusted Super Bowl Spending Still In A Rut

As close to a national holiday as it gets (even if it’s on a Sunday), Super Bowl Sunday has become a sacred event in the American calendar.

It is a welcome occasion to get together with family and friends but it’s also embraced by retailers. The National Retail Federation has forecast spending levels of $86.04 per household – which is a continued recovery from pandemic lows in nominal terms.

However, as Statista’s Katharina Buchholz reports, when looking at these figures adjusted for inflation, they are still far below pre-pandemic levels as increases to the cost of living continue to weigh down on consumers.

In total and before inflation adjustment, the NRF even forecast a new record of $17.3 billion in U.S. Super Bowl spending this year as people buy everything from beer and snacks to new TVs. This is up from the $17.2 billion spent for the last pre-pandemic Super Bowl in 2020.

Adjusted for 2024 prices, however, 2020’s total would be worth $20.3 billion – much higher than this year’s tally.

Read more at: https://www.zerohedge.com/personal-finance/inflation-adjusted-super-bowl-spending-still-rut

Pension income needed to retire jumps as family costs rise

Experts estimates that a single person needs £31,300 a year for a moderate retirement, up £8,000 on last year.

Read more at: https://www.bbc.co.uk/news/business-68222807?at_medium=RSS&at_campaign=KARANGA

House price rises highest for a year in January, Halifax says

The UK’s biggest mortgage lender says prices are still rising as mortgage rates continue to ease.

Read more at: https://www.bbc.co.uk/news/business-68225189?at_medium=RSS&at_campaign=KARANGA

Boeing: Bolts missing from door, says blowout report

A door that blew away from a Boeing 737 Max may not have been properly secured, a new report says.

Read more at: https://www.bbc.co.uk/news/business-68220627?at_medium=RSS&at_campaign=KARANGA

How Tata Group stacks up against other conglomerates, global giants

The Tata Group exceeded Rs 30 lakh crore in market value for the first time on Tuesday after the century-old conglomerate’s software bellwether surged to a lifetime high. Here’s how it stacks up versus other conglomerates and also other details on its m-cap journey: (Source: TOI)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tata-groups-m-cap-story-how-it-stacks-up-against-conglomerates-global-giants/bigger-better/slideshow/107497131.cms

Tech View: Nifty awaiting upside breakout. What traders should do on Thursday expiry

Nifty on Wednesday ended flat with a gain of just one point and formed a small negative candle with a lower shadow on the daily chart ahead of the RBI policy outcome tomorrow.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-awaiting-upside-breakout-what-traders-should-do-on-thursday-expiry/articleshow/107494201.cms

7 mid & smallcap stock picks with up to 22% upside scope from Axis Securities

These bets can deliver up to 22% return in the near term

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/7-mid-amp-smallcap-stock-picks-with-up-to-22-upside-scope-from-axis-securities/slideshow/107498156.cms

Dow, S&P 500 score new record closing highs after fresh batch of earnings

U.S. stocks finished higher on Wednesday, handing the Dow Jones Industrial Average and S&P 500 another round of record closes as investors eyed favorable corporate-earnings reports.

Read more at: https://www.marketwatch.com/story/s-p-500-futures-hold-the-line-ahead-of-another-batch-of-earnings-and-fedspeak-af56e178?mod=mw_rss_topstories

S&P 500 looks ‘accident prone’ as it nears 5,000 milestone

The U.S. stock market appears more “accident prone” because of high valuations, as the S&P 500 index nears its 5,000 milestone, according to Leuthold Group.

Read more at: https://www.marketwatch.com/story/s-p-500-looks-accident-prone-as-it-nears-5-000-milestone-15f19b40?mod=mw_rss_topstories

Consumers slammed the brakes on borrowing in December, Fed data show

Total consumer credit rose $1.5 billion in December, down from a $23.4 billion gain in the prior month, the Federal Reserve said Wednesday. That translates into a 0.4% annual rate, down from a 5.7% increase in the prior month.

Read more at: https://www.marketwatch.com/story/u-s-consumer-credit-up-at-a-slight-0-4-annual-rate-in-december-after-5-7-growth-in-prior-month-c0511a35?mod=mw_rss_topstories