3 Stranded Tankers with Russian Sokol Crude Heading for China

Three tankers carrying Russia Sokol oil that have been stranded due to Western sanctions have started heading towards China, Reuters reported on Monday, citing tanker-tracking data from Kpler and LSEG.  While Kpler calculated that 10 million barrels of Sokol oil were stranded in a holding pattern off the coast of South Korea two weeks ago, as of Monday, Kpler puts the volume at 7.5 million barrels.  The stranded Sokol oil has been in a holding pattern in floating storage for three months as buyers cannot arrange payment in line…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/3-Stranded-Tankers-with-Russian-Sokol-Crude-Heading-for-China.html

Russian Rosneft Posts Nearly 50% Surge in Profits for 2023

Russian state-run oil company Rosneft has reported a nearly 50% jump in net profits for 2023, Reuters reports, hitting over $14 billion despite Western sanctions following Russia’s 2022 invasion of Ukraine.   According to Reuters, Rosneft’s 2023 net profit surged by 47.2% to 1.3 trillion rubles–the equivalent of approximately $14.7 billion. Earnings before EBITDA jumped 17.8% to 3 trillion rubles, with revenues up 1.3%.  Rosneft continues to rake in profits as Europe, particularly Germany, mulls the fate of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Rosneft-Posts-Nearly-50-Surge-in-Profits-for-2023.html

A Tumultuous Year for South America’s Oil Industry

Last year, 2023, was a tumultuous period for South America’s oil industry. Increased recognition of climate change saw regional governments push to reduce emissions and implement policies aimed at enhancing environmental protection. Elevated geopolitical instability along with increased regulatory scrutiny and tax hikes further impacted the continent’s oil industry. Meanwhile, Guyana and Brazil’s mega-offshore oil booms garnered considerable attention from Big Oil and governments across the world, notably the leaders…

Read more at: https://oilprice.com/Energy/Energy-General/A-Tumultuous-Year-for-South-Americas-Oil-Industry.html

Russia-Turkey Trade Chills after Latest U.S. Sanctions Threat

Trade between Russia and Turkey has suffered a setback since late December with some payments for imported Russian oil cargoes delayed, as banks are boosting compliance checks following a U.S. threat to sanction financial institutions for facilitating business with Russia. In December, U.S. President Joe Biden issued an executive order, which authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to potentially impose sanctions on a foreign financial institution if it is found to have “conducted or facilitated…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Turkey-Trade-Chills-after-Latest-US-Sanctions-Threat.html

Charting the Course of U.S. Oil Production

Despite facing significant challenges in recent years, the US remains the largest oil producer in the world and set a new annual production record in 2023. The narrative surrounding US oil production has gained significant relevance in the oil markets, especially at a time when supply and demand dynamics appear to be teetering on the edge. In a geopolitically charged world, the increase in US production (with the IEA estimating a 1.5 mbpd increase in non-OPEC production in 2024) is instrumental in keeping oil prices in…

Read more at: https://oilprice.com/Energy/Energy-General/Charting-the-Course-of-US-Oil-Production.html

Equinor Signs 15-Year LNG Supply Deal With Indian Firm

Equinor has signed a 15-year agreement to supply LNG to India’s Deepak Fertilisers, which will use the gas mainly as a feedstock for ammonia production at a new plant, the Norwegian energy major said on Monday. Equinor is growing its LNG portfolio and will use the super-chilled fuel from its operated Hammerfest LNG export plant in Norway and LNG sourced primarily from the United States, the company said. Under the deal with Deepak Fertilisers, Equinor will deliver 0.65 million tons of LNG for 15 years starting in 2026.   …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-Signs-15-Year-LNG-Supply-Deal-With-Indian-Firm.html

Crew Abandons Cargo Ship After Houthi Attack

Attacks on Red Sea shipping from Yemen’s Iran-backed Houthis escalated overnight when missiles hit a commercial vessel and forced the crew to evacuate. There are also reports a US drone was knocked out of the sky by an anti-air missile.  Bloomberg reports missiles hit the engine room of “Rubymar,” a Belize-flagged cargo ship sailing through the Bab el-Mandeb Strait connecting the Red Sea and the Gulf of Aden.  Rubymar reported severe damage after “an explosion in close proximity to the vessel,” the British military’s United Kingdom…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Crew-Abandons-Cargo-Ship-After-Houthi-Attack.html

Oil and Gas Firms Hold Crisis Talks Over UK Windfall Tax Plan

Major oil and gas firms are set to hold crisis talks this week to discuss concerns about Labour’s windfall tax plans for the sector. Industry body Offshore Energy UK (OEUK) will host the meetings, which will take place on Tuesday and Thursday. “We remain deeply concerned about what Labour’s proposals could do to our people. If we can’t get companies to invest here, there are no jobs. It’s that simple,” David Whitehouse, the head of OEUK, said. The organization warned that up to 42,000 jobs could be lost in the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-and-Gas-Firms-Hold-Crisis-Talks-Over-UK-Windfall-Tax-Plan.html

The Longer The U.S.’s Pause On LNG Projects Goes On, The Better It Is For Russia

Last week’s attempt by the U.S.’s Republican-controlled House of Representatives to unblock the stoppage on approvals of permits for new liquefied natural gas (LNG) looks highly unlikely to succeed. Despite the House approving a bill to remove the pause on LNG permits, it still needs to be passed in the Democratic-controlled Senate and then to be signed by Biden to become law. LNG remains the key emergency energy source in the new global oil market order, as analysed in full in my new book of the same name, and without the U.S.…

Read more at: https://oilprice.com/Energy/Natural-Gas/The-Longer-The-USs-Pause-On-LNG-Projects-Goes-On-The-Better-It-Is-For-Russia.html

Ukrainian Drone Attacks Drag Russia’s Refining Rates Down by 380,000 Bpd

Russia’s oil refinery rates have slumped this month by 380,000 barrels per day (bpd) compared to December levels as several refineries are under repairs after being hit by Ukrainian drone attacks. Russian refinery rates slipped to 5.16 million bpd in the second week of February, a source familiar with industry data told Bloomberg on Monday. The decline compared to the December average – before Ukraine started targeting refineries with drones – has been nearly 380,000 bpd, per Bloomberg’s calculations.   So…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukrainian-Drone-Attacks-Drag-Russias-Refining-Rates-Down-by-380000-Bpd.html

A Ban on LNG Exports Could Boost Carbon Emissions

President Biden recently announced a “temporary pause on pending approvals of liquefied natural gas exports.” This announcement comes on the heels of news that in 2023 the U.S. surpassed Qatar and Australia to become the world’s two largest LNG exporter. This decision has sparked debate and raised several key points. I will discuss the reasons behind the pause, potential implications, and next steps. Reasons for the Pause The key reason cited for the pause was climate change concerns. Natural gas, while much cleaner…

Read more at: https://oilprice.com/Energy/Energy-General/A-Ban-on-LNG-Exports-Could-Boost-Carbon-Emissions.html

EU Carbon Prices Tumble to More Than Two-Year Low

Europe’s carbon prices continued to slide on Monday and tumbled to levels last seen in October 2021, as renewables surge while natural gas prices slump and industrial activity slows down amid weaker economies.   The EU has a carbon permit market in place, in which industry, power firms, and airlines pay a carbon price for their emissions, as the bloc seeks to lower its carbon footprint and become carbon neutral by 2050.  The EU carbon futures for December slumped by 5.3% on Monday morning in Europe to $58.39 (54.17 euros) per ton…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Carbon-Prices-Tumble-to-More-Than-Two-Year-Low.html

Qatar Set to Sign More LNG Supply Deals With Europe and Asia

QatarEnergy, the state giant of one of the world’s top liquefied natural gas exporters, expects to soon announce new LNG supply agreements with European and Asian buyers as it is working on the world’s largest LNG export capacity expansion.    QatarEnergy could also sign additional agreements to welcome more partners in the joint ventures that will operate the expanded capacities at the North Field, QatarEnergy’s CEO Saad Sherida Al-Kaabi said on Monday at a news conference, as quoted by Bloomberg. Qatar’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Qatar-Set-to-Sign-More-LNG-Supply-Deals-With-Europe-and-Asia.html

Saudi Oil Giant Aramco Could Issue Long-Term Bond This Year

Saudi state oil giant Aramco may issue a new bond this year to optimize its capital structure, according to its chief financial officer Ziad Al-Murshed. In the bond issue, Saudi Aramco would be looking at longer bond terms of up to 50 years, the executive said at the Saudi Capital Markets Forum in Riyadh, as carried by Reuters. The last time the world’s top oil firm tapped the bond markets was in 2021, when Aramco raised $6 billion via its first Islamic bond denominated in U.S. dollars, the so-called sukuk, orders for which…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Oil-Giant-Aramco-Could-Issue-Long-Term-Bond-This-Year.html

Gold Miner Polymetal to Exit Russia in $3.7 Billion Deal

Precious metals miner Polymetal is looking for an exit from Russia in order to avoid nationalization or other forms of expropriation and agreed to sell its Russian unit in a deal valuing it at $3.69 billion. Polymetal International plc said on Monday it had reached an agreement to sell JSC Polymetal, or Polymetal Russia, to JSC Mangazeya Plus, an entity established for the purpose of the transaction by Russian precious metals miner Mangazeya Mining. The buyer is a subsidiary of Mangazeya Group owned by Sergey Yanchukov. The agreed terms…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gold-Miner-Polymetal-to-Exit-Russia-in-37-Billion-Deal.html

Magnificent 7 profits now exceed almost every country in the world. Should we be worried?

The so-called “Magnificent 7” U.S. tech behemoths encompass Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla.

Read more at: https://www.cnbc.com/2024/02/19/magnificent-7-profits-now-exceed-almost-every-country-in-the-world-should-we-be-worried.html

‘China has a lot more to lose’: U.S. considering sanctioning Chinese firms aiding Russia’s war

The U.S. is considering slapping sanctions on Chinese companies it believes are helping Russia fuel its war in Ukraine, members of Congress told CNBC.

Read more at: https://www.cnbc.com/2024/02/19/china-has-a-lot-more-to-lose-us-considering-sanctioning-chinese-firms-aiding-russias-war.html

Houthis claim ‘catastrophic’ attack in Red Sea that prompted crew to abandon ship

The Iran-backed Houthi group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel.

Read more at: https://www.cnbc.com/2024/02/19/houthis-claim-catastrophic-attack-in-red-sea-as-crew-abandons-ship.html

Capital One acquiring Discover Financial Services, report says

It will be an all-stock deal and Capital One, which already uses Visa and Mastercard networks, plans to keep the Discover brand, the Wall Street Journal said.

Read more at: https://www.cnbc.com/2024/02/19/capital-one-acquiring-discover-financial-services-report-says.html

Hedge funds took profits in these popular technology stocks during the fourth quarter

As winning ‘Magnificent Seven’ stocks wrapped up a spectacular year, hedge funds appeared to lock in profits during the fourth quarter.

Read more at: https://www.cnbc.com/2024/02/19/hedge-funds-took-profits-in-these-popular-technology-stocks-during-the-fourth-quarter.html

What the U.S. can learn from Norway when it comes to EV adoption

Norway has the highest EV adoption rate in the world. 82% of new car sales in Norway were electric in 2023. Here’s how the Scandinavian country pulled it off.

Read more at: https://www.cnbc.com/2024/02/17/what-the-us-can-learn-from-norway-when-it-comes-to-ev-adoption.html

Biden administration is leaning toward supplying Ukraine with long-range missiles

If Republicans continue to block U.S. military aid to Ukraine, the White House could turn to an ally to provide Kyiv with ATACM missiles capable of striking Russian-held Crimea.

Read more at: https://www.cnbc.com/2024/02/19/biden-administration-is-leaning-toward-supplying-ukraine-with-long-range-missiles.html

Trump breaks silence on Navalny; Yulia Navalnaya vows to fight on for a ‘free Russia’

Russian forces are consolidating their hold on Avdiivka after capturing the city over the weekend.

Read more at: https://www.cnbc.com/2024/02/19/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Let’s accept it: The Fed’s rate hikes did little to slow this roaring economy

Look at the companies that reported earnings last week and the long list of new 52-week highs, and there’s only one conclusion.

Read more at: https://www.cnbc.com/2024/02/19/cramer-the-feds-rate-hikes-did-little-to-slow-our-robust-economy.html

Nintendo shares fall nearly 6% after report that the Switch 2 will be delayed until 2025

Nintendo shares fell nearly 6% after a report said the launch of the Switch 2, the next version of its flagship gaming console, would be delayed until 2025.

Read more at: https://www.cnbc.com/2024/02/19/nintendo-switch-2-reportedly-delayed-until-2025-shares-fall.html

Companies — profitable or not — make 2024 the year of cost cuts

The largest U.S. companies are cutting jobs and reducing expenses as Americans pull back after a period of aggressive inflation.

Read more at: https://www.cnbc.com/2024/02/18/companies-2024-cost-cuts.html

Disney star turned space CEO: Bridgit Mendler launches satellite data startup backed by major VCs

Already, Northwood is attracting high-profile venture investors, with about $6 million in initial funding raised from investors including Andreessen Horowitz.

Read more at: https://www.cnbc.com/2024/02/19/disney-star-bridgit-mendler-launches-satellite-startup-northwood-space.html

‘This is the mental health moment’: Innovation and M&A are helping to boost these stocks to new heights

Two recent M&A announcements by big pharma are creating excitement among investors. Here’s who is poised to benefit.

Read more at: https://www.cnbc.com/2024/02/19/these-names-may-benefit-amid-increasing-innovation-and-demand-in-neuropsychiatry-.html

War Expands With Massive Israeli Airstrikes 60km Deep Into Lebanon

War Expands With Massive Israeli Airstrikes 60km Deep Into LebanonThe Israel-Hezbollah war is expanding, which was on display Monday as Israel for the first time struck near a large city which is deep inside Lebanon, far away from the border, in the region of Ghaziyeh.

Israel Defense Forces (IDF) Spokesman Rear Adm. Daniel Hagari has confirmed in a statement that military was behind large airstrikes that rocked a town just south of Sidon earlier in the day. Hagari the strikes targeted Hezbollah weapons depots, and also served as a response to an explosive-laden that struck northern Israel previously on Monday. Video captured the moment of the massive airstrikes:

Happening now: More footage from Israel’s bombing of Lebanese civilian areas 45 kms from the border. It is clearly visible that these are homes in a residential area. Sidon is under the control of the Lebanese army, which receives financial assistance from the US govt. pic.twitter.com/ebTde3HvWG

— Sharmine Narwani (@snarwani) February 19, 2024

Sidon is the third largest city in Lebanon, and the region that was attack lies at least 45-60 kilometers from the Israeli border. So …

Read more at: https://www.zerohedge.com/geopolitical/war-expands-massive-israeli-airstrike-some-60km-deep-lebanon

GOP Efforts To Shore Up Election Security In Swing States Face Challenges

Authored by Steven Kovac via The Epoch Times (emphasis ours),

Massive voter fraud allegations that marred the 2020 election spurred a political and grassroots movement from coast to coast to pursue an array of election reforms designed to increase election integrity.

(Illustration by The Epoch Times, Getty Images, Shutterstock)However, with just months left ahead of the 2024 election, Republicans say little was mended, especially in contested states where they thought fixes were needed most.

Much concern is centered around five key swing states that became the focus of 2020: Georgia, Pennsylvania, Arizona, Michigan, and Wisconsin.

Election reforms tend to follow party lines. Democrats commonly …

Read more at: https://www.zerohedge.com/political/gop-efforts-shore-election-security-swing-states-face-challenges

“12 Fellas Down. 1 To Go”: Nikki Haley Has Terrible, No Good, Very Bad Weekend On Social Media

The only thing more hilarious than Nikki Haley continuing to remain in the 2024 presidential race despite zero chance of winning is her completely inept social media team – which suggested she’s more than just a whore for the military-industrial complex.

In Sunday afternoon tweet, ‘Haley’ let the world know: “12 fellas down. 1 to go.”

12 fellas down. 1 to go.

— Nikki Haley (@NikkiHaley) February 18, 2024

While we’re sure whatever 22-year-old feminist wrote that had the best intentions, that’s not how it came off…

You probably shouldn’t have tweeted this� …

Read more at: https://www.zerohedge.com/political/12-fellas-down-1-go-nikki-haley-has-terrible-no-good-very-bad-weekend-social-media

This Is A Cycle Of Illusion: You See What You Want To See

By Stefan Koopman, senior macro strategist at Rabobank

We are living in a time of economic bewilderment. The pandemic has given us an unprecedented shock, but we have also seen a surprisingly swift recovery. Inflation has risen to the highest level in decades, but has been declining while unemployment sits at its lowest in years. Central banks have raised interest rates at breakneck pace, yet markets continue to soar to new heights. How is this possible?

The answer lies in the realization that we are not experiencing a typical business cycle, but rather a cycle of illusion. This is not a cycle driven the by organic macro processes as outlined in our economics textbooks and forecasted by our DSGE models, but one marked by huge disruptions in demand and supply, by logistical chaos and geopolitical tensions, by pent-up demand and increased savings, by mismatches in the labour market and strong wage growth, by vacant commercial real estate and shortages of residential real estate, by China offloading their excess capacity overseas and the West trying to rebuild its own capacity. It is a cycle that constantly gives false signals about the state of the economy and the prospects for the future.

The hope that inflation will gently recede to around 2 percent has been gaining a lot of ground since November. Such a scenario seemed completely unattainable in October. Decreasing risk premiums and heightened expectations for a ‘normalization’ of monetary policy were the outcomes. But will we finally get a normal business cycle?

It appears not. We ar …

Read more at: https://www.zerohedge.com/markets/cycle-illusion-you-see-what-you-want-see

Row deepens between Badenoch and ex-Post Office chair

The business secretary and ex-Post Office chair have clashed over comments about compensation.

Read more at: https://www.bbc.co.uk/news/business-68337728?at_medium=RSS&at_campaign=KARANGA

Israel’s economy shrinks more than expected on Gaza war

Its gross domestic product contracted by far more than expected in the wake of the conflict with Gaza.

Read more at: https://www.bbc.co.uk/news/business-68337731?at_medium=RSS&at_campaign=KARANGA

Currys takeover battle looms as JD.com eyes bid

The Chinese e-commerce firm joins US investor Elliot as a possible bidder for the UK retail group.

Read more at: https://www.bbc.co.uk/news/business-68335829?at_medium=RSS&at_campaign=KARANGA

Technical Breakout Stocks: How to trade Quess Corp, CRISIL and MRPL on Tuesday

Sectorally, buying was seen in consumer durables, telecom, power, and FMCG stocks while metal, capital goods, and realty stocks saw some selling pressure.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-how-to-trade-quess-corp-crisil-and-mrpl-on-tuesday/articleshow/107825357.cms

With 92 IPOs in Q4CY2023, Indian stock exchanges trump global markets in 2023

Of the 92 IPOs, 31 were main-board while the remaining 61 were from the small and medium enterprises (SMEs), according to a report published by EY India on Q4CY23’s top IPO trends.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/with-92-ipos-in-q4cy2023-indian-stock-exchanges-trump-global-markets-in-2023/articleshow/107821325.cms

Trump’s limited-edition sneakers are already being listed for up to $45,000 on eBay, but can they hold their value?

Sneakerheads and political-memorabilia experts question if the shoes have staying power with collectors.

Read more at: https://www.marketwatch.com/story/trumps-limited-edition-sneakers-are-already-being-listed-for-up-to-45-000-on-ebay-but-can-they-hold-their-value-620c3bbc?mod=mw_rss_topstories

If retirement is all about money, you might not be ready to stop working

Once you know what you want, retirement can be a lot more satisfying.

Read more at: https://www.marketwatch.com/story/if-retirement-is-all-about-money-you-might-not-be-ready-to-stop-working-e285977c?mod=mw_rss_topstories

How to make sure you pay a fair price for the financial advice you need

An adviser’s fee structure is revealing in itself.

Read more at: https://www.marketwatch.com/story/how-to-make-sure-you-pay-a-fair-price-for-the-financial-advice-you-need-2e2a5efb?mod=mw_rss_topstories