UK Trade Authority Probes Steel Import Quotas

Via Metal Miner The United Kingdom’s Trade Remedies Authority (TRA) recently initiated a suspension review on safeguard measures against hot rolled flat and coil steels. Steel news sources report that the move also came alongside a tariff quota review. TRA reported on February 9 that both Tata Steel UK (TSUK) and steel trader Kromat Trading filed applications for the suspensions. “Both reviews respond to TSUK’s recent proposal to close its two blast furnaces in Port Talbot, Wales, as part of a transition to an electric arc furnace,”…

Read more at: https://oilprice.com/Metals/Commodities/UK-Trade-Authority-Probes-Steel-Import-Quotas.html

Uzbekistan Set to Bolster Russian Gas Imports with $500 Million Investment

The government of Uzbekistan plans to invest $500 million on expanding capacity in its natural gas transportation system to enable a significant increase in imports from Russia, according to reporting by news website Gazeta.uz. Uzbekistan, whose own gas reserves have not been sufficient to meet annually surging demand, started receiving supplies of the fuel from Russia in October. Under a two-year deal with Gazprom, Uzbekistan imports 9 million cubic meters of gas daily. Gazeta.uz reported on February 20, citing a government decree published earlier…

Read more at: https://oilprice.com/Energy/Natural-Gas/Uzbekistan-Set-to-Bolster-Russian-Gas-Imports-with-500-Million-Investment.html

U.S. Oil Drilling Sees 6-Rig Gain

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 5 to 626 this week, compared to 753 rigs this same time last year. The number of oil rigs rose by 6 this week after falling by 2 in the week prior. Oil rigs now stand at 503–down by 97 compared to this time last year. The number of gas rigs fell by 1 this week to 120, a loss of 31 active gas rigs from this time last year. Miscellaneous rigs stayed at 3. Meanwhile,…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Oil-Drilling-Sees-6-Rig-Gain.html

Native American Tribes Given Power To Halt Hydropower Projects

The Federal Energy Regulatory Commission (FERC) has granted Native American tribes more power to block hydropower projects on their lands if they oppose the plans.   FERC has previously applied the general policy of granting permits to planned hydropower projects even where Tribes have raised issues over the impact of such projects, which require enormous amounts of water in areas such as the Southwest, where water is scarce. However, FERC denied last week preliminary permit applications for seven pumped storage hydroelectric projects…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Native-American-Tribes-Given-Power-To-Halt-Hydropower-Projects.html

Oil Industry Thinks OPEC+ Will Extend Production Cuts Into Q2

Oil industry watchers and analysts are betting on OPEC+ extending its oil production cuts beyond the first quarter of 2024 into the next quarter, a new Bloomberg survey revealed on Friday. The anonymous survey has overwhelmingly predicted that OPEC+ will be forced to extend the cuts into Q2 2024, with 14 of the 17 traders and analysts surveyed betting that OPEC+ will not make any changes to its production plans next quarter. “Supply is exceeding demand, and to keep prices stable, OPEC+ has to keep that oil off the market,” Bob McNally,…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Industry-Thinks-OPEC-Will-Extend-Production-Cuts-Into-Q2.html

Iraq Reopens Refinery after a Decade-Long Shutdown

Iraq reopened on Friday its rehabilitated North Oil Refinery in Baiji, which had been inactive for more than 10 years and which brings OPEC’s second-largest crude producer closer to being self-sufficient in oil products, the Prime Minister Media Office said in a statement. The Baiji refinery was damaged by insurgent violence when Al Qaeda and later ISIS were fighting for control of Iraqi territories and for control of the oil refinery.   The refinery was shut down in 2014 when Islamic State fighters seized it and stole crude and petroleum…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Reopens-Refinery-after-a-Decade-Long-Shutdown.html

Russian Energy Is Too Cheap for Some Countries To Resist

Two years into the Russia-Ukraine war and following the introduction of a wide array of sanctions, several countries still refuse to cut ties with Moscow, instead benefitting from low-cost oil and gas. Following Russia’s invasion of Ukraine, the U.S., Europe and several other countries decreased their reliance on Russian energy products, developing alternative supply chains and increasing other sources of oil and gas production to meet demand. As they succeeded in this task, they began to introduce sanctions on Russian energy, aimed at harming…

Read more at: https://oilprice.com/Energy/Energy-General/Russian-Energy-Is-Too-Cheap-for-Some-Countries-To-Resist.html

Loophole Allowed Russia to Earn $1.2 Billion From Fuel Sales to the EU

An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct imports from Russia, an investigation by NGO Global Witness showed on Friday. For more than a year, the EU has had a ban in place on imports of seaborne crude oil and fuels from Russia – with a temporary derogation for Bulgaria – as the bloc and its U.S., UK, and other allies look to stifle oil…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Loophole-Allowed-Russia-to-Earn-12-Billion-From-Fuel-Sales-to-the-EU.html

Oil Prices Remain Rangebound As Volatility Fades

Oil prices have remained rangebound in recent weeks, with macro concerns driving the direction of both Brent and WTI.Friday, February 23rd, 2024Oil trading in the past weeks has seen remarkably little volatility, with Brent futures moving within a narrow bandwidth between $81 and $84 per barrel lately. Macro factors seem to be dominating the minor day-on-day moves in crude, with two Federal Reserve governors warning against interest rate cuts in the next two months. Consequently, oil prices are set to end the week at a slight decline, with…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Remain-Rangebound-As-Volatility-Fades.html

France Misses Its Renewables Capacity Installation Target

France missed its target of adding new solar and wind power capacity last year, despite adding more than 5 gigawatts (GW) to its renewable energy fleet, according to data from the French Energy Transition Ministry reported by Montel. France installed a total of 3.1 GW of solar power in 2023, including a quarterly record-high of 0.9 GW in the last quarter of the year, as well as 1.1 GW of onshore wind and 1 GW of offshore wind.   But its capacity additions missed the solar installation target by 830 megawatts (MW) and the combined onshore…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/France-Misses-Its-Renewables-Capacity-Installation-Target.html

Plunging Natural Gas Prices Is Bad News for Drillers

1. Plunging Natural Gas Prices Is Not Good News for US Oilmen- The once red-hot labor market for oil services and drilling firms has been contracting in recent months, mostly driven by a pronounced decline in natural gas drilling amidst slumping Henry Hub prices. – According to the Energy Workforce & Technology Council, some 4,680 oilfield jobs have been lost in the past two months, a reversal of a two-year trend that saw almost continuous growth in drilling jobs. – The soon-to-be largest US natural gas producer Chesapeake announced this week…

Read more at: https://oilprice.com/Energy/Energy-General/Plunging-Natural-Gas-Prices-Is-Bad-News-for-Drillers.html

A Signal of Strong Short-Term Demand in Oil Markets

This week, crude oil prices are inching higher, primarily driven by concerns over tightening supply. As of the latest trading sessions, April West Texas Intermediate (WTI) crude oil futures are showing an increase, currently up by 0.19% for the week. This rise, when compared to the stability or fluctuations in previous weeks, highlights a growing concern among traders. They are actively watching for a potential breakout above the January 29 main top of $79.09, indicating a bullish sentiment in the market due to these supply concerns. Spot vs. Futures…

Read more at: https://oilprice.com/Energy/Energy-General/A-Signal-of-Strong-Short-Term-Demand-in-Oil-Markets.html

Qatar Teases Significant Oil and Gas Industry Announcement on Sunday

QatarEnergy, the state company of one of the world’s biggest LNG exporters, will make on Sunday a very important announcement that will be of importance to the industry, Reuters reported on Friday, citing a source with direct knowledge of the plans.     “The announcement will have significant impact and is of importance to the industry,” the source told Reuters. QatarEnergy wrote in an invitation to a press event that “a very important announcement” would be made in Doha on Sunday. At the end…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Qatar-Teases-Significant-Oil-and-Gas-Industry-Announcement-on-Sunday.html

Iraq Moves to Take Control of Kurdistan’s Finances

Politics, Geopolitics & Conflict The Federal Supreme Court in Baghdad has ordered the Kurdistan Regional Government (KRG) to relinquish all oil and non-oil revenue to the Iraqi Federal government, amid the ongoing dispute between Baghdad and Erbil over the latter’s unilateral oil operations and separate contracts with foreign oil companies. Baghdad has invalidated oil company contracts with the KRG and is not honoring them in the “transfer” to federal hands. In other words, Baghdad is trying to renegotiate these contracts…

Read more at: https://oilprice.com/Energy/Energy-General/Iraq-Moves-to-Take-Control-of-Kurdistans-Finances.html

How To Play The Nuclear Power Renaissance

Back in the 1950s, when nuclear power became a thing, it was seen as the great hope for mankind, a new source of energy in a world where consumption was increasing rapidly. There was some skepticism initially in the West given that the first functioning nuclear power plant was built in the Soviet Union, but later in that decade and on into the 1960s the nuclear age became a big thing. The association with the Soviets meant that it was more popular on the political Left than the Right, but it was generally seen as a kind of much-needed and almost…

Read more at: https://oilprice.com/Energy/Energy-General/How-To-Play-The-Nuclear-Power-Renaissance.html

Warner Bros. Discovery is hyping free cash flow. Investors don’t appear to be buying it

Warner Bros. Discovery Chief Executive Officer David Zaslav has championed generating free cash flow for more than a year, but investors may not care.

Read more at: https://www.cnbc.com/2024/02/23/warner-bros-discovery-hypes-free-cash-flow-investors-dont-buy-it.html

Dow rises to close at fresh record, S&P 500 hits all-time high: Live updates

Stocks rose Friday, building on the strong gains seen in the previous session as investors looked to end the week on a high note.

Read more at: https://www.cnbc.com/2024/02/22/stock-market-today-live-updates.html

United Airlines raises checked bag fee $5, following American

United Airlines followed American, JetBlue and Alaska in raising baggage fees.

Read more at: https://www.cnbc.com/2024/02/23/united-airlines-raises-checked-bag-fee-following-american.html

Block shares surge 19% after company announces surprise profit

There was particularly strong growth in Block’s payment platform, Cash App, and its point-of-sale suite, Square.

Read more at: https://www.cnbc.com/2024/02/22/block-sq-earnings-q4-2023.html

These stocks are bargains even as the S&P 500 rallies to record highs

These discounted stocks could provide an attractive entry point as the market climbs more broadly.

Read more at: https://www.cnbc.com/2024/02/23/these-stocks-are-bargains-even-as-the-sp-500-rallies-to-record-highs.html

Carvana stock surges on first annual profit, pair of analyst upgrades

Wall Street analysts upgraded the stock citing profit trends and a positive retail sales forecast.

Read more at: https://www.cnbc.com/2024/02/23/carvana-cvna-stock-surges-on-2023-profit-analyst-upgrades.html

Intuitive Machines stock jumps in wild trading after moon landing

Shares of Intuitive Machines surged in early trading Friday after the company’s successful first moon landing.

Read more at: https://www.cnbc.com/2024/02/23/intuitive-machines-stock-lunr-odysseus-moon-landing.html

FTX to sell shares in AI startup Anthropic to pay back customers: 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, Muneeb Ali, CEO of Trust Machines, breaks down how spot bitcoin ETFs are influencing crypto’s price action. He also weighs in on the growing trend of bitcoin Layer 2s as a focus this year.

Read more at: https://www.cnbc.com/video/2024/02/23/ftx-to-sell-shares-ai-startup-anthropic-pay-back-customers-cnbc-crypto-world.html

Stocks making the biggest moves midday: Warner Bros. Discovery, Rivian, Block, Live Nation and more

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

Read more at: https://www.cnbc.com/2024/02/23/stocks-making-the-biggest-moves-midday-wbd-rivn-sq-lyv-and-more.html

Netanyahu’s first post-war plan seeks security buffer in Gaza — in blow to U.S. diplomacy

In a sparse document released overnight and translated by NBC News, Netanyahu outlines the previously stated immediate goals.

Read more at: https://www.cnbc.com/2024/02/23/netanyahus-first-post-war-plan-seeks-security-buffer-in-gaza-in-blow-to-us-diplomacy.html

Economic boost from Taylor Swift’s Eras Tour could be overstated, Nomura warns

While the firm said the concert’s effect on local economies was undeniable, it may have a smaller imprint on national-level economic data than some think.

Read more at: https://www.cnbc.com/2024/02/23/economic-boost-from-taylor-swifts-eras-tour-could-be-overstated-nomura-warns.html

These Americans bought abandoned homes in Italy for as little as $1 and spent thousands renovating: Was it worth it?

Towns across Italy are selling off abandoned homes for 1 euro. Here’s how much people spent buying and renovating them.

Read more at: https://www.cnbc.com/2024/02/22/americans-bought-abandoned-1-italian-homes-was-it-worth-it.html

Amazon to pay $1.9 million to migrant contract workers to settle claims of human rights abuses

A report from Amnesty International and a separate investigation last year alleged abuses at Amazon warehouses in Saudi Arabia.

Read more at: https://www.cnbc.com/2024/02/23/amazon-to-pay-1point9-million-in-contract-worker-exploitation-settlement.html

New Cell Phone Records Prove DA Willis Affair

Authored by Techno Fog via The Reactionary,

The lawyers for President Trump have Special Prosecutor Nathan Wade’s cell phone records. And it’s bad for Fulton County District Attorney Fani Willis.

The official story from the Fulton County DA and her former lover Nathan Wade, made through sworn filings and sworn testimony, was that their “personal relationship” started in 2022.

In a February 2, 2022 filing, DA Willis submitted Wade …

Read more at: https://www.zerohedge.com/political/new-cell-phone-records-prove-da-willis-affair

Ukraine Says It Shot Down Another Large Russian Spy Plane

Ukraine says it has shot down a large Russian spy plane over the Sea of Azov on Friday, and social media footage is widely circulating of the alleged downing, though it remains unconfirmed and the circumstances remain unclear.

Forbes is reporting of the breaking story, “Incredibly, the Russian air force has lost another one of its rare Beriev A-50U/M Mainstay radar early-warning planes.” It adds “Video that circulated online on Friday reportedly depicts the A-50’s burning wreckage in Krasnodar Krai, in Russia just east of the Sea of Azov.”

Russia’s A-50U Airborne Early Warning and Control (AEW&C) AircraftHowever there are initial conflicting repor …

Read more at: https://www.zerohedge.com/geopolitical/ukraine-says-it-shot-down-another-large-russian-spy-plane

The Elites Versus ‘The Rest Of Us’

Authored by Eric Utter via AmericanThinker.com,

The elites view radical, violent protest movements – and the groups that foster them, such as Black Lives Matter – with extraordinary tolerance and charity.  But when a true populist movement arises, and white, working-class Christians get uppity and threaten to vote for someone like a Donald Trump, they go into full “snit” mode and look down their noses in horror and approbation at the great unwashed.

Brexit, too, was an example of the elites being caught with their pants down.  They simply couldn’t believe that many folks would challenge the wisdom they so generously espoused from atop their political thrones.  With staggering and sickening hubris, these elites characterized Trump’s rise and Britain’s E.U. exit as “illegitimate,” “irrational,” and unforgivable effrontery — a revolt against “experts’” authority.  (To quote the “Church Lad …

Read more at: https://www.zerohedge.com/political/elites-versus-rest-us

“Dishonest And Unprofessional”: Ackman Fires Off 77 Pages To Business Insider Over Claims His Wife Plagiarized

Bill Ackman is striking back at Business Insider, who recently wrote that Ackman’s wife, Neri Oxman, had “plagiarized from Wikipedia, scholars, a textbook, and other sources without any attribution” in her MIT academic writing. And as only Bill Ackman can do, he’s doing it exhaustively.

The allegations came weeks after Ackman’s outspoken criticism of Harvard’s Claudine Gay, who came under fire for plagiarism in the weeks following her self-immolation, along with that of other university presidents, in Congress while talking about bullying of Jewish students.

Ackman retained Libby Locke of Clare Locke LLP, “a firm best known for its recent representation of Dominion Voting Machine in its lawsuit against Fox that resulted in a $787.5 million settlement for Dominion”, he wrote in a post on X this morning, to try and avoid litigation with Business Insider by firing off a 77 page demand letter to BI’s parent company, Axel Springer, that he published publicly this morning.

“Over my 35-year career, I have been the subject of many thousands of articles, including extremely negative, inaccurate, and libelous articles, yet I have never sued a media organization or a journalist,” Ackman said in a lengthy X post.

Read more at: https://www.zerohedge.com/markets/dishonest-and-unprofessional-journalism-ackman-fires-77-demand-letter-business-insider-over

Ex-Post Office boss Paula Vennells stripped of CBE

The former chief executive has forfeited the honour following the Horizon IT scandal.

Read more at: https://www.bbc.co.uk/news/business-68384240?at_medium=RSS&at_campaign=KARANGA

AI chip firm Nvidia valued at $2tn

Booming business at Nvidia sees investors bet the AI revolution will live up to its “hype”.

Read more at: https://www.bbc.co.uk/news/business-68387018?at_medium=RSS&at_campaign=KARANGA

Typical energy bill to fall £238 a year from April under new price cap

Bills will fall to the lowest for two years under the new price cap, but charities warn costs are still high.

Read more at: https://www.bbc.co.uk/news/business-68353627?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms higher high, higher low series. What should traders do next week

Nifty has been in a consolidation zone for over a month and we may soon see a breakout or breakdown with the former. However, for any significant rally, Nifty will have to give a decisive breakout above 22,250.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-higher-high-higher-low-series-what-should-traders-do-next-week/articleshow/107946632.cms

Top 10 MF houses account for 78% of total AUM. Here’s the list

The top 10 mutual fund houses based on the total AUM account for around 78% of the total AUM. The total AUM of the mutual fund industry was Rs 54.02 lakh crore as of January 31, 2024, according to data by ACE MF. The other 34 mutual fund houses account for 22%. Here’s the list:

Read more at: https://economictimes.indiatimes.com/mf/analysis/top-10-mutual-fund-houses-account-for-78-of-total-aum-heres-the-full-list/top-contributors/slideshow/107941427.cms

Technical Stock Pick: Multibagger in a year! Is Dixon Technologies in a new bull market?

Short to medium-term traders can look to buy the stock for a target above 7000-7600 levels, suggest experts.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-stock-pick-multibagger-in-a-year-is-dixon-technologies-in-a-new-bull-market/articleshow/107935058.cms

Nasdaq Composite flirts with record close after drought of more than two years

The Nasdaq has gone 565 trading days since its last record close in November 2021.

Read more at: https://www.marketwatch.com/story/nvidia-fueled-tech-rally-puts-nasdaq-composite-record-in-sight-59951214?mod=mw_rss_topstories

‘No-landing’ scenario and strong stock market raise the risk of a bonds selloff

U.S. stocks soared to new heights on Friday amid growing investor optimism, which is giving way to a new risk in financial markets: The possibility of a strong selloff in long-term U.S. government debt.

Read more at: https://www.marketwatch.com/story/no-landing-scenario-and-strong-stock-market-raises-the-risk-of-a-bonds-selloff-d3de1340?mod=mw_rss_topstories

Live Nation wants to price more concert tickets based on demand and add more VIP options

After a massive two-year rebound in concerts, Ticketmaster parent company Live Nation Entertainment Inc. is hoping to keep the momentum going for its top and bottom lines — in part via efforts to upsell customers on premium-tier offerings and to price tickets based more directly on concertgoer demand.

Read more at: https://www.marketwatch.com/story/live-nation-wants-to-price-more-concert-tickets-based-on-demand-and-add-more-vip-options-521d3025?mod=mw_rss_topstories