Ukraine and Moldova Poised for Formal EU Accession Talks

Both Ukraine and Moldova are expected to formally open EU accession talks in the final week of June. Several diplomats that RFE/RL spoke to on condition of anonymity are confident that a “ceremonial intergovernmental conference” (IGC) will be held in Brussels with the pair just before Hungary takes over the six-month rotating presidency of the Council of the EU on July 1. They also said they expected the negotiation frameworks with both countries to be adopted by EU member states at the same time. You would be forgiven for thinking…

Read more at: https://oilprice.com/Energy/Energy-General/Ukraine-and-Moldova-Poised-for-Formal-EU-Accession-Talks.html

Will Central Bank Digital Currencies Undermine Gold’s Value?

Via SchiffGold.com, With the eventual introduction of central bank digital currency (CBDCs) now seemingly inevitable, there are a lot of directions central banks could take with their digital currency projects that would have dramatic implications for the price of gold. Touted for their “convenience” and “efficiency,” the endgame of digital currencies is not only achieving greater power over the currency but also a means of surveilling and micromanaging the personal finances of each individual. Owe taxes or a parking ticket?…

Read more at: https://oilprice.com/Metals/Gold/Will-Central-Bank-Digital-Currencies-Undermine-Golds-Value.html

U.S. Power and NatGas Prices Plummet to Below Zero

U.S. spot power and natural gas prices plummeted into negative territory across Texas, California, and Arizona on Tuesday, signaling a surplus in production amidst subdued demand and ample hydropower reserves. At the Waha hub, next-day gas prices plummeted to a three-week low of negative $2.72 per million British thermal units (mmBtu) on May 6. Next-day power prices at hubs in Arizona and Southern California plunged to one-week lows. The dynamics driving negative prices suggest energy firms are grappling with excess power and gas production. As…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Power-and-NatGas-Prices-Plummet-to-Below-Zero.html

Octopus Energy Overtakes British Gas as the Largest UK Supplier

Octopus Energy is now worth more than £7bn after two of its largest investors increased their stakes in the company. Generation Investment Management and Canada Pension Plan Investment Board have upped their holdings in the London-headquartered business in moves which have pushed its value up 15 percent to £7.2bn. Generation, which focuses on sustainable investments, upped its stake to 13 percent after getting new backing from pension funds in the US and Australia, including Australian superannuation fund Aware Super. CPP Investments,…

Read more at: https://oilprice.com/Energy/Energy-General/Octopus-Energy-Overtakes-British-Gas-as-the-Largest-UK-Supplier.html

U.S. Dept. of Energy To Purchase Crude for Strategic Petroleum Reserve

The U.S. Department of Energy (DOE) has announced a new solicitation to purchase oil to replenish the Strategic Petroleum Reserve (SPR), according to a DOE press release. The solicitation, announced by the DOE’s Office of Petroleum Reserves, seeks up to 3.3 million barrels of crude oil for delivery to the SPR in October. The decision to initiate this purchase, according to the release, aligns with the DOE’s strategy of acquiring oil at $79 per barrel or below. To date, the DOE has procured a total of 32.3 million barrels of oil at an average…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Department-of-Energy-Initiates-Purchase-for-Strategic-Petroleum-Reserve-Rep.html

Can Utica Shale Really Compete With the Permian?

The Utica shale has for years been known as a gas-producing play. But this may be about to change as one company reports promising results from its oil well offensive in the area. EOG has been drilling in the Utica shale for months now, and it just reported that the play can “compete with the best plays in America.” The production figures EOG reported for its wells there support this: over the first 180 days since drilling, a three-well pad dubbed Xavier produced an average of 450,000 barrels of oil equivalent in total. Another…

Read more at: https://oilprice.com/Energy/Crude-Oil/Can-Utica-Shale-Really-Compete-With-the-Permian.html

BP’s Azerbaijani Oil Field Could Be a Game-Changer for Baku

Azerbaijan will get a welcome earnings boost from BP’s announcement that it has launched production at a new $6-billion facility in Azerbaijan’s giant Azeri-Chirag-Gunashli oil field. The upgrade can boost the field’s output by as much as 25 percent. Dubbed Azeri-Central-East (ACE), the facility consists of a new production platform 130 kilometers offshore in Azerbaijan’s sector of the Caspian Sea. Currently ACE boasts a single well drilled to a depth of 3,150 meters with two more wells to be drilled this year, raising ACE’S…

Read more at: https://oilprice.com/Energy/Energy-General/BPs-Azerbaijani-Oil-Field-Could-Be-a-Game-Changer-for-Baku.html

Democratic Lawmakers Support Biden’s LNG Permit Pause

Almost 75 Democratic lawmakers on Tuesday expressed support for President Joe Biden’s decision to pause approvals for new LNG export projects. “With our allies well-supplied by existing exports, we agree that now is the time to step back and examine the long-term impacts that additional U.S. LNG exports will have on American consumers, industries, and the environment,” the Democratic Senators and Representatives wrote in a letter to President Biden, carried by Reuters. “This is an overdue opportunity to examine whether…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Democratic-Lawmakers-Support-Bidens-LNG-Permit-Pause.html

Innovative New Tech is Transforming the Battery Market

Via Metal Miner In a world where the appetite for energy is insatiable, the battery market has become the playground for some of the brightest minds aiming to fuel everything from cell phones to electric vehicles. However, as our gadgets become even smarter, the traditional batteries we’ve relied on seem ever so dim-witted in comparison. Enter the era of cutting-edge battery technology, where the latest developments are juicing up the market with a blend of high energy and high drama. The Latest Tech On (and Off) the Battery Market Let’s…

Read more at: https://oilprice.com/Energy/Energy-General/Innovative-New-Tech-is-Transforming-the-Battery-Market.html

China’s Second Batch of Fuel Export Quotas Matches First Allocations

China has allocated more export quotas for refined petroleum products for 2024, issuing a second batch that nearly matches the volumes in the first batch.   China has recently issued 18 million metric tons of fuel export quotas in the second batch of allocations for this year, Chinese trade sources and consultancies told Reuters on Tuesday.   The volumes in the latest batch include 14 million tons of refined products and 4 million tons of marine fuel, consultancy firms Longzhong and JLC, as well as trade sources, said.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Second-Batch-of-Fuel-Export-Quotas-Matches-First-Allocations.html

Saudi Arabia’s Oil Giant Keeps $31-Billion Q1 Dividend Despite Profit Drop

Saudi Aramco is keeping its huge dividend of $31.1 billion for the first quarter despite a decline in net income due to lower crude sales as the Kingdom is voluntarily restricting supply to the market.  Aramco, the state oil giant of the world’s top crude oil exporter and the largest oil firm globally, reported on Tuesday a net income of $27.3 billion for the first quarter of 2024, down from $31.9 billion for the same period of 2023, due to lower crude oil volumes sold, weakening refining and chemicals margins, and lower finance…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Arabias-Oil-Giant-Keeps-31-Billion-Q1-Dividend-Despite-Profit-Drop.html

Russia Is Ready to Alter OPEC+ Production if Necessary

The OPEC+ group is still studying whether to raise oil production but it would act on supply if necessary, Russian Deputy Prime Minister Alexander Novak said on Tuesday.    The possibility to raise supply is still being reviewed, Russia’s top oilman said, as carried by Russian news agency Interfax. “It always depends on the current situation, the balance of supply and demand,” Novak said. “Everything is being analyzed. Right now, you don’t need to predict anything, you just need to see how the market…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Is-Ready-to-Alter-OPEC-Production-if-Necessary.html

Uniper Appeals $15-Billion Russian Court Ruling in Gazprom Dispute

Uniper has appealed an injunction by a Russian court that says that the German energy giant needs to pay as much as $15 billion (14 billion euros) if it seeks to continue arbitration against Gazprom, which was Uniper’s main natural gas provider before the Russian invasion of Ukraine.   Germany had to nationalize Uniper in 2022 to avoid its collapse amid soaring gas prices and a lack of Russian supply in the wake of the Ukraine invasion and the EU sanction barrage. The total bill for the nationalization came in at $53 billion.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Uniper-Appeals-15-Billion-Russian-Court-Ruling-in-Gazprom-Dispute.html

Oil Prices Under Pressure Despite Israel Sending Troops Into Rafah

Oil prices remained under pressure on Tuesday morning, but Israel’s decision to send troops into Rafah and Saudi Arabia’s aggressive pricing of its June cargos should help to stop oil prices from falling. – International organizations are increasingly sounding the tocsin on shrinking crude inventories, with the IEA indicating Q2 2024 would see demand surpass supply by a whopping 900,000 b/d, the first two consecutive negative quarters since late 2021. – With OPEC+ curbing supply by means of Saudi Arabia’s and Russia’s voluntary…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Under-Pressure-Despite-Israel-Sending-Troops-Into-Rafah.html

BP Misses Q1 Earnings Forecasts on Lower Oil and Gas Prices

Lower oil and gas prices and a prolonged refinery outage in the United States dragged down BP’s earnings for the first quarter to below analyst expectations.  UK-based supermajor BP (NYSE: BP) reported on Tuesday an underlying replacement cost profit – the closest metric to net profit – of $2.7 billion for the first quarter of 2024, down from $3.0 billion for the previous quarter.  “Compared with the fourth quarter 2023, the result reflects lower oil and gas realizations, the impacts of the Whiting refinery…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Misses-Q1-Earnings-Forecasts-on-Lower-Oil-and-Gas-Prices.html

Dow closes slightly higher and posts longest winning streak since December: Live updates

The 30-stock Dow posted a fifth positive session Tuesday as traders looked for more clues on when the Federal Reserve may start cutting rates.

Read more at: https://www.cnbc.com/2024/05/06/stock-market-today-live-updates.html

Apple announces new iPad Pro with M4, iPad Air tablets

These are the first new iPad models Apple has released since October 2022.

Read more at: https://www.cnbc.com/2024/05/07/apple-ipad-pro-and-ipad-air-2024-announced.html

Altimeter’s Brad Gerstner says he trimmed positions across portfolio after 2024’s strong tech run

Altimeter Capital Chair and CEO Brad Gerstner said he has taken some chips off the table after this year’s strong run in technology stocks.

Read more at: https://www.cnbc.com/2024/05/07/altimeters-brad-gerstner-says-he-trimmed-positions-across-portfolio-after-2024s-strong-tech-run.html

Disney says streaming is nearly breakeven, but shares sink 10% on soft guidance

Disney reported a loss of just $18 million in its direct-to-consumer businesses as earnings topped analyst estimates.

Read more at: https://www.cnbc.com/2024/05/07/disney-dis-earnings-q2-2024.html

TikTok sues U.S. government, says ban violates First Amendment

The company argues that invoking national security concerns is not a sufficient reason for restricting free speech.

Read more at: https://www.cnbc.com/2024/05/07/tiktok-sues-us-government-says-ban-violates-first-amendment.html

Here are other AI stocks vulnerable to profit taking as Druckenmiller sells some Nvidia

Nvidia is far from the only artificial intelligence stock that has run too far too fast.

Read more at: https://www.cnbc.com/2024/05/07/here-are-other-ai-stocks-vulnerable-to-profit-taking-as-druckenmiller-sells-some-nvidia.html

SEC Chair Gensler says investors don’t get ‘needed disclosures’ for crypto assets: 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, Dave Weisberger, executive chairman of CoinRoutes, discusses Robinhood’s disclosure that the SEC sent a Wells Notice over its crypto operations.

Read more at: https://www.cnbc.com/video/2024/05/07/sec-chair-gensler-investors-dont-get-needed-disclosures-crypto-world.html

Leader of world’s ‘most prolific ransomware group’ charged in Lockbit case — $10 million reward for his arrest

Dmitry Yuryevich Khoroshev is the sixth person charged with federal crimes related to the LockBit ransomware ring that stole more than $500 million.

Read more at: https://www.cnbc.com/2024/05/07/russian-charged-in-lockbit-ransomware-crimes-10-million-reward.html

Trump trial: Stormy Daniels testifies she hates ex-president, wants him jailed if guilty

Stormy Daniels is at the center of the historic case in which Donald Trump is charged with falsifying business records to conceal a hush money payment.

Read more at: https://www.cnbc.com/2024/05/07/trump-trial-ex-president-posts-then-deletes-message-about-witnesses.html

Private equity firms circle Peloton for potential buyout

Private equity firms have been circling Peloton for a potential buyout as it grapples with slowing sales and losses.

Read more at: https://www.cnbc.com/2024/05/07/private-equity-firms-circle-peloton-for-potential-buyout.html

Elizabeth Holmes sees more months trimmed from prison release date

The disgraced Theranos founder is on track to be released in August 2032, two years earlier than expected, after she was sentenced to more than 11 years for fraud.

Read more at: https://www.cnbc.com/2024/05/07/elizabeth-holmes-sees-more-months-trimmed-from-prison-release-date.html

Panera says it is phasing out its controversial Charged Lemonade nationwide

The highly caffeinated drink has been blamed for at least two deaths in lawsuits.

Read more at: https://www.cnbc.com/2024/05/07/panera-says-it-is-phasing-out-its-controversial-charged-lemonade-nationwide.html

Stock spinoffs are one of the hottest trades going this year. How to participate

Stocks that have separated from former corporate owners have outperformed the rest of the stock market over the past 12 months. Here are some opportunities.

Read more at: https://www.cnbc.com/2024/05/07/stock-spinoffs-are-one-of-the-hottest-trades-going-this-year-how-to-participate.html

One Third Of Stanford Students OK With Violence To Shut Down Speech; Report

Authored by Samantha Swenson via The College Fix,

More than one third of Stanford University students say using physical violence to stop a speech is acceptable in at least some circumstances, according to a new report.

The Foundation for Individual Rights and Expression conducted the survey after federal Judge Kyle Duncan’s speech on campus was shouted down last year.  The report evaluated students’ perspectives about free speech on campus and protests in the aftermath of the event.

FIRE Chief Research Advisor Sean Stevens told The College Fix the research found � …

Read more at: https://www.zerohedge.com/political/one-third-stanford-students-ok-violence-shut-down-speech-report

‘Clothes Off, Bra On, Missionary Position’: Stormy Goes Into Specifics During Trump Trial Testimony

Update (1400ET): Daniels went into further detail about her alleged encounter with Trump, testifying that at one point she went to the bathroom in a hotel room and emerged to find Trump waiting for her in his underwear.

“He was just up on the bed like this,” she said, pulling her leg up to her waist on the witness stand. She described the experience as feeling “like a fun house,” and felt things moving in slow motion despite not being drunk or on drugs.

“I had my clothes and my shoes off. I believe my bra was still on. We were in missionary position,” Stormy said of the alleged sexual encounter, to which Trump’s attorneys objected, and Judge Merchant sustained. According to Politico, “one female juror looks uncomfortable with the comments and is looking away while holding her forehead.”

When asked about how she ended up having sex with Trump, Daniels testified that she was baffled, but “I felt to myself, ‘great, I put mys …

Read more at: https://www.zerohedge.com/political/stormy-daniels-expected-testify-today-trump-hush-money-trial

Title IX Rule Change On Gender Triggers Lawsuits From 15 States

Authored by Darlene McCormick Sanchez via The Epoch Times (emphasis ours),

Republican-led states are suing the Biden administration and advising schools to ignore the new federal Title IX changes that expand sex discrimination protection to students who identify as the opposite sex, or transgender.

(Illustration by The Epoch Times, Getty Images, Shutterstock, Alejandro Heredia/The Epoch Times, Courtesy of Lynn Fitch, Terri Wu/The Epoch Times, Darren Abate/AP Photo, Matthew Pearson/Cpi Studios For The Epoch Times)The rule change, published on April 19, formalizes the Department of Education’s redefinition of the meaning of sex to include gender identity.

The changes, which go into effect Aug. 1, give males identifying as female the …

Read more at: https://www.zerohedge.com/political/title-ix-rule-change-gender-triggers-lawsuits-15-states

Biden Ready To Use SPR Again If Oil Prices Rise

Several weeks after we reported that – very unsurprisingly – the Biden admin had halted its laughable attempts to refill the SPR as oil prices soared (having missed its entire window to do so when WTI was trading in the low $70s), we speculated that it may be only a matter of time before the senile president decides to start draining the strategic reserve all over again to keep gas prices low ahead of the election.

WTI $87
Brent $92

Biden about to drain remainder of SPR

— zerohedge (@zerohedge) April 12, 2024

Now we get confirmation of just that: as OilPrice reports, President Biden will use crude oil from the strategic petroleum reserve should the need arise, energy adviser Amos Hochstein has said, noting there was enough oil in the reserve, which of course is true but what it misses is that under Biden the SPR has already been drained by half.

Read more at: https://www.zerohedge.com/markets/biden-ready-use-spr-again-if-oil-prices-rise

P&O boss admits he couldn’t live on £4.87 an hour

Ferry group chief executive Peter Hebblethwaite earned more than £500,000 last year.

Read more at: https://www.bbc.com/articles/ceq3pw038g8o

Disney says password crackdown will increase subscribers

Boss Bob Iger says sequels are cheaper to make because they save on marketing costs.

Read more at: https://www.bbc.com/news/articles/cq5npdzj8dzo

House prices stagnate as mortgage rates increase

Mortgage deals have been rising as expectations of an imminent interest rate cut fade.

Read more at: https://www.bbc.com/news/articles/cqenp5zpen6o

How to trade Godrej Consumer, CG Power and Godrej Agrovet

Sectorally, buying was seen in FMCG, IT and technology stocks while selling was visible in public sector, utilities and realty stocks.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-how-to-trade-godrej-consumer-products-cg-power-and-godrej-agrovet-on-wednesday/articleshow/109925863.cms

Retail investors double down bets on these 10 smallcaps in Q4

Research firm, Prime Infobase states top 10 companies which saw the highest increase in retail holding in percentage terms in the last 1 quarter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/retail-investors-double-down-bets-on-these-10-smallcap-stocks-in-march-quarter/slideshow/109915862.cms

Here’s how much income it takes to rent an apartment in New York City, Boston and other big cities

Zillow reveals exactly how much one would need to make in annual income to comfortably pay for the exorbitant housing costs in the Big Apple and other major cities.

Read more at: https://www.marketwatch.com/story/heres-how-much-income-it-takes-to-rent-an-apartment-in-new-york-city-boston-and-other-big-cities-82ff13db?mod=mw_rss_topstories

10-year Treasury yield ends at four-week low in quiet trading session

Treasurys rallied on Tuesday, spurred by buying which initially emerged during the Asia session and sent long-term yields to their lowest levels in weeks.

Read more at: https://www.marketwatch.com/story/ten-year-treasury-yields-slip-to-three-week-lows-as-rate-cut-hopes-revised-68ecf304?mod=mw_rss_topstories

U.S. consumers pull back sharply on credit-card use in March

Total consumer credit rose at a slower pace in March, the Federal Reserve reported Tuesday.

Read more at: https://www.marketwatch.com/story/u-s-consumer-credit-growth-slows-in-march-a7358024?mod=mw_rss_topstories