Trafigura Dumps Over 400,000 Tons of Aluminum into LME Warehouses

Via Metal Miner Overall, the Aluminum Monthly Metals Index (MMI) rose 7.06% from April to May. The aluminum price remained bullish throughout April, rising 11.47% month over month. However, prices found a peak on April 22 when they failed to break above their 2023 high. They then retraced to the downside during the remainder of the month and into early May.  LME Aluminum Inventories Skyrocket After Trafigura Delivery Amid the aluminum price retreat, Trafigura dumped over 400,000 metric tons of aluminum into LME warehouses. Most of the volumes…

Read more at: https://oilprice.com/Metals/Commodities/Trafigura-Dumps-Over-400000-Tons-of-Aluminum-into-LME-Warehouses.html

$7.5 Billion Bipartisan Investment Nets Only 7 EV Charging Stations

When people gripe about paying taxes and the government being a poor the absolute worst possible capital allocator, this is what they are talking about: $7.5 billion in investments for electric vehicles has – in two years – produced just 7 charging stations across four states.  The Bipartisan Infrastructure Law, signed by Biden in November 2021, allocated $7.5 billion for EV charging, the Washington Post writes. Of this amount, $5 billion went to states as “formula funding” for the National Electric Vehicle Infrastructure program to establish…

Read more at: https://oilprice.com/Energy/Energy-General/75-Billion-Bipartisan-Investment-Nets-Only-7-EV-Charging-Stations.html

American Shale Output Hits Heading for 6-Month High in June

After U.S. oil output hit an all-time high in the final two months of 2023 with year-over-year growth clocking in at over 1 million barrels per day, the Energy Information Administration (EIA) said on Monday that American shale output from the top-producing regions would soar to a six-month high in June.  In its monthly Drilling Productivity Report released on Monday, the EIA said production in the top basins in the American shale patch would hit 9.85 million barrels per day–a volume not seen since December.  With shale output accounting…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/American-Shale-Output-Hits-Heading-for-6-Month-High-in-June.html

Gulf Keystone Petroleum Fights Weak Share Price with Buyback Scheme

Gulf Keystone Petroleum has laid out plans to return $10m (£8m) to shareholders as its board attacked the company’s weak share price. In a trading update published this morning, the company, a leading independent oil producer in the Kurdistan Region of Iraq, said that production during the first few months of 2024 had been “robust”, with gross average sales for the year-to-date coming in at 37,000 barrels of oil per day (bopd). It said realised oil sale prices had risen to $27 per barrel from $25/bbl due to “strong…

Read more at: https://oilprice.com/Energy/Energy-General/Gulf-Keystone-Petroleum-Fights-Weak-Share-Price-with-Buyback-Scheme.html

Oil Prices Rise as Market Anticipates OPEC Monthly Report

While inflation concerns dragged oil prices lower earlier on Monday, with U.S. consumer price data due out Tuesday, by late morning, anticipation of OPEC’s monthly report due on the same time bumped the two key crude oil benchmarks up at least half a percentage point. On Tuesday, OPEC will release its Monthly Oil Market Report (MOMR), with its outlook for the coming period.  On Monday at 11:57 a.m. ET, the U.S. crude oil benchmark, West Texas Intermediate (WTI) was trading up 0.61% at $78.74, while Brent crude was…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Rise-as-Market-Anticipates-OPEC-Monthly-Report.html

EU Unleashes Sweeping Sanctions Against Moscow and Minsk

On May 8, the European Commission presented a new round of sanctions on Russia and Belarus to the ambassadors of the European Union member states. The proposal, seen by RFE/RL, is actually surprisingly ambitious, given that the bloc has adopted numerous rather weak packages in the past. The big question is whether the measures, if adopted, will retain their clout. As they have to be adopted unanimously, there is a risk of them being watered down.Surprisingly, the proposed measures touch on Russian energy, something that has been a “no-go” ever…

Read more at: https://oilprice.com/Geopolitics/International/EU-Unleashes-Sweeping-Sanctions-Against-Moscow-and-Minsk.html

Mining Giant Anglo American Rebuffs Another BHP Takeover Offer

Anglo American said on Monday it had rejected a second takeover offer from BHP which would create a major mining group. Last month, mining giant BHP made an all-share offer for fellow major Anglo American. If completed, the deal would be the biggest one in the mining world in years.     On the day after announcing it had received an offer from BHP, Anglo American rejected the proposal, after the Board and its advisers concluded that it “significantly undervalues Anglo American and its future prospects.”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mining-Giant-Anglo-American-Rebuffs-Another-BHP-Takeover-Offer.html

Russia Targets Kharkiv in Major Offensive After Kyiv Attacks Refineries

Russia Opens New Front Line in Ukraine, in Kharkiv BlitzkriegRussia Targets Kharkiv in Major Offensive After Kyiv Attacks Refineries Over the weekend, Russia launched a major offensive in the Kharkiv region, taking control of an estimated nine villages and prompting thousands to flee, France 24 reported on Monday.  Some 50,000 Russian troops were deployed to the region for the offensive, backed by 400 tanks, with the goal of creating a 20-kilometer buffer zone on an expanded front line, according to Euromaidan Press.  Russia’s end…

Read more at: https://oilprice.com/Geopolitics/Europe/Russia-Targets-Kharkiv-in-Major-Offensive-After-Kyiv-Attacks-Refineries.html

Nigeria to Boost Oil Production by 40,000 Bpd as New Field Starts Up

Nigeria has launched oil production from a new field in the Niger Delta region, which is expected to raise crude output at Africa’s top oil producer by 40,000 barrels per day (bpd) by the end of May. The upstream subsidiary of Nigerian national oil company, NNPC Exploration and Production Limited, and Natural Oilfield Services Ltd (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO), announced on Sunday the successful start of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-to-Boost-Oil-Production-by-40000-Bpd-as-New-Field-Starts-Up.html

Chevy Malibu Discontinued as Company Transitions to EVs

One of Chevy’s longest running vehicle models has now fallen at the hands of the company’s transition to EVs. The Chevy Malibu will be no longer, according to a new report from Car and Driver.  The Chevy Malibu, one of the longest-running and most successful vehicles in history, is being discontinued again. Chevrolet informed Car and Driver that production will end in November 2024 as the automaker invests $390 million in its Fairfax Assembly Plant in Kansas. Car and Driver reports that GM will also pause production of the Cadillac XT4 in…

Read more at: https://oilprice.com/Energy/Energy-General/Chevy-Malibu-Discontinued-as-Company-Transitions-to-EVs.html

Eni Looks to Spin Off Oil and Gas Projects

Eni is considering spinning off some stakes in oil and gas projects in Asia and Africa to have partners for their development while putting aside more money into lower-carbon energy projects, sources in the Italian major have told Reuters. For years, Eni has been taking a different approach to conventional and green energy development, unlike any of the other major international oil and gas firms. The Italian major is divesting or creating joint ventures to operate oil and gas assets internationally while grouping some low-carbon initiatives and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Eni-Looks-to-Spin-Off-Oil-and-Gas-Projects.html

Memorial Day Travel Expected to Near Record High

Around 43.8 million Americans will travel during Memorial Day weekend—the highest in nearly two decades, AAA projections showed on Monday in what would be a near-record unofficial start to summer travel in the U.S.   AAA expects 43.8 million Americans to head 50 miles or more from home by all means of transportation over the Memorial Day holiday travel period between Thursday, May 23, and Monday, May 27, 2024.    If this projection pans out, this year’s total number of travelers for Memorial Day would be a 4%…

Read more at: https://oilprice.com/Energy/Energy-General/Memorial-Day-Travel-Expected-to-Near-Record-High.html

European Commission Ends Probe Into Chinese Solar Firms

The European Commission will end an investigation into Chinese solar companies after the firms withdrew from bidding for a solar power project in Romania, Thierry Breton, the European Internal Market Commissioner said on Monday.     The European Commission opened in April an in-depth investigation under the Foreign Subsidies Regulation into two companies – ENEVO, which includes LONGi Solar Technologie GmbH, as well as Shanghai Electric UK Co. Ltd. and Shanghai Electric Hong Kong International Engineering Co. Ltd.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Commission-Ends-Probe-Into-Chinese-Solar-Firms.html

EU Approves Stricter Emission Rules for Heavy-Duty Vehicles

The European Union member states signed off on Monday on stricter emission standards for heavy-duty vehicles, which include a 90% emissions reduction from 2040. The EU Council formally adopted today these stricter rules which are aimed at tightening the existing emission reduction goals for pollution from heavy-duty vehicles. “More robust standards for CO2 emissions will help increase the share of zero-emission vehicles in the heavy-duty vehicle fleet across the EU, while ensuring that innovation in and the competitiveness of the sector…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Approves-Stricter-Emission-Rules-for-Heavy-Duty-Vehicles.html

China Hikes Natural Gas and Coal Imports as Prices Halve From 2023

China has boosted its imports of coal and natural gas so far this year, as it looks to stockpile fuel for the power plants ahead of the summer amid international prices that were half last year’s levels in the first four months of 2024. Chinese imports of natural gas jumped by 21% between January and April compared to a year earlier, while imports of coal rose by 13%, according to data reported by Bloomberg on Monday. The Asian benchmark LNG prices averaged a little over $9 per million British thermal units (MMBtu) in the first…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Hikes-Natural-Gas-and-Coal-Imports-as-Prices-Halve-From-2023.html

GameStop, AMC soar more than 70% each as ‘Roaring Kitty’ meme trader resurfaces

GameStop shares soared Monday after “Roaring Kitty” posted online for the first time in roughly three years.

Read more at: https://www.cnbc.com/2024/05/13/gme-jumps-as-trader-roaring-kitty-who-drove-meme-craze-posts-again.html

OpenAI launches new AI model and desktop version of ChatGPT

OpenAI on Monday introduced a new AI model and a desktop version of ChatGPT, its popular chatbot.

Read more at: https://www.cnbc.com/2024/05/13/openai-launches-new-ai-model-and-desktop-version-of-chatgpt.html

NRF rejects Shein membership as retailer pursues U.S. IPO

If Shein gets a stamp of approval from the NRF, it could help legitimize the retailer in the eyes of lawmakers and clear its path to a U.S. IPO.

Read more at: https://www.cnbc.com/2024/05/13/nrf-rejects-shein-membership-as-retailer-pursues-us-ipo.html

Dow slips for first losing day in nine as consumers’ expectations for inflation rise: Live updates

The 30-stock Dow slid Monday as traders grappled with rising inflation expectations ahead of key reports due later in the week.

Read more at: https://www.cnbc.com/2024/05/12/stock-market-news-for-may-12-2024.html

AI hype is lifting these dividend payers. These names may actually benefit, Wells Fargo says

This once-sleepy sector, known best for its ability to pay steady dividends, is starting to perk up as artificial intelligence hype spreads.

Read more at: https://www.cnbc.com/2024/05/13/ai-hype-is-lifting-these-dividend-payers-these-names-may-benefit-wells-fargo-says.html

The revived craze for GameStop is confusing Wall Street. It’s ‘not in a position to be profitable’

From a fundamental standpoint, the brick-and-mortar video game company isn’t deserving of such a stock pop.

Read more at: https://www.cnbc.com/2024/05/13/the-revived-craze-for-gamestop-is-confusing-wall-street-its-not-in-a-position-to-be-profitable.html

Why ether’s supply is growing again and what it means for investors: 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, Julio Moreno, head of research at CryptoQuant, explains why he believes Ethereum’s latest upgrade has made ETH inflationary once again.

Read more at: https://www.cnbc.com/video/2024/05/13/why-ethers-supply-growing-again-what-means-for-investors-cnbc-crypto-world.html

Google and Apple partner to fight location tracker stalking

The move is the latest sign that the two companies are working to address the downside of wireless trackers like Apple’s AirTag.

Read more at: https://www.cnbc.com/2024/05/13/google-and-apple-partner-to-fight-location-tracker-stalking.html

Novavax stock jumps 50% as Sanofi deal kicks off turning point for struggling vaccine maker

Novavax said the deal with Sanofi allows it to remove its “going concern” warning, which it first issued last year due to doubts about staying afloat.

Read more at: https://www.cnbc.com/2024/05/13/novavax-stock-jumps-on-sanofi-covid-vaccine-deal.html

Is it time to rethink the 4% retirement withdrawal rule? Experts weigh in

Experts are taking a new look at a retirement planning rule of thumb for how much retirees can safely withdraw from their portfolios.

Read more at: https://www.cnbc.com/2024/05/13/why-it-might-be-time-to-rethink-the-4percent-retirement-withdrawal-rule.html

Trump said ‘This is a disaster’ after hearing Stormy Daniels could go public, Michael Cohen testifies

Michael Cohen could be the pivotal witness against Donald Trump, who is the first former president to go on trial in a criminal case.

Read more at: https://www.cnbc.com/2024/05/13/trump-trial-michael-cohen-testifies-against-former-president.html

Top Republican donors fund group doxxing pro-Palestinian college students

Accuracy in Media’s 2022 tax return lists donations from billionaire Jeff Yass and the family foundations of Richard Uhilien, Adam Milstein and Peter Coors.

Read more at: https://www.cnbc.com/2024/05/13/republican-donors-fund-far-right-doxxing-palestinians.html

These ‘short squeeze’ candidates are being heavily bet against

As a new meme frenzy unfolds in the market, traders are once again making bets in stocks with high levels of short interest.

Read more at: https://www.cnbc.com/2024/05/13/these-short-squeeze-candidates-are-being-heavily-bet-against.html

Hedge Funds Hammered As ‘Roaring Kitty’ Returns; Bitcoin & Black Gold Bid

The return of ‘Roaring Kitty’ sent GME soaring higher (up 110% at its highs)…

Source: Bloomberg

…and prompted squeezes/panic-covering across the ‘most shorted’ names and ‘retail favorites (memes)’ soared…

Source: Bloomberg

As John Flood noted from Goldman’s trading desk: “GS Most Short Rolling basket in focus having a top 5 move over the past 5 Y …

Read more at: https://www.zerohedge.com/markets/hedge-funds-hammered-roaring-kitty-returns-bitcoin-black-gold-bid

Turkey Treating Over 1,000 Wounded Hamas Members In Hospitals: Erdogan

The NATO country with the second largest military in the alliance has just admitted to aiding and abetting a US-designated terror organization.

Turkish President Recep Tayyip Erdogan in surprisingly frank statements acknowledged that Turkey is currently treating over 1,000 Hamas members in various hospitals across the country. In the remarks he stressed that Turkey does not consider them terrorists, but as part of a “resistance movement” against Israel.

Via AFP

Also surprising is that such an admission, which is sure to anger other Western allies, came as Greek Prime Minister Kyriakos Mitsotakis was on an official visit w …

Read more at: https://www.zerohedge.com/markets/turkey-treating-over-1000-wounded-hamas-members-hospitals-erdogan

What’s The Inflation Rate Under Biden Vs 7 Previous Presidents?

Authored by Mike Shedlock via MishTalk.com,

Voters seem angry about inflation despite economists telling us how great things are. A few pictures explain.

Why Biden Is Losing on the EconomyThe Wall Street Journal comments on Why Biden Is Losing on the Economy

Democrats and the press keep telling Americans that they don’t know how good they have it. The U.S. economy is great, Bidenomics is the reason, and don’t worry, be happy. Yet the voters, those numbskulls, keep telling pollsters they don’t feel the boom and they don’t approve of President Biden’s economic performance.

If our friends on the left want to stop berating voters and admit reality, they might look at the chart nearby from Dan Clift …

Read more at: https://www.zerohedge.com/political/whats-inflation-rate-under-biden-vs-7-previous-presidents

“An Absolute Disaster”: Media Freaks As Trump Dominates Battleground States

A new set of polls reveals that Donald Trump is leading President Biden in five out of six critical battleground states, as young and nonwhite voters grow increasingly dissatisfied with the current president.

The surveys, from the New York Times, Siena College and the Philadelphia Inquirer found that Trump is smoking Biden in Michigan, Arizona, Nevada, Georgia and Pennsylvania, while Biden is barely clinging to Wisconsin. The top grievances among disaffected voters are cost of living, immigration, and the war in Gaza, in what the NY Times characterizes as “widespread dissatisfaction with the state of the country and serious doubts about Mr. Biden’s ability to deliver major improvements to American life.”

Nearly 70 percent of voters say that the country’s polit …

Read more at: https://www.zerohedge.com/political/absolute-disaster-media-freaks-trump-dominates-battleground-states

New version of Chat-GPT can teach maths and flirt

OpenAI has unveiled a new, faster version of its generative AI tool, ChatGPT.

Read more at: https://www.bbc.com/news/articles/cv2xx1xe2evo

Surge in ultra-long mortgages among under-30s

Hundreds of thousands have mortgages with terms that run beyond state pension age, estimates suggest.

Read more at: https://www.bbc.com/news/articles/c4n1yjll87wo

Warning over ‘disastrous’ BBC podcast advert plan

The BBC recently announced a plan to introduce advertising in podcasts for some listeners in the UK.

Read more at: https://www.bbc.com/news/articles/cd188yj9w5lo

This equity mutual fund delivered highest returns in April. Know what it bought and sold in the month?

HDFC Defence Fund bought 4.8 lakh shares or 1.76% in Garden Reach Shipbuilders. In multibagger Mazagon Dock Shipbuilders and smallcap JNK India, this fund purchased 1,55,901 (1.36%) and 4,96,367 (1.28%) shares, respectively. The market value of these shares at the end of April 30, 2024, stood at Rs 47.47 crore, 36.62 crore and 34.47 crore, respectively.

Read more at: https://economictimes.indiatimes.com/mf/analysis/this-equity-mutual-fund-delivered-highest-returns-in-april-know-what-it-bought-and-sold-in-the-month/articleshow/110088436.cms

Tech View: Nifty forms hammer candle on daily chart. What traders should do on Tuesday

According to experts, the band of 22,300-22,320 may act as a resistance for Nifty while the low of 21,821, registered on Monday, would remain support for it in the short term.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-hammer-candle-on-daily-chart-what-traders-should-do-on-tuesday/articleshow/110087913.cms

Varun Beverages Q1 Results: PAT jumps 25% YoY to Rs 548 crore; revenue rises 11%

Varun Beverages Q1 Results: Co reported a consolidated net profit of Rs 548 crore, rising 5% year-on-year (YoY) for the quarter ended March 31, 2024; revenue from ops stood at Rs 4,398 crore

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/varun-bevrages-q1-results-pat-jumps-25-yoy-to-rs-548-crore-revenue-jumps-11/articleshow/110074753.cms

Copper prices hit 2-year high, entering overbought territory

Copper futures climb to their highest settlement in over two years on Monday, but are now in overbought territory, analysts warn.

Read more at: https://www.marketwatch.com/story/copper-prices-hit-2-year-high-entering-overbought-territory-81dfb011?mod=mw_rss_topstories

Roaring Kitty rides again: ‘Gamification’ may be back in GameStop’s meme-stock rally

Keith Gill, known as Roaring Kitty, made his return to social media Sunday, sparking a meme-stock rally that sent shares of GameStop skyrocketing.

Read more at: https://www.marketwatch.com/story/roaring-kitty-rides-again-gamification-may-be-back-in-gamestops-meme-stock-rally-db5a7d6a?mod=mw_rss_topstories

Treasury yields end lower amid dearth of data on Monday

Rates on U.S. government debt finished lower on Monday amid a lack of market-moving catalysts and ahead of the next major inflation update later in the week.

Read more at: https://www.marketwatch.com/story/bond-yields-steady-as-traders-await-vital-inflation-data-83a16ede?mod=mw_rss_topstories