Europe Imports Russian Oil Products via Turkey, Skirting Sanctions

A recent report by the Centre for Research on Energy and Clean Air (CREA) and the Center for the Study of Democracy (CSD) reveals that the European Union (EU) has imported EUR 3 billion worth of oil products from Turkish ports that predominantly handle Russian oil—ports that don’t have refining hubs. This trade has effectively bypassed the EU/G7 sanctions on Russian petroleum products. Since the implementation of the EU/G7 petroleum products ban on February 5, 2023, until the end of February 2024, the EU has sourced 5.16 million…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europe-Imports-Russian-Oil-Products-via-Turkey-Skirting-Sanctions.html

Vertical Axis Wind Turbines Redefined by Machine Learning

EPFL (École Polytechnique Fédérale de Lausanne) researchers have used a genetic learning algorithm to identify optimal pitch profiles for the blades of vertical-axis wind turbines. Vertical-axis wind turbines with their high energy potential, have until now been vulnerable to strong gusts of wind. The explanatory open access paper has been published Nature Communications. When you consider today’s industrial wind turbine, you likely picture the windmill design, technically known as a horizontal-axis wind turbine (HAWT).…

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/Vertical-Axis-Wind-Turbines-Redefined-by-Machine-Learning.html

Precious Metals Markets Slide Sideways

Via Metal Miner The Global Precious Metals MMI (Monthly Metals Index) slowed its upward price action and moved sideways from April to May. All in all, the index only rose by 2.38%. Among precious metal prices, gold remains at historically high levels, while silver and palladium prices trended more sideways month-over-month. Precious Metal Prices: Gold Gold prices rallied to new highs in Q1 2024. However, more recent price action drove gold prices into a sideways range after a swing low formed near $2277/oz. Gold prices need to break above their…

Read more at: https://oilprice.com/Metals/Gold/Precious-Metals-Markets-Slide-Sideways.html

Oil, Gas Activity in U.S. Holds Steady

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 1 to 604 this week, compared to 720 rigs this same time last year. The number of oil rigs rose by 1 this week, after falling by 3 in the week prior. Oil rigs now stand at 497–down by 78 compared to this time last year. The number of gas rigs stayed the same this week at 103, a loss of 38 active gas rigs from this time last year. Miscellaneous rigs stayed the same…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Gas-Activity-in-US-Holds-Steady.html

Saudi Aramco Signs MOUs with U.S. Firms to Advance Lower-Carbon Solutions

In a strategic move to bolster its commitment to sustainable energy, Saudi Aramco (2223.SE) has entered into three significant memorandums of understanding (MOUs) with U.S. companies Aeroseal, Spiritus, and Rondo. The agreements aim to explore and develop lower-carbon energy solutions, as detailed in an official statement released on Friday. Improving Pipeline Integrity The MOU with Aeroseal—an energy efficiency solutions provider—focuses on the deployment and commercialization of its innovative technology designed to enhance the efficiency…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Signs-MOUs-with-US-Firms-to-Advance-Lower-Carbon-Solutions.html

Heatwaves Push Asia’s Spot LNG Prices To Highest Since January

Heat waves in some parts of Asia and forecasts of above-average temperatures in southeast Asia and China in the coming weeks have prompted more spot LNG buying, which has raised the spot prices in Asia this week to the highest level since early January. The average LNG spot price for delivery into northeast Asia in July has increased this week to $10.90 per million British thermal units (MMBtu), according to estimates from industry sources cited by Reuters. This week’s average spot LNG price in Asia is higher than last week’s average…

Read more at: https://oilprice.com/Energy/Natural-Gas/Heatwaves-Push-Asias-Spot-LNG-Prices-To-Highest-Since-January.html

China’s Apparent Oil Demand Dips in April for First Yearly Decline Since 2022

Chinese refiners processed lower crude volumes in April due to maintenance, while apparent oil demand in the world’s top importer of the commodity fell for the first time on an annual basis since the end of 2022. Chinese government data showed on Friday that crude processing rates fell by nearly 4% year-over-year to 14.36 million barrels per day (bpd) in April, due to the start of maintenance season at refineries.   Apparent oil demand in China declined by 3% in April compared to the same month last year. This marked the first annual…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Apparent-Oil-Demand-Dips-in-April-for-First-Yearly-Decline-Since-2022.html

Republicans Pressure Biden to Deliver Weapons to Israel

Politics, Geopolitics & Conflict The US House of Representatives (Republican-led) has now passed a bill to force Biden to deliver weapons to Israel after he postponed bomb shipments to force Netanyahu’s hand over civilian deaths. Tel Aviv isn’t budging, and the House bill has a low probability of becoming law. It’s more of a barometer of the intensity of the backlash over the Israel-Hamas conflict playing out in the corridors of DC and on college campuses across the country. As of the time of writing late on Thursday, Israeli…

Read more at: https://oilprice.com/Energy/Energy-General/Republicans-Pressure-Biden-to-Deliver-Weapons-to-Israel.html

Easing Inflation Sparks Bullish Sentiment in Oil Markets

US Job Market and Fed Rate Expectations Crude prices edged up on Thursday after data showed a stabilizing U.S. job market, fueling expectations that the Federal Reserve could begin cutting interest rates by autumn. Lower interest rates are anticipated to stimulate economic activity, potentially boosting oil demand. West Texas Intermediate (WTI) and Brent are up slightly for the week, but have lost 3% and 5.2%, respectively, this month. Initial claims for unemployment benefits fell to 222,000, down from 232,000 the previous week, indicating underlying…

Read more at: https://oilprice.com/Energy/Energy-General/Easing-Inflation-Sparks-Bullish-Sentiment-in-Oil-Markets.html

Groundhog Day for OPEC+

OPEC+ is once again grappling with familiar challenges: some of its members are eager to increase crude oil production after a prolonged period of restraint. Historically, OPEC has maintained that its primary mission is to balance global supply and demand, not to directly influence prices. However, the rise of U.S. shale oil a few years ago forced OPEC to seek additional support to fulfill this—or any other—primary mission, leading to the formation of OPEC+. With Saudi Arabia and Russia at the forefront, OPEC+ was able to maintain significant…

Read more at: https://oilprice.com/Energy/Energy-General/Groundhog-Day-for-OPEC.html

Russia and China Expect to Sign a Deal for Power of Siberia 2 Pipeline Soon

Russia and China expect to finalize soon the preliminary work on the natural gas link Power of Siberia 2 and sign an agreement on the pipeline’s construction, Russian Deputy Prime Minister Alexander Novak said in China this week. “We plan to finalize the review of the project and sign soon the deal to build the pipeline with a capacity of 50 billion cubic meters of gas via Mongolia,” Novak told Russian television, as carried by news agency Interfax. Russia and China also plan “other new projects,” Novak, Russia’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-and-China-Expect-to-Sign-a-Deal-for-Power-of-Siberia-2-Pipeline-Soon.html

Oil Prices Remain Rangebound but a Breakout May Be Coming

Oil prices have remained rangebound this month, but falling inventories and a slowdown in U.S. inflation could provide the spark for a breakout. Friday, May 17th 2024Crude prices continue to trend within a very narrow range, confined within $82 and $84 per barrel over the course of May, and despite this week’s improving macroeconomic outlook Brent futures continue to be rangebound. That said, a slight US oil inventory drop and US inflation slowing down to a monthly rate of 0.3% might provide support for a breakout next week. ADNOC…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Remain-Rangebound-but-a-Breakout-May-Be-Coming.html

A Coal Stock Worth Buying?

Readers may have noticed that I don’t often write about coal stocks. That is because I try my best to be positive, and coal is a hard subject on which to be that way. It is still needed, for sure, but its long-term future in a world of increasing concern about climate control and emissions is uncertain at best. The companies involved in its extraction, processing, and distribution are essentially in a race against time, trying to make the most money they can from their assets before those assets lose all value…not exactly an inspiring…

Read more at: https://oilprice.com/Energy/Coal/A-Coal-Stock-Worth-Buying.html

The EV Charging Business of Utility Giant Engie Is Bleeding Cash

EV Box, the electric vehicle charging business of French utility giant Engie, booked another loss for the first quarter of this year, following a loss for full-year 2023, and is expected to record a loss in 2025, too, executives said on Friday.   Engie reported on Friday lower group pre-tax earnings for the first quarter, due to a decline in natural gas prices and consumption. Excluding nuclear, Engie’s earnings before interest and tax (EBIT) fell by 3.7% in the first quarter compared to the same period of 2023. Q1 2024 was…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-EV-Charging-Business-of-Utility-Giant-Engie-Is-Bleeding-Cash.html

World’s Top Sovereign Wealth Fund Seeks More Climate Disclosure From Shell

Norway’s $1.66-trillion sovereign wealth fund, the world’s biggest, is encouraging UK-based supermajor Shell to shed more light on its eased climate targets. The fund, which is commonly referred to as ‘Norway’s oil fund’ because it was created with oil and gas revenues, is a shareholder in many large companies in the world, including Big Oil, and has the power to influence other investors with its investment decisions. As of the end of 2023, Government Pension Fund Global, as the fund is officially known, held…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Top-Sovereign-Wealth-Fund-Seeks-More-Climate-Disclosure-From-Shell.html

As Tesla layoffs continue, here are 600 jobs the company cut in California

Tesla has eliminated another 600 jobs across its operations in Fremont and Palo Alto, California.

Read more at: https://www.cnbc.com/2024/05/17/as-tesla-layoffs-continue-here-are-600-jobs-cut-in-california.html

Dow closes at record high above 40,000 to cinch a five-week winning streak: Live updates

The Dow briefly crossed 40,000 for the first time on Thursday.

Read more at: https://www.cnbc.com/2024/05/16/stock-market-today-live-updates.html

OpenAI dissolves team focused on long-term AI risks, less than one year after announcing it

OpenAI has dissolved its Superalignment team amid the high-profile departures of both team leaders, Ilya Sutskever and Jan Leike.

Read more at: https://www.cnbc.com/2024/05/17/openai-superalignment-sutskever-leike.html

Mercedes-Benz workers in Alabama vote against UAW union membership

The results are a blow to the UAW’s organizing efforts a month after the Detroit union won an organizing drive of Volkswagen plant workers in Tennessee.

Read more at: https://www.cnbc.com/2024/05/17/uaw-vote-mercedes-benz-alabama.html

Nvidia’s earnings will be in focus next week as stocks try to sustain record levels

The AI chipmaker could reinvigorate a trade that has the power to propel stocks higher at a time when market leadership has broadened.

Read more at: https://www.cnbc.com/2024/05/17/nvidias-earnings-will-be-in-focus-next-week-as-stocks-try-to-sustain-record-levels.html

Here’s what has driven the Dow rally to 40,000, and why it could keep going

The Dow Jones Industrial Average passing the 40,000 barrier makes for a nice headline, but market experts do not take much else from the move.

Read more at: https://www.cnbc.com/2024/05/17/heres-what-has-driven-the-dow-rally-to-40000-and-why-it-could-keep-going.html

GameStop shares fall 20% after it files to sell additional stock, says first quarter sales dropped

GameStop said it plans to sell securities and reported preliminary results that showed a drop in first-quarter sales.

Read more at: https://www.cnbc.com/2024/05/17/gamestop-shares-fall-after-it-files-to-sell-securities-says-first-quarter-sales-declined.html

Bitcoin breaks six-week losing streak, climbs to $67,000: 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, JP Richardson, CEO of Exodus, discusses the SEC review that put the company’s listing on the NYSE American exchange on hold. Plus, he weighs in on crypto investor adoption of self-custody wallets.

Read more at: https://www.cnbc.com/video/2024/05/17/bitcoin-breaks-six-week-losing-streak-climbs-to-67000-crypto-world.html

BlackRock funds are ‘crushing shareholder rights,’ says activist Boaz Weinstein

Boaz Weinstein is fighting for control or reform at 10 BlackRock closed-end funds, which trade at a steep discount to their net asset value.

Read more at: https://www.cnbc.com/2024/05/17/blackrock-boaz-weinstein-closed-end-funds.html

Frontier Airlines does away with change fees in budget airline pricing overhaul

The budget airline’s changes come amid the Biden administration’s crackdown on so-called “junk fees.”

Read more at: https://www.cnbc.com/2024/05/17/frontier-airlines-change-fees-scrapped.html

World’s top golfer Scottie Scheffler arrested on charges of assaulting officer at PGA championship event

Louisville police arrested Scottie Scheffler ahead of the PGA Championship. The golfer was charged with felony assault on a police officer and reckless driving.

Read more at: https://www.cnbc.com/2024/05/17/worlds-top-golfer-scottie-scheffler-arrested-for-assaulting-officer-at-pga-championship-event.html

Supreme Court Justice Alito urged to step off Trump election case over U.S. flag controversy

Supreme Court Justice Samuel Alito and the other justices are considering if Donald Trump is immune from prosecution for 2020 election crimes.

Read more at: https://www.cnbc.com/2024/05/17/supreme-court-alito-trump-stop-the-steal-flag.html

‘Quiet wealth’ takes on new meaning with super-private deals for mansions, art and classic cars

Last year, while combined public auction sales for Sotheby’s, Christie’s and Phillips fell by 19%, private sales rose.

Read more at: https://www.cnbc.com/2024/05/17/private-deals-mansions-art-cars.html

Vitalik Buterin Says OpenAI’s GPT-4 Has Passed The ‘Turing Test’

Authored by Tristan Greene via CoinTelegraph.com,

OpenAI’s GPT-4, a generative artificial intelligence (AI) model, has passed the Turing test, according to Ethereum co-founder Vitalik Buterin.

The Turing test is a nebulous benchmark for AI systems purported to determine how human-like a conversational model is. The term was coined on account of famed mathematician Alan Turing who proposed the test in 1950.

According to Turing, at the time, an AI system capable of generating text that fools humans into thinking they’re having a conversation with another human would demonstrate the capacity for “thought.”

Nearly 75 years later, the person largely credited with conceiving the world’s second most popular cryptocurrency has interpreted recent preprint resea …

Read more at: https://www.zerohedge.com/technology/vitalik-buterin-says-openais-gpt-4-has-passed-turing-test

Former Facebook And Nike DEI Manager Gets 5 Years For Embezzling $5 Million To Fund Luxury Lifestyle

A former diversity program manager at Facebook and Nike has been sentenced to five years in prison for stealing more than $5 million from Facebook and Nike while working as a DEI executive.

Barbara Furlow-Smiles has been accused of ” an elaborate scheme involving fraudulent vendors, fictitious paperwork, and cash kickbacks”, a press release from the Department of Justice said this week.

U.S. Attorney Ryan K. Buchanan commented: “Furlow-Smiles shamelessly violated her position of trust as a DEI executive at Facebook to steal millions from the company utilizing a scheme involving fraudulent vendors, fake invoices, and cash kickbacks.”

“After being terminated from Facebook, she brazenly continued the fraud as a DEI leader at Nike, where she stole another six-figure sum from their diversity program. Her prison sentence reflects the consequences of her decision to orchestrate an intricate scheme to defraud two of her employers for personal profit,” he added.

Keri Farley, Special Agent in Charge of FBI Atlanta added: “As Lead Strategist at Facebook, Furlow-Smiles’ employer put an extreme amount of trust in her, only to have that trust completely violated.”

Farley continued: “After she was fired, she carelessly continued her fraudulent schemes at Nike, thinking she was untouchable. As a result, she not only threw away a lucrative career, but will serve time behind bars for her excessive greed.”

Read more at: https://www.zerohedge.com/markets/fomer-facebook-and-nike-dei-manager-gets-5-years-embezzling-5-million-fund-luxury-lifestyle

Vivek: Democrats Are Giving Biden One Last Chance With Debate

Authored by Steve Watson via Modernity.news,

Vivek Ramaswamy believes that the Democrats are allowing Joe Biden one last “Hail Mary” by allowing him to participate in a debate against Donald Trump, but that if he fails, as he inevitably will, they will swap him out for a new candidate.

During a Fox News interview, Vivek, who has access within the Trump camp, says he believes the sudden decision to have Biden debate is a “setup.”

“On one hand CNN is hosting it, they’re going to prop up Biden, try to make him look as good as possible. But also note this is the earliest Presidential debate in recorded American history, in June. Why is that?” Vivek stated.

“This is a Hail Mary attempt for Biden as his numbers are tanking,” Ramaswamy further urged, adding “this is their last chance to give him a desperate attempt to succeed, and if he doe …

Read more at: https://www.zerohedge.com/political/vivek-democrats-are-giving-biden-one-last-chance-debate

Doctor Fined For Prescribing Ivermectin Against COVID-19

Authored by Zachary Stieber via The Epoch Times,

A doctor in Washington state has been fined for prescribing ivermectin against COVID-19. He must also take continuing education classes, according to newly filed documents.

Dr. Wei-Hsung Lin must pay $5,000, according to an order signed by the Washington Medical Commission on May 2.

Ivermectin is approved by the U.S. Food and Drug Administration for treating several conditions, including parasitic worms. Prescribing medicine for unapproved usage is common in the United States, but administration officials have warned against prescribing and using ivermectin as a COVID-19 treatment. Regulators have pointed to

Read more at: https://www.zerohedge.com/covid-19/doctor-fined-prescribing-ivermectin-against-covid-19

Energy bills predicted to fall by 7% in July

If the forecast proves correct, it would mean a typical annual bill could be £500 lower than last summer.

Read more at: https://www.bbc.com/news/articles/c51nykexzj8o

Fewer crackers in Ritz boxes but price remains same

The 200g packs of Original and Cheese crackers have been replaced by packs weighing 150g and 140g.

Read more at: https://www.bbc.com/news/articles/c51nyq0nxp0o

Boeing boss’s $33m pay package approved

Boeing shareholders approved a $33m pay package for outgoing boss Dave Calhoun.

Read more at: https://www.bbc.com/news/articles/c72pv86n5r3o

Trent, Bharat Electronics likely to replace LTI Mindtree and Divi’s Lab in Nifty: Nuvama

The possible changes would lead to an inflow of Rs 3,500 crore into Trent and Rs 3,000 crore into Bharat Electronics, the brokerage said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trent-bharat-electronics-likely-to-replace-lti-mindtree-and-divis-lab-in-nifty-nuvama/articleshow/110214330.cms

​Volume Shocker: MFs lap up over 1 crore share of these 6 stocks in April

Nearly 34 stocks saw a rise of more than 1 crore shares in April.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/volume-shocker-mfs-lap-up-over-1-crore-share-of-these-6-stocks-in-april-2024/slideshow/110204235.cms

Silver prices may hit Rs 1 lakh milestone in a year on solar, EV boost

The demand for silver is on the rise, driven by fast-growing industries like solar panels and electric vehicles. Analysts predict a surge in silver prices, with some projecting it to reach Rs 1 lakh per kg within a year. Factors such as bullish sentiments in emerging markets, increased investment in clean energy, and optimism regarding stimulus measures contribute to the bullish outlook.

Read more at: https://economictimes.indiatimes.com/markets/commodities/news/silver-prices-may-hit-rs-1-lakh-milestone-in-a-year-on-solar-ev-boost/articleshow/110202579.cms

30-year Treasury yield sees 3rd straight weekly decline after data indicate ‘serious headwinds’ for U.S. economy

Rates on U.S. government debt finished slightly higher on Friday even after new Conference Board data pointed to softer economic conditions ahead. However, yields finished lower for the week, with the 30-year rate experiencing its third straight weekly decline.

Read more at: https://www.marketwatch.com/story/long-end-bond-yields-edge-higher-ahead-of-comments-by-feds-waller-629a2262?mod=mw_rss_topstories

Trump’s immigration plan could add trillions of dollars to national debt, fueling inflation and market jitters

Donald Trump’s tax and spending plans for his would-be second term in office imply a willingness to see the federal budget deficit rise to truly unprecedented levels.

Read more at: https://www.marketwatch.com/story/trumps-immigration-plan-could-add-trillions-of-dollars-to-national-debt-fueling-inflation-and-market-jitters-d804979b?mod=mw_rss_topstories

The folks who are most excited about Dow 40,000? The hat sellers.

There’s a market for headwear tied to the stock market.

Read more at: https://www.marketwatch.com/story/the-folks-who-are-most-excited-about-dow-40-000-the-hat-sellers-12f5ddef?mod=mw_rss_topstories