7 Global Economic Myths Shattered

There are many myths about energy and the economy. In this post I explore the situation surrounding some of these myths. My analysis strongly suggests that the transition to a new Green Economy is not progressing as well as hoped. Green energy planners have missed the point that our physics-based economy favors low-cost producers. In fact, the US and EU may not be far from an economic downturn because subsidized green approaches are not truly low-cost. [1] The Chinese people have long believed that the safest place to store savings is in empty…

Read more at: https://oilprice.com/Energy/Energy-General/7-Global-Economic-Myths-Shattered.html

Iraq, China Sign Deal for New Gas Field Development

China is making further inroads into Iraqi oil and gas by inking an initial agreement with Iraq’s state-owned Midland Oil Company to develop the Mansuriya gas field with a Chinese-Iraqi consortium.  The already-producing Mansuriya field foresees production of 100 million standard cubic feet of gas over a period of 18 months and 300 mscf projected over a period of 4-5 years, Reuters reported, citing a Iraqi oil ministry statement on Monday.  The consortium brings together China’s Gereh and Petro Iraq. Earlier in May, Chinese companies…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-China-Sign-Deal-for-New-Gas-Field-Development.html

Game-Changing Research Unlocks New Wind Energy Potential

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…

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/Game-Changing-Research-Unlocks-New-Wind-Energy-Potential.html

American Gasoline Prices Fall for 4th Straight Week

Prices at the U.S. pump have fallen for four straight weeks, dropping another 3.5 cents from a week ago, down to $3.55 per gallon on Monday just ahead of the official start of summer driving season over Memorial Day weekend, according to GasBuddy,  Based on prices at the pump a month ago, the national average per gallon has dropped 12 cents, but remains 2.2 cents higher than this same time last year, GasBuddy noted, while the national average per gallon of diesel has fallen 3.3 cents week-on-week and 12 cents year-on-year.  “The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/American-Gasoline-Prices-Fall-for-4th-Straight-Week.html

BYD Set to Supply London’s Electric Double-Decker Buses

Rapidly expanding Chinese automaker BYD is close to a deal that would see it supply all-electric double decker buses in London. Transport giant Go-Ahead Group is set to award the Shenzhen-based firm a contract to build more than 100 of the vehicles at around £400,000 each and £100,000 cheaper than its UK competitors, sources told the Sunday Times. Transport for London (TfL), chaired by Mayor Sadiq Khan, has given the decision the green light. BYD previously partnered with competitor Alexander Dennis and has produced hundreds…

Read more at: https://oilprice.com/Energy/Energy-General/BYD-Set-to-Supply-Londons-Electric-Double-Decker-Buses.html

Saudi Crude Oil Exports Rose To 9-Month High in March

Saudi Arabia, the world’s top crude oil exporter, saw its crude shipments rise in March to the highest level in 9 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday.      Saudi crude exports rose by 96,000 barrels per day (bpd) in March compared to February, to hit 6.413 million bpd, according to the JODI data which compiles self-reported figures from the individual countries. The rise in exports in March was the second consecutive monthly increase in Saudi crude shipments…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Crude-Oil-Exports-Rose-To-9-Month-High-in-March.html

Millennials Drive EV Adoption in the U.S.

The decision to switch from a fossil-fuel-powered car to a more emission-friendly model can be governed by a variety of factors, ranging from monetary to ideological. As Statista’s Florian Zandt reports, a recent survey from Statista’s Consumer Insights suggests that the adoption of plug-in hybrid (PHEV) and battery electric vehicles (BEVs) can also be seen as a generational question, at least in the United States. You will find more infographics at Statista For example, 22 percent of U.S. respondents born between…

Read more at: https://oilprice.com/Energy/Energy-General/Millennials-Drive-EV-Adoption-in-the-US.html

Traders See Weakening Physical Crude Market

Physical crude oil markets have weakened as demand is underperforming expectations amid sufficient supply, analysts and traders have told Reuters. Demand appears to be especially underwhelming in Europe, where the key crude grades that underpin the Brent Crude benchmark have weakened in recent weeks, to the widest discounts to Dated Brent for a year. Demand in the U.S. also looks weaker for the coming start of summer travel. Refinery utilization rates haven’t rebounded despite the end of planned maintenance season. So far this year,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Traders-See-Weakening-Physical-Crude-Market.html

Uzbekistan’s Big Gold Bet Looks Set to Pay Off

ALMATY, Kazakhstan – When it comes to gold, Uzbekistan has bought low and large. Now it is selling high.World Gold Council data shows that Uzbekistan was the world’s top gold-selling country in March with 11 tons sold, with only Thailand’s 10 tons coming anywhere near in terms of volume. Most other central banks in the world are trying to accumulate the precious metal, but Uzbekistan did plenty of that before the current trend. And with several economic headwinds to contend with, Uzbekistan’s strategy to sell gold has a logic to it. “We have a…

Read more at: https://oilprice.com/Energy/Energy-General/Uzbekistans-Big-Gold-Bet-Looks-Set-to-Pay-Off.html

Biggest U.S. Pension Fund to Vote Against Exxon Board

The United States’ largest pension fund, CalPERS, will vote against the ExxonMobil board at the upcoming May 29 board meeting, in a move designed to block the supermajor’s attempt to sue activist investors who are pressuring it to move more quickly on lowering emissions, Reuters reported on Monday.  Activist investors have already withdrawn their resolution, but Exxon has continued to forge ahead with the lawsuit, attempting to recoup legal costs related and other expenses accrued in the interim.  The CalPERS decision has…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biggest-US-Pension-Fund-to-Vote-Against-Exxon-Board.html

Iraq’s Prime Minister Blames Oil Firms for Kurdistan’s Crude Export Impasse

Oil companies operating in Kurdistan refuse to amend their contracts with the semi-autonomous region of OPEC’s second-largest producer Iraq, which has led to an impasse in the talks about resuming oil exports from Kurdistan, the Prime Minister of Iraq, Mohammed Shia Al-Sudani, said this weekend. “The companies refuse to amend, so the process stops at this point,” Al-Sudani said in a televised press conference on Sunday, as carried by Bloomberg. Crude oil exports from Kurdistan have now been halted for more than a year, after…

Read more at: https://oilprice.com/Energy/Energy-General/Iraqs-Prime-Minister-Blames-Oil-Firms-for-Kurdistans-Crude-Export-Impasse.html

Russian Fuel Terminal Resumes Exports After Ukrainian Drone Attack

An oil products export terminal at Russia’s biggest port on the Black Sea, Novorossiysk, has resumed loadings of tankers for exports following a Ukrainian drone attack at the facility last week, Reuters reported on Monday, citing data from LSEG and industry sources. The terminal, Importpischeprom, suspended operations on Friday following a drone attack on Novorossiysk, which hit the terminal and the Sheskharis oil harbor.    The Importpischeprom facility – whose key exports are oil products, fertilizers, and vegetable…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Fuel-Terminal-Resumes-Exports-After-Ukrainian-Drone-Attack.html

Anglo American Investors Open to a Takeover if the BHP Deal Is Simplified

BHP has until Wednesday to return with a binding offer or walk away under UK takeover rules Major shareholders in Anglo American are reportedly open to accepting a simpler takeover bid from its bigger rival BHP, which could create a mining juggernaut. The Telegraph reported that two major Anglo investors said BHP’s current plan to break up the business was too complicated but suggested they would consider a revised bid that did away with this element. “Taking away that conditionality can improve things,” one of Anglo’s 15…

Read more at: https://oilprice.com/Energy/Energy-General/Anglo-American-Investors-Open-to-a-Takeover-if-the-BHP-Deal-Is-Simplified.html

Australian Producers Warn of Natural Gas Crunch

Australia could face a natural gas shortage later this decade without action to boost domestic supply, according to industry group Australian Energy Producers, which endorsed the federal government’s recently released gas strategy. “This is a challenge Australia faces this decade. As the Future Gas Strategy points out, without action, the east coast of Australia faces projected shortfalls by 2028 and the west coast by 2030,” Australian Energy Producers chair Meg O’Neill is set to say in a speech on Tuesday, according to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Australian-Producers-Warn-of-Natural-Gas-Crunch.html

ADNOC Buys 12% Stake in Rio Grande LNG

ADNOC has bought an 11.7% stake in Phase 1 of NextDecade’s Rio Grande LNG export project in Texas, Abu Dhabi’s national oil company said on Monday, announcing its first strategic investment in the U.S. The state energy firm of the United Arab Emirates (UAE) has also signed a 20-year LNG offtake agreement from Rio Grande LNG Train 4 with NextDecade. ADNOC acquired the stake in Phase 1, or trains 1 through 3 at Rio Grande LNG (RGLNG), through an investment vehicle of Global Infrastructure Partners (GIP), one of the world’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/ADNOC-Buys-12-Stake-in-Rio-Grande-LNG.html

Microsoft announces new PCs with AI chips from Qualcomm

Microsoft wants to deliver Windows PCs that can keep up with Apple’s MacBooks on artificial intelligence performance and strong battery life.

Read more at: https://www.cnbc.com/2024/05/20/microsoft-qualcomm-ai-pcs-snapdragon-arm-processors.html

JPMorgan CEO Jamie Dimon signals retirement is closer than ever

The ambiguity of Dimon’s plans has made succession timing at JPMorgan one of the persistent questions for the bank’s investors and analysts. He is 68.

Read more at: https://www.cnbc.com/2024/05/20/jpmorgan-ceo-jamie-dimon-retirement-approaching.html

Nasdaq closes at a record on Monday as Nvidia shares rise 2%: Live updates

Nvidia led the S&P 500 slightly higher ahead of the chipmaker’s earnings report later in the week.

Read more at: https://www.cnbc.com/2024/05/19/stock-market-today-live-updates.html

Supreme Court Justice Alito sold Bud Light stock, then bought Coors during boycott

Samuel Alito sold AB InBev stock and bought Molson Coors on the same day, according to a financial transaction report on the Supreme Court justice.

Read more at: https://www.cnbc.com/2024/05/20/supreme-court-alito-sold-bud-light-stock-bought-coors-boycott.html

These corporate insiders have bought and sold millions of their own stock in May

CEOs and other corporate insiders have made big transactions this month, according to securities filings and VerityData.

Read more at: https://www.cnbc.com/2024/05/20/these-are-big-insider-stock-buys-and-sells-in-may.html

Exxon faces opposition from CalPERS after ‘devastating’ anti-ESG activist suit

CalPERS is withholding its support for Exxon CEO Darren Woods after the company sued environmentally focused activist investors.

Read more at: https://www.cnbc.com/2024/05/20/exxon-activist-lawsuit-calpers-proxy-vote.html

Shares of Hims & Hers Health surge 27% after startup says it will offer GLP-1 injections

The GLP-1 market has faced supply constraints in recent months as drugs like Ozempic and Wegovy continue to skyrocket in popularity.

Read more at: https://www.cnbc.com/2024/05/20/hims-hers-compounded-glp-1-injections.html

How Biden is winning over corporate America behind closed doors

Biden hosted CEOs of United Airlines, Citi and Marriott International for a private roundtable at the White House earlier in May.

Read more at: https://www.cnbc.com/2024/05/20/president-joe-biden-love-hate-american-ceos.html

Trump trial: Prosecution rests after Michael Cohen’s fiery testimony

A big question looming over the hush money trial of former President Donald Trump is whether the Republican will take the witness stand in New York.

Read more at: https://www.cnbc.com/2024/05/20/trump-trial-end-looms-in-hush-money-case.html

Grayscale CEO Michael Sonnenshein steps down, replaced by Goldman exec: 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, Crypto World takes a look at the SEC’s recent actions against decentralized finance platforms and Ethereum as it prepares to issue a decision on spot ether ETF proposals.

Read more at: https://www.cnbc.com/video/2024/05/20/grayscale-ceo-michael-sonnenshein-steps-down-replaced-by-goldman-exec-crypto-world.html

As their customers age, Macy’s, Kohl’s and Nordstrom are chasing younger shoppers

Baby boomers make up a sizeable chunk of the retailers’ shoppers and investors aren’t convinced that Gen Z and Millennials will age into shopping at the stores.

Read more at: https://www.cnbc.com/2024/05/20/macys-kohls-nordstrom-earnings-department-stores-younger-shoppers.html

Are consumers pulling back on spending? It depends on which CEO you ask

Companies like PepsiCo have warned about a weak low-income consumer, while Delta Air Lines and Chipotle have benefited from their high-income customer bases.

Read more at: https://www.cnbc.com/2024/05/20/consumer-pullback-ceos.html

Wendy’s will offer $3 breakfast deal, as rivals like McDonald’s test value meals to drive sales

Starting Monday, Wendy’s will offer a $3 breakfast combination meal deal, following a similar yet limited value meal option by McDonald’s.

Read more at: https://www.cnbc.com/2024/05/20/wendys-will-offer-breakfast-meal-deal-after-mcdonalds.html

New US LNG Export Projects Risk Delays Due To Stricter Pollution Rules

By Tsvetana Paraskova of OilPrice.com

New U.S. LNG projects risk delays amid the Biden Administration’s push for lower emissions and the ongoing reviews about the environmental impact of the planned export facilities.

After President Joe Biden halted new LNG project approvals in January for a review of the current permitting process, the U.S. Administration is looking to implement stricter rules on pollution the export facilities are allowed to emit in the community.

These new requirements are holding back projects, one being Venture Global’s CP2 LNG in Louisiana, and the company’s second such project in Cameron Parish, Louisiana.

Last week, the Federal Energy Regulatory Commission (FER …

Read more at: https://www.zerohedge.com/energy/new-us-lng-export-projects-risk-delays-due-stricter-pollution-rules

Jamie Dimon Is “Cautiously Pessimistic” As QT Uncertainty Supercharged By World War Threats

On Monday morning, investors flocked to JPMorgan’s Manhattan campus to hear CEO Jamie Dimon rant about several critical topics. From regulation crushing the US economy to geopolitics, inflation, potential market swoons, and monetary policy, Dimon covered the most critical ones.

Let’s begin with the topic of stock buybacks. Dimon said, “We’re not going to buy back a lot of stock at these prices.” He was responding to a question about whether stress tests will allow the bank to unleash a new buyback program in the second half of the year.

“We simply aren’t going to tell you anything anymore about stock buybacks,” Dimon said, adding that he wants to outsmart the hedge funds.

In markets, JPM shares sank more than 1% after Dimon’s comments. As of 1245 ET, shares were down 2.2%.

Read more at: https://www.zerohedge.com/markets/jamie-dimon-cautiously-pessimistic-qt-uncertainty-supercharged-world-war-threats

Venezuela Bans Crypto-Mining To Protect Power-Grid

Authored by Amaka Nwaokocha via CoinTelegraph.com,

The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands.

According to a local news outlet, Venezuela’s Ministry of Electric Power has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.

An X post from Venezuela’s National Association of Cryptocurrencies stated that crypto mining is prohibited in Venezuela.

This move follows a recent crackdown involving t …

Read more at: https://www.zerohedge.com/crypto/venezuela-bans-crypto-mining-protect-power-grid

Wall Street “Still Learning Role Of Uranium In Energy Transition, Suggest Upside In Space”

The environment for uranium and nuclear power has never been better as the atomic energy sector’s revival is being shifted into high gear for this very reason:

A ChatGPT search requires 10x as much power as a traditional Google search pic.twitter.com/khdSbvxsOH

— zerohedge (@zerohedge) May 19, 2024

Yes, artificial intelligence data centers and the urgent need for a next-generation power grid to handle surging power demands are key themes through 2030.

Let’s revisit our December 2020 note titled “Buy Uranium: Is This The Beginning Of The Next ESG Craze” and, more recently, “The Next AI Trade.” In these notes, we argue that nuclear power is the cleanest and most reliable energy source for electrifying America.

In recent weeks, we pointed out that “Everyone Is Piling Into The “Next AI Trade.”” Even Blackrock’s Larry Fink and Blackstone CEO Steve Schwarzman have acknowledged the dire need for America’s power grid t …

Read more at: https://www.zerohedge.com/commodities/wall-street-still-learning-role-uranium-energy-transition-suggest-upside-space

Summer interest rate cut possible, says Bank deputy

Ben Broadbent’s comments come ahead of data which is expected to show a fall in inflation.

Read more at: https://www.bbc.com/news/articles/c033wprzep6o

Ryanair sees rises in air fares easing over summer

Airline profits rise despite fuel costs as it warns deliveries of Boeing jets could be further delayed

Read more at: https://www.bbc.com/news/articles/cd11x3lqj20o

BT scraps digital landline switch deadline

BT has ditched its timetable to move landline customers from copper wire to digital.

Read more at: https://www.bbc.com/news/articles/c5119g5z4q5o

This small cap mutual fund turns monthly investment of Rs 20,000 to Rs 1 crore in 10 years

ETMutualFunds analysis reveals Quant Small Cap Fund’s remarkable feat: turning a monthly SIP of Rs 20,000 into Rs 1 crore over a decade, boasting an impressive XIRR of 27.24%. Managed by Ankit Pande, Vasav Sahgal, and Sanjeev Sharma, the fund allocates predominantly to small caps.

Read more at: https://economictimes.indiatimes.com/mf/analysis/this-small-cap-mutual-fund-turns-monthly-investment-of-rs-20000-to-rs-1-crore-in-10-years/articleshow/110262033.cms

Silver bullet for your investment woes! 11% returns in May outclass gold, Sensex, Bitcoin

Silver shines amid market volatility, outpacing gold, Sensex, and Bitcoin. Industrial demand, Fed rate cut hopes fuel rally. Analysts bullish. Corrections possible, strategic buying advised.

Read more at: https://economictimes.indiatimes.com/markets/commodities/news/silver-bullet-for-your-investment-woes-11-returns-in-may-outclass-gold-sensex-bitcoin/articleshow/110261628.cms

SP Group arm Goswami Infra sweetens bond deal

Shapoorji Pallonji Group offers ₹400 crore more to Goswami Infratech bondholders to extend deadline for meeting covenants on ₹14,300 crore borrowings. The company seeks a 4-month window to sell assets, ensure payment of ₹1,400 crore interest at 18.75% by September 30, 2024.

Read more at: https://economictimes.indiatimes.com/markets/bonds/sp-group-arm-goswami-infra-sweetens-bond-deal/articleshow/110260177.cms

Rudy Giuliani and George Clooney have at least this one thing in common

Giuliani has entered the celebrity branding world with Rudy Coffee. Here’s what branding experts say about its chances to succeed.

Read more at: https://www.marketwatch.com/story/rudy-giuliani-and-george-clooney-have-at-least-this-one-thing-in-common-b65da156?mod=mw_rss_topstories

Wall Street strategists rush to revise their S&P 500 targets as stocks hit fresh records. Here’s what they see happening.

The stock market’s renewed record-setting rally has blindsided Wall Street’s top strategists, prompting many to swiftly revise their year-end S&P 500 targets in an effort to keep pace with a surge that has far exceeded expectations from earlier this year.

Read more at: https://www.marketwatch.com/story/wall-street-strategists-rush-to-revise-their-s-p-500-targets-as-stocks-hit-fresh-records-heres-what-they-see-happening-cf55f033?mod=mw_rss_topstories

Global stocks hit record highs as more countries join in the rally

More global stocks are joining in the rally, and that’s a good thing — especially for U.S. markets.

Read more at: https://www.marketwatch.com/story/global-stocks-hit-record-highs-as-more-countries-join-in-the-rally-1d1acee0?mod=mw_rss_topstories