U.S. Remains Painfully Dependent on China for Silicon and Solar Panels

By AGMetalminer.com The Renewables MMI (Monthly Metals Index) continued its slight downward trend month-on-month, dropping by 3.8%. Two large components of the index, silicon and cobalt prices, continue to experience drops due to lingering renewable energy supply bottlenecks from 2023. This, along with falling grain-oriented electrical steel prices, brought the index down Silicon for Solar Panels: A Geopolitical Imbalance? The United States relies heavily on China for its solar panel supply. However, this dependence on Chinese manufacturing…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/US-Remains-Painfully-Dependent-on-China-for-Silicon-and-Solar-Panels.html

UAE To Hit Its Oil Capacity Increase Sooner Than Expected

The United Arab Emirates is set to achieve its oil production capacity goal ahead of schedule, with the Abu Dhabi National Oil Co. (Adnoc) expected to reach a capacity of 5 million barrels per day by the end of 2025 or early 2026, surpassing its original target of 2027, according to anonymous sources who spoke to Bloomberg. This accelerated timeline is anticipated to create friction within the Organization of Petroleum Exporting Countries and its allies (OPEC+), which will review member capacities later this year to set production baselines for…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-To-Hit-Its-Oil-Capacity-Increase-Sooner-Than-Expected.html

South Africa Looks to Create Office to Auction Grid Transmission Projects

The government-owned Development Bank of Southern Africa (DBSA) is in talks with South African ministries to set up an office to manage auctions of power transmission projects, a bank executive told Bloomberg in an interview published on Friday.    The bank is discussing with government departments the setting up of the office that is expected to bring private funding to link up renewable energy sources to the transmission grid. This “needs to be signed off by the different parties within government,” Michael Hillary,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Africa-Looks-to-Create-Office-to-Auction-Grid-Transmission-Projects.html

Oil, Gas Drilling Activity Slips in the U.S.

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 4 to 600 this week, compared to 711 rigs this same time last year. The number of oil rigs stayed the same this week, after rising by 1 in the week prior. Oil rigs stand at 497–down by 73 compared to this time last year. The number of gas rigs fell by 4 this week to 99, a loss of 38 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Gas-Drilling-Activity-Slips-in-the-US.html

Colombia Aims to Boost Oil Production to 1 Million Bpd

Despite a bold climate stance, Colombia is looking to increase its oil production to 1 million barrels per day by encouraging drillers to ramp up activity in underutilized exploration blocks, according to the country’s energy ministry. Energy Minister Andrés Camacho emphasized the government’s strategy to revitalize “lazy contracts”—agreements signed 10 to 15 years ago that have so far seen minimal exploration efforts. Camacho believes this approach can elevate production to approximately 800,000 bpd by year-end, a rise from the Q1…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Colombia-Aims-to-Boost-Oil-Production-to-1-Million-Bpd.html

Russia Has 12% of its Oil Refining Capacity Offline in May

Russia’s primary oil refining capacity that is idled this month is 12% of its total primary refining units, per Reuters estimates on industry sources data. Due to a change in plans in some large refining units, the calculations of offline refining capacity in Russia have been revised up by 19.2% compared to previous projections, Reuters notes. Currently, 3.392 million metric tons, or 12% of Russia’s primary refining capacity, is offline, according to the Reuters calculations. The volume of idled capacity is about 28% lower…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Has-12-of-its-Oil-Refining-Capacity-Offline-in-May.html

OPEC+ to Hold Key Policy Meeting Online and a Day Later Than Planned

The OPEC+ alliance will hold its meeting in early June a day later than initially planned and via a video conference instead of in person, OPEC said on Friday. All meetings previously planned to take place in person in Vienna on June 1 will now be held online on June 2. The three key meetings that will be now held via video conference are the meeting of the Joint Ministerial Monitoring Committee (JMMC), the panel monitoring market developments and potentially recommending actions to the ministers to take, the meeting of the OPEC ministers,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-to-Hold-Key-Policy-Meeting-Online-and-a-Day-Later-Than-Planned.html

Just How Long Will the Natural Gas Price Collapse Continue?

Whenever I try to get a feel for the direction of natural gas prices, the Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report is the first place I stop. This report provides an update on the levels of natural gas in storage facilities across the United States. The report includes data on working gas in underground storage, with details on net changes, implied flows, and comparisons to historical data. It’s released every Thursday and covers data up to the previous Friday. The report is a key indicator…

Read more at: https://oilprice.com/Energy/Energy-General/Just-How-Long-Will-the-Natural-Gas-Price-Collapse-Continue.html

Two of Europe’s Biggest Banks to Stop Underwriting Oil and Gas Bonds

French banks BNP Paribas and Credit Agricole, two of Europe’s top three banks by assets, are no longer underwriting bond issues for oil and gas development in the latest policy shift of financing for the industry in Europe. The banks made clarifications on the matter in documents for their annual general meetings this month. BNP Paribas indicated at its AGM last week that it would not participate in bond issues for companies in the oil and gas sector. Environmental group Reclaim Finance said that it “welcomes this change at…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Two-of-Europes-Biggest-Banks-to-Stop-Underwriting-Oil-and-Gas-Bonds.html

Saudi Aramco Eyes Minority Stake in Repsol’s Renewables Business

Saudi oil giant Aramco has approached Repsol to express interest in buying a minority stake in the Spanish energy firm’s renewables business, Spain’s business daily Expansion reported on Friday, quoting several market sources. The entire Repsol Renovables, or Repsol Renewables, is valued at around $6.5 billion (6 billion euros).    Aramco has approached Repsol about a potential acquisition of a minority stake in Repsol Renewables but hasn’t filed a formal offer yet, according to Expansion’s sources. Repsol…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Eyes-Minority-Stake-in-Repsols-Renewables-Business.html

Oil Prices Remain Under Pressure Despite Rising Gasoline Demand

A combination of crude inventory builds and high interest rates continued to weigh on oil prices this week, with Brent and WTI both trading near three-month lows.Friday, May 24th 2024Oil prices have been declining for four consecutive days, driven lower by the Federal Reserve’s reluctance to commit to interest rate cuts this year as well as weak physical sentiment in the markets that saw backwardation in both WTI and ICE Brent drop to the lowest level seen this year. Notably improving US gasoline demand and the OPEC+ meeting might provide…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Remain-Under-Pressure-Despite-Rising-Gasoline-Demand.html

High Demand Sends LNG Prices Climbing Around the World

1. Mexican Crude Production Collapses Ahead of Elections- Providing a somber reflection on Mexico’s upstream industry before the June 2 general election, crude production by Mexico’s state oil company Pemex fell below 1.5 million b/d for the first time in over 40 years. – April’s crude output of 1.474 million b/d represents an almost 200,000 b/d year-over-year drop, marking a new trough for the country, the lowest point since Mexico started producing from the giant Cantarell field and tapped into its prolific offshore…

Read more at: https://oilprice.com/Energy/Energy-General/High-Demand-Sends-LNG-Prices-Climbing-Around-the-World.html

Oil Prices Tumble as Demand Concerns Boost Bearish Sentiment

Oil prices are experiencing a sharp decline this week, its first in two weeks. The period is ending with four consecutive sessions of losses and Friday is on course to close in the red as well. On Thursday, crude oil settled at multi-month lows, driven by concerns over prolonged high U.S. interest rates which could stifle demand growth in the world’s largest oil market. This decline is significant in a week marked by mixed economic signals and inventory reports that have traders on edge about the near-term outlook for crude oil. Interest Rates…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Tumble-as-Demand-Concerns-Boost-Bearish-Sentiment.html

Russia Denies Trump’s Claim That Putin Will Release U.S. Journalist for Him

Politics, Geopolitics & Conflict On the US election front, Trump has promised that if he is elected, Putin will immediately release an American journalist being held in prison in Russia. The statement made viral headlines and sounded like a pledge of allegiance but was denied by Moscow, which said no such discussions had taken place. A Sri Lankan military commander is warning that Yemen’s Iran-backed Houthis now have Unmanned Undersea Vehicles (UUVs), representing a potentially disastrous escalation for energy markets in one of the world’s…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Denies-Trumps-Claim-That-Putin-Will-Release-US-Journalist-for-Him.html

A Good Way to Play Small Cap Energy Stocks

Over the next few weeks, I will be buying something that, for years now, has been extremely disappointing. If that makes no sense to you, bear with me for a bit. The play is based on a strategy almost as old as the stock market, and a news story that makes now seem like a good time to employ it. The principle of reversion to the mean, the idea that sectors and stock styles fall in and out of favor but always return to their long-term average relationship, is one of the oldest and most influential in the worlds of trading and investing. It is the…

Read more at: https://oilprice.com/Energy/Energy-General/A-Good-Way-to-Play-Small-Cap-Energy-Stocks.html

Google criticized as AI Overview makes obvious errors, such as saying former President Obama is Muslim

Public criticism has mounted over Google’s AI Overview feature in Search, which has returned inaccurate or nonsensical results, according to screenshots.

Read more at: https://www.cnbc.com/2024/05/24/google-criticized-as-ai-overview-makes-errors-like-saying-president-obama-is-muslim.html

UAW challenges Mercedes-Benz union vote, asks NLRB for new election

The UAW alleges Mercedes-Benz fired pro-union workers, forced workers to attend anti-union meetings and interfered with workers’ ability to advocate.

Read more at: https://www.cnbc.com/2024/05/24/uaw-mercedes-benz-challenge.html

Boeing, NASA say Starliner astronaut launch will move forward despite spacecraft helium leak

Boeing and NASA are moving forward with a June 1 launch attempt of the first crewed Starliner mission despite a “stable” leak in its propulsion system.

Read more at: https://www.cnbc.com/2024/05/24/boeing-nasa-starliner-astronaut-launch-moving-forward.html

Why groceries are so expensive — and how consumers may start to see relief

To save money on groceries now, experts say consumers may have to change their shopping habits. That may mean seeking out cheap grocery stores.

Read more at: https://www.cnbc.com/2024/05/24/why-groceries-are-so-expensive-and-how-consumers-may-see-some-relief.html

Buy quality tech stocks that are immune to high inflation and rates, Trivariate Research says

Trivariate Research shared a list of high-quality tech stocks that have a near-zero correlation to inflation.

Read more at: https://www.cnbc.com/2024/05/24/buy-quality-tech-stocks-immune-to-high-inflation-and-rates-trivariate-research-says-.html

Two CVS retail stores in Rhode Island join new national pharmacy union

The votes at the CVS stores signal growing momentum in a movement to help thousands of U.S. pharmacy workers address what they call unsafe working conditions.

Read more at: https://www.cnbc.com/2024/05/24/two-cvs-pharmacies-join-new-national-pharmacy-union.html

Nasdaq closes Friday at record high as Nvidia and the AI trade rallies on: Live updates

Stocks were slightly higher on Friday, following the worst session in more than a year for the Dow Jones Industrial Average.

Read more at: https://www.cnbc.com/2024/05/23/stock-market-today-live-updates.html

Oil prices bounce back from three-month lows but book a loss for the week

WTI and Brent are on pace for a weekly loss of about 4% and 3%, respectively.

Read more at: https://www.cnbc.com/2024/05/24/oil-prices-hit-three-month-lows-head-for-weekly-loss-as-summer-driving-season-kicks-off.html

Stocks making the biggest moves midday: Workday, Lucid, Toast, Deckers and more

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

Read more at: https://www.cnbc.com/2024/05/24/stocks-making-the-biggest-moves-midday-wday-lcid-tost-deck.html

Here’s how U.S. health officials are responding to bird flu in humans after second case

A strain of bird flu called H5N1 has been confirmed in dairy cows in nine U.S. states, as well as in two people.

Read more at: https://www.cnbc.com/2024/05/24/bird-flu-what-to-know-about-human-cases-vaccines.html

Documentary filmmaker Morgan Spurlock, who skewered fast food industry, dies at 53

He famously ate only at McDonald’s for a month to illustrate the dangers of a fast-food diet and his film “Super Size Me” was nominated for an Academy Award.

Read more at: https://www.cnbc.com/2024/05/24/morgan-spurlock-super-size-me-dead.html

The big boss is wearing friendship bracelets. How the ‘universal language’ of Taylor Swift and Beyoncé is helping life at work

In a time of worker dissatisfaction and generational clashing, Taylor Swift and Beyoncé usher in social harmony.

Read more at: https://www.cnbc.com/2024/05/24/taylor-swift-and-beyonces-universal-language-is-improving-life-at-work.html

Eli Lilly to invest another $5.3 billion in Indiana plant to expand Mounjaro, Zepbound supply

Demand for the drugs Mounjaro and Zepbound has far outpaced supply over the last year, forcing Eli Lilly to invest heavily to scale up its manufacturing.

Read more at: https://www.cnbc.com/2024/05/24/eli-lilly-invests-to-increase-mounjaro-zepbound-supply.html

‘Best’ Macro Week In 4 Months Is Bad News For Most; But Nasdaq And Ethereum Surged

After six straight weeks of ‘weakness’, US Macro Surprise data surged higher this week (Good News) – it’s biggest positive weekly shift since January.

Source: Bloomberg

And that ‘good news’ sent rate-cut expectations tumbling (hawkishly) lower

Source: Bloomberg

Nasdaq dramatically outperformed on the week while the S&P managed to rally today to get green for the week (both up for five straight weeks). Small …

Read more at: https://www.zerohedge.com/markets/best-macro-week-4-months-bad-news-most-nasdaq-and-ethereum-surged

House Panel Approves Measure To Rehire Troops Fired For Refusing COVID-19 Vaccine

Authored by Caden Pearson via The Epoch Times (emphasis ours),

The House Armed Services Committee adopted an amendment in the annual defense policy bill on May 22 that, if cleared through Congress, would force the Pentagon to rehire U.S. troops who were fired for refusing a COVID-19 vaccine.

Rep. Mike Rogers (R-Ala.) in the Rayburn House Office Building in Washington on Sept. 29, 2021. (Rod Lamkey/Reuters)The measure was adopted late on May 22 by lawmakers on the panel, who marked up and advanced their version of the annual appropriations bill, authorizing a defense budget of $849.8 billion.

The 2025 bill, titled the Servicemember Quality of Life Improvement and National Defense Authori …

Read more at: https://www.zerohedge.com/political/house-panel-approves-measure-rehire-troops-fired-refusing-covid-19-vaccine

First Time Since GFC: Holders Of AAA ‘CRE-Backed’ Debt Hit With Losses

Investors holding a tranche of top-rated debt backed by commercial real estate have suffered losses for the first time since the housing meltdown collapsed the economy 16 years ago. This alarming development signals a worsening multi-year downturn in the CRE space, fueled by the Federal Reserve’s interest rate hiking cycle and plummeting office tower values nationwide.

Bloomberg first reported that CMBS strategists at Barclays pointed out that buyers of the AAA portion of a $308 million note backed by the mortgage on the 1740 Broadway building in midtown Manhattan received less than three-quarters of their initial investment in recent weeks after the loan was dumped at a sizeable discount. All low-tier creditors were wiped out.

Source: Bloomberg”Now that we’ve seen the first commercial mortg …

Read more at: https://www.zerohedge.com/markets/first-time-gfc-buyers-aaa-debt-backed-cre-hit-losses

Biden Admin Is Hiring A ‘Meme Manager’; Hilarity Ensues…

Authored by Steve Watson via Modernity.news,

The Biden campaign has posted a job listing seeking a ‘meme manager’ prompting many to submit examples of their finest Biden meme manager memes.

The listing, seeking a ‘Partner Manager, Content and Meme Pages’, was posted on Daybook. It states, “In this role, you will initiate and manage day-to-day operations in engaging the internet’s top content and meme pages.”

Biden campaign to hire meme manager as president struggles for support from young voters – https://t.co/jgTX4S3RFa

— The Washington Times (@WashTimes) May 21, 2024

“The ideal candidate for thi …

Read more at: https://www.zerohedge.com/political/biden-admin-hiring-meme-manager-hilarity-ensues

Ex-Post Office boss accused of being in ‘la-la land’

Paula Vennells is quizzed on how much she knew about remote access to sub-postmasters’ computers

Read more at: https://www.bbc.com/news/articles/cd11e45n3p5o

Energy bills to fall again from July under new cap

A household using a typical amount of gas and electricity will pay £1,568 a year.

Read more at: https://www.bbc.com/news/articles/cxeey91v540o

Building society buys Co-op Bank for £780m

The deal will create a financial business with millions of customers and about £89bn worth of assets.

Read more at: https://www.bbc.com/news/articles/c800j74l4dqo

Shock election results, tax tweak may trigger equity correction on Dalal Street: Chris Wood, Jefferies

Christopher Wood of Jefferies warns of a potential market correction triggered by national elections and changes in capital gains tax. BJP’s expected return to power in the upcoming elections may impact market stability.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/shock-election-results-tax-tweak-may-trigger-equity-correction-on-dalal-street-chris-wood-jefferies/articleshow/110392605.cms

Tech View: Nifty forms Doji candle. What traders should do next week

Nifty on Friday ended near the flatline after climbing the 23,000-mark for the first time in history. The index formed a Doji candle during the day after Thursday’s big bull candle.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-doji-candle-what-traders-should-do-next-week/articleshow/110401241.cms

10 midcap stocks with the highest dividend yield over past one year

Top 10 midcap stocks with the highest dividend yield over the past year identified by Trendlyne data on BSE Midcap index.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/10-midcap-stocks-with-the-highest-dividend-yield-over-past-one-year/slideshow/110381319.cms

How Morgan Spurlock and ‘Super Size Me’ changed our view of fast food

The 2004 film brought home the idea that we are what we eat.

Read more at: https://www.marketwatch.com/story/how-morgan-spurlock-and-super-size-me-changed-our-view-of-fast-food-a0eac557?mod=mw_rss_topstories

AMC and GameStop shares rally after registering biggest declines in a week

Shares of meme-stock darlings saw massive volatility last week amid a rally fueled by the social-media return of influential trader “Roaring Kitty.”

Read more at: https://www.marketwatch.com/story/amc-and-gamestop-shares-rally-after-registering-biggest-declines-in-a-week-145733ee?mod=mw_rss_topstories

Finnish entrepreneur Thomas Zilliacus wants to buy Inter Milan from club’s new owner Oaktree

Thomas Zilliacus has shifted his attention to Inter Milan after his unsuccessful bid for Manchester United last year.

Read more at: https://www.marketwatch.com/story/finnish-entrepreneur-thomas-zilliacus-wants-to-buy-inter-milan-from-the-clubs-new-owner-oaktree-ca4baaca?mod=mw_rss_topstories