China Is Crushing The Competition In Clean Energy Spending

The United States has been falling behind in the clean energy race for well over a decade now. Way back in 2010, a report from the President’s Council of Advisors on Science and Technology warned that the United States desperately needed to accelerate the pace of investment and advancement in clean energy technologies, and even offered a pathway to do so. But now, 13 years later, the United States is still trailing in green energy research, development and deployment.  According to the World Economic Forum’s annual insight report Fostering…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/China-Is-Crushing-The-Competition-In-Clean-Energy-Spending.html

Copper Prices Flatline As Chinese Demand Struggles To Recover

Via AG Metal Miner   Hopes of a recovery in copper prices seem to have flat-lined since the start of February. The primary reason for this is lukewarm demand from China, one of the world’s biggest copper consumers. This effectively ends the price surge markets saw over the past few months, culminating at the end of January. Initially, the optimism over China’s comeback aided copper’s upward momentum. Now, the market’s attitude has changed from general optimism to one of “watch and wait.” Most analysts simply…

Read more at: https://oilprice.com/Metals/Commodities/Copper-Prices-Flatline-As-Chinese-Demand-Struggles-To-Recover.html

OPEC Raises World Oil Demand Forecast For 2023

OPEC has raised its world oil demand growth forecast for 2023 by 100,000 bpd, to 2.3 million bpd the organization said on Tuesday in its latest edition of the Monthly Oil Market Report. The demand growth forecast calls for 400,000 bpd in growth from Organization for Economic Cooperation and Development (OECD) countries and 2 million bpd from non-OECD countries.  The organization did not make significant changes to its 2022 overall world oil demand growth forecast, although it made downward OECD demand adjustments, and upward non-OECD demand…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Raises-World-Oil-Demand-Forecast-For-2023.html

The Next Leg Of The Space Race Is All About Solar Power

One of the biggest problems facing solar energy is that it is variable. Solar production waxes and wanes according to variables well outside of human control. The amount of sunlight hitting a solar panel in a given day depends on the weather and the season. Further complicating the issue, the times of day when demand for energy is highest are often opposite of peak production hours. Solar panels are just clocked out when all of us get home and turn on our lights, start cooking, and our heating systems work harder to keep the house warm as the sun…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/The-Next-Leg-Of-The-Space-Race-Is-All-About-Solar-Power.html

EU Eyes 90% CO2 Cut By 2040 For Trucks

The European Commission proposed tighter CO2 rules for heavy-duty vehicles on Tuesday, mandating that all new trucks reduce emissions by 90% by 2040 and all new city buses emit zero emissions starting in just 7 years, by 2030, according to a statement from the European Commission. The EU’s objective is not only to help the EU get closer to its zero net greenhouse gas emissions by 2050, but to reduce its imported fossil fuels as well. There is already an agreement for new cars to be CO2-free by 2035, Reuters reported on Tuesday. “The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Eyes-90-CO2-Cut-By-2040-For-Trucks.html

Crypto Miners Blamed For Kazakhstan’s Power Problems

Households and enterprises in seven regions across Kazakhstan were temporarily knocked off the power grid as temperatures dropped to around -14 degrees Celsius over the weekend in fresh evidence of how the country is struggling to cope with inexorably mounting demand for electricity. State-run power grid operator KEGOC said in a statement on February 13 that the need to  effect an emergency suspension of transmissions on a high-voltage power line led to a 10 percent reduction in capacity. Power officials said their quick work prevented a more…

Read more at: https://oilprice.com/Energy/Energy-General/Crypto-Miners-Blamed-For-Kazakhstans-Power-Problems.html

U.S. Inflation Drops Again, But Further Rate Hikes May Be Needed

US inflation eased for the seventh month in a row in January, but the pace of decline is beginning to level off, official figures out today reveal. The pace of price increases in the world’s largest economy on an annual basis fell to 6.4 percent, down from 6.5 percent, according to the US Bureau of Labor Statistics. Over the last month, prices increased 0.5 percent, beating Wall Street’s expectations but climbing from a 0.1 percent fall. The new figures illustrate that the velocity of price pressures easing is losing momentum after…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Inflation-Drops-Again-But-Further-Rate-Hikes-May-Be-Needed.html

U.S. Shale To Set Production Record In March

In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets. Chart of the WeekEuropean Gas Correction Mechanism Kicks In, Just As Prices Collapse- The EU’s gas market correction mechanism is set to come into effect tomorrow, February 15, triggering a regulatory intervention whenever front-month TTF prices exceed the LNG reference price by more than €35 per MWh.- However, just as the mechanism is kicking in, natural gas prices in Europe have reached 18-month lows thanks…

Read more at: https://oilprice.com/Energy/Oil-Prices/US-Shale-To-Set-Production-Record-In-March.html

New Treatment Improves Lithium Ion Battery Performance By 20%

A new North Carolina State University study shows that laser-induced defects in lithium-ion battery materials improve the performance of the battery. The work was performed in collaboration with battery testing researchers at the U.S. Department of Energy’s Oak Ridge National Laboratory. They show that extremely short pulses from a commercial high-powered laser can cause tiny defects in lithium-ion battery materials – defects that can enhance battery performance. The study paper describing the results has been published in the journal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-Treatment-Improves-Lithium-Ion-Battery-Performance-By-20.html

Tanker Rates Soar 400% On Latest Round Of EU Sanctions On Russia

Clean product tanker rates soared last week after the European Union and G-7 nations targeted Russia’s petroleum sales. Restrictions on Russian crude exports began in early December.  Sanctions have redirected Russian energy flows from Europe to Asia. The rejiggering of supply chains means Russia has to rely more on tankers. According to Bloomberg, this has led to a 400% surge in the daily rates for clean product tankers.  The latest data from the Baltic Exchange in London shows clean product tankers rates have reached $55,857 per day,…

Read more at: https://oilprice.com/Energy/Crude-Oil/Tanker-Rates-Soar-400-On-Latest-Round-Of-EU-Sanctions-On-Russia.html

OPEC Output Drops As Saudi Production Falls By 156,000 Bpd

Crude oil production from all 13 OPEC members slid by 49,000 barrels per day (bpd) in January from December as top producer Saudi Arabia slashed output by 156,000 bpd, OPEC’s latest Monthly Oil Market Report (MOMR) showed on Tuesday.    OPEC’s crude oil production in January fell by 49,000 bpd from December to average 28.88 million bpd, according to secondary sources in OPEC’s report.  Saudi Arabia, the biggest producer and de facto leader of the cartel, pumped 10.319 million bpd in January, down by 156,000…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Output-Drops-As-Saudi-Arabia-Slashes-Production-By-156000-Bpd.html

Global Oil And Gas Industry Sees Profits Soar To $4 Trillion

The combined income of the global oil and gas industry surged to nearly $4 trillion last year, up from an average of $1.5 trillion in recent years, Fatih Birol, the Executive Director of the International Energy Agency (IEA), said during a conference on Tuesday.   Despite the record industry earnings, the major oil-producing countries, especially those in the Middle East, need to start working on diversifying their economies, the head of the IEA said via video link at an energy conference, as carried by Reuters. “You cannot anymore run…

Read more at: https://oilprice.com/Energy/Energy-General/Global-Oil-And-Gas-Industry-Sees-Profits-Soar-To-4-Trillion.html

Australian Court Overturns Natural Gas Exploration Ban

The Federal Court of Australia on Tuesday quashed a decision by former Prime Minister Scott Morrison to block a natural gas exploration license offshore Australia’s east coast, ruling that the refusal to allow exploration was biased.   Last year, the former Australian government, led by Morrison, and the petroleum authority issued a decision to block the exploration permit offshore Australia, a large gas producer and major LNG exporter, but one that faces a gas crisis on its east coast. The former government had said that Petroleum Exploration…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Australian-Court-Overturns-Natural-Gas-Exploration-Ban.html

The UAE Is Worried About An Oil Supply Shortage In 2024

Declining oil production in many countries and the potential of insufficient crude supply will be a bigger problem for the oil market next year than how demand will evolve, according to the United Arab Emirates (UAE). “I’m not worried about demand — what worries us is whether we are going to have enough supplies in the future,” the UAE’s Energy Minister Suhail Al Mazrouei told Bloomberg TV on Tuesday. “What worries me is the decline that I see in many countries’ production,” said the top energy official…

Read more at: https://oilprice.com/Energy/Energy-General/The-UAE-Is-Worried-About-An-Oil-Supply-Shortage-In-2024.html

Chinese Wind And Solar Output Is Nearly Equal To Household Demand

China’s wind and solar power generation has jumped in recent years to nearly equal domestic residential electricity consumption, but the relatively small share of household demand in overall consumption means that China still needs a lot of fossil fuels. In 2022, China’s wind and solar power output surged by 21% to 1,190 terawatt-hours (TWh), according to data from the Chinese National Energy Administration (NEA) cited by Bloomberg. To compare, residential electricity demand last year rose by 14% to 1,340 TWh as people mostly stayed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Wind-And-Solar-Output-Is-Nearly-Equal-To-Household-Demand.html

Here’s the breakdown of the inflation report for January — in one chart

High inflation persisted in January, with the consumer price index rising 6.4% on an annual basis.

Read more at: https://www.cnbc.com/2023/02/14/heres-the-breakdown-of-the-inflation-report-for-january-in-one-chart.html

Ford halts production and shipments of its electric F-150 Lightning due to potential battery issue

The production halt adds to ongoing “execution issues” detailed to investors earlier this month by Ford CEO Jim Farley.

Read more at: https://www.cnbc.com/2023/02/14/ford-halts-f-150-lightning-production.html

Dow closes more than 150 points lower following January’s hotter-than-expected inflation report: Live updates

Investors digested the January inflation report, which came in slightly better than feared.

Read more at: https://www.cnbc.com/2023/02/13/stock-market-today-live-updates.html

Brainard, Bernstein tapped for top White House economic posts as Biden shakes up team

The White House tapped Lael Brainard and Jared Bernstein to two critical roles shaping U.S. economic policy as the country grapples with high inflation.

Read more at: https://www.cnbc.com/2023/02/14/brainard-bernstein-tapped-for-top-white-house-economic-posts-as-biden-shakes-up-team.html

Baupost’s Seth Klarman hikes his Meta, Amazon stakes right before the big rebound

Baupost’s Seth Klarman drastically increased his stake in a few technology companies in the fourth quarter, just before the group staged a big comeback.

Read more at: https://www.cnbc.com/2023/02/14/bauposts-seth-klarman-hikes-his-meta-amazon-stakes-right-before-the-big-rebound.html

Boeing orders, deliveries slip in January, before massive Air India jetliner sale

Boeing has been hesitant to ramp up plane production before stabilizing its supply chain.

Read more at: https://www.cnbc.com/2023/02/14/boeing-january-plane-orders-and-deliveries.html

Dianne Feinstein, 89, won’t seek re-election, opening up a California Senate seat in 2024

Reps. Adam Schiff and Katie Porter, both California Democrats, have already launched campaigns for Feinstein’s Senate seat.

Read more at: https://www.cnbc.com/2023/02/14/california-sen-dianne-feinstein-wont-run-for-reelection-in-2024.html

Bitcoin reclaims $22,000, and Senate Banking Committee holds hearing on crypto crash: 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, Matt Hougan, the CIO of Bitwise, explains why he believes crypto prices will rally in 2023.

Read more at: https://www.cnbc.com/video/2023/02/14/bitcoin-senate-banking-committee-hearing-cnbc-crypto-world.html

Ukraine war live updates: Ukraine’s allies promise more aid; Kyiv presses for fighter jets

NATO leaders are meeting in Brussels to discuss providing further military aid to Ukraine, including potentially heeding Zelenskyy’s calls for fighter jets.

Read more at: https://www.cnbc.com/2023/02/14/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Republican FTC Commissioner Wilson announces resignation, saying Chair Khan has a ‘disregard for the rule of law’

Wilson, the sole Republican on the FTC, announced Tuesday she plans to resign.

Read more at: https://www.cnbc.com/2023/02/14/republican-ftc-commissioner-wilson-announces-resignation.html

Nikki Haley enters race for president as first major challenger to Trump for the Republican nomination

Haley called for a new generation of leaders, saying Biden’s record was “abysmal” and the “Washington establishment has failed us over and over and over again.”

Read more at: https://www.cnbc.com/2023/02/14/nikki-haley-enters-race-for-president-as-first-challenger-to-trump-for-the-republican-nomination.html

Worried residents near Ohio train derailment report dead fish and chickens as authorities say it’s safe to return

Residents around East Palestine fear they, their animals and water sources were exposed to hazardous chemicals.

Read more at: https://www.cnbc.com/2023/02/14/worried-residents-near-ohio-train-derailment-report-dead-fish-and-chickens-as-authorities-say-its-safe-to-return.html

Appeals court upholds $110,000 contempt fine for Trump in New York attorney general case

The fine on Donald Trump is related to a probe of the Trump Organization by New York Attorney General Letitia James’ office which sued the company for fraud.

Read more at: https://www.cnbc.com/2023/02/14/trump-contempt-order-upheld-by-new-york-appeals-court-in-attorney-general-case.html

Rogue Ex-Credit Suisse Staffer “Inappropriately” Took Salary Data

Credit Suisse Group AG notified its workforce about a ‘rogue’ employee, who has since left the Swiss bank, stole personal data, including salaries and bonuses, of other employees.

Recruitment company eFinancialCareers first reported the former employee stole personal data years ago. At the time, the staffer had legitimate access to employee data and transferred it to a personal device in breach of company policies.

eFinancialCareers provided a snippet of the email that went out to employees:

“An individual employee, who has since left the firm and had legitimate access to your personal data at the time of their daily work, inappropriately copied this information without Credit Suisse authorization onto their personal device.”

The email outlined that “salary and variable compensation” data between 2013-15 was taken. Also, bank account information to pay bonuses and salaries was copied onto the personal device.

Read more at: https://www.zerohedge.com/markets/rogue-ex-credit-suisse-staffer-inappropriately-took-salary-data

Iconic Hedge Funds Amassing Big Positions In Most Shorted Stock, As Soros Reveals Levered Short

Two weeks ago, when the meme stock frenzy made a triumphal return only this time with a 0DTE twist, we published a list of the most shorted names that had been rushing higher in 2023 on the back of the most brutal short squeeze since Jan 2021, when reddit daytraders became instant millionaires overnight after steamrolling such popular bearish hedge funds as Melvin Capital and other levered shorts who needed bailouts to avoid a total wipeout.

The list revealed that the most shorted company, with a short interest as % of float higher even than that of Carvana, was embattled crypto bank Silvergate:

It sported a 65% short interest as % of float, a number that has since risen to a record 66.8% of the float in the form of 20.2 million shares short as of Feb 1…

Read more at: https://www.zerohedge.com/markets/iconic-hedge-funds-amassing-big-positions-most-shorted-stock-soros-reveals-levered-short

Gordon Johnson: Tesla’s China Weekly Delivery Numbers Fell Sharply Last Week

No sooner did we write about how Tesla’s sales in China were perking up to start the new year thanks to price cuts, than it looks as though the increase in demand may be falling off to start the new month.

That was the topic of a new GLJ Research note to clients on Tuesday morning. Analyst Gordon Johnson looked at the company’s weekly China deliveries for the week of February 6th to February 12th and noted an apparent plunge in demand.

While the “trend” only looks to have been for one week so far, it is worth keeping an eye on, especially because Tesla has once again raised prices in China (as we noted days ago). Whether or not this was in response to the fall in demand or the cause of it remains unclear.

Johnson wrote to clients: “In short, as detailed in Ex. 1 below, we remind our readers that in TSLA’s most important/profitable market of China, on Jan. 5th, 2023, due to lackluster demand, the company resorted to sharp price cuts across its suite of cars in China, to include: (a) -17.0% for the Model 3 SR, (b) -5.7% for the Model 3 P, (c) -13.4% for both the Model Y SR and Model Y LR, and (d) -9.6% for the Model Y P.”

Read more at: https://www.zerohedge.com/markets/gordon-johnson-sees-big-trouble-little-china-tesla-weekly-deliveries-fall-sharply

Buttigieg Breaks Silence On Ohio Train Derailment As NTSB Cites ‘Wheel Bearing Failure’

Update (1345ET): The NTSB has said in a Tuesday statement that “investigators have identified and examined the rail car that initiated the derailment,” adding “Surveillance video from a residence showed what appears to be a wheel bearing in the final stage of overheat failure moments before the derailment.”

The agency says it will publish a preliminary report on the incident in two weeks, as it is still examining evidence from the train and cars.

NTSB investigators have identified and examined the rail car that initiated the derailment. Surveillance video from a residence showed what appears to be a wheel bearing in the final stage of overheat failure moments before the derailment. The wheelset from the suspected railcar has been collected as evidence for metallurgical examination. The suspected overheated wheel bearing has been collected and will be examined by engineers from the NTSB Materials Laboratory in Washington, D.C.

The tank cars are currently being decontaminated. Once the process is complete, NTSB investigators will return to Ohio to complete a thorough examination of the tank cars.

The vinyl chloride tank car top fittings, including the relief valves, were removed and secured in a locked intermodal container pending an NTSB examination. Once the fittings are examined by NTSB investigators, they will be shipped to Texas for testing, which will be conducted under the direc …

Read more at: https://www.zerohedge.com/political/buttigieg-breaks-silence-ohio-train-derailment-after-backlash

Ford to cut one in five jobs in the UK

The carmaker will cut 1,300 jobs, mainly at its research and development site in Essex.

Read more at: https://www.bbc.co.uk/news/business-64629072?at_medium=RSS&at_campaign=KARANGA

More 16-24-year-olds get jobs as living costs bite

A record number of people move out of being economically inactive, driven by younger and older workers.

Read more at: https://www.bbc.co.uk/news/business-64629438?at_medium=RSS&at_campaign=KARANGA

Loans firm Amigo let off £73m fine

It failed to carry out proper checks on borrowers but the regulator said the fine would have caused “financial hardship”.

Read more at: https://www.bbc.co.uk/news/business-64639550?at_medium=RSS&at_campaign=KARANGA

Adani Enterprises Q3 Results: Firm posts Rs 820 crore profit vs Rs 12 crore loss YoY

“The current market volatility is temporary; and as a classical incubator with a vision of long-term value creation, AEL will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow,” Chairman Gautam Adani said.​​

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/adani-enterprises-q3-results-firm-posts-rs-820-crore-profit-vs-rs-12-crore-loss-yoy/articleshow/97911145.cms

Top pick in OEM space! M&M can rally up to 25%, says Nomura

M&M’s tractor division growth outpaced the industry at ~15% year-year (YoY) in 3QFY23. Its market share improved sequentially to ~41% in 3QFY23, compared with ~40.1% in 2QFY23. Nomura expects M&M’s tractor division’s growth to be higher than the overall industry, as it factors in a higher market share.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/top-pick-in-oem-space-mm-can-rally-up-to-25-says-nomura/articleshow/97911685.cms

TVS Motors among 4 stocks to buy on Valentine’s Day

TVS Motors is currently trading at Rs 1,069 and is trending upward while maintaining trendline support. For the past five months, TVS has seen good price and time consolidation and is currently fluctuating between Rs 975 and 1175, the brokerage said, adding that the stock can be bought around Rs 1,069 zone and adding till Rs 1,040 with a target of Rs 1,170–1,210. Below Rs 1,010 levels, Choice Broking said the view will be negated.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tvs-motors-among-4-stocks-to-buy-on-valentines-day/articleshow/97904231.cms

Market Snapshot: U.S. stocks trade mixed as Nasdaq, S&P 500 edge higher after hotter-than-expected inflation report stokes higher interest rate concerns

U.S. stocks are trading mixed after January’s consumer price index data revealed a seventh straight month of slowing inflation, even as the data was slightly higher than consensus.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7198-A9D11F650073%7D&siteid=rss&rss=1

The Moneyist: ‘I am trying to feverishly save for retirement’: My fiancé pays $1,700 a month to the IRS and owes student debt. We’re both 57. Should I marry him for his Social Security and pension?

‘For 14 of these years my fiancé worked many jobs, and always had payroll tax deductions, but chose not to file yearly income taxes’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7198-ED04ACEDF0E7%7D&siteid=rss&rss=1

Futures Movers: Oil traders hit ‘sell button’ with U.S. set to release more crude from its Strategic Petroleum Reserve

Oil settles lower on Tuesday after the U.S. said it would follow through with a plan to sell 26 million barrels of crude from its Strategic Petroleum Reserve.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7198-BB716B828765%7D&siteid=rss&rss=1