Oil Major Profits Spark Renewed Calls For A Windfall Tax

With oil majors all reporting impressive profits this week, critics are once again questioning how governments will respond to huge oil and gas earnings in the face of rising inflation and economic instability. The high consumer energy costs still being seen don’t match up with the profits achieved by energy firms, thanks to high oil and gas prices, with a growing number of observers asking governments for subsidies to be financed by a windfall tax on oil and gas firms. While the U.K. has followed this path, other countries – such as…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Major-Profits-Spark-Renewed-Calls-For-A-Windfall-Tax.html

Europe’s Ambitious Hydrogen Plans Face Challenges

Europe is betting on hydrogen to cut the use of fossil fuels and achieve climate neutrality by 2050, but the hydrogen industry faces challenges in making the sector a scalable and cost-effective replacement for natural gas. The EU’s renewables strategy includes the ambition to produce 10 million tons and import 10 million tons of renewable hydrogen in the EU by the end of this decade. The European Commission has outlined a ‘hydrogen accelerator’ concept to scale up the deployment of green hydrogen, which, the EC says, will contribute to accelerating…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Ambitious-Hydrogen-Plans-Face-Challenges.html

The $1 Million Math Problem Undermining Wind Energy

You can win a million dollars for finding a solution to reliably predict how air currents, breeze, and turbulence interact in a mathematical model of fluid dynamics. The $1 million Millennium Prize is offered for solving equations like the Navier–Stokes Equation, first formulated in the 19th century, but never solved. The prize is so substantial not only because a thorough understanding of the remarkable complexities of fluid dynamics has remained far out of reach for mathematicians, but also because of the major implications that such a…

Read more at: https://oilprice.com/Energy/Energy-General/The-1-Million-Math-Problem-Undermining-Wind-Energy.html

EU Looks To Attract More Suppliers To Its Joint Gas Purchase Platform

The European Union is keen to attract international natural gas suppliers to offer volumes for sale on the EU’s new joint gas purchase platform to keep prices low and avoid another winter of fears of gas shortages.   “All international suppliers of gas should come and bid,” Maros Sefcovic, European Commission Vice President for Interinstitutional Relations and Foresight, told Bloomberg TV in an interview on Friday. “We have to be vigilant, the situation is still very fragile,” Sefcovic said, commenting on the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Looks-To-Attract-More-Suppliers-To-Its-Joint-Gas-Purchase-Platform.html

Colombia’s Ambitious Renewable Energy Revolution

Since Gustavo Petro became president of Colombia last summer, hopes around the future of the country’s renewable energy sector have risen. Petro has repeatedly stated that he wants to move away from oil and gas to focus on Colombia’s vast green resources, promoting investment in the renewable energy sector. But can fossil-fuel-reliant Colombia really move away from coal, oil, and gas in favor of renewable alternatives that much more quickly than other countries?  Several major fossil fuel operations across Colombia were forced…

Read more at: https://oilprice.com/Energy/Energy-General/Colombias-Ambitious-Renewable-Energy-Revolution.html

Georgia Arrests Man Who Tried To Sell Uranium In Tiny Bottle For $2 Million

Georgia’s counterterrorism police have arrested a man who carried around uranium in a tiny glass bottle. Ilia Belkania, a 52-year-old living off social benefits, was planning to sell the little batch of nuclear material for $2 million, the State Security Service said on May 1.  State security officials released a video of a little bottle with a bright, greenish-yellow substance being checked with a radiation detector. The video also showed officials in balaclavas arresting Belkania at an unspecified wooded location and retrieving the vial…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Georgia-Arrests-Man-Who-Tried-To-Sell-Uranium-In-Tiny-Bottle-For-2-Million.html

Oil And Gas Drilling Activity In The U.S. Slows

The total number of total active drilling rigs in the United States fell by 7 this week, according to new data from Baker Hughes published Friday, after rising by 2 last week. It is the largest single-week decrease in the number of active drilling rigs since February. The total rig count fell to 748 this week—43 rigs higher than the rig count this time in 2022—and 327 rigs lower than the rig count at the beginning of 2019, prior to the pandemic. Oil rigs in the United States fell by 3 this week to 588. Gas rigs fell by 4 to 157. Miscellaneous…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-And-Gas-Drilling-Activity-In-The-US-Slows.html

Latest Oil Discovery Offshore Guyana May Not Be Commercial

The joint venture partners in the Corentyne Block offshore Guyana have discovered oil in a well drilled on the block, but they are not giving assurances that there is enough crude in place to ultimately lead to commercial oil production. CGX Energy Inc and the Frontera Energy Corporation, partners in the Corentyne Block, this week said in their respective first-quarter results releases that the Wei-1 well on the Corentyne block was successfully drilled and oil was encountered.   “Preliminary indications from the secondary targets in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Latest-Oil-Discovery-Offshore-Guyana-May-Not-Be-Commercial.html

Is Russia Really Cutting Oil Production?

Earlier this year, Russia said it would reduce its oil production rate by half a million barrels daily in response to Western sanctions and as part of OPEC+ efforts to prop up international oil prices. Yet export data is creating confusion: based on that data, Russia is producing as much oil as before. At the same time, the number of idled wells in the country has gone up, Bloomberg reported this week. And Russia has stopped reporting official production figures. The situation has all the markings of a good mystery. A mystery is the one thing this…

Read more at: https://oilprice.com/Energy/Energy-General/Is-Russia-Really-Cutting-Oil-Production.html

Oil Prices Rally As The Market Refocuses On Fundamentals

Oil prices are still on track to finish out the week in the red, but crude prices saw a strong rally on Friday morning as the market attempts to rebalance itself from the disconnect between bearish sentiment and fundamentals. Much of the previous week’s price slide can be attributed to a disappointing crude oil demand look out of China on the back of lackluster manufacturing activity, compounded by bank sector stressors in the United States. Nevertheless, little has changed in the way of oil market fundamentals, and the market is looking…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Rally-As-The-Market-Refocuses-On-Fundamentals.html

What Happened To Oil & Gas Dealmaking In The First Quarter?

After a very fruitful period that saw the energy sector emerge as the best performer in 2022, the oil price rally has ground to a halt and fully reversed course as oil and prices tumbled to multi-year lows. Energy prices have slid again after the Fed hiked interest rates on Wednesday to the highest level in 16 years as it attempts to combat inflation. The price action has come as a surprise considering that U.S. inventories have been steadily falling for weeks. Unfortunately, it appears that the malaise and bearishness have spread into the M&A…

Read more at: https://oilprice.com/Energy/Energy-General/What-Happened-To-Oil-Gas-Dealmaking-In-The-First-Quarter.html

India To Remain Heavily Reliant On Coal

Despite its push into wind and solar electricity generation, India is set to remain heavily reliant on coal power at least until 2030, Bloomberg has reported, citing the country’s Central Electric Authority. “Availability of affordable and reliable electricity is a key factor in sustainable growth of the country,” the chairman of the agency said in a report that forecasts coal generation will account for some 54% of India’s total electricity output in 2030. Currently, coal accounts for three-quarters of the total generation…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-To-Remain-Heavily-Reliant-On-Coal.html

Oil Markets Struggle To Shake Economic Doom And Gloom

While a rebound in oil prices on Friday morning may have stopped this from being one of the worst weeks for oil in recent memory, oil markets are struggling to shake the economic gloom and doom that is driving bearish sentiment.Oilprice Alert: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, and all for less than a cup of coffee per week. Friday, May 5th, 2023This…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-Struggle-To-Shake-Economic-Doom-And-Gloom.html

Russia Reports A Second Drone Attack On Its Ilsky Oil Refinery

A second drone attack in two days caused a fire at the Ilsky oil refinery in the southern Russian region of Krasnodar, Russian news agency TASS reported on Friday, citing sources with the emergency services. “A drone attacked the territory of the Ilsky oil refinery, which resulted in a fire on an area of 60 square meters,” said one source, adding that the fire had been put out.  No casualties have been reported from the fire, TASS later reported. “The employees of the oil refinery were evacuated, there were no casualties,” according to the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Reports-A-Second-Drone-Attack-On-Its-Ilsky-Oil-Refinery.html

UAE To Ship Lower Oil Volumes To Asia This Month

The United Arab Emirates’ ADNOC has informed Asian buyers of crude it would ship 5% lower volumes to them this month, possibly as a result of the additional OPEC+ production cuts announced last month. For June and July, however, ADNOC told buyers it would supply full volumes, Reuters reported, citing unnamed sources familiar with developments. One source, however, noted that “We may see less loading from ADNOC from May onwards.” The additional production cut of 1.16 million bpd was agreed to stay in effect until the end of the year. OPEC+ agreed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-To-Ship-Lower-Oil-Volumes-To-Asia-This-Month.html

Dow jumps 500 points to break four-day losing streak as regional banks and Apple shares surge: Live updates

Stocks rebounded as regional bank shares climbed off their lows and market-darling Apple reported better-than-expected quarterly earnings.

Read more at: https://www.cnbc.com/2023/05/04/stock-market-today-live-updates.html

Here’s where the jobs are for April 2023 — in one chart

See which sectors gained, and lost, the most jobs in April.

Read more at: https://www.cnbc.com/2023/05/05/heres-where-the-jobs-are-for-april-2023-in-one-chart.html

Used vehicle prices fell last month for the first time in 2023

Cox Automotive reported a 3% decline from March to April in its Manheim Used Vehicle Value Index.

Read more at: https://www.cnbc.com/2023/05/05/manheim-used-vehicle-index-prices-fall-in-april.html

Biden: Say goodbye to job growth and low unemployment if the debt ceiling isn’t lifted

Biden used the stronger-than-expected April jobs number to warn of economic catastrophe if the debt limit isn’t raised.

Read more at: https://www.cnbc.com/2023/05/05/biden-say-goodbye-to-job-growth-if-debt-ceiling-isnt-lifted.html

CNBC Pro Talks: Buffett disciple says capital discipline is an ‘adage’ at Berkshire Hathaway

Thomas Russo became a value investor more than 40 years ago after meeting Warren Buffett at Stanford Business School in the early 1980s. Incorporating Buffett’s style of value investing, Russo managed to grow assets in his Semper Vic Partners funds at Gardner Russo & Quinn to more than $9 billion. Watch what he expects from the annual Berkshire Hathaway shareholder meeting and where he’s finding opportunities in today’s tricky market.

Read more at: https://www.cnbc.com/video/2023/05/05/cnbc-pro-talks-buffett-disciple-says-capital-discipline-is-an-adage-at-berkshire-hathaway.html

Florida Gov. Ron DeSantis signs bill to void Disney development deals

The deals are at the center of the battle between Disney and DeSantis, who is expected to challenge former President Donald Trump in the 2024 GOP primary.

Read more at: https://www.cnbc.com/2023/05/05/desantis-signs-bill-to-void-disney-development-deals.html

PacWest stock jumps 80% as regional banks rebound on Friday, but still down sharply for the week

Friday’s rally for stocks like PacWest and Western Alliance made a dent in the week-to-date losses

Read more at: https://www.cnbc.com/2023/05/05/regional-bank-stocks-rebound-on-friday-but-still-headed-for-steep-losses-on-the-week.html

Trump says in Carroll rape case deposition that stars have ‘historically’ grabbed women

The deposition of former President Donald Trump was released a day after lawyers for E. Jean Carroll rested their case at a federal civil trial in New York.

Read more at: https://www.cnbc.com/2023/05/05/trump-deposition-in-e-jean-carroll-rape-defamation-case-released-in-court.html

Warren Buffett’s successor Greg Abel is wooing shareholders, but some questions remain

While Berkshire shareholders have grown more confident in Abel’s capabilities, some key questions about the eventual succession linger.

Read more at: https://www.cnbc.com/2023/05/05/warren-buffetts-successor-greg-abel-is-wooing-shareholders.html

Ukraine war live updates: Wagner leader says his forces will leave Bakhmut; Bill Clinton says he foreshadowed Russian invasion

Russia’s Wagner Group leader Yevgeny Prigozhin made the dramatic announcement that his forces would abandon their positions in the embattled city of Bakhmut.

Read more at: https://www.cnbc.com/2023/05/05/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Warren Buffett’s Berkshire Hathaway has been a fortress stock during recessions and bear markets. Here’s how

The stock is known as a safe haven during turbulent times.

Read more at: https://www.cnbc.com/2023/05/05/warren-buffetts-berkshire-hathaway-has-been-a-fortress-stock-during-recessions-and-bear-markets-heres-how.html

TurboTax payments for $141 million settlement to begin next week. Here’s who qualifies

If you paid for TurboTax filing software when it should have been free, you may be eligible for part of a $141 million settlement. Here’s how it works.

Read more at: https://www.cnbc.com/2023/05/05/heres-who-qualifies-for-the-141-million-turbotax-settlement.html

Crypto prices rise, and Coinbase shares soar after Q1 earnings beat expectations: 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, Vanderbilt Law School Professor Yesha Yadav discusses her research on stablecoins and CBDCs as well as regulation by enforcement.

Read more at: https://www.cnbc.com/video/2023/05/05/crypto-prices-rise-coinbase-shares-earnings-beat-expectations-cnbc-crypto-world.html

$50 Trillion For What? Kennedy Dumbfounds Biden Climate Peddler In Fiery Exchange Over ‘Carbon Neutrality’

Biden Deputy Secretary of Energy David Turk highlighted the absurdity of the climate grift this week during a Senate Appropriations Subcommittee hearing, when Sen. John Kennedy (R-LA) couldn’t get a straight answer out of him over the cost of going ‘carbon neutral.’

In a tense exchange, Kennedy repeatedly attempted to get Turk to give a straightforward answer to just how much American taxpayers will have to pay to achieve the Biden administration’s goal of reaching US carbon neutrality by 2050.

When Kennedy asked whether some of the “experts” Turk referred to earlier were correct in a $50 trillion estimate, Turk nodded his head, and said “It’s gonna cost trillions of dollars, there’s no doubt about it.”

“f we spend $50 trillion to become carbon neutral by 2050 in the United States of America, how much is that going to reduce world temperatures?” Kennedy replied. The conversation continued (transcription …

Read more at: https://www.zerohedge.com/political/50-trillion-what-kennedy-dumbfounds-biden-climate-peddler-fiery-exchange-over-carbon

Lawmaker Vows To Block Speed Limiters On Trucks

By John Gallagher of FreightWaves

An Oklahoma lawmaker is taking a preemptive shot at a truck speed limiter proposed rule scheduled to be published this year, introducing a bill aimed at stopping it.

The Deregulating Restrictions on Interstate Vehicles and Eighteen-Wheelers (DRIVE) Act, introduced in the U.S. House on Tuesday by Republican Josh Brecheen, would prohibit the Federal Motor Carrier Safety Administration from “implementing any rule or regulation requiring v …

Read more at: https://www.zerohedge.com/markets/lawmaker-vows-block-speed-limiters-trucks

University Slammed For Erasing The Word ‘Woman’ From Its Maternity And Menopause Policies

Authored by Steve Watson via Summit News,

A London University has been criticised for removing the word ‘woman’ from it’s maternity policy and declaring that maternity, as well as the menopause, applies to “all genders”.

The University of the Arts London (UAL) implemented the wording in its policies a year ago, but the move has attracted attention since the institution began virtue signalling about it on social media and its own website.

Happy #InternationalWomensDay!

At UAL we are taking action to tackle typically gendered i …

Read more at: https://www.zerohedge.com/political/university-slammed-erasing-word-woman-its-maternity-and-menopause-policies

“Do Not Drive” Warning: NHTSA Recalls 90,000 BMWs Over Exploding Killer Airbags

The National Highway Traffic Safety Administration published a “Do Not Drive” warning for 90,000 BMW vehicles built between 2000 and 2006 with Takata airbags, telling owners to immediately park sedans and SUVs due to an increasing threat the airbags might explode.

“These vehicles are 17 to 22 years old, and the risk to vehicle occupants is dire. These are some of the oldest Takata airbags under recall and have an extremely high probability of failure during a crash. If the inflators rupture, the metal fragments ejected toward the driver’s face could kill or leave them with devastating, life-altering injuries,” NHTSA wrote.

The warning covers the 2000-2006 BMW 3 Series (E46), including M3, 2000-2003 5 Series (E39), including M5, and 2000-2004 X5s (E53) equipped with faulty Takata airbags.

“If you have a model year 2000-2006 BMW with a recalled Takata air bag, get it repaired immediately – for free. These inf …

Read more at: https://www.zerohedge.com/markets/do-not-drive-warning-nhtsa-recalls-90000-bmws-over-exploding-killer-airbags

CBI hires ethics consultancy to overhaul culture

The business lobby group appoints advisors to try to salvage its reputation as police investigate rape claims.

Read more at: https://www.bbc.co.uk/news/business-65501159?at_medium=RSS&at_campaign=KARANGA

HSBC foils plan by major investor to break up bank

China’s Ping An fails to get the backing to split the lender in a crunch vote over its future.

Read more at: https://www.bbc.co.uk/news/business-65478826?at_medium=RSS&at_campaign=KARANGA

Bunting, biscuits, beer – Brits spend on Coronation

The public is on course to shell out £200m on food and drink this weekend, one retail body predicts.

Read more at: https://www.bbc.co.uk/news/business-65494210?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms shooting star on weekly chart. What should traders do on Monday

The Nifty suffered a 1% loss in Friday’s trading session, forming a bearish candle with a long upper shadow. The weekly chart also showed a shooting star pattern, which implies bearishness. To witness a bounce, the Nifty needs to cross and maintain above the 18081 region. Supports for it lie in the 18018 and 17887 marks. India VIX was up by 4.82% at 12.29 levels, while options data suggests a broader trading range between 17700 to 18500 zones. Traders and analysts are waiting for the Nifty’s next base formation.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-shooting-star-on-weekly-chart-what-should-traders-do-on-monday/articleshow/100015356.cms

FIIs driving on top speed see this auto stock gaining most in 5 years

Despite facing significant challenges in exporting its products, shares of Indian two-wheeler company Bajaj Auto have risen dramatically this year, seeing a return of over 23%. The rise in share price has been driven by foreign institutional investors’ sustained buying and expectations of a recovery in both rural and international markets. The company’s diversified geography mix and electric vehicle portfolio plans have been cited as additional potential catalysts for earnings. Despite the rise, analysts claim the stock’s valuations remain reasonable.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/3rd-runner-up-fiis-driving-on-top-speed-sees-this-auto-stock-gaining-most-in-5-years/articleshow/100002528.cms

Marico Q4 Results: Cons PAT rises 20% YoY to Rs 302 crore, sales growth muted

The company reported its earnings after markets closed. The stock ended 0.7% down at Rs 493.60 on the National Stock Exchange.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/marico-q4-results-cons-pat-rises-20-yoy-to-rs-302-crore-sales-growth-muted/articleshow/100012711.cms

Market Snapshot: Dow up 550 points as stocks aim to snap 4-day losing streak after Apple earnings, jobs report

The U.S. stock market is up sharply Friday afternoon, boosted after a strong April jobs report, a rebound by regional-banks shares, and solid Apple earnings.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71EC-3FF96AD27E6C%7D&siteid=rss&rss=1

Financial Crime: SEC announces largest-ever whistleblower award of $279 million for tipster in enforcement cases

The agency didn’t divulge details of the cases or name the informant, but said the award was more than double the previous record.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71ED-146F423916A6%7D&siteid=rss&rss=1

The Margin: Kentucky Derby odds and betting favorites, prize money and how to watch the race

Here’s what time the Kentucky Derby runs, where it’s streaming and everything else you need to know

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71EA-F7E930F3044B%7D&siteid=rss&rss=1