Commodity Trade Between China And Australia Jumps

By Sohrab Darabshaw via AGMetalminer.com March proved a good month for Australia and China. New data shows Australia’s exports to China touched a new high in that month. Though the export surge affected most commodities, the most prominent were coal and iron ore. Political and economic observers studying the relationship between the two nations interpret this as new signs of a thaw in their frosty relationship. According to this CNN report, March thermal coal exports from Australia to China increased by 122% from a year earlier,…

Read more at: https://oilprice.com/Energy/Coal/Commodity-Trade-Between-China-And-Australia-Jumps.html

Iraq Asks Turkey To Resume Oil Flows

Iraq has officially requested that Turkey restart the pipeline responsible for sending Iraqi crude oil from the semi-autonomous Kurdistan Region to the port of Ceyhan, a statement from Iraq’s Kurdistan Regional Government said on Thursday. Oil flows along the pipeline have been halted for weeks. “Both the Kurdistan Region’s Ministry of Natural Resources and Iraq’s Ministry of Oil are reportedly waiting for Turkey’s response before resuming oil exports,” the KRG statement said. Iraq’s oil minister said last…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Asks-Turkey-To-Resume-Oil-Flows.html

The Growing Importance Of Robots In The Oil And Gas Industry

With the hot topic of artificial intelligence (AI) being talked about in every industry and all around the world, it’s important to understand how it plays into the oil and gas industry. Robotics and AI have long featured in the energy industry, but it was only during the Covid pandemic that they gained much more attention for their potential use on unmanned platforms. So, coming out of the pandemic, just how will robotics, AI, and similar technologies shape the future of oil and gas? There are several reasons that companies are looking to…

Read more at: https://oilprice.com/Energy/Energy-General/The-Growing-Importance-Of-Robots-In-The-Oil-And-Gas-Industry.html

Visualizing The Crucial Role Of Uranium

Uranium is the primary fuel for nuclear energy, powering more than 400 reactors that make up 10% of the world’s annual electricity generation. With countries turning back to nuclear power as a clean energy resource, uranium has become a strategically important metal for the future.  This infographic by Visual Capitalist’s Govind Bhutada and Zack Aboulazm, sponsored by CanAlaska Uranium explores how uranium’s unique properties allow nuclear power to be clean and efficient, and highlights the outlook for its future. Why Uranium is…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Visualizing-The-Crucial-Role-Of-Uranium.html

How Permanent Is The Coal Industry’s Bounce Back?

Only recently written off as a sector in terminal decline, coal is raking in record profits. A perfect storm of factors stemming from the long arm of Covid-19, natural disasters affecting energy production, and the war in Ukraine turned energy war between Russia and the European Union provided a window for a coal renaissance that few could have predicted. Now, as markets stabilize and coal prices calm, the question is whether this surge was just a fluke in what will continue to be a downward trend for coal, or if it shows that the world’s…

Read more at: https://oilprice.com/Energy/Energy-General/How-Permanent-Is-The-Coal-Industrys-Bounce-Back.html

In Rare Call, Russia Seeks To Convince Western Analysts It Is Cutting Oil Output

Russian Deputy Energy Minister Pavel Sorokin sought to convince Western analysts that Russia is indeed reducing its oil production by 500,000 barrels per day as pledged earlier this year during a rare call with analysts this month, sources familiar with the call told Reuters on Thursday. Russia warned in February that it would cut its crude oil production by 500,000 bpd due to EU import bans and price caps on its crude oil and oil products. Initially, Russia said this lowered production would apply to March. But Deputy Prime Minister…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/In-Rare-Call-Russia-Seeks-To-Convince-Western-Analysts-It-Is-Cutting-Oil-Output.html

OPEC: World Oil Demand To Rise By 2.33 Million Bpd In 2023

For the third month running, OPEC has barely changed its forecast of global oil demand, predicting growth of 2.33 million barrels per day, or 2.3% Y/Y growth, good for a very slight increase from its previous forecast of 2.32 million barrels per day. According to OPEC, strong growth in the Chinese market of 800,000 b/d is likely to be offset by downside risks elsewhere such as the U.S. debt ceiling. “Minor upward adjustments were made due to the better than expected performance in China’s economy, while other regions are expected to see slight…

Read more at: https://oilprice.com/Energy/Crude-Oil/OPEC-World-Oil-Demand-To-Rise-By-233-Million-Bpd-In-2023.html

Saudi Aramco Pushes Back IPO For $30B Energy Trading Unit

Saudi Aramco is reportedly planning to postpone an initial public offering (IPO) of its energy trading business in what would have been one of the largest IPOs so far this year. Last year, Bloomberg reported that Aramco, Saudi Arabia’s main national oil company (NOC), was planning to list the business in late 2022 at a valuation of more than $30 billion. The Saudi firm has decided to push back the IPO in order to complete the integration of the trading business with its U.S.-based refining business Motiva Enterprises LLC. It’s also…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Pushes-Back-IPO-For-30B-Energy-Trading-Unit.html

Shale Steals The Show As Oil & Gas Spending Surges

Global energy reliability concerns are triggering a surge in oil and gas investments – but this uptick is only temporary, and service companies should capitalize now before the focus returns to the energy transition. After Russia invaded Ukraine, expected investments in fossil fuels in 2022 and 2023 surged by $140 billion, Rystad Energy research shows. Before the war, the two-year total was projected at $945 billion, but as the war sparked shortages and sky-high prices, expected spending has jumped to almost $1.1 trillion. Of the $140 billion…

Read more at: https://oilprice.com/Energy/Crude-Oil/Shale-Steals-The-Show-As-Oil-Gas-Spending-Surges.html

Trump Promises To “Drill, Baby, Drill” If Elected

“Drill, baby, drill” will be the first order of business for Donald Trump should he be elected president, the former president said at a Republican presidential town hall on Wednesday.   Asked about what would be the first thing he would do to cut food and gasoline costs, Trump simply said, “Drill, baby, drill.” Trump is leading in the polls of Republicans for their preferred nominee for next year’s presidential election with a wide margin ahead of the nearest potential nominee, Florida Governor Ron DeSantis. Still, U.S. shale firms are much…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trump-Promises-To-Drill-Baby-Drill-If-Elected.html

EPA Proposes Slashing Emissions From Coal And Natural Gas Power Plants

The U.S. Environmental Protection Agency (EPA) proposed on Thursday new standards on carbon emissions from coal and natural gas-fired power plants as the Biden Administration continues with its efforts to decarbonize the economy and the grids. EPA proposes to establish emission guidelines for large, frequently used existing fossil fuel-fired stationary combustion turbines, generally natural gas-fired, as well as to strengthen the current New Source Performance Standards (NSPS) for newly built fossil fuel-fired stationary combustion turbines. The…

Read more at: https://oilprice.com/Energy/Energy-General/EPA-Proposes-Slashing-Emissions-From-Coal-And-Natural-Gas-Power-Plants.html

China Reduces Fuel Export Quotas In Second Batch Of Allocations

China has issued 9 million tons of export quotas for refined products, mostly to state-held giant refiners, cutting the allocations in the second batch this year compared to nearly 19 million tons worth of quotas in the first batch granted in early 2023.   The lower volumes come amid depressed refining margins in Asia and stronger margins domestically, analysts and trade sources told Reuters. The export quotas, which also include 3 million tons of marine fuel, were issued mostly to large state refiners, with Sinopec, China National Petroleum…

Read more at: https://oilprice.com/Energy/Energy-General/China-Reduces-Fuel-Export-Quotas-In-Second-Batch-Of-Allocations.html

France’s Top Bank To Stop Funding New Oil And Gas Fields

France’s biggest bank, BNP Paribas, said on Thursday that it would no longer provide any financing for the development of new oil and gas fields regardless of the financing methods, as part of its energy transition goals. The French bank will not provide any financing for the development of new oil fields, including project financing, reserve-based lending, and Floating Production Storage and Offloading (FPSO) projects. BNP Paribas will phase out financing to non-diversified oil exploration and production players (independent oil companies)…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Frances-Top-Bank-To-Stop-Funding-New-Oil-And-Gas-Fields.html

Canadian Operators Restart Oil And Gas Production As Wildfires Subside

Major oil and gas operators in Canada’s energy-producing province of Alberta have restarted part of the production and processing facilities that were shut during the weekend as wildfires prompted an evacuation. Early this week, the wildfires in Canada resulted in the shut-in of 319,000 barrels of oil equivalent per day (boepd) from the country’s oil and natural gas production or 3.7% of all output. Alberta, the main energy-producing province in Canada, declared this weekend a state of emergency, with tens of thousands forced to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadian-Operators-Restart-Oil-And-Gas-Production-As-Wildfires-Subside.html

American Petroleum Institute Claims The EPA Is Trying To Ban ICE Vehicles

The new emission rules proposed by the Environmental Protection Agency would effectively mean a phase-out of internal combustion engine vehicles. That’s according to the American Petroleum Institute, which commented on proposed emission rule changes by the EPA that would require a 13% reduction in annual vehicle emissions in the United States for models 2027 to 2032. The proposed changes would also stipulate a 56% cut in overall average fleet emissions in that period from 2026 levels. “The stringency of the standards as proposed and illustrated…

Read more at: https://oilprice.com/Energy/Energy-General/American-Petroleum-Institute-Claims-The-EPA-Is-Trying-To-Ban-ICE-Vehicles.html

PacWest shares tumble 20% after regional bank says deposits fell 9.5% last week

Shares of PacWest were already down 40% this month and more than 70% for the year.

Read more at: https://www.cnbc.com/2023/05/11/pacwest-shares-tumble-20percent-after-regional-bank-says-deposits-fell-9point5percent-last-week.html

Jamie Dimon warns panic will overtake markets as U.S. approaches debt default

Dimon joined a host of executives and officials making dire predictions about the consequences of failing to raise or suspend the debt limit.

Read more at: https://www.cnbc.com/2023/05/11/jpms-jamie-dimon-warns-of-market-panic-as-us-nears-default.html

Dow closes more than 200 points lower for fourth straight day of losses, dragged down by Disney: Live updates

The Dow Jones Industrial Average fell Thursday as traders assess concerns over lower PacWest deposits and quarterly earnings from Disney.

Read more at: https://www.cnbc.com/2023/05/10/stock-futures-today-live-updates.html

Bowlero, the public company that reimagined bowling, faces dozens of discrimination claims that the feds want to settle for $60 million

Bowlero grew rapidly and became a success story among SPAC stocks, but former employees allege discrimination during its rapid expansion.

Read more at: https://www.cnbc.com/2023/05/11/bowlero-bowl-faces-dozens-of-eeoc-discrimination-claims.html

Washington is at an impasse on the debt ceiling. Here’s what that might mean for your portfolio

Investors are growing worried about whether officials will reach a resolution on the debt ceiling. Now might be a good time to review your bond holdings.

Read more at: https://www.cnbc.com/2023/05/11/what-washingtons-debt-ceiling-impasse-means-for-your-portfolio.html

Alphabet trading at highest since August as Wall Street cheers Google’s A.I. plans

Analysts seemed pleased that Google’s announcements will keep it at the forefront of the AI race and generate returns for the company.

Read more at: https://www.cnbc.com/2023/05/11/google-ai-event-sends-alphabet-stock-to-highest-price-since-august.html

Disney shares sink nearly 9% after the company reports streaming subscriber losses

The company, which posted profit and revenue for the period that were in line with Wall Street estimates, reported a loss of four million Disney+ subscribers.

Read more at: https://www.cnbc.com/2023/05/11/disney-shares-q2-streaming-subscriber-losses.html

JPMorgan CEO Jamie Dimon says he’s ‘so sad’ the bank had relationship with Jeffrey Epstein

JPMorgan Chase CEO Jamie Dimon soon will be deposed for lawsuits against the bank related to its former customer, sex predator Jeffrey Epstein.

Read more at: https://www.cnbc.com/2023/05/11/jpmorgan-ceo-jamie-dimon-regrets-jeffrey-epstein-relationship.html

Ukraine war live updates: Wagner chief says Ukraine’s counteroffensive has started; Kyiv says it needs more time and arms

Fighting in the besieged town of Bakhmut has returned to the fore of discussions over the war, with Ukraine saying it’s reclaiming territory there.

Read more at: https://www.cnbc.com/2023/05/11/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Robinhood crypto revenue drops in Q1, and IRS claims billions from FTX bankruptcy: 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, Andrew Durgee, head of Republic Crypto, discusses the joint hearing on Capitol Hill that he participated in and what was accomplished.

Read more at: https://www.cnbc.com/video/2023/05/11/robinhood-crypto-revenue-drops-irs-claims-billions-ftx-bankruptcy-cnbc-crypto-world.html

Why Airbus and others are betting on hydrogen-powered planes instead of electric planes

Aircraft are responsible for 2.5% of global CO2 emissions and the problem is growing. Hydrogen could be a solution, drawing interest from Airbus and startups.

Read more at: https://www.cnbc.com/2023/05/11/why-airbus-and-others-are-betting-on-hydrogen-powered-planes.html

Covid caused huge shortages in the jobs market. It may be easing — but there’s another problem ahead

Since the onset of Covid-19, labor shortages have plagued major economies and intensified inflationary pressures, but economists expect this trend to finally abate.

Read more at: https://www.cnbc.com/2023/05/11/covid-caused-huge-shortages-in-the-jobs-market-it-may-be-easing.html

GOP law cut Big Pharma tax rates by 40%, Senate report says

Senate Finance Committee Democrats said the Republican bill resulted in billion of dollars in tax savings for pharmaceutical companies.

Read more at: https://www.cnbc.com/2023/05/11/gop-law-cut-big-pharma-tax-rates-by-40percent-senate-report-says.html

Taiwan Says Its Military Won’t Let The US Blow Up Semiconductor Factories

Authored by Dave DeCamp via AntiWar.com,

Taiwan’s defense minister in statements early this week pushed back against the idea of the US bombing the island’s semiconductor factories in the event of a Chinese invasion.

Rep. Seth Moulton (D-MA) recently said the US should “make it very clear to the Chinese that if you invade Taiwan, we’re going to blow up TSMC,” referring to Taiwan Semiconductor Manufacturing Company, which produces the majority of the world’s advanced semiconductors.

Taiwan Semiconductor Manufacturing CompanyWhen asked about Moutlon’s comments, Taiwanese Defense Minister Chiu Kuo-cheng said the military wouldn’t let that happen.

“It is the military’s obligation to d …

Read more at: https://www.zerohedge.com/markets/taiwan-says-its-military-wont-let-us-blow-semiconductor-factories

Trump Effect: CNN Ratings Explode After Town Hall

Trump Effect: CNN Ratings Explode After Town HallAs expected, former President Trump’s commie-triggering participation in a CNN Town Hall Wednesday sent the beleaguered Fake News Network’s rating sky high.

The evening did not disappoint – with Trump repeatedly steamrolling host Kaitlan Collins at every turn, making fun of his rape accuser’s dog (or cat) named “vagina,” promising to settle the war in Ukraine “in one day,” and then – a crestfallen panel of CNN hosts afterwards with Jake Tapper nearly in tears, and then a panel of voters torching the network in an post-event interview.

Trump on E. Jean Carroll: “Her dog or her cat was named Vagina” 🤣 pic.twitter.com/hrZOLQKqeB

— ALX 🇺🇸 (@alx) May 11, 2023

Read more at: https://www.zerohedge.com/political/trump-effect-cnn-ratings-explode-after-town-hall

American Petroleum Institute Claims The EPA Is Trying To Ban ICE Vehicles

Authored by Irina Slav via OilPrice.com,

• The American Petroleum Institute has slammed the new emission rules proposed by the Environmental Protection Agency.
• The new rules would require a 13% reduction in annual vehicle emissions in the U.S. and a 56% cut in overall average fleet emissions.
• The API believes the proposed rules amount to a ban on internal combustion engines and will make the U.S. dependent on foreign suppliers for EV materials.

The new emission rules proposed by the Environmental Protection Agency would effectively mean a phase-out of internal combustion engine vehicles.

That’s according to the American Petroleum Institute, which commented on proposed emission rule changes by the EPA that would require a 13% reduction in annua …

Read more at: https://www.zerohedge.com/political/american-petroleum-institute-claims-epa-trying-ban-ice-vehicles

Watch Live: Hearing On How DHS Enables The Silencing Of Dissent

Homeland Security’s Subcommittee on Oversight, Investigations, and Accountability is holding a hearing entitled “Censorship Laundering: How the U.S. Department of Homeland Security Enables the Silencing of Dissent” this afternoon and we thought it may be worth tuning in for some partisan fireworks.

Chairman Dan Bishop (R-NC) said the hearing was to examine possible government overreach in a Department of Homeland Security (DHS) program that could be used to monitor mis-, dis-, and malinformation (MDM) posted online by American citizens.

“Time and time again, Biden and Mayorkas’ DHS has chosen censorship and suppression over free speech and put partisan games ahead of our national security. ”

“The dystopian ‘Disinformation Governance Board’ wasn’t an aberration—it was the tip of the iceberg of their ce …

Read more at: https://www.zerohedge.com/political/watch-live-hearing-how-dhs-enables-silencing-dissent

Be careful with 100% mortgages, homebuyers told

The Bank of England governor says buyers should treat these sometimes riskier deals with caution.

Read more at: https://www.bbc.co.uk/news/business-65565345?at_medium=RSS&at_campaign=KARANGA

Train strikes: Passengers warned of significant disruption

The train drivers’ union leader insists Eurovision events in Liverpool were not targeted by strikes.

Read more at: https://www.bbc.co.uk/news/business-65552029?at_medium=RSS&at_campaign=KARANGA

UK interest rates: Prices to be higher for longer, Bank of England warns

Interest rates rise to 4.5% – their highest level for almost 15 years in an attempt to slow soaring prices.

Read more at: https://www.bbc.co.uk/news/business-65554797?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty momentum indicators hint at weakness. What should traders do on Friday

The Nifty formed a bearish candle and closed nearly flat, and needs to hold above 18,250 zones to move upwards towards 18,400 and 18,442 zones; support is placed at 18,181 and 18,081 marks. India VIX rose by 1.03%, and volatility has been increasing for the last four sessions. Analysts suggested that Nifty is expected to consolidate in a broader trading range between 17,900 and 18,500 zones and trade in an immediate range of 18,150-18,450 zones

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-momentum-indicators-hint-at-weakness-what-should-traders-do-on-friday/articleshow/100162333.cms

Neither PE nor PB, Mukherjea uses this metric to pick financial stocks

When valuing Indian financial stocks, traditional methods like discounted future cash flows are impractical due to their lack of free cash flows. Dalal Street’s top stock picker Saurabh Mukherjea recommends using the “residual income” model instead. The model calculates return on equity (ROE) minus cost of equity (CoE) to determine the economic value add of a financial services company.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/neither-pe-nor-pb-saurabh-mukherjea-uses-this-metric-to-pick-financial-stocks/articleshow/100152337.cms

Dr Reddy’s tumbles 7%! Here’s what brokerages recommend

Dr Reddy’s Laboratories reported an 890% YoY surge in March quarter profit at Rs 960.1 crore but shares tumbled nearly 7% to Rs 4,545 in Thursday’s trade. While its revenue from operations increased by 15.28% YoY to Rs 5,843 crore, total expenses were down 4% at Rs 5,132.2 crore. US revenues fell 17% QoQ. Jefferies maintained its Buy rating on Dr Reddy’s Laboratories with a target price of Rs 5,650, while Prabhudas Lilladher downgraded the stock to Reduce with a revised target price of Rs 4,500 from Rs 4,900.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/dr-reddys-tumbles-7-post-q4-results-heres-what-brokerages-recommend/articleshow/100151601.cms

Mark Hulbert: Banning short selling of regional bank stocks won’t solve their problems

Restricting bets against the troubled banking sector would be ineffective and costly.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F3-397586DEFA60%7D&siteid=rss&rss=1

Market Extra: Here’s where investors may turn to ‘hide’ as U.S. debt-ceiling deadline looms based on 2011 market reaction

Stocks risk slumping in the debt-ceiling showdown, but investors probably will still want long-term Treasurys if 2011’s battle over the U.S. borrowing limit is any guide, according to Sevens Report Research.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F3-1CCBDA2A61DE%7D&siteid=rss&rss=1

The Human Cost: Child-care costs are outpacing inflation. This couple found affordable daycare, but it still costs more than college tuition.

As the rise in child-care costs outpaces inflation, some parents are reaching a breaking point.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F1-9074AED4F721%7D&siteid=rss&rss=1