Is The U.S. Preparing To Punish OPEC?

In early May, the U.S. House of Representatives Committee on the Judiciary was reportedly considering a bill to pressure the  OPEC oil producers’ group to stop making output cuts by revoking the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. (The committee previously passed the bill in 2018, 2019 and 2021.) The OPEC Basket Price has hovered in the mid $70s, not historically high, though U.S. politicians like to talk down the price of gasoline…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Is-The-US-Preparing-To-Punish-OPEC.html

2.7 Million Bpd Of Crude In Alberta Under Extreme Wildfire Threat

Norwegian energy consultancy Rystad Energy has warned that nearly 2.7 million barrels per day of Alberta oil sands production is in”very high” or “extreme” wildfire danger rating zones in the month of May. Rystad estimates that ~60% of May production volumes are currently subject to extreme wildfire danger levels, with the rest exposed to very high danger levels. “As of the afternoon of May 16, high-confidence outage volumes based on operator communication stand at about 240,000 barrels of oil equivalent per day (boepd), although in reality,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/27-Million-Bpd-Of-Crude-In-Alberta-Under-Extreme-Wildfire-Threat.html

The Massive Solar And Wind Waste Problem

Solar and wind power could have a massive waste problem if not dealt with soon, with growing uncertainty over what to do with components at the end of their lifespan. Some countries are now investing heavily in recycling operations for no longer functioning solar panels and wind turbines, while many others are uncertain about how to best tackle the problem sustainably. But one thing’s for sure, wind and solar power will be a lot less green unless governments worldwide introduce comprehensive regulations on how to manage renewable energy waste…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/The-Massive-Solar-And-Wind-Waste-Problem.html

Shale Drillers Are Auctioning Off Rigs at Bargain Basement Prices

The much-touted second shale boom has lately been getting a reality check as equipment demand declines sharply, a worrying sign that drilling in U.S. shale energy regions is leveling off.  The Financial Times has reported that next week, Texas auctioneer Kruse Asset Management will auction off two unused, top-of-the-line drilling rigs valued at $40 million and $30 million when built in 2019 at starting bids of just $12.9M and $2.3M, respectively. “There’s no reason for them to be so cheap, but there’s just no demand,”…

Read more at: https://oilprice.com/Energy/Energy-General/Shale-Drillers-Are-Auctioning-Off-Rigs-at-Bargain-Basement-Prices.html

Putin Says OPEC+ Cuts Were To Maintain High Oil Prices

Russia’s President Vladimir Putin has contradicted the position by OPEC+ that its 1.2 million barrels per day production cut announced in April was intended to balance the markets, with the Russian leader saying it was necessary to maintain relatively high oil prices.  According to Putin, the situation in the global oil markets is “absolutely stable” as Russia maintains output cuts in a bid to support prices adding that Russia was cutting production at the “required level”. “But all our actions, including those related to voluntary…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Putin-Says-OPEC-Cuts-Were-To-Maintain-High-Oil-Prices.html

Erdogan Confirms Extension Of Black Sea Ukraine Grain Deal

Turkish President Recep Tayyip Erdogan has announced that the Black Sea Grain Initiative allowing for the export of Ukrainian grain through the country’s Black Sea ports, has been extended for another two months. “With the efforts of our country, the support of our Russian friends, the contribution of our Ukrainian friends, it was decided to prolong the Black Sea grain deal for two more months,” Erdogan announced, one day before the deal was due to expire. Russia agreed not to block ships from leaving two Ukrainian harbors, Erdogan said, expressing…

Read more at: https://oilprice.com/Energy/Energy-General/Erdogan-Confirms-Extension-Of-Black-Sea-Ukraine-Grain-Deal.html

Tata Steel’s UK Plant Is Struggling To Cope With Rising Costs

By Chistopher Rivituso via AGMetalminer.com Difficult trading conditions and a lack of clarity over state aid have put the future of Tata Steel’s UK plant into doubt. The Indian parent group also warned that current conditions would soon affect Tata Steel prices at Port Talbot. “A stress test conducted by the board to assess the potential impact of the economic downturn found that while the European business was expected to have adequate liquidity under different scenarios, the outlook for Tata Steel UK was less certain,”…

Read more at: https://oilprice.com/Metals/Commodities/Tata-Steels-UK-Plant-Is-Struggling-To-Cope-With-Rising-Costs.html

Algeria’s LNG Exports Rise As Europe Races To Replace Russian Gas

Algeria’s exports of liquefied natural gas (LNG) rose in the first quarter of 2023 compared to the same period of 2022, and the North African producer booked the highest LNG export growth rate among the Arab countries as Europe seeks to replace Russian pipeline gas supply. Algeria’s LNG exports rose to around 2.8 million tons in the first quarter of 2023, up from 2.4 million tons during the same quarter of 2022, in which exports were below their usual levels, according to a report by the Organization of Arab Petroleum Exporting Countries…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Algerias-LNG-Exports-Rise-As-Europe-Races-To-Replace-Russian-Gas.html

Oil Inches Down As EIA Confirms Crude Build

Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an inventory build of 5 million barrels for the week to May 12. At 467.6 million barrels, the EIA said, crude oil inventories are just a bit below the five-year average for this time of the year. A day ago, the American Petroleum Institute estimated an inventory increase of 3.7 million barrels, versus analyst expectations for a draw of about a third of that amount. A week ago, the EIA estimated a build of 3 million barrels…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Inches-Down-As-EIA-Confirms-Crude-Build.html

BP Looks To Expand Its Biofuels Business

Supermajor BP is weighing the possibility of investing directly in feedstock crop farming and buying stakes in producers of biofuel feedstock as it is accelerating its biofuels business, Nigel Dunn, Senior Vice President Biofuels at BP, told Reuters in an interview published on Wednesday. “Biofuels are an easy way for our customers to make progress decarbonizing and, over the next decade, we expect demand to rise quickly,” Dunn says in BP’s recent overview of its bioenergy business. BP plans to have five biofuel plants built…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Looks-To-Expand-Its-Biofuels-Business.html

EU Unlikely To Agree To Permanent Shutdown Of Russian Gas Pipelines To Europe

The European Union is unlikely to agree to an idea to ban natural gas imports from the pipelines from Russia, where Moscow has already cut off the gas supply to Europe, EU diplomats have told POLITICO. Earlier this week, the Financial Times reported that the G7 and EU could target to ban the resumption of gas imports via those pipelines, even if Russia decides one day to resume sending gas through them. The proposal could be finalized at the G7 meeting of the world’s most industrialized nations in Hiroshima, Japan, later this week, officials…

Read more at: https://oilprice.com/Energy/Energy-General/EU-Unlikely-To-Agree-To-Permanent-Shutdown-Of-Russian-Gas-Pipelines-To-Europe.html

EU Delays Key Renewable Energy Vote Over Nuclear Disagreement

Sweden, which holds the rotating EU presidency, has dropped a key vote on the bloc’s renewable energy targets from Wednesday’s agenda as member states continue to argue about the role of nuclear power in the clean energy targets, Bloomberg reports, quoting sources familiar with the matter. In March, the European Union member states and the European Parliament reached a political agreement to raise the targeted share of renewable energy in the EU’s energy consumption to 42.5% by 2030, up from a current target of 32%. The provisional…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Delays-Key-Renewable-Energy-Vote-Over-Nuclear-Disagreement.html

Oil Prices Rise Amid Expectations Of A Tightening Market

Oil prices reversed losses and edged higher early on Wednesday as analysts expect an increasingly tighter market balance later this year. As of 7:20 a.m. EDT on Wednesday, ahead of the EIA’s weekly petroleum status report on inventories in the United States, the U.S. benchmark, WTI Crude, was up by 0.41% on the day at $71.11. The international benchmark, Brent Crude, was trading 0.40% higher at $75.16.   Price gains were limited due to continued concerns over the health of the U.S. economy and the patchy recovery in China, where recent…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Rise-Amid-Expectations-Of-A-Tightening-Market.html

India Cuts Crude Oil Windfall Tax To Zero

India’s government this week slashed the windfall tax on domestically-produced crude oil to zero, effective May 16, according to a government notification cited by Reuters.  In July last year, India slapped a windfall tax on the country’s oil producers and oil refiners who were exporting more due to the high international price of crude oil and refined products. The new taxes were aimed to serve as an incentive to keep more product at home and export less.  “As exports are becoming highly remunerative, it has been seen…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Cuts-Crude-Oil-Windfall-Tax-To-Zero.html

India Looks To Lock In Long-Term LNG Deals

Major Indian natural gas importers are discussing long-term supply deals with the biggest LNG exporting countries to lock in future supply and avoid volatility and uncertainty in case of spot price spikes, traders and executives tell Bloomberg. India plans to significantly increase its natural gas consumption as it looks to boost its share in the energy mix. But the country and its LNG importers are particularly sensitive to surging spot LNG prices and often retreat from the spot market when prices jump. Such was the case last year when high spot…

Read more at: https://oilprice.com/Energy/Energy-General/India-Looks-To-Lock-In-Long-Term-LNG-Deals.html

Biden, McCarthy say U.S. won’t default as debt talks inch forward

Leaders are running out of time to raise the debt ceiling before a June 1 deadline when the government is set to run out of money.

Read more at: https://www.cnbc.com/2023/05/17/debt-ceiling-talks-progress.html

Stocks close higher Wednesday, Dow surges 400 points as traders grow optimistic on a debt ceiling deal: Live updates

Investors hoped congressional leaders and President Joe Biden could come to a deal on the U.S. debt ceiling and avoid a catastrophic default.

Read more at: https://www.cnbc.com/2023/05/16/stock-market-today-live-updates.html

Target expects organized retail crime-fueled losses to jump by $500 million this year

Other retailers such as Home Depot and Walmart have also spoken out about rising theft and blamed online marketplaces.

Read more at: https://www.cnbc.com/2023/05/17/target-says-organized-retail-crime-fueled-losses-have-shot-up.html

Elon Musk talks Tesla, Twitter, and why he tweets freely — even if it costs him money

Elon Musk talked to CNBC’s David Faber following Tesla’s shareholder meeting on Tuesday.

Read more at: https://www.cnbc.com/2023/05/16/elon-musk-cnbc-interview-with-david-faber.html

The Fed could enact a ‘substitute’ interest rate hike at its June meeting

The rate-setting FOMC still could telegraph that policy is likely to stay tight well into the future.

Read more at: https://www.cnbc.com/2023/05/17/the-fed-could-enact-a-substitute-interest-rate-hike-at-its-june-meeting.html

Amazon’s Alexa head says company is ‘at the forefront of A.I.’ as chatbots explode

Rohit Prasad, Amazon’s senior vice president and head scientist for Alexa, said the e-retailer will be a major player in generative AI.

Read more at: https://www.cnbc.com/2023/05/17/amazons-alexa-head-defends-companys-work-on-ai-amid-chatgpt-boom.html

Elon Musk subpoena in Epstein-JPMorgan lawsuit can be served to Tesla, judge rules

Tesla CEO Elon Musk and co-founders of Google have been issued subpoenas in the Virgin Islands’ lawsuit against JPMorgan Chase related to Jeffrey Epstein.

Read more at: https://www.cnbc.com/2023/05/17/tesla-elon-musk-subpoena-jpmorgan-epstein.html

Ripple buys Swiss startup, and Justin Sun addresses SEC charges against him: 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, Tron founder Justin Sun addresses the recent SEC charges against him and explains whether he plans to buy assets of distressed crypto companies.

Read more at: https://www.cnbc.com/video/2023/05/17/ripple-buys-swiss-startup-justin-sun-sec-charges-cnbc-crypto-world.html

Disgraced Theranos CEO Elizabeth Holmes will report to jail on May 30

The order states that Elizabeth Holmes must report to prison on May 30. She is expected to report to a minimum-security prison in Bryan, Texas.

Read more at: https://www.cnbc.com/2023/05/17/disgraced-theranos-ceo-elizabeth-holmes-will-report-to-jail-on-may-30.html

Ukraine war live updates: Turkey says grain deal has been extended for Ukrainian shipping corridor

Russia appears to be doubling down on its efforts to capture Bakhmut in eastern Ukraine.

Read more at: https://www.cnbc.com/2023/05/17/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Kraft Heinz unveils customizable sauce dispenser with more than 200 condiment combos for restaurants

Kraft Heinz hopes to learn what new sauces it should launch in grocery stores based on data from the digital condiment dispenser.

Read more at: https://www.cnbc.com/2023/05/17/kraft-heinz-remix-customizable-sauce-dispenser.html

Wildfires burn millions of acres in Canada, send oil prices higher

The wildfires have burned about 478,000 hectares, or 1,800 square miles, across Alberta, British Columbia and Saskatchewan as of Monday.

Read more at: https://www.cnbc.com/2023/05/17/wildfires-burn-millions-of-acres-in-canada-send-oil-prices-higher.html

Top federal prosecutor in Massachusetts to resign after damning ethics report

Rachael Rollins, the U.S. Attorney for Massachusetts, used her position to help a fellow Democrat in their campaign for district attorney, a report found.

Read more at: https://www.cnbc.com/2023/05/17/massachusetts-federal-prosecutor-resign-ethics-scandal.html

Turley: Durham Report Condemns FBI’s Russia Probe… But Don’t Expect It To Make A Difference

Authored by Jonathan Turley,

“Raw, unanalyzed, and uncorroborated.”

Those words from the Durham Report summed up one of the most damning investigations in the Justice Department’s history.

In the 305-page report released Monday, special counsel John Durham concluded that the Trump-Russia investigation was launched without a required minimal level of evidence and shattered a host of departmental standards. Let that sink in: The Justice Department — as well as the media that covered it — effectively shut down a duly elected presidency, based on what turned out to be a politically engineered hoax.

That would make anyone angry. Really angry. Trump-level angry.

The fact is, in this instance, Donald Trump was correct when he said he was the target of a political hitjob funded by the Clinton campaign and maintained by virtually every media outlet. There is a word for that: disinformation.

Democrats such as former House Intelligence Committee Chairman Adam Schiff of California have pushed for censorship by claiming that disinformation is a threat to democracy.

Well, this is that threat — the real one. This actually left an administration mired in a faux scandal for years, with high-ranking officials paraded before grand juries and their guilt then proclaimed nightly on cable news shows.

Even after the Mueller investigation found insufficient evidence of collusion between the Russian government and …

Read more at: https://www.zerohedge.com/political/turley-durham-report-condemns-fbis-russia-probe-dont-expect-it-make-difference

US Officials Confirm Russian Strike On Patriot System In Ukraine: CNN

On Tuesday Russia’s military announced it destroyed US-supplied Patriot anti-air battery in Ukraine during a hypersonic missile strike on Kiev. Widely circulating video appeared to confirm the destruction of a Patriot battery, but still there was much speculation over the event, given it was a significant first on the Ukrainian battlefield.

US defense officials are now confirming that US Patriots were hit by Russia, however, they downplayed the degree of devastation of the strike. CNN reports:

The damage to a Patriot air defense system following a Russian missile attack near Kyiv on Tuesday morning is minimal, three US officials tell CNN, with one official describing it as “minor” damage.

Read more at: https://www.zerohedge.com/geopolitical/us-officials-confirm-russian-strike-patriot-system-ukraine-cnn

Stockman: Why Grandma Yellen Must Be Forced To Prioritize Spending

Authored by David Stockman via LewRockwell.com,

Let’s first reprise the great 2011 debt ceiling showdown. On July 28, just a few days prior to when the Treasury’s borrowing authority would have been exhausted, the yield on the benchmark 10-year UST note stood at 2.98%. And despite months of heated warnings to the freshly elected GOP House majority about its duty to promptly pass a “clean” debt ceiling increase that figure was actually down considerably from the 3.36% yield of early January 2011.

That’s right. As shown below, the whole seven-month ordeal on Capitol Hill about the expiring borrowing authority resulted in, well, an irregular but marked decline of the benchmark bond yield.

Yield On 10-Year UST, January 2011 to August 2012

On July 31st th …

Read more at: https://www.zerohedge.com/political/stockman-why-grandma-yellen-must-be-forced-prioritize-spending

FBI Leadership Sabotaged Clinton Foundation Investigations: Durham Report

Remember the Clinton Foundation? Which, took millions in foreign donations when everyone thought Hillary Clinton was going to win the 2016 US election, only to see donations plummet by 90% after she lost?

To review:

• FBI Informant Testifies: Moscow Routed Millions To Clinton Foundation In “Russian Uranium Dominance Strategy”
• FBI Informant “Threatened” After Offering Details Linking Clinton Foundation To Russian Bribery Case
• FBI Raids Home Of New Clinton Foundation, Uranium One Whistleblower
• Read more at: https://www.zerohedge.com/political/fbi-leadership-sabotaged-clinton-foundation-investigations-durham-report

Chancellor Jeremy Hunt: Office working should be default

Jeremy Hunt says while home working has benefits, he worries about a “loss of creativity” for firms.

Read more at: https://www.bbc.co.uk/news/business-65621081?at_medium=RSS&at_campaign=KARANGA

Vauxhall-maker warns Brexit may force it to close UK factory

Vauxhall-maker Stellantis is calling on the government to renegotiate some Brexit rules or risk losing electric

Read more at: https://www.bbc.co.uk/news/business-65612295?at_medium=RSS&at_campaign=KARANGA

Legend of Zelda game sells 10 million copies in three days

Tears of the Kingdom becomes the fastest-selling game in the Legend of Zelda franchise.

Read more at: https://www.bbc.co.uk/news/technology-65609932?at_medium=RSS&at_campaign=KARANGA

Shankar Sharma-owned smallcap stock rallies 75% in 12 sessions despite unfavorable Sebi order. Should you buy?

Brightcom Group stock shot up nearly 5% on Wednesday, extending gains to 12 consecutive sessions. The stock, held by ace investor Shankar Sharma, has gained nearly 75% since it hit its 52-week low of Rs 9.35 on May 2, 2023. Sharma held 25,000,000 shares in the company as of March 2023 quarter, which accounted for 1.24% stake. On the movement, technical analyst Nilesh Jain said the stock trades circuit-

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/shankar-sharma-owned-smallcap-stock-rallies-75-in-12-sessions-despite-unfavorable-sebi-order-should-you-buy/articleshow/100302691.cms

Tech View: Nifty charts hint at consolidation ahead. What should traders do on Thursday expiry

Nifty on Wednesday formed a long negative candle with a lower shadow on the daily charts, indicating support-based buying despite pressure at high levels. Now, it has to hold above 18,181 zones to witness an up move towards 18,333 and 18,400 zones, while on the downside supports are placed at 18,081 and 18,018 marks. Chandan Taparia of Motilal Oswal said India VIX was down by 1.39% from 13.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-consolidation-ahead-what-should-traders-do-on-thursday-expiry/articleshow/100306180.cms

Bank of Baroda shares rise on strong Q4 earnings. What should you do now?

Bank of Baroda’s shares increased after reporting strong Q4 earnings, with CLSA, Kotak Institutional Equities, and Motilal Oswal rating the lender as a ‘Buy’. Meanwhile, Macquarie stood neutral after the Q4 report. The net interest income for the quarter rose by 33.8% to Rs 11,525 crore, with a YoY growth of 26.8% at Rs 41,355 crore for FY23. However, analysts have warned that RoEs are reliant on credit costs, and MOSL has cautioned that further ECL provisioning is required.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/bank-of-baroda-shares-rise-on-strong-q4-earnings-what-should-you-do-now/articleshow/100293236.cms

Bond Report: 2- and 10-year Treasury yields end at almost one-month highs after Biden’s optimism on debt-ceiling deal

The 2-year Treasury yield rises for a fifth straight session on Wednesday after President Joe Biden expresses confidence about a U.S. debt-ceiling deal.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F8-0F9715AF7077%7D&siteid=rss&rss=1

Market Snapshot: Dow up 350 points in final hour of trade on optimism about potential debt-ceiling deal, rebound in regional banks

U.S. stocks extended gains Wednesday afternoon, helped by optimism about a resolution of the debt ceiling debate in Congress, and gains for regional lenders.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F8-03445D1543FE%7D&siteid=rss&rss=1

Washington Watch: Debt-ceiling standoff: What is Democrats’ ‘discharge petition’?

Key questions and answers about the discharge position, a procedural move that Democrats are using to try to force a debt-ceiling vote.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F8-9930E9F5BE11%7D&siteid=rss&rss=1