Why Green Energy Stocks Are Facing Headwinds

The clean energy sector has lately been struggling, with higher interest rates and a weakening economic outlook outweighing considerable backing by the Biden administration. The iShares Global Clean Energy ETF (NASDAQ:ICLN), the world’s largest green energy ETF and a catch-all bet on clean energy, has lost 4% in the year-to-date compared to a 10.3% gain by the S&P 500. The solar and wind energy benchmarks are not faring much better, either, with Invesco Solar ETF (NYSEARCA:TAN) down 2.9% YTD while First Trust…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Why-Green-Energy-Stocks-Are-Facing-Headwinds.html

Suriname’s Much-Needed Oil Boom May Soon Be Back On Course

The last year has been particularly turbulent for the former South American Dutch colony of Suriname. A rapidly deteriorating economy, violent anti-government protests, and rising political uncertainty are all weighing on Suriname’s burgeoning oil boom. These are some of the reasons that the 50% partners in Block 58 offshore Suriname, Apache and TotalEnergies, delayed making a final investment decision concerning the development of the block. While considerable uncertainty has emerged over the outlook for Suriname’s oil boom, which…

Read more at: https://oilprice.com/Energy/Energy-General/Surinames-Much-Needed-Oil-Boom-May-Soon-Be-Back-On-Course.html

Oil Prices Inch Higher As Debt Ceiling Talks Drag On

Oil prices were marginally higher on Monday’s trading session on rising belief that the U.S. will avoid a default. Front-month Nymex crude oil (CL1:COM) for June delivery was up 0.65% to $72.17/bbl at 1215 Hrs ET while front-month July Brent crude (CO1:COM) gained 0.21 to trade at 1.9% on the week to $75.71/bbl. Last week, both oil benchmarks gained ~2%, marking their first rise in five weeks, after wildfires shut in large amounts of crude supply in Alberta, Canada. The Canadian energy sector is reeling after the shutting in of at least 145,000…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Inch-Higher-As-Debt-Ceiling-Talks-Drag-On.html

How The Pace Of Climate Change Keeps Surprising Us

This seems like the 10th time that I’ve read a story that says Greenland’s glaciers are melting faster than previously thought and thus the consequences of climate change are moving much more quickly than we have estimated in the past. Even the pace of such stories has picked up. I found some in 2015, 2016, 2019, 2021 and 2022. And, back in 2013 scientists reported that just a little to the north of Greenland, their models were showing that the median estimate for an ice-free arctic in summer was 2060.…

Read more at: https://oilprice.com/The-Environment/Global-Warming/How-The-Pace-Of-Climate-Change-Keeps-Surprising-Us.html

Are We Nearing An Inflection Point For Oil?

Current oil market fundamentals are under pressure, and if you are listening to economists, hedgefunds or Western governments, you may conclude that the sentiment is decidedly bearish. The current low volatility in oil prices is a sign of a potential economic recession. The ongoing debt ceiling debate adds another factor to uncertainty in oil markets, just after the U.S. banking crisis fears dissipated. While bears are currently making a lot of noise, the reality might actually be the opposite. There are indications that a potential bull market…

Read more at: https://oilprice.com/Energy/Crude-Oil/Are-We-Nearing-An-Inflection-Point-For-Oil.html

Iraq Oil Output Continues To Fall Amid Turkey Spat

Oil production in Iraq’s semi-autonomous Kurdistan Regional Government (KRG)-ruled region has continued to drop, extending a stoppage that has lasted nearly two months. Export flows to Türkiye’s Ceyhan port show few signs of restarting months after Ankara halted Iraq’s 450,000 barrels per day (bpd) of exports through the Iraq-Türkiye pipeline on March 25 following an ICC ruling that Türkiye should pay Baghdad damages of $1.5 billion for unauthorized exports by the KRG. The stoppage is estimated to have cost the KRG more…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Oil-Output-Continues-To-Fall-Amid-Turkey-Spat.html

China Dominates Global Steel Industry

Steel is a critical component of modern industry and economy, essential for the construction of buildings, automobiles, and many other appliances and infrastructure used in our daily lives. Visual Capitalist’s Niccolo Conte create this infographic, using data from the World Steel Association, to visualize the world’s top steel-producing countries, and highlights China’s ascent to the top, as it now makes up more than half of the world’s steel production. The State of Global Steel Production Global steel production in…

Read more at: https://oilprice.com/Metals/Commodities/China-Dominates-Global-Steel-Industry.html

Ford Unveils 3 Lithium Supply Deals For EV Push

Ford Motor Co has signed lithium supply deals with Albemarle, Nemaska Lithium, and EnergySource Minerals as the auto giant gears up to boost electric vehicle production to 2 million cars over the next two and half years.  The deals, announced on Monday, will see Ford buy 13,000 tons per year of lithium hydroxide from Canadian Nemaska Lithium, 100,000 tons per year from top miner Albemarle, and 20,000 tons per year from California-based EnergySource Minerals. Shares of Nemaska soared 6.25% in morning trading on Monday, Ford was up 0.86% and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ford-Unveils-3-Lithium-Supply-Deals-For-EV-Push.html

Cheap Russian Crude Is Replacing Middle Eastern Oil On India’s Spot Market

India’s spot purchases of crude oil from the Middle East have fallen in recent months, as cheaper Russian spot barrels are making their way to the world’s third-largest crude oil importer, according to the head of the largest Indian refiner.    “Spot purchases have gone down because somewhere there has to be a dip to make up for all the Russian purchases,” Shrikant Madhav Vaidya, chairman of Indian Oil Corporation, said at the Middle East Oil and Gas Conference in Dubai on Monday, as carried by Reuters. Indian…

Read more at: https://oilprice.com/Energy/Energy-General/Cheap-Russian-Crude-Is-Replacing-Middle-Eastern-Oil-On-Indias-Spot-Market.html

NEOM Obtains Funding For The World’s Largest Green Hydrogen Plant

NEOM Green Hydrogen Company, which is building the world’s biggest green hydrogen plant in Saudi Arabia, on Monday said it had reached the financial close on the world’s largest green hydrogen production facility, which will need total investments of $8.4 billion.  The project at a total value of $8.4 billion is being financed with $6.1 billion non-recourse financing from 23 local, regional, and international banks and financial institutions, NEOM Green Hydrogen Company said in a statement today. NEOM Green Hydrogen Company (NGHC)…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/NEOM-Obtains-Funding-For-The-Worlds-Largest-Green-Hydrogen-Plant.html

Chevron To Buy Shale Firm PDC Energy In $6.3-Billion Deal

Chevron Corporation has signed a deal to buy shale firm PDC Energy in an all-stock transaction valued at $6.3 billion, or $72 per share, the U.S. supermajor said on Monday in what could be an acceleration of deal-making in the shale patch. The total enterprise value of the deal, including debt, is $7.6 billion. The transaction price represents a premium of 14% on a 10-day average based on closing stock prices on May 19, 2023, Chevron said. PDC Energy shares surged by 7.89%, or by $5.14, to over $70 apiece, in pre-market trade on Monday after the…

Read more at: https://oilprice.com/Energy/Energy-General/Chevron-To-Buy-Shale-Firm-PDC-Energy-In-63-Billion-Deal.html

Houthis Sign Deal With China For Oil Exploration In Yemen

The Houthi-led government in Yemen this weekend signed a deal with Chinese officials and a Chinese company that will invest in oil exploration in Yemen.   China’s Anton Oilfield Services Group (AntonOil) and a representative of the Chinese government signed on Saturday the memorandum of understanding (MoU) for investment in Yemen’s upstream sector, Middle East Monitor reported, citing a report by the Sanaa-based Saba News agency. Oil and Minerals Minister Ahmed Dares invited foreign companies to visit Yemen to see the potential…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Houthis-Sign-Deal-With-China-For-Oil-Exploration-In-Yemen.html

IEA Chief Warns That Europe’s Energy Market Is “Not Out Of The Woods” Yet

Despite a marked decline in benchmark natural gas prices in Europe this year, the continent is “not out of the woods” yet as three factors could worsen the European energy crisis later this year, Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC this weekend. “Europe countries did a good job… last winter,” Birol told CNBC’s Martin Soong on the sidelines of the G7 summit in Japan, adding that the region avoided gas and energy supply shortages thanks in part to milder winter weather.…

Read more at: https://oilprice.com/Energy/Energy-General/IEA-Chief-Warns-That-Europes-Energy-Market-Is-Not-Out-Of-The-Woods-Yet.html

U.S. And Australia Sign Clean Energy Pact

The United States and Australia agreed this weekend on a clean energy manufacturing pact with a focus on the energy transition and emissions reduction. The so-called Climate, Critical Minerals, and Clean Energy Transformation Compact establishes climate and clean energy as a central pillar of the Australia-United States Alliance, the White House said, reporting the signing of the pact during the G7 leaders’ summit in Hiroshima, Japan. Under the agreement, U.S. President Joe Biden will support Congress taking action to treat Australian suppliers…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-And-Australia-Sign-Clean-Energy-Pact.html

EU Plans To Jointly Buy Key Minerals And Hydrogen After Gas Purchase Success

The European Union will proceed with plans to establish joint purchases of critical energy transition minerals and hydrogen after the successful outcome of the first joint gas purchases on a new EU platform, the Financial Times reported on Monday. Last week, the EU announced the successful outcome of the first-ever international tender for joint purchasing of EU gas supplies. During this tender, the EU managed to attract bids from 25 supplying companies equivalent to more than 13.4 billion cubic meters of gas (bcm) – surpassing the 11.6 bcm…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Plans-To-Jointly-Buy-Key-Minerals-And-Hydrogen-After-Gas-Purchase-Success.html

McCarthy says ‘decisions have to be made’ at debt ceiling meeting with Biden

White House negotiators and representatives of House Speaker Kevin McCarthy resumed debt ceiling talks Monday ahead of a meeting between McCarthy and Biden.

Read more at: https://www.cnbc.com/2023/05/22/debt-ceiling-joe-biden-kevin-mccarthy-meet.html

Southwest states strike landmark deal with Biden to conserve Colorado River water

The Biden administration will compensate states for 2.3 million acre-feet of savings using funding from the Inflation Reduction Act.

Read more at: https://www.cnbc.com/2023/05/22/states-strike-deal-with-biden-to-conserve-colorado-river-water.html

Bill Gates says A.I. could kill Google Search and Amazon as we know them

Bill Gates said during a Goldman Sachs event on artificial intelligence that a future AI personal assistant will give the firm that builds it an edge on rivals.

Read more at: https://www.cnbc.com/2023/05/22/bill-gates-predicts-the-big-winner-in-ai-smart-assistants.html

Pfizer oral weight loss drug may be as effective as Ozempic injection by Novo Nordisk, study says

Danuglipron, made by Pfizer could offer an advantage as an oral treatment option for weight loss over a frequent injection of Ozempic, made by Novo Nordisk.

Read more at: https://www.cnbc.com/2023/05/22/pfizer-weight-loss-drug-compares-to-ozempic-by-novo-nordisk.html

Goldman says buy these 7 underperforming energy stocks

The New York bank says these energy stocks are underperforming as oil prices weaken, creating an attractive entry point for investors.

Read more at: https://www.cnbc.com/2023/05/22/goldman-says-buy-these-7-underperforming-energy-stocks.html

Oracle’s Larry Ellison gears up to spend millions to back Tim Scott’s 2024 run

Billionaire Oracle co-founder Larry Ellison is looking to spend millions to support GOP Sen. Tim Scott’s run for president, sources told CNBC.

Read more at: https://www.cnbc.com/2023/05/22/larry-ellison-tim-scott-presidential-campaign.html

Gemini says DCG missed debt payment, and Strike expands to more than 65 markets: 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, Strike CEO Jack Mallers discusses his expansion plans from Bitcoin 2023 in Miami.

Read more at: https://www.cnbc.com/video/2023/05/22/gemini-dcg-missed-debt-payment-strike-grows-65-markets-cnbc-crypto-world.html

JPMorgan Chase raises key revenue target to $84 billion after First Republic takeover

Longtime JPMorgan CEO Jamie Dimon is expected to speak in a question-and-answer session this afternoon.

Read more at: https://www.cnbc.com/2023/05/22/jpmorgan-chase-jpm-investor-day.html

Fed’s Kashkari says a June pause on rates wouldn’t indicate an end to hiking cycle

Kashkari told CNBC on Monday he’s open to holding off on another rate hike, but cautioned against reading too much into a pause.

Read more at: https://www.cnbc.com/2023/05/22/feds-kashkari-says-june-rate-pause-wouldnt-show-end-to-hiking-cycle.html

GM will introduce an all-electric Cadillac Escalade ‘IQ’ later this year

GM said the new SUV will be called the “Escalade IQ,” which continues Cadillac’s EV naming strategy that so far includes the Lyriq and upcoming Celestiq.

Read more at: https://www.cnbc.com/2023/05/22/gm-electric-cadillac-escalade-iq.html

Kurt Cobain’s smashed Fender guitar sells for almost $600,000

Kurt Cobain’s smashed Fender Stratocaster guitar sold at auction for $595,900 on Saturday, more than 10 times its original estimate.

Read more at: https://www.cnbc.com/2023/05/22/kurt-cobains-smashed-fender-guitar-sells-for-almost-600000.html

Walmart will offer pet telehealth in latest bid to compete with Amazon

Walmart has partnered with pet telehealth provider Pawp to offer the service free to its Walmart+ members for a year to make the membership more valuable.

Read more at: https://www.cnbc.com/2023/05/22/walmart-partners-with-pawp-to-offer-free-pet-telehealth.html

Here’s what Pfizer and Moderna say is next for their Covid vaccines

Pfizer and Moderna are ushering in a new era for their Covid shots that aims to simplify what people need to do to coexist with the virus.

Read more at: https://www.cnbc.com/2023/05/22/covid-vaccines-pfizer-moderna.html

Zoltan Pozsar: Fed Is “Foaming The Runway” For Big Bank Problems Ahead

Authored by Peter Chawaga via BitcoinMagazine.com,

Zoltan Pozsar, who until recently worked as the managing director of investment bank Credit Suisse, offered his insight into financial markets and the issues that are weakening the dollar’s dominance around the world.

In his role at Credit Suisse, Pozsar’s insight into the ins and outs of the legacy financial system and market dynamics was highly sought after. His recent departure from the bank came shortly after it was purchased by UBS in March as an attempt to keep it from collapsing amid existential turmoil for banks …

Read more at: https://www.zerohedge.com/geopolitical/zoltan-pozsar-fed-foaming-runway-big-bank-problems-ahead

South Korea Says Its Chipmakers Can Fill Void After China Bans Micron Over ‘Security Risk’

Hours after China banned Micron Technology’s semiconductor products from critical infrastructure projects over a ‘major national-security risk,’ Seoul has stepped up and said South Korean companies Samsung and SK Hynix would fill the void as tensions between the US and China continue to escalate, reported Financial Times.

Even though the White House has urged South Korea to stop its chipmakers from supplying China if Beijing banned Micron from selling chips, policymakers in Seoul said Monday they would allow companies to make their own decision, independent of Washington’s request:

“Regarding what the US tells us to do or not to do, it is actually up to our companies. Both Samsung and SK Hynix, with global operations, will make a judgment on this,” South Korea’s vice-minister of trade Jang Young-jin told reporters.

We detailed Beijing’s ban on Micron Sunday night, as it’s a retaliation strike over a sweeping US ban on Western companies from selling advanced chip-making technology to China. In other words, it’s a tit-for-tat tech war.

However, Financial Times pointed out Washington might have leverage over Samsung and SK Hynix, which both are trying to expand business operations in the US and need “one-year waivers from the country to be extended so they can shi …

Read more at: https://www.zerohedge.com/geopolitical/south-korea-says-its-chipmakers-can-fill-void-after-china-bans-micron-over-security

Former US Marine Charged In Death Of Homeless Man Breaks Silence

Authored by Mimi Nguyen Ly via The Epoch Times (emphasis ours),

Daniel Penny, the U.S. Marine veteran who is facing criminal charges after he put a homeless man, Jordan Neely, in a fatal chokehold in New York City at the start of the month, has decided to speak publicly about the incident.

Daniel Penny (C) is walked by New York Police Department detectives out of the 5th Precinct in New York on May 12, 2023. (Jeenah Moon/AP Photo)In an interview with the New York Post …

Read more at: https://www.zerohedge.com/political/former-us-marine-charged-death-homeless-man-breaks-silence

Turkish Lira Flash Crashes To Record Low On Goldman’s Dire Central Bank Outlook

The Turkish Lira briefly tumbled as much as 4.1% to breach past the 20 per US dollar mark for the first time ever amid thin liquidity early Monday. At that point the central bank intervened, and the currency quickly pared losses and was last trading at 19.8339 per dollar, which excluding the brief flash-crash, is the lowest level on record for the distressed currency.

The ongoing plunge in the Lira comes days ahead of the presidential runoff round on Sunday, after President Recep Tayyip Erdogan failed to secure more than 50% of the ballots in the first round of voting on May 14, although the final outcome appears to be assured after earlier today Turkey’s Sinan Ogan endorsed Erodgan in the runoff round, effectively guaranteeing him a victory. That said, one- week implied volatility on USD/TRY pair jumps to 30% versus 17.2% on Friday.

And if it’s not the election outcome, what caused the sudden collapse in the lira? The reason, as we pointed out on Friday, was a dire no …

Read more at: https://www.zerohedge.com/markets/foreign-assets-continue-fall-sharply-turkish-lira-flash-crashes-record-low-goldmans-dire

Meta: Facebook owner fined €1.2bn for mishandling data

The dispute is over Facebook’s transfer of European data to US servers.

Read more at: https://www.bbc.co.uk/news/technology-65669839?at_medium=RSS&at_campaign=KARANGA

Train wi-fi at risk as part of cost-cutting move

The government says wi-fi is not a priority for passengers, but one expert claims trains could lose custom.

Read more at: https://www.bbc.co.uk/news/business-65673622?at_medium=RSS&at_campaign=KARANGA

Interest rate ‘rigging’ evidence ‘covered up’ by banks

This evidence was not shown to juries where bankers were jailed for smaller-scale interest rate ‘rigging’.

Read more at: https://www.bbc.co.uk/news/business-65635243?at_medium=RSS&at_campaign=KARANGA

What are the features and benefits of NPS scheme? Pankaj Mathpal explains

​Basically there are different models for central government as from their salary 10% is deducted and 14% government contributes in that so that is one model.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/what-are-the-features-and-benefits-of-nps-scheme-pankaj-mathpal-explains/articleshow/100379301.cms

Tech View: Nifty charts show consolidation between 18,000 & 18,400. What should traders do on Tuesday?

Indian equity index formed a bullish trend as it successfully moved above its previous lower highs of the past four sessions. The index must not fall below 18281 zones for an upward trend towards 18400 and 18442 zones. On the downside, supports remain at 18181 and 18081 zones. The daily momentum indicator conveyed negative crossover, leading to a sell signal, hinting towards a possible consolidation in the market. The broader trading range is expected to be between 18,000 and 18,500 zones while an immediate range lies between 18,150 and 18,450 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-show-consolidation-between-18000-18400-what-should-traders-do-on-tuesday/articleshow/100421463.cms

Market Snapshot: U.S. stocks kick off week on cautious note as debt-ceiling talks continue

The week for stocks is starting out on a tentative note as traders continue to watch developments around the U.S. government debt-ceiling deadline.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FC-5E79D47D0817%7D&siteid=rss&rss=1

Living With Climate Change: Breakthrough deal struck to keep drought-ravaged Colorado River flowing — key water source for California

Colorado River agreement setting out water-usage cuts between major consumers California, Arizona and Nevada was aided by a wet winter and federal payments.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FC-E2E395364EE2%7D&siteid=rss&rss=1

Front Office Sports: To catch a cheat: How monitors catch illicit gambling activity

It’s arguably easier to catch suspicious wagering activity than ever before.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FD-10BD673D23FE%7D&siteid=rss&rss=1