Oil Rebounds As U.S. Drillers Continue To Pull Back

The total number of total active drilling rigs in the United States fell by 9 this week, according to new data from Baker Hughes published Friday, after falling by 11 last week and 17 the week before that. The total rig count fell to 711 this week—16 rigs below this time last year. The current count is 364 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of rigs fell by 5 this week to 570. Gas rigs fell by 4 to 137. Miscellaneous rigs stayed the same at 4. The rig count in the Permian Basin saw a rebound…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Rebounds-As-US-Drillers-Continue-To-Pull-Back.html

Glencore Shareholders Get Mad After Getting Paid

A third of Glencore’s shareholders failed to accept the company’s climate progress report at today’s meeting, demanding additional information. This, after Glencore announced in February a massive $7 billion in dividends, largely on the back of its thermal coal success. The shareholders are looking for additional clarification on how Glencore will reach its emissions goals, and have backed a resolution that would have the company disclose more on how it’s coming with cutting back on its thermal coal production. The opposition to the company’s reported…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Glencore-Shareholders-Get-Mad-After-Getting-Paid.html

Russia Prefers OPEC+ Leaving Oil Production Unchanged

Russia would prefer its partners of the OPEC+ group to leave oil production unchanged when it meets next week, as Moscow is okay with the current oil prices and production quotas, sources with knowledge of the Russian position told Reuters on Friday. OPEC+, which will hold a meeting on June 4, surprised the market a day ahead of the previous meeting in early April after several major OPEC+ producers, including Saudi Arabia and the United Arab Emirates (UAE), said they would collectively cut more than 1 million barrels per day (bpd) from…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Prefers-OPEC-Leaving-Oil-Production-Unchanged.html

Tesla And Ford Close EV Charging Deal

Ford Motor Company has reached an agreement with Tesla Motors that will provide Ford’s EV customers access to more than 12,000 Tesla Superchargers across the United States and Canada. The deal will double the number of fast chargers available to Ford EV customers starting in the spring of 2024, the automaker said.  Ford’s EV customers will gain access to more than 12,000 Tesla Superchargers in the U.S. and Canada, Ford’s president and chief executive Jim Farley said. A Tesla-developed adapter will provide Ford F-150…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-And-Ford-Close-EV-Charging-Deal.html

Europe’s Natural Gas Prices Set For Longest Weekly Losing Streak In A Decade

Benchmark natural gas prices in Europe continued their freefall this week and were headed to post the longest weekly losing streak since 2013 amid weak demand.   The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, plunged by 5.7% to $25.75 (24 euros) per megawatt-hour (MWh) as of 12:34. p.m. GMT on Friday.   Gas prices were on course to drop by as much as 15% this week alone, according to estimates by The Wall Street Journal. Prices have now tumbled by 66% since the beginning of this year and…

Read more at: https://oilprice.com/Energy/Natural-Gas/Europes-Natural-Gas-Prices-Set-For-Longest-Weekly-Losing-Streak-In-A-Decade.html

Market Data Suggest Russia Isn’t Cutting Oil Production As Promised

Oil shipments out of Russia haven’t dropped in recent months despite the Russian pledge to cut production by 500,000 barrels per day (bpd) from March onwards, a Bloomberg analysis of shipping data showed on Friday. The most recent tanker-tracking data suggest that instead of falling, Russian crude oil exports by sea are rising.  The average four-week crude shipments from Russian export terminals increased for a sixth consecutive week in the week to May 19, according to tanker-tracking data reported by Bloomberg’s Julian Lee. Russia’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Market-Data-Suggest-Russia-Isnt-Cutting-Oil-Production-As-Promised.html

Oil Markets On Edge Ahead Of OPEC Meeting And U.S. Debt Deadline

Oil markets are on edge as the next OPEC+ meeting and the “X date” when the U.S. government may default on its debt loom.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 26th, 2023As debt ceiling negotiations seem to be entering the home stretch, fears of a US government shutdown…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-On-Edge-Ahead-OfOPEC-Meeting-And-US-Debt-Deadline.html

LNG Price Decline Attracts Emerging Market Buyers

The decline in LNG prices has recently attracted buyers from emerging economies in Asia and South America who were unable to afford sky-high prices last year. Southeast Asia and Latin America were the biggest buyers of spot LNG for a second consecutive quarter in the first quarter, according to estimates from BloombergNEF. In Southeast Asia, the Philippines and Vietnam have recently purchased their first-ever LNG cargoes. Earlier this year, South Asia returned to the spot market for liquefied natural gas (LNG) as prices dipped to the lowest in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/LNG-Price-Decline-Attracts-Emerging-Market-Buyers.html

Mixed Messages From OPEC+ Keep Markets On Edge

On Thursday, US benchmark July crude oil futures prices declined after Russian Deputy Prime Minister Alexander Novak suggested that there might not be any additional production cuts by OPEC+ in their upcoming meeting. Novak expressed doubt about the likelihood of further cuts, referring to previous decisions made regarding voluntary reductions in oil production by certain countries. Contradictory Statements Fuel Uncertainty for OPEC+ Meeting The recent statements from key OPEC+ producers have been contradictory, creating uncertainty about the outcome…

Read more at: https://oilprice.com/Energy/Energy-General/Mixed-Messages-From-OPEC-Keep-Markets-On-Edge.html

Iran Responds To Israeli Threat By Test-Launching Ballistic Missile

Politics, Geopolitics & Conflict Iran’s response to an Israeli threat to take unspecified action against Tehran’s nuclear program was to test-launch a ballistic missile on Thursday, demonstrating a 2,000-km range and capable of carrying a 1,500-kg warhead. Tehran is keen to point out that its ballistic missiles can reach U.S. and Israeli bases in the region. That news would normally have pushed oil prices up; however, as of early Thursday, oil prices had failed to respond to this geopolitical threat.Erodgan appears poised to win…

Read more at: https://oilprice.com/Energy/Energy-General/Iran-Responds-To-Israeli-Threat-By-Test-Launching-Ballistic-Missile.html

A U.S. Default Is Unlikely, But So Is An Oil Rally

This week, as the deadline for reaching an agreement on raising the US debt limit approached, the ratings agency Fitch announced that they were placing the AAA debt rating of the United States government on “negative watch”. If you are new to trading and investing, and particularly if you live outside of the US, that news might surprise you. I mean why would any country, least of all the one whose currency and debt form the basis of the global financial system, put its credit rating at risk periodically by squabbling about partisan…

Read more at: https://oilprice.com/Energy/Energy-General/A-US-Default-Is-Unlikely-But-So-Is-An-Oil-Rally.html

Putin Has Lost Control Of The Wagner Group

Putin has failed to temper Prigozhin, the head of Russia’s private mercenary group, Wagner. In fact, Prigozhin is now becoming a global household name, finding himself in the media spotlight more frequently even than Putin. He is a clear and present threat to the Russian regime’s longevity at this point. This week, Prigozhin went public with some numbers that ring loudly in the corridors of the Kremlin. He said that 20,000 Wagner soldiers (many of them prisoner recruits) had been killed in the battle for Bakhmut in Ukraine – the key…

Read more at: https://oilprice.com/Energy/Energy-General/Putin-Has-Lost-Control-Of-The-Wagner-Group.html

Are Oil Majors Spending Enough On Research And Development?

1. Upcoming OPEC+ Meeting Might be An Exercise in “Ouching”- Saudi Arabia’s Energy Minister Abdulaziz bin Salman has warned oil market speculators that hey will be “ouching” very soon if they continue shorting oil futures. – Trading positions of the managed money segment, comprising hedge funds and other non-commercial participants, have slumped to the lowest net length since at least 2011. – Whilst refined products, especially gasoline in the US, have seen some lengthening recently, net sales of crude oil have continued…

Read more at: https://oilprice.com/Energy/Energy-General/Are-Oil-Majors-Spending-Enough-On-Research-And-Development.html

Norway’s Oil Fund Will Vote For More Climate Action From Exxon And Chevron

Norway’s sovereign wealth fund, the largest in the world, will vote in favor of climate resolutions at Exxon’s and Chevron’s annual general meetings next week asking the U.S. oil supermajors to introduce Scope 3 emission targets to reduce the carbon footprint of the products they sell.   Government Pension Fund Global, as Norway’s fund is officially known, will side with environmentalists on the resolutions filed for vote at Exxon and Chevron, Carine Smith Ihenacho, Chief Governance and Compliance Officer, told the Financial…

Read more at: https://oilprice.com/Energy/Energy-General/Norways-Oil-Fund-Will-Vote-For-More-Climate-Action-From-Exxon-And-Chevron.html

Billionaire Carlos Slim Buys Stake In Huge Mexican Oilfield

Talos Energy is selling 49.9% of its Mexican subsidiary to a unit of Grupo Carso, owned by billionaire Carlos Slim, with which the buyer gets access to the huge Zama oilfield offshore Mexico. Talos Energy on Thursday announced that Zamajal, a wholly owned subsidiary of Grupo Carso, has agreed to acquire a 49.9% interest in Talos’ Mexican subsidiary, Talos Mexico, which holds the company’s 17.4% stake in the Zama offshore oil project. Talos will remain the controlling shareholder of Talos Mexico, while the transaction is expected to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Billionaire-Carlos-Slim-Buys-Stake-In-Huge-Mexican-Oilfield.html

Debt ceiling negotiators make progress on spending, but still have ‘major issues’

The White House and congressional negotiators were closing in on a compromise agreement on Friday to raise the debt ceiling for two years.

Read more at: https://www.cnbc.com/2023/05/26/debt-ceiling-deal-developments.html

JPMorgan Chase cut about 500 jobs this week, including technology and operations roles

Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles.

Read more at: https://www.cnbc.com/2023/05/26/job-cuts-jpmorgan-chase-cut-about-500-tech-and-ops-jobs-.html

Stocks rally Friday on hopes for a debt ceiling deal, Nasdaq notches fifth straight week of wins: Live updates

The Nasdaq notched its fifth straight weekly gain, rising 2.5%.

Read more at: https://www.cnbc.com/2023/05/25/stock-market-today-live-updates.html

Marvell shares rocket 25% on earnings beat and ‘tremendous’ business potential for A.I.

Shares of Marvell Technology surged about 25% off the back of quarterly earnings results.

Read more at: https://www.cnbc.com/2023/05/26/marvell-shares-soar-25percent-after-semiconductor-firm-beats-on-earnings.html

A.I. excitement leads to a winning week for Nvidia and other tech stocks

Here are the best performing stocks of the week, with Nvidia leading the way.

Read more at: https://www.cnbc.com/2023/05/26/ai-excitement-leads-to-winning-week-for-nvidia-and-other-tech-stocks.html

How the student loan payment pause has made it easier for public servants to get forgiveness

Student borrowers pursuing public service loan forgiveness haven’t had to make a payment on their debt in years. Still, they’ve moved closer to getting relief.

Read more at: https://www.cnbc.com/2023/05/26/the-pause-on-student-loan-payments-has-been-a-win-for-public-servants.html

A.I.-focused cryptos rise on Nvidia demand, and Shaq served with FTX lawsuit: 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, Chen Arad of Solidus Labs discusses the firm’s new insider trading tracking tool for decentralized protocols.

Read more at: https://www.cnbc.com/video/2023/05/26/ai-focused-cryptos-nvidia-demand-shaq-served-ftx-lawsuit-crypto-world.html

Tech layoffs ravage the teams that fight online misinformation and hate speech

Meta, Amazon, Alphabet and Twitter have all drastically reduced the size of their teams focused on trust and safety as the companies cut costs.

Read more at: https://www.cnbc.com/2023/05/26/tech-companies-are-laying-off-their-ethics-and-safety-teams-.html

Ukraine war live updates: Russia carries out intense missile and drone strike overnight; Russia’s Medvedev says conflict could last decades

Russia launched missiles and drones in a massive overnight attack against Kyiv and eastern Ukraine, Ukrainian officials say.

Read more at: https://www.cnbc.com/2023/05/26/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Disney rips DeSantis bid to disqualify judge in free speech lawsuit

Disney urged a federal court to reject a request by Florida Gov. Ron DeSantis to disqualify the judge overseeing the company’s lawsuit against the governor.

Read more at: https://www.cnbc.com/2023/05/26/disney-rips-desantis-bid-to-disqualify-judge.html

Ford’s EV charging deal with Tesla puts pressure on GM, other rival automakers

A surprise deal between Ford and Tesla on electric vehicle charging technology and infrastructure could put new pressure on other automakers’ EV strategies.

Read more at: https://www.cnbc.com/2023/05/26/ford-tesla-ev-charging-deal-puts-pressure-on-gm.html

Inflation rose 0.4% in April and 4.7% from a year ago, according to key gauge for the Fed

The core personal consumption expenditures price index was expected to increase 0.3% in April, according to a Dow Jones estimate.

Read more at: https://www.cnbc.com/2023/05/26/inflation-rose-0point4percent-in-april-and-4point7percent-from-a-year-ago-according-to-key-gauge-for-the-fed.html

Facebook-Giphy sale shows how fear of regulators is slowing M&A market

A global network of regulators weigh in on tech deals large and small, forcing divestitures and blocking acquisitions at a challenging moment for the industry.

Read more at: https://www.cnbc.com/2023/05/26/facebook-giphy-sale-shows-how-fear-of-regulators-is-slowing-ma-market.html

54-Nation Alliance Reveals How Many Billions Pumped Into Ukraine

54-Nation Alliance Reveals How Many Billions Pumped Into UkraineThe Ukraine Defense Contact Group, which is centered out of Ramstein Air Base, is an alliance of 54 countries supporting Ukraine militarily against Russia.

In a new press briefing marking the 12th meeting of the group, US Defense Secretary Lloyd Austin revealed the total tally of funds and military aid pumped into Kiev. “In total, the Contact Group has committed nearly $65 billion in security assistance,” while stressing the Western allies are “as united as ever.” This total figure is separate from the Washington overall commitment as far as Ukraine aid goes, which is even larger.

This already huge figure is about to leap significantly higher, given that as Austin said, “And, last week, President Biden announced that the United States will support a joint effort with our allies and partners to train Ukrainian pilots on fourth-generation aircraft, including F-16s. We hope this training will begin in the coming weeks.”

Read more at: https://www.zerohedge.com/markets/54-nation-alliance-reveals-how-many-billions-pumped-ukraine

Smith College Drops Use Of Word “Field” As Racially Insensitive

Authored by Jonathan Turley,

Smith College has always been woke to the point of insomnia. Now, however, it has embraced an “anti-racism reform” that even some on the left call looney. As discussed in a prior column on the same reform implemented at the University of Southern California, Smith has removed the word “field” from its social work program as racist.  The reason? It reminds some of the field work of slaves.

The department formerly known as the “Office of Field Education” will be now referred to as the “Office of Practicum.”  Carolyn McDaniel, a spokesperson for Smith College, explained that this change is “consistent with the guiding principles of the social work profession, Smith College’s School for Soc …

Read more at: https://www.zerohedge.com/political/smith-college-drops-use-word-field-racially-insensitive

“Sexualizing Kids”: Trump Jr. Explains Woke Brand Boycotts After NBC Smears Conservatives

On Thursday, NBC News tweeted that “Target, Bud Light, the Dodgers and Disney have all been backed into a corner over their support of the LGBTQ community,” which has “conservative activists celebrating.”

Target, Bud Light, the Dodgers and Disney have all been backed into a corner over their support of the LGBTQ community. The strategy has conservative activists celebrating. https://t.co/YCggmIfcMT

— NBC News (@NBCNews) May 26, 2023

On Friday, Donald Trump Jr. responded to this absurd propaganda.

“It’s almost like something changed in the past few years like, oh, I don’t know, the TQIA part started forcing themselves on our children, sexualizing our kids, pushing …

Read more at: https://www.zerohedge.com/political/sexualizing-kids-trump-jr-explains-woke-brand-boycotts

Obama Judge Sentences Oath Keepers Founder To 18 Years Prison In J6 ‘Sedition’ Case

Authored by Chris Menahan via InformationLiberation.com,

Oath Keepers founder Stewart Rhodes, who came unarmed to DC and didn’t even enter the Capitol Building on January 6th, was sentenced to 18 years in prison on Thursday for “seditious conspiracy” by Obama-appointed US district judge Amit Mehta.

Rhodes’ crime was apparently mouthing off about revolution in private chats and lamenting after the event that “we should have brought rifles.”

“You, sir, present an ongoing threat and a peril to this country and to the republic and to the very fabric of this democracy,” Judge Amit Mehta, an Indian immigrant appointed to the DC district court by Obama in 2014, scolded Rhodes before handing down the longest sentence to date for any J6er.

Mehta’s bio says he served on the board of the Mid-Atlantic Innocence Proje …

Read more at: https://www.zerohedge.com/political/obama-judge-sentences-oath-keepers-founder-18-years-prison-j6-sedition-case

Mortgage rates rise after inflation surprise

The increase in mortgage costs come as markets digest higher than expected inflation figures.

Read more at: https://www.bbc.co.uk/news/business-65713905?at_medium=RSS&at_campaign=KARANGA

Sainsbury’s boss: We are not profiting from high prices

Supermarkets have been accused of “greedflation” – putting prices up to bolster profits.

Read more at: https://www.bbc.co.uk/news/business-65707214?at_medium=RSS&at_campaign=KARANGA

When will we start seeing energy bill deals again?

With bills set to drop from July, fixed deals could be due to make a comeback, say experts.

Read more at: https://www.bbc.co.uk/news/business-65712145?at_medium=RSS&at_campaign=KARANGA

Jefferies’ Chris Wood adds Zomato to India portfolio; HDFC Life makes exit

Christopher Wood, Jefferies’ Global Head of Equity Strategy, has added Zomato to his India and global long-only equity portfolios. The weight of the stock in the India portfolio will be 4%, with a 2% increase in REC. Zomato is replacing HDFC Life Insurance, which has been removed. Wood has also added Zomato and SBI Life Insurance to his Asia ex-Japan portfolio, removing HDFC Life Insurance and Standard Chartered. Jefferies will pay for the global long-only equity portfolio’s inclusion of Zomato by shaving off investments in Alibaba and IVZ each by 2% points.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/jefferies-chris-wood-adds-zomato-to-india-portfolio-hdfc-life-makes-exit/articleshow/100532786.cms

Value buys? These 20 Nifty stocks trading below 10-year PEs

Although Indian stock market valuations have dropped to their 5-year and 10-year historical averages, analysts still lack comfort in recommending investors to put money aggressively. However, nearly 50% of index stocks are below their 10-year averages, which can offer decent returns. UPL has the highest upside at 35%. Meanwhile, HDFC Bank, SBI, Axis Bank, and M&M have upwards of 20% upside potential each in the next 12 months.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/value-buys-these-20-nifty-stocks-trading-below-10-year-pes/articleshow/100517945.cms

Does LIC’s multifold jump in Q4 profit make it a buy? What brokerages say

Life Insurance Corporation of India (LIC) has reported a standalone net profit of Rs 13,428 crore for Q4 FY23, a 466% increase YoY, prompting brokerages including Motilal Oswal, Axis Capital and JM Financial to recommend “Buy” on the stock, while Emkay has maintained its “Hold” rating. LIC’s net premium income fell 8% to Rs 1.31 lakh crore during the March quarter, compared to last year. The company’s first-year premium for the period totalled Rs 12,811 crore, down 12% YoY. Its net commission rose 5% to Rs 8,428 crore, while the full-year profit fell 10% to Rs 36,397 crore.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/does-lics-multifold-jump-in-q4-profit-make-it-a-buy-what-brokerages-say/articleshow/100521029.cms

The Moneyist: ‘When I ran it past the missus, she went ballistic’: I want to buy a $40,000 car, but my wife said no. Then things really got weird.

“After a decade-plus of driving the automotive equivalent of a plateful of boiled spinach, the new car has captured my imagination.”

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F9-BE225E44CCB7%7D&siteid=rss&rss=1

Bond Report: 2-year Treasury yield extends longest streak of advances since 2018 after PCE inflation report

The 2-year yield jumped for a 12th session on Friday after an uptick in the Federal Reserve’s favorite inflation gauge boosted the chance of a June rate hike.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7202-5146D912944D%7D&siteid=rss&rss=1

Futures Movers: Oil prices score a weekly gain as traders assess potential for more OPEC+ production cuts

Oil futures settle higher on Friday, contributing to a gain for the week, as investors weigh prospects for more output cuts from OPEC+.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7202-59417F0763B1%7D&siteid=rss&rss=1