U.S. Oil Defies Odds, Races Towards Annual Production Record

One of my 2023 energy sector predictions was that U.S. oil production would set a new all-time high this year. After record-setting production thus far this year, it would take a collapse along the lines of the huge Covid drop seen in the spring of 2020 for the U.S. to not set a new annual production record for 2023. For the first three quarters of 2023, U.S. oil production has averaged 12.8 million barrels per day (bpd). The previous annual record — set in 2019 just before the Covid-19 pandemic impacted production —was…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Oil-Defies-Odds-Races-Towards-Annual-Production-Record.html

Iran, Russia Sign MoU For Oil, Gas Cooperation

Iran and Russia signed a memorandum of understanding pertaining to oil and gas on the sidelines of the 6th Russian Energy Week International Forum. The MoU was signed by the chief of Iran’s Institute for International Studies and the CEO of Russia’s Roscongress Foundation, SHANA reported. The two organizations—sharing similar footing over Western sanctions of its oil and gas exports—will team up to study proposed projects for energy cooperation between the two countries. The groups will also form a think tank to study and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Russia-Sign-MoU-For-Oil-Gas-Cooperation.html

UK Energy Regulator To Reassess Price Caps As Debt Mounts

Households will be on the hook for Ofgem’s plans to stabilise the energy sector, with the regulator considering a rise in energy bills to reduce the risk of suppliers going bust. Ofgem is concerned over rising bad debt across the industry, which climbed to a whopping £2.6bn this summer – its highest ever level – due to a rise in wholesale energy prices and a cost of living squeeze on consumers. It is now considering whether to add a one-off levy to the price cap to reduce the risk firms from unrecoverable debt, at a cost…

Read more at: https://oilprice.com/Energy/Energy-General/UK-Energy-Regulator-To-Reassess-Price-Caps-As-Debt-Mounts.html

UAW’s Standoff With Big Three Automakers Intensifies

Via Metal Miner The United Auto Workers strike finally began to take its toll on the Automotive MMI (Monthly Metals Index) as well as month-over-month steel prices. Regarding price drops, hot-dipped galvanized managed to suffer the most. And with the strike continuing to escalate, negotiations stagnating, and more and more layoffs occurring nationwide, the index faces massive bearish pressure in the immediate future. Overall, the Automotive MMI dropped by 4.51% Mass Layoffs from Stellantis and Other Manufacturers Jeep manufacturer Stellantis announced…

Read more at: https://oilprice.com/Metals/Commodities/UAWs-Standoff-With-Big-Three-Automakers-Intensifies.html

UK Government Must Do More To Boost Hydrogen Investment

The government must send “clear signals” to clean energy investors that the UK is ready for business, or risk failing to meet its hydrogen ambitions. Sarah Williams, director of regulation at Wales and West Utilities, told City A.M. that domestic renewables producers would be tempted by rival markets such as the US and EU – which are offering more tempting subsidy packages than the UK.   This included the vast US Inflation Reduction Act – offering $368bn in renewable funding – and the EU’s…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/UK-Government-Must-Do-More-To-Boost-Hydrogen-Investment.html

U.S. Inflation Increase Slows, Markets Optimistic On Rate Hikes

While consumer prices rose 0.4% from August to September, representing a slowdown from the previous month, core inflation remained high, but this month, it was housing prices rather than gasoline that was the biggest contributor to the all-items increase. The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% percent in September on a seasonally adjusted basis. That is a lower increase than August’s 0.6%, according to the U.S. Bureau of Labor Statistics (BLS) on Thursday.  The biggest contributor, shelter,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Inflation-Increase-Slows-Markets-Optimistic-On-Rate-Hikes.html

Europe Cuts Dependency On Russian Gas By 21%

Russia’s invasion of Ukraine and Moscow’s “weaponization” of energy have placed the diversification of energy supplies high on the agenda of European countries. However, as Statista’s Martin Armstrong reports, although this remains a long and costly process, requiring investment in infrastructure (new pipelines, LNG terminals, etc.), the results are already visible. You will find more infographics at Statista In the first quarter of 2022, Russia was the EU’s biggest supplier of gas via pipeline, with a 38.8 percent…

Read more at: https://oilprice.com/Energy/Natural-Gas/Europe-Cuts-Dependency-On-Russian-Gas-By-21.html

OPEC Oil Production Rises In September

OPEC’s crude oil production rose in September compared to August, according to the group’s latest Monthly Oil Market Report (MOMR) published on Thursday. According to the MOMR, OPEC’s crude oil production rose to 27.755 million bpd in September—up 273,000 bpd from the 27.482 million bpd the group produced in August. Based on the report’s secondary sources, the largest increase in production was from Nigeria, which saw a 141,000 bpd increase month over month. Saudi Arabia also saw a production increase, of 82,000 bpd. Other OPEC members saw…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Oil-Production-Rises-In-September.html

Oil Moves Down On Massive Inventory Build

Crude oil prices saw a small dip on Thursday morning after the Energy Information Administration reported an inventory build of 10.2 million barrels for the week to October 6. The inventory change compared with a draw of 2.2 million barrels for the previous week, which, however, did not affect prices as expected because the EIA also estimated a substantial increase in gasoline inventories, sparking concern about the health of demand. For the first week of October, the EIA reported a gasoline inventory decline, to the tune of 1.3 million barrels.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Moves-Down-On-Massive-Inventory-Build.html

3 Key Risk Factors In Oil Right Now

In the past 2 weeks, the price for Brent crude oil has closed as high as $96.55 per barrel and as low as $84.07, while yesterday it settled at $85.82. Volatility in oil markets is nothing new, particularly in the context of the past few years, however these recent weeks have witnessed some of the biggest price swings of the year. As has been pointed out by many commentators this year, at present the only certainty in oil prices is uncertainty. In this week’s article, we will look at 3 key risk factors that have driven the recent price moves…

Read more at: https://oilprice.com/Energy/Oil-Prices/3-Key-Risk-Factors-In-Oil-Right-Now.html

OPEC Leaves Oil Demand Growth Forecast Unchanged Despite Economic Uncertainty

Global oil demand is set to rise by 2.4 million barrels per day (bpd) this year and by another 2.2 million bpd next year amid improving Chinese economy, OPEC said on Thursday, leaving its demand forecast for both 2023 and 2024 unchanged, despite fears of slowing economies and demand destruction.   Developing economies, led by China, will account for most of this year’s oil demand growth, OPEC said in its Monthly Oil Market Report (MOMR) published today. World oil demand is set to reach a record average of 102.1 million bpd in 2023,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Leaves-Oil-Demand-Growth-Forecast-Unchanged-Despite-Economic-Uncertainty.html

Russia Says Oil Products Are Included In Its 300,000-Bpd Export Cut Pledge

Russia’s commitment to reduce its oil exports by 300,000 barrels per day (bpd) includes oil products, Russian Deputy Prime Minister Alexander Novak said on Thursday in remarks that sowed further confusion about how much oil supply Russia is really withholding from the market. Russia has pledged to reduce its oil exports by 300,000 bpd until the end of 2023, in a show of solidarity with its OPEC+ partner Saudi Arabia, which is voluntarily reducing its oil production by 1 million bpd until 2023. While the Saudis essentially stick to their promises,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Says-Oil-Products-Are-Included-In-Its-300000-Bpd-Export-Cut-Pledge.html

France Tightens Energy-Saving Measures To Avoid Another Crisis

The French government will further restrict store and commercial real estate lighting usage and fine offenders as part of a new set of measures aimed at saving energy. France and all other European countries are looking to curb energy and gas use after last year’s energy crisis and the skyrocketing prices of electricity and natural gas following the Russian invasion of Ukraine. In newly-announced measures this week, France will further restrict the hours during which shop windows and commercial real estate can be lit, Energy Transition Minister…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/France-Tightens-Energy-Saving-Measures-To-Avoid-Another-Crisis.html

IEA: Oil Market “On Tenterhooks” Over Hamas-Israel War

The oil market is on edge over the escalation of geopolitical risk in the Middle East after this weekend’s attack by Hamas on Israel, with uncertainties about how events will unfold or how far the conflict could spread, the International Energy Agency (IEA) said on Thursday. “A sharp escalation in geopolitical risk in the Middle East, a region accounting for more than one-third of the world’s seaborne oil trade, has markets on edge,” the IEA said in its closely-watched Oil Market Report for October published today. Oil prices…

Read more at: https://oilprice.com/Energy/Energy-General/IEA-Oil-Market-On-Tenterhooks-Over-Hamas-Israel-War.html

Petrobras Plans Exploration Drilling Close To The Mouth Of The Amazon River

Petrobras expects to begin in 2024 offshore exploration drilling close to the mouth of the Amazon River in the so-called Equatorial Margin offshore Brazil, the chief executive of the Brazilian state-owned oil and gas giant said on Wednesday. Petrobras expects to start drilling off the coast of the state of Amapa in the first half of 2024, CEO Jean Paul Prates said, as carried by Reuters. The Brazilian firm currently doesn’t have permission from regulators to drill for oil and gas in the environmentally sensitive area. Earlier this year, Brazil’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Petrobras-Plans-Exploration-Drilling-Close-To-The-Mouth-Of-The-Amazon-River.html

Tesla whistleblowers filed a complaint to the SEC in 2021, but the agency never interviewed them. Here’s what the complaint said

Two whistleblowers’ complaint to the SEC about Tesla alleged that Elon Musk’s automaker may have run afoul of securities laws and flouted accounting standards.

Read more at: https://www.cnbc.com/2023/10/12/tesla-whistleblowers-filed-complaint-to-sec-in-2021-what-it-said.html

Getting to 2% inflation won’t be easy. This is what will need to happen, and it might not be pretty

In theory, getting inflation closer to the Fed’s target doesn’t sound terribly difficult. In practice, it could be a different story.

Read more at: https://www.cnbc.com/2023/10/12/getting-to-2percent-inflation-wont-be-easy-this-is-what-will-need-to-happen-and-it-might-not-be-pretty.html

Comcast, Disney hire investment banks to value Hulu as sale process makes progress

Comcast and Disney can strike their option on Hulu as soon as Nov. 1, kicking off what might be a complicated sale process for Comcast’s 33% stake

Read more at: https://www.cnbc.com/2023/10/12/comcast-disney-hire-morgan-stanley-jpmorgan-to-value-hulu.html

Dow closes more than 150 points lower as inflation data reignites interest rate fears: Live updates

The major averages are coming off of four consecutive winning days.

Read more at: https://www.cnbc.com/2023/10/11/stock-market-today-live-updates.html

Bitcoin’s resilience above $25,000 is a ‘silver lining’ in grim crypto market, says Wolfe Research

Things seem to have taken a turn lower in the crypto market, but bitcoin offers a glimmer of hope and Wolfe Research is defending its long view of it.

Read more at: https://www.cnbc.com/2023/10/12/bitcoins-resilience-above-25000-is-a-silver-lining-in-grim-crypto-market-says-wolfe-research.html

Ford says ‘at the limit’ of what it can offer UAW as strikes escalate

The comments come a day after the union unexpectedly launched a strike at the automaker’s highly profitable SUV and pickup truck plant in Kentucky.

Read more at: https://www.cnbc.com/2023/10/12/ford-uaw-contract-talks-automaker-at-the-limit-of-what-it-can-offer.html

Leon Cooperman expects very little from the market and is only interested in individual stocks

Billionaire investor Leon Cooperman remains a bear with little interest in the broader stock market, which he says underestimates the risk of a fiscal crisis.

Read more at: https://www.cnbc.com/2023/10/12/cooperman-expects-little-from-market-only-watching-individual-stocks.html

Israel-Hamas war live updates: Britain orders deployment of military assets to Mediterranean; at least 27 Americans killed

The death toll continues to mount in Israel and the Gaza Strip, as sirens blare and war wages.

Read more at: https://www.cnbc.com/2023/10/12/israel-hamas-war-live-updates-latest-news-on-gaza.html

Caroline Ellison details SBF’s involvement in running Alameda Research: 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, Daniel Silva, former federal prosecutor and shareholder at Buchalter Law Firm, discusses the latest in the trial of Sam Bankman-Fried.

Read more at: https://www.cnbc.com/video/2023/10/12/caroline-ellison-sbf-involvement-alameda-research-crypto-world.html

Steve Scalise does not appear to have votes to become speaker as GOP remains divided

The House GOP nominated Scalise as the party’s speaker candidate after he defeated Rep. Jim Jordan in a closed-door vote.

Read more at: https://www.cnbc.com/2023/10/12/steve-scalise-does-not-appear-to-have-votes-to-become-speaker-as-gop-remains-divided.html

Mortgage rates near 8%, an ‘inventory crisis’: Homebuyers face a ‘tricky’ market, expert says

The housing market is dealing with several “tricky” dynamics, said Tracy Kasper, president of the National Association of Realtors.

Read more at: https://www.cnbc.com/2023/10/12/mortgage-rates-near-8percent-low-inventory-homebuyers-face-a-tricky-market.html

Prosecutor calls out Sam Bankman-Fried for fidgeting and scoffing during ex-girlfriend’s testimony

Ellison, the former Alameda CEO and ex-girlfriend of Sam Bankman-Fried, faced cross-examination in the FTX founder’s fraud trial Thursday.

Read more at: https://www.cnbc.com/2023/10/12/caroline-ellison-cross-examination-in-bankman-fried-fraud-trial-.html

A $150 million opening for The Eras Tour concert film? Don’t doubt Taylor Swift

Box office analysts predict Taylor Swift’s The Eras Tour concert film will easily surpass $100 million during its opening weekend.

Read more at: https://www.cnbc.com/2023/10/12/taylor-swift-eras-tour-concert-film-could-reach-150-million-opening.html

Chipotle Plans Fourth Price Hike In Two Years To “Offset Inflation”

Chipotle Mexican Grill plans to raise menu prices for the fourth time in two years. Millennials and Gen-Zers will have a shitfit when they discover additional price hikes.

“For the first time in over a year, we will be taking a modest price increase to offset inflation,” Chipotle Chief Corporate Affairs Officer Laurie Schalow wrote in a statement to CNBC. She did not reveal which menu items would be affected.

Last summer, the burrito chain announced a price hike that increased the most popular entrees on the menu by more than $1. Months before that, in 1Q22, the company raised prices by 4%, and in June 2021, the company raised prices to offset soaring labor costs.

Young folks will lose their minds when they hear about the next round of Chipotle price hikes. Many can’t afford rent and groceries, barely have any personal savings left, and have racked up insurmountable credit card debt to survive President Biden’s disastrous economy where inflation is eating households alive. Many of these folks are still living at home.

Millennials crying about life, rent, groceries.

“and all we do, we record a video and post it on social media. Then we close up the app and go about our day.”

Do you have sympathy for their situation? Or do you want to tell them, “try voting differently next time.” I sort of… pic.twitter.com/KEZ3rjxdxw …

Read more at: https://www.zerohedge.com/markets/chipotle-plans-fourth-price-hike-two-years-offset-inflation

The Politics Of Chaos: Disorder In The House Did Not Cause A Terror Attack In Israel

Authored by Jonathan Turley,

“Republicans’ weakness invites terror.”

Those words on X (formerly known as Twitter) from the Washington Post’s Jennifer Rubin perfectly captured our new politics of chaos.

Rubin and others either accused Republicans of benefitting or actually inviting terrorism with the removal of former House Speaker Kevin McCarthy (R-Calif.).

In reality, the vacant speaker’s chair will not materially affect our response to the massacre in Israel.

Moreover, you have to take leave of any sense of reality to believe that Hamas was watching the U.S. House of Representatives to coordinate this attack.

The massacre happened to occur on the anniversary of the Yom Ki …

Read more at: https://www.zerohedge.com/political/politics-chaos-disorder-house-did-not-cause-terror-attack-israel

Adani Imported “Billions” In Coal At Inflated Costs, Overcharging Consumers And Businesses, FT Alleges

The Adani saga has taken its latest turn, and FT’s Dan McCrum, famous for helping unveil the fraud at Wirecard, is having his say.

The now-controversial Adani Group, labeled “the largest con in corporate history” at the beginning of this year by short seller Hindenburg Research, “appears to have imported billions of dollars of coal at prices well above market value”, according to a brand new report by FT, authored in part by McCrum.

The new FT report, published Thursday morning, says that data shows Adani “has been inflating fuel costs and led to millions of Indian consumers and businesses overpaying for electricity”.

FT says that Adani has been using offshore intermediaries in Taiwan, Dubai and Singapore to import $5 billion worth of coal at prices that were “at times more than double” the market price. A Taiwanese entrepreneur, recently identified by the Financial Times as a significant concealed stakeholder in Adani firms, owns one of these companies.

FT further scrutinized 30 coal shipments from Indonesia to India by an Adani enterprise between 2019 and 2021. In every instance, the recorded import prices substantially exceeded the listed export values. Over the course of these shipments, an inexplicable surge of over $70 million in total value was observed.

The initial accusation of inflating fuel expenses dates bac …

Read more at: https://www.zerohedge.com/markets/adani-imported-billions-coal-inflated-costs-overcharging-consumers-and-businesses-ft

Household Budgets Are “On Thin Ice”

Authored by Charles Hugh Smith via OfTwoMinds blog,

There is very little wiggle-room left in many household budgets, and any decline in income will crack the ice.

A recent article on a well-worn topic–the rising costs of vehicle ownership–caught my attention. How the Costs of Car Ownership Add Up (New York Times). There’s nothing particularly new revealed in the piece, or particularly surprising for anyone who has 1) shopped for a new vehicle 2) shopped for a used vehicle 3) had their vehicle repaired or serviced recently 4) fueled up at a gas station or 5) paid auto insurance.

The most striking point was not explicitly said: these astounding increases in costs are putting many American households on very thin ice financially. There are plenty of statistics saying the same thing: a large percentage of Americans are living paycheck to paycheck and have less than $1,000 in a rainy-day / emergency fund, wage increases are lagging the soaring cost of living, and so on.

But statistics tend to be abstractions. Specific line-item increases on goods and services we all buy bring it home with a are you kidding me? 2X4 upside the head.

I have no idea if the five households surveyed are typical, but the costs of vehicle ownership in each case closely matches the AAA average annual cost of about $12,000 per vehicle.

I was also struck by the role dumb luck played in households’ vehicular for …

Read more at: https://www.zerohedge.com/personal-finance/household-budgets-are-thin-ice

King Charles III new coin designs revealed

The entire set of circulating coins have been given a makeover to mark the new monarch and the natural world.

Read more at: https://www.bbc.co.uk/news/business-67091137?at_medium=RSS&at_campaign=KARANGA

UK hits back at criticism from World Bank over aid cuts

Development Minister Andrew Mitchell tells the BBC the UK is a “very dominant force” in aid for the poor.

Read more at: https://www.bbc.co.uk/news/business-67084531?at_medium=RSS&at_campaign=KARANGA

Ex-Barclays boss Jes Staley banned over Epstein scandal

Jes Staley can no longer hold senior positions in the UK and has been fined £1.8m.

Read more at: https://www.bbc.co.uk/news/uk-67087758?at_medium=RSS&at_campaign=KARANGA

Breakout Stocks: How PCBL, TVS Motor and Nippon Life are looking on chart for Friday’s trade

Sectorally, buying was seen in oil & gas, energy, metal, and auto stocks while IT, realty, and capital goods stocks saw some selling.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-pcbl-tvs-motor-and-nippon-life-are-looking-on-chart-for-fridays-trade/articleshow/104374384.cms

Chakri Lokapriya on stocks to sidestep in the current market

According to Chakri Lokapriya, CIO & MD of TCG AMC, investing in TCS, oil marketing companies, and the metal sector at their current levels is not recommended. He believes that TCS’s numbers reflect a slowdown in the industry and investing in the stock will not generate significant returns. Lokapriya also suggests staying on the sidelines for Reliance Industries due to the lack of spending in the BFSI and TMT sectors. However, he sees potential in Jio Financials, which he believes will be transformative for the NBFC industry.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/chakri-lokapriya-on-which-companies-to-leave-on-the-sideline-in-present-market/articleshow/104363439.cms

PMS Tracker: These smallcap funds emerged laggards in September

But in the smallcap category, one of the best-performing funds has been Aequitas Investment’s “India Opportunities”, giving more than 3% returns in September, and a staggering 82% over a 1-year period.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/pms-tracker-these-smallcap-funds-emerged-laggards-in-september/articleshow/104369288.cms

Mark Hulbert: The stock market likes to climb a wall of worry — but now that’s crumbling

Market-timers are eagerly buying this rally — a signal for contrarian-minded investors to step aside.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-727C-7216BAB5EF9F%7D&siteid=rss&rss=1

Biden to roll out $7 billion for hydrogen hubs, which are key for meeting climate goals

The Biden administration is expected to announce which regional projects will receive around $7 billion total in federal funding to build out hydrogen hubs.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-727D-259DB9343373%7D&siteid=rss&rss=1

‘Peeps’ and other foods that will be impacted by California’s ban on certain food additives

California Gov. Newsom said the law is a ‘positive step forward’ until the FDA reviews and establishes national regulations on the use of the four additives.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-727B-E9F4F96ABE16%7D&siteid=rss&rss=1