Emergency Oil Meeting Discusses Potential For Diesel Outages

The European Union held an emergency meeting on Friday to discuss the potential for diesel supply shocks stemming from the conflict between Israel and Hamas. The EU Commissioner for Energy Kadri Simson called an emergency meeting on Friday to discuss the potential issues should there be a diesel supply outage, like strikes and long truck queues waiting for diesel. “Oil is important. Not enough diesel could lead to strikes,” one European Union official told Reuters. “Is this a 1973 moment or not?” After the group debated the risks of a diesel shortage,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Emergency-Oil-Meeting-Discusses-Potential-For-Diesel-Outages.html

Robotaxi Safety Concerns Arise After Pedestrian Mishap

General Motors’ autonomous car unit, Cruise, announced on X Thursday night that all its driverless car fleets nationwide will be halted after several collisions and a suspension of its license in California.  “The most important thing for us right now is to take steps to rebuild public trust. Part of this involves taking a hard look inwards and at how we do work at Cruise, even if it means doing things that are uncomfortable or difficult,” Cruise wrote in a post.  The San Francisco-based company continued, “In that spirit, we have decided…

Read more at: https://oilprice.com/Energy/Energy-General/Robotaxi-Safety-Concerns-Arise-After-Pedestrian-Mishap.html

Oil Prices Set For First Weekly Loss In Three Weeks

Despite continued fears that the Hamas-Israel conflict could involve more actors in the Middle East, oil prices were set early on Friday for their first weekly loss in three weeks amid concerns about the economy and oil demand.    As of 10:25 a.m. EDT on Friday, the U.S. benchmark, WTI Crude, was up 0.84% at $83.92. The international benchmark, Brent Crude, traded 0.86% higher at $88.77.   Earlier on Friday in Asian trade, oil prices rose by 2% after the Pentagon said that U.S. military forces conducted self-defense…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Set-For-First-Weekly-Loss-In-Three-Weeks.html

U.S. Oil Drillers Add 1 Rig As Rut Continues

The total number of active drilling rigs in the United States rose by 1 this week after climbing by 2 last week, according to new data that Baker Hughes published Friday, as drillers continue to operate with restraint. The total rig count rose to 625 this week. So far this year, Baker Hughes has estimated a loss of 154 active drilling rigs. This week’s count is 450 fewer rigs than the rig count at the beginning of 2019 prior to the pandemic. The number of oil rigs rose by 2 to 504, down by 117 so far in 2023. The number of gas rigs fell by…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Drillers-Add-1-Rig-As-Rut-Continues.html

Equinor To Bid In Norway’s First Offshore Wind Tender

Norway’s energy major Equinor plans to bid to be admitted to the first offshore wind tender in his home country, Equinor’s chief executive officer Anders Opedal told Reuters on Friday. “At the moment we are working to be as competitive as possible in this,” the executive told Reuters on the sidelines of the third-quarter earnings presentation.    The tender begins with pre-qualification and “then we will see what happens after that,” he added. Norway announced in March this year…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-To-Bid-In-Norways-First-Offshore-Wind-Tender.html

Middle East Producers Cautious To Hike Prices In Tight Market

Tensions in the Middle East escalated just as oil prices declined into potentially dangerous territory for major OPEC+ players such as Saudi Arabia. Before October 7, Dubai was as low as $85 per barrel, borderline fiscal breakeven for Riyadh and it felt as if the bond sell-off earlier in the month could scupper the voluntary production cuts of Saudi Arabia and Russia. Throughout the second half of October, oil prices have shrugged off the scrapping of sanctions on Venezuela, rising US crude inventories and gradually weakening refining margins and…

Read more at: https://oilprice.com/Energy/Oil-Prices/Middle-East-Producers-Cautious-To-Hike-Prices-In-Tight-Market.html

U.S. Retaliates Following Iranian-Backed Militia Attacks

The United States says it has struck two facilities in eastern Syria, claiming they were used by Iranian forces and affiliated groups. Secretary of Defence Lloyd Austin said the “precision self-defence strikes” were carried out to protect US personnel in Iraq and Syria, and were in response to recent attacks by Iranian-backed militia groups. The strikes had hit weapons and ammunition storage facilities used by Iranian forces, the BBC reported. In recent days drone and rocket strikes on military bases in Iraq and Syria have injured a…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Retaliates-Against-Iranian-Backed-Militia-Attacks.html

Musk’s Mega Rocket Faces Unprecedented Regulatory Delays

A reporter from rocket blog NASASpaceflight reveals Elon Musk’s SpaceX Starship, the most powerful rocket ever built, has been placed under review (again) by the US Fish & Wildlife Service, with consultation by the Federal Aviation Administration, about the Endangered Species Act of 1973. This review process will take upwards of 135 days and delay any imminent rocket launch because the government wants to understand the environmental impacts of rocket launches.  We can’t help but view this investigation by the government with great skepticism,…

Read more at: https://oilprice.com/Energy/Energy-General/Musks-Mega-Rocket-Faces-Unprecedented-Regulatory-Delays.html

Phillips 66 Books Q3 Profit Below Expectations

U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. Phillips 66, which also operates in the midstream and chemicals segments, reported adjusted earnings of $2.1 billion for the third quarter, up from $1.8 billion for the second quarter. In Q2, American refiners – including Phillips 66 – were hit by low refining margins. For the third quarter, the adjusted earnings per share at…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Phillips-66-Books-Q3-Profit-Below-Expectations.html

Exxon Misses Profit Forecast Despite Strong Refining Business

Record refinery throughput and higher oil prices raised ExxonMobil’s (NYSE: XOM) earnings for the third quarter compared to the second quarter, but the profit missed Wall Street expectations anyway. Exxon reported on Friday earnings of $9.1 billion for the third quarter, compared with second-quarter earnings of $7.9 billion. The higher quarter-on-quarter profit was the result of strong operating performance, including record third-quarter refining throughput, as well as a higher crude price and industry refining margins. These factors were…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-Misses-Profit-Forecast-Despite-Strong-Refining-Business.html

Oil Markets On Edge As Geopolitical Risk Rises

Oil markets have been on edge this week, with geopolitical risk and market tightness being counterbalanced by continued economic concerns. While prices are on course for a weekly loss, they spiked sharply early on Friday morning following U.S. airstrikes on Syrian territory. Friday, October 27th, 2023Oil prices have been relatively rangebound this week, with ICE Brent trending between $88 and $90 per barrel, but the constant ebb and flow of geopolitical fears has created a seesaw pattern in day-to-day trading. US military airstrikes on Syrian territory…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-On-Edge-As-Geopolitical-Risk-Rises.html

Chevron Reports Lower-Than-Expected Q3 Earnings

Chevron Corporation (NYSE: CVX) reported on Friday lower-than-expected earnings for the third quarter, as international downstream weakness and maintenance at both the upstream and downstream operations weighed on profits. Chevron booked earnings of $6.5 billion, or $3.48 per diluted share, for the third quarter of 2023, compared with $11.2 billion, or $5.78 per diluted share for the third quarter of 2022. Last year, all oil majors were reporting record quarterly and annual profits amid soaring crude oil and natural gas prices. Chevron’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-Reports-Lower-Than-Expected-Q3-Earnings.html

Billionaire Gina Rinehart Buys 19% In Another Australian Lithium Producer

Mining billionaire Gina Rinehart has amassed a 19% stake in Australian lithium producer Azure Minerals, building a large interest in a second lithium player in Australia in a few weeks and potentially derailing another acquisition in the sector.   Azure Minerals Limited said in a notice on Friday that Rinehart, Hancock Prospecting Pty Ltd (HPPL), and subsidiaries of HPPL have acquired shares in the lithium company giving the mining billionaire 18.3% of the voting power. The notice from Azure Minerals came shortly after the company announced…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Billionaire-Gina-Rinehart-Buys-19-In-Another-Australian-Lithium-Producer.html

Oil And Gas Business Helps Eni Beat Q3 Earnings Estimates

Italy’s energy major Eni (NYSE: E) booked an adjusted net profit for the third quarter that beat consensus estimates as strong upstream performance partly offset lower commodity prices compared to the same period last year. Eni reported on Friday adjusted net profit of $1.9 billion (1.82 billion euros), which was “impacted by weaker hydrocarbon prices, but significantly offset by underlying business outperformance.” The figure compares with a company-provided analyst consensus of $1.72 billion (1.63 billion euros). Year-over-year,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-And-Gas-Business-Helps-Eni-Beat-Q3-Earnings-Estimates.html

Equinor Cuts Its Oil And Gas Output Guidance

Norway’s energy major Equinor cut its full-year production guidance for both oil and gas, now expecting output to grow by 1.5% rather than 3% as earlier expected. At the release of its third-quarter results, the company also noted that its gas production had been affected by planned maintenance activities and extended turnarounds. “We continue to contribute to energy security by developing profitable oil and gas projects with low emissions from production, through the development of the Rosebank field in the UK and the start-up of the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-Cuts-Its-Oil-And-Gas-Output-Guidance.html

Pharmacy staff from Walgreens, CVS say they’re at a breaking point — here’s what their days look like

Workers are concerned that Walgreens and CVS are placing unreasonable demands on them, without providing enough resources to safely execute tasks.

Read more at: https://www.cnbc.com/2023/10/27/walgreens-cvs-pharmacy-staff-walkouts-what-their-work-days-look-like.html

Dow drops more than 350 points to end brutal week, S&P 500 closes in correction territory: Live updates

The three major averages are on pace for weekly declines.

Read more at: https://www.cnbc.com/2023/10/26/stock-market-today-live-updates.html

JPMorgan Chase stock slips after bank says CEO Jamie Dimon is selling 1 million shares

JPMorgan Chase CEO Jamie Dimon will begin to sell 1 million shares of the bank he runs next year, the bank said.

Read more at: https://www.cnbc.com/2023/10/27/jamie-dimon-to-sell-jpmorgan-shares.html

Israel-Hamas war live updates: Palestinian data provider says internet is cut off; Israeli army forces ‘expanding their activity’ in Gaza

Israel said it’s increasing its air attacks on Gaza and “expanding” its ground forces. A Palestinian data provider said internet service have been cut off.

Read more at: https://www.cnbc.com/2023/10/27/israel-hamas-war-updates-and-latest-news-on-gaza-conflict.html

Microsoft’s AI boost helped cloud business outpace rivals Amazon and Google in latest quarter

Large cloud vendors are still helping clients work through necessary cost cuts, but Microsoft Azure has gotten a boost from artificial intelligence.

Read more at: https://www.cnbc.com/2023/10/27/microsoft-azure-outpaced-aws-and-google-cloud-in-latest-quarter.html

The Fed decision and jobs report are in the week ahead as Wall Street wraps up a brutal month

Investors will seek a shift in focus from Fed Chair Jerome Powell’s comments next week.

Read more at: https://www.cnbc.com/2023/10/27/fed-decision-job-report-in-the-week-ahead-as-wall-street-wraps-up-brutal-month-.html

Google paid $26 billion in 2021 to become the default search engine on browsers and phones

The number is a more granular look into how much Google pays partners, including Apple, to be the default search engine on their products.

Read more at: https://www.cnbc.com/2023/10/27/google-paid-26-billion-in-2021-to-become-a-default-search-engine.html

Abercrombie & Fitch, ex-CEO sued over sex abuse and trafficking accusations

Former Abercrombie CEO Mike Jeffries was accused of allegedly running a sex trafficking ring that exploited men hoping to become models for the brand.

Read more at: https://www.cnbc.com/2023/10/27/abercrombie-sex-abuse-lawsuit.html

Ford shares fall 12% after earnings underline worries about costs and EV plans

Ford’s results fell short of Wall Street’s estimates and amplified investors’ worries about costs and quality, plus demand for the company’s EVs.

Read more at: https://www.cnbc.com/2023/10/27/ford-f-shares-fall-q3-earnings-ev-costs-uaw.html

Sam Bankman-Fried testifies that he didn’t commit fraud: 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, Brendan Quigley of Baker Botts reacts to Sam Bankman-Fried’s testimony.

Read more at: https://www.cnbc.com/video/2023/10/27/sam-bankman-fried-testifies-that-he-didnt-commit-fraud-cnbc-crypto-world.html

Taylor Swift has reportedly entered her billionaire era with success of Eras Tour

The 33-year-old is now worth $1.1 billion, according to Bloomberg News.

Read more at: https://www.cnbc.com/2023/10/27/taylor-swift-has-entered-her-billionaire-era.html

A-Rod regrets not investing in Amazon, Microsoft or Starbucks in the ’90s: ‘I wouldn’t have to work so hard today’

At the start of his baseball career, Alex Rodriguez made millions in Seattle — home of Amazon, Microsoft and Starbucks during the 1990s dot-com boom.

Read more at: https://www.cnbc.com/2023/10/27/alex-rodriguez-wishes-hed-bought-amazon-microsoft-starbucks-in-90s.html

These stocks reporting next week typically beat the Street and rally

Nearly 30% of the S&P 500 is reporting earnings next week. The following stocks have a history of beating estimates.

Read more at: https://www.cnbc.com/2023/10/27/these-stocks-reporting-next-week-typically-beat-the-street-and-rally.html

Gold Tops $2000 Amid Global Conflict, Govt Chaos

This week, gold and silver went their separate ways, with gold rising and silver falling, with today’s Gaza headlines pushing gold notably higher…

With spot gold topping $2,000 for the first time since May…

And,as Bloomberg’s Nour Al Ali points out, this recent acceleration could propel the precious metal to a fresh record high.

Gold has rallied almost 10% this month despite surging US yields and a resilient dollar, primarily driven by its appeal as …

Read more at: https://www.zerohedge.com/markets/gold-government-debt-global-conflict

ExxonMobil “Always Looking” For More M&A, CFO Kathy Mikells Says

If there was any doubt left in your mind whether or not the oil and gas industry is literally running like greased lightning nowadays, it has been reported that ExxonMobil is still seeking out new M&A opportunities – even after the firm’s massive $60 billion acquisition of Pioneer.

After the company’s blowout earnings and hiked dividend to end the week, CFO Kathy Mikells told Financial Times that the supermajor is still on the prowl opportunities: “It’s important to say that we’re always looking. Many times I’ve described us as very inquisitive but also very picky. A deal has got to be what we say is ‘one plus one equals three’.”

“It’s important to understand that we’re in a depletion business with upstream. I think [the deal] puts us in a good position for the long term,” she added.

Exxon CEO Darren Woods said on Friday: “Pioneer will help us grow supply to meet the world’s energy needs with lower carbon intensity while Denbury improves our competitive position to economically reduce emissions in hard-to-decarbonize industries.”

Pioneer is the leading player in the Permian Basin, FT notes, a key hub for America’s oil industry that stretches across Texas and New Mexico. Exxon’s acquisition of Pioneer will secure it a commanding role in the oilfield, contributing to 15% of the total crude production.

This marks Exxon’s secon …

Read more at: https://www.zerohedge.com/markets/exxonmobil-always-looking-more-ma-cfo-kathy-mikells-says

Israel Says “Ground Forces Expanding Operations Tonight” As Gaza Comms, Internet Cut

Update(1340ET): Over the last hour there have been widespread reports that communications to the Gaza have been externally cut, and minutes ago Israel’s military (IDF) spokesman has confirmed that ground forces are expanding their operations tonight, and simultaneously Gazans are being told to immediately evacuate the north and go to the south of the Strip. “Ground forces are expanding the ground activity this evening,” the IDF affirmed. Below is more of the statement from military spox, Rear Adm. Daniel Hagari:

“The Air Force is striking underground targets very significantly,” he says, adding that ground forces will “expand” their activity tonight.

For the last two days, IDF infantry forces and tanks have conducted limited raids into the Gaza Strip. Hagari says the IDF will continue to strike Gaza City and surrounding areas in northern Gaza, and renews his call for Palestinians to evacuate to the Strip’s south.

“We are prepared to defend in all arenas. We are acting in order to protect the security interests of the State of Israel,” he says.

Currently broad swathes of Gaza are without electricity, water, or easily available food or medical supplies. Hospitals say they are on the their last batches of fuel to run generators. Al Shifa hospital, Gaza’s largest, is being threatened with aerial attack.

No food, no water, no fuel, no communi …

Read more at: https://www.zerohedge.com/geopolitical/oil-gold-dip-after-gaza-ceasefire-headlines

Elon Musk’s X Aims To Revolutionize Finance As A Central Hub

Authored by Amaka Nwaokocha via CoinTelegraph.com,

Elon Musk envisions X as an all-encompassing financial platform, embracing every aspect of users’ financial lives, from money and securities to eliminating the need for traditional bank accounts…

Elon Musk-owned X (formerly Twitter) aims to position itself as a central financial hub, encouraging individuals to consider using it as their primary financial solution instead of traditional bank accounts.

According to a report by The Verge, during an all-hands meeting on Oct. 26, Musk expressed his vision for transforming the platform into a financial hub, with a roadmap to implement new features by the end of 2024.

Musk envisions X as an all-encompassing financial platform, covering every aspect of users’ financial lives, …

Read more at: https://www.zerohedge.com/technology/elon-musks-x-aims-revolutionize-finance-central-hub

FTX: ‘Crypto King’ admits people got hurt as he speaks out in trial

Former crypto boss Sam Bankman-Fried says he made many mistakes when running the cryptocurrency exchange.

Read more at: https://www.bbc.co.uk/news/business-67242519?at_medium=RSS&at_campaign=KARANGA

Russia hikes interest rates to 15% as inflation soars

The Bank of Russia raises rates more than expected to try to lower inflation and boost the rouble.

Read more at: https://www.bbc.co.uk/news/business-67233075?at_medium=RSS&at_campaign=KARANGA

NatWest hit by profit fears as it admits Nigel Farage failings

The bank’s shares tumble after it lowers profit expectations and admits failings in how it treated Nigel Farage.

Read more at: https://www.bbc.co.uk/news/business-67236693?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty pullback rally may continue. What traders should do next week

The short-term trend of Nifty seems to have reversed on the upside and the sustainability of this upside bounce could be crucial to call this an important bottom reversal. Nifty is likely to move up further towards the next overhead resistance of around 19,230 levels. Any weakness from here could find support around 18,850 levels, said Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-pullback-rally-may-continue-what-traders-should-do-next-week/articleshow/104759730.cms

Asian Paints’ decline continues post Q2 earnings. Should you buy, sell or hold?

Asian Paints on Thursday reported a 53.3% year-on-year (YoY) rise in consolidated net profit for the quarter ended September 2023 at Rs 1,232.4 crore. The profit was below the ET Now Poll estimate of Rs 1271 crore.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/asian-paints-decline-continues-post-q2-earnings-should-you-buy-sell-or-hold/articleshow/104743782.cms

Shriram Finance shares jump 9% post Q2 earnings. Should you buy?

Shriram Finance’s net profit increased 13% year-on-year to Rs 1,751 crore in the quarter ended September driven by strong demand for vehicle loans.

Read more at: https://economictimes.indiatimes.com/markets/stocks/shriram-finance-shares-jump-9-post-q2-earnings-should-you-buy/articleshow/104744575.cms

The Moneyist: ‘I’ve been living inside a silent divorce’: I want a ‘kitchen-table’ separation from my husband without lawyers. Is that a good idea?

‘My goal now is to sever our financial relationship, aligning it with our nonexistent emotional and physical relationship.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7285-939ABED16895%7D&siteid=rss&rss=1

Market Extra: A major source of liquidity for buying U.S. government debt is draining. Here’s why that’s bad news for the Fed and the markets.

A Federal Reserve liquidity facility is back in focus as stocks stumble and investors brace for an estimated $1.5 trillion borrowing need from the Treasury.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-728A-F3FDB0BC4E24%7D&siteid=rss&rss=1

Market Extra: The 7 companies propping up the U.S. stock market are sending a bearish warning that investors should not ignore

A group of elite stocks that have driven most of this year’s rally are sending a message that could portend more losses ahead.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7289-D234128BC110%7D&siteid=rss&rss=1