Top Semiconductor Companies Control 98% of Global Market

They’re in our phones, cars, planes, and even fridges. Semiconductor chips have become critical for the modern way of life, and the biggest semiconductor foundry companies rake in billions of dollars from widespread demand. Visual Capitalist’s Marcus Lu and Pallavi Rao show in the following chart, the largest semiconductor foundry companies by their percentage of global revenues in Q1 2023, using data sourced from Trendforce. We highlight data for companies that only operate foundries (fabrication plants) that manufacture chips for clients,…

Read more at: https://oilprice.com/Finance/the-Markets/Top-Semiconductor-Companies-Control-98-of-Global-Market.html

Nigeria Records Flat Growth as Oil Price Decline Slows

Nigeria’s economy recorded flat growth in the third quarter, as oil prices somewhat stabilized while the impact of reforms by the newly created government at boosting output were yet to have an impact. The economy expanded by 2.54% in Q3 2023, a slight improvement from 2.51% posted in the second quarter but way below the 6% clip that President Bola Tinubu pledged during his inauguration in May. The oil and gas sector contracted 0.85% in the third quarter, a big improvement from the 13.43% contraction recorded in the third quarter. The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Records-Flat-Growth-as-Oil-Price-Decline-Slows.html

Bloomberg Analyst Survey Predicts OPEC+ Output Extension

When Bloomberg surveyed analysts last week about their expectations for further OPEC+ production cuts ahead of the originally planned November 26 meeting, only one analyst was expecting an extension of existing cuts. By Friday, with the OPEC+ meeting delayed four days, Bloomberg says around half says they see new measures in store to tighten markets.  When OPEC+ gathers on November 30, around 50% of analysts surveyed by Bloomberg predicted that the expanded cartel would extend existing ~1-million-barrel-per-day cuts into 2024. Six…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Bloomberg-Analyst-Survey-Predicts-OPEC-Output-Extension.html

Gulf of Mexico Oil Spill Set to Be the Largest Since Deepwater Horizon

Offshore production from major oil names like Occidental, W&T Offshore and Talos Energy has been shuttered following a spill that Bloomberg is calling the worst in the US “since the Deepwater Horizon disaster.” These producers took a significant hit on Thursday as they stopped approximately 62,000 barrels of daily oil production due to a subsea pipeline rupture. The rupture resulted in a substantial oil spill of 26,000 barrels, equivalent to the volume of two Olympic-size swimming pools, in the Gulf of Mexico near Louisiana, Bloomberg noted.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Gulf-of-Mexico-Oil-Spill-Set-to-Be-the-Largest-Since-Deepwater-Horizon.html

Israel Allows Fuel Trucks into Gaza from Egypt

Israel’s army has allowed eight trucks of fuel and cooking gas to enter the Gaza Strip from Egypt, the army’s liaison office with Palestinians, the Coordination of Government Activities in the Territories (COGAT), said on Friday. On Friday morning local time, four tankers of fuel and another four tankers carrying cooking gas were transferred from Egypt to UN humanitarian aid organizations in the southern Gaza Strip via the Rafah Crossing from Egypt, COGAT said. “The fuel and cooking gas are designated for operating essential…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Israel-Allows-Fuel-Trucks-into-Gaza-from-Egypt.html

Russia Becomes EU’s 2nd-Largest Supplier of Refined Petroleum Via India

Russian media reports citing official Eurostat statistics report that India has become the European Union’s second-largest supplier of refined petroleum products in 2023, second only to Saudi Arabia.  The EU imported 7.9 million tons of refined petroleum products from India between January and September this year, according to RIA Novosti calculations, a figure that is more than double year-on-year, and a triple the volumes from 2021. According to the report, this year’s refined petroleum products volume catapulted India from…

Read more at: https://oilprice.com/Energy/Crude-Oil/Russia-Becomes-EUs-2nd-Largest-Supplier-of-Refined-Petroleum-Via-India.html

UAE Enforces Stricter Rules on Russian Firms in Clamp Down on Sanctions Evasion

The United Arab Emirates (UAE), which has become an attractive destination for Russian business after the invasion of Ukraine, has increased checks and enforced stricter banking rules on Russian companies amid rising U.S. pressure on the UAE to help clamp down on sanctions evasion. Russian companies, which initially enjoyed easy money transfers and business dealings in the UAE, especially in Dubai, are now facing tougher rules and the need for more documents and proofs, entrepreneurs and consultants have recently told Bloomberg.   The UAE…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-Enforces-Stricter-Rules-on-Russian-Firms-in-Clamp-Down-on-Sanctions-Evasion.html

Oil Prices Stable in Anticipation of Key OPEC+ Meeting

Brent crude futures were steady on Friday as traders kept their powder dry ahead of an OPEC+ meeting that could bring agreement on further supply cuts. Brent crude futures were down eight cents, or 0.1 percent, at $81.34 a barrel by 0913 GMT, having settled 0.7 percent down in the previous session. U.S. West Texas Intermediate crude lost 70 cents, or 0.91 percent, from Wednesday’s close to $76.40. There was no settlement for WTI on Thursday owing to a U.S. public holiday. Both contracts were on track to register for their first weekly gain…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Stable-in-Anticipation-of-Key-OPEC-Meeting.html

OPEC+ Nearing Compromise in Spat with African Oil Producers Over Quotas

The OPEC+ group has made progress in talks with its African producers over their oil output quotas next year, three OPEC+ sources told Reuters on Friday, after the alliance had to postpone this weekend’s meeting over the spat.   On Wednesday, OPEC said that the OPEC+ meeting scheduled for this weekend would be postponed to November 30, which sent oil prices tumbling over fears of disagreements in the group about the next move in its oil production policy. OPEC’s African members Angola and Nigeria have reportedly asked to have a…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Nearing-Compromise-in-Spat-with-African-Oil-Producers-Over-Quotas.html

Oil Markets Remain Focused on OPEC+

Despite the dramatic reaction of oil markets to news that the OPEC+ meeting would be postponed, oil prices are set to end the week with little real change as traders now await the outcome of the November 30th meeting. Friday, November 24th, 2023The seesawing in oil prices seen over the past weeks has wound down as the market awaits the OPEC meeting, postponed from this week to November 30 and changed from an in-person summit to an online event. ICE Brent front-month futures have settled within a narrow frame of $81-83 per barrel the entire…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-Remain-Focused-on-OPEC.html

UAE to Boost Murban Crude Exports as Higher OPEC+ Quota Kicks In

One of the biggest oil exporters in the Middle East, the United Arab Emirates, is set to increase from 2024 the exports of its flagship Murban crude grade as the UAE will see its production quota in the OPEC+ deal increased, traders have told Reuters. Refinery maintenance in the UAE in early 2024 is also set to release more Murban barrels for exports, according to the traders and Reuters data. The higher availability of Murban next year is weighing down on the crude grade’s spot prices and will further raise the global supply of light sweet…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-to-Boost-Murban-Crude-Exports-as-Higher-OPEC-Quota-Kicks-In.html

European Natural Gas Demand Rises as Winter Arrives

Europe’s weaker natural gas demand in the autumn is now rising amid lower-than-usual temperatures in most areas and freezing weather expected to last until early December.   The forecast for many countries, including Europe’s largest economy and natural gas user, Germany, has been updated to expect colder temperatures this weekend and next week, according to forecasts from Maxar Technologies cited by Bloomberg. On Friday, the front-month Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were slightly…

Read more at: https://oilprice.com/Energy/Energy-General/European-Natural-Gas-Demand-Rises-as-Winter-Arrives.html

EU to Propose Multi-Billion Euro Plan for Grid Investments

The European Commission is expected to propose next week a plan for accelerating investment in grids to support the EU’s renewable energy targets, according to a draft of the plan seen by Reuters. “The backbone of today’s electricity systems, grids are set to become increasingly important as clean energy transitions progress, but they currently receive too little attention,” the International Energy Agency (IEA) said in a report last month. According to the agency, global annual investments in energy grids need to double…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-to-Propose-Multi-Billion-Euro-Plan-for-Grid-Investments.html

Indonesia Begins Construction on Its First Carbon Storage Project

Southeast Asia’s largest economy, Indonesia, launched on Friday construction works on its first carbon capture, utilization, and storage (CCUS) project, which will be operated by energy supermajor BP.  The project, whose construction start was inaugurated by Indonesian President Joko Widodo, will have the capacity to store up to 1.8 gigatons of carbon dioxide (CO2), Indonesia’s Energy Minister Arifin Tasrif said in a statement carried by Reuters. First injection of carbon in the CCUS project is expected in 2026, and BP is estimated…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indonesia-Begins-Construction-on-Its-First-Carbon-Storage-Project.html

Petrobras to Spend $102 Billion Over the Next Five Years

Brazil’s state oil and gas major Petrobras has budgeted $102 billion for the next five years, with the bulk of the sum to be spent on a boost in oil and gas exploration. The five-year investment plan is a 31% increase on Petrobras’s budget for the previous five years, Reuters noted in a report on the company’s new strategic plan. “We increased Petrobras’ total investments responsibly, focusing on capital discipline and commitment to keeping debt under control,” the company’s chief executive, Jean-Paul Prates, said. Earlier…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Petrobras-to-Spend-102-Billion-Over-the-Next-Five-Years.html

With Black Friday deals and flashy displays, retailers try to convince reluctant shoppers to spend

Retailers have turned to more and earlier Black Friday deals, and flashy events, to drive sales as consumers are reluctant to spend.

Read more at: https://www.cnbc.com/2023/11/24/black-friday-shopping-retailers-use-deals-and-events-to-drive-sales-.html

NFL’s Black Friday game is the latest warning sign for traditional TV

NFL’s first Black Friday game, between the New York Jets and Miami Dolphins, is streaming exclusively on Amazon Prime.

Read more at: https://www.cnbc.com/2023/11/24/nfl-black-friday-game-jets-vs-dolphins-on-amazon-prime-not-on-tv.html

Israel-Hamas war updates: Biden says pause in fighting is critical to get humanitarian aid to Gaza

A first batch of hostages abducted by Hamas on Oct. 7 has been released under the new Gaza cease-fire deal.

Read more at: https://www.cnbc.com/2023/11/24/israel-hamas-war-live-updates-news-on-gaza-conflict.html

Democratic Rep. Dean Phillips won’t run for reelection as he challenges Biden for president

Some Democrats have criticized Phillips since he mounted a longshot primary bid against the incumbent president last month.

Read more at: https://www.cnbc.com/2023/11/24/rep-dean-phillips-democrat-challenging-biden-wont-run-for-reelection.html

iRobot shares close up 39% on report Amazon deal set to get EU approval

Shares of iRobot, the maker of Roomba vacuums, closed up about 39% Friday after a report said the European Union is set to approve Amazon’s acquisition.

Read more at: https://www.cnbc.com/2023/11/24/irobot-stock-up-39percent-on-report-amazon-deal-set-to-get-eu-approval.html

Dow closes 100 points higher Friday as major averages rise for a 4th straight week: Live updates

The Dow gained 100 points Friday as the major averages aimed for a four-week winning streak.

Read more at: https://www.cnbc.com/2023/11/24/stock-market-today-live-updates.html

These stocks are overbought and could be due for a pullback

These are the most overbought and oversold stocks on Wall Street.

Read more at: https://www.cnbc.com/2023/11/24/these-stocks-are-overbought-and-could-be-due-for-a-pullback.html

Stocks making the biggest moves midday: Fisker, Nvidia, Coinbase and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2023/11/24/stocks-making-the-biggest-moves-midday-fsr-nvda-coin.html

American Dream mall in N.J. briefly evacuated on Black Friday over bomb threat

New Jersey’s American Dream Mall was briefly evacuated on Black Friday because of a bomb threat, according to state officials.

Read more at: https://www.cnbc.com/2023/11/24/american-dream-mall-evacuated-on-black-friday-over-bomb-threat.html

Deals to the Maldives, Paris and Palm Springs: How to take advantage of ‘Travel Tuesday’

Travel Tuesday is the latest addition to the slate of deal days over Thanksgiving weekend. Here’s how experts say you can take advantage.

Read more at: https://www.cnbc.com/2023/11/24/how-to-take-advantage-of-travel-tuesday.html

This tax-smart charitable donation strategy is like ‘hitting two birds with one stone,’ advisor says

If you’re retired and giving to charity this season, you should weigh a qualified charitable distribution from your individual retirement account, experts say.

Read more at: https://www.cnbc.com/2023/11/24/why-older-donors-should-consider-qualified-charitable-distributions.html

Art Cashin says investors should be careful amid market rebound, watching a key level on 10-year yield

If the yield on the 10-year Treasury note begins to move above 4.55%, Cashin said that could put “mild pressure” on the equity market.

Read more at: https://www.cnbc.com/2023/11/24/art-cashin-says-investors-should-watch-a-key-level-on-10-year-yield.html

CNBC’s Climate Desk Melts Away

CNBC has ‘dismantled its climate desk’ and will no longer have staff dedicated to covering the topic – posing a potential blow to the Democrat party’s various ‘green’ schemes, including their so-called Green New Deal.

“CNBC has dismantled its climate desk and will no longer have staff dedicated to covering climate change,” wrote Bloomberg’s Akshat Rathi, posting a link to now-former CNBC climate innovation and tech reporter’s announcement on X, which reads:

“Personal news, as they say: A layoff, heartbreak, and finding my truth wandering through the streets of Istanbul…”

CNBC has dismantled its climate desk and will no longer have staff dedicated to covering climate change. https://t.co/XXoc3HgsSD

— Akshat Rathi (@AkshatRathi) November 21, 2023

Liberal tears flowed for Cli …

Read more at: https://www.zerohedge.com/political/cnbc-dismantles-climate-desk

Los Angeles Leads 2023 National Shoplifting Spree

Authored by John Seiler via The Epoch Times (emphasis ours),

Shoplifting in Los Angeles spiked 109 percent in the first half of 2023, according to a new study by the Council on Criminal Justice (CCJ), “Shoplifting Trends: What You Need to Know.” The CCJ is a nonpartisan and independent think tank supported by grants from philanthropies. That was the highest rise of any city, with Dallas in second place at 73 percent.

On the positive side, shoplifting dropped 35 percent in San Francisco, similar to a 31 percent drop in Seattle. Unfortunately, Los Angeles and San Francisco were the only two Golden State cities monitored of 24 nationwide. The study included several interactive graphs. This screenshot isolates the two C …

Read more at: https://www.zerohedge.com/political/los-angeles-leads-2023-national-shoplifting-spree

‘You Won’t Hear This On NYT’: US Forest Fire Burn Acreage Plunges To Multi-Decade Lows

We penned a note in August titled, Is It Time To Fact-Check Corporate Media’s ‘Climate Hysteria’ Over “Hottest Day Ever?”

Climate alarmists in corporate media pushed a disinformation campaign with sketchy climate math this past summer that even the National Oceanic and Atmospheric Administration had to run away from.

NOAA runs away from ‘hottest day’ claim.https://t.co/BQv0VpuE5r pic.twitter.com/IaeOIGj5xE

— Steve Milloy (@JunkScience) July 7, 2023

Remember the climate doom headlines in corporate media?

Read more at: https://www.zerohedge.com/weather/you-wont-hear-nyt-us-forest-fire-burn-acreage-plunges-multi-decade-lows

Community Colleges And Trade Schools Are Largely Void Of Israel-Hamas Protests

Commentary by Salena Zito via The Epoch Times (emphasis ours),

TV host Mike Rowe said that eight years ago, he was switching the news channels on his television and saw several college students setting fire to the American flag and dancing around a pile of burning flags. They were telling reporters in interviews they were disgusted with Old Glory and “fearful” of the flag.

“It wasn’t lost on me in the moment that all of these events were happening at what is considered the best of the best elite universities across the country,” Rowe told me. Among supposedly non-elite students, though, the situation wasn’t and isn’t as bad.

Members of the Communist Party USA and other anti-fascist groups burn an American flag on the steps of the Colorado State Capi …

Read more at: https://www.zerohedge.com/political/community-colleges-and-trade-schools-are-largely-void-israel-hamas-protests

Carnival UK withdraws ‘fire-and-rehire’ threat

Carnival UK says it will not pursue the controversial strategy which could have affected 900 crew.

Read more at: https://www.bbc.co.uk/news/business-67519626?at_medium=RSS&at_campaign=KARANGA

HSBC down: Customers furious over ongoing bank outages

The firm says it is “really sorry” for the problem, which comes on the busy shopping day Black Friday.

Read more at: https://www.bbc.co.uk/news/technology-67514068?at_medium=RSS&at_campaign=KARANGA

John Lewis to offer health checks to customers

The department store is partnering with Covid-19 testing firm Randox Health to offer new services.

Read more at: https://www.bbc.co.uk/news/business-67522483?at_medium=RSS&at_campaign=KARANGA

Motilal Oswal parks faith in 2Ws, picks Hero MotoCorp, Endurance Tech for gains up to 26%

The brokerage picks Hero MotoCorp among its preferred buys in this space while choosing Tata Motors as a passenger vehicle play and Endurance Technologies and Craftsman Automation among auto ancillaries

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/motilal-oswal-parks-faith-on-2ws-picks-hero-motocorp-endurance-tech-for-gains-up-to-26/articleshow/105476203.cms

Tech View: Nifty bulls awaiting breakout. What traders should do next week

The near-term uptrend status of Nifty remains intact. A sustainable up move above 19,900 could pull Nifty towards all-time highs and a decisive move below 19600 is likely to open a near-term downward correction for the market, said Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-bulls-awaiting-breakout-what-traders-should-do-next-week/articleshow/105477598.cms

Jefferies’ Chris Wood removes Bajaj Finance, raises weight of Zomato, 3 more stocks

The increase in weight of Zomato in Wood’s India long only portfolio comes on the back of strong quarter-on-quarter earnings by the food delivery app.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/jefferies-chris-wood-removes-bajaj-finance-raises-weight-of-zomato-3-more-stocks/articleshow/105469694.cms

Bond Report: 30-year Treasury yield ends Thanksgiving week higher, after four weeks of declines

Treasury yields closed higher in a shortened day of trading on Friday, following a selloff in European bonds where investors are growing more concerned over interest rates and government borrowing needs.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A1-4B794B6F82D9%7D&siteid=rss&rss=1

President Biden applauds Hamas-Israeli ceasefire and hostage-for-prisoner deal

President Joe Biden said that he hopes the cease-fire could be in a path to a two-state solution where “this kind of violence is unthinkable.”

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A1-AB02AFDBBE1C%7D&siteid=rss&rss=1

Futures Movers: Oil prices fall for 5th straight week as traders look ahead to delayed OPEC+ meeting

U.S. oil futures fall for a fifth straight week as investors await a delayed meeting of OPEC+ members next week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A1-63EEA3A95A12%7D&siteid=rss&rss=1