Saudi Prince Says Oil Output Cuts Could Extend Beyond March

Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg on Monday that OPEC+ production cuts could extend beyond March 2024 if the market requires it, criticizing commentators for failing to understand the output deal.  On November 30, eight members of the expanded cartel announced voluntary cuts of around 2.2 million barrels per day for the first-quarter of next year, including Saudi Arabia’s current voluntary cuts of 1 million barrels per day, as well as Russia’s 500,000 bpd voluntary cuts. That leaves us with “additional”,…

Read more at: https://oilprice.com/Energy/Oil-Prices/Saudi-Prince-Says-Oil-Output-Cuts-Could-Extend-Beyond-March.html

Rystad: Coal Usage and Emissions in the Global Power Sector to Peak in 2023

Global coal-fired power generation is on track to peak in 2023 as new sources of renewable and low-carbon energy expand rapidly. Coal has dominated the global power sector for the past 30 years, but Rystad Energy modeling shows that 2024 will mark the start of the fuel’s decline as solar and wind generation grow in popularity. New electricity supply from renewables is expected to outstrip power demand growth, leading to coal’s displacement starting next year and compounding in the coming years. As a result, coal-fired generation will…

Read more at: https://oilprice.com/Energy/Energy-General/Rystad-Coal-Usage-and-Emissions-in-the-Global-Power-Sector-to-Peak-in-2023.html

Why Diesel Usually Costs More Than Gasoline

I recently took the plunge and registered on TikTok. I hadn’t thought it would be worth my time, because my impression had been that younger people didn’t care as much about energy issues. But then watching TikTok sensation Matt Randolph — known on TikTok as Mr. Global — discuss energy issues with more than 360,000 enthusiastic followers convinced me that I could be missing an important demographic. So far, I have only recorded a handful of videos, but I am finding that the comments provide good fodder for…

Read more at: https://oilprice.com/Energy/Energy-General/Why-Diesel-Usually-Costs-More-Than-Gasoline.html

Insurance Risk Premium Increases After Houthi Strikes On Ships

In the aftermath of new attacks by Houthi missiles on commercial vessels in the Red Sea, war risk insurance premiums have risen for this trade route.  “It has now become clear the Houthis will attack anything at sea with links to Israel or Israelis, regardless of how feeble the links may be, and regardless of the potential for collateral damage to non-Israelis, for example crew members,” Jakob Larsen, head of maritime safety & security with BIMCO, told Reuters. On Sunday, Yemen’s Houthis attacked three ships off the Red Sea…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Insurance-Risk-Premium-Increases-After-Houthi-Strikes-On-Ships.html

The Minerals That China, the EU, and the US Deem Critical to National Security

Governments formulate lists of critical minerals according to their industrial requirements and strategic evaluations of supply risks. Over the last decade, minerals like nickel, copper, and lithium have been on these lists and deemed essential for clean technologies like EV batteries and solar and wind power. Visual Capitalist’s Bruno Venditti and Zach Aboulazm created the following graphic, using data from  IRENA and the U.S. Department of Energy, to identify which minerals are essential to China, the United States, and the…

Read more at: https://oilprice.com/Energy/Energy-General/The-Critical-Minerals-To-China-EU-US-National-Security.html

West Pressures Flag States in Clampdown on Russian Oil Sanction Evaders

Some of the most popular flag states for oil tankers – Panama, the Marshall Islands, and Liberia – have come under increased pressure from the West to boost the monitoring of vessels flying their flags to make sure they are not violating the $60 a barrel price cap on Russian crude oil, Reuters reports, quoting a source who has seen the communication to the flag states. The U.S. has been leading the efforts of the G7 and the EU to impose sanctions and embargoes on Russian crude oil and fuel exports. The price cap of $60 per barrel…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/West-Pressures-Flag-States-in-Clampdown-on-Russian-Oil-Sanction-Evaders.html

Al Jaber Says Fossil Fuel Phase Out is ‘Inevitable’

Dr. Sultan Al Jaber, whose appointment as president of the UN’s COP28 climate summit has caused controversy, defended his commitment “to keep 1.5 within reach.” “We fully understand the urgency behind the matter, we very much believe and respect the science,” he said while speaking to reporters on Monday, during the fourth day of the summit in Dubai. COP controversy Al Jaber was apparently responding to a recent report in the British newspaper Guardian, which reported comments he made in a public forum last month when…

Read more at: https://oilprice.com/Energy/Energy-General/Al-Jaber-Says-Fossil-Fuel-Phase-Out-is-Inevitable.html

India’s Top Clean Energy Firm to Invest $22 Billion to Boost Capacity Fivefold

Adani Green Energy, the biggest renewable power producer in India, plans an additional $22 billion in investment to boost its installed clean energy capacity fivefold by 2030, the company’s CEO told Bloomberg Television in an interview on Monday. Adani Green Energy, part of Adani Group of Indian billionaire Gautam Adani, has announced earlier plans to invest $70 billion by 2030 in its green energy operations to become the largest producer of renewable energy in the world. In 2022, the plans included investments in three gigafactories…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Top-Clean-Energy-Firm-to-Invest-22-Billion-to-Boost-Capacity-Fivefold.html

Is This The Technical Limit for Refilling the Strategic Petroleum Reserve?

With oil prices continuing to extend declines, dropping 2% last week and continuing to fall on Monday, the prime time for the U.S. refill the Strategic Petroleum Reserve (SPR) is limited by constraints on the Gulf Coast underground caverns.  Speaking to Bloomberg on Monday, Deputy Energy Secretary David Turk said physical constraints and maintenance on the network of underground caverns on the U.S. Gulf Coast mean the government can only purchase three million barrels per month right now.  “We are refilling as much as…

Read more at: https://oilprice.com/Energy/Energy-General/Is-This-The-Technical-Limit-for-Refilling-the-Strategic-Petroleum-Reserve.html

British Merchant Ship Sustains Damage In Houthi Attack

A British-owned ship has been hit by a missile in the Red Sea as part of an assault by Iranian-backed rebels, the US military said. The Bahamas-flagged Unity Explorer, owned by a British company, was one of three commercial vessels targeted in the drone and missile assault on Sunday. US military Central Command said the Unity Explorer sustained minor damage in the attack. Two other ships registered in Panama were also struck by missiles, the Number 9 reporting some damage with the Sophie II suffering no significant damage, according…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/British-Merchant-Ship-Sustains-Damage-In-Houthi-Attack.html

How China And The U.S. Were Both Key To OPEC+’s Bearish Oil Supply Cuts

After long delays, last week saw OPEC+ announce oil production cuts way below what many oil traders had been expecting, causing the benchmark Brent oil price to drop over 2 percent immediately on the news, to just over US$80 per barrel (pb). Saudi Arabia announced merely a rollover of its previous voluntary 1 million barrels per day (bpd) cut, and Russia did the same for its 500,000 bpd cut (although only 300,000 bpd of this is crude oil, with the remainder being refined products). Both these rollovers will run from 1 January until 31 March, whereupon…

Read more at: https://oilprice.com/Energy/Energy-General/How-China-And-The-US-Were-Both-Key-To-OPECs-Bearish-Oil-Supply-Cuts.html

Africa’s Hydropower Plants Could Receive $1 Billion for Upgrades

A dozen hydropower plants across Africa could receive $1 billion from the African Development Bank (AfDB) to upgrade equipment and boost power generation and potentially speed up the transition from fossil fuels, an official AfDB told Reuters on Monday. Twelve projects in South Africa, Nigeria, Sudan, Zambia, Angola, and the Democratic Republic of Congo are expected to benefit from the funding. The upgrades to the hydropower plants are set to “accelerate the energy transition” away from fossil fuels, according to João Cunha,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Africas-Hydropower-Plants-Could-Receive-1-Billion-for-Upgrades.html

Gold Drops After Spiking To Record High of $2,130

On Friday, shortly after Powell failed to hammer the hawkish case in his “fireside” chat with stocks eager to take out 2023 highs, we said that Powell has a big problem on his hands not so much because if the market was indeed correct about imminent easing that only assures that inflation will come back with a vengeance and Powell would indeed be the “second coming” of a former Fed Chair – only Burns not Vlcker  – but because the kneejerk surge higher in gold (and digital gold) meant that the once again deathwatch for the dollar – and…

Read more at: https://oilprice.com/Metals/Gold/Gold-Drops-After-Spiking-To-Record-High-of-2130.html

Rockefeller Foundation Backs Coal Phase-Out via Carbon Credits

The Rockefeller Foundation is backing the world’s first coal-to-clean pilot project in the Philippines that will use carbon credits to enable early decommissioning of a coal-fired power plant.   The Coal to Clean Credit Initiative (CCCI), which has support from The Rockefeller Foundation, announced on Monday at the COP28 climate summit a new collaboration with ACEN Corporation to explore a pilot project in the Philippines that would use carbon finance to phase out a coal-fired power plant and replace it with renewable energy.  …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rockefeller-Foundation-Backs-Coal-Phase-Out-via-Carbon-Credits.html

COP28 President: There Is ‘No Science’ Behind Calls for Fossil Fuel Phase-Out

There is “no science” that says the world should phase out fossil fuels to curb global warming to 1.5 degrees Celsius, according to Sultan Al Jaber, the president of the COP28 climate summit, the Guardian and the Centre for Climate Reporting report. “There is no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C,” Al Jaber said in an online event last month, the remarks from which the Guardian reported on December 3, days after the COP28 summit in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/COP28-President-There-Is-No-Science-Behind-Calls-for-Fossil-Fuel-Phase-Out.html

Nasdaq closes lower Monday as major averages take a breather from 5 weeks of gains: Live updates

The S&P 500 just soared to the highest level since March 2022, bringing its year-to-date gains to almost 20%.

Read more at: https://www.cnbc.com/2023/12/03/stock-market-today-live-updates.html

Swiss bank Banque Pictet admits hiding $5.6 billion of Americans’ money from IRS

Banque Pictet agreed to pay about $122.9 million as part of an agreement with U.S. prosecutors.

Read more at: https://www.cnbc.com/2023/12/04/swiss-bank-banque-pictet-admits-hiding-americans-income-from-irs.html

Alaska-Hawaiian merger faces a Justice Department that has been skeptical of airline deals

The Justice Department has challenged a host of deals, including two airline partnerships in recent years.

Read more at: https://www.cnbc.com/2023/12/04/alaska-hawaiian-airline-merger-faces-justice-department-scrutiny.html

Uber shares pop as company is slated to join S&P 500

The S&P Dow Jones Indices announced Friday that Uber has been selected to join the S&P 500 Index.

Read more at: https://www.cnbc.com/2023/12/04/uber-shares-pop-as-company-is-slated-to-join-sp-500.html

Gold price hits $2,100 for record high — and analysts don’t expect it to stop there

Gold prices are expected to remain above $2,000 levels next year amid geopolitical uncertainty, a likely weaker U.S. dollar and possible rate cuts by the Fed.

Read more at: https://www.cnbc.com/2023/12/04/gold-prices-set-for-new-highs-amid-economic-geopolitical-uncertainty.html

These alcohol stocks are likely to avoid a one-two punch from Ozempic and abstinent Gen Z consumers

The rise of Ozempic and a health conscious consumer has the alcohol industry on the defensive. Yet, there’s still opportunity for investors in the sector.

Read more at: https://www.cnbc.com/2023/12/04/alcohol-stocks-are-looking-to-avoid-a-one-two-punch-from-ozempic-and-abstinent-gen-z-consumers.html

‘I don’t care how we pay for it’: GOP senator backs no-strings Israel aid bill — but only after border funding

Congress and the White House must hash out a deal to beef up U.S. border security first, said Sen. Roger Marshall, R-Kan., on CNBC’s “Squawk Box.”

Read more at: https://www.cnbc.com/2023/12/04/gop-senator-backs-unpaid-for-israel-aid-bill-after-border-funding.html

L.A. poultry firm hired kids as young as 14 to work with sharp knives, Labor Dept. says

Workers allegedly told investigators that minors who worked at the company were hidden in closets and bathrooms when investigators arrived.

Read more at: https://www.cnbc.com/2023/12/04/la-poultry-firm-hired-kids-as-young-as-14-to-work-with-sharp-knives-labor-dept-says.html

White House says U.S. funding about to run out; Ukraine to probe apparent shooting of two unarmed soldiers by Russian forces

Ukrainian officials said the country came under attack from Russian drones and missiles overnight.

Read more at: https://www.cnbc.com/2023/12/04/russia-ukraine-live-updates.html

Bitcoin crosses $42,000 for first time since April 2022, driven by ETF optimism: 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, Kristin Smith, the CEO of the Blockchain Association, discusses regulatory reform for digital assets.

Read more at: https://www.cnbc.com/video/2023/12/04/bitcoin-crosses-42000-for-first-time-since-april-2022-driven-by-etf-optimism-cnbc-crypto-world.html

Supreme Court questions opioid liability protections for Sackler family

The Biden administration is questioning a bankruptcy plan that lets the Sackler family avoid future lawsuits related to the opioid epidemic.

Read more at: https://www.cnbc.com/2023/12/04/supreme-court-tackles-sackler-family-liability-protections-in-opioid-settlement.html

Venezuelans vote to claim sovereignty over a part of oil-rich nation Guyana

This marks the latest escalation in a long-standing territorial dispute between both countries.

Read more at: https://www.cnbc.com/2023/12/04/venezuelans-vote-to-claim-sovereignty-over-part-of-oil-rich-guyana.html

Spotify jumps after saying it will cut 17% of workforce — read the full memo from CEO Daniel Ek

Spotify shares climbed roughly 10% Monday after the music streaming service said it would cut 17% of its workforce, or about 1,500 jobs.

Read more at: https://www.cnbc.com/2023/12/04/spotify-to-lay-off-17percent-of-employees-ceo-daniel-ek-says.html

Regulators Hope You Don’t Notice The Massive Hidden Losses In The Banking System

Subitted by Paul Kupiec, Senior Fellow, American Enterprise Institute

The Secretary of the Treasury and the Financial Stability Oversight Council would like you to believe that climate-change and unregulated non-bank financial institutions are the biggest threats to financial stability. If financial regulators were actually safeguarding the integrity of banks and financial markets, they would recognize, and do something about, the largest immediate threat to financial stability: the nearly $1.3 trillion of unrealized interest rate related losses in the regulated banking system.  This is the real systemic risk today.

The $1.3 trillion is my estimate of the banking system’s total unrealized interest rate related losses as of June 30, 2023. Using bank regulatory data, I estimate that the banking system has total unrealized losses of about $548 billion on bank-owned securities and about $726 billion in interest rate driven losses on bank loan and lease portfolios.
Read more at: https://www.zerohedge.com/markets/regulators-hope-you-dont-notice-massive-hidden-losses-banking-system

Hunter Biden Sent ‘Direct Monthly Payments’ To Joe Via Account Paid From ‘China And Other Shady Corners Of The World’

Hunter Biden sent monthly payments to his father out of a bank account he used to receive money from Chinese business associates, according to newly released bank records revealed by House Oversight Committee Chairman James Comer, who shared a Monday video on X detailing redacted bank transfers to Joe Biden from Hunter’s Owasco P.C. bank account.

“Today, the House Oversight Committee is releasing subpoenaed bank records that show Hunter Biden’s business entity, Owasco PC, made direct monthly payments to Joe Biden. This wasn’t a payment from Hunter Biden’s personal account but an account for his corporation that received payments from China and other shady corners of the world,” Comer says in the video, adding that the payments began in September 2018 – six months before Biden announced his candidacy in the 2020 election.

“Payments from Hunter’s business entity to Joe Biden are …

Read more at: https://www.zerohedge.com/political/hunter-biden-sent-direct-monthly-payments-joe-account-paid-china-and-other-shady-corners

COP28 President: There Is “No Science” Behind Calls For Fossil-Fuel Phase-Out

Authored by Tsvetana Paraskova via OilPrice.com,

There is “no science” that says the world should phase out fossil fuels to curb global warming to 1.5 degrees Celsius, according to Sultan Al Jaber, the president of the COP28 climate summit, the Guardian and the Centre for Climate Reporting report.

“There is no science out there, or no scenario out there, that says that the phase-out of fossil fuel is what’s going to achieve 1.5C,” Al Jaber said in an online event last month, the remarks from which the Guardian reported on December 3, days after the COP28 summit in Dubai began on November 30.

Al Jaber made those comments in response to questions from Mary Robinson, the chair of the Elders group and a former UN special envoy for climate change.

Read more at: https://www.zerohedge.com/energy/cop28-president-there-no-science-behind-calls-fossil-fuel-phase-out

Nvidia Insiders File Paperwork To Dump 370,000 Shares

Although Nvidia reported ‘blowout’ third-quarter earnings, an ominous sign that a peak in share price could be imminent is a report from Bloomberg that reveals corporate insiders are planning to sell the most stock in terms of dollar value in years.

The artificial intelligence bubble has fueled a 349% rally in Nvidia shares from $112 per share in October 2022 to over $500 by mid-November. As of Monday afternoon, Nvidia shares are down 10% off the peak, trading around $454. Insiders know better than anyone else about what the future holds for share prices.

New data from Washington Service shows insiders in November sold or filed paperwork to sell 370,000 shares worth about $180 million – the most in dollar amount terms in at least six years.
Read more at: https://www.zerohedge.com/markets/nvidia-insiders-file-paperwork-dump-370000-shares

Ryanair denies passengers must pay to download boarding pass

It says reports of passengers having to pay for a seat before they can download a boarding pass are false.

Read more at: https://www.bbc.co.uk/news/business-67613343?at_medium=RSS&at_campaign=KARANGA

Gold price hits record high as bets on interest rates shift

Investors now see a rising chance of rate cuts, leading to renewed interest in gold as well as Bitcoin.

Read more at: https://www.bbc.co.uk/news/business-67617540?at_medium=RSS&at_campaign=KARANGA

Spotify to axe 1,500 workers to cut costs

The music-streaming company says it is making people redundant to “rightsize” the firm.

Read more at: https://www.bbc.co.uk/news/business-67611361?at_medium=RSS&at_campaign=KARANGA

Do not expect any big rally till the elections but a 8-10% rally can happen in a few weeks: Porinju Veliyath

“India presents an unparalleled long-term opportunity for equity investors today that conviction is what is making the money flow into the market. We have numerous structural trends such as young demographics, massive infrastructure built up, digitization, formalization of the economy, growing financial inclusion and the alternative sourcing hub India is becoming for the global industries, all combined with the ongoing huge historic reforms.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/do-not-expect-any-big-rally-till-the-elections-but-a-8-10-rally-can-happen-in-a-few-weeks-porinju-veliyath/articleshow/105720386.cms

Bajaj Group fifth Indian conglomerate to cross Rs 10 lakh crore market cap

The conglomerate’s flagship company Bajaj Finance rose 12% so far this year, while shares of Bajaj Finserv have risen 9%. Bajaj Finance is leading with the highest market cap of 4.57 lakh crore among the group firms, followed by Bajaj Finserv and Bajaj Auto.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/bajaj-group-fifth-indian-conglomerate-to-cross-rs-10-lakh-crore-market-cap/articleshow/105733893.cms

Tech View: Nifty breaks major hurdles post BJP victory; what’s the trade set-up for Tuesday?

“The huge opening upside gap of Monday remains unfilled. Technically, this pattern indicates strong upside momentum and a decisive upside breakout of the previous top at 20200 levels,” said Nagaraj Shetti, technical research analyst, HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-breaks-major-hurdles-post-bjp-victory-whats-the-trade-set-up-for-tuesday/articleshow/105730988.cms

The Ratings Game: 3M’s stock rallies as a former bear softens his stance

Shares of 3M were advancing in Monday’s session after a Barclays analyst abandoned his bearish call on the industrial company.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A7-F7E72F25E1D3%7D&siteid=rss&rss=1

As Supreme Court weighs Purdue Pharma bankruptcy, families say the process has compounded their pain

As the Supreme Court weighs the legality of Purdue Pharma’s bankruptcy settlement, relatives of opioid victims express frustration with the process

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A7-86345AAFEA29%7D&siteid=rss&rss=1

Market Snapshot: Dow Jones edges back from 2023 high as bond yields rise

Stocks pull back to begin the week after a sharp rally to 2023 highs.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A7-516D07095DAB%7D&siteid=rss&rss=1