Russian Uranium Company Warns of Potential Export Ban

Oil isn’t the only commodity at the center of tensions between the U.S. and Russia… Now Russian state-owned uranium company Tenex is telling American customers that “the Kremlin may preemptively bar exports” to the U.S. if Washington passes certain legislation that would prohibit imports beginning in 2028, Bloomberg reported on Friday.  Tenex’s US branch has already alerted firms like Constellation Energy, Duke Energy, and Dominion Energy about a potential scenario, the report says, though Russia hasn’t finalized a decision. The individual…

Read more at: https://oilprice.com/Metals/Commodities/Russian-Uranium-Company-Warns-of-Potential-Export-Ban.html

Mass Cyber Attack on Iranian Gas Stations Claimed by Israeli Group

Iran’s petrol stations nationwide have been disrupted by a cyberattack, according to Iranian officials, who have placed blame on a hacking group linked to Israel, Iranian and Israeli media report.  It is unclear how many petrol stations have been affected in the attack, with the Iranian oil minister saying earlier on Monday that some 70% had been disrupted, but later noting that 1,650 out of 3,800 petrol stations had been attacked. Iran is blaming a hacking group that goes by the name of “Predatory Sparrow” (Gonjeshke Darande),…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mass-Cyber-Attack-on-Iranian-Gas-Stations-Claimed-by-Israeli-Group.html

U.S. Nuclear Sector Set for Major Transformation

Authored by Jack Spencer via RealClear Politics, The silver lining of this month’s United Nations COP28 global warming conference is the growing consensus that nuclear energy is critical to meeting national carbon dioxide reduction goals. Denying the world access to clean, affordable fuels like gas, oil, and coal is a real problem. But recognizing that nuclear energy must play a pivotal role in our energy future is a major step forward—one that should enjoy widespread support, regardless of one’s views on CO2 reductions. But to…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/US-Nuclear-Sector-Set-for-Major-Transformation.html

Christmas 2023 Gas Prices Head to $2.99 for First Time in Years

The national average price per gallon of gasoline at American pumps is now 6.8 cents lower than a year ago, with price drops hitting their 13th week in a row and now averaging $3.03 according to GasBuddy.  The national average has shed 26.9 cents per gallon from a month ago.  “As the nation’s average price of gasoline has fallen for the 13th straight week, we’re on the cusp of potentially seeing a $2.99 per gallon average for the first time in years, most welcome just in time for the Christmas holiday,” said…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Christmas-2023-Gas-Prices-Head-to-299-for-First-Time-in-Years.html

ArcelorMittal Exits Kazakhstan Following Deadly Mine Blast

Via Metal Miner ArcelorMittal recently completed the sale of its steel making and mining operations in Kazakhstan. This move came after the Central Asian state’s government demanded its renationalization due to an October blast at a coking coal mine. On December 8, the Luxembourg-headquartered group reported that the state-controlled direct investment fund Qazaqstan Investment Corporation (QIC) acquired ArcelorMittal Temirtau. ArcelorMittal received $286 million from QIC on completion of the transaction, plus an additional $250 million as…

Read more at: https://oilprice.com/Energy/Natural-Gas/ArcelorMittal-Exits-Kazakhstan-Following-Deadly-Mine-Blast.html

China Strengthens Media Presence in Kyrgyzstan

Radio Azzatyk, a US government-funded outlet, has released a report highlighting China’s extensive influence on Kyrgyz media.  “China’s information policy has revived in Kyrgyzstan; materials in support of Beijing and criticism of democratic values are regularly published both in traditional media and on social networks and instant messengers,” the Azzatyk report states. “Among them there are fake accounts and special channels.”  Three Chinese media are officially registered in Kyrgyzstan – Xinhua,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Strengthens-Media-Presence-in-Kyrgyzstan.html

Iranian Cities Overwhelmed by Influx of Climate Migrants

Record temperatures, prolonged droughts, and the drying up of rivers and lakes are displacing tens of thousands of Iranians each year, experts say. Many of the climate migrants are farmers, laborers, and fishermen who are moving with their families from the countryside to major urban areas in Iran in search of alternative livelihoods. Iranian officials have blamed worsening water scarcity and rising desertification on climate change. But experts say the crisis has been exacerbated by government mismanagement and rapid population growth. While the…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Iranian-Cities-Overwhelmed-by-Influx-of-Climate-Migrants.html

Norwegian Chemical Tanker Is The Latest Target of Red Sea Attacks

Norway-owned M/V Swan Atlantic chemical tanker was attacked in the Red Sea on Monday in the latest attack on vessels in the Red Sea off the coast of Yemen, which have prompted oil majors and cargo shipping giants to temporarily halt navigation through the area. The water tank of Swan Atlantic, owned by Inventor Chemical Tankers of Norway, has been damaged in the attack, but systems were operating normally, Inventor Chemical Tankers’ chief executive Oystein Elgan told Reuters.                                                …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norwegian-Chemical-Tanker-Is-The-Latest-Target-of-Red-Sea-Attacks.html

Oil Prices Poised to Bounce Back in 2024

Crude oil prices are at lows not seen in months. There seem to be few factors capable of changing that. Yet commodity analysts seem to be more bullish when it comes to 2024. The key to that bullishness is demand. Even after the IEA projected faster than previously expected demand growth for next year, traders took note and analysts wrote notes. Per these notes, the five top U.S. banks expect a median Brent price of $85 for 2024. And that’s without any major supply disruption. Goldman Sachs recently cut its oil price forecast for…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Poised-to-Bounce-Back-in-2024.html

Renewables Top 50% Share of Germany’s Power Demand for The First Time

Renewable energy sources accounted for nearly 52% of Germany’s gross electricity consumption this year, making up more than half of the country’s power generation and power consumption for the first time ever, preliminary estimated by industry groups showed on Monday. The share of renewables in Germany’s electricity consumption rose by 5 percentage points compared to last year, per the estimates by the Center for Solar Energy and Hydrogen Research, ZSW, and the German Association of Energy and Water Industries, BDEW.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Renewables-Top-50-Share-of-Germanys-Power-Demand-for-The-First-Time.html

Shell Resumes Prelude LNG Operations in Time for Peak Winter

Shell has restarted operations at its floating LNG production platform Prelude offshore Australia and is expected to see the first cargo after extensive maintenance load within days, Reuters reported on Monday, citing industry sources. The return to service of the large floating LNG production platform coincides with peak winter demand in the northern hemisphere and Shell – if everything goes to plan – could take advantage of winter natural gas demand in north Asia.      So far into the heating season,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-Resumes-Prelude-LNG-Operations-in-Time-for-Peak-Winter.html

ADNOC’s Acquisition Spree Continues with Fertiglobe

Abu Dhabi’s national oil company ADNOC has stepped up its acquisition spree, acquiring Dutch-Egyptian chemical giant OCI Global’s majority stake in fertilizer producer Fertiglobe for $3.62 billion. ADNOC’s equity stake in Fertiglobe is set to increase to 86.2%, with the deal maintaining a 13.8% free float on the Abu Dhabi Securities Exchange. The acquisition aligns with ADNOC’s global expansion plans in petrochemicals, reinforcing its commitment to Fertiglobe’s growth. Simultaneously, ADNOC and OCI have signed an MoU to explore cooperation on future…

Read more at: https://oilprice.com/Energy/Energy-General/ADNOCs-Acquisition-Spree-Continues-with-Fertiglobe.html

Swiss National Bank Urged To Exit Investments in Fracking

The Swiss National Bank (SNB) was urged to divest from oil and gas fracking companies on Monday, when climate activists handed over a petition signed by 60,000 people demanding the Swiss central bank exit its fracking investments.     Last month, a study by SNB Coalition and Climate Alliance Switzerland showed that the Swiss bank had investments worth a total of $16.1 billion in fossil fuel companies.   According to the report from the climate campaign groups, as of the end of 2022, the SNB was invested in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Swiss-National-Bank-Urged-To-Exit-Investments-in-Fracking.html

Major Shipping Firms Halt Red Sea Routes Following Houthi Attacks

The number of major shipping firms halting all commercial sailings through the highly trafficked Red Sea strait has increased to seven in response to missile and drone attacks by Yemen’s Iran-backed Houthis. Taiwanese container shipping line Evergreen and Belgian tanker owner Euronav are the latest additions to the list. Energy giant BP Plc has also paused all tanker sailings through the strategic Bab al-Mandab strait due to Houthi militants.  “In light of the deteriorating security situation for shipping in the Red Sea, BP has decided to…

Read more at: https://oilprice.com/Energy/Energy-General/Major-Shipping-Firms-Halt-Red-Sea-Routes-Following-Houthi-Attacks.html

Turkey Saved $2 Billion This Year by Importing Cheap Russian Oil

Turkey, which has become one of the biggest buyers of Russian oil after the EU embargo on Moscow’s crude and refined products, has saved some $2 billion from its oil import bill so far this year, as it has boosted imports from Russia, Reuters has estimated. Turkey has continued to buy Russian crude and refined petroleum products. The discounts on Russian oil and Turkey’s proximity to Russia’s Western ports have played to the advantage of Ankara in 2023, per Reuters calculations based on data from LSEG and traders. Last month,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Turkey-Saved-2-Billion-This-Year-by-Importing-Cheap-Russian-Oil.html

Apple makes surprise decision to pause some Watch sales before Christmas over patent dispute

The decision stems from an intellectual property disagreement between Apple and Masimo over the Blood Oxygen feature.

Read more at: https://www.cnbc.com/2023/12/18/apple-to-pause-some-apple-watch-sales-after-intellectual-property-dispute.html

Nikola founder Trevor Milton sentenced to four years in prison for fraud

Nikola founder Trevor Milton was found guilty in October 2022 on two counts of wire fraud and one count of securities fraud.

Read more at: https://www.cnbc.com/2023/12/18/nikola-founder-trevor-milton-sentencing-fraud-charges.html

Here’s how the Houthi attacks in the Red Sea threaten the global supply chain

Several shipping lines have suspended services through the Red Sea as more than a dozen vessels have been attacked since the start of the Israel-Hamas war.

Read more at: https://www.cnbc.com/2023/12/18/how-houthi-attacks-in-red-sea-threaten-global-supply-chain.html

S&P 500 closes higher, Nasdaq jumps for eighth day as both indexes add to 7-week advance: Live updates

U.S. stocks rose Monday after the three major averages notched their seventh straight week of gains.

Read more at: https://www.cnbc.com/2023/12/17/stock-futures-are-little-changed-after-major-averages-rally-for-seven-consecutive-weeks-live-updates.html

Official Wall Street outlook: Here’s where strategists see the stock market going in 2024

A CNBC Strategist Survey showed market observers expect a tepid advance next year after 2023’s extraordinary gains.

Read more at: https://www.cnbc.com/2023/12/18/official-wall-street-outlook-heres-where-strategists-see-the-stock-market-going-in-2024.html

Fed’s Goolsbee says he was ‘confused’ by last week’s market reaction

The President of the Federal Reserve Bank of Chicago said the market may have read too much into last week’s central bank update.

Read more at: https://www.cnbc.com/2023/12/18/feds-goolsbee-says-he-was-confused-by-last-weeks-market-reaction-.html

Adobe and Figma call off $20 billion acquisition after regulatory scrutiny

Adobe and Figma announced they would cancel the $20 billion acquisition after scrutiny from the U.K.’s CMA and the Justice Department.

Read more at: https://www.cnbc.com/2023/12/18/adobe-and-figma-call-off-20-billion-merger.html

FTX files revised proposal to end bankruptcy and return billions to creditors: 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, Bitstamp USA CEO Bobby Zagotta, who is also the crypto exchange’s global chief commercial officer, discusses the catalysts behind crypto’s recent rally and enforcement actions against digital asset companies in the United States.

Read more at: https://www.cnbc.com/video/2023/12/18/ftx-files-revised-proposal-end-bankruptcy-return-billions-creditors-cnbc-crypto-world.html

Clarence Thomas faces new financial scrutiny, recusal calls as Supreme Court considers Trump election case

Special counsel Jack Smith has asked the Supreme Court to quickly sink Trump’s claim of “presidential immunity” in the criminal election case.

Read more at: https://www.cnbc.com/2023/12/18/clarence-thomas-finances-under-scrutiny-as-supreme-court-weighs-trump-case.html

Meta’s stock is wrapping up a record year, spurred by cost cuts that followed a disastrous 2022

Meta is closing out its best year ever for investors, validating CEO Mark Zuckerberg’s “year of efficiency” declaration.

Read more at: https://www.cnbc.com/2023/12/18/metas-stock-wrapping-up-record-year-spurred-by-cost-cuts.html

Care Bears have an easier time getting to the U.S. these days

Care Bears made in China confronted a tangled supply chain to the U.S. in 2021. It’s easier these days, but are consumers buying the toys?

Read more at: https://www.cnbc.com/2023/12/18/care-bears-supply-chain-china-us.html

That diamond in your Christmas stocking might have been grown in a lab

Walmart and other companies are trying to tap into the growing popularity of lab-grown diamonds and other affordably priced jewelry.

Read more at: https://www.cnbc.com/2023/12/18/walmart-looks-to-lab-grown-diamonds-this-christmas.html

Own these ‘high quality compounders’ with strong moats for the next 5 years, says Stephens Research

These stocks can grow over the long term and help investors ride macroeconomic uncertainty, the firm said.

Read more at: https://www.cnbc.com/2023/12/18/stock-market-outlook-stephens-moats-growth-macro-inflation-recession.html

The Truth About The Economy That The Mainstream Media Is Not Telling You

Authored by Michael Snyder via TheMostImportantNews.com,

If it seems to you that the economic headlines that we are being fed by the mainstream media are completely and utterly disconnected from reality, you are definitely not alone.

They tell us that inflation is under control, but I was just at the grocery store today and I could hardly believe the prices.  They tell us that unemployment is “low”, but large companies are laying off workers in droves.  And they tell us that things are getting better for the middle class, but the truth is that by mid-2024 the vast majority of Americans will have less money than they did in 2019…

The majority of Americans have burned through their excess savings p …

Read more at: https://www.zerohedge.com/personal-finance/truth-about-economy-mainstream-media-not-telling-you

Watch: YouTuber Suffers Catastrophic Failure While Testing Rocket Launcher

Don’t let anyone tell you being a guntuber is easy.  US Army veteran Adam Knowles experienced the danger firsthand while testing an RPG-7 (Rocket Propelled Grenade) for his Ballistic High-Speed YouTube channel when the device exploded in his face, likely due to the propellant igniting too quickly.  The horrific accident was captured in slow-motion video:

Adam from Ballistic High Speed was injured following a catastrophic RPG failure as seen here.

Injuries sustained:
Third degree burns on about 10% of his upper body broken jaw
fractured skull
face and chest lacerations
several pieces of shrapnel in his body
long term nerve… pic.twitter.com/ZiaYgTVJVo

— Mrgunsngear (@Mrgunsngear) December 17, 2023

Knowles is alive but sustained multiple injuries including third-degree burns on around 10% of his upper body, a broken jaw, a fractured skull, face and chest lacerations, several pieces of shrapnel in his body long term, and nerve damage in his face. After treatment he is recovering and has returned to YouTube to view the footage for the first time, recalling the experience of being blown up.

Read more at: https://www.zerohedge.com/military/watch-youtuber-suffers-catastrophic-failure-while-testing-rocket-launcher

Central Banks Brought Excessive Inflation; Now They Bring Stagnation…

Authored by Daniel Lacalle,

Although the Federal Reserve and the European Central Bank’s message regarding interest rate cuts seems clear, reiterating their commitment to reducing inflation, the market is expecting between five and six interest rate cuts, between 125 and 150 basis points, in the next twelve months.

This shows us the bubble bias of many investors. We live in a world where two generations of market participants have only seen rate cuts and massive liquidity injections. Central banks have created huge perverse incentives in markets that should have been prevented if they truly followed their mandate of stable prices. On top of it, the ECB faces another risk. It must avoid following the siren calls of interventionists if it wants the euro project to survive.

The euro is the biggest monetary success of the last 100 …

Read more at: https://www.zerohedge.com/markets/central-banks-brought-excessive-inflation-now-they-bring-stagnation

US Customs Halts Railway Operations At Two Bridges In Texas Amid Biden’s Border Crisis

On Monday, the US Customs and Border Protection (CBP) halted freight train activity on two railway bridges connecting Texas and Mexico. Smuggling organizations have rounded up tens of thousands of migrants, if not more, like cattle and packed them on train cars in Mexico as the best mode of transportation to the US southern border.

Fox News first reported CBP officials suspended operations at the international railway crossing bridges in Eagle Pass and El Paso, Texas, at 0800 local time Monday.

“CBP is continuing to surge all available resources to safely process migrants in response to increased levels of migrant encounters at the Southwest Border, fueled by smugglers peddling disinformation to prey on vulnerable individuals. After observing a recent resurgence of smuggling organizations moving migrants through Mexico via freight trains, CBP is taking additional actions to surge personnel and address this concerning development, including in partnership with Mexican authorities.

“Beginning December 18, 2023 at 8:00 AM local time, CBP’s Office of Field Operations will temporarily suspend operations at the international railway crossing bridges in Eagle Pass and El Paso, Texas in order to redirect personnel to assist the U.S. Border Patrol with taking migrants into custody. CBP will continue to prioritize our border security mission as necessary in response to this evolving situation.

Read more at: https://www.zerohedge.com/geopolitical/us-customs-halts-railway-operations-two-bridges-texas-amid-bidens-border-crisis

BP pauses all Red Sea shipments after rebel attacks

The oil giant joins shipping firms in suspending travel through the key route following missile strikes.

Read more at: https://www.bbc.co.uk/news/business-67748605?at_medium=RSS&at_campaign=KARANGA

Apple halts some Watch sales in the US

The move comes after the US found it violated patent rights of a smaller firm.

Read more at: https://www.bbc.co.uk/news/business-67752124?at_medium=RSS&at_campaign=KARANGA

EU takes action against Elon Musk’s X over disinformation

The EU says it is launching “formal enforcement proceedings” against the social media platform.

Read more at: https://www.bbc.co.uk/news/technology-67749228?at_medium=RSS&at_campaign=KARANGA

Listed small finance banks on a high with better asset quality, profitability

Equitas and Ujjivan lead the show with more than 80% jump in market capitalisation this year while Suryoday bounced back after dips in the previous two years. AU, already enjoying a high valuation, has delivered a consistent performance.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/listed-small-finance-banks-on-a-high-with-better-asset-quality-profitability/articleshow/106102372.cms

There’s no missing the bus in market; metals a contra bet: Sandip Sabharwal

“In the largecap side, if there is a dip, we could buy into ICICI Bank, that is the preferred bet and then Maruti. That is one stock which has not performed at all although most of the other stocks have moved up, so that I think still has a decent value. A contrarian bet would be stocks like Tata Steel and Vedanta. Now, whether I am buying that on dips is the question.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/theres-no-missing-the-bus-in-market-metals-a-contra-bet-2-largecaps-to-buy-on-dips-sandip-sabharwal/articleshow/106082682.cms

Tech View: Nifty shows signs of waning bullishness. What traders should do on Tuesday

On the hourly charts, RSI indicator saw a bearish crossover within the oversold zone, hinting at a waning bullishness in the market, analysts said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-shows-signs-of-waning-bullishness-what-traders-should-do-on-tuesday/articleshow/106096549.cms

AI could end up being more risky than profitable if we’re not careful

The smartest companies will make AI governance a priority in order to maximize its value.

Read more at: https://www.marketwatch.com/story/ai-could-end-up-being-more-risky-than-profitable-if-were-not-careful-e7a37ba3?mod=mw_rss_topstories

Southwest Airlines’ holiday meltdown: Will customers get any money from the $140 million settlement?

The ghost of Christmas past has come back to haunt Southwest Airlines — to the benefit of some future flyers.

Read more at: https://www.marketwatch.com/story/southwest-airlines-holiday-meltdown-will-customers-get-any-money-from-the-140-million-settlement-2873e9f2?mod=mw_rss_topstories

As you near retirement, scrutinize your Social Security statement. Here’s what catches an adviser’s eye.

A revealing snapshot to track your work history and plan your retirement income.

Read more at: https://www.marketwatch.com/story/as-you-near-retirement-scrutinize-your-social-security-statement-heres-what-catches-an-advisers-eye-18127c0e?mod=mw_rss_topstories