Smart Roof Tiles Offer Big Energy Savings

University of California – Santa Barbara researchers presented an adaptive tile, which when deployed in arrays on roofs, can lower heating bills in winter and cooling bills in summer, without the need for electronics. It’s a problem UC Santa Barbara researchers Charlie Xiao, Elliot Hawkes and Bolin Liao are hoping to dent. In a paper in the journal Device, the trio presented their new adaptive tile. About half of an average American building’s energy consumption is spent on heating and cooling. That’s a lot of money spent,…

Read more at: https://oilprice.com/Energy/Energy-General/Smart-Roof-Tiles-Offer-Big-Energy-Savings.html

EU Extends Emergency Natural Gas Price Cap Through January 2025

The European Union’s energy ministers approved on Tuesday a plan to extend the emergency cap on natural gas prices for another year until the end of January 2025.   The original cap on gas prices, the so-called “market correction mechanism,” was introduced at the end of last year to shield industry and households from excessive spikes in gas and power prices after the record-high levels seen at the end of the summer of 2022, when Russia cut off most of its pipeline gas supply to Europe.    After…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Extends-Emergency-Natural-Gas-Price-Cap-Through-January-2025.html

EU Leaders Agree on Enlargement but Stall on Ukraine Funding

The EU summit on December 14-15 brought good and bad news for Ukraine. Before the summit, most diplomats I spoke to thought it would be easier to agree on fresh EU funding for the war-torn country than to green-light the start of accession talks with Kyiv. Even the European Council President Charles Michel, speaking to RFE/RL a couple of days before the big pre-holidays meeting in Brussels, hinted as much. But the historic decisions on EU enlargement — not only related to Ukraine but also opening accession talks with Moldova and Bosnia-Herzegovina,…

Read more at: https://oilprice.com/Geopolitics/International/EU-Leaders-Agree-on-Enlargement-but-Stall-on-Ukraine-Funding.html

U.S. Natural Gas Prices Continue to Slide

The benchmark U.S. natural gas prices fell by 3% early on Tuesday after the latest models overnight showed that most of the U.S. will see warmer than normal temperatures over the next week.  As of 9:30 a.m. ET on Tuesday, the front-month futures at the Henry Hub, the American benchmark, were down by 3.36% on the day at $2.416 per million British thermal units (MMBtu), not far off the lowest level since the start of the summer.    Early last week, the U.S. natural gas futures slumped by more than 10% in one day…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Natural-Gas-Prices-Continue-to-Slide.html

Surging Steel Prices Defy Manufacturing Slowdown

Via Metal Miner   While the Raw Steels Monthly Metals Index (MMI) rose 6.43% from November to December, U.S. flat rolled steel prices remain decidedly bullish. By mid-December, hot rolled coil prices broke above the $1,000 per short ton mark for the first time since June. To date, HRC prices have risen almost 53% this year, outperforming all base metals and other forms of flat rolled steel (get weekly updates on steel market trends in MetalMiner’s weekly newsletter). Steelmakers Dust Off Old Playbook with Year-End Steel Price Uptrend…

Read more at: https://oilprice.com/Metals/Commodities/Surging-Steel-Prices-Defy-Manufacturing-Slowdown.html

Gulf of Mexico Drilling Rights Up for Grabs in Landmark Auction

The U.S. Department of the Interior is scheduled to auction off drilling rights in the Gulf of Mexico, after which a two-year suspension of all drilling auctions will go into effect.  For oil and gas companies, it will be their last chance to get into the Gulf of Mexico drilling action until 2025. The two-year suspension of drilling auctions could trigger renewed interest in snapping up drilling rights that will be unobtainable immediately following.  The auction is part of a mandate enshrined in climate law and stoically upheld by federal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gulf-of-Mexico-Drilling-Rights-Up-for-Grabs-in-Landmark-Auction.html

Clean Energy Bulls Finally Have Reason To Be Positive

Last week, the COP28 climate summit in Dubai came to a close with a new agreement that became the first UN climate deal calling for countries to cut back on fossil fuels. This came after the initial draft faced widespread pushback for failing to include strong enough wording on phasing out fossil fuels. The draft text also included a call for “tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030.” Well, clean energy bulls are in luck because renewable…

Read more at: https://oilprice.com/Energy/Energy-General/Clean-Energy-Bulls-Finally-Have-Reason-To-Be-Positive.html

Germany Signs $55 Billion Natural Gas Deal with Equinor

Germany’s state-controlled firm Securing Energy for Europe (Sefe) and Equinor signed on Tuesday one of the biggest-ever natural supply deals for Norway’s energy giant worth an estimated $55 billion (50 billion euros).  Equinor will supply Germany’s Sefe with around 10 billion cubic meters (bcm) of natural gas per year from January 1, 2024 until 2034, plus an option for another 5 years, at terms reflecting market prices, the Norwegian major said.     The annual volumes are equivalent to one third…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Signs-55-Billion-Natural-Gas-Deal-with-Equinor.html

UK Sets Sights on Carbon Neutrality with Groundbreaking Legislation

“The biggest climate law ever in Europe, and some say in the world,” Peter Liese, lead negotiator for the European Parliament said. In reference to the Paris Agreement? Europe’s New Green Deal? Biden’s IRA? Nope – Liese was describing the carbon border adjustment mechanism, known to nerds by the catchy acronym CBAM.  This wonkish-sounding legislation means imports from overseas will now be charged a carbon price in the same way as domestically-produced products are in the UK, the government announced on Monday.…

Read more at: https://oilprice.com/Energy/Energy-General/UK-Sets-Sights-on-Carbon-Neutrality-with-Groundbreaking-Legislation.html

Geothermal Power Plant Threatened by Sudden Volcano Eruption

A volcano in the southwestern region of Iceland erupted on Monday, sending geysers of hot lava as high as 330 feet. The eruption was located near the Svartsengi geothermal power plant near the town of Grindavík, which was evacuated last month over an increase in seismic activity, the NY Times reports. “We are looking at a worst-case scenario,” said Icelanding volcanologist, Thorvaldur Thordarson, adding “The eruption appears big, and only about two kilometers from major infrastructure. Over the past two months, thousands of earthquakes have…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Geothermal-Power-Plant-Threatened-by-Sudden-Volcano-Eruption.html

Norwegian Energy Giant Signs 50 Billion Euro Natural Gas Deal With Germany

Norwegian energy giant Equinor (former Statoil) has signed a 10-year supply agreement with German state-owned energy company SEFE (Securing Energy for Europe). The deal entails the delivery of 111 TWhours (10 billion cubic meters – bcm) of natural gas per year from 1 January 2024 until 2034, including the option of extension of another 5 years, at terms reflecting market prices. As stated by Equinor, the deal is around 33% of total German industrial demand at present. The Norwegians also reported that the additional 5-year period is for a total…

Read more at: https://oilprice.com/Energy/Energy-General/Norwegian-Energy-Giant-Signs-50-Billion-Euro-Natural-Gas-Deal-With-Germany.html

Canadian Oil Producers May Wait for Elections Before Cutting Emissions

Several small-sized Canadian oil and gas producers prefer to wait and see if Prime Minister Justin Trudeau and his Liberals will survive the 2025 election instead of investing a lot of money and cutting production now to start complying with a federal framework to slash emissions by 2030. “Say that we would have to spend significant capital (to comply), we would have a look at, is this government going to survive and what are the chances of this legislation surviving?” Bonterra Energy’s Pat Oliver told Reuters. Small producers such…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadian-Oil-Producers-May-Wait-for-Elections-Before-Cutting-Emissions.html

Oil Markets Are Finally Paying Attention to Red Sea Risks

Oil markets are finally focusing on geopolitical risk, with disruptions in the Red Sea pushing Brent up toward $79 and WTI above $73.- Shipping stocks have been on the rise since the Houthi threat in the Red Sea began to escalate, with the likes of Moller-Maersk, ZIM and Hapag-Lloyd adding some 15-20% over the past three trading sessions.- Whilst the Suez Canal accounts for only 14% of global maritime crude and products transit, and even that mostly on the products side, shippers banning the Red Sea route will have a much more tangible impact on…

Read more at: https://oilprice.com/Energy/Energy-General/Oi-Markets-Are-Finally-Paying-Attention-to-Red-Sea-Risks.html

Share of Renewables in Spain’s Power Mix Jumps to Over 50%

Renewables made up 50.8% of Spain’s electricity mix this year, rising from a 42.2% share last year, Energy Transition Minister Teresa Ribera said on Tuesday.   More than half of the electricity Spain now consumes comes from renewable energy sources, the minister said, adding that total renewable generation topped 135,000 GWh this year, up from 116,695 GWh in 2022. As early as in June, analysts at Rystad Energy forecast that Spain was on track to generate more than half of its power from renewable sources this year. Spain has made…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Share-of-Renewables-in-Spains-Power-Mix-Jumps-to-Over-50.html

Is It Time To Embrace Geoengineering?

It increasingly feels like we are nearing an inflection point when it comes to energy consumption, production, and the combatting of climate change.  On the one hand, new temperature records are being set around the world, environmental movements are gaining traction, and governments are pursuing steadily more aggressive emission reduction policies.  On the other hand, renewed geopolitical instability, underinvestment in fossil fuel production, and a global rebound in energy demand after the pandemic have sent prices soaring and put energy…

Read more at: https://oilprice.com/Energy/Energy-General/Is-It-Time-To-Embrace-Geoengineering.html

Dow jumps more than 200 points for ninth winning day, S&P 500 nears record: Live updates

The recent rally in stocks following a dovish shift from the Federal Reserve is helping lift the S&P 500 near its record high.

Read more at: https://www.cnbc.com/2023/12/18/stock-market-today-live-updates.html

Shippers have already diverted about $35 billion in cargo from the Red Sea amid fears of attacks

Carriers are re-routing vessels as a direct result of 15 strikes in the Red Sea since the start of the Israel-Hamas war in October.

Read more at: https://www.cnbc.com/2023/12/19/shippers-divert-35-billion-in-cargo-from-red-sea.html

Target blamed theft and violence for 9 store closures. Crime is higher at locations it kept open nearby

Target blamed theft and violence when it closed 9 stores in New York, Seattle, San Francisco and Portland, but crime is worse at locations it kept open nearby.

Read more at: https://www.cnbc.com/2023/12/19/target-store-closures-theft-and-crime-higher-nearby.html

Will 2024 bring good tidings to media and telecom companies? That’s unlikely

It’s human nature to be optimistic entering a new year, but it’s hard not to view 2024 as a year of uncertainty for media and telecommunications companies.

Read more at: https://www.cnbc.com/2023/12/19/media-telecom-companies-face-rough-2024.html

CD rates are dropping. Here’s where to find the highest payouts

The average rate banks are paying for CDs went down for the first time this cycle in the first two weeks of December, according to Morgan Stanley.

Read more at: https://www.cnbc.com/2023/12/19/cd-rates-are-dropping-heres-where-to-find-the-highest-payouts.html

GM has cut its Buick dealership network in half through buyouts

The 1,000-store reduction is meant to increase throughput and profits at the remaining stores, according to Duncan Aldred, global head of Buick.

Read more at: https://www.cnbc.com/2023/12/19/gm-has-cut-its-buick-dealership-network-in-half-through-buyouts.html

Southwest Airlines, pilots’ union reach preliminary labor deal after years of contentious talks

Southwest is the last of the major airlines to reach a labor deal with pilots.

Read more at: https://www.cnbc.com/2023/12/19/southwest-airlines-pilots-union-reach-labor-deal.html

Affirm stock pops more than 15% on expanded Walmart partnership

Affirm stock jumped more than 15% after announcing it expanded its partnership with Walmart to self-checkout.

Read more at: https://www.cnbc.com/2023/12/19/affirm-stock-pops-more-than-15percent-on-expanded-walmart-partnership.html

Trump wipes out Biden’s lead with Latino voters in 2024: CNBC survey

Trump has a 5-point lead with Latino voters in a hypothetical matchup against Biden, according to a new CNBC All-America Economic Survey.

Read more at: https://www.cnbc.com/2023/12/19/trump-wipes-out-bidens-lead-with-latino-voters-in-2024-cnbc-survey-.html

Online shopping for holidays exceeds 2020 pandemic high, CNBC economic survey shows

After a two-year slump below its pandemic high, online shopping made a comeback this holiday season.

Read more at: https://www.cnbc.com/2023/12/19/online-shopping-for-holidays-exceeds-2020-pandemic-high-cnbc-economic-survey-shows.html

Middle-class Americans want to know more about how the wealthy make money. Here’s the answer

Building wealth is a top priority for “hardworking” Americans, according to a new survey from Stash. Here’s what to know about how top earners make money.

Read more at: https://www.cnbc.com/2023/12/19/heres-what-to-know-about-how-the-highest-earning-americans-make-money.html

An abused wife took on Tesla over tracking tech. She lost.

Cases of technology-enabled stalking involving cars are emerging as automakers add features such as location tracking and remote control of functions.

Read more at: https://www.cnbc.com/2023/12/19/an-abused-wife-took-on-tesla-over-tracking-tech-she-lost.html

GPT and other AI models can’t analyze an SEC filing, researchers find

The findings from Patronus AI highlight some of the challenges of using AI models within big companies in regulated industries like finance.

Read more at: https://www.cnbc.com/2023/12/19/gpt-and-other-ai-models-cant-analyze-an-sec-filing-researchers-find.html

Achieving Equity Through Mediocrity: Chicago Moves To Eliminate “High-Achieving” School Programs

Authored by Jonathan Turley,

Chicago Mayor Brandon Johnson and the Chicago Board of Education are following the lead of other major cities and eliminating gifted school programs in the name of achieving greater racial and social “equity.”

Eleven “high-achieving selective-enrollment schools” will be eliminated, according to Chicago Board of Education CEO Pedro Martinez, to reduce “stratification and inequity.”

As we have previously discussed, major cities with failing public education programs are erasing performance gaps in their schools by decapitating the top performers rather than elevating the performance overall. Other schools have also

Read more at: https://www.zerohedge.com/political/achieving-equity-through-mediocrity-chicago-moves-eliminate-high-achieving-school

Bubble-Like Valuations Pose Hurdle For Nasdaq 100 In 2024

By Ven Ram, Bloomberg Markets Live reporter and strategist

Not since 2009 have technology stocks had such a wonderful year, but lofty valuations pose headwinds next year.

The Nasdaq 100 basket has surged an eye-popping 53% so far this year, with the gains having accelerated since the start of November thanks to markets front-running the idea policy loosening from the Fed.

If markets had already decoupled from sensible valuations, the melt-up of the past two months means that we are possibly now in bubble territory.

Looked at as a long-duration bond, the fair value of Nasdaq 100 is 12,877, with the assumptions underpinning the analysis laid out below.

As Keynes famously remarked, markets can remain irrational longer than one can remain solvent, so it’s difficult to call for a correction, but there does come a point in any bull run where valuations become so stretched as to resemble a veritable card castle.

[ZH: Nasdaq looks rich on a Price-to-Sales basis too…]< …

Read more at: https://www.zerohedge.com/markets/bubble-valuations-pose-hurdle-nasdaq-100-2024

Ukraine Scales Back Operations Due To Ammo Shortage As Troops Complain Of “Suicide Mission”

A top Ukrainian commander has admitted in fresh statements that the national military’s ammunition supplies are running so low that leaders are forced to reassess priorities and operations.

Ukrainian Brigadier General Oleksandr Tarnavskyi said Monday the army is “replanning” its deployments due to artillery shell shortages which persist “across the entire front line” calling the the shortage a “very big problem.”

“There’s a problem with ammunition, especially post-Soviet (shells)—that’s 122mm, 152mm. And today these problems exist across the entire front line,” Tarnavskyi detailed. “The volumes that we have today are not sufficient for us today, given our needs.”

Getty Images”So, we’re redistributing it. We’re replanning tasks that we had set for ourselves and making them smaller, …

Read more at: https://www.zerohedge.com/geopolitical/ukraine-scales-back-operations-due-ammo-shortage-troops-complain-about-suicide-mission

Peter Schiff: Bidenomics Is Putting Lipstick On A Pig

Via SchiffGold.com,

Peter Schiff recently appeared on Real America with Dan Ball to talk about the state of the US economy. He described it as a disaster and said Bidenomics consists of putting lipstick on a pig.

The administration and its mainstream support network insist the economy is strong.

They often point to the “resilient” American consumer as proof that the economy is plugging along. After all, how can the economy be bad if people keep spending money?

But how have Americans managed to keep up with rising prices?

Peter said people have made ends meet in two ways.

First, you mentioned a few million jobs that have actually been created during the Biden presidency. Well, those jobs went predominantly to people who already had jobs. … Moonlighting is at a record high in America. So, people are paying …

Read more at: https://www.zerohedge.com/political/peter-schiff-bidenomics-putting-lipstick-pig

Fears of higher oil prices after Red Sea attacks

Analysts warn delays on the key trading route risk pushing up energy prices following missile strikes.

Read more at: https://www.bbc.co.uk/news/business-67758126?at_medium=RSS&at_campaign=KARANGA

What do Red Sea assaults mean for global trade?

Supply chains face disruption due to vessels diverting away from the key shipping route.

Read more at: https://www.bbc.co.uk/news/business-67759593?at_medium=RSS&at_campaign=KARANGA

Google to pay $700m to settle antitrust lawsuit

The tech giant will pay $700m and allow app makers to collect payments directly from customers

Read more at: https://www.bbc.co.uk/news/business-67764511?at_medium=RSS&at_campaign=KARANGA

Musk made $94 bn in ’23. How much other billionaires earned

Elon Musk’s net worth surged by nearly $94 billion in a year, while Gautam Adani, who was the world’s third richest person last year, saw his net worth fall by almost $35 billion in 2023 due to the fallout of the Hindenburg report. The Al-driven rally in tech stocks helped Mark Zuckerberg re-enter the top 10 list. Bernard Arnault and Warren Buffett were the only non-tech billionaires in the elite club (Source: Bloomberg, ToI)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/worlds-richest-elon-musk-earned-94-billion-in-2023-how-much-did-other-billionaires-make/elite-club/slideshow/106127906.cms

Fed’s pivot is forcing stock-market skeptics to become believers

The admissions from these usually gloomy forecasters mark a turning point after they advised clients to stay cautious on US stocks this year — even as the market surged toward double-digit gains that have left major indexes at or near record highs.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/feds-pivot-is-forcing-stock-market-skeptics-to-become-believers/articleshow/106108558.cms

Tech View: Nifty finds support above 21-EMA. What traders should do on Wednesday

The momentum indicator maintains a positive crossover, suggesting ongoing strength. The bullish trend is expected to persist as long as it stays above 21,350 consistently

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-finds-support-above-21-ema-what-traders-should-do-on-wednesday/articleshow/106128566.cms

Dow climbs to 5th straight record close, as rate-cut hopes underpin sentiment

U.S. stocks closed higher Tuesday, with the Dow Jones Industrial Average notching a fifth straight record close and the S&P 500 closing just shy of its peak, as investors keep cheering the chances of Federal Reserve rate cuts next year and an economy that keeps chugging.

Read more at: https://www.marketwatch.com/story/s-p-500-eyes-record-high-as-rate-cut-hopes-underpin-sentiment-9ec6a772?mod=mw_rss_topstories

Shipping ETFs extend rally as ocean carriers remain on edge amid Houthi militant attacks in Red Sea

ETFs that track U.S. shipping stocks continue to surge on Tuesday after the world’s major container shippers halted their tankers from sailing through the Red Sea following attacks from Yemen’s Iran-backed Houthi militants.

Read more at: https://www.marketwatch.com/story/shipping-etfs-extend-rally-as-ocean-carriers-remain-on-edge-amid-houthi-militant-attacks-in-red-sea-80f89091?mod=mw_rss_topstories

10-year Treasury yield returns to lowest level since July after Bank of Japan keeps rates negative

Treasury yields finished mostly lower on Tuesday, with the benchmark 10-year rate returning to an almost five-month low, after the Bank of Japan kept its negative interest-rate policy and gave little indication of a potential shift in its ultra-loose stance soon.

Read more at: https://www.marketwatch.com/story/treasury-yields-hold-near-multi-month-lows-as-bank-of-japan-maintains-negative-rate-policy-67efc700?mod=mw_rss_topstories