Oil-Rich Essequibo Region at Center of Guyana-Venezuela Strife

The UK has condemned what it has termed as the “unjustified” actions of Venezuela after Caracas sent more than  5,600 armed forces personnel to participate in a military exercise in response to the UK sending a warship near the border with Guyana. On Thursday, Venezuela’s President Nicolas Maduro announced he was launching “a joint action of a defensive nature in response to the provocation and threat of the United Kingdom, which he said are against peace and the sovereignty of Venezuela. Britain had, a few days earlier, announced…

Read more at: https://oilprice.com/Geopolitics/International/Oil-Rich-Essequibo-Region-at-Center-of-Guyana-Venezuela-Strife.html

Europe’s Diesel Refining Margins Slump by 40% as Supply Worries Fade

Refining margins for diesel in Northwest Europe end this year 40% below the levels from the end of 2022, despite the EU ban on seaborne imports of Russian petroleum products that came into effect in February 2023. Europe has imported more diesel from the Middle East and Asia this year to offset the loss of Russian fuel supply. Import levels were high enough to ease fears of a supply shortage in the first winter without Russian fuels. A warmer autumn and a warmer start to the winter heating season have also helped ease some of the concerns of a…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Diesel-Refining-Margins-Slump-by-40-as-Supply-Worries-Fade.html

Africa Becomes a Focal Point in Russia’s Global Strategy

When Wagner mercenary force founder Yevgeny Prigozhin was killed in a fiery plane crash in August, exactly two months after leading a rebellion that challenged President Vladimir Putin’s 24-year grip on power, it cast a thick cloud over the future of Russia’s footprint in Africa. Ever since the West began isolating Russia following Moscow’s takeover of Ukraine’s Crimea region in 2014, Putin had attempted to rekindle Soviet-era ties with nations in the Global South, especially in Africa, using Prigozhin’s paramilitary…

Read more at: https://oilprice.com/Geopolitics/Africa/Africa-Becomes-a-Focal-Point-in-Russias-Global-Strategy.html

Kyiv and Other Cities Targeted in Massive Russian Attack

Russia has launched what officials have described as the “most massive aerial attack” yet on Ukraine, leaving scores dead and dozens of buildings damaged. Russia launched a total of 158 missiles, including 122 missiles and 36 drones, against various Ukrainian targets on Friday night. The Ukrainian Air Force  managed to intercept and destroy 114 missiles; however, dozens of missiles managed to hit their targets, killing at least 24 civilians and damaging educational facilities, multi-story residential buildings,  a maternity…

Read more at: https://oilprice.com/Geopolitics/International/Kyiv-and-Other-Cities-Targeted-in-Massive-Russian-Attack.html

EIA: U.S. Crude Oil Production Rates Sag In October

Crude oil production in the United States fell in the month of October, according to new data released by the Energy Information Administration on Friday. According to the latest data, average U.S. crude oil production fell from 13.252 million barrels per day in September to 13.248 million bpd in October—the first monthly decline in average daily production rates since April, but still the second-highest production rate in the history of the U.S. oil industry, behind only September. It is also 1.377 million bpd higher than pre-pandemic levels…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EIA-US-Crude-Oil-Production-Rates-Sag-In-October.html

U.S. Sees Minor Uptick in Oil Rigs

The total number of active drilling rigs in the United States rose this week by 2, according to new data that Baker Hughes published on Friday. The total rig count rose to 622 this week. Since this time last year, Baker Hughes has estimated a loss of 157 active drilling rigs. This week’s count is 452 fewer rigs than the rig count at the beginning of 2019, before the pandemic. Meanwhile, U.S. production has grown by 1.377 million bpd, according to the most recent EIA data published Friday. The number of oil rigs rose by 2 to 500. Oil rigs…

Read more at: https://oilprice.com/Energy/Energy-General/US-Sees-Minor-Uptick-in-Oil-Rigs.html

Brent Closes The Year Below $80 as Red Sea Tensions Ease

Oil prices recouped some losses on the last trading day of the year with Brent crude set to close well below $80 per barrel. The slowing down of industry news into the Christmas period has stemmed the recent uptick in oil prices. Brent futures have marginally declined to $78 per barrel after Maersk and CMA CGM announced their resumption of transit through the Suez Canal, widely seen as a sign of impending normalization. At the same time, the few market participants still trading before New Year’s Eve shrugged off the seemingly bullish 7-million-barrel…

Read more at: https://oilprice.com/Energy/Crude-Oil/Brent-Closes-The-Year-Below-80-as-Red-Sea-Tensions-Ease.html

India’s Fuel Exports Surged in November

India’s fuel exports rose in November from a month earlier as refineries ramped up crude processing while diesel demand for trucking was lower during the Diwali festival season.  At the same time, imports of fuels into India fell last month compared to a month earlier, data from the country’s oil ministry showed on Friday.   In November, India exported a total of 5.64 million tons of fuels, up from 4.47 million tons in October. Last month’s fuel exports from India were the second-highest volumes in the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Fuel-Exports-Surged-in-November.html

Renewable Energy Faces Supply Chain Bottlenecks

As countries strive to lower their carbon footprint and geopolitical tensions escalate, governments need to play a significant role in boosting nascent industries and regional supply chains. While this shift may increase procurement risk, it also calls for a balance of risk management between governments and industry to build effective supply chains. To thrive in the ever-changing energy industry, Rystad Energy strongly recommends that companies prioritize procurement functions within their corporate organization – and that governments enhance…

Read more at: https://oilprice.com/Energy/Energy-General/Renewable-Energy-Faces-Supply-Chain-Bottlenecks.html

China Maintains Fuel Export Quotas Steady for 2024

The first batch of fuel export quotas that China has issued for 2024 is basically unchanged from the first batch of allowances for 2023, Chinese consultancies and trading sources told Reuters on Friday. Chinese refiners are allowed to export diesel, gasoline, and jet fuel under strict quota regulations, with allowances for each refiner that are usually issued three to four times a year.  In the first batch for 2024, Chinese authorities allocated a total of 19 million tons, mostly to top state-owned refining giants Sinopec and CNPC,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Maintains-Fuel-Export-Quotas-Steady-for-2024.html

Charting the Decade-Long Surge in Car Prices

New car prices have soared in recent years. As a result, those looking for a cheap new car have very few options in today’s market. While average transaction prices for new cars declined 1.4% year-over-year as of October, they have increased to an average price of $47,936—roughly a 60% increase over the last decade. In the following graphic, Visual Capitalist’s Marcus Lu shows the steep rise in new car costs, with data from Cox Automotive. New Vehicle Price Growth A host of factors can explain the jump in new car prices. These include…

Read more at: https://oilprice.com/Energy/Energy-General/Charting-the-Decade-Long-Surge-in-Car-Prices.html

Reuters Claims OPEC Facing Significant Market Share Loss

OPEC could potentially face further loss of market share in early 2024 following the recent departure of  Angola, weakening demand and rising output by non-OPEC producers, Reuters claims, based on its own calculations.  Reuters reports that OPEC’s production is set to slip below 27 million barrels per day (bpd) without Angola, good for less than 27% of the total global supply of 102 million bpd. The last time the cartel saw its market share fall to that level was at the height of the Covid-19 pandemic when global oil demand fell…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Reuters-Claims-OPEC-Facing-Significant-Market-Share-Loss.html

Oil Prices Projected to Remain Below $80 in 2024

Expected weak global economic growth would slow oil demand growth next year, keeping the average U.S. benchmark oil price at below $80 per barrel, according to the monthly Reuters poll in which analysts revised down their forecasts for 2024 from last month’s projections.   The price of the U.S. benchmark, WTI Crude, is expected to average $78.84 per barrel in 2024, the Reuters poll of 34 analysts and economists showed on Friday. This month’s consensus price forecast is revised down from November’s…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Projected-to-Remain-Below-80-in-2024.html

Oil Prices Set for First Annual Decline Since 2020

Concerns about economies and oil demand amid rising interest rates have pushed oil prices down to a 10% decline this year, the first annual drop since 2020, despite the OPEC+ production cuts and a new war breaking out in the Middle East.    On Friday, the last trading day of 2023, oil prices were trading slightly higher and on track to post a 10% drop for the year compared to 2022. The U.S. benchmark, WTI Crude, was trading up by 0.33% at $72.01, and the international benchmark, Brent Crude, was set to end the year below the…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Set-for-First-Annual-Decline-Since-2020.html

Chinese Cities Ease Gasoline Car Restrictions to Boost Economy

The Chinese city of Hangzhou, one of several large Chinese cities that restrict licenses for new fossil fuel-powered cars to reduce pollution and traffic congestion, is easing the curbs on eligibility for car ownership in an effort to boost flailing consumer spending and the economy, business news outlet Caixin Global reports. Hangzhou, alongside Beijing, Shanghai, Shenzhen, and Guangzhou, has had such restrictions for nearly a decade. Hangzhou’s city authorities have been granting just 80,000 new license plates for gasoline and diesel-powered…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Cities-Ease-Gasoline-Car-Restrictions-to-Boost-Economy.html

From FedEx to airlines, companies are starting to lose their pricing power

Faced with weakening demand, price-sensitive consumers and easing inflation, some sectors are now forced to grow profits without the tailwind of price hikes.

Read more at: https://www.cnbc.com/2023/12/29/companies-are-losing-their-pricing-power.html

S&P 500 falls slightly Friday, but rides 9-week win streak to end 2023 with 24% gain: Live updates

The S&P 500 entered the final trading day of 2023 less than 0.5% from a new record high, but failed to hit the mark.

Read more at: https://www.cnbc.com/2023/12/28/stock-market-today-live-updates.html

SpaceX sets new rocket record with 96 successful launches in 2023

SpaceX this year launched 96 successful missions with its Falcon series of rockets, topping its previous annual record of 61 orbital launches in 2022.

Read more at: https://www.cnbc.com/2023/12/29/spacex-rockets-2023-launch-record.html

Apple’s stock underperformed top tech peers in 2023 due to longest revenue slide in 22 years

Apple has reported four straight quarters of sliding sales, its longest stretch of declines since 2001

Read more at: https://www.cnbc.com/2023/12/29/apple-underperformed-mega-cap-peers-in-2023-due-to-revenue-slide.html

Brazil stocks enjoyed their best year since 2019. What to expect in the new year

The Bovespa index, Brazil’s stock benchmark, rallied 22% this year. That’s its biggest annual increase since 2019 — when it rallied 31.6%.

Read more at: https://www.cnbc.com/2023/12/29/brazil-stocks-enjoyed-their-best-year-since-2019-what-to-expect-in-the-new-year.html

U.S. crude oil sheds more than 10% for the year in first annual decline since 2020

Record production in the U.S. is profoundly impacting oil prices despite ongoing geopolitical risks in the Middle East.

Read more at: https://www.cnbc.com/2023/12/29/oil-prices-to-end-year-10percent-lower-first-annual-decline-since-2020.html

Drugmakers set to raise U.S. prices on at least 500 drugs in January

Drugmakers including Pfizer, Sanofi and Takeda Pharmaceutical plan to raise prices in the United States on more than 500 unique drugs in early January.

Read more at: https://www.cnbc.com/2023/12/29/drugmakers-set-to-raise-us-prices-on-at-least-500-drugs-in-january.html

Russia pummels Ukraine with ‘massive’ wave of airstrikes; 31 reported killed

“Today, Russia used nearly every type of weapon in its arsenal,” Ukrainian President Volodymyr Zelenskyy said.

Read more at: https://www.cnbc.com/2023/12/29/russia-pummels-ukraine-with-airstrikes-killing-at-least-12-people.html

10-year Treasury yield finishes flat near 3.86% as traders wrap up a rollercoaster year

The yield on the 10-year Treasury note was little changed on Friday as investor attention focused on the path ahead for the economy and monetary policy in 2024.

Read more at: https://www.cnbc.com/2023/12/29/us-treasury-yields-investors-prepare-for-the-new-year-ahead.html

Stocks making the biggest moves midday: Fisker, Lyft, Boston Scientific and more

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

Read more at: https://www.cnbc.com/2023/12/29/stocks-making-the-biggest-moves-midday-fisker-lyft-boston-scientific-and-more.html

The top 10 countries where young Americans want to move abroad

Young Americans cite one big motivator for leaving the U.S. for a better life abroad.

Read more at: https://www.cnbc.com/2023/12/29/the-top-10-countries-where-young-americans-want-to-move-abroad.html

How McDonald’s, Chipotle, Starbucks are preparing for the fast-food worker battles to come in 2024

McDonald’s, Chipotle, Starbucks, Taco Bell, Shake Shack, In-N-Out Burger and other fast-food restaurants hope they dodged a bullet in the minimum wage hike.

Read more at: https://www.cnbc.com/2023/12/29/mcdonalds-chipotle-prepare-for-fast-food-worker-battles-in-2024.html

Corporate bond yields are off highs, but are still attractive. Here’s what experts say to look for in 2024

While corporate bond yields have moved down off their highs, investors will still be able to snap up some juicy income next year, experts believe.

Read more at: https://www.cnbc.com/2023/12/29/corporate-bond-yields-are-off-highs-but-are-still-attractive-.html

Escape From Ventura: Watch As Panicked Californians Flee ‘Mini Tsunami’

Multiple freak waves, or what many are calling a ‘mini tsunami’ event, hit several coastal towns in California Thursday and Friday, with one particular big wall of water having left eight people hospitalized.

“Overall, this is expected to be an exceptional high-surf and coastal flooding event that has not occurred in many years,” the weather service in Los Angeles warned amid a number of local beach evacuation orders being issued to prevent onlookers and bystanders from getting swept away. But this is exactly what happened in Southern California’s Ventura County, when a wave inundated an entire street at Pierpont Beach where some twenty people had been lingering, stunning footage of which has since gone viral…

Wave hits Pierpont in Ventura, California injuring 8. Video: Colin Hoag pic.twitter.com/IT8yhaRqPA

— News Now 24🌐 (@GlobalNewsNow24) December 29, 2023

“We put evacuation warnings into place around 8 a.m. this morning for this area and, as you can see, these waves are incredibly powerful,” a statement by the Santa Cruz County Sheriff’s Office

Read more at: https://www.zerohedge.com/weather/escape-ventura-watch-panicked-californians-flee-mini-tsunami

Are You In An Anti-Free-Speech State? We Now Have The Definitive List

Authored by Jonathan Turley,

For years, we have discussed the alarming shift in the Democratic party on free speech with candidates running on pledges to censor opposing views and politicians supporting blacklisting and censorship on social media.

Many citizens oppose such efforts to restrict their rights under the First Amendment, but are unaware of the work of their representatives to limit free speech. Now, a filing in the Supreme Court supporting censorship efforts by the Biden Administration has supplied a handy list of the anti-free speech states for citi …

Read more at: https://www.zerohedge.com/political/are-you-anti-free-speech-state-we-now-have-definitive-list

“Biden Destroying America” As Invasion Of Southern Border Hits Record; DoJ Plans To Sue Texas

The Biden administration is the king of spreading misinformation. These radicals in the White House have tried to convince taxpayers that millions of illegals flooding the southern border is “not unusual.”

“And what we’re seeing here at the border, the migration flow, increased migration flows, certainly, it ebbs and flows. And were at a time of the year where we’re seeing more at the border, and it’s not unusual,” White House Press Secretary (The Queen of Gaslighting) Karine Jean-Pierre told reporters during a recent press conference.

Karine Jean-Pierre claims the border crisis is “not unusual.”

FACT CHECK: This is the worst U.S. border crisis on record, by far. pic.twitter.com/LheysOgg1O

— GOP (@GOP) December 23, 2023

Let’s revisit the clearest misinformation campaign from the White House in May, when Homeland Security Secretary Alejandro Mayorka declared: “I want to be very clear, our borders are not open.”

“I want to be very clear, our borders are not open” – @SecMayorkas, May 11th, 2023

This might be …

Read more at: https://www.zerohedge.com/political/biden-destroying-america-invasion-southern-border-hits-record-doj-plans-sue-texas

COVID Mask Mandates Return Across US Hospitals

Authored by Jack Phillips via The Epoch Times,

Hospitals in places across the United States have reimplemented mask mandates because of what officials say is an uptick in COVID-19 and other respiratory infections.

For example, the NYC Health + Hospitals—officially the New York City Health and Hospitals Corporation that operates public hospitals and clinics in New York City—announced that mask mandates will be reimplemented at its hospitals.

“Due to an uptick in respiratory illnesses like COVID-19, flu & RSV in our communities & our hospital, we must return to mandatory masking. Please wear a mask when you visit us!” the hospital operator wrote on X, formerly known as Twitter, earlier this week.

The post showed a photo of staff members wear …

Read more at: https://www.zerohedge.com/covid-19/covid-mask-mandates-return-across-us-hospitals

House prices end the year 1.8% lower, says Nationwide

The housing market is set to be subdued in 2024 despite hopes of an interest rate cut.

Read more at: https://www.bbc.co.uk/news/business-67839202?at_medium=RSS&at_campaign=KARANGA

Françoise Bettencourt Meyer: L’Oréal heiress first woman to amass $100bn fortune

The French beauty empire is on track for its best stock market performance in decades.

Read more at: https://www.bbc.co.uk/news/business-67838422?at_medium=RSS&at_campaign=KARANGA

Google settles $5bn lawsuit for ‘private mode’ tracking

Large technology firms have faced increased scrutiny of their practices in the US and beyond.

Read more at: https://www.bbc.co.uk/news/business-67838384?at_medium=RSS&at_campaign=KARANGA

Stock exchanges to conduct special live trading session on January 20; here’s why

​Stock exchanges will be conducting a special live trading session on January 20 (Saturday), in a move to switch over to the Disaster Recovery (DR) site.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/stock-exchanges-to-conduct-special-live-trading-session-on-january-20-heres-why/articleshow/106383300.cms

Innova Captab share price jumps 20% after tepid listing. What should investors do?

​The lackluster debut performance fell way short of expectations, which highlights the potential risks associated with the highly competitive market, regulatory environment, and currency fluctuations.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/innova-captab-share-price-jumps-20-after-tepid-listing-what-should-investors-do/articleshow/106375839.cms

December beats November to give Nifty best returns in 1.5 years

As against Nifty’s 20% rise in the calendar year 2023, the midcap index is up by almost 45% and the smallcap index is up by 55%. This trend is likely to be reversed in 2024, according to analysts.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/december-beats-november-to-give-nifty-best-returns-in-1-5-years/articleshow/106371295.cms

Oil prices end lower as crude suffers first losing year since 2020

Oil futures ended slightly lower Friday on the final trading day of 2023, capping crude’s first losing year since 2020 as concerns about the demand outlook outweighed potential supply disruptions and efforts by OPEC and its allies to limit production.

Read more at: https://www.marketwatch.com/story/oil-prices-tick-higher-as-crude-heads-for-first-losing-year-since-2020-62ce5951?mod=mw_rss_topstories

Crypto miner Marathon Digital’s shares fall nearly 18%, on pace for worst day since January

Shares of crypto miner Marathon Digital Holdings fell nearly 18% to as low as $23.07 on Friday afternoon, putting the stock on pace for its worst day since Jan. 18 after logging an impressive rally earlier this month.

Read more at: https://www.marketwatch.com/story/crypto-miner-marathon-digitals-shares-fall-nearly-18-on-pace-for-worst-day-since-january-922a6a92?mod=mw_rss_topstories

Ready for New Year’s Eve? 6 sparkling wines to toast 2024 — including an alcohol-free sip

The list of bubbly bottles — starting at $30 — goes well beyond Champagne for those looking to raise a glass to the New Year

Read more at: https://www.marketwatch.com/story/ready-for-new-years-eve-6-sparkling-wines-to-toast-2024-including-an-alcohol-free-sip-28bbc689?mod=mw_rss_topstories