Trans-Afghan Railroad Fuels Surge in Regional Trade

Trade between Afghanistan and Uzbekistan in 2023 increased sixfold year-on-year, hitting $266 million, a certain sign that engagement between the war-stricken nation and its northern neighbors is flourishing despite the Taliban’s ascendancy. Afghan news agency Tolonews cited an Industry and Trade Ministry representative in Kabul as saying that imports from Uzbekistan over that period reached $239 million, while $27 million of goods went in the other direction. “Most of our exported items to Uzbekistan are dried fruit, fruit juice, apricots,…

Read more at: https://oilprice.com/Geopolitics/International/Trans-Afghan-Railroad-Fuels-Surge-in-Regional-Trade.html

Kazakhstan Quadruples Grain Exports to China

The easing of the COVID-related sanitary regime at Chinese customs crossings enabled Kazakhstan to quadruple the amount of agricultural goods it exported to the country in 2023 as compared to a year earlier. The 2.2 million tons, which comprised wheat, barley, soybeans, flax and sunflower seeds, that was sent to China last year was not just significantly more than the 615,000 tons delivered in 2022. It was also a large surge on the previous record of 1.2 million tons recorded in 2019. Most of the deliveries were carried on freight trains, but around…

Read more at: https://oilprice.com/Geopolitics/International/Kazakhstan-Quadruples-Grain-Exports-to-China.html

Biden Administration Plugs Away At Refilling Oil Stockpiles

The Biden Administration took one more baby step towards refilling the nation’s Strategic Petroleum Reserves (SPR), announcing on Friday a request for proposal for another 3 million barrels of crude oil for May delivery. The Strategic Petroleum Reserve started out at the onset of the current administration’s term with 638.1 million barrels in storage—the nation’s rainy day oil fund. But by the end of 2021, more than 44 million barrels had been sold off. In 2022, a whopping 221 million barrels had been sold off…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Administration-Plugs-Away-At-Refilling-Oil-Stockpiles.html

TotalEnergies Port Arthur Refinery Shuts Crude Units on Malfunction

The TotalEnergies refinery in Port Arthur, Texas, has been forced to shut down its two crude distillation units and two vacuum distillation units, due to a malfunction at the gasoline-producing unit, sources with knowledge of the refinery operations have told Reuters. After a malfunction at the gasoline-producing fluidic catalytic cracker (FCC) at the 238,000 barrel-per-day refinery, the plant shut down on Thursday the two crude distillation and two vacuum distillation units, according to Reuters’ sources. Those units convert crude into…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Port-Arthur-Refinery-Shuts-Crude-Units-on-Malfunction.html

More Drilling Slowdowns for U.S. Oil, Gas Industry

The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 2 to 619 this week, compared to 775 rigs this same time last year. The number of oil rigs fell by 2 this week, settling at 499–down by 124 compared to this time last year. The number of gas rigs fell by 1 this week to 117, a loss of 33 active gas rigs from this time last year. Miscellaneous rigs hit 3 rigs after rising by 1. Meanwhile, U.S. crude oil production…

Read more at: https://oilprice.com/Energy/Energy-General/More-Drilling-Slowdowns-for-US-Oil-Gas-Industry.html

World’s Largest Uranium Miner Will Miss Production Targets

The world’s largest uranium miner issued a dire warning on Friday concerning its production outlook for 2024, sparking fears that nuclear fuel supply could be at risk. London-based Kazatomprom—the largest uranium miner in the world—said on Friday that sulfuric acid shortages and construction delays at newly discovered deposits could lead to the company missing production targets—challenges that could remain into next year. Uranium supply is already under threat, with spot prices for yellowcake-uranium concentrate used in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Largest-Uranium-Miner-Will-Miss-Production-Targets.html

Citi Cuts Brent Oil Price Forecast to $74 in 2024 on Ample Supply

Brent Crude oil prices are expected to average $74 per barrel this year, Citi said in a note, revising down its previous forecast by $1 a barrel, due to expectations of excess supply.   The researchers at the bank also slashed their Brent forecast for 2025 by $10 per barrel, and now see the international benchmark averaging $60 a barrel next year. “We believe softer market fundamentals, absent major supply disruptions, will result in OPEC+ rolling over its Q1 2024 production cuts throughout the whole 2024 and start tapering them only…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Citi-Cuts-Brent-Oil-Price-Forecast-to-74-in-2024-on-Ample-Supply.html

Steel Market Backwardation Signals Potential Price Peak

Via Metal Miner U.S. flat rolled steel prices closed the year decidedly bullish. A nearly 14% month-over-month rise saw HRC prices easily outperform all base metals both during the month and throughout 2023 as a whole. Meanwhile, plate prices saw an upside correction after prices traded down throughout November. HRC Prices See First Decrease Since September HRC prices finished 2023 very strong. In fact, the turn of the year marked three consecutive months of increases that saw prices rise over 61% from their late-September low. While the bullish…

Read more at: https://oilprice.com/Metals/Commodities/Steel-Market-Backwardation-Signals-Potential-Price-Peak.html

Trans Mountain Pipeline Faces Two-Year Delay Without Route Change

The Canada Energy Regulator is hearing arguments on Friday from Trans Mountain Corporation on why it should allow a change in the route and diameter of a small section of the pipeline. The company has warned that without that change it could face a worst-case scenario of a delay of two years in the completion of the pipeline.     The expanded Trans Mountain pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trans-Mountain-Pipeline-Faces-Two-Year-Delay-Without-Route-Change.html

Geopolitical Risks Push Oil Prices Higher

Oil prices are being pushed higher by renewed geopolitical risk after the UK and the U.S. launched an attack on Houthi positions in Yemen. Brent temporarily climbed above $80 before falling back slightly.Friday, January 12, 2024The escalation of tensions in the Red Sea, culminating in the largest US/UK attack on Houthi positions since the start of Operation Prosperity Guardian, has prompted multiple tankers to divert from the Suez Canal and Danish shipping firm Torm joined the ranks of European companies avoiding Red Sea transits. For the first…

Read more at: https://oilprice.com/Energy/Energy-General/Geopolitical-Risks-Push-Oil-Prices-Higher.html

Tensions Rise in the Horn of Africa

As tensions rock the Middle East, the Horn of Africa is following suit, with the New Year presenting a critical resurgence of Al Shabab, an Al-Qaida affiliate, helped along by geopolitics that strike at the very heart of Somalia’s territorial sovereignty.  On the surface of the issue is a deal between Ethiopia and the autonomous region of Somaliland that will give landlocked Ethiopia the right to use the port of Somaliland, a region attempting to gain international recognition as a sovereign state and not part of Somalia.  The Port…

Read more at: https://oilprice.com/Energy/Energy-General/Tensions-Rise-in-the-Horn-of-Africa.html

Tesla to Pause Production at Berlin Factory Due to Supply Chain Problems

Tesla expects to stop production at its Giga Berlin factory, its largest in Europe, for two weeks at the end of January and early February, due to a lack of components as the Red Sea attacks on shipping have strained supply chains.   “The considerably longer transportation times are creating a gap in the supply chains. Due to a lack of components, we are therefore forced to suspend vehicle production in the Gigafactory Berlin-Brandenburg,” Tesla said in a statement on Friday carried by The Wall Street Journal. Tesla will suspend…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-to-Pause-Production-at-Berlin-Factory-Due-to-Supply-Chain-Problems.html

Why the Short Term Outlook for Oil Remains Bearish

The crude oil market is currently grappling with heightened volatility, primarily driven by escalating tensions in the Middle East. A notable uptick in oil prices, nearly 1%, was triggered by Iran’s seizure of an oil tanker off Oman’s coast, amplifying fears of intensifying conflicts in this key oil-producing region. This incident caps a period where oil benchmarks initially increased over $2 a barrel but later faced downward adjustments, influenced by unexpected rises in U.S. inflation and a decrease in China’s demand for Saudi oil. The tension…

Read more at: https://oilprice.com/Energy/Energy-General/Why-the-Short-Term-Outlook-for-Oil-Remains-Bearish.html

Asian LNG Prices Fall As Global Energy Crisis Eases

1. Biden Revamp of Permitting Rules Scares US LNG Players- The White House is developing a new set of policy recommendations for new LNG facilities that could significantly slow down the construction of future and pending projects, just as the United States has become the world’s largest LNG exporter. – The US Department of Energy, the government body issuing LNG export permits to producers, is re-evaluating its project requirements to include the climate impact of proposed liquefaction plants. – According to the American Petroleum Institute,…

Read more at: https://oilprice.com/Energy/Energy-General/Asian-LNG-Prices-Fall-As-Global-Energy-Crisis-Eases.html

Geopolitical Risk Is Rising Once Again

– Iran seized a U.S. oil tanker that had loaded in Iraq and was on its way to Turkey on Thursday. The act was one of retaliation for the U.S. seizure of a ship last year carrying what Washington said was Iranian oil for China in violation of sanctions. The vessel seized was the same vessel, under a different name, that was seized for carrying Iranian oil in 2023. – The Houthis launched their biggest attack in the Red Sea yet on Tuesday this week, with the U.S. and UK shooting down 21 drones and missiles targeting merchant vessels near the Bab el…

Read more at: https://oilprice.com/Energy/Energy-General/Geopolitical-Risk-Is-Rising-Once-Again.html

Deflation: Here’s where prices fell in December 2023, in one chart

Prices have declined over the past year in consumer categories such as physical goods, groceries and energy, according to the consumer price index.

Read more at: https://www.cnbc.com/2024/01/12/deflation-heres-where-prices-fell-in-december-2023-in-one-chart-.html

Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul

Citigroup CEO Jane Fraser announced one of the largest moves to cut headcount at a major U.S. bank in recent years.

Read more at: https://www.cnbc.com/2024/01/12/citigroup-cutting-10percent-of-workforce.html

Tanker companies temporarily halt traffic toward Red Sea after U.S. airstrikes on Houthi militants

Hafnia, Torm and Stena Bulk confirmed that they halted traffic toward the Red Sea after airstrikes on Houthi militants in Yemen.

Read more at: https://www.cnbc.com/2024/01/12/tanker-companies-temporarily-halt-traffic-toward-red-sea-after-us-airstrikes-on-houthis.html

Trump ordered to pay New York Times, three reporters nearly $400,000 in legal costs over dismissed lawsuit

Donald Trump claimed in the dismissed lawsuit that The New York Times plotted with his niece Mary Trump to obtain his private tax records.

Read more at: https://www.cnbc.com/2024/01/12/trump-ordered-to-pay-new-york-times-reporters-over-lawsuit.html

A new era is coming for dividend stocks — and it’s good news for income investors, says portfolio manager

More companies are going to offer dividends, predicts author and portfolio manager Daniel Peris.

Read more at: https://www.cnbc.com/2024/01/12/a-new-era-is-coming-for-dividend-stocks-says-author-and-portfolio-manager.html

Airline stocks tumble after Delta trims profit forecast

Airline stocks including Delta, United, American and Southwest were all down Friday.

Read more at: https://www.cnbc.com/2024/01/12/airline-stocks-tumble-after-delta-trims-profit-forecast.html

Stocks making the biggest moves midday: United Airlines, CVS, Tesla, Citi, DocuSign and more

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

Read more at: https://www.cnbc.com/2024/01/12/stocks-making-the-biggest-moves-midday-ual-cvs-tsla-c-docu.html

Hunter Biden abuptly agrees to deposition as House moves toward contempt resolution

Hunter Biden, the son of President Joe Biden, prevously refused to comply with subpoenas, triggering Republicans to seek a contempt of Congress resolution.

Read more at: https://www.cnbc.com/2024/01/12/hunter-biden-agrees-to-deposition-as-congress-moves-to-contempt-resolution.html

JPMorgan Chase profit falls after $2.9 billion fee from regional bank rescues

JPMorgan is watched closely for clues on how banks fared amid volatile interest rates and rising loan losses.

Read more at: https://www.cnbc.com/2024/01/12/jpmorgan-chase-jpm-earnings-q4-2023.html

IRS: Taxpayers may avoid a surprise tax bill by making a quarterly payment by Jan. 16

The fourth quarter estimated tax deadline is Jan. 16, and you could have a surprise bill or owe a penalty if you don’t send a payment.

Read more at: https://www.cnbc.com/2024/01/12/the-fourth-quarter-estimated-tax-deadline-is-jan-16.html

Morgan Stanley will pay $249 million to settle criminal, SEC block trade probes

Pawan Passi, a former Morgan Stanley supervisor for block trades, entered into a deferred prosecution agreement in New York court for his conduct.

Read more at: https://www.cnbc.com/2024/01/12/morgan-stanley-will-pay-millions-settle-sec-block-trade-probe.html

Middle East crisis: Houthis say U.S., U.K. will pay a ‘heavy price’ after Yemen strikes

The U.S. and U.K. carried out strikes against targets in Yemen, escalating tensions sparked by a spate of Houthi maritime attacks in the Red Sea.

Read more at: https://www.cnbc.com/2024/01/12/live-updates-latest-news-on-the-middle-east-and-the-red-sea-crisis.html

The consumer will be the key next week with retail sales and more bank earnings on deck

Stocks could vacillate in a holiday-shortened week ahead as Wall Street gets further insight into American spending habits.

Read more at: https://www.cnbc.com/2024/01/12/the-consumer-will-be-the-key-next-week-with-retail-sales-and-more-bank-earnings-on-deck.html

Fani Spanked: Jim Jordan Launches Investigation Into DA’s Alleged Lover As Trump-Georgia Case Goes Off The Rails

Update (1523ET): House Judiciary Chairman Jim Jordan (R-OH) has launched an investigation into Nathan Wade, the special prosecutor in the Trump-Georgia case who has been accused of making more than $650,000 off the case – during which he and Willis took lavish vacations together.

“According to a recent court filing, you have been paid more than $650,000—at the rate of $250 per hour—to serve as an ‘Attorney Consultant’ and later a ‘Special Assistant District Attorney’ in the unprecedented investigation and prosecution of the former President and other former federal officials,” wrote Jordan in a Friday letter reported by Just the News.

“This filing also alleges that while receiving a substantial amount of money from Fulton County, you spent e …

Read more at: https://www.zerohedge.com/political/fanigate-goes-full-jerry-springer-das-alleged-lover-left-wife-dire-need-after-failing

Watch Live: Rollout Of Supersonic Plane At Skunk Works Factory

Lockheed Martin Corp. and NASA will roll out the X-59 Quesst supersonic aircraft from the defense contractor’s Skunk Works facility in Palmdale, California, later this afternoon.

Quest is NASA’s move to demonstrate how the X-59 can fly supersonic without generating loud sonic booms overhead metro areas. The design of the aircraft allows for sonic “thumps,” and data after flight trials will be shared with regulators to rewrite new sound-based rules for supersonic flight over land.

Read more at: https://www.zerohedge.com/technology/watch-live-rollout-supersonic-plane-skunk-works-factory

Blue State AGs Tell Biden To Block Sale Of Lake City’s 5.56 Ammo To Civilians

Authored by Kevin Stocklin via The Epoch Times (emphasis ours),

New York Attorney General Letitia James calls on a journalist during a briefing in New York City on May 21, 2021. (Richard Drew/AP Photo)New York Attorney General Letitia James led a multi-state coalition of 20 attorneys general calling on the Biden administration to halt the sale of 5.56 caliber ammunition to civilians by the Lake City Army Ammunition Plant, a Missouri-based supplier for the U.S. military.

“Billions of rounds of military-grade ammunition manufactured at the Lake City Army Ammunition Plant have been sold on the commercial market, leading to their use in many of the most tragic mass shootings in recent history,” the AGs stated in a Jan. 9

Read more at: https://www.zerohedge.com/political/blue-state-ags-tell-biden-block-sale-lake-citys-556-ammo-civilians

Airlines Hit Turbulence After Delta Trims 2024 Earnings Forecast

Airline stocks hit turbulence Friday after Delta Air Lines trimmed its full-year adjusted EPS forecast for 2024, which was below the “more than $7” per share target discussed previously by the company. The airline also reported a decline in total revenue per available seat mile.

Delta told investors it was now forecasting between $6 and $7 after once forecasting “more than $7” for its full-year adjusted EPS forecast this year. Delta posted 2023 adjusted earnings of $6.25 per share.

Bloomberg pointed out, “The outlook shows Delta’s not immune to the elevated costs and other challenges plaguing the industry, as supply chain shortages have increased engine repair times and slowed the delivery of some new aircraft. New pilot contracts at three of the four largest US carriers have pushed up spending for wages and other compensation.”

“With all the uncertainty in the environment, we thought it was prudent” to adjust the forecast, Chief Executive Officer Ed Bastian said in an interview. He said most of the challenges are due to inflation and labor costs, adding, “I’m not giving up on the $7.”

As a result, Delta shares plunged 8.5%, the most significant intraday plunge since July 2022.

Read more at: https://www.zerohedge.com/markets/airlines-hit-turbulence-after-delta-trims-2024-earnings-forecast

Oil prices rise on US-UK strikes over Red Sea attacks

The UK government has drawn up scenarios suggesting further disruption could hit the economy.

Read more at: https://www.bbc.co.uk/news/business-67947795?at_medium=RSS&at_campaign=KARANGA

Citigroup plans 20,000 job cuts over two years

The reductions are part of a sweeping reorganisation, and equal about 10% of the bank’s global workforce.

Read more at: https://www.bbc.co.uk/news/business-67960718?at_medium=RSS&at_campaign=KARANGA

UK economic growth rebounds in November

Black Friday deals boosted shops and the economy, figures show, but the risk of recession remains.

Read more at: https://www.bbc.co.uk/news/business-67943106?at_medium=RSS&at_campaign=KARANGA

Sebi plans to allow voluntary freezing of clients’ trading account from July 1

Currently, voluntary blocking/freezing of demat accounts is already available for investors, and this facility is now proposed to be offered for their trading accounts also, Sebi said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-plans-to-allow-voluntary-freezing-of-clients-trading-account-from-july-1/articleshow/106778469.cms

Tech View: Nifty bulls eye 22K next week. What traders should do

​Nifty on Friday ended 247 points higher to decisively break out of the 21,500-21,850 range on the upside.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-bulls-eye-22k-next-week-what-traders-should-do/articleshow/106770874.cms

S&P downgrades Vedanta Resources over “distressed” bond extension

S&P Global Ratings reduced Vedanta’s issuer rating to “SD” or “selective default” from “CC,” indicating the agency believes the company has defaulted on some payments but will meet its other obligations on time. The cut comes after Moody’s downgraded the miner’s corporate family rating and senior unsecured bonds earlier this week.

Read more at: https://economictimes.indiatimes.com/markets/bonds/sp-downgrades-vedanta-resources-over-distressed-bond-extension/articleshow/106753750.cms

This closely watched recession signal is shifting for reasons unrelated to economic-growth prospects, strategist says

One of the bond market’s most widely followed gauges of impending U.S. recessions finished at its least-negative level in two months on Friday, after December’s producer prices data buttressed expectations for a continued drop in inflation.

Read more at: https://www.marketwatch.com/story/treasury-curve-is-un-inverting-for-reasons-that-have-little-to-do-with-recession-prospects-strategist-says-1021a6d4?mod=mw_rss_topstories

NFL has ‘decided to rip off fans’ with playoff game streaming on Peacock, Congressman says

‘How much more profit do Goodell and NBC need to make at the expense of hard working Americans?’ asked Rep. Pat Ryan

Read more at: https://www.marketwatch.com/story/nfl-has-decided-to-rip-off-fans-with-playoff-game-on-peacock-congressman-says-0f7d9874?mod=mw_rss_topstories

Bitcoin ETFs are live. Watch for the next most popular crypto to go same route

Investors weigh prospects for spot ether ETFs after bitcoin funds finally won approval.

Read more at: https://www.marketwatch.com/story/bitcoin-etfs-are-live-watch-for-the-next-most-popular-crypto-to-go-same-route-eb80e963?mod=mw_rss_topstories