Iran’s Calculated Approach to Regional Tensions

Since Israel launched its war in the Gaza Strip, Iranian-backed militant groups have attacked Israeli and U.S. targets across the Middle East in a show of support for Palestinians.While Iran has flexed its muscles in the region since the war erupted in October, Tehran has avoided taking direct military action against Israel and its key ally, the United States.Experts say the Islamic republic sees a direct war against its archfoes as a threat to its fragile domestic stability and its own survival.Iran has “so much to lose in a short-term war,”…

Read more at: https://oilprice.com/Geopolitics/International/Irans-Calculated-Approach-to-Regional-Tensions.html

Brazil’s Gas Imports Fall to Lowest Level In 20 Years Thanks to Hydro Push

Brazil’s natural gas imports fell to a 20-year low last year, according to data from the National Agency for Petroleum, Natural Gas and Biofuels (ANP). Brazil’s nat gas imports fell to 6.5 billion cubic meters, or 228 billion cubic feet, according to ANP, as the country boosts its hydroelectric capabilities as well as solar and wind capacity. The figures are on par with the amount of natural gas Brazil imported back in 2003, and compares to the 9 cubic meters imported in 2022, and 16.9 cubic meters imported in 2021, the data compiled…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brazils-Gas-Imports-Fall-to-Lowest-Level-In-20-Years-Thanks-to-Hydro-Push.html

Venezuela Sends Military to Guyana Border Over Oil Dispute

Venezuela is sending troops to its border with Guyana in an escalation of tensions over Guyana’s recent oil boom, according to reports citing satellite images and videos posted by Venezuela’s military. Venezuela is attempting to annex an area known as Essequibo, in which Venezuela’s President Nicolas Maduro in December said he would “grant operating licenses for the exploration and exploitation of oil, gas, and mines.” The Essequibo region encompasses about two-thirds of Guyana’s territory and is where most of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venezuela-Sends-Military-to-Guyana-Border-Over-Oil-Dispute.html

U.S. Oil Drilling Activity Stalls

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 4 to 623 this week, compared to 762 rigs this same time last year. The number of oil rigs stayed the same this week after no movement in the week prior, staying at 499–down by 110 compared to this time last year. The number of gas rigs rose by 4 this week to 121, a loss of 29 active gas rigs from this time last year. Miscellaneous rigs stayed at 3. Meanwhile,…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Oil-Drilling-Activity-Stalls.html

Shell Resumes Oil Delivery to Nigerian State Refinery Set for Q1 Restart

Shell has restarted crude oil deliveries from its Nigerian terminal to one of the country’s state-owned refineries, which is expected to resume operations this quarter after refurbishment.     Shell Nigeria delivered 475,000 barrels of crude oil from its Bonny export terminal to the Port Harcourt refinery in January, Shell’s Bonny oil terminal manager Osita Nnajiofor told Reuters in an emailed statement on Friday. Port Harcourt is one of Nigeria’s four refineries which have been shut down for years and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-Resumes-Oil-Delivery-to-Nigerian-State-Refinery-Set-for-Q1-Restart.html

ConocoPhillips Bids for Pieces of Citgo With Claims, Not Cash

ConocoPhillips—the largest Citgo creditor thanks to Venezuela’s $12 billion appropriation of Conoco’s assets—has made a bid in the U.S. court auction that is determining the fate of Venezuela-owned Citgo Petroleum. But ConocoPhillips submitted a credit bid using its claims in lieu of cash, people familiar with the process told Reuters on Friday. Conoco isn’t the only company to attempt to apply their claims towards bids, a court officer overseeing the auction told Reuters. If approved, this turn of events would reduce…

Read more at: https://oilprice.com/Energy/Energy-General/ConocoPhillips-Bids-for-Pieces-of-Citgo-With-Claims-Not-Cash.html

Enbridge Books Q4 Earnings Below Forecasts

Canada’s pipeline operator Enbridge (NYSE: ENB) reported on Friday earnings for the fourth quarter which were below Wall Street forecasts, as lower tolls on the Mainline pipeline system and lower natural gas prices weighed on core and net profits.   Enbridge booked adjusted earnings per share of US$0.48 (C$0.64) for the fourth quarter, slightly up compared to the same period of 2022, but below the analyst estimate of US$0.51 (C$0.68). Higher depreciation from assets acquired or placed into service in 2023 and higher…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Enbridge-Books-Q4-Earnings-Below-Forecasts.html

Kazakhstan Forges Water Management Pact with China and Uzbekistan

Water resource management is emerging as a top regional policy issue for Kazakhstan. In just one sign of the government’s growing concern, the Ministry for Water Resources and Irrigation is pushing for a “contractual framework” with China and Uzbekistan to regulate usage of transboundary rivers. A resource-management blueprint covering 2024-2030 is currently being negotiated, according to a report published by the Zakon.kz news outlet. The framework agreement would establish a system for joint management of river traffic and water…

Read more at: https://oilprice.com/Geopolitics/International/Kazakhstan-Forges-Water-Management-Pact-with-China-and-Uzbekistan.html

Ukraine Attacks Russian Oil Refineries With Drones

Ukraine’s SBU security service has carried out operations in southern Russia, attacking two Russian oil refineries with drones, causing a massive fire at one of the facilities, a Ukrainian source told Reuters on Friday. The drone attacks caused a large fire at the Ilsky refinery in the Krasnodar region in southern Russia.      The fire has been put out, the Russian authorities said earlier today, without specifying the cause of the fire. The drones launched by Ukraine damaged the primary processing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Attacks-Russian-Oil-Refineries-With-Drones.html

The Geopolitical Risk Premium Is Back in Oil Markets

The geopolitical risk premium returned to oil markets this week after Israel rejected a ceasefire offer and bombed Rafah. Friday, February 9th, 2024The geopolitical risk premium kicked back in big time this week after Israel rejected a ceasefire offer in Gaza and bombed the border city of Rafah, making it increasingly unlikely that the upcoming weeks would see any de-escalation of tensions in Gaza. Relatively bearish calls from the US Energy Information Administration, saying that US crude output is unlikely to surpass the current level of…

Read more at: https://oilprice.com/Energy/Energy-General/The-Geopolitical-Risk-Premium-Is-Back-in-Oil-Markets.html

Japex Bets on U.S. Oil and Gas Despite Election Risk

Japan Petroleum Exploration (Japex) believes that the U.S. is currently the most attractive destination for oil and gas investments, regardless of the political risk with the presidential election later this year.   “With its wealth of natural resources, low production costs, and well-developed infrastructure, we view the United States as the most enticing investment destination for E&P at present,” Japex’s senior managing executive officer, Michiro Yamashita, said at a press conference on Friday, as carried by Reuters.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japex-Bets-on-US-Oil-and-Gas-Despite-Election-Risk.html

How Long Can the Houthis Hold Out?

There is no indication that the Houthis are preparing to halt their attacks on vessels traversing the Red Sea by the Bab el-Mandeb Strait, and retaliatory attacks by U.S.-led forces have so far failed to quell the barrage. Since mid-November, the Houthis have attacked 30 vessels, just under half of them direct strikes.  The Houthi aren’t willing to cease and desist right now because they don’t have to, and the Western response that has included attacks onshore has so far only served to lend the Houthis more credibility at home,…

Read more at: https://oilprice.com/Energy/Energy-General/How-Long-Can-the-Houthis-Hold-Out.html

After Being Neutral for A While, I Now Have A View On Crude

As most of you know, while I do invest in stocks in the energy space, and occasionally give you my opinion of individual security based on the research I do for that investing, my day-to-day interest is more in oil, and specifically in crude oil futures. I follow the various influences on that closely and, like most traders, nearly always have an opinion on the longer-term trajectory of the market even if my trades are typically intraday. Recently, though, I have not had one and have just been trading off of technical signals and keeping everything…

Read more at: https://oilprice.com/Energy/Crude-Oil/After-Being-Neutral-for-A-While-I-Now-Have-A-View-On-Crude.html

U.S. Oil Industry Favors Trump for President

The U.S. oil and gas industry has donated $7.36 million to Donald Trump’s campaign, clearly favoring him over his Republican rival for the nomination, Nikki Haley, and over incumbent President Joe Biden who has angered the sector with most of his energy policies since he took office. Groups outside Trump’s campaign in the energy and natural resources sector have donated $7,365,208 to Trump, compared to just $807,233 to his remaining rival for the Republican presidential nomination, Haley, and only  $634,736 to Biden’s campaign,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Oil-Industry-Favors-Trump-for-President.html

India Is Not Concerned About a Lack of Oil Supply

The world’s third-biggest crude oil importer, India, is not worried about a shortage of oil supply despite the ongoing OPEC+ production cuts and Saudi Arabia’s decision to ditch capacity expansion plans, India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, told Bloomberg on Friday. “There is enough oil in the world and new suppliers are coming in,” Puri said on the sidelines of an energy forum in India.   “You decide, you want to sell it or you want to keep it in the ground,”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Is-Not-Concerned-About-a-Lack-of-Oil-Supply.html

S&P 500 closes above 5,000 for first time ever, notches fifth straight winning week: Live updates

A solid earnings season, easing inflation data and a resilient economy have fueled the market rally into 2024, setting the S&P 500 up for a fifth winning week.

Read more at: https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html

Inflation in December was even lower than first reported, the government says

Revisions to the consumer price index showed that the broad basket of goods and services measured increased 0.2% on the month.

Read more at: https://www.cnbc.com/2024/02/09/-inflation-in-december-was-even-lower-than-first-reported-the-government-says.html

AI might be reading your Slack messages: ‘A lot of this becomes thought crime’

Aware uses AI to analyze companies’ employee messages across Slack, Microsoft Teams, Zoom and other communications services.

Read more at: https://www.cnbc.com/2024/02/09/ai-might-be-reading-your-slack-teams-messages-using-tech-from-aware.html

Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year

Overdraft revenue is on the decline, but recent filings show that JPMorgan Chase and Wells Fargo remain by far the largest generators of the controversial fees.

Read more at: https://www.cnbc.com/2024/02/09/jpmorgan-chase-wells-fargo-cut-overdraft-revenue-to-2-billion-in-2023.html

New York Community Bancorp insiders step in to buy falling shares of the regional bank

According to securities filings compiled by Verity Data, seven insiders at the troubled bank have bought NYCB shares this week.

Read more at: https://www.cnbc.com/2024/02/09/new-york-community-bancorp-insiders-step-in-to-buy-falling-shares-of-the-regional-bank.html

Biden says ‘my memory is fine,’ disputes special counsel’s report in national address

President Joe Biden drew a sharp contrast between himself and Donald Trump, who has been criminally charged with retaining classified documents.

Read more at: https://www.cnbc.com/2024/02/08/biden-says-my-memory-is-fine-disputes-special-counsels-report-in-national-address.html

Bitcoin hits $47,000 for first time since January, rising more than 10% in a week: 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, Jacqueline Burns Koven, head of cyber threat intelligence at Chainalysis, explains what contributed to total crypto ransom payments jumping to their highest level yet in 2023 and if the trend will continue in 2024.

Read more at: https://www.cnbc.com/video/2024/02/09/bitcoin-crosses-47000-first-time-since-january-soaring-10-percent-one-week-cnbc-crypto-world.html

OpenAI CEO Sam Altman seeks as much as $7 trillion for new AI chip project: Report

OpenAI CEO Sam Altman wants to overhaul the global semiconductor industry with trillions of dollars in investment, The Wall Street Journal reported.

Read more at: https://www.cnbc.com/2024/02/09/openai-ceo-sam-altman-reportedly-seeking-trillions-of-dollars-for-ai-chip-project.html

To get the $7,500 electric vehicle tax credit, you may no longer have to wait until tax season

As of this year, consumers can get a point-of-sale discount from car dealers when buying new or used electric vehicles.

Read more at: https://www.cnbc.com/2024/02/09/for-7500-ev-tax-credit-you-may-no-longer-have-to-wait-until-tax-time.html

Sports streaming is here. Will TV break?

Live news and sports were supposed to keep us in the cable bundle. But now, you’ve got Thursday Night Football on Amazon Prime, Lionel Messi on Apple TV, WWE Smackdown on Netflix, and Google’s YouTube TV as the fourth biggest TV provider in the country. Even traditional TV is giving in, with a new mega-sports app from Fox, Disney’s ESPN, and Warner Brothers Discovery. Live sports was the last holdout, and now it’s embracing the cord-cutters. This week on TechCheck, we update our “Great Rebundling” deep-dive and ask, does live sports break the dam?

Read more at: https://www.cnbc.com/video/2024/02/09/sports-streaming-is-here-will-tv-break.html

How the NFL is transforming the media business with streaming

While the NFL has been the most popular show on turf, now, it’s gaining traction as one of the greatest shows on the internet.

Read more at: https://www.cnbc.com/2024/02/09/streamers-like-amazon-youtube-and-peacock-are-transforming-the-nfl.html

Temu returns to Super Bowl ad slate as lawmaker ire swells

Temu, the controversial Chinese retailer, skyrocketed to prominence last year after it ran a Super Bowl ad that invited customers to shop “like a billionaire.”

Read more at: https://www.cnbc.com/2024/02/09/temu-returns-to-super-bowl-58-with-new-commercial.html

How “Wokeness” Took Over

Authored by James Rickards via DailyReckoning.com,

My focus is on economics and capital markets. In theory, politics shouldn’t factor much in my analysis.

But in reality, politics has become a major influence on markets, and I can’t afford to neglect the political dimension. I might not like it, but I can’t ignore it.

Sure, politics has always influenced markets to some extent. But today, it’s taken on whole new dimensions.

It’s not the 1990s anymore. The key issues are no longer whether the top marginal tax rate should be 36% or 39%, or if there’s too much government regulation of whatever industry. Today’s key issues are much more fundamental.

Today, many politicians can’t even agree upon what a man is or what a woman is. That would have been inconceivable until just a few years ago. Any such debate would have been a skit on Saturday Night Live as a topic so ridiculous it would never occur in real life. But today, those debates exist.

Ultimately, it comes down to culture.

As the late Andrew Breitbart said, “Politics is downstream from culture.” In other words, politics follows culture. That means that in some sense, markets ultimately follow culture.

What cultural influences are presently dominant, and where did they originate? That’s what I want to discuss today.

Read more at: https://www.zerohedge.com/political/how-wokeness-took-over

Why Did The Rockefellers Pressure Biden To Pause LNG Exports?

What began as an apparent attempt by the Biden administration to punish Texas over the border dispute turns out to be part of a successful campaign by wealthy donors – including the Rockefeller family – to pressure the government into shifting away from Liquefied Natural Gas (LNG).

As the Wall Street Journal reports, “The Rockefellers, along with other wealthy donors including the philanthropy of Michael Bloomberg, have provided millions of dollars in recent years to front-line environmental groups that are campaigning against fossil-fuel projects, including LNG terminals that have been proposed o …

Read more at: https://www.zerohedge.com/energy/why-are-rockefellers-pressuring-biden-pause-lng-exports

Caught In Crosshairs Of A Cost-Of-Living Crisis

Authored by E.J.Antoni via The Epoch Times,

President Joe Biden recently took to a stage in North Carolina to tout his economic agenda, which includes bringing high-speed internet to rural America. But that’s hardly what Americans struggling with a cost-of-living crisis need to hear.

Millions of Americans have been terribly frustrated with the economy over the last three years, as witnessed by countless economic polls. While several aggregate numbers like gross domestic product (GDP) and its largest component, consumer spending, may paint a rosy picture, millions of Americans are economically worse off than they were three years ago.

After annual inflation outpaced earnings growth for a record 26 consecutive months, real (inflation-adjusted) incomes are down about 4.5 percent compared to January 2021. Yet President Biden claims “we’re doin’ pr …

Read more at: https://www.zerohedge.com/political/caught-crosshairs-cost-living-crisis

Cisco To Fire “Thousands”, Adding To Firehose Of Tech Layoffs Since Beginning Of 2024

The tech industry has been so delirious about the vast wealth that pervasive chatbots will supposedly unleash, it forgot about the massive layoffs on the road to AI nirvana. Luckily, every day there is a new tech giant to remind us of just how much fewer jobs will be needed in said future, and how laughable the Biden Labor Department’s “strong jobs data” is… and today it was network giant Cisco’s turn.

According to Reuters, Cisco will lay off “thousands of employees”, as part of a business restructuring which seeks to “focus on high-growth areas”…. such as AI/chatGPT of course. The San Jose-based company, which has a total employee count of 84,900 according to its website – is still deciding on the total number of employees to be affected by the layoffs, but it will certainly be substantial. The official announcement will likely come next week, when the company holes its earnings call on Feb. 14.

In November 2022, Cisco announced during an earnings call a restructuring that impacted roughly 5% of its workforce which lead to $600 million in severance and other charges. Back then Cisco cut its full-year revenue and profit forecasts, and blamed the weakness on a slowdown in orders in the first quarter, saying “customers are currently focused on installing and implementing products in their environments.” The coming mass termination will probably reiterate continued weakness even as the lunatic buying up chatGPT chips and hot air keep bidding up the AI bubble.

Cisco joins dozens of other tech companies which have started 2024 – a year when supposedly the economy is bursting higher according to f …

Read more at: https://www.zerohedge.com/economics/cisco-fire-thousands-adding-firehose-tech-layoffs-beginning-2024

Barclays to end direct financing of new oil and gas fields

The banking giant has been coming under mounting pressure to curb its support for fossil fuels.

Read more at: https://www.bbc.co.uk/news/business-68249168?at_medium=RSS&at_campaign=KARANGA

Nationwide’s Dominic West advert reported by Santander to watchdog

Santander is understood to have made the complaint, which argues the ad discredits other banks.

Read more at: https://www.bbc.co.uk/news/business-68250836?at_medium=RSS&at_campaign=KARANGA

Judge approves Woodford investors’ compensation

About 300,000 people could receive payouts but campaigners say it is an “appalling outcome”.

Read more at: https://www.bbc.co.uk/news/business-68253309?at_medium=RSS&at_campaign=KARANGA

Pakistan Stock Exchange plunges 1,700 points amid election result uncertainty

A top financial analyst said that the KSE-100 index has plummeted because investors were looking to sell instead of buying due to the uncertain situation created after the elections. Another senior analyst said the investors wanted a stable government to be formed and the end to the political uncertainty.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/pakistan-stock-exchange-plunges-1700-points-amid-election-result-uncertainty/articleshow/107547224.cms

Multibagger Zomato jumps 4% on robust Q3 show. Should you buy at current levels?

Zomato’s third-quarter earnings beat the estimates on the back of robust growth in food delivery and hyperpure businesses. Net profit jumped nearly 4x (283%) quarter-on-quarter (QoQ) to Rs 138 crore. An ET Now poll saw the figure around Rs 36 crore. The company had posted a loss of Rs 347 crore in the last year period.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/multibagger-zomato-jumps-4-on-robust-q3-show-should-you-buy-at-current-levels/articleshow/107545358.cms

Hot Stocks: Brokerage view on Page Industries, Zomato, Lupin and ITC

Macquarie maintained an underperform rating on Zomato with a target price of Rs 76. The company has seen steady margin improvements and strong Quick Commerce growth, it said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/hot-stocks-brokerage-view-on-page-industries-zomato-lupin-and-itc/articleshow/107543473.cms

Yes, that Big Mac meal may cost $18 — but there’s one good reason for it

If you’re hoping to gauge Americans’ lingering discontent with postpandemic price increases, look no further than the McDonald’s menu.

Read more at: https://www.marketwatch.com/story/yes-that-big-mac-meal-may-cost-18-but-theres-one-good-reasonfor-it-e9ca2f58?mod=mw_rss_topstories

2-year, 10-year Treasury yields at highest levels since December after modest CPI revisions

Treasury yields finished higher on Friday, after minor revisions to U.S. inflation data reinforced investors’ economic optimism.

Read more at: https://www.marketwatch.com/story/bond-yields-steady-ahead-of-cpi-revisions-2cc25488?mod=mw_rss_topstories

‘They’re threatening to go to a lawyer’: My in-laws gave us $300,000 and are on the deed to our home. Now they insist we give our niece $125,000.

“I am currently paying the mortgage.”

Read more at: https://www.marketwatch.com/story/theyre-threatening-to-go-to-a-lawyer-my-in-laws-gave-us-300-000-and-are-on-the-deed-to-our-home-now-they-insist-we-give-our-niece-125-000-1057e2b6?mod=mw_rss_topstories