WTI Pops as Red Sea Shipping Echoes in Slumping European Diesel Supply

U.S. benchmark WTI oil prices gained over 2% on Monday amid the ongoing Red Sea shipping threat and European diesel demand before retracing some of those gains as Wall Street tried to digest inflation data.  Limited U.S. refinery output due to planned maintenance and overhauls also played a role in pushing crude prices higher on Monday.  Earlier on Monday, Reuters reported that U.S. diesel exports to Europe had slumped in February amid lower refinery output and tighter supplies in the U.S. Citing Kpler ship tracking data, Reuters…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Pops-as-Red-Sea-Shipping-Echoes-in-Slumping-European-Diesel-Supply.html

Iran’s Syria Strategy Is Coming Unravelled

Iran is eager to build on its longstanding alliance with Syria, but Tehran’s achievements in expanding its influence in the Arab country are threatening one of its primary objectives: staying out of the line of fire in its shadow wars in the Middle East. As Iranian Foreign Minister Hossein Amir-Abdollahian said earlier this month during a trip to Damascus on the anniversary of the 1979 Islamic Revolution, Tehran considers Syria to be on the front line of its “axis of resistance,” its loose network of proxies and Tehran-backed militant groups against…

Read more at: https://oilprice.com/Geopolitics/International/Irans-Syria-Strategy-Is-Coming-Unravelled.html

Cruise Looks To Relaunch Robotaxi in Texas After San Francisco Controversy

General Motors Co.’s Cruise autonomous driving unit is preparing to resume robotaxi testing with safety drivers in Houston and Dallas metro areas in the coming weeks, following the nationwide grounding after one of its robotaxis ran over a pedestrian in San Francisco in October, according to Bloomberg News.  People familiar with the conversations say Cruise executives and officials in several metro areas, including the two Texas cities, are discussing the return of the robotaxi with safety drivers on public roads. Before the accident last…

Read more at: https://oilprice.com/Energy/Energy-General/Cruise-Looks-To-Relaunch-Robotaxi-in-Texas-After-San-Francisco-Controversy.html

£2.99 Long Haul Electric Bus Pilot Launched in UK

A first electric coach service will be launched in England and Wales, as part of a three month trial led by the travel tech firm FlixBus. Travellers will be able to try out routes between London, Bristol and Newport in South Wales from June 2024. Ticket prices will start at £2.99 and the 46-seat coach includes USB charging points, free wifi and a toilet. The zero-emission vehicle will save 352kg of carbon emissions per day compared to its diesel-fuelled counterparts, the equivalent of a reduction of more than 21 tonnes of CO2. If the pilot…

Read more at: https://oilprice.com/Energy/Energy-General/299-Long-Haul-Electric-Bus-Pilot-Launched-in-UK.html

Operations Resume at Libya’s Oil Facilities Amid Guards Protest

Flows of gas from Libya to Italy and production at Libya’s Wafa field resumed on Monday after being shut down last week by protesting Petroleum Facilities Guard (PFG) forces over non-payment of salaries.  On Sunday, Libya’s interim prime minister Abdulhamid Dbeibah approved a decision to increase salaries for PFG forces, responsible for the security of the country’s oil and gas facilities.   Last week, the PFG announced the closure of oilfields, valves and pipelines across the country, with various PFG groups coordinating…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Operations-Resume-at-Libyas-Oil-Facilities-Amid-Guards-Protest.html

Cybertruck Owners Lash Out at Tesla Over Stainless Steel Rust Problems

Via Metal Miner The world may have come to expect near-perfection from Elon Musk and his products, resulting in the slightest problem with any of them getting amplified in the media. Nonetheless, the latest U.S. steel news has not been kind to Tesla’s recently-launched and significantly delayed electric Cybertruck. The truck started shipping last December, having seen several years of delays. Now, complaints are already trickling in about rust spots sprouting up on the truck’s “ultra-hard stainless steel” body, which Tesla…

Read more at: https://oilprice.com/Energy/Energy-General/Cybertruck-Owners-Lash-Out-at-Tesla-Over-Stainless-Steel-Rust-Problems.html

Start-Up at BP’s West African LNG Export Project Slips Again to Q4

First LNG at BP’s delayed Greater Tortue Ahmeyim export project offshore Mauritania and Senegal is now expected for the fourth quarter of 2024, project partner Kosmos said on Monday in an update confirming further slipping of the start-up date. BP and Kosmos are developing the Greater Tortue Ahmeyim Phase 1 project, which will use a floating liquefied natural gas (FLNG) vessel to produce LNG from the massive natural gas find offshore Mauritania and Senegal in West Africa made in 2015.    The Greater Tortue Ahmeyim (GTA) Phase 1…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Start-Up-at-BPs-West-African-LNG-Export-Project-Slips-Again-to-Q4.html

Israeli Gas Exports to Neighbors Soar Despite Gaza Conflict

As the war rages on in Gaza, Israel has reported that its gas supplies to Egypt and Jordan soared by 25% last year, despite the temporary halt of one of Israel’s offshore gas fields due to the conflict in October.  On Monday, Israel not only said that gas supplies to both Egypt and Jordan had increased by one-quarter, but that exports would be boosted further, in line with Israel’s ambitions of becoming an important energy hub supplying Europe.  Europe is a potential destination for Israeli gas via liquefied natural gas (LNG)…

Read more at: https://oilprice.com/Energy/Natural-Gas/Israeli-Gas-Exports-to-Neighbors-Soar-Despite-Gaza-Conflict.html

Sasol Earnings Slump on Weaker Oil and Petrochemical Prices

South Africa’s energy and chemicals firm Sasol booked a 34% decline in its core earnings for the second half of 2023 due to lower crude oil and petrochemicals prices.   Sasol reported on Monday core headline earnings per share (HEPS) of $0.95 (18.39 South African rand) for July to December 2023, down from $1.27 (24.55 rand) for the same period of 2022, dragged down by lower earnings before interest and tax (EBIT) due to “challenging market conditions.” “Sasol’s performance for the first six months of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sasol-Earnings-Slump-on-Weaker-Oil-and-Petrochemical-Prices.html

Anti-Oil Activists Shift Focus to Insurers

Big Oil and its allegedly exclusive role in bringing about apocalyptic climate change has been the ultimate villain in the eyes of climate activists. Calls for a forceful death of the industry have become the norm, and protests against oil and gas production are an everyday occurrence in the West. But activists are not only targeting their ultimate villain directly. They are also attacking proxy industries such as banks, which lend to the oil and gas industry. The offensive is yielding results: bank after bank pledges an end to funding for new…

Read more at: https://oilprice.com/Energy/Energy-General/Anti-Oil-Activists-Shift-Focus-to-Insurers.html

India Raises Its Long-Term Power Demand Forecast

India has raised by 5% its previous projection for peak electricity demand in the financial year 2031-2032, due to surging demand last year that outpaced the government’s forecasts, sources with knowledge of the latest forecast told Bloomberg on Monday.   In the FY 2031-2032, between April 2031 and March 2032, India expects to have electricity demand surge to 384 gigawatts (GW), which is 5% higher than a previous government estimate from 2023. To compare, India’s peak power demand hit 243 GW last year, which surpassed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Raises-Its-Long-Term-Power-Demand-Forecast.html

Azerbaijan Eyes Increased Gas Exports to Europe With Support From U.S.

Azerbaijani Energy Minister Parviz Shahbazov visited Washington on February 20-21. He held meetings with senior U.S. officials and secured an agreement that could be a significant step towards boosting Azerbaijani gas exports to Europe.  The sides “agreed to cooperate in the direction of US support for the expansion” of the Southern Gas corridor – the three pipelines that carry Azerbaijani gas exports to Europe, according to the Azerbaijani Energy Ministry’s readout. “We have considered opportunities to develop traditional energy partnerships…

Read more at: https://oilprice.com/Energy/Natural-Gas/Azerbaijan-Eyes-Increased-Gas-Exports-to-Europe-With-Support-From-US.html

Goldman Raises Forecast of Brent Oil Summer Price to $87

Faster-than-expected land inventory drawdowns due to seaborne trade disruptions from the Red Sea crisis have prompted Goldman Sachs to revise up its forecast for summer peak Brent Crude prices to $87 per barrel, up by $2 from earlier expectations.    “OECD commercial stocks on land have drawn somewhat faster than expected as the redirection of flows away from the Red Sea has increased inventories on water,” analysts at the investment bank wrote in a Sunday note, as carried by Reuters. According to Goldman, the international…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Goldman-Raises-Forecast-of-Brent-Oil-Summer-Price-to-87.html

Denmark Drops Probe Into Nord Stream Gas Pipeline Sabotage

Denmark is dropping the investigation over what it described as a “deliberate sabotage” of the Nord Stream gas pipelines in 2022, due to insufficient grounds to pursue a criminal case, the Copenhagen police said on Monday. Gas leaks in each of the Nord Stream 1 and 2 pipelines were discovered at the end of September 2022 from the infrastructure just outside Swedish and Danish territorial waters in the Baltic Sea.   Nord Stream 2 was never put into operation after Germany axed the certification process following…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Denmark-Drops-Probe-Into-Nord-Stream-Gas-Pipeline-Sabotage.html

U.S. Diesel Exports to Europe Slump as Distillate Markets Tighten

U.S. diesel exports to Europe have tumbled so far in February amid lower refinery output and tighter supplies in America, which have decreased arbitrage opportunities and further tightened European diesel supplies.   Europe’s imports of U.S. diesel have nearly halved so far in February to 6.65 million barrels, down from a seven-year high imports of 11.44 million barrels in January, according to an analysis by ship tracking firm Kpler cited by Reuters.  The lower imports of U.S. diesel have added to Europe’s current struggles…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Diesel-Exports-to-Europe-Slump-as-Distillate-Markets-Tighten.html

Jamie Dimon is ‘cautious about everything’ as he sees risks to a soft landing

Dimon thinks there’s a better-than-even chance that the U.S. is heading for a recession, though he doesn’t see systemic issues looming.

Read more at: https://www.cnbc.com/2024/02/26/jamie-dimon-is-cautious-about-everything-as-he-sees-risks-to-a-soft-landing.html

The S&P 500 closes lower on Monday, retreating from record, as rally pauses: Live updates

Stocks inched up Monday after key stock benchmarks reached record highs and investors awaited inflation data slated for release later this week.

Read more at: https://www.cnbc.com/2024/02/25/stock-market-today-live-updates.html

Bitcoin resumes its rally, ripping through $54,000 for the first time since December 2021

The price of bitcoin shot above the $54,000 level on Monday after waking up from a week of tepid trading.

Read more at: https://www.cnbc.com/2024/02/26/bitcoin-resumes-its-rally-ripping-through-54000-for-the-first-time-since-december-2021.html

Amazon joins the Dow on Monday, giving the 127-year-old index a needed upgrade as it trails the S&P 500

Amazon’s addition brings the Dow closer in line to the S&P 500 in terms of its exposure to Big Tech stocks.

Read more at: https://www.cnbc.com/2024/02/26/amazon-joins-the-dow-giving-the-127-year-old-index-a-needed-upgrade.html

This sector offers defensive and growth properties – along with some portfolio income

Health care is living in tech’s shadow, but the sector is seeing a solid bounce into 2024.

Read more at: https://www.cnbc.com/2024/02/26/this-sector-offers-defensive-and-growth-properties-along-with-some-portfolio-income.html

FTC sues to block Kroger, Albertsons merger, arguing deal would raise grocery prices and hurt workers

The FTC, which was joined by a group of attorneys general, argued the $24.6 billion Kroger-Albertsons deal would hurt competition in the grocery industry.

Read more at: https://www.cnbc.com/2024/02/26/ftc-sues-to-block-kroger-albertsons-grocery-store-merger.html

Altice USA shares spike 50% on report Charter is considering acquisition

Altice USA shares rose as much as 50% after reports Charter is considering a takeover.

Read more at: https://www.cnbc.com/2024/02/26/altice-usa-shares-spike-on-report-charter-is-considering-acquisition.html

MicroStrategy buys another 3,000 bitcoin, total holdings now worth about $10.3 billion: 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, Anthony Georgiades, the co-founder of Pastel Network, explains what’s driving the recent crypto rally and breaks down VC trends.

Read more at: https://www.cnbc.com/video/2024/02/26/microstrategy-buys-another-3000-bitcoin-total-holdings-worth-10point3-billion-cnbc-crypto-world.html

H&R Block used deceptive marketing and unfairly deleted tax filer data, FTC complaint alleges

The Federal Trade Commission has filed a complaint against H&R Block, alleging the company used deceptive marketing and deleted users’ tax data.

Read more at: https://www.cnbc.com/2024/02/26/hr-block-used-deceptive-marketing-wiped-tax-filer-data-ftc-alleges-.html

Berkshire shares slip after hitting all-time high on big profit gain

The conglomerate on Saturday posted strong fourth-quarter operating earnings of $8.481 billion, about 28% higher than the $6.625 billion in the year-ago period

Read more at: https://www.cnbc.com/2024/02/26/berkshire-shares-jump-after-big-profit-gain-as-buffetts-conglomerate-nears-1-trillion-valuation.html

Lunar landing photos: Intuitive Machines’ Odysseus sends back first images from the moon

Intuitive Machines’ cargo moon lander Odysseus returned its first images from the surface.

Read more at: https://www.cnbc.com/2024/02/26/moon-landing-photos-first-images-from-intuitive-machines-odysseus-.html

Don Henley tells court he never gave away drafts of Eagles lyrics

Don Henley said Monday that he never gave away handwritten pages of draft lyrics to “Hotel California” and other Eagles hits, calling them “very personal”.

Read more at: https://www.cnbc.com/2024/02/26/eagles-don-henley-says-that-a-poor-decision-led-to-his-1980-arrest-.html

Market strategist Adam Parker gives his investment predictions for the next decade, including selling crypto

Trivariate Research’s Parker gives several investing predictions for the next 10 years that touch crypto, commercial real estate, government bonds and more.

Read more at: https://www.cnbc.com/2024/02/26/market-strategist-adam-parker-gives-his-investing-predictions-for-the-next-decade-including-selling-crypto.html

Seattle Comedy Club Cancels Comics As SNL Makes U-Turn

Authored by Jason Rantz via mynorthwest.com,

A Seattle comedy club canceled on four stand-up comedians after angry community activists complained, according to the comedians involved. The shows at Capitol Hill Comedy/Bar purportedly offended left-wing community activists and progressive comics. The news broke as comic Shane Gillis finally performed on and hosted NBC’s “Saturday Night Live,” following his termination before even appearing because activists feigned outrage at a politically incorrect bit.

Four comedians were scheduled to perform in Seattle throughout this year: Dave Smith, Luis J. Gomez, Ji …

Read more at: https://www.zerohedge.com/political/seattle-comedy-club-cancels-comics-snl-makes-u-turn

Lord Jacob Rothschild Dies At 87

Financier and member of the Rothschild banking family, Lord Jacob Rothschild, died at 87. The cause of death was not given in a statement from the family.

“Our father Jacob was a towering presence in many peoples’ lives – a superbly accomplished financier, a champion of the arts and culture, a devoted public servant, a passionate supporter of charitable causes in Israel and Jewish culture, a keen environmentalist and much-loved friend, father and grandfather,” the family said in the statement.

The statement continued: “He will be buried in accordance with Jewish custom in a small family ceremony and there will be a memorial at a later date to celebrate his life.”

Lord Rothschild began his career at the family-owned NM Rothschild & Sons bank in 1963. In 1980, he departed from the family bank to focus on Rothschild Investment Trust. This subsidiary, currently recognized as RIT Capital Partners Plc, ranks among the most prominent investment trusts in the UK.

Besides RIT, Rothschild co-founde …

Read more at: https://www.zerohedge.com/markets/lord-jacob-rothschild-dies-87

Stock Rally Driven By A Less Hopeful Start To Year, But…

Authored by Simon White, Bloomberg macro strategist,

Markets are normally overly optimistic coming into a new year. This year, however, US economic and earnings expectations were unusually less hopeful versus fairly positive outturns.

That will make gains from here not as easy, as it will be harder for results to keep beating ever loftier expectations.

Perhaps not surprisingly for anyone who’s been involved in markets for long enough, they tend to get carried away at the start of the year. That applies to economists too. On average, economic surprise indices fall in the first months of the year, as the data fails to match up to heightened anticipations.

Unlike the average monthly change in economic surprises at the start of the year, though, this year has seen them rise (based on Citi’s indices).

That takes into account that expectations were already fairly upbeat coming into 2024. More and more investors had taken …

Read more at: https://www.zerohedge.com/markets/stock-rally-driven-less-hopeful-start-year

Sweden’s NATO Accession Clears Final Hurdle After Hungary Inks Jet Deal

Sweden is now set to formally enter the NATO military alliance, after Hungary’s parliament voted to approve its bid on Monday afternoon, following many months of delays and Prime Minister Viktor Orban’s earlier stance of blocking Sweden’s accession. European leaders are now hailing the “historic day”.

The belated ratification by Hungary marks overcoming the final hurdle for Sweden’s NATO accession – thus now it’s a done deal only with Brussels set to formalize it, as this marks reaching the required goal of all 31 NATO members needing to approve.

Sweden’s Prime Minister Ulf Kristersson, left, shakes hands with his Hungarian counterpart Viktor Orban last Friday, via AP.Prime Minister Orban and his ruling Fidesz party constituted the last holdout after Turkey also proceeded to ratify. Orban had just signed a deal for Hungary to obtain four Swedish-made fighter jets.

“We …

Read more at: https://www.zerohedge.com/geopolitical/swedens-nato-accession-clears-final-hurdle-after-hungary-inks-jet-deal

Post Office victims’ compensation payouts to be sped up

Legislation aimed at clearing wrongly convicted sub-postmasters is also expected to be brought forward.

Read more at: https://www.bbc.co.uk/news/business-68404568?at_medium=RSS&at_campaign=KARANGA

Boeing review finds ‘disconnect’ on safety

A report ordered by the government finds “gaps in Boeing’s safety journey”.

Read more at: https://www.bbc.co.uk/news/business-68409029?at_medium=RSS&at_campaign=KARANGA

Housebuilders probed over sharing prices privately

The regulator finds evidence information may be being swapped, which could affect selling prices.

Read more at: https://www.bbc.co.uk/news/business-68400504?at_medium=RSS&at_campaign=KARANGA

Despite promoter stake sale, these 7 stocks clocked double-digit gains in 2 months

ETMarkets scanned through the quarterly shareholding of promoters, and found seven companies where the holding came down sharply on a sequential basis, while the stocks have gained up to 55% so far in 2024.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/despite-promoter-stake-sale-these-7-stocks-clocked-double-digit-gains-in-2-months/articleshow/107997697.cms

Technical Breakout Stocks: How to trade Data Patterns, PB Fintech and Kaynes Technology on Tuesday?

​The Indian market closed in the red for the second consecutive day in a row on Monday tracking mixed global cues. ​The S&P BSE Sensex fell more than 350 points while the Nifty50 closed above 22,100 levels.

Read more at: https://economictimes.indiatimes.com/stocks-in-news/technical-breakout-stocks-how-to-trade-data-patterns-pb-fintech-and-kaynes-technology-on-tuesday/articleshow/108019217.cms

Indians scurrying to hoard Nvidia shares as everyone buying shovel-makers in AI gold rush

Volumes have doubled month-on-month and last week it was crowned as the No. 1 trending stock by number of users and volumes on Vested Finance. The average trading volume per user is almost 5x in February 2024 compared to February 2023, said Viram Shah, CEO of Vested Finance.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/indians-scurrying-to-hoard-nvidia-shares-as-everyone-buying-shovel-makers-in-ai-gold-rush/articleshow/108007086.cms

Intuitive Machines’ Odysseus moon lander a catalyst for investor interest in space, analyst says

Despite its challenges, Intuitive Machines’ Odysseus moon lander is raising the profile of the space sector among investors, according to Benchmark analyst Josh Sullivan.

Read more at: https://www.marketwatch.com/story/intuitive-machines-odysseus-moon-lander-a-catalyst-for-investor-interest-in-space-analyst-says-f074105a?mod=mw_rss_topstories

Here’s what Gen Z wants employers to know about how they work

Gen Z’s distrust of institutions puts it on a collision course with management.

Read more at: https://www.marketwatch.com/story/heres-what-gen-z-wants-employers-to-know-about-how-they-work-d3564657?mod=mw_rss_topstories

Broadcom stock rises to a record after $4 billion deal to sell its EUC Division

Broadcom’s stock rallied into record territory Monday, after the semiconductor and software company agreed to sell its End-User Computing Division to KKR & Co. Inc. in a deal valued at $4 billion.

Read more at: https://www.marketwatch.com/story/broadcom-stock-rises-into-record-territory-after-deal-to-sell-its-euc-division-for-4-billion-to-kkr-46a86e44?mod=mw_rss_topstories