UK Economy Outperforms Despite Inflationary Pressure

The recovery of the UK economy looks set to roll on as business activity continued expanding in March, a closely watched survey suggests. S&P’s purchasing managers’ index (PMI), which measures activity in the private sector, dropped slightly to 52.9 in March, down from 53.0 the month before. However, it remained comfortably above the 50 mark which separates growth from contraction. The reading shows that the UK’s relatively strong start to the year looks set to continue, even if the performance was marginally weaker than the…

Read more at: https://oilprice.com/Finance/the-Economy/UK-Economy-Outperforms-Despite-Inflationary-Pressure.html

Venezuelan Oil Refinery Halts Units After Fire

Venezuela’s Cardon refinery halted its distillation units on Friday following a fire, anonymous sources told Reuters. A fire that began with a bang following a gasoline leak has been put out, but not before reaching a power substation in the refinery complex. This triggered a power outage and the subsequent shutdown of three crude distillation units. The Cardon refinery is part of the Paraguana refining center—the single largest refining center in the region with a processing capacity of nearly 2 million barrels. The complex also includes…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venezuelan-Oil-Refinery-Halts-Units-After-Fire.html

U.S. Has Urged Ukraine To Stop Attacks on Russian Refineries

The United States has repeatedly urged Ukraine to halt its drone attacks on Russian oil refineries due to Washington’s assessment that the strikes could led to Russian retaliation and push up global oil prices, the Financial Times reported on Friday, citing sources familiar with the exchange. The White House has been urging Ukraine’s military intelligence and state security service to reconsider the drone attacks, which have intensified in recent weeks, according to FT’s sources.   The attacks have reduced Russia’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Has-Urged-Ukraine-To-Stop-Attacks-on-Russian-Refineries.html

U.S. Oil, Gas Drilling Activity Slows

The total number of active drilling rigs for oil and gas in the United States fell by 5 this week, according to new data that Baker Hughes published on Friday, bringing the total rigs gained this year to just 2. The total rig count fell by 5 to 624 this week, compared to 758 rigs this same time last year. The number of oil rigs fell by 1 this week after seeing a gain of 6 in the week prior. Oil rigs now stand at 509–down by 84 compared to this time last year. The number of gas rigs also fell this week, by 4 to 112, a loss of 50 active gas rigs…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Drilling-Activity-Slows.html

Russian Diesel in Floating Storage Hits Highest Level Since 2017

The volumes of Russian diesel in floating storage at sea have jumped this month to the highest levels since at least 2017, according to data from analytics firm Kpler compiled by Bloomberg. In the 10 days to March 17, as many as 6.2 million barrels of Russian diesel had been stored on tankers at sea, per Kpler data. This is the highest level of diesel in floating storage in years and exceeds the levels from early 2023, when the EU banned seaborne imports of diesel and other fuels from Russia. This month’s glut is also much higher than…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Diesel-in-Floating-Storage-Hits-Highest-Level-Since-2017.html

Texas Fund Manager: BlackRock “Misusing Funds” to Push ESG Agenda

The examples of the ESG fraud imploding over the last 6 months simply aren’t stopping. The latest has come from Texas, where the state is now terminating an $8.5 billion investment with BlackRock due to the investment manager’s boycott of energy companies, according to a report from Fox News.  Texas State Board of Education Chairman Aaron Kinsey said this week that the Texas Permanent School Fund notified BlackRock this week that it would be terminating the investment.  Kinsey told Fox News this week: “The Texas Permanent School Fund…

Read more at: https://oilprice.com/Energy/Energy-General/Texas-Fund-Manager-BlackRock-Misusing-Funds-to-Push-ESG-Agenda.html

China Buys Up Russian Oil

1. As TMX Starts Line Fill, China Takes Centre Stage – Canadian crude will start flowing to China directly (up until now it has only been exported from the US Gulf Coast) as the impending launch of the Trans Mountain Expansion pipeline saw the first deals being made. – Chinese refiner Sinochem bought the first ever TMX cargo, an Aframax worth of heavy sour Access Western Blend at the equivalent discount of $5 per barrel to August ICE Brent futures on a delivered basis. – Canadian crude exports are set to surpass the 5 million b/d threshold…

Read more at: https://oilprice.com/Energy/Energy-General/China-Buys-Up-Russian-Oil.html

Hopes of a Gaza Ceasefire Are Putting Oil Prices Under Pressure

Renewed hopes of a ceasefire in Gaza and U.S. efforts to halt Ukrainian attacks on Russian refineries have added some downward pressure to oil prices. Despite this downward pressure, bullish sentiment continues to build in oil markets.Friday, March 22nd 2024A potential ceasefire in Gaza is back on the agenda again, creating some downward momentum for ICE Brent as it slid back to $85 per barrel, whilst reports of the US urging Ukraine to halt strikes on Russian refineries will most probably curb another facet of geopolitical risk. Despite the downward…

Read more at: https://oilprice.com/Energy/Energy-General/Hopes-of-a-Gaza-Ceasefire-Are-Putting-Oil-Prices-Under-Pressure.html

Will Waning Gasoline Demand Drag Oil Prices Down?

West Texas Intermediate Crude Weekly Analysis This week’s crude oil market has been marked by several significant events influencing May West Texas Intermediate (WTI) futures. The trends observed ranged from economic policy decisions to geopolitical developments, each playing a crucial role in shaping the market’s direction. Declining Gasoline Demand One of the primary factors impacting crude oil prices this week was the unexpected decline in U.S. gasoline demand. According to the U.S. Energy Information Administration, gasoline product supplied,…

Read more at: https://oilprice.com/Energy/Energy-General/Will-Waning-Gasoline-Demand-Drag-Oil-Prices-Down.html

The U.S. to Call for an Immediate Ceasefire in Gaza

Politics, Geopolitics & Conflict With his campaign for re-election in full swing, Venezuela’s Nicolas Maduro has managed to get lawmakers to approve the creation of a new state out of Guyana’s oil-rich Essequibo region, where ExxonMobil and partners have discovered 11 billion barrels of oil to date. This is likely another empty campaign stunt on the part of Maduro. Maduro also stepped up his campaign to destroy the opposition ahead of elections, ordering the arrest of nine more opposition figures this week, making the total of arrests…

Read more at: https://oilprice.com/Energy/Energy-General/The-US-to-Call-for-an-Immediate-Ceasefire-in-Gaza.html

Explaining the Market’s Reaction to Jerome Powell’s Speech

Yesterday, Jay Powell and the FOMC gave us their decision on interest rates. In the accompanying statement and the subsequent press conference given by Fed Chair Jay Powell, they explained to some extent how they arrived at that decision and, more importantly, they also explained how they see the rest of the year panning out. As I’m sure you are aware, that news was greeted with glee by equity traders, with all three major stock indices jumping to record-high levels in yesterday’s session. But is that response appropriate, and can it…

Read more at: https://oilprice.com/Energy/Energy-General/Explaining-the-Markets-Reaction-to-Jerome-Powells-Speech.html

Sudan’s Civil War Sparks Oil Supply Concerns

When Sudan’s civil war broke out in April last year, markets stood by for a few weeks to see if the war would impact oil exports from Sudan, which has no real oil of its own but is the only export route for South Sudan’s oil.  When South Sudan’s oil remained unaffected, the markets looked away–and the Western media, too. The civil war was largely buried under the chaos of the Russian war in Ukraine and the Hamas-Israel conflict.  But it drones on, and for the first time since the conflict began, oil has been impacted.…

Read more at: https://oilprice.com/Energy/Energy-General/Sudans-Civil-War-Sparks-Oil-Supply-Concerns.html

Mexico’s Oil Giant Delays Platform Repairs Despite Methane Leaks

Pemex, Mexico’s state-owned oil firm, has been putting off urgent equipment repairs on a major producing platform in the Gulf of Mexico, despite being aware of the faulty components and despite methane leaks from the facility being detected by third parties, Reuters reported exclusively on Friday, citing engineers and internal company documents. Pemex has struggled financially for years and has run up huge debts, while its safety and environment-protection record has been terrible in recent years.   Last summer, a fire…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexicos-Oil-Giant-Delays-Platform-Repairs-Despite-Methane-Leaks.html

Oil Industry Executives Say Oil Demand Is Beating Forecasts

Global oil demand is stronger than expected with robust growth in all economies across the board, oil industry executives at the CERAWeek conference have said this week, adding that they generally view the International Energy Agency’s (IEA) demand growth projections for this year as too conservative.   In its latest monthly assessment, the IEA raised last week its 2024 outlook on global oil demand growth, by 110,000 barrels per day (bpd) from the February report. The agency revised up its demand growth projection to 1.3 million…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Industry-Executives-Say-Oil-Demand-Is-Beating-Forecasts.html

All Indian Refiners Now Reject Russian Crude Shipped by Sovcomflot Tankers

All Indian refiners are now refusing to take Russian crude transported on vessels of sanctioned Russian tanker fleet owner Sovcomflot to avoid running afoul of the stricter enforcement of the U.S. sanctions on Russia, Bloomberg reported on Friday, quoting unnamed sources with knowledge of the matter.    The U.S. levied new sanctions against Russia last month, on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician and anticorruption activist Alexey Navalny.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/All-Indian-Refiners-Now-Reject-Russian-Crude-Shipped-by-Sovcomflot-Tankers.html

Dow closes 300 points lower Friday, but notches best week since December: Live updates

All three major stock indexes are poised to end the week higher.

Read more at: https://www.cnbc.com/2024/03/21/stock-market-today-live-updates.html

Anthropic is lining up a new slate of investors, but the AI startup has ruled out Saudi Arabia

Sovereign wealth funds and other investors are jostling to buy into an Anthropic stake. But the company has ruled out taking any Saudi money.

Read more at: https://www.cnbc.com/2024/03/22/anthropic-lining-up-a-new-slate-of-investors-ruled-out-saudi-arabia.html

DWAC stock tumbles more than 12% after Trump social media merger approved by shareholders

Donald Trump stands to reap a windfall of $3 billion or more after Digital World Acquisition Corp. shareholders voted to merger with his social media company.

Read more at: https://www.cnbc.com/2024/03/22/trump-social-dwac-stock-falls-after-merger-approved.html

Princess Kate reveals she is in the early stages of treatment for cancer

The Princess of Wales, the former Kate Middleton, on Friday revealed she has undergone treatment for cancer following abdominal surgery.

Read more at: https://www.cnbc.com/2024/03/22/princess-of-wales-kate-middleton-reveals-she-is-in-the-early-stages-of-cancer-treatment.html

Bank of America sees opportunity in dividend stocks. Here are a few names it’s highlighting

With an economic recovery underway, these dividend stocks could benefit, according to Bank of America.

Read more at: https://www.cnbc.com/2024/03/22/bank-of-america-sees-opportunity-in-dividend-stocks-here-are-a-few-names.html

Why a small China-made EV has global auto execs and politicians on edge

The China-built BYD Seagull, a compact all-electric hatchback, starts at just 69,800 yuan (or less than $10,000).

Read more at: https://www.cnbc.com/2024/03/22/byd-seagull-ev-puts-global-auto-execs-politicians-on-edge.html

Rep. Marjorie Taylor Greene files motion to oust Mike Johnson as House speaker

Johnson has served as speaker of the House for five months. It wasn’t immediately clear how the House would respond to the motion.

Read more at: https://www.cnbc.com/2024/03/22/rep-marjorie-taylor-greene-files-motion-to-oust-mike-johnson-as-house-speaker.html

Bitcoin drops 8% in a week as volatility spikes to near one-year high: 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, Crypto World’s Kaan Oguz talks to experts about the growing push to buy pieces of real estate tokenized on a blockchain.

Read more at: https://www.cnbc.com/video/2024/03/22/bitcoin-drops-8percent-volatility-spikes-near-one-year-high-crypto-world.html

Here’s the DOJ antitrust chief’s message to Apple shareholders

The comments from Assistant Attorney General Jonathan Kanter came a day after the DOJ filed suit against Apple alleging the iPhone gives the company a monopoly.

Read more at: https://www.cnbc.com/2024/03/22/apple-antitrust-suit-dojs-kanter-has-a-message-to-shareholders.html

Kremlin says 40 killed and more than 100 wounded in attack on Moscow concert hall

Russia’s Federal Security Service said 40 people died and more than 100 were wounded in an attack Friday at a Moscow concert hall.

Read more at: https://www.cnbc.com/2024/03/22/kremlin-says-40-killed-and-more-than-100-wounded-in-attack-on-moscow-concert-hall.html

The U.S. is the top country for millionaires and billionaires

The population of millionaires in the U.S. over the past five years has grown nearly twice as fast as China’s.

Read more at: https://www.cnbc.com/2024/03/22/the-us-is-the-top-country-for-millionaires-and-billionaires.html

ESPN’s model is eroding. Past and present execs are split on how it can protect its dominance

CNBC spoke with ESPN chief Jimmy Pitaro, former Disney CEO Bob Chapek, and former ESPN President John Skipper as part of a digital documentary on ESPN’s future.

Read more at: https://www.cnbc.com/2024/03/21/espn-executives-talk-streaming-plans-in-cnbc-documentary.html

General Electric is among the most overbought names on Wall Street. Here are the others

Using the CNBC Pro Stock Screener tool, we screened for the most overbought and oversold names in the broad market based on their 14-day RSI.

Read more at: https://www.cnbc.com/2024/03/22/general-electric-is-among-the-most-overbought-names-on-wall-street.html

“We Have Reached A Bottom”: Uranium Poised To Jump Again After 3 Month Correction

Uranium prices may have dipped slightly over the last 4 months, but its looking like the new “top” we’ve set over the last year is going to likely act as “support” as we forge forward into what Bloomberg is calling a “nuclear future”.

In New York, the price of uranium futures has dipped to $88.50 per pound, a decrease from the peak seen in February, which was a 16-year high, yet remains significantly above the average price of $66.60 recorded last year.

Jonathan Hinze, president of UxC, a nuclear industry research firm told the news outlet: “We have reached a bottom. The fundamentals are still strong, with increased demand and supply that hasn’t fully responded.”

According to Cantor Fitzgerald analyst Mike Kozak, there’s evidence to suggest that uranium prices have stabilized. Kozak forecasts a resurgence of fundamental buyers in the market, which is expected to …

Read more at: https://www.zerohedge.com/markets/we-have-reached-bottom-uranium-poised-jump-again-after-3-month-correction

The Kremlin’s Unprecedented Description Of The Ukraine Conflict As A “War” & What It Means

Authored by Andrew Korybko via Substack,

This should be seen as the Kremlin’s clearest signal yet that it’ll respond to the scenario of a conventional Western intervention by striking those opposing forces in line with the international laws governing this form of conflict… Kremlin spokesman Dmitry Peskov told the Argumenti I Fakty newspaper that “We are at war. Yes, it began as a special military operation, but as soon as this group was formed there, when the collective West became a participant in this on the side of Ukraine, for us it already became a war.” This is unprecedented since national security legislation prohibits the use of the word “war”, which is regarded as a mischaracterization of the way in which Russia is conducting what it refers to as a special operation.

The distinction is important regardless of whatever Western commentators claim since a special operation is a voluntarily limited military action whereas a war is only restricted by the international laws governing it (and only then if they’re abided by or externally enforced). Additionally, fighting what’s legally designated by the state as a war instead of a special operation pressures the authorities to respond accordingly to the West’s participation in this conflict, thus heightening the risk of escalation.

Read more at: https://www.zerohedge.com/geopolitical/kremlins-unprecedented-description-ukraine-conflict-war-what-it-means

Goldman Takes A Field Trip To Tesla & Rivian

Last month, Morgan Stanley analyst Adam Jonas described the electric vehicle industry as “extremely negative” and predicted further deterioration. Following this assessment, Goldman Sachs analysts met with executives from Tesla and Rivian on Thursday to delve deeper into the industry’s challenges.

Goldman’s Mark Delaney and other analysts first met with Tesla executives at the Fremont factory, including Martin Viecha (VP of IR), Abhinav Davuluri (Investor Relations Lead), and Travis Axelrod (Sr. Staff Program Manager, IR). They chatted about everything from the EV slowdown to vehicle pricing to the Cybertruck and artificial intelligence.

Here’s a summary of what was spoken about:

Tesla is between growth waves; new products a key consideration: According to the comments from its last earnings call, Tesla is currently between two growth waves, and expects n …

Read more at: https://www.zerohedge.com/markets/goldman-takes-field-trip-tesla-rivian

At Least 40 Dead, 100 Wounded, After Gunmen Storm Moscow Concert Hall

Update(1440ET): Russian state media as well as The Wall Street Journal’s regional correspondent is reporting at least 40 people killed, and over 100 wounded and injured, in the unfolding major terror attack on Moscow’s largest concert hall.

Initial video has emerged showing what appears to be attackers in combat fatigues with assault rifles going around the mall part of the venue (which is attached to the concert hall) and shooing randomly (warning: graphic)…

‼️The attackers shoot a crowd of people. The video shows at least 4 people with guns pic.twitter.com/zqVBzUrewK

— NEXTA (@nexta_tv) March 22, 2024

There are reports from RT of follow-up blasts happening even amid a huge security, police, and emergency response. Watch a live feed from Russian state TV here.

More video of the gunmen shooting bystanders within the concert hall:

BREAKING: Footage shows deadly shooting in Moscow — 40 killed, 100 injured in terror attack in Moscow concert hall, local media reports

Read more at: https://www.zerohedge.com/geopolitical/mass-shooting-attack-explosions-moscows-largest-concert-hall-reports

Trump poised for billions as stock market deal passes

Trump’s social media firm has been acquired – a deal that could produce a windfall as he fights legal penalties.

Read more at: https://www.bbc.co.uk/news/business-68609007

Chancellor says £100,000 not a huge salary in Surrey

Mr Hunt says an upper limit on earnings to access free childcare is an issue he “would really like to sort out”.

Read more at: https://www.bbc.com/news/articles/crgdly318jeo

FBI probes mid-air blowout on Alaska Airlines flight

Letters sent by the FBI to those on board confirm that a criminal investigation is underway.

Read more at: https://www.bbc.co.uk/news/world-us-canada-68640136

These 7 MF houses were sitting on over Rs 5,000 crore cash in February

In February, mutual funds were sitting on Rs 1.33 lakh crore cash. Seven of them have allocated over Rs 5,000 crore cash in February, according to data by ACE MF.

Read more at: https://economictimes.indiatimes.com/mf/analysis/these-7-mutual-fund-houses-were-sitting-on-over-rs-5000-crore-cash-in-february/high-cash-levels/slideshow/108709563.cms

Coal India, Vedanta among 5 metal stocks that recorded highest profit in Q3

Ahead of the fourth quarter earnings season, here’s the list of companies that have recorded the highest profit among peers in the December quarter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/coal-india-vedanta-among-5-metal-stocks-that-recorded-highest-profit-in-q3/slideshow/108712511.cms

Tech View: Nifty forms small green candle on weekly charts. What traders should do next

Nifty’s short-term trend remains positive. A sharp move above the hurdle of 22,200-22,300 levels could pull the index towards new all-time highs around 22,550 levels. The index has witnessed two days of recovery following a Doji formation on the daily chart, indicating a bullish reversal

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-small-green-candle-on-weekly-charts-what-traders-should-do-next/articleshow/108710979.cms

Treasury yields end at one-week lows, with 10-year rate near 200-day moving average

Yields on U.S. government debt finished at their lowest levels in more than a week on Friday as analysts poured over a week of central-bank decisions.

Read more at: https://www.marketwatch.com/story/bond-yields-slip-as-10-year-nears-200-day-average-d4291a6c?mod=mw_rss_topstories

Jerry Seinfeld is now reportedly a billionaire. But what about Larry David?

The co-creators of “Seinfeld” are both incredibly wealthy, but one of them has pulled far ahead of the other financially.

Read more at: https://www.marketwatch.com/story/jerry-seinfeld-is-now-reportedly-a-billionaire-but-what-about-larry-david-5472177b?mod=mw_rss_topstories

Reddit’s CEO gets $900 million richer from stock’s pop. Here’s who else made bank.

Reddit’s post-IPO stock action has benefited executives as well as Sam Altman, Tencent and other investors.

Read more at: https://www.marketwatch.com/story/reddits-ceo-gets-900-million-richer-from-stocks-pop-heres-who-else-made-bank-88d5f076?mod=mw_rss_topstories