Scientists Warn Gulf Stream Slowdown Could Begin as Early as 2025

There were two pieces of recent news which highlight why what was once most often referred to as global warming is now called climate change. Yes, the globe is heating up. But effects vary depending on where you live for various reasons. First, a report from India calls out problems with the criteria used by the India Meteorological Department (IMD) to issue a heatwave warning: The criteria do NOT consider humidity, only temperature. Anyone who lives in a hot climate or any climate that includes hot summer days knows that humidity can make a huge…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Scientists-Warn-Gulf-Stream-Slowdown-Could-Begin-as-Early-as-2025.html

U.S. CO2 Emissions Down 17% Since 2005, Despite 2022 Increase

U.S. greenhouse gas emissions rose 1.3% in 2022, reflecting post-COVID economic recovery, but declined 17% since 2005, according to the Environmental Protection Agency’s (EPA) Annual US Greenhouse Gas Inventory (GHG Inventory), released every April.  The EPA’s neutral policy report has been released annually since its inception in 1993, in accordance with the Paris Agreement and the United Nations Framework Convention on Climate Change. Total gross U.S. emissions decreased by 3% from 1990 to 2022, down from a high of 15.2%…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-CO2-Emissions-Down-17-Since-2005-Despite-2022-Increase.html

Growing Coal Dependency Puts Central Asian Economies at Risk

Global warming is causing temperatures to rise at a faster pace in Central Asia than in other parts of the world. Yet a report issued by a watchdog group shows that Central Asian states are compounding their environmental challenges by doubling down on the use of coal-fired power plants, a primary source of greenhouse gas emissions that fuel warming. The annual report by Global Energy Monitor (GEM), titled Boom and Bust Coal 2024: Tracking the Global Coal Plant Pipeline, showed that coal’s role in power generation has doubled in Central Asia…

Read more at: https://oilprice.com/Energy/Coal/Growing-Coal-Dependency-Puts-Central-Asian-Economies-at-Risk.html

Israeli War Cabinet Vows Response to Iran as Oil Prices Cool Down

Israel convened its war cabinet on Monday morning, vowing a response to what is being described as a direct attack on Israel, despite various reports suggesting that Iran coordinated its missile barrage with Washington and directed missiles at Israel with the knowledge that they would all be shot down.  The conclusion of Israel’s three-hour-long war cabinet was to find a solution that inflicts harm on Iran without causing an all-out regional war, according to Israel’s Channel 12 news, suggesting that actions would be coordinated…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Israeli-War-Cabinet-Vows-Response-to-Iran-as-Oil-Prices-Cool-Down.html

Tesla to Lay Off Over 10% of Global Workforce

Shares of Tesla Motors are muted in the early premarket trading hours in New York after a report from the EV blog Electrek cited an “internal company-wide email” detailing layoffs at the EV company amounting to more than 10% of its global workforce.  Electrek alleges that Elon Musk sent an email to staff explaining a “duplication of roles and job functions in certain areas” as the main reason for the layoffs, which could affect as many as 14,000 employees.  Here’s the full text of the email (courtesy of Electrek):  Over the years,…

Read more at: https://oilprice.com/Energy/Energy-General/Tesla-to-Lay-Off-Over-10-of-Global-Workforce.html

Russia Is Bringing Back Refining Capacity Hit by Ukrainian Drones

Russia has brought back online some oil refining units in recent weeks, reducing the capacity taken offline by Ukrainian drone hits to around 10%, from 14% at the end of March, calculations by Reuters showed on Monday. The refining capacity in Russia that is currently offline due to drone attacks is now estimated by Reuters at around 660,000 barrels per day (bpd), compared to 907,000 bpd offline at the end of March. Still, maintenance and other outages at Russia’s refineries will actually raise the refining capacity that will be…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Is-Bringing-Back-Refining-Capacity-Hit-by-Ukrainian-Drones.html

Iran’s Response To Israel’s Strike Was Pure Political Theater

Iran’s attack on Israel on the night of April 13-14, 2024, showed how well the two countries understand each other and recognize that they are not each other’s main threats. They do have a lingering conflict, but misleading Western media rhetoric that Shi’ite Iran is the primary sponsor of the Sunni/Muslim Brotherhood Hamas movement obscures realities. 1. Primary sponsors of Hamas, which began the war against Israel on October 7, 2023, are Turkey and Qatar, both Muslim Brotherhood states extremely hostile to Israel. Each has a…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Irans-Response-To-Israels-Strike-Was-Pure-Political-Theater.html

Iran’s Attack on Israel Sparks Global Concerns of Escalation

Leading diplomats and politicians across the globe, fearing another major escalation of fighting in the Middle East, urged restraint as the world waited for Israel’s response after it endured an unprecedented air attack by Iran over the weekend. Tehran fired more than 300 missiles and drones at Israel late on April 13, almost all of which were shot down by Israeli defense systems, along with intercepts by forces from the United States, France, Britain, and Jordan. Only a few missiles reached Israeli territory, causing modest damage to an air base…

Read more at: https://oilprice.com/Geopolitics/International/Irans-Attack-on-Israel-Sparks-Global-Concerns-of-Escalation.html

BP Cuts Jobs as Supermajor Scales Back EV Charging Unit

BP has cut over a tenth of its workforce in its EV charging business, BP Pulse, as the supermajor is downsizing the division and retreating from several countries to focus on just four key markets, Reuters reported on Monday, quoting sources at the company.          BP has cut more than 100 out of BP Pulse’s 900 jobs, but many of the people have been transferred to other divisions and only a handful have left the supermajor, according to Reuters’ sources.    BP Pulse is the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Cuts-Jobs-as-Supermajor-Scales-Back-EV-Charging-Unit.html

Small Banks Significantly Boost Loans to Oil And Gas Firms

While major European banks are competing to announce new policies limiting funding to oil and gas projects, smaller regional U.S. banks have boosted significantly their lending to oil and gas firms over the past two years. Regional banks BOK Financial, Citizens Financial, Truist Securities, Fifth Third Securities, and US Bancorp have seen their combined loans to the fossil fuel industry jump by over 70% on an average annualized basis since the beginning of 2022, compared to the previous six years, according to data compiled by Bloomberg. These…

Read more at: https://oilprice.com/Energy/Energy-General/Small-Banks-Significantly-Boost-Loans-to-Oil-And-Gas-Firms.html

Kazakhstan Vows to Compensate for Exceeding OPEC+ Quota

Kazakhstan exceeded its oil production quota under the OPEC+ deal by 131,000 barrels per day (bpd) in March, due to the weather and heating season requirements, the country’s Energy Ministry said on Sunday, pledging that the non-OPEC producer will look to compensate in the coming months for its overproduction.    “Kazakhstan will continue to make every effort to comply with its obligations and compensate for the 1st quarter overproduction,” the Kazakh Energy Ministry said in a statement.   As agreed by…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kazakhstan-Vows-to-Compensate-for-Exceeding-OPEC-Quota.html

Uncertainty Drives Investors to Oil Stocks

The energy industry has so far this year been the second-best performer on the U.S. stock market, right after communications. Oil and gas stocks are up by 17% since January—and investors are still buying. It’s business as usual for most, as oil prices climb higher amid Middle East tensions, OPEC cuts, and shrinking global inventories. But it’s not only that, not this time. This time, investors are buying oil and gas stocks as a hedge against inflation. Perhaps there’s more than one reason oil’s called black gold. Oil stock buying…

Read more at: https://oilprice.com/Energy/Energy-General/Uncertainty-Drives-Investors-to-Oil-Stocks.html

Javier Blas: 10 Things Oil Traders Need to Know About Iran’s Attack on Israel

OPEC+ has sufficient spare production capacity to control a price rally, but its approach to increasing output will be crucial.Iran’s direct attack on Israel on Saturday evening is viewed certainly as an escalation in the Middle East conflict. Tehran’s missile and drone attack (widely unsuccessful) has been well-telegraphed (read: here & here) for the last two weeks, pushing up Brent crude oil futures above the $90 a barrel mark on heightened geopolitical risks in the region.  Iran’s direct attack on Israel could lead some traders to reevaluate…

Read more at: https://oilprice.com/Energy/Crude-Oil/Javier-Blas-10-Things-Oil-Traders-Need-to-Know-About-Irans-Attack-on-Israel.html

U.S. Congress to Vote on Further Iran Sanctions

Following the Iranian drone attack against Israel this weekend, the U.S. House of Representatives is set to vote on Monday on several bills toughening sanctions on Iran, including one aimed at reducing Chinese imports of Iranian crude oil. The bills that will be voted on in an expedited procedure, Bloomberg notes, include the so-called Iran-China Energy Sanctions Act of 2023, which was unanimously approved by the House Financial Services Committee in November.   The bill proposes to “impose restrictions on correspondent…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Congress-to-Vote-on-Further-Iran-Sanctions.html

China Is Leading the Global Nuclear Power Build Out

China is currently constructing a total of 26 nuclear power units with a combined capacity of 30.3 gigawatts (GW), the highest in the world, according to a report by the China Nuclear Energy Association (CNEA) cited by local media. Last year, China approved the development of five new nuclear power projects and began construction of five units, the report found. Air pollution from coal-fired power plants is a major impetus for China to expand its nuclear generation fleet, according to the World Nuclear Association. China is not giving…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Is-Leading-the-Global-Nuclear-Power-Build-Out.html

S&P 500 and Nasdaq close 1% lower as yields jump, traders await Israel response to Iran: Live updates

Investors were dealing with a multitude of issues as the new week began, including an escalating Iran-Israel conflict and rising stock market volatility.

Read more at: https://www.cnbc.com/2024/04/14/stock-market-today-live-updates.html

Tesla will lay off more than 10% of global workforce: Read the Elon Musk memo

Tesla will lay off more than 10% of its global workforce. Read the memo to employees from CEO Elon Musk.

Read more at: https://www.cnbc.com/2024/04/15/tesla-shares-dip-in-premarket-trade-on-global-layoff-reports.html

Trump Media shares plunge more than 15% after company files to issue additional DJT stock

Donald Trump is the majority shareholder in Trump Media, which owns the Truth Social app. DJT shares fell 20% last week ahead of his New York hush money trial.

Read more at: https://www.cnbc.com/2024/04/15/trump-media-shares-plunge-after-company-files-to-issue-additional-djt-stock.html

Prosecutor asks judge to sanction Donald Trump for gag order violation in hush money case: Live updates

Donald Trump is accused in the case of falsifying business records related to a 2016 hush money payment to porn star Stormy Daniels.

Read more at: https://www.cnbc.com/2024/04/15/live-updates-trump-starts-new-york-criminal-trial-in-hush-money-case-.html

It may be time for investors to sell Nvidia on the next bounce, according to the charts

Market leader Nvidia (NVDA) has seen its steep uptrend stall. Let’s see what the charts say to do from here.

Read more at: https://www.cnbc.com/2024/04/15/it-may-be-time-for-investors-to-sell-nvidia-on-the-next-bounce-according-to-the-charts.html

Salesforce drops after reports it’s in talks to acquire Informatica

Salesforce shares fell Monday after reports that the cloud software company is in advanced talks to buy data-management firm Informatica.

Read more at: https://www.cnbc.com/2024/04/15/salesforce-drops-after-reports-it-is-in-talks-to-acquire-informatica-.html

Bitcoin struggles to maintain $64,000 amid rising Middle East tensions: 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 explores how bitcoin miners are preparing for the next halving, the technical event that cuts mining rewards in half every four years.

Read more at: https://www.cnbc.com/video/2024/04/15/bitcoin-struggles-amid-rising-middle-east-tensions-crypto-world.html

Peloton quietly drops unlimited free app membership because it failed to bring in paid subscribers

Peloton debuted an unlimited free membership option for its app last year in a bid to win over new customers, but the company quietly ended the initiative.

Read more at: https://www.cnbc.com/2024/04/15/peloton-removes-free-app-membership.html

Retail sales jumped 0.7% in March, much higher than expected

Retail sales increased 0.7% for the month, considerably faster than the Dow Jones consensus forecast for a 0.3% increase.

Read more at: https://www.cnbc.com/2024/04/15/retail-sales-jumped-0point7percent-in-march-much-higher-than-expected.html

Goldman Sachs tops first-quarter estimates fueled by trading, investment banking

Goldman CEO David Solomon has taken his lumps in the past year, but a turnaround appears to be underway, fueled by a rebound in Wall Street activities.

Read more at: https://www.cnbc.com/2024/04/15/goldman-sachs-gs-earnings-q1-2024.html

IRS expects ‘a million returns’ every hour on Tax Day, commissioner says. What last-minute filers need to know

April 15 is Tax Day for most filers and the last chance to avoid federal late-filing and payment penalties for 2023 taxes.

Read more at: https://www.cnbc.com/2024/04/15/heres-what-to-know-on-tax-day-if-you-still-havent-filed-your-return.html

How Royal Caribbean is leading the charge in the cruise industry comeback

The cruise industry has made a comeback, and Royal Caribbean is leading the charge.

Read more at: https://www.cnbc.com/2024/04/15/royal-caribbean-is-leading-the-charge-in-the-cruise-industry-comeback.html

Here are the stocks set to have the wildest ride this week on earnings

Shares of Netflix and ASML are just a few of the stocks that could make big moves during this week’s heavy earnings schedule.

Read more at: https://www.cnbc.com/2024/04/15/here-are-the-stocks-set-to-have-the-wildest-ride-this-week-on-earnings.html

Dollar, Oil, & Gold Jump; Stocks & Bonds Dump As ‘WW3-On’-Risk Reignites

It was all looking so shiny and BTFD-y – Iran had sent some missiles towards Israeli folks; ‘allies’ blocked 99% of them; and Israel appeared unlikely top respond ‘imminently’. Stocks were up, crypto was up, oil was down as ‘WW3-off’ meant risk-on.

But, then the headlines just kept coming from the MidEast, reigniting fears that things were about to escalate quickly once again, sending oil, gold, and the dollar roaring higher.

Add to that the fact that 2Y yields surged up towards 5.00% (after strong nominal retail sales) and ‘risk-off’ rapidly spoiled the overnight dip-buyers’ fun.

Specifically, 5.00% has not been a fun place for S&P 500 multiples in the last couple of years…

…

Read more at: https://www.zerohedge.com/markets/dollar-oil-gold-jump-stocks-bonds-dump-ww3-risk-reignites

‘Vol Genie’ Is Out Of The Bottle, Geopolitical Tensions Or Not

Authored by Simon White, Bloomberg macro strategist,

Equity, fixed-income, credit, commodity and even FX volatility are beginning to rise in unison.

The proximate cause may have been rising geopolitical tensions, but the underlying conditions were there long before, and cross-asset volatility is likely to stay elevated.

Volatility across the board had been trending down since October.

But recently it has been rising, particularly over the last week as tensions in the Middle East worsened.

Underlying conditions have favored a rise in volatility for a while.

First, the VIX has been exceptionally low versus other assets’ volatility.

In recent weeks, call skew has been falling relative to put skew, which is typically consistent with a rise in the VIX. Furthermore, index correlation is about as low as it can go, and any rise would take equity volatility higher with it, especially as the vol …

Read more at: https://www.zerohedge.com/markets/vol-genie-out-bottle-geopolitical-tensions-or-not

Baltimore Bridge Collapse: FBI Agents Board Container Ship In “Court-Authorized” Investigation

Almost three weeks following the incident where a massive container ship collided with and caused the collapse of the 1.6-mile long Francis Scott Key Bridge, thus paralyzing the Port of Baltimore and severely disrupting supply chains throughout Baltimore and the Mid-Atlantic, FBI agents boarded the vessel on Monday morning.

The Baltimore Sun reports FBI agents boarded the “Dali” container ship earlier today and were “conducting court-authorized law enforcement activity.”

A spokesperson for the FBI denied to comment on the ongoing investigation. However, Maryland US Attorney Erek Barron provided the local media outlet with this statement:

“My office generally will not confirm the existence of or otherwise comment about investigations.

“However, the public should know, whether it’s gun violence, civil rights abuse, financial fraud, or any other threat to public safety or property, we will seek accountability for anyone who may be responsible.”

In the days after the bridge collapse, FBI agents were at the scene. The National Transportation Safety Board is investigating why the container ship slammed into the bridge without safety barriers.

Read more at: https://www.zerohedge.com/markets/baltimore-bridge-collapse-fbi-agents-board-container-ship-court-authorized-investigation

Crib-Notes For The ‘Trial Of The Century’

Authored by James Howard Kunstler via Kunstler.com,

“Once someone determined Trump was so bad it was okay to lie about him, it set the precedent that the only thing that mattered was a subject’s politics.”

– Matt Taibbi

What fascinates us about sex, I suppose, is that most everyone wants it and seeks it, driven by irresistible natural impulses, and yet the act itself is such an affront to civilized decorum that it inspires both comedy and horror, two states of consciousness that are themselves irresistibly compelling. Add lawyers to all that and you find yourself entering the realm of opera bouffe, which is to say, kitsch, human expression reduced to its most self-consciously ridiculous.

Enter Stormy Daniels, that notorious pair of cumu …

Read more at: https://www.zerohedge.com/political/crib-notes-trial-century

Flights cancelled after Iran’s strike on Israel

EasyJet has suspended planes travelling to Tel Aviv until 21 April following Tehran’s attack.

Read more at: https://www.bbc.co.uk/news/business-68816477

Tesla lays off more than 10% of its workforce

Owner Elon Musk said it was a difficult decision to reduce Tesla’s global headcount.

Read more at: https://www.bbc.co.uk/news/technology-68818113

Trump’s Truth Social shares hit by sale plan

Shares in the social media firm fell sharply after it said it could issue millions more shares.

Read more at: https://www.bbc.co.uk/news/business-68819567

​Big-Ticket Fundraising: Take a look at India’s record-breaking FPOs

As Vodafone Idea gears up to raise as much as Rs 18,000 crore through India’s largest FPO, let’s take a look at other mega follow-on offers before this one: (Source: ETIG)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/rewind-lets-take-a-look-at-indias-largest-fpos/big-ticket-fundraising/slideshow/109319469.cms

Tech View: Nifty forms Shooting Star candle. What traders should do on Tuesday

The 10-period EMA around 22,200 levels has offered support for the market in the last few months, said analyst Nagaraj Shetti. The daily momentum indicator has triggered a fresh negative crossover, which is a sell signal.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-shooting-star-candle-what-traders-should-do-on-tuesday/articleshow/109317478.cms

For a record 446 days, this recession indicator pointed to a downturn that never arrived

One of the bond market’s most reliable signals of an impending U.S. recession has remained inverted for 446 straight trading sessions — matching a record without producing any economic downturn.

Read more at: https://www.marketwatch.com/story/for-a-record-446-days-this-recession-indicator-pointed-to-a-downturn-that-never-arrived-d907e018?mod=mw_rss_topstories

Lawsuit against Malibu Boats could put $110 million worth of boats in limbo, analyst says in downgrade

Raymond James said that the lawsuit raised questions about where else Malibu could sell some $110 million worth of boats, and how that might affect the company’s sales and margins.

Read more at: https://www.marketwatch.com/story/lawsuit-against-malibu-boats-could-put-110-million-worth-of-boats-in-limbo-analyst-says-in-downgrade-69e99132?mod=mw_rss_topstories

Long-term Treasury yields end at fresh 2024 highs after March retail-sales data

Ten- and 30-year Treasury yields finished at their highest levels since mid-November on Monday after healthy U.S. retail-sales data prompted traders to price in stronger economic growth over the longer term.

Read more at: https://www.marketwatch.com/story/bond-yields-resume-uptrend-as-iran-says-its-completed-military-action-6ce15cee?mod=mw_rss_topstories