Transit Trade Growth Complicates Pollution Problem in Caucasus

Georgia, Armenia, and Azerbaijan intend to spend millions of dollars in the coming years developing international trade corridors in the South Caucasus. While such investment may boost prosperity, it is likely to exacerbate a pernicious environmental and health challenge: air pollution. A lack of environmental regulation of industry – along with the explosive growth of automobiles – since the Soviet Union’s collapse means that many cities in the Caucasus are often engulfed in smog. The expansion of trade that regional leaders…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Transit-Trade-Growth-Complicates-Pollution-Problem-in-Caucasus.html

China Dominates Global Hydropower Generation

China is the world’s biggest hydro power producer, having generated an estimated 1,303 terawatt hours of hydropower in 2022, according to data published by Ember, a UK-based energy think tank. As Statista’s Anna Fleck shows in the chart below, this equates to approximately 31 percent of global hydropower that year. Following some way behind comes Brazil (427 TWh), Canada (398 TWh), the United States (249 TWh) and Russia (198 TWh).When looking at hydropower’s share of total electricity production for each of these countries, then Norway…

Read more at: https://oilprice.com/Alternative-Energy/Hydroelectric/China-Dominates-Global-Hydropower-Generation.html

Washington Preparing to Reimpose Venezuela Oil Sanctions Thursday

The Biden administration is potentially gearing up to reimpose oil sanctions on Venezuela, as President Nicolas Maduro violates the conditions of the existing temporary sanctions relief in his attempt to quash the opposition ahead of this year’s elections. On Wednesday, the Biden administration signaled that sanctions could be implemented anew when the six-month temporary deal expires on Thursday.  Elections in Venezuela are scheduled for July 28, and Maduro has tirelessly worked to ban opposition candidates by using trumped-up criminal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Washington-Preparing-to-Reimpose-Venezuela-Oil-Sanctions-Thursday.html

Aluminum Prices Chase 2023 Highs

Via Metal Miner Overall, the Aluminum Monthly Metals Index (MMI) remained sideways, with a 2.03% rise from March to April. Aluminum prices outperformed all base metals throughout March, with a 4.71% rise from the close of February. Prices continued their rally throughout April, hitting their highest level since February 2023 by April 8. Aluminum Prices Chase 2023 Highs The aluminum price rally continued to play out during the first weeks of April as prices repeatedly toppled previous highs. This included their 2023 close, as prices made it over…

Read more at: https://oilprice.com/Metals/Commodities/Aluminum-Prices-Chase-2023-Highs.html

EU Sanctions on Russia Face Legal Challenges

It is fair to say that the European Union’s sanctions regime against Russia has had a bit of a wobble in recent weeks, particularly with regard to the list of entities and people that the bloc has imposed asset freezes and visa bans on since the full-scale invasion of Ukraine in 2022. As the European Union considers expanding the sanctions list, which currently includes 2,177 individuals and entities, three people were removed from the list in March during its routine biannual review, which requires the unanimous agreement of all 27 EU member states.…

Read more at: https://oilprice.com/Geopolitics/International/EU-Sanctions-on-Russia-Face-Legal-Challenges.html

Oil Plummets over 3% as Stockpiles Override Iran-Israel Conflict

Only two days ago analysts were predicting oil over $100 a barrel, but by Wednesday midday, crude prices were nose-diving by close to 3% as demand concerns heavily outweighed the prospect of a wider regional conflict in the Middle East.  At 12:41 p.m. ET on Wednesday, Brent crude oil was trading down 3.18% at $87.16, for a $2.86  per barrel loss on the day, while the U.S. crude oil benchmark, West Texas Intermediate (WTI), was trading down 3.25% at $82.59, for a loss of $2.77 per barrel on the day.  Earlier on Wednesday,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Plummets-over-3-as-Stockpiles-Override-Iran-Israel-Conflict.html

World Oil Demand Jumped To 5-Year Seasonal High in February

Global oil demand jumped by 1.2 million barrels per day (bpd) in February from January, hitting a five-year seasonal high, with seasonal-high demand for gasoline and an all-time high oil demand in India, according to data from the Joint Organizations Data Initiative (JODI) published on Wednesday.      Oil demand in the 38 countries that report data to JODI also rose by 1.1 million bpd in February 2024 compared to February 2023, showed the data shared by the Riyadh-based International Energy Forum (IEF). The monthly…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/World-Oil-Demand-Jumped-To-5-Year-Seasonal-High-in-February.html

Europe Moves Forward with Major Hydrogen Projects

The net-zero carbon hydrogen industry is moving forward from pilot-scale projects of 10-20 MW of electrolysis capacity to large-scale projects of 100-200 MW and larger. While the discrepancy between the number of announced projects and those reaching financial close remains large, some of the more credible projects are getting financed and starting construction. Now investors and financiers are searching worldwide for optimal arrangements, locations offering the possibility of large-scale clean power production with high load factors, combined…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Europe-Moves-Forward-with-Major-Hydrogen-Projects.html

The European Commission Is Preparing to Sue Germany Over Its Gas Tariffs

Unnamed Reuters sources said on Wednesday that the European Commission is preparing to sue Germany over its fees for purchasing gas from German storage in contravention of the European Union’s single market rules.  In a matter of days, the European Commission is expected to file its infringement procedure lawsuit against the German tariff, Reuters reports, citing two unnamed sources, though a spokesman for the Commission told Reuters that talks were ongoing.  The tariff, according to an EU energy regulator who spoke with Reuters,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-European-Commission-Is-Preparing-to-Sue-Germany-Over-Its-Gas-Tariffs.html

Oil Moves Down on Crude Inventory Build

Crude oil prices moved lower today after the Energy Information Administration reported an inventory increase of 2.7 million barrels for the week to April 12. This compared with a significant build of 5.8 million barrels for the previous week and an estimated 4-million-barrel build for the week to April 12 as reported by the American Petroleum Institute on Tuesday. At the same time, the EIA reported declines in gasoline and middle distillates, which at the time of writing had not changed the direction of oil prices.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Moves-Down-on-Crude-Inventory-Build.html

Global Oil Production Dropped by 1.2 Million Bpd in February

The world’s crude oil production fell by 1.2 million barrels per day (bpd) in February compared to the same month last year as steep output declines in Saudi Arabia and Iraq were partially offset by a large annual production gain in the United States, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.       Compared to January 2024, global crude oil production jumped by 473,000 bpd in February as U.S. oil production rebounded following shut-ins due to bad weather in January,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Oil-Production-Dropped-by-12-Million-Bpd-in-February.html

Hedge Funds Dump U.S. Energy Stocks to Buy Crude Options

Following a rally in energy stocks this year, hedge funds have been selling off U.S. oil company shares to pile into crude oil options, expecting a price rally in oil if the Middle East conflict escalates and a short-term pullback in energy shares, according to Goldman Sachs data reported by Bloomberg. Money managers have sold U.S. energy stocks for three consecutive weeks, per Goldman Sachs’s prime brokerage data. Shares in energy firms have outperformed the top tech stocks this year as the market has grown more bullish on…

Read more at: https://oilprice.com/Energy/Energy-General/Hedge-Funds-Dump-US-Energy-Stocks-to-Buy-Crude-Options.html

Kazakhstan’s Compensation Claim Against Big Oil Climbs to $150 Billion

Kazakhstan is seeking more than $150 billion in compensation from the oil majors developing its huge Kashagan oilfield, after adding a $138 billion claim for lost revenue to a previous claim of $15 billion over costs, anonymous sources with knowledge of the matter told Bloomberg on Wednesday. Kazakhstan already claims that it is owed as much as $16.5 billion by international oil majors for project costs in two of the biggest oilfield developments in the country in the past decade, the Kashagan and Karachaganak oilfields. Kazakhstan,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kazakhstans-Compensation-Claim-Against-Big-Oil-Climbs-to-150-Billion.html

Japanese Refiners Are Ready to Tap Reserves if Oil Supply Is Disrupted

Japan’s refiners are prepared to tap reserves in case of a major escalation of the conflict in the Middle East and a possible disruption to oil supply, but they do not see threats to supply right now, according to the president of the Petroleum Association of Japan (PAJ). “We don’t believe that there are any obstacles to the procurement of crude oil to Japan for now,” PAJ president Shunichi Kito said on Wednesday, as carried by Reuters. In case of a disruption, refiners would use Japan’s crude oil reserves to ensure…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japanese-Refiners-Are-Ready-to-Tap-Reserves-if-Oil-Supply-Is-Disrupted.html

Caspian Oil Exports to Drop as Giant Oilfield Undergoes Maintenance

Exports of the CPC blend from the Black Sea via the network of the Caspian Pipeline Consortium (CPC) are expected to drop by 12% in May compared to the scheduled shipments for April, due to a planned oilfield maintenance, Reuters reported on Wednesday, citing sources with knowledge of the matter.  CPC blend exports are seen down to around 4.9 million metric tons in May, compared to 5.4 million tons planned to be exported in April, according to Reuters’ sources. The expected decline in exports is because of the planned maintenance…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Caspian-Oil-Exports-to-Drop-as-Giant-Oilfield-Undergoes-Maintenance.html

Wall Street pushes out rate-cut expectations, sees risk they don’t start until March 2025

Experts now see the Fed waiting until at least September and are increasingly entertaining the possibility of no cuts at all this year.

Read more at: https://www.cnbc.com/2024/04/17/wall-street-pushes-out-rate-cut-expectations-sees-risk-of-no-action-until-2025.html

ASML earnings drag semiconductor stocks lower

ASML fell over 8% on a day when the entire S&P 500 index was only down less than 1%.

Read more at: https://www.cnbc.com/2024/04/17/asml-earnings-drag-semiconductor-stocks-lower.html

Google restructures finance team as part of AI shift, CFO tells employees in memo

Google Chief Financial Officer Ruth Porat wrote to employees that the finance teams would be restructured, a move that will include relocations and layoffs.

Read more at: https://www.cnbc.com/2024/04/17/google-restructures-finance-team-as-a-part-of-ai-shift-cfo-tells-employees-in-memo.html

Trump Media shares close more than 15% higher after days of declines

Trump Media, whose majority owner is former President Donald Trump, has seen its share price plummet since late March. It owns the Truth Social app.

Read more at: https://www.cnbc.com/2024/04/17/trump-media-shares-rise-in-early-trading-after-days-of-declines.html

Bitcoin miners’ main revenue stream is about to be slashed. Here’s what investors need to know

The bitcoin halving is set to take place in the next few days, which will cut miners’ main stream of revenue in half.

Read more at: https://www.cnbc.com/2024/04/17/bitcoin-miners-revenue-is-about-to-be-slashed-what-investors-need-to-know.html

Amazon starts selling smart grocery carts to other retailers

The company has expanded Dash Carts in Fresh stores and Whole Foods locations as it has recently pulled back on its cashier-less checkout technology.

Read more at: https://www.cnbc.com/2024/04/17/amazon-starts-selling-smart-grocery-carts-to-other-retailers.html

Boeing faces scrutiny in Senate hearings over aircraft safety and quality

A Boeing whistleblower testified in a hearing Wednesday about safety concerns related to two of the company’s aircraft.

Read more at: https://www.cnbc.com/2024/04/17/boeing-faces-scrutiny-in-senate-over-aircraft-safety-and-quality.html

Vince McMahon is taking vacations and in touch with Trump as WWE tries to move on from scandal-plagued ex-CEO

McMahon resigned as executive chairman of the WWE in late January after a former employee, Janel Grant, accused him of sexual abuse and trafficking.

Read more at: https://www.cnbc.com/2024/04/17/vince-mcmahon-news-former-wwe-ceos-life-after-janel-grant-lawsuit.html

Series I bonds are ‘still a good deal’ despite an expected falling rate in May, experts say

The annual rate for Series I bonds could fall below 5% in May based on inflation and other factors, financial experts say. Here’s what to know.

Read more at: https://www.cnbc.com/2024/04/17/series-i-bonds-still-a-good-deal-despite-falling-rate-experts-say-.html

Trump gripes he can’t reject ‘unlimited’ jurors in New York hush money trial

Donald Trump is accused of falsifying business records involving the payment of hush money to porn star Stormy Daniels before the 2016 election.

Read more at: https://www.cnbc.com/2024/04/17/trump-complains-about-hush-money-trial-jury-selection.html

Tesla asks shareholders to vote again on Musk’s $56 billion payout

Tesla CEO Elon Musk’s $56 billion pay package will go to another shareholder vote in June, after a Delaware court voided it as excessive.

Read more at: https://www.cnbc.com/2024/04/17/elon-musk-pay-tesla-to-ask-holders-to-reinstate-voided-stock-grant.html

Bitcoin halving is likely this week — here’s what you need to know

The bitcoin halving usually precedes a price rise for the cryptocurrency to a new all-time high. But this time, things are different.

Read more at: https://www.cnbc.com/2024/04/17/bitcoin-halving-what-is-it-and-what-does-it-mean-for-crypto-prices.html

These are Morgan Stanley’s top picks into quarterly earnings

The firm’s list of top stocks that could bounce on earnings includes a top artificial intelligence play and an e-commerce giant.

Read more at: https://www.cnbc.com/2024/04/17/-these-are-morgan-stanleys-top-picks-into-quarterly-earnings.html

Beige Book Reveals Economy In Far Worse Shape Than White House Claims

There was something odd about the latest Beige book (which was prepared based on information collected on or before April 8, 2024, so before the latest CPI print): if accurate, it would suggest that the rosy economic picture painted by the White House is woefully incorrect, whether on purpose or not (spoiler alert: it is on purpose).

Reading the Beige Book, we find that contrary to the official GDP print which claims the economy is cruising at a brisk 3%, ten out of twelve Districts experienced “either slight or modest” economic growth, while the other two reported no changes in activity.

What is more concerning for the economy where spending amounts for 70% of all economic growth, the Beige Book found that consumer spending “barely increased” overall, but reports were quite mixed across Districts and spending categories:

• Several reports mentioned weakness in discretionary spending, as consumers’ price sensitivity remained elevated.
• Auto spending was buoyed notably in some Districts by improved inventories and dealer incentives, but sales remained sluggish in other Districts.
• Tourism activity increased modestly, on average, which is odd considering the recent Conference Board survey found a record number of people planned on traveling abroad. Almost as if they lied…

Read more at: https://www.zerohedge.com/economics/beige-book-reveals-economy-far-worse-shape-white-house-claims

Footage Shows Hezbollah Drone Slam Into Northern Israel Community Center, 18 Wounded

Israeli emergency authorities are reporting that casualties from a suicide drone attack on a northern Israeli village have risen to at least 18 people wounded.

Hezbollah took responsibility for launching the suicide drone which ultimately scored a direct hit on a community center, with Israeli media noting that air warning sirens failed to sound during the attack. However, Hezbollah claimed it was targeting a building used by the Israeli military.

According to Times of Israel, “The victims were taken to Galilee Medical Center in Nahariya. which said that one victim was listed in critical condition and two others were seriously wounded.”

“Another four people were listed in moderate condition, while the remaining victims were lightly hurt, the hospital added,” the report indicates. Public broadcaster Kan published dramatic footage showing the small drone slam into a building, erupting into a large fireball…

הפגיעה בערב אל עראמשה: 6 נפצעו, בהם אחד באורח קשה, אחד בינוני והיתר במצב קל | תיעוד רגעי הפגיעה

(מיכל וסרמן) pic.twitter.com/U4GEoU4i2S

— כאן חדשות (@kann_news) April 17, 202 …

Read more at: https://www.zerohedge.com/geopolitical/footage-shows-hezbollah-drone-slam-northern-israel-community-center-18-wounded

Will The World’s Most Pro-Bitcoin Politician Embrace Gold?

Via SchiffGold.com,

Since Nayib Bukele became president of El Salvador, El Salvador has been in American media and global political discussion more than ever. While much of the attention focuses on Bukele’s mass incarceration of gang members and a decline in homicide of over 70%, Bukele has also drawn attention to his favoritism towards Bitcoin and how he has pushed El Salvador to embrace cryptocurrency.

Most dramatically, Bukele has proposed- fantasized?- about creating a volcano-powered haven called Bitcoin City, that would serve as an international ta …

Read more at: https://www.zerohedge.com/crypto/will-worlds-most-pro-bitcoin-politician-embrace-gold

Missouri Files Injunction To Block Biden’s ‘Illegal Student Loan Plan’ While Lawsuit Plays Out

Missouri Attorney General Andrew Bailey announced on Wednesday that the state has filed for a temporary restraining order (TRO) to block the Biden administration’s “illegal student loan plan,” referred to by a coalition of states as “Plan B,” which was implemented shortly after a previous attempt (“Plan A”) was deemed illegal by the Supreme Court.

“Plan B” aims to forgive student loans under different statutory provisions, but faces similar legal challenges as plan A – primarily surrounding the authority to enact such broad debt cancellation without clear congressional authorization.

“From the moment the Supreme Court ruled in Biden v. Nebraska, President Biden made clear he would ‘stop at nothing’ to evade the decision,” reads the TRO request. “Although the challenged rule, by its own text, was not supposed to take effect until this July, Defendants decided to start implementing it early and have already illegally cancelled bi …

Read more at: https://www.zerohedge.com/political/missouri-files-injunction-block-bidens-illegal-student-loan-plan-while-lawsuit-plays-out

Post Office scandal unbelievable says ex-chairman

Former Post Office chairman Allan Leighton apologises for his part in the “terrible” Horizon scandal.

Read more at: https://www.bbc.co.uk/news/business-68836956

UK inflation falls as some food prices drop

New official figures show that inflation, the rate at which prices rise over time, fell again in March.

Read more at: https://www.bbc.co.uk/news/business-68833077

Boeing whistleblower airs concerns on 787

Lawmakers voice concerns over claims that Boeing threatens staff who raise safety concerns.

Read more at: https://www.bbc.co.uk/news/world-us-canada-68834525

Bajaj Auto Q4 results preview: PAT likely to grow 29% YoY, revenue growth seen at 24%

Bajaj Auto anticipates a 29% YoY jump in PAT to Rs 1,606 crore for Q4FY24, driven by higher sales volume, richer product mix, and commodity tailwinds. Revenue expected to grow by 24% YoY.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bajaj-auto-q4-results-preview-pat-likely-to-grow-29-yoy-revenue-growth-seen-at-24/articleshow/109362485.cms

Ashmore counters consensus with big bet on China over India

With $6.5 billion invested in emerging equities, the fund has allocated 26% of its EM equity fund to China, while reducing India to less than half that, according to Edward Evans, a London-based EM equities portfolio manager. He cites a divergence in valuations as the main reason for the decision.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ashmore-counters-consensus-with-big-bet-on-china-over-india/articleshow/109373278.cms

Vodafone Idea’s Rs 18,000 cr FPO may attract big investors. Is it worth your money?

Vodafone Idea plans an Rs 18,000 crore FPO on April 18, attracting GQG Partners with $300-400 million bids. Analysts cautious due to profit concerns, low listing expectations, capex needs, 5G delay, and industry challenges.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/vodafone-ideas-rs-18000-cr-fpo-may-attract-big-investors-is-it-worth-your-money/articleshow/109355180.cms

Silver has outperformed gold in 2024 and is on track for a 4th straight yearly supply deficit

Silver has been outpacing gold’s gain so far this year, and an annual report from the Silver Institute predicts that the global market for the metal is poised to mark a fourth straight yearly supply deficit.

Read more at: https://www.marketwatch.com/story/silver-has-outperformed-gold-in-2024-and-is-on-track-for-a-4th-straight-yearly-supply-deficit-3149e559?mod=mw_rss_topstories

10-, 30-year Treasury yields slip from five-month highs despite Powell’s hawkish turn

Long-term Treasury yields dropped from their highest levels since early November on Wednesday amid a round of dip-buying in 2- through 30-year government debt.

Read more at: https://www.marketwatch.com/story/treasury-yields-dip-from-the-5-month-highs-hit-after-powells-hawkish-turn-dfb315f1?mod=mw_rss_topstories

Oil prices settle at three-week low with U.S. supplies up a fourth week in a row

Oil futures declined on Wednesday for a third straight session, with prices falling to their lowest in three weeks.

Read more at: https://www.marketwatch.com/story/oil-prices-slide-for-third-day-as-geopolitical-tensions-ease-867ad56e?mod=mw_rss_topstories