Global Investment Surges in Green Ammonia Research and Development

Green ammonia is gaining in popularity as an alternative renewable energy source that can be used in fertilisers, as well as potentially for industry and shipping. An increase in the production of green ammonia could help several hard-to-abate industries decarbonise operations in line with a global green transition. Several countries around the globe are now investing heavily in research and development, to explore different applications, scale up production and reduce the costs associated with green ammonia production.  Ammonia is produced…

Read more at: https://oilprice.com/Energy/Energy-General/Global-Investment-Surges-in-Green-Ammonia-Research-and-Development.html

Europe’s Net-Zero Ambitions Face Reality Check

The European Union (EU) is set to fall far behind its ambitious energy transition targets for renewable energy, clean technology capacity and domestic supply chain investments, according to Rystad Energy research and modeling. The bloc’s capital investments (capex) in clean technologies – including renewables, carbon capture, utilization and storage (CCUS), hydrogen, batteries and nuclear – totaled $125 billion in 2023, dwarfed by China’s spending of $390 billion in the same sectors. The US is currently behind the EU in…

Read more at: https://oilprice.com/Energy/Energy-General/Europes-Net-Zero-Ambitions-Face-Reality-Check.html

S&P Global: EU Could Finalise Russia LNG Sanctions in June

The European Union is gearing up to put the finishing touches on its 14th sanctions package on Russian energy this month, with sanctions targets to include shipments of Russian LNG, the European energy commissioner has told S&P Global Commodity Insights on Monday.   The sanctions package adds three Russian LNG projects to the blacklist, including Arctic LNG 2, Ust-Luga and Murmansk, Energy Commissioner Kadri Simson told S&P Global Commodity Insights, adding that this sanctions package would be “the first one where…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/SP-Global-EU-Could-Finalize-Russia-LNG-Sanctions-in-June.html

Toxic Biosolids Threaten U.S. Farmland and Livestock

Many years ago a civil engineer explained to me the wisdom of taking solid biological residues from sewage treatment plants—dubbed biosolids—and using them on farm fields and garden plots. After all, nature intended for human wastes to return to the soil to replenish it in the same way animal manure has long been used to fertilize farm fields. “What about all the industrial chemicals that end up in wastewater,” I asked. He replied that these weren’t significant enough to be concerned. I was skeptical. Fast forward to last week when…

Read more at: https://oilprice.com/Energy/Energy-General/Toxic-Biosolids-Threaten-US-Farmland-and-Livestock.html

South Africa Overturns Ruling that Halted Shell’s Wild Coast Exploration

Oil supermajor Shell won a reprieve for Wild Coast offshore exploration after a South African appeals court suspended an earlier ruling from a lower court that had halted exploration activities due to environmental concerns, Reuters reports.  Shell targeted South Africa’s Wild Coast for oil exploration in 2014, sparking backlash from indigenous peoples in this eastern region of the country who were concerned about the potential for land and water contamination.  Local environmental activists campaigned against exploration, winning…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Africa-Overturns-Ruling-that-Halted-Shells-Wild-Coast-Exploration.html

Biden Administration Approves Limited Ukrainian Strikes in Russia

The shift is limited in scope, allowing Ukrainian forces to use short-range missiles from HIMARS launchers, or artillery, to hit command-and-control posts, arms depots, and other military targets used as part of the Kharkiv offensive. Ukraine will still be barred from using longer-range surface-to-surface missiles known as ATACMS against targets inside Russia.U.S. President Joe Biden “recently directed his team to ensure that Ukraine is able to use U.S.-supplied weapons for counter-fire purposes in the Kharkiv region so Ukraine can hit back…

Read more at: https://oilprice.com/Geopolitics/International/Biden-Administration-Approves-Limited-Ukrainian-Strikes-in-Russia.html

Rongsheng Becomes Next Chinese Refiner to Buy Trans Mountain Oil

Rongsheng Petrochemical has become the latest refiner in China to have purchased crude oil delivered to Canada’s Pacific coast via the expanded Trans Mountain oil pipeline. Rongsheng Petrochemical has bought its first-ever crude cargo via the Trans Mountain Expansion Project, which entered into service in early May, through a tender from TotalEnergies, Reuters reported on Monday, citing trade sources. Traders and market analysts are closely watching Asia’s appetite for Canadian crude, as the Trans Mountain Expansion Project…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rongsheng-Becomes-Next-Chinese-Refiner-to-Buy-Trans-Mountain-Oil.html

Oil Prices Shed Over 3% As Market Digests OPEC+ Move

Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below $80 since February, with the U.S. crude benchmark down over 3.5% following the OPEC+ agreement to start phasing out voluntary cuts in October.  On Monday at 11:54 a.m. ET, Brent crude was trading down 3.29% at $78.44, for a loss of $2.67 on the day. West Texas Intermediate (WTI) was down 3.51% at $74.29 per barrel, for a loss of $2.70 per barrel.  On Sunday, OPEC+ agreed to extend both voluntary and group-wide…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Shed-Over-3-As-Market-Digests-OPEC-Move.html

Major Trade Union Strike Shuts Down Nigeria’s Electricity Grid

The largest trade unions in Nigeria shut down on Monday the country’s power grid in an indefinite nationwide strike over the minimum wage. The Transmission Company of Nigeria (TCN) said that the Labour Union had shut down the national grid, resulting in a nationwide blackout in the early morning on Monday. “At about 1:15 am this morning, the Benin Transmission Operator under the Independent System Operations unit of TCN reported that all operators were driven away from the control room and that staff that resisted were…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Major-Trade-Union-Strike-Shuts-Down-Nigerias-Electricity-Grid.html

U.S. Shale Mergers Could Bring Steadier Oil Prices

The merger mania in the U.S. shale industry has set the stage for steadier oil prices, analysts say. As producers become bigger, they focus on shareholder returns and wouldn’t be inclined to respond to every price spike with a major boost in drilling that ultimately floods the market with oil and depresses prices. This relentless drilling for higher production has been the shale industry’s modus operandi for a decade before Covid and the demand and market crash. Until 2020, many smaller producers sought to maximize output and price realizations…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Shale-Mergers-Could-Bring-Steadier-Oil-Prices.html

Russia Has a New Hotspot For Ship-to-Ship Oil Transfers in the Mediterranean

Following a clampdown in Greece, ship-to-ship transfers of Russian oil have moved further west in the Mediterranean, just off the eastern end of Morocco’s coast on the Mediterranean, according to vessel-tracking data compiled by Bloomberg. The newly discovered spot for ship-to-ship (STS) transfers highlights the fact that operators and traders continue to find ways to skirt sanctions and haul Russian crude oil and petroleum products to international markets. Last month, the Greek Navy held exercises in the Laconian Gulf in southern Greece,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Has-a-New-Hotspot-For-Ship-to-Ship-Oil-Transfers-in-the-Mediterranean.html

Oil and Gas Wastewater in Appalachia Holds Key to U.S. Lithium Supply

America’s transition to a decarbonized economy demands massive base metals and rare Earth minerals. Currently, China dominates the rare Earth mineral market. However, initiatives are already underway by the US federal government to sever reliance on the Chicoms and boost domestic mining and refining abilities.  One unlikely area where 40% of the nation’s lithium supply could be sourced from is ‘Trump’s coal country,’ otherwise known as good ole’ Appalachia.  According to Justin Mackey, a research scientist at the National Energy Technology…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-and-Gas-Wastewater-in-Appalachia-Holds-Key-to-US-Lithium-Supply.html

South Korea to Explore for Potentially Huge Offshore Oil and Gas Reserves

South Korea’s President Yoon Suk Yeol endorsed on Monday a plan for drilling off the east coast of one of the world’s largest oil and gas importers, to explore what studies say are potentially vast resources of crude oil and natural gas.    The area could contain 14 billion barrels of oil and gas, the president told a press conference on Monday, as carried by Reuters. Yoon was citing a study about the resource potential off South Korea’s east coast. The study has been reviewed by industry groups and experts, the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Korea-to-Explore-for-Potentially-Huge-Offshore-Oil-and-Gas-Reserves.html

Gazprom’s Gas Pipeline Exports to Europe Surged by 39% Y/Y in May

Russia’s giant Gazprom saw its natural gas exports via pipeline to Europe soar by 39% year-over-year in May, according to estimates by Reuters. Last month, Gazprom’s pipeline flows to European customers jumped to 89.5 million cubic meters, up by 7.3% from April and a 39% increase compared to May 2023, per the Reuters calculations based on data from European gas transmission group Entsog and Gazprom’s daily reports on gas transit via Ukraine. Gazprom stopped reporting monthly export data at the beginning of 2023.  Russia has…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazproms-Gas-Pipeline-Exports-to-Europe-Surged-by-39-YY-in-May.html

Europe’s Natural Gas Prices Soar on Sudden Supply Outage in Norway

European natural gas prices surged on Monday to the highest level in six months as supply from Norway crumbled amid unplanned outages. The Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, surged by 10.4% to $40.94 (37.78 euros) per megawatt-hour (MWh) at 10:37 a.m. in Amsterdam after Norwegian natural gas flows dropped sharply on Monday. That was the highest price at Europe’s gas hub since December. The UK benchmark gas prices also soared by 15% as supply from Norway to Britain was crippled. The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Natural-Gas-Prices-Soar-on-Sudden-Supply-Outage-in-Norway.html

Dow slides more than 100 points to close June’s first trading session as economic worries weigh on investors: Live updates

Stocks were lower after weak U.S. manufacturing data also pressured Treasury yields and spurred economic concern.

Read more at: https://www.cnbc.com/2024/06/02/stock-market-today-live-updates.html

Microsoft confirms layoffs in mixed reality but will keep selling HoloLens 2 headsets

Microsoft is investing billions to put in place graphics processing units for generative artificial intelligence. It’s slowing investment in other areas.

Read more at: https://www.cnbc.com/2024/06/03/microsoft-confirms-mixed-reality-layoffs-will-keep-selling-hololens-2.html

Paramount and Skydance agree to terms of a merger deal

The agreement terms come after weeks of discussion and a recent competing offer from Apollo Global Management and Sony Pictures.

Read more at: https://www.cnbc.com/2024/06/03/paramount-skydance-merger-deal-update.html

Bad economic news has been good for stocks, but that could change this week

Too much bad news could signal a significant downturn and even recession ahead.

Read more at: https://www.cnbc.com/2024/06/03/bad-economic-news-has-been-good-for-stocks-but-that-could-change-this-week.html

CEOs of General Motors, Salesforce among corporate insiders selling stock last month

Insider buying and selling is tracked closely by many professional fund managers.

Read more at: https://www.cnbc.com/2024/06/03/ceos-of-general-motors-salesforce-among-corporate-insiders-selling-stock-last-month.html

GameStop shares rise 18% — well off highs — after ‘Roaring Kitty’ posts account showing $116 million stake

GameStop rallied again Monday on speculation Keith Gill, who goes by Roaring Kitty on X, could have a huge position in the video game retailer.

Read more at: https://www.cnbc.com/2024/06/02/gamestop-jumps-as-roaring-kitty-trader-posts-giant-116-million-stock-position.html

Bitcoin jumps back above $69,000, and DC settles Michael Saylor tax fraud lawsuit: 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, Galaxy Digital’s Michael Novogratz discusses the sudden shift in crypto politics in the U.S. from Consensus 2024.

Read more at: https://www.cnbc.com/video/2024/06/03/bitcoin-jumps-back-above-69000-dc-settles-michael-saylor-tax-fraud-case-cnbc-crypto-world.html

Khosla Ventures backs weather balloon startup that uses AI to upend forecasts

Windborne’s balloons can fly for weeks, as opposed to today’s government-launched weather balloons which stay aloft for just a few hours.

Read more at: https://www.cnbc.com/2024/06/03/khosla-ventures-backs-wineborne-a-startup-using-ai-to-upend-forecasts.html

Spotify raises prices of premium subscription plans

Spotify is raising the prices of its premium subscription plans for the second time in a year.

Read more at: https://www.cnbc.com/2024/06/03/spotify-price-increased-again.html

Jeffrey Epstein victim sues psychiatrist Henry Jarecki for alleged rape, sex trafficking

Psychiatrist Henry Jarecki was identified in the suit as a friend of Jeffrey Epstein, who killed himself in 2019 after he was charged with child sex trafficking

Read more at: https://www.cnbc.com/2024/06/03/jeffrey-epstein-accuser-sues-psychiatrist-jarecki-rape.html

See inside Ford’s new tech campus, a century-old Detroit train station restored for $950 million

Ford Chair Bill Ford Jr., who spearheaded the project, said the 30-acre campus will be key for the automaker’s talent acquisition and retention.

Read more at: https://www.cnbc.com/2024/06/03/ford-michigan-central-station-campus.html

The average 401(k) savings rate recently hit a record — how to know if you’re on track

The average 401(k) savings rate recently hit a record high. Here’s how it compares with the recommended retirement savings rate.

Read more at: https://www.cnbc.com/2024/06/03/average-401k-savings-rate.html

Power demand is expected to surge. Play it for the long term with these dividend-paying stocks, Wells Fargo says

Wells Fargo sees a boost in power demand as artificial intelligence, manufacturing and electrification trends proliferate

Read more at: https://www.cnbc.com/2024/06/03/stocks-to-play-long-term-power-demand-wells-fargo-says.html

NY Appeals Court Rules Trump Can Sue Niece Over NY Times Article

Former President Trump can sue his niece, Mary Trump, for violating a confidentiality agreement she signed in relation to a settlement related to her grandfather’s estate.

Former President Donald Trump appears with his lawyer Susan Necheles for a pre-trial hearing in criminal court in New York City on March 25, 2024. (Mary Altaffer-Pool/Getty Images)

According to the Manhattan Appellate Division, there is a “substantial basis in law” for Trump to claim that his niece violated said confidentiality provisions of the 2001 settlement of the estate of Fred Trump Sr.

The five-judge panel said that they don’t know whether Mary Trump’s disclosures were subject to confidentiality, but that Trump can move forward with a lawsuit to find out. The court also suggested that Trump might only be entitled to m …

Read more at: https://www.zerohedge.com/political/ny-appeals-court-rules-trump-can-sue-niece-over-ny-times-article

Credit Investors Have An America First Problem

By James Crombie, Bloomberg markets live reporter and strategist

Credit investors who think US assets are the only game in town are missing out on better returns in other parts of the world. They’re increasingly exposed to volatility — and even worse performance — as the American economy slows and political risk ramps up.

Global investors have no alternative but to bet heavily on the US, given that’s where most of the liquidity is. It accounts for more than 57% of the high-grade index, up from 55% five years ago, and 62% of junk. But there are better fixed-income opportunities elsewhere.

US assets are lagging across the board, from junk and high-grade bonds to leveraged loans. The American economy’s slowing and the Federal Reserve is in no rush to cut, while the European Central Bank looks likely to start easing this month.

US politics are getting more choppy with the potential to rattle credit markets which have been lulled into a false sense of security and are priced for perfection. There’s too much money chasing too few American assets, with wafer thin US credit spreads implying paltry gains to come, and scant cushion when the going gets rough.

Read more at: https://www.zerohedge.com/markets/credit-investors-have-america-first-problem

Hedge Funds Dump Chinese Stocks At The Fastest Pace In Almost A Year

Back on January 24, we told premium subs to our private news feed that Chinese stocks had plunged too far, too fast, and that the time to buy China (via FXE) had arrived. In retrospect, we timed that call perfectly as it was the bottom-tick for Chinese equities. Several months later, well after our readers had already put the trade on, the always delayed Wall Street lemming brigade turned very bullish on China, however with far more risk and far less upside.

Then, one month ago when we concluded that Chinese stocks had moved too far, too fast, on May 6 we told subs that the time to close the FIX trade had come as we, too, unwound out long China position at a 25% profit in just over three months.

It appears that call too was almost perfect, because after extending fractionally beyond our sell level, Chinese stocks have since slumped and it now appears that the sell brigade has also arrived (one month after our reco; incidentally readers who wish to become premium subscribers

Read more at: https://www.zerohedge.com/markets/hedge-funds-dump-chinese-stocks-fastest-pace-almost-year

Over A Million Flee Rafah As Netanyahu Calls Biden’s Hostage Deal ‘Incomplete’

After weeks of the intensifying Israeli army ground operation in Rafah, the United Nations has estimated that around one million Palestinians have fled the southern Gaza city.

The United Nations Palestinian Refugee Agency (UNRWA) issued this new astounding figure on Monday, describing that “a staggering one million people have now fled Rafah in southern Gaza” amid new reports of “overnight attacks in southern, central and northern locations by Israeli forces.”

“Conditions are unspeakable” the agency added, with most families having sought refuge in nearby Khan Younis and its largely damaged and destroyed facilities and buildings.

Rafah had a pre-war population of about 280,000 people, but throughout the conflict at least half or most of all the displaced persons in the Gaza Strip has been pushed into the city. The total prewar population of Gaza was 2.3 million people.

Read more at: https://www.zerohedge.com/geopolitical/over-million-flee-rafah-netanyahu-calls-bidens-hostage-deal-incomplete

Half a million left without Child Benefit payment

HMRC says it is sorry and that payments will now be made on Wednesday.

Read more at: https://www.bbc.com/news/articles/ceqqv249gn6o

GameStop shares jump after investor claims stake

Shares in the video game retailer surge after an account tied to “Roaring Kitty” claimed a large stake.

Read more at: https://www.bbc.com/news/articles/c6ppww72243o

Shein to kick off plans for £50bn UK float

The fast fashion firm has been linked to unethical practices, including claims of forced labour.

Read more at: https://www.bbc.com/news/articles/c9770yz274go

Kedaara-backed Ajax Engineering is said to plan India IPO

​The concrete equipment maker is planning its IPO in Mumbai in the fourth quarter, said sources A listing could value the company at $1.2 billion, and the company aims to file a prospectus for the share sale by August.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/kedaara-backed-ajax-engineering-said-to-plan-india-ipo/articleshow/110674201.cms

Sebi launches Saa₹thi 2.0 mobile app on personal finance

The updated Saa₹thi app comes with an user-friendly interface. Its comprehensive tools are aimed at simplifying complex financial concepts. It has financial calculators, modules that introduce and explain KYC procedures, mutual funds, ETFs, buying and selling shares on stock exchanges, investor grievances redressal mechanism, and the Online Dispute Resolution platform

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-launches-saathi-2-0-mobile-app-on-personal-finance/articleshow/110672411.cms

Modi stocks to buy: SBI, 7 other Motilal Oswal ideas with up to 20% upside

​With exit polls predicting the landslide victory for Prime Minister Narendra Modi-led NDA alliance, brokerage firm Motilal Oswal has identified 8 stocks that can benefit from the government’s focus on manufacturing, capex, and infrastructure creation. These ideas are for 3-6 months and with potential upside of up to 20%.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/modi-stocks-to-buy-sbi-7-other-motilal-oswal-ideas-with-up-to-20-upside/election-stocks/slideshow/110664207.cms

Tried to buy the dip after the Berkshire Hathaway glitch? Here’s the bad news.

The New York Stock Exchange is reviewing any trades potentially impacted by Monday’s glitch, which briefly left Berkshire Hathaway’s Class A shares at a discount of more than 99%

Read more at: https://www.marketwatch.com/story/tried-to-buy-the-dip-after-the-berkshire-hathaway-glitch-be-ready-for-some-bad-news-5a1ec69f?mod=mw_rss_topstories

S&P 500 to hit 5,700 in a postelection rally, says Wells Fargo

The stock market gained 41.8% on average around the past three U.S. presidential elections, according to Well Fargo’s investing unit

Read more at: https://www.marketwatch.com/story/s-p-500-to-hit-5-700-in-a-postelection-rally-says-wells-fargo-8c7031b1?mod=mw_rss_topstories

Your taxes will likely have to go up, despite Biden’s $400K pledge

President Biden has pledged to not raise taxes on Americans making less than $400,000 per year, a group that makes up about 98% of the U.S. population. But experts say that maintaining this pledge will require Biden to abandon his plans for new spending.

Read more at: https://www.marketwatch.com/story/your-taxes-will-likely-have-to-go-up-despite-bidens-400k-pledge-9f3df470?mod=mw_rss_topstories