18 OCT 2024 Market Close & Major Financial Headlines: Dow Opens Sharply Lower, Recover Losses To Set New Historic High, Small Cap Indexes Close Moderately Higher In The Green

UK Accelerates Energy ‘Skills Passport’ for Renewable Transition

The energy secretary will speed up oil and gas workers being able to transition to jobs in the renewable energy industry via a “skills passport” as workforce shortages are “hindering” the sector. Energy security and net zero secretary Ed Miliband confirmed his department will “provide project management advice” to Offshore Energies UK (OEUK) and Renewable UK. The industry bodies have been overseeing the creation of the passport, supported by the UK and Scottish governments, which aims to align standards, recognise…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/UK-Accelerates-Energy-Skills-Passport-for-Renewable-Transition.html

Iran Readies New Oil Outlet To Bypass the Strait of Hormuz

Iran is closer to finding a way to circumvent the crucial Strait of Hormuz when it comes to oil exports. The Jask oil terminal,  officially opened a few years ago, has seen but limited activity so far. However, recent satellite imagery reveals it has partially filled the facility with crude oil in what is being construed as a significant development in Tehran’s oil export strategy. The importance of Jask has increased as of late as tensions with Israel grow. During periods of unrest, Iran has routinely threatened to shut down the Strait of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Readies-New-Oil-Outlet-To-Bypass-the-Strait-of-Hormuz.html

U.S. Drilling Activity Stumbles As Prices Remain Volatile

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 1 this week to 585, compared to 624 rigs this same time last year. The number of oil rigs rose by 1 this week to 482—down by 20 compared to this time last year. The number of gas rigs fell by 2 this week to 99, a loss of 19 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4. Meanwhile, U.S. crude oil production rose to new highs…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Drilling-Activity-Stumbles-As-Prices-Remain-Volatile.html

India Positions Itself for a Huge Petrochemical Boom

India is positioning itself for a petrochemical boom, with $87 billion expected over the next decade to meet surging demand. As more of its citizens rise into the middle class, the need for petrochemical-based products—from plastics to fertilizers—is set to soar. According to India’s oil minister, Hardeep Singh Puri, this growing demand opens a window for significant investment as India’s per capita consumption of petrochemicals continues to lag behind developed nations. India currently consumes between 25 to 30 million metric tons…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Positions-Itself-for-a-Huge-Petrochemical-Boom.html

Russia Appears to Use Dubai-Based Firm to Expand Shadow LNG Fleet

Russia appears to be trying to evade Western sanctions on its LNG tanker fleet by transferring ownership of vessels to a newly-created firm based in a free trade zone in Dubai, Bloomberg reported on Friday. Three LNG tankers, previously managed by the Russian companies Gazprom and Sovcomflot, now have a new owner, a Dubai-based firm. The vessels Velikiy Novgorod, Pskov, and La Perouse saw aspects of their management transferred to Matias Ship Management, the newly established company in Dubai, in September, Bloomberg reported, citing global shipping…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Appears-to-Use-Dubai-Based-Firm-to-Expand-Shadow-LNG-Fleet.html

Uniper Warns: Dutch Hydrogen Network Needs Expensive Pipeline Upgrade

German utility giant Uniper warns that a lack of infrastructure threatens the Dutch hydrogen dreams. In a leading article in the Dutch newspaper De Telegraaf, the German giant bluntly states that the future of the Dutch green hydrogen network is bleak as long as no new pipelines are being built. The warning comes when the Dutch government and parliament discuss the industry strategy for the coming years. Uniper, as a significant partner in the Port of Rotterdam, is very critical about the progress or implementation of the multi-billion energy transition…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Uniper-Warns-Dutch-Hydrogen-Network-Needs-Expensive-Pipeline-Upgrade.html

India’s State Firm HPCL Set to Launch LNG Import Terminal

Indian state-owned Hindustan Petroleum Corporation Limited (HPCL) aims to commission its new LNG import terminal, India’s sixth, in December and January, and is holding talks with potential suppliers of LNG for the long term, sources told Reuters on Friday. HPCL, a subsidiary of the Oil and Natural Gas Corporation (ONGC), has built an LNG import terminal at Chhara in Gujarat State on India’s west coast. The terminal is designed for regasification capacity of 5 million metric tons per annum (mmtpa), with an option to expand the capacity…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-State-Firm-HPCL-Set-to-Launch-LNG-Import-Terminal.html

Oil Slides in the Absence of Israeli Retaliation Attack

Geopolitical risk premiums have gradually evaporated from oil prices as ICE Brent futures slid back to $73 per barrel, a level last seen in the first days of October. Whilst the wait for an Israeli retaliation vis-à-vis Iran is still ongoing, the slowdown of China’s economic growth to 4.6% in the third quarter of 2024 and the fifth consecutive month-over-month decline in Chinese refinery runs have alerted investors to the downside of Chinese demand, sapping the bullish sentiment again.  Friday, October 18th, 2024IEA Expects…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Slides-in-the-Absence-of-Israeli-Retaliation-Attack.html

BP Considers Selling Small Stake in Its Offshore Wind Business

BP is considering a potential sale of a minority stake in its offshore wind business in a move to reduce spending on project developments in the sector, anonymous sources have told Reuters.   Currently, BP doesn’t operate offshore wind farms, but it had a pipeline of offshore wind developments worth 9.6 gigawatts (GW) as of June this year.  The UK-based supermajor, which is pivoting back to its core business of oil and gas to give higher returns to shareholders, has reportedly hired Bank of America to find minority partners…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Considers-Selling-Small-Stake-in-Its-Offshore-Wind-Business.html

Controversial Study Claims LNG is Dirtier Than Coal

A new article in Financial Times discusses a controversial academic paper by Cornell University professor Robert Howarth that has reignited the debate over liquefied natural gas (LNG) and its environmental impact. Howarth’s peer-reviewed paper, published in Energy Science and Engineering, claims that LNG has a 33% larger emissions footprint than coal over a 20-year period, challenging the oil and gas industry’s assertion that LNG is a cleaner alternative. Let’s take a closer look at Howarth’s assumptions and conclusions,…

Read more at: https://oilprice.com/Energy/Natural-Gas/Controversial-Study-Claims-LNG-is-Dirtier-Than-Coal.html

China’s Coal Production Surged in September

Coal production in China rose by 4.4% in the year last month to a total 414.46 million tons, government data showed. The production rate also rose on the month: the August total stood at 396.55 million tons. The increase followed the end of safety inspections in coal-producing regions and the return of coal-to-chemicals capacity to normal operation after maintenance, Reuters reported. “Following the end of maintenance on some coal-based methanol, urea, PVC and other chemical capacity, the capacity utilisation rate has gradually increased,”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Coal-Production-Surged-in-September.html

TotalEnergies to Overhaul Largest European Refinery in 2025

TotalEnergies will do extensive turnaround work at its largest integrated refinery complex in Europe in the second half of 2025, sources familiar with the plans told Bloomberg on Friday. TotalEnergies’s Antwerp refining and petrochemicals platform is the French supermajor’s largest integrated complex in Europe. Located in Antwerp, Belgium, right in the middle of the major oil hub Antwerp-Rotterdam-Amsterdam (ARA), the complex has the capacity to process about 340,000 barrels per day (bpd) of crude oil.   The Antwerp refinery…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-to-Overhaul-Largest-European-Refinery-in-2025.html

Oilfield Services Giant SLB Reports Strong Q3 Results

The world’s biggest oilfield services provider, SLB (NYSE: SLB), expects to exceed its commitment of returns to shareholders this year as its third-quarter profit beat estimates and cash flow generation remained strong despite softened short-cycle activity.   SLB reported on Friday earnings per share (EPS), excluding charges and credits, of $0.89 for the third quarter, up by 5% sequentially and 14% year on year. The earnings beat the analyst consensus estimate of EPS of $0.88 compiled by The Wall Street Journal.  Revenues of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oilfield-Services-Giant-SLB-Reports-Strong-Q3-Results.html

UAE Oil Sector Poised for 7.8% Growth in 2025

The oil sector in the United Arab Emirates (UAE) is set to rebound with strong growth of 7.8% next year, as OPEC+ will begin unwinding its oil production cuts in December 2024, the National Bank of Kuwait said in its latest macro outlook on one of OPEC’s biggest producers.    The UAE’s oil economy will rebound next year from the lackluster growth of 0.4% expected for 2024, NBK said.   The bank’s analysts expect oil production in the UAE to reach 3.4 million barrels per day (bpd) by the end of 2025. …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-Oil-Sector-Poised-for-78-Growth-in-2025.html

Billion-Barrel Oil Discoveries Drive South American Energy Cooperation

Two of the biggest oil industry hotpots, Guyana and Suriname, are discussing joint development of natural gas resources off the coasts of the neighboring South American countries, according to Annand Jagesar, CEO of Suriname’s state firm Staatsolie.    “It will not happen tomorrow, but it is important that we now have mutual confirmation that we want to work together. It may take years before we find a development concept,” Jagesar told Suriname-based outlet de Ware Tijd. Guyana and Suriname will cooperate in drafting…

Read more at: https://oilprice.com/Energy/Crude-Oil/Billion-Barrel-Oil-Discoveries-Drive-South-American-Energy-Cooperation.html

Stellantis to shutter and sell large testing facility amid cost-cutting efforts

Stellantis’ Arizona Proving Grounds covers 4,000 acres between Phoenix and Las Vegas in Yucca, Arizona.

Read more at: https://www.cnbc.com/2024/10/18/stellantis-arizona-proving-grounds-cost-cutting.html

Port of Los Angeles freight rail delays reach two-year high, with holiday and everyday items piling up

Record September imports at the Port of Los Angeles driven by the East Coast strike have led to two-year high cargo congestion at rail yards.

Read more at: https://www.cnbc.com/2024/10/18/port-of-la-cargo-rail-congestion-hits-two-year-high-ahead-of-holidays.html

Dow, S&P 500 close at record highs and mark the year’s longest winning streak: Live updates

A six-week winning streak would mark the longest weekly advances in 2024 for both the Dow and S&P 500.

Read more at: https://www.cnbc.com/2024/10/17/stock-market-today-live-updates.html

U.S. deficit tops $1.8 trillion in 2024 as interest on debt surpasses trillion-dollar mark

The shortfall was more than 8% from the previous year and the third highest on record, the Treasury Department said Friday.

Read more at: https://www.cnbc.com/2024/10/18/us-deficit-tops-1point8-trillion-in-2024-as-interest-on-debt-surpasses-trillion-dollar-mark.html

Here’s something for the bulls to celebrate over the next 10 weeks

Historical data shows that if October ends with a six-month trailing return the size of the current one, the market should be in for even more gains.

Read more at: https://www.cnbc.com/2024/10/18/heres-something-for-the-bulls-to-celebrate-over-the-next-10-weeks.html

Starbucks taps former Chipotle executive as global chief brand officer

In his first week on the job, CEO Brian Niccol said improving the company’s branding was one of his four priorities to turn around the U.S. business.

Read more at: https://www.cnbc.com/2024/10/18/starbucks-taps-former-chipotle-executive-as-global-chief-brand-officer.html

Netflix shares jump 11% after third-quarter earnings beat

Netflix saw momentum in its ad-supported membership tier, which surged 35% quarter over quarter.

Read more at: https://www.cnbc.com/2024/10/18/netflix-shares-jump-5percent-in-premarket-after-third-quarter-earnings-beat.html

More Trump sealed files released in Jack Smith Jan. 6 election case

The records were made public after Judge Tanya Chutkan denied a request by Trump’s lawyers to keep them sealed until after the Nov. 5 presidential election.

Read more at: https://www.cnbc.com/2024/10/18/trump-sealed-court-files-jan-6-election-case.html

Spirit Airlines shares hit record low as Monday debt refinancing deadline looms

Spirit Airlines recently extended its deadline to Oct. 21 for more than $1 billion in debt.

Read more at: https://www.cnbc.com/2024/10/18/spirit-airlines-debt-deadline.html

Bitcoin climbs 9% for its best week in more than a month: 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, Chris Metinko of Crunchbase breaks down the latest VC funding data for web3 startups.

Read more at: https://www.cnbc.com/video/2024/10/18/bitcoin-climbs-9percent-best-week-more-than-a-month-crypto-world.html

Amazon cloud boss says employees unhappy with 5-day office mandate can leave

Amazon’s cloud boss on Thursday told employees who are unhappy with the company’s new five-day in-office mandate they can leave for other companies.

Read more at: https://www.cnbc.com/2024/10/17/aws-ceo-says-employees-unhappy-with-5-day-office-mandate-can-leave.html

‘Joker: Folie a Deux’ is this year’s latest box-office flop. Here’s what else has disappointed

Warner Bros.’ “Joker: Folie a Deux” is not the only blockbuster-budgeted film to fall flat at the box office this year.

Read more at: https://www.cnbc.com/2024/10/18/joker-folie-a-deux-2024-box-office-flops.html

Diamond Sports, FanDuel reach naming rights agreement for regional sports networks

Diamond Sports and FanDuel have reached a naming rights agreement for Diamond Sports’ regional sports networks.

Read more at: https://www.cnbc.com/2024/10/16/diamond-fanduel-naming-rights-regional-sports-networks.html

Did Tesla Just Unveil Wireless EV Charging To Combat Cord Thefts?

Ten years ago, Telsa was fiddling with an automated robot arm instead of wireless charging.

Charger prototype finding its way to Model S.https://t.co/L9E4MR642G

— Tesla (@Tesla) August 6, 2015

Perhaps Tesla EVs may no longer need a plug. A new X post by Tesla says, “Robotaxi wireless charging … No hands required,” adding, “We’ve come a long way haha.”

We’ve come a long way haha https://t.co/FGiL54sMEs

— Tesla (@Tesla) October 18, 2024

Tesla appears to be making another promise: wireless EV charging. Yet this feature appears to be available only on the upcoming robotaxis.

In March, Electrek’s Fred Lambert offered his take on speculation about Tesla wireless EV charging:

Tesla has teased what appears to be a new wireless home charging station as part of its charging presentation during its Investor Day.

. . .

Now the second image is bran …

Read more at: https://www.zerohedge.com/technology/did-tesla-just-unveil-wireless-ev-charging-combat-cord-thefts

CFTC Says Court “Erred At Every Turn” In Allowing Kalshi’s Election Markets

Authored by Tom Mitchelhill via CoinTelegraph.com,

The district court judge overseeing betting market Kalshi’s suit against the United States Commodities Futures Trading Commission “erred at every turn” when it allowed the platform to list and trade election odds, the regulator says.

In an Oct. 16 filing to a Washington, DC, appeals court, the CFTC said a federal court ignored the “plain meaning” of terms under the Commodity Exchange Act (CEA) and prevented the regulator “without basis” from properly examining certain kinds of transactions.

The regulator argued the court “mistakenly erred” when considering important details on whether Kalshi should be allowed to list political event contracts.

Read more at: https://www.zerohedge.com/political/cftc-says-court-erred-every-turn-allowing-kalshis-election-markets

Interest In Politics Often Ranks Low

Interest in politics varies among countries and for a majority of the 21 nations surveyed by Statista Consumer Insights between July 2023 and June 2024, politics was in the bottom half of the most frequently named personal interests out of 18 surveyed.

As Statista’s Kathartina Buchholz details below, the topic ranked lowest in India (15 out of 18), followed by Mexico (rank 14), France and South Africa (rank 13).

You will find more infographics at Statista

The share of respondents naming politics as an interest also varied between countries where it ranked similarly.

For example, 19 percent of French people interested in politics constituted rank 13, while in South Africa rank 13 equated to 35 percent of respondents expressing an interest in politics.

In the U.S., 24 percent named politics and current events as an interest of theirs – rank 11 out of 18.

The biggest share of people said they were interested in politics in Finland and Brazil at 36 percent. Again, ranks varied widely as this led to the topic being the sixt …

Read more at: https://www.zerohedge.com/political/interest-politics-often-ranks-low

Fani Flexes, Takes Second Crack At Trump After Judge Tosses Charges

Via Headline USA,

Fulton County District Attorney Fani Willis asked the Georgia Court of Appeals this week to reinstate six racketeering charges against former President Donald Trump.

Fani Willis / PHOTO: AP

Willis had filed three solicitation counts against Trump for allegedly soliciting Georgia House Speaker David Ralston and Georgia Secretary of State Brad Raffensperger to change the results of the 2020 election.

She brought the same charges against Trump’s former lawyer, Rudy Giuliani, and his former chief of staff Mark Meadows.

The charges were dismissed against all defendants by Superior Court Judge Scott McAfee, who ruled Trump and the others charged in Willis’s sprawling election interference case had no …

Read more at: https://www.zerohedge.com/political/fani-flexes-takes-second-crack-trump-after-judge-tosses-charges

Boohoo considers break-up as sales slide

The online fashion firm is mulling whether to offload its brands as sales remain under pressure.

Read more at: https://www.bbc.com/news/articles/crkdynj42ldo

Who has to pay inheritance tax?

Inheritance tax is again creating political debate so how does it work and who pays?

Read more at: https://www.bbc.co.uk/news/business-36014533

Netflix raises prices as password boost fades

The streaming giant will charge subscribers more in some countries to fuel growth.

Read more at: https://www.bbc.com/news/articles/cq5exj06vg6o

Jio Financial Q2 Results: Cons PAT rises 3% YoY to Rs 689 crore, revenue jumps 14%

Jio Financial Q2 Results: The company reported quarterly revenue of Rs 693.50 crore, a 14% increase from Rs 608.04 crore in the same quarter last year. Sequentially, PAT surged 120% compared to Rs 312.63 crore in Q1FY25, while revenue rose 66% from Rs 417.82 crore in the April-June quarter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/jio-financial-q2-results-cons-pat-rises-3-yoy-to-rs-689-crore-revenue-jumps-14/articleshow/114352681.cms

Tata Consumer Q2 Results: Cons PAT jumps 8% YoY to Rs 364 crore, beats estimates

Tata Consumer Q2 Results: The profit after tax was above ET Now poll estimates of Rs 314 crore. The company reported quarterly revenue of Rs 4,214 crore, a 13% increase from Rs 3,734 crore in the same period last year. The India Beverages segment grew 3%, despite a 4% decline in tea volumes, while India Foods revenue rose 28% (9% organic). Overall volume growth was 1%.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/tata-consumer-q2-results-cons-pat-jumps-8-yoy-to-rs-364-crore-beats-estimates/articleshow/114350232.cms

3 Adani stocks among top 10 largecaps sold by mutual funds in September

Mutual funds actively buy and sell securities to manage their portfolios. According to a report by ICICI Direct Research, here are the top 10 large-cap stocks that mutual funds sold in September.

Read more at: https://economictimes.indiatimes.com/mf/analysis/3-adani-stocks-among-top-10-largecaps-sold-by-mutual-funds-in-september/slideshow/114345391.cms

Trump and Harris would add trillions to the national debt. Here’s why it could lead to higher costs for households.

Analysts say much of the recent inflation crisis was driven by government budget deficit

Read more at: https://www.marketwatch.com/story/trump-and-harris-would-add-trillions-to-the-national-debt-heres-why-it-could-lead-to-higher-costs-for-households-3b10f266?mod=mw_rss_topstories

U.S. budget deficit in fiscal 2024 swells to third-highest level on record

The federal budget deficit for fiscal 2024 was $1.8 trillion, up 8% from a year ago, as the government’s spending continued to swamp revenue.

Read more at: https://www.marketwatch.com/story/u-s-budget-deficit-in-fiscal-2024-swells-to-third-highest-level-on-record-651a2321?mod=mw_rss_topstories

These two crypto funds may be compelling ways to bet on a Trump election win

Grayscale Investments’s Digital Large Cap Fund and Bitwise Asset Management’s Bitwise 10 Crypto Index Fund could provide attractive opportunities to bet on Donald Trump’s victory in next month’s U.S. presidential election, according to Fundstrat.

Read more at: https://www.marketwatch.com/story/these-two-crypto-funds-may-be-compelling-ways-to-bet-on-a-trump-election-win-052622a2?mod=mw_rss_topstories