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Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions. Oil prices have been depressed this year because China — the world's largest oil importer — is in a prolonged economic downturn. Last year, they each accounted for 11% of the world's oil supply. This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output. Advertisement"But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.
Persons: , Abishur Prakash, Prakash, Anton Siluanov, Matthew Huber, we're, Huber Organizations: Service, , Financial Times, International Energy Agency, Brent, US West Texas, Syracuse University, Saudi, Trump, OPEC Locations: Saudi Arabia, Russia, China, Toronto, Israel, Iran, Europe, OPEC
Ukrainian drones hit an ammo depot at a Russian airbase and a weapons factory over the weekend. These marked Ukraine's latest deep strikes targeting a key military facility inside Russia. US officials and war analysts have said this campaign will complicate Russian operations in Ukraine. The strike operations demonstrated Kyiv's long reach as it targets key military facilities inside Russia. Ukraine said it also produces guided glide bombs, the highly destructive weapons Russia has used to wreak havoc on Ukrainian troop positions and civilians.
Persons: , George Barros, Barros Organizations: Service, Social Media, REUTERS, Pentagon, Technologies, Institute for Locations: Russian, Russia, Ukraine, Lipetsk, Russia's, Ukrainian, Nizhny Novgorod, Kyiv, Moscow
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, on Oct. 17, 2024. U.S. crude oil futures extended gains on Tuesday after rising nearly 2% in the previous session. Oil prices have bounced back somewhat after selling off steeply last week. Traders increasingly view a supply disruption in the Middle East due to Israel-Iran tensions as unlikely. Weak demand in China has also weighed on prices recently.
Organizations: Traders Locations: Carson, Los Angeles, Carson , California, Israel, Iran, China, Beijing
Some analysts expect Tesla's third-quarter earnings to signal a turning point, while others see more pain ahead. AdvertisementTesla will report third-quarter earnings results after the market close on Wednesday, and Wall Street will be hyper-focused on the company's core auto business. However, some analysts on Wall Street expect the upcoming third-quarter earnings print will be a sign that the worst is behind Tesla. Here's what Wall Street expects from Tesla's upcoming earnings report. But perhaps more important than vehicle deliveries for Wall Street is Tesla's profit margins.
Persons: , Tesla, Dan Levy, Levy, Wells, Colin Langan, Langan, Dan Ives, Ives, Joel Levington, Levington Organizations: Service, Wall, Barclays, Tesla Energy, Tesla, Bloomberg Intelligence, Acura, Volvo Locations: Wells Fargo, Wells
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are receiving more natural gas through Croatia than ever before: Hungarian Energy MinisterCsaba Lantos, the Energy Minister of Hungary discusses the country's energy diversification efforts.
Persons: Csaba Lantos Organizations: Hungarian Energy, Energy Locations: Croatia, Hungary
"The global battle against inflation is almost won," the IMF report trumpeted, even as it called for "a policy triple pivot" to address interest rates, government spending, and reforms and investment to boost productivity. The fund kept its global growth estimate at 3.2% for 2024 and 2025 — which it called "stable yet underwhelming." Market volatility among key downside risksHeightened financial volatility is another threat to global growth, the IMF report said. Further challenges to global financial markets could come in the final stretch of the fight against inflation. The IMF forecasts global growth will rise 3.1% annually at the end of the 2020s, the lowest level in decades.
Persons: Pierre, Olivier Gourinchas Organizations: International Monetary Fund, Global, Vigilance, IMF Locations: Washington , DC, United States, The Washington, Brazil, Mexico, America, Europe
Mike Kemp | In Pictures | Getty ImagesLONDON — The U.K. is likely to see interest rates drop at a faster pace than previously expected, according to economists who flagged key data releases that indicated inflationary pressures are finally easing. However, economists at Goldman Sachs in a Monday note forecast rate cuts "notably below market pricing." As a result, they see consecutive 25 basis point cuts taking the Bank Rate to 3% as early as September 2025, and to 2.75% in November next year. "Recent data have cemented expectations of another cut in interest rates in November. "That said, uncertainty around the economic outlook is high, and interest rate expectations will be sensitive to what the government announces in the Budget," Muir added.
Persons: Mike Kemp, Goldman Sachs, BOE, Price, , James Smith, Smith, David Muir, Muir, Keir Starmer, Rachel Reeves Organizations: of England, Labour, Bank of England's, BOE policymakers, Bank of England, ING . Services, Reuters, International Energy Agency, U.S . Federal Reserve, European Central Bank, Moody's, Finance Locations: City of London, London, United Kingdom
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe energy markets are 'schizophrenic' right now: S&P Global vice chairmanDan Yergin, vice chairman of S&P Global, and author of "The New Map: Energy, Climate and the Clash of Nations" discusses energy markets with CNBC at the IMF meetings in Washington, D.C.
Persons: Dan Yergin Organizations: P Global, Nations, CNBC Locations: Washington ,
"The country has completely halted," said homemaker Mayde Quiñones, 55, who cares for her mother-in-law, who is in her 80s. The prolonged nationwide blackout that followed a massive outage Thursday night was part of countrywide energy problems that led to the largest protests in Cuba in almost 30 years, in July 2021. The Cuban government on state television Monday night said that it's producing 1300 megawatts when peak demand can hit 3 gigawatts. He said that Oscar would bring "an additional inconvenience" to Cuba's recovery since it would affect key Cuban power plants, such as Felton in the city of Holguín, and Renté in Santiago de Cuba. The blackout was considered to be Cuba's worst since Hurricane Ian hit the island as a Category 3 storm in 2022 and damaged power installations.
Persons: Hurricane Oscar, Miguel Díaz, Canel, Mayde Quiñones, Karine Jean, Pierre, it's, Juan Estrada, hasn't, Vicente de la O Levy, Oscar, Felton, Antonio Guiteras, Ian, haven't Organizations: Hurricane, Cuban, Authorities, Energy Locations: Cuba, San Antonio, Sur, U.S, Europe, United States, Havana, Holguín, Santiago de Cuba
A mid-October poll by The Associated Press measured which of the two candidates voters trust on a variety of economic issues. Harris’ campaign declined to say where she wants to set the federal minimum wage, which is currently $7.25 per hour. Former President Donald Trump answers questions as he works the drive-thru line at a McDonald's on Oct. 20 in Feasterville-Trevose, Pa. “Donald Trump is running on a middle-class tax hike, Kamala Harris is running on a middle-class tax cut,” Harris campaign spokesperson James Singer said. “Working families like rank-and-file Teamsters overwhelmingly support President Trump because only he will Make America Wealthy, Strong, and Great Again.”
Persons: Donald Trump’s, Kamala Harris, Harris, Trump, , Kent Smetters, Sen, Chris Caldwell, Harris ’, Smetters, , hasn’t, Joe Biden, Donald Trump, Win McNamee, “ Donald Trump, ” Harris, James Singer, , Anna Kelly Organizations: Biden, Tufts University, Trump, University of Pennsylvania’s Wharton School, Daily, Wharton, Democratic, The Associated Press, Voters, Bureau of Labor Statistics, Economic, Institute, Republican National, Teamsters, America Locations: Pennsylvania, McDonald’s, Las Vegas, U.S, Arizona, Feasterville, Pa, China, Communist
Stoianoglo has said that, if elected, he would build a “balanced” foreign policy involving ties with the EU, the United States, Russia and China. In the run-up to Sunday’s referendum, polls had shown clear majority support for joining the EU. A “yes” result means a clause will be added to the constitution defining EU accession as a goal. The EU leapt to Sandu’s defence, saying Moldova had faced “really unprecedented intimidation and foreign interference by Russia and its proxies ahead of this vote”. The tight referendum result could put Sandu in a weaker position going into the second round since she has championed EU integration.
Persons: Maia Sandu, Sandu, Alexandr Stoianoglo, Stoianoglo, Daniel Mihailescu, , , Ilan Shor, Sandu’s, Shor, Valeriu Pasha, Organizations: EU, Getty, Kremlin, Sandu, Moldovan, , Facebook Locations: Soviet, Russia, United States, China, Moldovan, Chisinau, AFP, Ukraine, Transdniestria, Moldova, Moscow, Sunday’s
HAVANA — Millions remain without power in Cuba for a third consecutive day as slow progress is made in restoring electricity following multiple major grid failures. Hurricane Oscar, a Category 1 storm, made landfall on eastern Cuba's northern coast Sunday evening with sustained winds of 80 mph. Levi blamed the U.S.'s “brutal blockade” for the financial difficulties in acquiring fuel and spare parts for Cuba's power plants, as well as for the current electric power crisis. Cuban police and military stand next to debris used to block a street during a protest against a blackout, after opening the street up to traffic, in Havana, Cuba on Saturday. Cuba’s economic crisis has spurred massive migration.
Persons: Vicente de la O Levi, Levi, Miguel Díaz, Norlys Perez, , , ” Levi, Donald Trump’s, Orlando Matos, Carmen Sesin Organizations: U.S, Cuban, U.S . State Department, NBC News, Reuters Locations: HAVANA, Cuba, U.S, Colombia, Mexico, Venezuela, Russia, Havana, States, Miami
Brazilian President Luiz Inacio Lula da Silva was expected to join but canceled his trip after suffering an injury at home. “This BRICS summit is really a gift (for Putin),” said Alex Gabuev, director of the Carnegie Russia Eurasia Center in Berlin. Russian President Vladimir Putin, Chinese leader Xi Jinping, then-Brazilian President Jair Bolsonaro, South African President Cyril Ramaphosa and Indian Prime Minister Narendra Modi pose as they arrive for the BRICS summit in Brasilia in November 2019. While BRICS is primarily geared toward economic collaboration, its meeting last year took place in the shadow of the war in Ukraine. The gathering in Kazan also gives Putin ample opportunity for one-on-one facetime with his fellow BRICS leaders and other friendly dignitaries in attendance.
Persons: Vladimir Putin, , Xi, India’s Narendra Modi, Iran’s Masoud, Cyril Ramaphosa, Recep Tayyip Erdogan, Luiz Inacio Lula da Silva, Putin –, Xi –, Putin, BRICS, Donald Trump, , Alex Gabuev, , BRICS “, ” Gabuev, Xi Jinping, Jair Bolsonaro, Narendra Modi, Adriano Machado, Mahmoud Abbas, Israel –, Jonathan Fulton, Volodymyr Zelensky, Yevhen Titov, they’ll, Manoj Kewalramani Organizations: CNN, Carnegie Russia Eurasia Center, Indian, Reuters, International, Israel, Atlantic Council, United Nations General Assembly, US, New Development Bank, World Bank, International Monetary Fund, BRICS, Kremlin, Takshashila Locations: Ukraine, Moscow, Russian, Kazan, Brazil, Russia, India, China, South Africa, Egypt, United Arab Emirates, Ethiopia, Iran, Beijing, Tehran, United States, Berlin, Brasilia, Johannesburg, Israel, Gaza, Hezbollah, Lebanon, Abu Dhabi, , Gabuev, BRICS, Kharkiv, Indian, Bangalore
The firm initiated its coverage of the energy company with a buy rating and $354 price target, implying upside of nearly 30%. Analysts are generally bullish the stock, with the majority of those covering the name rating it either as a strong buy or buy. GEV YTD mountain GEV YTD chart As a catalyst, analyst Nicole DeBlase cited a strong outlook in investments towards power generating assets. Additionally, the analyst pointed out that GE Vernova's gas power business is increasingly turning into a growth story. "Gas turbine orders have picked up in recent quarters, as increasing electricity consumption pressures existing grid infrastructure, requiring more baseload capacity.
Persons: Nicole DeBlase, DeBlase Organizations: GE Vernova, Deutsche Bank, General Electric, GE, Gas
Like, ‘You think I’m lying about what I’ve done?’”There can be no doubting the American this time. I was like, ‘There’s no way I’m going to keep going.’”Eight years later, Wilcox has finally completed the remarkable feat. Lael Wilcox (third from right) is joined by fellow female cyclists during one of Komoot's Women's Rallies. courtesy Ashley Gruber“I would almost always be the only woman at any event I went to,” explained Wilcox. “I had a good ride, I’m happy with it.
Persons: CNN —, Lael Wilcox, , , – Wilcox, Wilcox, “ It’s, ’ ”, they’ll, Komoot, Komoot's Women's, Ashley Gruber “, , ” Wilcox, Vedangi Kulkarni Organizations: CNN, CNN Sport, New Zealand, Guinness, Komoot’s Women’s, Basque, Locations: Chicago, Europe, Australia, New, Anchorage , Alaska, West Coast, Oregon, Virginia, Germany, Turkey, New York City, Basque Country, San Francisco, Arizona , New Mexico , Texas, Oklahoma, Missouri, Illinois
Republican presidential nominee, former U.S. President Donald Trump delivers remarks during a campaign rally at the Cobb Energy Performing Arts Centre on October 15, 2024 in Atlanta, Georgia. Five men who were wrongfully convicted as teenagers in the so-called Central Park Five jogger rape case sued Donald Trump on Monday, saying the Republican presidential nominee defamed them by claiming they killed someone and pleaded guilty. The lawsuit, filed in federal court in Philadelphia, cites several statements Trump made about the men during his Sept. 10 debate with Democratic nominee Kamala Harris. "Defendant Trump falsely stated that Plaintiffs killed an individual and pled guilty to the crime. Further, the victims of the Central Park assaults were not killed," the complaint said.
Persons: Donald Trump, Trump, Kamala Harris, Defendant Trump, Plaintiffs, Yusef Salaam, Raymond Santana, Kevin Richardson, Antron Brown, Korey Wise Organizations: Cobb Energy Performing Arts Centre, Democratic, New, New York City Council, CNBC Locations: Atlanta , Georgia, Philadelphia, New York
I began a private practice, providing personalized psychiatric care and psychotherapy, focusing on women's mental health and perinatal mental health. I also now have a digital mental health platform. Now, as the cofounder and CEO, I'm caring for patients and working to raise awareness of relevant mental health issues. 5 p.m. - 7 p.m.:Dinner time is family time — I block my work calendar to be fully present during these hours. The evening usually involves playing with the toddlers and caring for the baby, but by this point, I'm pretty exhausted.
Persons: Sarah Oreck, Oreck, , Emma Sugerman, he's, doesn't, I'm, We've, Lauryn Haas Organizations: Mavida, Service, Mavida Health, Health, lhaas Locations: Los Angeles, East Coast, LA
A collection of stocks including AT & T and Tesla could see strong moves this week on the heels of quarterly results. Looking ahead, CNBC Pro screened for stocks that could see large moves in either direction in response to quarterly results this week, specifically by examining forecast moves based on action in the options market. The battered electric vehicle company stock has pulled back more than 11% in 2024 and is the worst performing stock in what had been the Magnificent Seven . The stock could see as much as a 6.3% move when reporting quarterly results on Oct. 23. Other stocks on the list that could see strong moves in tandem with their latest financials results included Enphase Energy and Harley-Davidson .
Persons: Tesla, JPMorgan Chase, Goldman Sachs, Elon, Musk, Davidson Organizations: CNBC Pro, AT, JPMorgan, EV, Bloomberg, Enphase Energy, Harley Locations: California, Texas
Harrison Beacher real estate agent and managing partner at Coalition Properties Group in Washington, D.C. States such as Georgia do not require real estate agents or sellers to disclose upfront if the home was the site of a death. Nearly three-quarters, 72%, of potential homebuyers said they would buy a "haunted" house for a lower price, according to a new report by Real Estate Witch, a data site owned by Clever Real Estate. In some states, real estate agents need to provide truthful information upon a buyer's request, or at the very least, point you toward the right direction to find out. Besides the real estate agent, neighbors can give you first-hand experience of the area, as well as information about the previous homeowners.
Persons: Matt Champlin, Harrison Beacher, Zers, I'm, homebuyers, Daryl Fairweather, Fairweather, Beacher, Leno, Rosemary LaBianca, Charles Manson's, Zak Bagans, Connie Vavra, Theresa Payton Organizations: National Association of Realtors, NAR, Coalition Properties Group, Washington , D.C, Finance, Real, White House Locations: Washington ,, California, Alaska, Dakota, New York, Georgia, Elgin , Illinois
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNeed collaboration to develop clean-energy tech on a large scale: JERA Asia CEOIzumi Kai of JERA Asia, Japan's biggest power producer, talks about the need for global partnership to hit carbon neutrality through renewables like hydrogen and ammonia.
Persons: Izumi Kai Organizations: JERA Locations: Asia, JERA Asia
Cramer's Lightning Round: Cheniere Energy is a buy
  + stars: | 2024-10-21 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Cheniere Energy's year-to-date stock performance. Stock Chart Icon Stock chart icon IonQ's year-to-date stock performance. Stock Chart Icon Stock chart icon NuScale Power's year-to-date stock performance. Stock Chart Icon Stock chart icon AST SpaceMobile's year-to-date stock performance. Stock Chart Icon Stock chart icon Dexcom's year-to-date stock performance.
Persons: Cheniere, NuScale Organizations: Cheniere, GE, GE Vernova
"Profits accelerating are far more important than who is sitting in the Oval Office," Subramanian said. Instead, the energy sector was the worst-performing sector when Trump was in office, losing 29% even as the S&P 500 surged 83%. Meanwhile, the clean energy sector rose 306% during Trump's presidency, according to data from YCharts. AdvertisementToday, the opposite is true: traditional energy stocks have been the best-performing sector during Biden's presidency, rising 139%, while the clean energy sector is the worst-performing sector, down about 55%. AdvertisementUltimately, Subramanian and her team expect the stock market to rise in 2025 regardless of who wins the election in November.
Persons: , Savita Subramanian, Subramanian, Donald Trump, Trump, Joe Biden, Elon Musk Organizations: Bank of America, Stock, Service, Capitol, Republican, White House Locations: YCharts
Analyst Nick Lai, who has an overweight rating on the Chinese electric vehicle maker, added Xpeng to the Wall Street bank's positive catalyst watch list in a 17-page report out Sunday. This comes amid JPMorgan's forecast that EREVs and plug-in hybrid electric vehicles combined will make up about 60% of the new energy vehicle market by 2030 – almost double last year's figure. Another event that could drive the stock higher is Xpeng's third-quarter results next month, which Lai thinks will show expanded gross profit margins. Heading into 2025, Xpeng should see more volume growth, JPMorgan said, with the bank forecasting 72% volume growth in 2025. As a result, Xpeng should see positive free cash flow next year and a profit in 2026, according to Lai.
Persons: Nick Lai, Lai, BEV, , Max, Mona, Xpeng, they've Organizations: JPMorgan Locations: 4Q24, 1Q25, Xpeng
The Tax Cuts and Jobs Act (TCJA), which took effect in the beginning of 2018, overhauled the federal tax code. It roughly doubled the standard deduction, adjusted individual income tax brackets , lowered most of the rates and applied a $10,000 cap on the state and local tax deduction. Mutual funds tend to have higher turnover – that is, buying and selling of underlying securities – and by law they must distribute capital gains. Meanwhile, income from Treasurys are subject to federal income tax, but exempt from state and local tax. Seek tax-efficient opportunities for your holdings Take a look at your portfolio and see whether there are opportunities for tax-advantaged yield, Woodard said.
Persons: Jared Woodard, Woodard, MLPA Organizations: Bank of America, Mutual, Bloomberg, ETF, SEC, Muni, MLP & Energy Infrastructure, Global, MLP, MLPX, & $ Locations: U.S
It's a good time to increase exposure to bitcoin as stocks continue hitting new records and as the U.S. presidential election draws nearer, according to Bernstein. Bitcoin is again testing $70,000, something it's done several times this year after reaching a new record above $73,000 in March. Bitcoin ETF inflows, crypto equity markets and retail trading sentiment [are] screaming 'risk-on.'" Earlier attempts led to brief forays above $70,000, but over the weekend bitcoin rose as high as $69,480, according to Coin Metrics. Their outperformance "reflects underlying bullish sentiment for the bitcoin asset class vs. the compute/energy thesis, which investors have favored so far."
Persons: Bernstein, Bitcoin, Gautam Chhugani, Harris, Trump, bitcoin, Chhugani, Mara, — CNBC's Michael Bloom Organizations: U.S, bitcoin, Metrics, Mara Holdings Locations: U.S
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