4,072
-0.12%
4,072
-0.12%
11,461
-0.18%
11,461
-0.18%
34,430
0.1%
34,430
0.1%
1,812
-0.2%
1,812
-0.2%
17,057
0.53%
17,057
0.53%

How many Russian oil barrels will be bought under the G7 oil price cap by January (with paperwork 'attesting' the price under $60 a barrel):
The $60-a-barrel applies, according to EU document, to "petroleum oil" -- without distinguishing any of the main different Russian grades (Urals, Siberian Light, ESPO). Currently, Urals trades below the $60 limit, so effectively the cap is meaningless for it. ESPO trades above.
OPEC+ appears ready to become a "spectator" of the market (as one delegate put it to me) as the G7 oil price cap talks continue. As things stand, it's likely to keep its output unchanged when it meets virtually Dec 4, although a small cut isn't completely ruled out | #OOTT 1/4
"The reason the Greenspan put worked was that the market believed in it. The same can’t be said for President Joe Biden’s putative oil put." - @liamdenning
The wind speed has started to improve across Europe, easing pressure on electricity and gas markets. It could be short-lived, however, with potential for again low winds in continental Europe by early next week. But, for now, it's blowing again | #EnergyCrisis
CHART OF THE DAY: The FAO food price index fell slightly last month, bringing the year-on-year % change to just +0.3%. Wholesale agri commodity prices remain high, but the inflation wave has ended.

I wrote about this trend a few days ago: @opinion
CHART OF THE DAY: Electricity prices in the Nordic region have jumped to sky high levels so far this week, overshadowing the tightness in Germany, France and the UK. On a weekly average, Nordpool day-head is just under €350 per MWh, its second highest weekly ever | #EnergyCrisis
COLUMN: The number of new offshore wind power turbines ordered in Q3 from European manufacturers?

Zero. Nada. Rien. Nichts.

My latest @opinion column on the 'other' European energy crisis: one of permitting obstacles, windfall taxes and soaring costs.
Newcastle thermal coal is back to ~$400 a tonne
The meteorological winter starts today.
(The astronomical one starts on Dec 21st)

From now, the European energy market faces the ~90 coldest days of the year. Brace yourself. This is not over | #OOTT #LNG #CoalTwitter #EnergyCrisis
Quote of @dgelles
As I wrote last week, energy security is the theme, not climate change:

And that’s the case from senior business people to senior government officials. Not a myth, just reality.
“I actually believe we’re going to need hydrocarbons for 70 years.”- BlackRock CEO Larry Fink at @dealbook just now
OIL MARKET: New @EIAgov data shows stronger US oil demand than previously thought.

September total oil demand pegged at 20.470 m/d based on **monthly** data, up ~530,000 b/d from 19.938m b/d based on **weekly** data.

The new Sep 2022 data puts the month above Sep 2019 level.
Quote of @EIA_One
Important thread from the head of the @EIAgov addressing the adjusting factor issue (aka 'missing barrels') and laying out a 90-day effort to identify/resolve the problem.

Kudos to the EIA team for responding to the issue (see here my earlier take: )
In the @EIAgov Weekly Petroleum Status Report released today, we had another large crude oil adjustment of 1.45 million barrels per day. Let’s talk a little bit about this “adjustment” term. #OOTT

A thread.
And my below piece is confirmed.

With data now available for Nov 1-Nov 29, Russian oil output (crude and condensate) has climbed to 10.9m b/d, the highest since March. Vladimir Putin has managed to reverse nearly all its country's oil production losses.
CHART OF THE DAY: Arabica coffee prices are down 35% from their recent February peak, when they hit a 11-year high.

More via the Bloomberg's daily energy and commodities newsletter: Elements. Subscribe (free) here: | #OATT #Coffee ☕️
CHART OF THE DAY: Arabica coffee prices are down 35% from their recent February peak, when they hit a 11-year high. The reason? Forecasts for a better crop next year in Brazil, the world’s top producer | #OATT #Coffee ☕️
OIL MARKET: Over the last twelve months, US commercial crude inventories have fallen 14.0 million barrels. Over the same period, the Strategic Petroleum Reserve is down 213.4 million barrels | #OOTT
US total oil exports (crude + refined products) surged last week to a fresh all-time high, reaching almost 11.8m b/d. The export boom has triggered a large drop in domestic commercial inventories. The US remains the barrel of last resort to the global economy | #OOTT
Cotton prices are down ~50% since May.

That's great news if you are shopping for some t-shirts (or if you are a central banker worried about inflation)

My latest dispatch for Elements, the daily energy and commodity newsletter from Bloomberg, is below.
Germany is burning a lot of coal (~45% of all electricity generation) as wind stops blowing.

It’s electricity carbon intensity jumped to a crazy 745 grams (CO2 gr per KWh) this evening — higher than in South Africa and India

Closing nuclear matters | #Energiewende h/t @ckazok
The Christmas shopping plan in Vienna ruined...
OPEC+ has moved its December 4th (Sunday) meeting to a virtual gathering, according to delegates | #OOTT
Germany signs a 15-year long-term LNG import contract with Qatar (starting from 2026). After all, Berlin decided it does need LNG imports going on as long as into the early 2040s. Security of energy supply trumps everything else | #EnergyCrisis 🇶🇦🔥🇩🇪

Breaking news

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"This is about the outrageous behavior of an individual," Sen. Pat Toomey says on the FTX fallout. |  Link
Whether it’s flaming eggplant or liquid nitrogen gelato, 21st-century NYC diners are getting wowed by old-school tableside carts |  Link
Russian tourists are once again traveling in large numbers to Thailand and using credit cards issued outside of Russia |  Link
Layoffs hit white-collar workers, hinting at a ‘Patagonia vest recession’ |  Link
CFTC Chair calls for authority to prevent the next FTX by @Jenniferisms and @DsHollers Link
A crypto party in India is showing signs of trouble amid a wider market meltdown. Lax regulations heighten the risks, experts say. |  Link
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Larry Summers says the Fed will need to raise rates more than expected, and warns the economy could slide suddenly like an "avalanche" |  Link
A Beverly Hills cop was California’s highest-paid municipal worker last year, earning $716,000 |  Link
The U.S. added a more-than-expected 263,000 jobs in November despite announcements of thousands of job cuts by technology companies, including Twitter, Amazon and Meta. Read more |  Link
“Oil is pinched in that sort of demand-supply equation right now,” @mdbaccardax says. More: |  Link
Companies that thrived during a period of rising prices may find it harder to boost prices and protect margins as inflations continues to slow. That could mean trouble. |  Link
4 of the top 10 best college towns in the U.S. are in Florida—see where else made the list (via @CNBCMakeIt) |  Link
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Tax "refunds may be smaller in 2023," warns the IRS. Here's why. |  Link
News shared on social media and by word-of-mouth moved faster than China’s censors, but the government is quickly making sure it keeps the upper hand |  Link
Home builders and suppliers have been hammered by rising mortgage rates. But there’s long-term value in the stocks, and interest rates won’t stay up forever. |  Link
McDonald's is taking a giant leap into the future with this new restaurant concept |  Link
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Winners of the second annual Earthshot Prize will each receive $1.2 million to help address environmental — and human — woes |  Link
LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is up for sale |  Link
Parents of successful kids don't worry about screen time, one expert says — they teach these 3 skills instead. (via @CNBCMakeIt) |  Link
Donald Trump “explicitly sanctioned tax fraud” by executives at two of the Trump Organization’s business units, a New York prosecutor told the jury in the companies’ criminal tax fraud trial |  Link
Cramer's lightning round: Let Extreme Networks cool off a little before buying |  Link
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Jim Cramer gives his take on Sunrun |  Link
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Heard on the Street: Jobs report reminds investors that Silicon Valley isn’t the whole economy |  Link
In an exclusive interview, San Francisco District Attorney Brooke Jenkins has a message about the “lawlessness” she says she inherited in her city: “All crime in San Francisco is illegal again” |  Link
Jim Cramer says these 3 apparel stocks benefit from the return to office |  Link
U.S. says Swiss engineering group ABB to pay over $315 million to resolve bribery case |  Link
U.S. Fed proposes plan for banks to manage climate-linked financial risk |  Link
“It will likely… prevent a rail strike and make such industrial activities illegal,” @mdbaccardax says about the new rail strike bill. “That’s a really big move for a president who has championed the labor movement for virtually the whole of his career.” |  Link
U.S. Treasury says oil price cap 'institutionalizing' Russian crude discounts |  Link
Flu hospitalizations nearly doubled over the last week, and admission rates have reached the highest level in more than a decade via @CityLab Link
New York Attorney General Letitia James’s longtime chief of staff and one of her most-trusted advisers resigned after being investigated for workplace misconduct via @CityLab Link
Of the 2,481 wines our columnist tasted this year, these 50 are the absolute best value |  Link
How Google's Waze has changed from its early days as car travel is remade |  Link
Adidas, one of FIFA's seven global partners, will still be represented in the tournament by Spain, Argentina and Japan after four of its seven sponsored teams exited the #FIFAWorldCup Link
Swiss industrial company ABB agrees to pay $315 million to resolve a multinational investigation into the bribery of a high-ranking official at South Africa's state-owned power utility Eskom |  Link
Germany has become a no-fly zone for discount airlines like Ryanair and EasyJet |  Link
Biden administration officials are trying to reassure oil market participants that the newly agreed $60 price cap on Russian crude won’t trigger supply disruptions and price volatility after it kicks in Monday |  Link
Here are seven major companies whose stocks moved on the week’s news, including CSX, AMC and Salesforce |  Link
Jim Cramer says these 3 apparel stocks benefit from return to office |  Link
What does it mean for a disease to become endemic? Watch the full video here: |  Link
The Biden Administration this week hosted French President Emmanuel Macron for an elaborate state dinner, with the menu headed by pricey, Maine-caught lobsters – drawing bipartisan criticism for the opulent optics.
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Bloomberg went to the Bahamas to spend 11 hours with the most famous man in crypto. This is what he had to say: Here’s your Evening Briefing |  Link
Darjeeling tea price tumbles after India leaf-blending quarrel |  Link
GM venture to invest additional $275M at Tennessee plant |  Link
The battle to control the iconic 4.2-mile stretch of road continues. |  Link
Microsoft is ready to fight for its $69 billion acquisition of gaming company Activision if the FTC files a lawsuit seeking to block the deal |  Link
The unemployment rate might have to rise to 4.5%—and stay there a while—before the Fed declares victory in cooling inflation. |  Link
Former FBI agent of 21 years: These are the 8 biggest "warning signs" that reveal a dishonest person. (via @CNBCMakeIt) |  Link
Goodbye savings, hello debt. Americans tap into credit to pay for goods this holiday season. @KristinaParts reports. |  Link
Magnetar Capital cut its stake in iRobot, a maker of automated cleaning devices. RA Capital disclosed a large stake in drug firm Acrivon Therapeutics. |  Link
Billionaire Warren Buffett: This is the "one easy way" to increase your worth by "at least" 50 percent. (via @CNBCMakeIt) |  Link
The Federal Reserve’s new regulatory chief on Thursday signaled plans to beef up big-bank capital requirements, potentially revisiting financial rules that were eased during the Trump administration |  Link
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Cramer’s week ahead: Markets need a strong job market, tame inflation to stay up |  Link
Former FTX US head is raising money for crypto startup via @business Link
The lawyer who represented Bernie Madoff has some advice for Sam Bankman-Fried: shut up |  Link
A Harvard nutritionist shares the No. 1 vitamin that keeps her brain "young and healthy"—and foods she eats "every day." (via @CNBCMakeIt) |  Link
U.S. judge dismisses indictment against Huawei CFO that strained U.S.-China relations |  Link
Cloud stocks were supposed to be immune from the slowdown. It hasn’t turned out that way. |  Link
US joins EU and G7 to cap Russian oil prices at $60/barrel by @Jenniferisms Link
“The month of December… in terms of performance… it’s generally the best month of the year,” @mdbaccardax says about the potential Santa Claus rally. “The missing component into all of these discussions is where we’re headed on corporate earnings." |  Link
Over 100,000 creditors want their money back from BlockFi, the crypto lender filed for bankruptcy this week, and HSBC is getting $10 billion for selling its Canadian business to Royal Bank of Canada. Here's our weekly roundup of top business and finance stories from this week
Mutual fund manager T. Rowe Price has had a rough time of late, hurt by the decline in growth stocks. The negativity among analysts could be overdone. |  Link
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Duolingo's addictive language lessons turned the free app into a pandemic hit. Now a public company, it needs to figure out how to make money without infuriating its fierce fanbase |  Link
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The Covid pandemic introduced the world to Zoom calls and forever changed how we work. Now a handful of startups are racing to build fully fleshed out virtual offices |  Link
Solar stocks rallied Friday after the US ruled that some foreign manufacturers are evading tariffs in a decision that wasn’t quite as harsh as investors feared |  Link
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Worker discontent is breaking out across South Korea, threatening to undermine the country’s already faltering economy and presenting yet another challenge to President Yoon Suk Yeol |  Link