Tesla's stock is on a crazy ride, with a stunning rebound from 2022's freefall. Here's a timeline of the drama that drove it, from Elon Musk's Twitter gamble to aggressive price cuts

1 month ago Markets Insider

Here's a timeline of the dramatic events that drove Tesla's tumultuous ride in the stock market over the past year or so. Here's a timeline of key events over the past year that have fueled Tesla's rollercoaster ride in the stock market. TradingViewApril 2022: Musk's $44 billion Twitter dealIn April last year, Musk agreed a deal to buy Twitter for $44 billion. November 2022: Twitter angst returnsBy the end of October, Musk officially became the owner of Twitter. Tesla market capitalization chart KoyfinFebruary 2023: Price cuts spark EV demandSo far this month, Tesla has powered higher and higher.
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LNG Bottlenecks Are Emerging In Crisis-Stricken Europe

Clearly, these terminals were not sufficient for the surge of LNG imports into the country, which sports the most LNG import terminals in Europe, at a total of six. And as the LNG rush to Europe continues, an LNG tanker shortage is looming large. The Reuters report about the LNG tanker jams noted that LNG prices for delivery in November and December are $2 mmBtu higher than current prices. Higher U.S. gas prices would automatically increase LNG prices for the international market as well. This is happening as the European Union tries to put its foot down and say it will install a ceiling on LNG prices.

5 months ago Markets Insider

Why Biden Wants To Release More Oil From The SPR

Last week, the White House caused a splash by announcing that President Biden was ready to release more crude from the strategic petroleum reserve. With OPEC+ reducing output by about a million barrels daily from November, this means that the supply of crude globally will tighten in the coming months. Biden himself says there is no political motive behind the SPR release strategy. The biggest problem with using the SPR as a way of regulating oil prices is that, being a strategic reserve, it would be dangerous to draw too much from it. At a little over 400 million barrels, the current amount of oil in the SPR is not enough for a month of consumption in case of emergency.

5 months ago Markets Insider

Wharton professor Jeremy Siegel warns the Fed is 'playing with fire' in its handling of the economy as liquidity falls dramatically, but he's still a buyer of stocks over bonds

The Federal Reserve is "playing with fire" in its handling of the economy if it hikes rates by 75 basis points, according to Jeremy Siegel. Despite the ongoing risks from the Fed's aggressive interest rate hike policy, he still likes stocks over bonds. Siegel is not surprised, because companies were able to take advantage of years of low interest rates, as well as today's inflationary environment. And that sets stocks up for upside in the long-term, according to Siegel, who still prefers the asset class over bonds despite the recent surge in interest rates. "Why should I hold something that's 4% [interest rate] before inflation, that's not the greatest yield.

5 months ago Markets Insider

Uzbekistan Looks To Position Itself As A Key Transport Hub In Central Asia

Several strategic and economic reasons underline why Tashkent hopes to play an increasingly essential role as a transport hub in Central Asia. Additionally, Mirziyoyev aims to securitize the country by way of becoming a regional transportation corridor for the great powers. As a result of Tashkent’s proactive transportation diplomacy, recent developments highlight Uzbekistan’s growing importance as a Eurasian transportation hub. The new railway will position Uzbekistan at the center of one of the region’s most consequential supply routes. In terms of soft infrastructure, Uzbekistan is actively negotiating tariffs and simplifying customs laws with its neighbors and others in the region.

4 months ago Markets Insider

Iran Moves To Consolidate Its Grip On Iraq’s Oil Sector

At the same time as the office was being set up, Iraq’s Ministry of Oil issued a circular to all Iraqi companies announcing the readiness of Iranian specialised companies to participate in Iraq’s oil and gas projects. Two factors surrounding the several recent missile and drone attacks by Iran on the Kurdistan region of Iraq (KRI) are apposite to note. First, on the Iraq Kurdistan question, Iran regards this as its own problem, not just Iraq’s. This money came through a series of deals organised by the Kremlin’s oil company, Rosneft, although in return the government of Iraq’s Kurdistan region, the KRG, effectively sold the region’s oil sector to Russia. As also analysed in depth in my latest book on the global oil markets, it is impossible to distinguish Iraqi oil from Iranian oil in the oil fields that are shared between the two neighbouring countries.

2 months ago Markets Insider

Norway’s Oil Profits Soared To New Heights In 2022

Following several previous successful years, Norway once again saw record oil and gas profits in 2022, as well as progressing its renewable energy operations. In October, Norwegian oil and gas firm Equinor announced record third-quarter profits, achieving $24.3 billion in the July-September period, and over $9.77 billion in the same period of 2021. Although the Prime Minister, Jonas Gahr Stoere, has rejected calls for a price cap on gas, Norway has introduced a windfall tax on its oil and gas companies. While Norway’s oil and gas industry continues to boost its fossil fuel production and see record profits, there are concerns about the ongoing reliance on energy sources with high greenhouse gas emissions. But it still operates large-scale, highly profitable oil and gas projects in response to the growing global demand for energy.

2 months ago Markets Insider

The Fed's inflation forecast was wrong and Powell shouldn't be trying to water down recession risks, according to RBC

The Fed was wrong again on its inflation forecast on Wednesday, according to RBC. Powell also shouldn't try to water down recession risks, since some Fed officials already see a recession in the cards. "Some of their economic projections are just head-scratchers," Porcelli said in a note on Wednesday, pointing to central bankers' inflation projections for next year. The unexpected revision in inflation projections could be because officials likely submitted their estimates before the release of the November Consumer Price Index report, which saw inflation cool to 7.7%. "He shouldn't try to water down the recession risks.

3 months ago Markets Insider

The Offshore Drilling Market Is Booming Again

Demand for offshore rigs for overseas drilling has soared this year even as U.S. oil-rig growth has plateaued. According to Baker Hughes, there are now 622 oil rigs operating in the U.S., down from the 683 in operation in March of 2020 at the onset of the pandemic and unchanged from six weeks ago. In sharp contrast, demand for offshore rigs is sizzling, with S&P Global reporting that day rates recently topped $400,000, up from $300,000 in June and less than $200,000 two years ago. These oil majors are also moving more of their drilling offshore and overseas because U.S. shale opportunities are now limited with all prime acreage already taken up. And the government’s goal is for the country to grab 75% of the market share by 2030.

2 months ago Markets Insider

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