South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan

South Korea’s No. 2 steelmaker Hyundai Steel Co. in it’s carbon reduction plan is replacing its fleet of raw material carriers with eco-friendly ships. On Wednesday its first liquefied natural gas (LNG) powered ship, “HL Oceanic,” made its maiden voyage. HL Oceanic was built by Hyundai Samho Heavy Industries in Mokpo, South Jeolla Province. The LNG-powered ship is based exclusively on domestic technology, from ship design to construction, the localization level up to 97 percent of the ship price. The … Continue reading “South Korea’s Hyundai Steel Launches First LNG Powered Ship in Eco-Friendly Plan”

WHO Names New COVID Variant of Concern ‘Omicron’

The World Health Organization (WHO) recognized the new Covid strain, first referred to as lineage B.1.1.529 and now named omicron, as a variant of concern. WHO said it will take weeks to understand how the variant may affect diagnostics, therapeutics and vaccines. News of the South African variant sent shockwaves throughout financial markets in thin post Thanksgiving Day trade. Oil fell over 10% on the news with fear of economy’s shutting down again. omicron Omicron is the 15th letter of … Continue reading “WHO Names New COVID Variant of Concern ‘Omicron’”

Oil Futures Collapse Over 10% on South African Variant Risk Asset Selling

Stock markets and commodities markets sold off hard on Friday due to a new coronavirus variant identified in South Africa. The selling intensified with some countries including the UK, Singapore and Israel curbing travel from South Africa and other neighboring countries. We had seen a dead cat bounce in WTI and Brent after the SPR coordinated release plans. The new COVID-19 variant contains significantly more mutations than others raised concerns of further lockdowns and travel restrictions that could weigh heavily … Continue reading “Oil Futures Collapse Over 10% on South African Variant Risk Asset Selling”

Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices

The U.S. Department of Energy announced it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices. This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom. This has been well telegraphed with oil down roughly 10% from recent highs. The move is seen by many as the epitome of ignorance of energy markets and the self serving nature of … Continue reading “Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices”

Jerome Powell Re-nominated Fed Chair With Lael Brainard Vice-Chair

In what the Press had us believe was a close race The White House took the sensible route and nominated Jerome Powell for a second four-year term, according to a statement. PredictIt had Powell at a 79% favorite. Lael Brainard will be nominated as vice-chair replacing Richard Clarida. She was expected to get vice-chair of supervision if not chair. The White House said both Powell and Brainard share the administration’s focus on ensuring that economic growth broadly benefits all workers … Continue reading “Jerome Powell Re-nominated Fed Chair With Lael Brainard Vice-Chair”

CBO Estimates Build Back Better Act To Increase Unified Deficit By $115.1 billion

The Congressional Budget Office is out with an Estimated Budgetary Effects of Title VI, Committee on the Judiciary, H.R. 5376, the Build Back Better Act. CBO estimates that enacting this title would result in a net increase in the unified deficit totaling $115.1 billion over the 2022-2031 period. That increase in the deficit would result from an increase in direct spending of $147.2 billion and an increase in revenues of $32.1 billion. Some of those budgetary effects are associated with … Continue reading “CBO Estimates Build Back Better Act To Increase Unified Deficit By $115.1 billion”

President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct

President Biden in his latest shift of finding blame and solutions for high oil prices on Wednesday sent a letter to the FTC to consider whether “illegal conduct” by large oil and gas companies is pushing up gasoline prices for American consumers. The F.T.C., does have the power to break up large industry players but in reality is unlikely to affect gasoline prices materially any time soon. The move was met with derision by almost anyone around the industry, from … Continue reading “President Biden ‘Blame Game’ Targets US Oil Companies for Illegal Conduct”

UK Gas Prices Jump 10% After Germany Suspends Nord Stream 2 Certification

Natural gas futures surged in Europe after Germany’s energy regulator temporarily suspended certification of the Nord Stream 2 pipeline. The move followed the Swiss-based project creating a German subsidiary to own and operate the German section of the pipeline. The Bundesnetzagentur said Nord Stream 2, which was set to begin operations this year, failed to organize an operator recognized under German law, sending gas prices higher. “The subsidiary itself must meet the requirements of the Energy Industry Act for an … Continue reading “UK Gas Prices Jump 10% After Germany Suspends Nord Stream 2 Certification”

RBA Says Underlying Inflation at 2.5% Mid-Point Would Not Warrant Rate Rise

Reserve Bank of Australia Governor Lowe in giving a speech after today’s release of the RBA November meeting minutes addressed what it would require for a rate rise in Australia. He spoke of varying inflation degrees and the difference domestically and globally.   Reserve Bank of Australia Governor Lowe speech:  Recent Trends in Inflation  Address to the Australian Business Economists (ABE)Online and Sydney – 16 November 2021  Speech Headlines via Reuters  Latest data, forecasts do not warrant a rate rise in 2022 Economy, … Continue reading “RBA Says Underlying Inflation at 2.5% Mid-Point Would Not Warrant Rate Rise”

India Buys Russian S-400 Surface to Air Missiles Ignoring US

India has begun receiving Russian S-400 Triumf missile systems ignoring the threat of what many see as an impotent US. with sanction threats. India sees them as a boost to New Delhi’s air defense capabilities with the threats along the borders with China and Pakistan. Significantly the delivery is happening ahead of Russian President Vladimir Putin’s visit to India for an annual summit with India’s Prime Minister Narendra Modi next month. Source: NikkeiAsia From The TradersCommunity News Desk