Dow books best month since 1987

[Camo tung]

Beware the Trojan horse.

[M1917 Enfield]

3 hour(s) ago

BP makes record profit in 2022, slows shift from oil

BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030.

The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices surged in the wake of Russia's invasion of Ukraine, prompting new calls to further tax the sector as households struggle to pay energy bills.

Three years after CEO Bernard Looney took the helm with an ambitious plan to pivot BP away from oil and gas towards renewables and low-carbon energy, the company said it will increase annual spending in both sectors by $1 billion with a sharper focus on developing low-carbon biofuels and hydrogen.

Symbol Price Change %Change
BP $36.85 $2.02 5.78

But it scaled back plans to cut oil output, now aiming to produce 2 million barrels of oil equivalent per day by 2030, down just 25% from 2019 levels compared with previous plans for a 40% cut.

As a result, BP reduced its ambitions to cut emissions from fuels sold to customers to 20-30% by 2030, from 35-40%. BP still aims to reduce its total emissions to net zero by 2050.

BP's $4.8 billion fourth-quarter underlying replacement cost profit, its definition of net income, narrowly missed a $5 billion company-provided analyst forecast.

The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices.

But for the year, BP's $27.6 billion profit exceeded its 2008 record of $26 billion despite a $25 billion writedown of its Russian assets.

That allowed it to boost its dividend by 10% to 6.61 cents per share, after halving it in the wake of the pandemic, and announce plans to repurchase $2.75 billion worth of shares over the next three months after buying $11.7 billion in 2022.

[M1917 Enfield]

COMMODITIES Published February 7, 2023 12:09pm EST

Copper shortage gets real

Chile and Peru account for 37% of global copper supply, but suffering mining setbacks

A growing copper deficit could impact the market for years to come as mining setbacks in South America mount.

On Monday, copper futures were trading $4.025 per pound after the metal hit a low of $3.9930, its lowest level since Jan. 10 when it traded as low as $3.9875, according to CME data.

BHP, WORLD’S TOP MINER, NEARS BIGGEST ACQUISITION IN A DECADE

Currently, Chile is the world’s largest copper producer and accounted for 27% of global supply in 2021, according to the World Economic Forum, but recorded a 7% year-on-year decline in November.

Edward Moya, senior market analyst at OANDA in New York, told FOX Business "Peru, which accounts for 10% of global copper supply, and Chile, have experienced too many setbacks with poor ore quality, strikes, and water restrictions."

Now, "The copper market will likely be in a deficit for years to come," he added. "Copper demand was solid in 2022, and if we see a robust reopening from China, prices could rally significantly."

BIDEN SLAPS 20-YEAR MINING BAN ON MINNESOTA LAND

In January, copper rose above $9,000 per tonne for the first time since June, as traders anticipated a bounce in Chinese demand following the country’s decision to reopen its borders.

At the time of China’s reopening, copper was up roughly 8% year-to-date but is now just 5% above the redline after slipping around 4.5% the last five days. Over the last year, copper is now approximately 10.5% lower.

Halfway through the session on Tuesday, copper is down roughly 0.09% to $4.03.

NEWMONT MAKES $16.9B BID FOR AUSTRALIA GOLD PRODUCER

The red metal fell sharply in mid-2022 as the global economy slowed, interest rates rose, and the dollar strengthened.

Copper is a valuable indicator of economic health due to its industrial uses in electrical equipment and machinery.

A decrease in supply could imply global inflationary pressures are getting worse, and central banks will maintain their hawkish stance to cool consumer prices and strengthen currencies.

Publicly traded copper producers include BHP Group, Freeport-McMoran and Teck Resources.

[M1917 Enfield]

Dow jumps 265 points after Powell’s inflation forecast

All three of the major averages closed higher in what was a choppy session after Federal Reserve Chairman Jerome Powell noted disinflationary trends are emerging, yet the economy still has a long way to go.

Energy and communication stocks paced the gains, while the more defensive companies, including consumer staples and utilities, trailed.

In commodities, oil soared over 4% to $77.14 per share.

[Camo tung]

Dow jumps 265 points after Powell’s inflation forecast

All three of the major averages closed higher in what was a choppy session after Federal Reserve Chairman Jerome Powell noted disinflationary trends are emerging, yet the economy still has a long way to go.

Energy and communication stocks paced the gains, while the more defensive companies, including consumer staples and utilities, trailed.

In commodities, oil soared over 4% to $77.14 per share.

Did you expect doom and gloom hours before a self-serving State on the Nation address by the document collector? Powell put a little polish on the pig for the boss.

[M1917 Enfield]

Stocks drift after consumer prices rise again

U.S. stocks struggled for direction after consumer prices and inflation for January rose a hotter than expected 6.4% annually and held steady month-over-month rising 0.5%.

Americans continue to pay sky high prices for everyday items including eggs, chicken and fuel oil.

In commodities, oil slipped to the $79 per barrel level.

[Camo tung]

Stocks drift after consumer prices rise again

U.S. stocks struggled for direction after consumer prices and inflation for January rose a hotter than expected 6.4% annually and held steady month-over-month rising 0.5%.

Americans continue to pay sky high prices for everyday items including eggs, chicken and fuel oil.

In commodities, oil slipped to the $79 per barrel level.

You're using the wrong numbers! If you remove food and fuel from the basket inflation is only up 5.6% YoY. That's a win in Joe's book. C'mon man! Get with "the thing".

[blacksmithden]

Still waiting for a big drop as per M1917's prediction.

[M1917 Enfield]

Still waiting for a big drop as per M1917's prediction.

Me too, I just came into some money from an inheritance and want to invest it.

[M1917 Enfield]

You're using the wrong numbers! If you remove food and fuel from the basket inflation is only up 5.6% YoY. That's a win in Joe's book. C'mon man! Get with "the thing".