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Daily Light Crude Oil Futures From a technical perspective, WTI crude is trading below the 200-day moving average ($63.06), the 50-day moving average ($63.56), and a long-term pivot at $64.21. This alignment underscores the bearish tone in the market. Prices have already broken below key swing bottoms at $61.61 and $61.34, exposing the September 5 low at $61.10 and the August 13 bottom at $60.77. A confirmed break under $60.77 could trigger an acceleration toward the late May bottom at $55.74. That level would likely act as a major downside target for traders managing risk or building short-side exposure. Geopolitical…
Even without a Neuralink implant, Elon Musk has a lot going on in his head. Nvidia CEO Jensen Huang says the way Musk’s brain works makes him capable of accomplishing “unique” feats.Musk plays a pivotal role in at least five companies and is building tech from robots to self-driving cars to AI companions. On top of all that, he’s also building Colossus II, which he said was “the world’s first Gigawatt AI training cluster.”On the “BG2 podcast,” Huang said that Musk kept scores of information within his head — making him similar to one of Nvidia’s chips.”These AI supercomputers are…
Contrary to earlier expectations, global demand for fuel oil has jumped the most since 2019 as longer routes to avoid the Houthi threat around the Red Sea and the surge in shadow fleet numbers have contributed to higher fuel oil use in the shipping industry, analysts tell Reuters.Ship owners have installed the so-called scrubbers to reduce emissions from fuel oil use instead of significantly boosting the use of marine gasoil and low-sulfur fuel oil (LSFO), according to industry experts.In the past two years, the geopolitical situation has also contributed to higher fuel oil demand. Vessels began avoiding the Red Sea…
Move over, Amazon. It looks like there’s a new industry-disrupting company in town.That would be OpenAI, which unveiled a new arsenal of internal AI-powered software-as-a-service tools this week, causing a mass stock sell-off in the space.If it sounds like something Amazon might do, that’s because the retail and cloud-computing titan has been having the same on a wide range of industries for years. It even picked up a nickname over time: “getting Amazon’d.” Just ask the pharmaceutical, insurance, and grocery industries about their experiences seeing market value wiped out.While “getting OpenAI’ed” doesn’t have the same ring to it, the company’s…
Total diesel exports for September were also at five-year highs of nearly 3 million tons, Kpler shiptracking data showed.India’s diesel exports to Europe probably hit an all-time high in September, data from shiptrackers and trade sources showed on Thursday, as traders cashed in on robust profits in the west during a refinery maintenance season.September volumes from Asia’s key swing supplier bound for Europe were at 1.3 million to 1.4 million metric tons (9.7 million to 10.4 million barrels), data from LSEG, Kpler and two trade sources showed. Shiptracking data showed India’s exports to Europe reached these levels for the first…
In 2022, Elon Musk made a gamble that rattled his top engineers. The Tesla CEO scrapped the ultrasonic sensors that helped power the company’s self-driving technology, and its vehicles began relying entirely on cameras.No other self-driving car company had attempted anything like it. Complicating matters was the recent departure of Andrej Karpathy, Tesla’s director of AI at the time. That left Ashok Elluswamy, then Tesla’s head of Autopilot software, to carry out one of Musk’s biggest bets.Lewey Geselowitz, a former Autopilot engineer, said the team spent months training the software to run without the sensors. He recalled Elluswamy huddling inside…
Reform UK accused by minister of talking ‘utter nonsense’ after Zia Yusuf implies Starmer trying to get Farage killed – UK politics live | Politics
Reform UK accused by minister of talking ‘utter nonsense’ after Zia Yusuf implies Starmer trying to get Farage killedGood morning. The Labour conference is over, the Conservative one starts on Sunday, but both parties have got significant policy announcements out today. For Labour, Keir Starmer is announcing government plans to tighten the conditions that apply to asylum seekers given the right to stay in the UK. Provocatively, he says: “There will be no golden ticket to settling in the UK, people will have to earn it.” Rajeev Syal has the story. For the Conservatives, Kemi Badenoch has said the Conservatives…
Alberta has proposed to build a new oil pipeline to the British Columbia coast that could carry up to 1 million barrels daily of crude oil, to be exported to Asian markets.The Calgary Herald reported the provincial government was ready to commit C$14 million to early planning for the project, with Premier Danielle Smith expressing hope the project could get federal approval as early as next month.Opposition, however, has been swift. The Premier of British Columbia said that “The problem that we have is Smith continues to advance a project that is taxpayer-funded, has no private sector proponent, is not…
Petroliam Nasional Berhad (Petronas) has launched the Center for Offshore Renewable Energy (CEFORE) with Universiti Malaysia Terengganu (UMT). Petronas said in a media release that the initiative represents one of the world’s first integrated models of offshore renewable energy sources with energy storage and management systems. A proof-of-concept facility off the coast of Kuala Terengganu aims to provide renewable power by utilizing offshore wind, solar, and wave energy, along with on-site energy storage. This model is a significant step toward Malaysia’s sustainable energy future, supporting the National Energy Transition Roadmap (NETR) and low-carbon initiatives, Petronas said. “Petronas places great emphasis…
The European Commission has unveiled a Team Europe package of EUR 545 million ($639.5 million) to accelerate Africa’s energy transition. “The choices Africa makes today are shaping the future of the entire world. A clean energy transition on the continent will create jobs, stability, growth, and the delivery of our global climate goals. The European Union, with the Global Gateway investment plan, is fully committed to supporting Africa on its clean energy path”, Ursula von der Leyen, European Commission president, said in a statement. Africa has vast renewable energy potential, but nearly 600 million people lack electricity, the Commission noted.…