Crypto stocks surge as ether reaches six-month high
The crypto-focused stocks rose Friday after ether reached a six-month-high following the passage of a bill to create stablecoins by the U.S. House of Representatives. The bill is expected to be signed by President Donald Trump and marks a turning point for the digital asset sector, which has pushed legislators to create rules regarding digital assets. They argue that a clear structure could lead to a greater use of stablecoins, crypto tokens, etc.
Wall Street Futures dwindle after record session
The U.S. index futures took a break on Friday after the S&P 500, Nasdaq, and other stock markets closed at record highs the previous day on the back of positive economic and earnings data. Netflix's outstanding profit also failed to spark enthusiasm. At 6:57 am. S&P E-minis rose 2 points or 0.03% at 6:57 a.m. ET. 69,586 contracts were traded. Nasdaq E-minis rose 12.5 points or 0.05% and Dow E Minis gained 12 points or 0.03%. Wall Street continued its winning streak overnight.
Ether-linked stock prices jump after crypto coin reaches 6-month high
Cryptocurrency-related stocks rose in premarket trading on Friday, with shares linked to ether leading the charge after the No. The No. 2 crypto reached a six-month peak. BitMine Immersion Technologies shares, which hold about $1 billion in ether, rose 14%. Bit Digital, BTCS and other ether holding companies added 4% each and 12.5% respectively. Ether reached $3,675.81 - its highest level since January 6 - and was last up by 5% to $3,601.40.
NextEra CEO: Renewables are needed to bridge the gap between expanding gas power and increasing renewables
NextEra CEO John Ketchum said on Tuesday that renewable energy sources such as wind and solar power will be needed to meet the rapidly increasing energy demand in America, despite near-term challenges to increasing natural gas capacities. At the Politico Energy Summit, the head of Florida's power producer stated that the high cost to acquire gas turbines and a shortage in construction workers, along with the tariff costs, will make it take seven years or more to bring new gas-fired plants online.
NYT reports that US EPA wants the greenhouse gas limitations on power plants to be removed.
New York Times, citing agency documents, reported that the U.S. Environmental Protection Agency had drafted a proposal to eliminate all restrictions on greenhouse gas emissions from coal- and gasfired power stations in the United States. According to a NYT report, the EPA argued that greenhouse gases and carbon dioxide from power plants burning fossil fuels do not "contribute significantly" to dangerous pollution or climate change.
Treasury yields are easing with US stocks flat or up; investors evaluate US tax bill
The 30-year U.S. Bond yields rose to their highest level in nearly 19 months, before falling on Thursday. Worries about the U.S. Fiscal Outlook and the demand for government bonds remained, while Wall Street stocks ended either flat or slightly higher. After recent losses, the U.S. Dollar has strengthened. The yields increased earlier, after the U.S. House of Representatives approved President Donald Trump's proposed tax bill with a single vote. This added to concerns about the debt burden of the country.
Solar stocks plunge after Trump's tax plan advances in US House
The shares of U.S. Solar companies dropped sharply on Thursday in premarket trading after the House of Representatives passed President Donald Trump's tax and spending plan, which could end many green-energy subsides that supported the renewable energy industry. Sunrun was the worst hit, with a share price drop of up to 33%. Complete Solaria dropped by nearly 22%, while Enphase Energy and Maxeon Solar, as well as SolarEdge Technologies, fell between 10% and 15%.
Top trade group says House bill will choke off US solar investment
A top solar trade association warned that legislation advanced by Republicans last week in the U.S. House of Representatives could threaten 300 solar and energy storage plants and destroy nearly 300,000 American jobs. The Solar Energy Industries Association's analysis comes during a lobbying campaign aimed at convincing U.S. legislators to protect clean energy tax credit, which under the Republican plan will be phased out faster and have new restrictions on using Chinese-made components.
US House passes bill regarding Trump's Gulf of America
The Republican-controlled U.S. House of Representatives on Thursday passed a bill to formally change the name of the Gulf of Mexico to the Gulf of America, following President Donald Trump's executive order, though the measure is unlikely to succeed in the Senate. The House voted to change the name for the body of water which borders five states in the southeastern U.S. and a large swath Mexico, and flows into the Atlantic Ocean or Caribbean Sea.
Four Republican US senators back Biden-era energy tax credits
According to a Thursday circulated letter, four Republican senators have asked Congressional leadership to maintain energy tax credits that were included in the Biden era Inflation Reduction Act. In a letter dated April 9, the four senators wrote to Senate Majority leader John Thune that the repeal of tax credits would harm investment, businesses and jobs. The letter stated that "our country is blessed with abundant resources…
Sources say that Northern Oil and Gas is in the process of acquiring Granite Ridge, a smaller rival.
According to sources familiar with the situation, Northern Oil and Gas made a purchase offer for Granite Ridge Resources. Granite Ridge Resources is a small U.S. oil and gas producer that operates in the Permian and Eagle Ford basins. Sources said that Northern, based in Minneapolis, Minnesota, has made at least two bids for Granite Ridge. The latest offer, which was made within the last few weeks, came at roughly a 20% premium over the target's stock price.
US House panel finds BlackRock and other asset managers reluctant to join climate initiative
According to a report published on Friday by the Republican-led U.S. Congress committee, top asset managers in the United States were concerned that signing up for an industry climate initiative would make them look like they worked too closely together and attract regulatory scrutiny. This is the latest report released by the U.S. House Judiciary Committee’s Republican majority in a probe that they claim has revealed…
US House panel finds BlackRock and other asset managers hesitant to join climate initiative
According to a report published Friday by a Republican led U.S. Congressional Committee, top asset managers in the United States are concerned that signing up for an industry climate initiative will make them look like they're working together too closely and attract regulatory scrutiny. This is the latest report released by the majority of the Republican panel as part of an investigation they claim has revealed that…
Biden Administration spending climate cash quickly as Trump threatens cancel it
If Donald Trump wins the Nov. 5 presidential election, he has promised to cancel all funds that have not been spent from President Joe Biden’s climate law. Biden administration officials say that the majority of the grants will have been spent by January when a new President takes office. Targeting what is left would be a huge legal challenge. Biden Administration officials say that the administration has so far awarded $90 billion to climate, clean-energy, and other projects under the 2022 inflation reduction act.
"Green Energy" will drive the need for more Mining and Metals Production
Clean energy may mean less mining for coal, but it also means opening or expanding mines to unearth minerals such as cobalt for use in alloys and batteries, tellurium for solar cells and semiconductors, and germanium for transistors in electronic devices. That’s according to Dr. Michael Moats, professor and interim chair of materials science and engineering at Missouri University of Science and Technology, who says reducing…
US House Bill Seeks $8 Bln for Abandoned Oil and Gas Well Cleanup
A U.S House of Representatives Democrat introduced a bill on Thursday authorizing $8 billion to plug and clean up abandoned oil wells nationwide, a measure aimed at creating jobs for oil and gas workers and reducing climate-warming emissions.More than a century of oil and gas drilling has left behind millions of abandoned wells, many of which are emitting methane, a potent greenhouse gas, into the atmosphere. Oil and…
ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus
Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel. Both contracts finished February 18% higher."The three major supportive factors are the prevalent vaccine rollouts…
US Extends Offshore Wind Tax Credit
The American Wind Energy Association (AWEA) issued a statement in support of two bills introduced in the U.S. Senate this week, which would both extend the federal Investment Tax Credit (ITC) for offshore wind energy.The legislation comes at a critical time for offshore wind in America, as energy developers prepare to start construction on the first wave of large-scale projects.The Offshore Wind Incentives for New Development Act introduced by Senators Markey (D-MA)…
Bill Allowing US to Sue OPEC Drawing Renewed Interest
With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action.The bill would change U.S.
US Energy Companies Fume over Rejected Steel Tariff Exemptions
The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration.But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells.The reason: multiple U.S. steelmakers objected to Borusan's application, arguing they could supply the product, according to the department. Chevron drew no such objections.When U.S.