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Tag: Joe Biden

  • US presidential change signals risk appetite as Brent crude hits

    US presidential change signals risk appetite as Brent crude hits $40

    Crude prices increased on Monday, with Brent hitting a point of $40 a barrel after Joe Biden took up the presidency of the United States and signals a rise in risk appetite.

    The crude Brent LCOc1 had risen to 40.36 dollars per barrel by 91cents, or 2.3 percent, whereas the USA West Texas Intermediate Oil CLc1 was at $38.04, up 90 cents, or 2.4%.

    The crude Brent LCOc1 had risen to 40.36 dollars per barrel by 91cents, or 2.3 percent, whereas the USA West Texas Intermediate Oil CLc1 was at $38.04, up 90 cents, or 2.4%.

    According to Analyst, oil prices rose, gaining from a risk-on position and a weaker US dollar led by Joe Biden becoming president-elect.

    In order to discuss the No. 1 issue, he is facing when he assumes office in January, Biden will hold a meeting with a coronavirus task force on Monday. Renewed lockdown measures in Europe aimed at containing an increase in COVID-19 cases continue to put oil prices under pressure.

    Besides that, as investors holding other currencies became more accessible, the dollar weakened, entering a 10-week low and lifting commodities priced in the greenback.

    The core personnel of the Organization of Petroleum Exporting Countries (OPEC) is skeptical of Biden’s easing measures on Iran and Venezuela, which could make it extremely challenging to balance supply with demand by increasing oil production.

    The restoration of Iranian oil supplies, nevertheless, is more likely to arise at the end of 2021 or 2022, ING analysts said.

    Compared to September, China, the world’s biggest crude importer, posted a 12 percent decrease in October imports.

    OCBC’s Lee said that this data could be pessimistic for international commodity markets:

    “China may be close to the end of what it needs in the form of raw materials given the number of stocks it has.”

    That being said, after Beijing raised quotas by 20 percent, some experts predict imports to spike in 2021.

  • Biden and BP are on the same page regarding renewable energy

    Biden and BP are on the same page regarding renewable energy

    Joe Biden the President-elect talked about U.S net zero carbon goal by 2050 a year ago which was not taken seriously at that time but now it looks like that his thinking was way ahead than others but similar to the BP plans about zero-carbon targets.
    In the current scenario, petroleum companies are getting reading for exceptional changes in energy consumption which is in line with Biden’s vision. The newly elected President will now push its policies that will be in line with the companies policies.
    The statements given by Biden and BP about zero carbon emission portray the same meanings.
    BP is not the only company which is looking for clean energy. Valero crude oil refining business is not performing well but the company is making a profit from recycling used cooking oil and turning it into diesel. The Total(TOT) is spending $3 billion a year on renewables projects. Both Shell and B are spending huge amount of money in solar and in wind power for producing clean energy.

    The renewable energy companies have crossed the traditional energy suppliers. For example, NextEra Energy (NEE) crossed ExxonMobile in market value. Renewable energy companies are up 57% this year

    Over the past few years, the oil and gas business become a nightmare for the investors and COVID-19 added more fuel to the fire. Without the zero-carbon policies employment in renewable will outpace the jobs in traditional energy sectors. The jobs in renewable energy are growing whereas it’s declining in the oil and gas sector. The U.S. Labor Statistics expects faster growth in some renewable energy jobs than in oil and gas professions such as wind power service technicians with a 61% expected growth rate in near future.

    For his proposal, Trump has criticised Biden, claiming that the Democrat would ban fracking, a
    the line that the president hoped will operate in states with numerous fracking sites like Pennsylvania.
    Biden said he did not endorse new fracking schemes earlier this year. Since he said he will only prohibit new licences on federal land that make up less than 10% of the land used for oil and gas production, he has clarified his stance. During Thursday’s discussion, Biden said he wants the US to gradually step away from petroleum and gas until it is completely gone.

    That doesn’t vary too much from the words of BP.

  • Twitter (NYSE: TWTR) Announces Changes In Hacking Policy In Response To NY Post Controversary

    Twitter (NYSE: TWTR) Announces Changes In Hacking Policy In Response To NY Post Controversary

    Twitter, Inc. (NYSE: TWTR) announced that it has decided to modify its hacking policy in response to the New York Post controversary. Twitter has earlier temporarily suspended the official Trump Campaign Twitter account after it shared a link to a New York Post about Hunter Biden and former Vice President Joe Biden’s connection to Ukraine. Twitter has restricted the account and said that the link it shared has violated its rules.

    Twitter has experienced criticism after blocking the New York Post article upon which Twitter has revealed that the main reason they have blocked the article not because of article content but because of the image in the article. Internet content and Information company have further explained that the articles contained images of personal email addresses, which is a violation of its hacked material policy.

    After facing the huge criticism, Twitter’s s global lead for legal, policy, and trust and safety, Vijaya Gadde, announced that the tweet sharing platform has received many feedbacks from critics and supporters regarding the implementation of the Hacked policy on the New York Post article. She revealed that Twitter has decided to make changes in the policy and also revealed the new ways to implement the policy.

    Vijaya then explained the reason to make these new changes because Twitter wanted to address the concerns as these incidents are contrary to Twitter’s purpose of serving the public conversation. Twitter has announced two major changes.

    The first one is that it will no longer block hacked content unless it is directly shared by hackers or those acting in concert with them. The second change is that it will label Tweets to provide context instead of blocking links from being shared on Twitter.

    Twitter, Inc. shares were trading up 0.11% at $46.03 at the time of writing on Thursday. Twitter, Inc. share price went from a low point around $20.00 to briefly over $48.65 in the past 52 weeks. It has moved up 130.15% from its 52-weeks low and moved down -5.39% from its 52-weeks high. TWTR market cap has remained high, hitting $36.49 billion at the time of writing.