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Gazprom: Large Section Of Nord Stream Needs To Be Replaced…… Nord Stream will be abandoned!

  • Gazprom CEO Miller: Large section of Nord Stream needs to be replaced
  • Russia has said that the explosions on the Nord Stream pipelines and the leaks that followed were the result of a “terrorist act,”.
  • Nord Stream 2 was never put into operation after Germany axed the certification process following the Russian invasion of Ukraine.

A large section of the Nord Stream pipe needs to be replaced so that the gas pipeline from Russia to Germany can be in a ready-operational state again, Gazprom’s chief executive Alexey Miller has told Russian state TV in an interview. “Experts say that in order to restore operations after such a terrorist act, a very large portion of the pipe needs to be cut, at a great distance, and in fact build a new section on this section,” Miller told Russia’s Channel One TV. “And in order to restore integrity, it must be raised, this pipe. And you understand, it is one thing when the pipe is hollow, yes, and another thing when it is filled with seawater for hundreds of kilometers,” Miller added.  Russia has said that the explosions on the Nord Stream pipelines and the leaks that followed were the result of a “terrorist act,” while the West says there is evidence of sabotage. At the time of the explosions at the end of September, no gas was being shipped via either Nord Stream 1 or Nord Stream 2. Nord Stream 2 was never put into operation after Germany axed the certification process following the Russian invasion of Ukraine. Russia, for its part, shut down Nord Stream 1 indefinitely in early September, claiming an inability to repair gas turbines because of the Western sanctions. Earlier this week, Russian President Vladimir Putin claimed that Russia was ready to supply gas to Europe on the one undamaged line on the Nord Stream 2 pipeline if the EU wants to start the route. Putin also said that repairing the Nord Stream 1 and 2 lines would only make sense if they will be used later, Russian news agency Interfax quoted the Russian president as saying.  Before the Nord Stream 1 and 2 leaks were detected, Putin said that Russia had nothing to do with Europe’s energy crisis and that if Europe wanted more gas, it just had to “push the button” on Nord Stream 2, and “everything will get going,” that is, lift the sanctions on Nord Stream 2. A few days later, Stephan Weil, Minister-President of the northwestern German state of Lower Saxony, said that Germany could never rely on Russia for energy supply again, and the Nord Stream 2 project would never go ahead. NN: It does not look like these pipelines will ever be rebuilt. Score one for the Greenieewinnieees and 1 for those who want to drive mankind back to the dark ages. A lot of people will suffer because of climate change hysteria…

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Better prepare… It’s going to be a long cold energy crises winter

https://img.indianautosblog.com/2011/11/Renault-Fluence-ZE-battery-pack.jpg
The Fluence Z.E is outfitted with a 22 kWh lithium-ion battery which allows a total all-electric range of 160 km (99 mi), with speeds up to 135 km/h (84 mph).

As i rotate my eclectic cars to charge on my solar panels and service my heat pumps i can’t help but think about the insanity of our times. Its funny to drive by the long lines at the gas stations and drive for free on my 4  battery cars. Which are 2013  Renault Fluence ZE based on the gas Fluence chassis that were hand made in Turkey. Total production was only 3500 units at a cost of over $130,000  each. I bought them as a collectible car and solar battery bank (when Renault  walked away from the partnership with Better Place) I purchased the cars 5 years ago for an average  price of Euro 3000 with  average millage of 40,000 Kilometers each. I bought the cars  when no one wanted them. But seeing the future i realized these were exceptional technology cars. They were too far ahead of their time, predating the Telsa Model 3 by 3 years. My distressed purchases has paid off in spades as I enter the winter with my diesel and LNG backup tanks more than  half empty.  Gasoline is in short supply costing over $10 a gallon. I refuse to pay the price. But reality is even if i were willing to pay the exorbitant price supplies are and will be severely limited. We have added more batteries  to our solar system. And we  have now reverted back to mankinds original renewable energy source….. wood as our backup. Which up to  lately no one around here wanted wood and we could pick up for free. You better think ahead on what you are going to do not just this winter but years into the future. We use wood to do a lot of our cooking (meat smoker, bake in a Italian pizza oven, wood grill for steaks)  and backup heat (our main heat source is heat pumps run off the solar panels)  is wood stoves all fueled with wood. Why do i feel burning wood to cook (excerpt for smoking) and heat is a step backwards. Is it so hard to see the reality? This engineered energy crises is not going away anytime soon. City people who  are modern apartment cave dwellers are so fucked. And they have not scratched their asses YET and figured it out. They are energy prisoners all their resources Food, energy, water and heat are on a meter controlled by evil men. How do they heat when the building cuts back heat to 60 degrees and charges outrages sums of money? How do they even get wood into their cave in the sky… up the elevator?  Or store wood by stacking a cord  or 2  in their car port?  One cord of wood is 4’x4’x8′. The next question is how do they burn the wood. Most modern apartments have a LCD screen for a fire place.  Maybe they can put a chimney out the balcony? For electricity they can hang solar panels  out the window?  Can you see them growing hydroponic food in their bathtub?  And putting a five year food supply in the bedroom closet?  Never mind what they do when the water line is cut and costs more then single malt Irish whiskey. Hard to bath with 3 bottles of mineral water.  Never mind how do they get the stinky turds to go away. Can’t flush with no water. And remember the building has to pump water up to them and pump the shit out of the building. Makes you wonder what the hell were they thinking. Soon they will pay a higher  price then they ever imagined for stupid!!

 

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Chevron CEO Blames Climate Policies For Global Energy Crisis

  • Chevron CEO Mike Wirth warned that the premature transition to green energy is already having a major impact on Europe.
  • The oil company chief noted that the global energy crisis had been exacerbated by Western governments “doubling down” on green energy policies.
  • “The reality is, [fossil fuel] is what runs the world today. It’s going to run the world tomorrow and five years from now, 10 years from now, 20 years from now,” Wirth explained.

The chairman and CEO of energy company Chevron warned the global energy crisis had been exacerbated by Western governments “doubling down” on green energy policies that will only cause “more volatility, more unpredictability, and more chaos.” 

“If people want to stop driving, stop flying… that’s a choice for society,” he said.

“I don’t think most people want to move backwards in terms of their quality of their life… our products enable that.”

CEO Mike Wirth told Financial Times in an interview this week that the premature transition from fossil fuels to green energy, a move to decarbonize the economy, has sparked “unintended consequences,” such as energy supply issues that are already widespread in Europe and emerging in California. 

Wirth continued that even though renewables, such as wind and solar, have been invested heavily by Western governments over the last two decades to decarbonize grids, fossil fuels still are a large percentage of power generation, adding politicians really need to hold an “honest conversation” about the energy crunch before things worsen.

“The conversation [about energy] in the developed world for sure has skewed towards climate, taking affordability and security for granted. 

“The reality is, [fossil fuel] is what runs the world today. It’s going to run the world tomorrow and five years from now, 10 years from now, 20 years from now.”

Wirth outlined years of underinvestment caused the global energy crunch and predated Russia’s invasion. This has given way to limited spare capacity by oil-producing countries. He said the investments in alternatives versus fossil fuel were “woefully short, trillions of dollars short,” and has caused the mismatch “illustrates the risk in moving from a system that keeps the world functioning today aggressively to another system, and shutting down nuclear, shutting down coal, discouraging oil and gas.”

Wirth’s comments squarely blamed Western governments for the energy crunch and should also include Wall Street banks (cough cough BlackRock’s Fink), big tech companies, corporate elites, and other progressive organizations, such as The World Economic Forum, that have worked together to push a green energy agenda.

This was a dilemma for an administration that had entered office with a “very clear agenda . . . to make it more difficult for our industry to deliver energy to our customers”.

What’s become evident following the war in Ukraine and disruptions to global energy markets — is that countries that quickly increased investments in green energy and decommissioned fossil fuel power plants suffer the most (Germany is a prime example). The people who pushed green energy now say the world needs more and take no responsibility for the decarbonization movement backfiring (which has led to energy hyperinflation).  Wirth’s latest comments come as he warned US households to brace for soaring natural gas prices this winter. He has combated the mindless folks at the White House who have blamed the oil and gas industry for the energy crunch.  The unintended consequence of decarbonizing economies too fast is energy hyperinflation.

 NN: Despite a trillion dollars or more invested in renewables  only 10% of the world’s power in 2021 came from renewables. But what the Greeneeewinniees forget to tell you is the fact that over 70% of renewable power generation is hydro electric. So 30% of 10% is only 3% of the worlds renewable power is generated by wind and solar….. The worst return on any investment ever. Still solar and wind gets most all the investment dollars and publicity. And you are going to love this dirty coal generation is up 35% as they conspire to kill oil and clean burning natural ga,.

So exactly what have they accomplished….. They have lowered clean burning natural gas consumption by 5% and nuclear by 3% AND INCREASED DIRTY COAL CONSUMPTION BY 35%. What am i missing here?
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Wall Street tumbles at close, Dow sinks 400 pts

Major stocks on Wall Street registered significant declines at the end of Friday’s session as investors continued to assess the Federal Reserve’s future moves regarding still-hot inflation data. The previous day was also marked by private banks’ third-quarter earnings results, including reports posted by JPMorgan, Wells Fargo and Morgan Stanley. The Dow Jones sank 1.34% or 403 points at the closing bell, while the Nasdaq 100 dropped 3.10% or 341 points and the S&P 500 lost 2.37%. The euro declined 0.53% against the dollar to sell for 0.97262 at 4:04 pm ET. NN:` So far Fridays move is nothing more then a retrenchment or consolidation of Thursdays reversal  of the plunge with an explosive upside reversal.

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UK climate change protesters throw soup at van Gogh’s ‘Sunflowers’…… Blackout fears prompt Britons to buy generators and torches

https://youtu.be/fxDNN2J8lzI

LONDON, Oct 14 (Reuters) – Climate change protesters on Friday threw soup over Vincent van Gogh’s painting “Sunflowers” at London’s National Gallery, the Just Stop Oil campaign group said. A video posted by the group, which has been holding protests for the last two weeks in the British capital, showed two women throwing two tins of Heinz tomato soup over the painting, one of five versions on display in museums and galleries around the world. “Officers were rapidly on scene at the National Gallery this morning after two Just Stop Oil protesters threw a substance over a painting and then glued themselves to a wall,” police said on Twitter. Both have been arrested for criminal damage & aggravated trespass. Officers are now de-bonding them.” The gallery had no immediate comment. Just Stop Oil said the painting, which dates to 1888, has a value of $84.2 million. The group’s activists have been blocking roads around parliament in the last few days. Last Sunday, police said that more than 100 people had been arrested after a weekend of protest-related activity by environmental groups. NN: Fucking nut cases……This is the generation that does not even known what sex they are. And believes the end of the world is neigh because of oil…….

Blackout fears prompt Britons to buy generators and torches

LONDON, Oct 14 (Reuters) – Britons are preparing for possible power cuts by stocking-up on portable generators and torches, in addition to winter clothing, thermal underwear and candles. National Grid warned this month that Britain could face three-hour planned power cuts to homes and businesses this winter if it cannot import electricity from Europe and struggles to attract enough imports to fuel gas-fired power plants. Comparing data from the first 11 days of October 2021 to the same period this year showed a 203% increase in sales of generators and a 43% increase in sales of torches and head torches, Toolstation, part of Travis Perkins (TPK.L), Britain’s biggest building materials retailer, said on Friday. “Although it’s far from certain that the National Grid will have to resort to blackouts this winter, it’s clear customers are preparing for this worst case scenario,” a Toolstation spokesman said, noting the generators can be used to power electrical equipment such as lamps, fan heaters and TVs. The Toolstation data chimes with a report this week from market researcher Kantar which said Britons were stocking-up on candles and duvets.

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North Korea fires missile, flies warplanes near border as South imposes sanctions

SEOUL, Oct 14 (Reuters) – North Korea fired a short-range ballistic missile into the sea and hundreds of artillery rounds near the border with the South on Friday, South Korea’s military said, the latest military activity by the nuclear-armed country amid heightened tensions. South Korea also scrambled fighter jets when a group of about 10 North Korean military aircraft flew close to their heavily fortified border, and North Korea fired some 450 rounds of artillery into “sea buffer zones” on multiple occasions, the South’s Joint Chiefs of Staff (JCS) said. South Korea’s National Security Council (NSC) condemned the North for escalating tensions, calling its moves a violation of a 2018 bilateral military pact that bans “hostile acts” in the border area. Seoul imposed its first unilateral sanctions against Pyongyang in nearly five years, blacklisting 15 North Korean individuals and 16 institutions involved in missile development. The JCS issued a warning to North Korea, urging it to stop provocations and escalating tension. South Korean President Yoon Suk-yeol told reporters that Pyongyang has been “indiscriminately carrying out provocations,” vowing to devise “watertight countermeasures.” Yoon’s spokesman said that his government respects inter-Korean agreements, and that scrapping the 2018 military pact hinges on Pyongyang’s behaviour. North Korea’s military issued a statement via state media KCNA early on Friday saying that it took “strong military countermeasures,” over South Korea’s artillery fire on Thursd South Korea’s NSC said the firing was a “regular, legitimate” exercise. The incidents came after KCNA said leader Kim Jong Un oversaw the launch of two long-range strategic cruise missiles on Wednesday to confirm the reliability of nuclear-capable weapons deployed to military units. The unprecedented frequency of North Korea’s missile launches has raised concerns it may be preparing to resume testing of nuclear bombs for the first time since 2017. Some analysts do not expect any tests before neighbouring China concludes a key ruling Communist Party congress, which begins on Oct. 16. The U.S. Indo-Pacific Command said it was aware of the latest missile launch and “it does not pose an immediate threat.” Japan’s Chief Cabinet Secretary Hirokazu Matsuno said the North’s tests were “absolutely unacceptable,” and his country would “drastically strengthen” its defence. Chinese foreign ministry spokesperson Mao Ning said all parties should refrain from escalating tension and resume meaningful dialogue for a political solution. South Korea’s JCS said the latest missile was launched at 1:49 a.m. on Friday (1449 Thursday GMT) from the Sunan area near North Korea’s capital, Pyongyang, and flew about 700 km (435 miles) to an altitude of 50 km at a speed of Mach 6. Japan’s coast guard also reported the launch, which was at least the 41st ballistic missile test by the North this year. The North fired some 280 artillery shells into the sea off its east and west coasts from around 5 p.m. (0800 GMT), just hours after shooting another 170 rounds near the maritime border, the JCS said. The JCS said the aircraft incident occurred for about two hours from 10:30 p.m. on Thursday (0130 GMT), during which about 10 North Korean warplanes flew as close as 12 km (7 miles) north of the sea border and 25 km (15 miles) north of the Military Demarcation Line. It said the South Korean air force “conducted an emergency sortie with its superior air force, including the F-35A.” South Korea’s military will hold its annual Hoguk defence drills starting next week, including field training simulated to counter the North’s nuclear and missile threats, it added. In its first unilateral sanctions since 2017, Seoul’s finance and foreign ministries singled out four officials at the North’s military think tank, and 11 at a trading company. The 16 entities blacklisted include rocket industry and naval transport agencies, as well as trading, construction and electronic firms. They aided the North’s weapons programmes and helped evade international sanctions by conducting research or supplying finance and materials through overseas workers, smuggling and ship operations, the ministries said. The General Staff of the North’s Korean People’s Army (KPA) accused the South of taking “provocative action” with the artillery fire, which lasted about 10 hours. “The KPA sends a stern warning to the South Korean military inciting military tension in the frontline area with reckless action,” its spokesman said, according to KCNA. The flaring tension revived fears in South Korea of a potential provocation by the North. Although there were no signs of panic among South Koreans, a Gallup poll released on Friday showed more than 70% of respondents said North Korea’s missile tests threatened peace, the highest since the North’s sixth nuclear test in 2017. NN: this bears watching. Tensions are escalating in one of the worlds powder kegs.

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Wells Fargo Q3 revenue up 4% to $19.51B….. JPMorgan beats estimates with EPS of $3.12 in Q3

Wells Fargo & Co. announced on Friday that its revenue in the third quarter of 2022 reached $19.51 billion, going above the market forecasts, and up by 4% than the same quarter in 2021. Diluted earnings per share (EPS) were down by 38% compared to the same time span the year before, landing at $0.85 per share. “We have been focused on increasing our earnings capacity and see the positive impacts of rising interest rates driving strong net interest income growth and our continued focus on improving operating efficiencies resulting in lower expenses excluding the operating losses above,” stated CEO Charlie Scharf. “We are closely monitoring risks related to the continued impact of high inflation and increasing interest rates, as well as the broader geopolitical risks, and while we do expect to see continued increases in delinquencies and ultimately credit losses, the timing remains unclear,” he added. Wells Fargo shares gained 2.17% in premarket trade after the report release.

JPMorgan beats estimates with EPS of $3.12 in Q3

JPMorgan Chase & Co. said on Friday that its diluted earnings per share stood at $3.12 in the third quarter of 2022, dropping 17% compared to the same period a year earlier but still coming in above estimates. Net income for the three-month period slid 17% to $9.7 billion. The lender’s reported revenue jumped 10% year on year to reach $32.7 billion, while the return on common equity stood at 15% and the return on tangible common equity was 18%. “While we unfortunately still don’t know the ultimate effect of changes in capital requirements due to the completion of Basel III, through our earnings power and demonstrated ability to manage down risk-weighted assets, we expect to reach our current target CET1 ratio of 13%, which includes a 50 basis point buffer, in the first quarter of 2023,” CEO Jamie Dimon stated. JP Morgan shares climbed 1.95% in premarket trading on better-than-expected results.

Related Stocks
JP Morgan Chase

 

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Kwarteng Is Being Sacked as Chancellor, Times Reports

British Chancellor of the Exchequer Kwasi Kwarteng will be sacked, the Times reported on Friday.

Earlier, No. 10 announced Prime Minister Lizz Truss will hold a press conference where she will reverse part of the mini-budget laid out by Kwarteng in September. The Guardian claimed he could be replaced by Nadhim Zahawi or Sajid Javid, who already briefly served in the position. If the reports are confirmed, this would be the United Kingdom’s fifth chancellor since 2019.

The Fuck Ups come to power. The New UK government run by Prime Minister Truss has filled important office with the biggest bunch of liberal Losers I have ever seen

Liz Truss plans to reverse parts of her economic strategy later on Friday, a person familiar with the matter said, following weeks of market pressure on the UK premier to explain how she’ll pay for her tax cuts. The person, who asked not to be identified discussing unannounced plans, didn’t disclose which measures Truss will roll back. Truss’s office later said the premier will hold a press conference on Friday, without providing any further details. Attention has focused in recent days on whether she’ll cancel plans to freeze corporation tax next year, instead of raising it as previously planned. There’s been a growing clamor for the embattled prime minister to reverse course ever since Sept. 23, when Chancellor of the Exchequer Kwasi Kwarteng announced the UK’s biggest set of unfunded tax cuts in half a century. That spooked the markets, sending the pound plummeting to a record low against the dollar and forcing the Bank of England into an emergency intervention to support the bond market. That is due to end on Friday, adding pressure on the government to act. News of the imminent U-turn came just as Kwarteng landed at London’s Heathrow airport, after he cut short his trip to the International Monetary Fund meetings in Washington. The Times newspaper reported he will be fired ahead of the tax U-turn, though Truss’s press spokeswoman declined to comment on what she called “speculation.” The pound pared losses against the dollar after the Bloomberg report on the imminent U-turn, and further trimmed its decline after the Times reported Kwarteng will be fired. It traded around $1.1285 at 11.38 a.m. London, the best-performing major currency this week on hopes for government fiscal u-turns. While the details are unclear as to which bits of her plan she’ll unpick, that Truss is having to do so at all is a major blow to the prime minister just over five weeks into her tenure. She and Kwarteng have staked their reputations on an all-out pitch for growth, and the premier has sought to portray herself as a leader who would be resolute in pursuing her goals. But with the Conservative Party tanking in the polls, Tory MPs openly demanding a change of course, and financial markets still in turmoil, the pair have found them themselves boxed into a corner with no easy exit. They can either stick to their guns and face the prospect of more market chaos, or shred their reputations by changing tack. Officials have been drafting options for Truss on how to change course and plug the £60 billion ($68 billion) black hole that the Institute for Fiscal Studies estimated has opened up in the public finances.  Corporation tax is seen as the most likely target of a policy reversal, especially as it was one area Kwarteng refused to rule out reversing on Thursday. Under Boris Johnson’s administration, the levy was due to rise to 25% from 19% in April. Truss’s government has vowed to scrap the rise. When Kwarteng unveiled his strategy last month, the Treasury estimated it would cost an average of more than £13 billion a year over five years. Other options include reversing a planned cut in the basic rate of income tax to 19% from 20% — a politically unpalatable course of action; cuts to spending — something Truss vowed not to do on Wednesday; and reversing smaller measures including a VAT refund on shopping for tourists and a planned cut in dividend tax. NN: Its follows the global trend of the liberal lefties seizing power in the worlds great democracies and fucking thing up royally. If they believe in man made global warming and the end of civilization because of carbon emissions by 2035 you can understand how handling budgets, ensuring their countries food and energy supply would be unsurmountable obstacles to their societies well being.

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Thursday was ‘one of the craziest days of my career’ in markets, says BlackRock’s Rick Rieder

https://youtu.be/nz0WC-sNfmE

Investors have witnessed some “pretty crazy” times in financial markets these past few weeks, with Thursday’s wild fluctuations ranking among the “craziest days of my career,” said Rick Rieder, the chief investment officer for global fixed income at BlackRock Inc. BLK, +6.58%, during an interview with MarketWatch’s Christine Idzelis on Thursday to commemorate the website’s 25th anniversary. Stocks, bonds and the dollar vacillated wildly on Thursday after a closely watched gauge of consumer-price inflation came in hotter than expected. The S&P 500 SPX, +2.60% booked the biggest intraday comeback since December 2008 on a percentage-point basis, while the Dow Jones Industrial Average DJIA, +2.83% saw its biggest intraday swing on a percentage-point basis since April 2020. With all the volatility in the stock market, Rieder told Idzelis that investors might be better off parking their capital in short-term bonds, which are experiencing a renaissance as interest rates rise. Volatility in bond markets was also intense Thursday, as the yield on the 2-year Treasury note TMUBMUSD02Y, 4.434% rose 16.2 basis points to 4.449% from 4.287% at 3 p.m. Eastern on Wednesday, marking its highest such level since Aug. 9, 2007

Indeed, after years of rock-bottom yields, bond investors have reached “nirvana” now that investors can earn interest rates in excess of 4% — and as high as 6% — from a mix of short-term commercial paper and Treasury bills.

“If I can get 4% to 6% in quality assets, I kind of think I would rather stay there for a while,” Rieder said. Across asset classes, investors are facing a multitude of risks right now thanks in part to the strong dollar. The ICE U.S. Dollar Index DXY, 0.47%, a gauge of the dollar’s strength against a basket of rival currencies, has risen more than 17% since the start of the year, one of its largest year-to-date moves in recent memory. Rieder added that the problem with the strong dollar is “it creates stresses in other regions” and these complications in turn create problems for the U.S. “The risk to the U.S. economy is the U.K., Europe and China,” Rieder said. In addition to boosting the value of the dollar with its interest rate hikes, the Fed is engineering a global dollar shortage “and the pressure that puts on other economies is really intense.” Rieder added in comments before the interview that some of the crazy swings seen in markets were being driven by trading in short-term options. NN: Translation blackrock got their clock cleaned yesterday as their Put options blew up!

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Wall Street turns to gains, Dow surges 500 pts

https://youtu.be/aynJaSDGuDM

Major stock exchanges on Wall Street reversed their course on Thursday after recording significant losses following the release of the country’s inflation report that revealed higher-than-expected reading. The market participants awaited Federal Reserve’s future steps, as the figure could seemingly push them to increase their interest rates in the upcoming meetings. United States President Joe Biden remarked that the report “shows some progress in the fight against higher prices.” The Dow Jones Industrial Average surged by 1.19% or 345 points at 11:24 am ET, after briefly jumping over 500 points minutes earlier. At the same time, the Nasdaq 100 rose by 0.66% and the S&P 500 gained 0.86%. The euro rose 0.67% against the American currency, going for $0.97682 at 11:30 am ET. NN: let me help you make since of all this. The market celebrated the last bad high inflation report. The backwards looking data will catch up with reality. And that is the fact inflation has peeked and will moderate. Bottom line interest rates are peeking and come January will be coming down…. and in a dramatic fashion. We will look in rates over the next few months. Consider this your two minute warning!!