Geopolitical tensions disrupting global fuel markets are keeping refining...
Geopolitical tensions disrupting global fuel markets are keeping refining crack spreads above historical levels, benefitting US refiners such as Marathon Petroleum, Valero and Phillips 66. With access to multiple sources of crude oil and cheap natural gas prices, these refiners are well positioned to sustain profitability and capitalize on fuel market tightness.
Jamie Dimon is bearish on a soft landing but bullish on AI
In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon...
In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon said yesterday that the odds interest rates return to the Fed’s target of 2% without triggering a recession are “a lot lower” than the 70%–80% chance that several markets seem to have priced in. Dimon said JPMorgan is preparing for interest rates to possibly spike to 8% in the coming years, citing geopolitical risks, the green transition, and higher energy costs (but he’s notorious for having cautious outlooks). Artificial intelligence also topped Dimon’s list of pressing issues, and he’s “completely convinced” that AI’s impact will be “extraordinary”—maybe even as revolutionary as the printing press or the steam engine.
The UConn men’s basketball team handled Purdue in last night’s NCAA...
The UConn men’s basketball team handled Purdue in last night’s NCAA title game 75–60 to become the first repeat champions since the Florida Gators in 2006–2007. The Huskies made it look easy, beating their six opponents in the tournament by an average margin of 23.3 points; they’ve now won 12 straight tournament games by double digits going back to last year. On the women’s side, the TV ratings are in for the South Carolina–Iowa final: A massive 18.7 million people watched the game, the largest audience for a basketball game, college or pro, since 2019.
Millions of people across North America put their obligations on hold...
Millions of people across North America put their obligations on hold yesterday to stare at the sky and remember how insignificant email typos are when we’re all just floating through space on a big rock.
Celestial event enthusiasts flocked to the cities in the path of totality—handing as much as a $6 billion boost to local economies. Airlines also ran so many eclipse flights that a few airport tarmacs were briefly overrun with planes, causing some ground stops.
Tesla settled a lawsuit brought by the family of an Apple engineer who died in a crash while using his car’s Autopilot feature. Details of the settlement, which was reached just as a trial was set to begin, were not made public.
Blackstone is betting that property prices will go up by purchasing a trust that owns apartment buildings for $10 billion.
Donald Trump said the decision about whether to permit abortion should be left up to individual states, after previously hinting he might back a federal ban.
The Vatican called gender-affirming surgery and surrogacy threats to human dignity.
Jonathan Majors, the former Marvel actor who was convicted of assaulting a former girlfriend, will not serve time in jail but will have to attend a domestic violence prevention program.
Morgan Wallen was arrested after allegedly throwing a chair from the top of a six-story Nashville bar.
Beacon Offshore Energy has completed disinvestment of five non-operating...
Beacon Offshore Energy has completed disinvestment of five non-operating assets in the Gulf of Mexico, selling its interests to GOM 1 Holdings. The Texas company will focus on its operating assets, including developing Winterfell, where it plans to start producing 22,000 barrels of oil equivalent per day by June.
