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Volkswagen may close Brussels factory as low EV demand hits Audi

Closure would be first VW factory shutdown in nearly 4 decades

Volkswagen, parent company Porsche SE cut 2024 profit forecasts

Q8-etron production could end in 2025 - source

BERLIN, July 9 (Reuters) - Volkswagen on Tuesday warned it may close the Brussels site of its luxury brand Audi due to a sharp drop in demand for high-end electric cars that has hit Europe's top carmaker, forcing it to cut its margin target for the current year.

Volkswagen (VOWG_p.DE), opens new tab has not shut down a plant since it closed the Westmoreland site in Pennsylvania in 1988, and the last VW brand chief to threaten closures in Europe stepped down months after doing so, according to a labour source.

Automakers have been hit hard by lower than expected EV demand after investing heavily in capacity and technology development, with Audi warning earlier this year its sales would dip in 2024 as it worked on introducing new models while also cutting costs.

Volkswagen said the costs of finding an alternative use for the Brussels plant or closing it, as well as other unplanned expenses, would have an impact totalling up to 2.6 billion euros ($2.8 billion) in the 2024 financial year.

Demand for Audi's Q8 e-tron, launched in 2018, had dropped sharply and the carmaker was considering ending its production altogether, with one source close to the company saying this could happen in 2025.

https://www.reuters.com/business/autos-transportation/vw-group-lowers-forecast-possible-closure-audi-brussels-site-other-expenses-2024-07-09/

CITY A.M. THURSDAY 11 JULY 2024

‘A complete fabrication’: Government denies claims Ed Miliband has banned new North Sea oil licences

The Department for Energy Security and Net Zero has denied reports that Ed Miliband has banned the North Sea oil regulator from issuing any outstanding drilling and exploration licences, calling them “a complete fabrication”.

Earlier today, The Telegraph claimed that the new energy security and net zero minister had overruled his officials to stop the North Sea Transition Authority (NSTA) from issuing new licences, even those that were in the final round of approval with the regulator.

But Miliband’s department hit back at the claims, telling City A.M.: “This piece is a complete fabrication – it invents meetings and decisions that have not taken place.

“As previously stated, we will not issue new licences to explore new fields. We will also not revoke existing oil and gas licences and will manage existing fields for the entirety of their lifespan.

“We are working with the North Sea Transition Authority to ensure a fair and balanced transition in the North Sea.”

A spokeswoman added that nothing had changed from the position it set out in Labour’s manifesto ahead of the election.

The manifesto said the party would “ensure a phased and responsible” transition away from drilling in the North Sea that would recognise “the proud history of our offshore industry and the brilliance of its workforce”.

It also acknowledged that oil and gas production would be a part of the UK energy mix for “decades to come” but will focus on transitioning the UK away from its reliance on fossil fuels with the establishment of state-owned energy firm GB Energy.

Were Miliband to have withdrawn the licences, it could have left some North Sea oil firms millions of pounds out of pocket having prepared bids before the general election was called that were in the final throes of being approved.

The NSTA launched its most recent North Sea licensing round in 2022 during Liz Truss’s short tenure as Prime Minister.

The controversial round, which drew opposition from environmental campaigners, prompted applications from over 70 companies. It has already resulted in several licences, but it is believed that five were outstanding before general election was called.

A spokesperson for NSTA said: “We will follow the policy direction of the government of the day.”

And a spokeswoman for the trade body Offshore Energies UK said: “Both the government and the NSTA have confirmed that this story is incorrect.”

https://www.cityam.com/government-denies-ed-miliband-has-banned-new-north-sea-oil-licences/

EIA: US crude inventories down by 3.4M barrels

Crude oil stockpiles in the United States slid by 3.4 million barrels to stand at 445.1 million barrels in the week ending June 28, the US Energy Information Administration revealed in a report on Wednesday.

The crude oil refinery inputs in the country averaged 17.1 million barrels per day, increasing by 317,000 barrels per day from the average recorded in the week prior. Refineries operated at 95.4% of their capacity, while gasoline production rose to an average of 10.3 million barrels per day.

Imports of crude oil into the US averaged 6.8 million barrels per day, 214,000 barrels per day more in comparison to the previous week. Total commercial petroleum inventories rose by 2.6 million barrels.

https://breakingthenews.net/Article/EIA:-US-crude-inventories-down-by-3.4M-barrels/62350263

Harbour Energy Valuation - “HBR Fair Value” £13.77

“What is the Fair Price of HBR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.”

HBR Valuation - Today’s “Fair Value” £13.77

https://simplywall.st/stocks/gb/energy/lse-hbr/harbour-energy-shares/valuation

UK and European Gas prices (along with also the Brent price), all on the rise here again today:

https://tradingeconomics.com/commodities

ANY share showing 0% on Short Tracker can/may have funds/others operating positions below the 0.5% tracked radar, I thought the post was clear and aim was highlighting a significant milestone here, but I agree “its just semantics so best leave it there”, GL.

@Nav_Mike, that’s why the headline here clearly states “Tracked” HBR Short Positions, and once they go below 0.5%, then going forward you have no idea whether they’re at 0.49% or 0% as they then go below the radar which is typically what a fund trying to further reduce prefers, nevertheless, direction here has undoubtedly clearly reversed in a very positive manner since the M&A announcement, DYOR.

Tracked/Disclosed HBR Short Positions Have Now Completely Reduced to ZERO%

https://shorttracker.co.uk/company/GB00BMBVGQ36/

Fantastic, let the trend be your friend!

HBR 5 July GM - Please Register Your Vote ASAP!

Https://www.harbourenergy.com/media/woid3sky/19-form-of-proxy-sample.pdf

“A general meeting of Harbour's shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.”

Although certain to pass/be approved by 05 July AGM but nevertheless as HBR shareholders, IMHO, let’s all try to maximize the vote in favour here by ASAP voting either via our brokers/or otherwise to help ensure a maximum positive vote turnout/results on 05 July.

SQZ should follow HBR’s route and diversify away from the UK ASAP.

“Third Avenue Value Fund Boosts Portfolio with Strategic Additions in Q2 2024”

Great news, yet another HBR positive note, and in the meantime, UK and European Gas prices (along with also the Brent price), all on the rise here again today:

https://tradingeconomics.com/commodities

Https://www.qcintel.com/article/us-oil-rig-count-slumps-to-fresh-2-5-year-lows-baker-hughes-26103.html

US oil rig count slumps to fresh 2.5 year lows: Baker Hughes

North American drilling activity retreated to fresh 2.5-year lows with oil rigs again leading the losses...

UK and European Gas prices (along with also the Brent price), all on the rise here again so far today:

https://tradingeconomics.com/commodities

Https://www.harbourenergy.com/media/woid3sky/19-form-of-proxy-sample.pdf

“A general meeting of Harbour's shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.”

Although certain to pass/be approved by 05 July AGM but nevertheless as HBR shareholders, IMHO, let’s all try to maximize the vote in favour here by ASAP voting either via our brokers/or otherwise to help ensure a maximum positive vote turnout/results on 05 July.

Https://www.harbourenergy.com/media/woid3sky/19-form-of-proxy-sample.pdf

“A general meeting of Harbour's shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.”

Although certain to pass/be approved by 05 July AGM but nevertheless as HBR shareholders, IMHO, let’s all try to maximize the vote in favour here by ASAP voting either via our brokers/or otherwise to help ensure a maximum positive vote turnout/results on 05 July.

Middle East tensions seem to be on the rise again.

“3 UK oil stocks to invest in as Middle East tensions rise”

The year 2024 has faced many headwinds so far – but arguably the most devastating has been the ongoing conflict in the Middle East.

With far-reaching implications, some of the markets most impacted are global oil prices.

The top three UK oil companies to invest in as Middle East tensions rise

Shell (LON:RDSa)

Harbour Energy (LON:HBR)

BP (LON:BP)

2. Harbour Energy

Source: TradingView

You may or may not have heard of it, but Harbour Energy is the United Kingdom’s biggest independent oil and gas explorer producer.

Investing in this ‘oil indie company’ currently costs about 289.50 pence per share – far more affordable for a normal investor than big oil stocks.

Still, it punches well above its weight, with its share price up 8.71% in the past 12 months, and 3.16% in the past month alone.

Also, according to its latest earnings report, the company has returned $249 million through share buybacks in addition to the $200 million annual dividend, resulting in $1 billion of shareholder distributions since becoming a public company in April 2021.2

But the reason that Harbour Energy was picked for this list is its locality: the vast majority of the company’s oil production happens within the UK and British waters.

With essentially all of its resources firmly out of Middle Eastern territory, the company is well placed to be far less disrupted by the ongoing conflicts than, say, Shell or ExxonMobil (NYSE:XOM), or other big oil companies.

https://uk.investing.com/news/stock-market-news/3-uk-oil-stocks-to-invest-in-as-middle-east-tensions-rise-3441443

Middle East tensions seem to be on the rise again.

“3 UK oil stocks to invest in as Middle East tensions rise”

The year 2024 has faced many headwinds so far – but arguably the most devastating has been the ongoing conflict in the Middle East.

With far-reaching implications, some of the markets most impacted are global oil prices.

The top three UK oil companies to invest in as Middle East tensions rise

Shell (LON:RDSa)

Harbour Energy (LON:HBR)

BP (LON:BP)

https://uk.investing.com/news/stock-market-news/3-uk-oil-stocks-to-invest-in-as-middle-east-tensions-rise-3441443

Middle East tensions seem to be on the rise again.

“3 UK oil stocks to invest in as Middle East tensions rise”

The year 2024 has faced many headwinds so far – but arguably the most devastating has been the ongoing conflict in the Middle East.

With far-reaching implications, some of the markets most impacted are global oil prices.

The top three UK oil companies to invest in as Middle East tensions rise

Shell (LON:RDSa)

Harbour Energy (LON:HBR)

BP (LON:BP)

https://uk.investing.com/news/stock-market-news/3-uk-oil-stocks-to-invest-in-as-middle-east-tensions-rise-3441443

Bloomberg 20 June 2024

Denmark Grants Carbon Storage Permits as it Taps Oil-Style Model

Wintershall Dea, INEOS, Equinor, Orsted secure permits

Danish state will take a 20% stake in CO2 storage projects

Denmark awarded its first permits allowing companies to investigate the feasibility of carbon storage in underground sites, using a model already used for the Nordic country’s oil and gas projects.

Units of Wintershall Dea AG, INEOS Group, Equinor ASA and Orsted AS are among the companies that were granted rights to explore whether the Danish subsoil is suitable for commercial CO2 storage, and establish whether the process can be done safely and securely, the Danish Energy Agency said Thursday. If they are successful, the companies will be able to apply for permission to start storage.

https://www.bloomberg.com/news/articles/2024-06-20/denmark-grants-carbon-storage-permits-as-it-taps-oil-style-model?srnd=homepage-canada

Great news/finds! In the meantime, UK & European Gas prices on the rise again today, HBR has/also is going to have some great assets here both PMO and Wintershall Dea inherited, along with a very strong management and fantastic E&P team.