The OPEC+ group is firmly back in control of the oil market and has the power to have it extremely tight in the second half of the year should it choose to do so, industry executives and hedge fund managers say.
The market is growing increasingly bullish on oil, expecting robust global demand growth and supply constraints, including OPEC and Russia’s production cuts, to push prices even higher in the summer.
With Brent oil prices breaking above $90 a barrel, there is room for further upside amid tighter markets and heightened geopolitical risks, investment banks say, not ruling out $100 oil this year.
The trajectory of oil prices over the next year is largely in the hands of the OPEC+ alliance of the top Middle Eastern producers and Russia, according to Sebastian Barrack, head of commodities at hedge fund giant Citadel, which had $61 billion in investment capital as of April 1.
The OPEC+ group has “definitely regained control” of the market, Barrack said at the FT Commodities Global Summit in Lausanne, Switzerland, this week.
If the alliance decides in early June to keep its current cuts after the end of the first half, we could see an “extremely tight” oil market in the second half of the year, Citadel’s executive said, adding that the timing of OPEC+’s potentially eased cuts and their volume “will define where prices go in the next 12 months.” Related: OPEC+ Faces Fork in the Road
Right now, prices are going up, as geopolitical concerns linger in the Middle East, demand holds strong and could turn out stronger than expected, and supply and infrastructure issues hold back production and exports, from Mexico to Russia.
Top traders and forecasters, as well as investment banks, have upgraded their price and demand forecasts in recent weeks.
Oil prices are set to trade in the range between $80 and $100 per barrel this year, Russell Hardy, chief executive at Vitol Group, said at the FT summit this week.
The world’s largest independent oil trader also expects robust global oil demand growth in 2024, at around 1.9 million barrels per day (bpd) higher than in 2023, Hardy said.
If this forecast pans out, this year’s growth in oil consumption will not be too far off the bumper increase in demand in 2023.
The U.S. Energy Information Administration (EIA) raised its 2024 and 2025 forecasts of global oil consumption by between 400,000 bpd and 500,000 bpd, due to a revision of historical data for 2022 and to the “current market dynamics,” the EIA said in its monthly Short-Term Energy Outlook (STEO) on Tuesday.
Morgan Stanley sees heightened geopolitical risk pushing Brent prices to $94 per barrel in the third quarter as the bank lifted its price forecast by $4 a barrel compared to its previous projection. Last month, Morgan Stanley had already hiked its third-quarter oil price forecast by $10 per barrel, to $90, on the back of expected tighter markets in the summer.
In recent weeks, banks, including JP Morgan, have said that oil prices could hit $100 per barrel by the end of the summer. However, demand destruction could prevent prices from reaching triple digits, JP Morgan says.
Still, analysts and industry executives believe that OPEC+ would reverse at least part of the cuts if prices run up to $100 as it would look to avoid demand destruction, stronger response to high prices from U.S. shale, and a potential loss of longer-term demand for OPEC+ crude.
If OPEC+ rolls over the cuts beyond June, “we will see a level of tightness in the market that will be very constraining to the market, and high prices will have to go and help destroy demand to solve that problem,” Citadel’s Barrack said at the FT Commodities Global Summit.
As tempting as it may sound for OPEC to sell oil at $100 a barrel, the cartel may not be willing to risk another inflation shock that could cripple demand.
Oil prices extended gains on Thursday, after rising a dollar a barrel in the prior session, as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC.
Brent crude futures advanced by 30 cents, or 0.3%, to $90.78 a barrel by 0325 GMT, while U.S. West Texas Intermediate crude futures rose 25 cents, or 0.3%, to $86.46 a barrel.
Both contracts rose more than 1% in the prior session after three sons of a Hamas leader were killed in an Israeli airstrike in Gaza, feeding worries that ceasefire talks between the two sides might stall. Earlier this week, Israel and Hamas began a fresh round of negotiations in their more than six-month-old Gaza war but those discussions have yielded no agreement.
“Prices remain sensitive to geopolitical developments in the Middle East, with market participants pricing for the risks of supply disruptions if tensions were to drag for longer,” said Yeap Jun Rong, market strategist at IG.
“This aids to offset some risk-off sentiments overnight, as markets recalibrate their rate expectations to price out a June rate cut and for rates to be kept high for longer until September,” added Yeap, referring to U.S. interest rates.
Higher-for-longer rates could dampen economic growth and suppress demand for oil.
Minutes from the U.S. Federal Reserve showed officials worried that progress on inflation might have stalled and a longer period of tight monetary policy would be needed to tame inflation in the world’s largest economy.
Investors who had earlier expected a rate cut in June now see September as a likelier timing for the easing cycle to begin, following a third straight stronger-than-forecast reading on consumer inflation. Yeap added that oil’s upward trend may persist as the Middle East geopolitical situation remains tricky.
The region is on alert for possible Iranian retaliation over a suspected Israeli airstrike on Iran’s embassy in Syria at the start of the month. A Bloomberg report on Wednesday said the U.S. and its allies believe major missile or drone strikes by Iran or its proxies against Israel are imminent.
U.S. Secretary of State Antony Blinken has told Israeli Defense Minister Yoav Gallant that the United States will stand with Israel against any threats by Iran, the U.S. State Department said later on Wednesday.
“The market has become increasingly concerned that the Israel-Hamas war could escalate across the Middle East, putting oil supply at risk,” ANZ analyst Daniel Hynes said.
Oil traders will also be looking out for a monthly oil market report from the Organization of the Petroleum Exporting Countries (OPEC) due later on Thursday, and the International Energy Agency’s oil market report due on Friday.
OKLAHOMA CITY (AP) — Two Texas-based natural gas companies are being sued by Oklahoma, which alleges they fraudulently reduced gas supplies to send prices soaring during Winter Storm Uri, making huge profits while thousands shivered across the state.
The lawsuits are Oklahoma’s first against natural gas operators over earnings during the 2021 storm. The suits were filed against Dallas-based ET Gathering & Processing, which acquired Enable Midstream Partners in 2021, and Houston-based Symmetry Energy Solutions.
Both lawsuits seek actual and punitive damages, as well as a share of any profits that resulted from wrongdoing. Oklahoma’s Republican attorney general, Gentner Drummond, said his office intends to pursue additional litigation against other companies that may have engaged in market manipulation.
“I believe the level of fraud perpetrated on Oklahomans during Winter Storm Uri is both staggering and unconscionable,” Drummond said in a statement. “While many companies conducted themselves above board during that trying time, our analysis indicates that some bad actors reaped billions of dollars in ill-gotten gains.”
A Symmetry spokesperson said in a statement that the company “adamantly denies the unfounded allegations in the lawsuit, which it will vigorously defend.” A message seeking comment left with ET was not immediately returned. The lawsuits were filed in Osage County, Oklahoma.
The devastating storm sent temperatures plummeting across the country and left millions of people without power.
Kansas Attorney General Kris Kobach filed a similar lawsuit in federal court in December against a natural gas marketer operating in that state. In Texas, which was also hit hard by the deadly storm, the electric utility Griddy Energy reached a settlement with state regulators over crushing electric bills its customers received.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Crude oil markets have been rather quiet during the Tuesday trading session, but I think that makes a lot of sense considering that the Consumer Price Index numbers come out on Wednesday.
Even though it’s not a direct oil related number, it does give you an idea as to what the Federal Reserve might do.
West Texas Intermediate Crude Oil
The WTI Crude Oil market currently sits just above the $85 level, a large, round, psychologically significant figure that a lot of people will be paying attention to. This was also an area where we had seen significant resistance previously, so I think it makes a certain amount of sense that we would see it come into the picture for potential support. If we were to break down below there, and perhaps more importantly, the Monday candlestick, then we could get a little bit of a deeper correction, perhaps sending the West Texas Intermediate market down to the $82.50 level. After that, then you have the $80 level where the 50-Day EMA currently resides, which I believe is the “floor in the market” at the moment. Buying dips at this point continue to work.
Brent
Brent, or “UK Oil”, continues to look bullish in general, as we had formed a hammer during the Monday session, and then are just simply sitting at the $90 level on Tuesday, suggesting that perhaps we are able to hang on to gain without much concern. Brent also has a lot of the same influences that the WTI market has, so you need to be paying attention to all of the usual suspects.
The biggest one of course is the supply and demand issue, which is starting to show supply struggling to keep up a bit. However, we also need to pay attention to the geopolitical issues in the Middle East, as they will more likely than not come into the fray as well. After that, then you have to keep in mind that central banks around the world cutting interest rates will drive demand higher for energy as industry kicks off again. In other words, it’s very difficult to be a seller of oil. Buying on the dips will continue to be the way forward.
The price of gas is displayed at a gas station on January 23, 2023 in Miami, Florida.
Joe Raedle | Getty Images
Crude oil futures fell on Thursday as worries about inflation overshadowed fears of a potential Iranian strike on Israel for the moment.
The West Texas Intermediate contract for May delivery lost 74 cents, or 0.86%, to $85.47 a barrel. The June Brent futures contract fell 50 cents, or 0.55%, to $89.97 a barrel.
Oil Prices, Energy News and Analysis
Oil prices rose more than 1% Wednesday after Bloomberg News reported that the U.S. and its allies see an Iranian strike against Israel as imminent.
But futures dipped in morning trading Thursday as inflation fears also haunt the market after a hotter than expected consumer price index reading for March. A measure of wholesale prices in March, released Thursday, was lower than expected, but on a 12-month basis, the gauge of producer prices climbed 2.1%, which was the biggest jump it’s logged since April 2023. The increase suggests inflation could stay elevated.
The Federal Reserve is now expected to start reducing interest rates in September, much later than originally forecast, with only two cuts now penciled in for the year, according to the CME’s FedWatch tool.
Lower interest rates typically stimulate economic growth, which fuels crude oil demand. Stubborn inflation is also raising questions about whether the U.S. economy will clinch a soft landing this year.
Gold price for April 5 delivery is trading higher on Thursday, March 28, by 0.24 per cent at 66,525. The price of gold stands at Rs 6,170 per gram for 22 karat gold and Rs 6,731 per gram for 24 karat gold (999 gold).
Gold prices steadied as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues.
Meanwhile, spot gold was up 0.1 per cent at $2,195.59 per ounce. U.S. gold futures edged 0.2 per cent higher to $2,195.10.
“The Fed signalled they want to be cutting rates and there’s a geopolitical risk concern that continues to linger in the markets around these wars, both in Ukraine and in the Middle East, which is gold supportive,” said Ilya Spivak, head of global macro at Tastylive, said to Reuters.
“Gold prices are rangebound for most of the time this month and a break above current resistance level around $2,225 per ounce could see prices heading towards the $2,300 mark.”
Gold and Silver prices experience fluctuations influenced by multiple factors, including insights from jewellers. These factors encompass global demand for gold, fluctuations in currency values across nations, prevailing interest rates, and governmental regulations governing the gold trade.
Additionally, global events such as the state of the world economy and the strength of the US dollar relative to other currencies significantly impact gold prices within the Indian market.
In Chennai, the price of gold has surged to over Rs. 50,000 per sovereign, reflecting a significant increase in demand for the precious metal. The price of gold jewelry has risen by Rs. 35 per gram, reaching Rs. 6,250 per gram in certain areas.
This rise in gold prices has led to an uptick in sales, with consumers flocking to purchase gold jewelry and ornaments. In response to the heightened demand, jewelry stores and dealers have adjusted their prices accordingly, with some offering competitive rates to attract customers.
The surge in gold prices can be attributed to various factors, including economic uncertainty, inflationary pressures, and geopolitical tensions. Gold has long been considered a safe haven asset during times of economic turmoil, making it an attractive investment option for individuals seeking to safeguard their wealth.
In Chennai, where gold holds cultural and traditional significance, the rise in gold prices has sparked renewed interest among consumers. From weddings to religious ceremonies, gold jewelry plays a central role in various cultural celebrations and rituals, further driving demand for the precious metal.
The price of 24-carat gold saw an uptick of Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 66,940, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 77,100.
The price of 22-carat gold rose Rs 10 with the yellow metal selling at Rs 61,360.
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 66,940.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 67,580, Rs 67,430, and Rs 68,030, respectively.
In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 61,360.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 61,510, Rs 61,360, and Rs 62,160, respectively.
The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 77,100.
The price of one kilogram of silver in Chennai stood at Rs 80,100.
US gold prices eased today as dollar and bond yields ticked higher after comments from a Federal Reserve official on interest rate cuts. Investors looked forward to more economic data for policy clues including core personal consumption expenditure (PCE) price index report which is due on Friday.
Moreover, India’s gold imports are set to plunge by more than 90 per cent in March from the previous month to hit the lowest level since the Covid pandemic, as banks cut imports after record-high prices hit demand.
Spot gold was down 0.2 per cent at $2,189.29 per ounce, as of 0139 GMT.
Spot silver slipped 0.4 per cent to $24.56 per ounce, platinum rose 0.4 per cent to $897.10 and palladium gained 0.4 per cent to $987.66.
VETS, GOLD STAR FAMILIES GET FREE ACCESS TO STATE PARKS AND LANDS
STATEWIDE — GOVERNOR HOCHUL ON WEDNESDAY ANNOUNCED THAT thanks to legislation passed in September 2023, beginning on Monday, April 1, all New York veterans and many Gold Star families will be able to apply to join New York’s Lifetime Liberty Pass program, which was previously open only to disabled veterans and gives holders free access and discounts at state parks, historic sites and other state lands. Benefits for passholders include free vehicle entry to state parks, campgrounds, boat launches, historic sites and arboretums; free greens fees at state golf courses; free swimming pool entrance at state pools; and discounts on some cabin and campsite rentals.
Veterans can access these benefits at parks with a state ID with Veteran status designation or apply for the free Lifetime Liberty Pass online on the state Parks Department’s website; Gold Star parents, spouses or children will need to submit applications for the Pass online.
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GOWANUS OVERSIGHT TASK FORCE MEETING
GOWANUS — THE FIFTH AVENUE COMMITTEE’S GOWANUS OVERSIGHT Task Force is holding its quarterly meeting on Thursday, open to the public. The task force is community-led and focused on collaborating with city government and tracking progress on the neighborhood’s rezoning and improvement goals. The meeting will feature presentations from the city Department of Housing Preservation and Development and Department of Conservation on the Gowanus Green sustainable affordable housing plan, which aims to construct 940 units of housing surrounded by parks, gardens and commercial and community spaces; the NYC School Construction Authority and Department of Parks and Recreation will also present on related plans for a public school and park attached to the project.
The meeting will be held on Thursday, March 28, from 5 p.m. to 8 p.m. at P.S. 133 on Baltic Street; attendees are asked to RSVP online on EventBrite.
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ALLEGED BKLYN MIRAGE KIDNAP CHARGES DROPPED
WILLIAMSBURG — CHARGES AGAINST TWO MEN SUSPECTED OF KIDNAPPING A CONNECTICUT doctor from the Brooklyn Mirage nightclub last year will be dropped after the doctor stopped cooperating with prosecutors,reports the New York Post. The case against Anthony Benjamin, 42, and Steve Daley, 50, reportedly hinged on opthalmologist Michael Bautista’s testimony. The Mirage was at the center of a possible crime spike last summer including the suspicious deaths of at least two people; in Bautista’s case, he was allegedly tricked by Benjamin and Daley into entering a fake taxi before being held at gunpoint and forced to purchase items and withdraw cash from an ATM for the pair.
The club is notorious for its controversies: an investigation by Gothamist in September revealed that the 2021 death of a customer by drug overdose in one of its bathrooms had gone unreported to state authorities, in addition to two prior similar deaths known to the state.
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FRAUDSTER GETS UP TO 7 YEARS FOR STEALING ALMOST $1M IN REAL ESTATE AUCTION SCHEME
DOWNTOWN BROOKLYN — A WOMAN HAS BEEN SENTENCED TO 3½ TO 7 YEARS IN PRISON FOR STEALING ALMOST A MILLION DOLLARS IN A FRAUDULENT REAL ESTATE INVESTMENT SCHEME involving more than a dozen Brooklyn properties. Brooklyn Supreme Court Justice Danny Chun presided at the sentencing of Regine Norman, a.k.a., Regine Ellis, 69, as identified by Brooklyn District Attorney Eric Gonzalez. Ellis pleaded guilty on Jan. 31 to six counts of second-degree grand larceny and three counts of third-degree grand larceny, for stealing approximately $959,000 from nine victims, falsely representing herself as a member of a private real estate auction with access to buy discounted properties in Brooklyn. She then convinced her victims to wire her money for down payments on the properties; however, no properties were ever purchased. After obtaining the down payment, the defendant provided her victims with fraudulent contracts of sale, which often included the forged signature of the actual property owners.
As part of her sentence, Ellis is ordered to pay restitution totaling $842,000.
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REVITALIZATION OF S. BROOKLYN MARINE TERMINAL MOVES FORWARD WITH PROJECT LABOR AGREEMENT
SUNSET PARK WATERFRONT — A NEW PROJECT LABOR AGREEMENT SIGNED ON WEDNESDAY WILL MOVE FORWARD CONSTRUCTION for a revitalized South Brooklyn Marine Terminal and New York City’s first offshore wind hub. Empire Wind and the Building & Construction Trades Council of Greater New York and Vicinity signed the Project Labor Agreement, which covers contracts with Skanska, GE-BOND and Nexans. The agreement is the first-of-its-kind PLA for Equinor, and a commitment to building the South Brooklyn Marine Terminal responsibly, with the help of New York’s highly skilled union construction workforce. The agreement will establish working standards, industry-leading safety practices, and equity in the construction of the terminal, creating over 1,000 union construction jobs and apprenticeships in local New York communities, as well as thousands of indirect jobs in manufacturing, shipping and logistics.
Construction is expected to begin as early as next week, starting with the demolition of existing outbuildings, excavation of the site, and bulkhead preparation work.
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ASSEMBLY REPUBLICANS PROPOSE THAT CRIMINAL TRESPASSING LAW INCLUDE SQUATTERS
ALBANY STATEHOUSE — A NEW PROPOSAL WITHIN THE NEW YORK STATE ASSEMBLY WOULD REDEFINE CRIMINAL TRESPASSING TO INCLUDE “SQUATTING,” the practice that allows a person to enter and take shelter in a home to which they have no legal rights or permission. Assemblyman Michael Tannousis (R,C/-64-Brooklyn and Staten Island) and his colleagues in the Assembly Minority Conference on Wednesday, March 27, announced the bill (which fellow Brooklyn Assemblymember Alec Brook-Krasny /R-46) is cosponsoring), has moved to committees in both houses of state legislature. New York laws currently allow a person to enter and reside in a home they do not own without the owner’s permission, paying rent or utility bills for 30 days. The homeowner must then take that individual to landlord-tenant court to have that person removed to evict him/her, a lengthy process.
Tannousis reported that recent social media videos show migrants instructing each other on how to take possession of vacant homes to which they have no rights including homes for sale or homes from which the owners are away for a short period.
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MTA GIVES OFFICIAL GREEN LIGHT TO ITS CONGESTION PRICING PLAN
CITYWIDE — THE MTA BOARD ON WEDNESDAY, MARCH 27, GAVE ITS FINAL OFFICIAL APPROVAL OF CONGESTION PRICING, the latest step in the transit agency’s plan to charge drivers a $15 daytime toll to enter Manhattan south of 60th Street, reports Gothamist. The approval process, which stretched five years from the original proposal, incorporated exemptions granted earlier this week to school buses, certain commuter buses and city-owned fleet vehicles. The MTA’s goal is to fund needed repairs and upgrades to the subway system, but the plan still faces hurdles, including some active class-action lawsuits, one of which the NAACP filed just last week.
Taxi drivers objected to the tolls during the meeting as they face a $1.25 surcharge that the board approved on taxi trips entering the congestion zone; however, yellow and green cab drivers won’t have to pay the $15 toll, an issue that MTA Chair Janno Lieber addressed in a press conference following the vote, according to Spectrum News New York 1.
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CITY LAUNCHES ENGLISH LEARNING AND SUPPORT CENTER PROGRAM FOR IMMIGRANTS
CITYWIDE — THE MAYOR’S OFFICE OF IMMIGRANT AFFAIRS on Wednesday, March 27, launched its (MOIA) English Learning and Support Centers located across the city to support longtime and recently arrived immigrant New Yorkers to learn English and get connected to city resources. More than 60 library branches — including the Brooklyn Public Library — and other non-profit organizations will receive more than $1 million in city funding to launch the centers. The MOIA English Learning and Support Centers (including Life of Hope in East Flatbush and Mixteca in southern Park Slope) will connect immigrant New Yorkers to beginner and intermediate-level English classes, using “We Speak NYC,” an award-winning curriculum that the city developed as a tool to teach English and educate New Yorkers on city resources and services.
MOIA has also provided subtitles for We Speak NYC episodes in the following languages: Arabic, Bengali, French, Haitian Creole, Korean, Nepali, Polish, Russian, Simplified/Traditional Chinese, Spanish, Urdu, and Wolof.
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BIPARTISAN BILL WOULD FACILITATE CO-OP HOME PURCHASES FOR VETERANS
CAPITOL HILL — A BIPARTISAN BILL IN CONGRESS AIMS TO MAKE IT EASIER FOR VETERANS IN NEW YORK CITY AND ACROSS THE NATION to purchase co-ops. The Fair Access to Co-Ops for Veterans Act (H.R.7703), which Reps. Nicole Malliotakis (R-11) and Grace Meng (D-06) introduced on Wednesday, March 27, would expand the Veterans Home Loan Guarantee program to include co-ops, allowing the U.S. Department of Veteran Affairs (VA) to guarantee co-op loans to eligible veterans. The bill would also direct the VA to advertise this co-op program to eligible veterans, participating lenders, and interested realtors. Rep. Malliotakis pointed out that co-ops account for roughly a quarter of NYC’s housing market.
In 2006, Congress passed a bill creating a five-year pilot program allowing veterans to purchase cooperative housing. Prior to this legislation, the VA Home Loans program could not be used for co-ops. However, the pilot program expired in 2011 and was never renewed.
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CITY AUTHORIZES E-CARGO BIKES, EXPANDING SAFETY RULESFOR STREETS
CITYWIDE — THE NYC DEPARTMENT OF TRANSPORTATION HAS AUTHORIZED THE USE OF E-CARGO BIKES ON CITY STREETS and has established key safety standards. New rules that DOT Commissioner Ydanis Rodriguez announced on Wednesday, March 27, are designed to make deliveries safer and more sustainable by reducing the number of large delivery trucks on New York City streets. The rules expand the legal definition of “bicycle” to include “pedal-assist bicycle” and define “commercial bicycle” as a bicycle used to transport commercial goods, and they establish a “Commercial Bicycle Loading Only” zone — dedicated space at the curb for pedestrian safety. The e-cargo bike speed limit was reduced from the proposed 20 miles per hour to 15 mph, and e-cargo bikes must not be parked or be left unattended on a sidewalk for any reason — even temporarily.
The finalized rules also increase low- or no-emission options for freight deliveries — including packages and groceries — by allowing the use of pedal-assist electric cargo bicycles that may be up to 48 inches wide and have up to four wheels.
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NYC IS GIVING PREPAID DEBIT CARDS TO MIGRANT FAMILIES
CITYWIDE — NEW YORK CITY HAS STARTED handing out prepaid debit cards to migrant families as a pilot program, NY1 reports. Giving migrants the funds for food and baby supplies directly makes it cheaper to feed them and generates income for local businesses, the city said. A family of four with two children under five will receive about $350 each week. The program is expected to expand to roughly 115 families.
Adams fended off accusations published in the New York Post that he had a prior relationship with the founder of Mobility Capital Finance (MoCaFi), the company that got the $50-plus million contract for the debit cards. “There’s no relationship. We don’t hang out and go [to] the Hamptons together. We don’t go to the baseball game together,” Adams said, according to Politico.
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POLICE SEEK STABBING SUSPECT
SUNSET PARK — POLICE ARE ASKING FOR HELP IDENTIFYING AN UNKNOWN MAN, WHO in the early morning hours of Monday, March 18, approached a 27-year-old male victim on 4th Avenue near Green-Wood Cemetery and stabbed him in the chest multiple times with an unknown object. The victim was transported to NYU Langone Hospital in stable condition. The suspect is described as around 5’9”, with a light complexion and a neck tattoo, and was last seen wearing a black North Face jacket with a logo on the back and front; photos released by police show him wearing a metal cross necklace, ripped jeans and a ballcap with the letter B on it.
Anyone with information regarding this incident is asked to call the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477), or for Spanish, 1-888-57-PISTA (74782). The public can also submit their tips by logging onto the Crime Stoppers website or on X (Twitter) @NYPDTips.
The unknown man suspected of a stabbing in Sunset Park on Monday. All calls are confidential.
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NEW YORK OFFERS TO ASSIST COMMERCE FLOW AFTER BALTIMORE BRIDGE COLLAPSE
EAST COAST — NEW YORK STATE STANDS READY to assist the flow of commerce following the collapse of the Francis Scott Key Bridge in Baltimore, Maryland early Tuesday morning, Gov. Kathy Hochul said. The shocking near-total collapse followed the collision of an out-of-control containership with a bridge support. Video shows a nearly instantaneous collapse, with vehicles plunging into the water. “New York Harbor stands ready to assist any way we can [to] continue the flow of commerce, so it’s not disrupted. We have over 66 bridges in our harbor area, so we know the vulnerability of what can happen when one is down,” Hochul told Mika Brzezinski on MSNBC’s Morning Joe broadcast Tuesday. According to the New York Times, the massive vessel issued a Mayday alert before the crash, allowing some construction workers to escape in time.
The bridge, part of Interstate 695, is a major Baltimore traffic route, and the main artery used to travel from New York City to Washington, according to Bloomberg Daybreak’s U.S. podcast.
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MIKE TYSON’S CANNABIS GUMMIES, SHAPED LIKE EARS MISSING A CHUNK, LAUNCH IN BROOKLYN
BROOKLYN — CANNABIS-INFUSED GUMMIES LAUNCHED BY BROOKLYN-BORN BOXING GREAT MIKE TYSON go on sale today, and he is bringing them to his native borough. “Mike’s Bites” are available at Grow Together, one of the few legal weed shops in King’s County, along with the Housing Works cannabis store in Manhattan. The gummies are shaped like an ear with a bite taken out of them, recreating Tyson’s notorious 1997 boxing match with Evander Holyfield during which he bit off a chunk of Holyfield’s ear and started a near riot, ESPN reported. “Growing up in Brooklyn, I could have never imagined a time when cannabis would be legally utilized to enhance both mental and physical well-being. Yet, here we are,” Tyson said in a statement Tuesday.
Tyson, 57, has been much in the news lately as he is slated to fight Jake Paul, 27, in a controversial match to be streamed on Netflix on July 20. Tyson has not fought professionally since 2005, while Paul, 30 years his junior, has a height and reach advantage. Still, numerous boxing analysts give former world champ Tyson the odds.
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SMORGASBURG AND BROOKLYN FLEA SET TO REOPEN IN APRIL
BOROUGH-WIDE — FROM ETHIOPIAN STEWS TO KOREAN MEDICINE COOKIES, Montreal potato puff poutine, Colombian hot dogs and French-American pastries — food and drink from around the world will be available as Smorgasburg’s 14th season gets underway. Of the nearly 20 newcomers joining Smorgasburg’s returning roster of 60 vendors, six are first-generation immigrant-owned businesses and 11 are husband-and-wife- or family-run, Smorgasbord said in a release Tuesday. All markets return the first weekend of April: Saturdays in Williamsburg, Sundays at Prospect Park and Fridays at World Trade Center.
On a related note, the Brooklyn Flea antique and vintage market will reopen in DUMBO under and adjacent to the Manhattan Bridge Archway on weekends starting April 6.
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16-YEAR-OLD BOY ATTACKED, ROBBED NEAR BARCLAYS CENTER
PROSPECT HEIGHTS — A 16-YEAR-OLD BOY WAS WALKING NEAR BARCLAYS CENTER on Tuesday, March 12 at roughly 4:45 p.m. when four strangers approached him and attacked, punching and kicking him. The attackers forcefully removed the victim’s Moose Knuckle jacket and stole his wallet, Metrocard, cash app card and a charger, police said. The robbers fled towards Flatbush Avenue to parts unknown. EMS responded and transported the victim to Brooklyn Hospital in stable condition with a laceration to the top of his head.
Anyone with information is asked to call the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477) or visit the Crime Stoppers website at https://crimestoppers.nypdonline.org/
Photo: NYPD
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LITHIUM-ION BATTERY SAFETY BILL GETS BIPARTISAN SUPPORT IN SENATE
CAPITOL HILL —The Setting Consumer Standards for Lithium-Ion Batteries Act now has bipartisan support in the Senate, with two Republican Senators becoming co-sponsors of this safety-focused legislation, Senate Majority Leader Chuck Schumer and Sen. Kirsten Gillibrand, announced on Tuesday, March 26. Schumer and Gillibrand, both Democrats from New York, said that Senators Marsha Blackburn (R-TN) and Mike Braun (R-IN) as cosponsors. The bill would require the Consumer Product Safety Commission to decree a final consumer product safety standard for rechargeable lithium-ion batteries used in e-bikes and other micromobility devices to protect against the risk of fires caused by such batteries. The FDNY reports that in New York City alone, rechargeable lithium-ion batteries have caused more than 600 fires since 2021. Last year saw 268 e-bike and e-mobility device battery fires in NYC, a dramatic increase from three years earlier.
The bill, which also has bipartisan support in the House, passed committee unanimously, 42-0. Among the House members from Brooklyn who also support this bill are Reps. Yvette Clarke (D-9), Dan Goldman (D-10 and Nicole Malliotakis (R-11/southwestern Brooklyn).
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LOCAL LEADERS DELIVER TO CITY HALL 52K-SIGNATURE PETITIONS AGAINST MEN’S SHELTER
GRAVESEND TO CITY HALL —AS PART OF A MONTHS-LONG CAMPAIGN TO STOP A GRAVESEND SITE FROM BECOMING A HOMELESS SHELTER, Assemblymember William Colton (D-47) and City Councilmember Susan Zhuang (D-43) deliveredpetitions containing approximately 52,000 signatures in opposition to a planned homeless shelter in their districts. Colton had already pre-empted a shelter on Bath Avenue whose developer, Tejpal Sandhu of 86th Street NY LLC, is the same as for the proposed men’s homeless shelter at 86th St. and 25th Avenue in Gravesend. Colton alleges that the Sandhu Group makes a practice of building so-called hotels in unexpected locations then leases them to the city at a cost of thousands of dollars per resident per month, all financed from taxpayer dollars.
Calling the proposed shelter a “human warehouse,” Colton and Zhuang said the city must find permanent ways of addressing homelessness: through sustainable-wage jobs and permanent housing for low-income and senior persons.
Councilmember Susan Zhuang, Assemblyman William Colton and a group of neighborhood advocates displayed the petitions on the steps of City Hall before bringing them inside to deliver them to the mayor’s office. Photo courtesy of Assemblymember Colton’s office
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FT GREENE PARK TO HOLD NAT’L POETRY MONTH WORKSHOP
FORT GREENE – THE FORT GREENE PARK CONSERVANCY WILL BE HOLDING A National Poetry Month celebration next month, featuring an open mic, performances from local poets, a book giveaway and a blackout poetry activity with the Brooklyn Public Library. Dedicated wordsmiths can also join the free (Nothing but) Flowers workshop session led by Brooklyn-based poet Najee Omar, focusing on drawing artistic inspiration from great poets of the past and from the natural world.
The Fort Greene Poetry in the Park event will take place on Saturday, April 13 from 11:30 a.m. to 3:30 p.m.; seats for the workshop are limited, so the conservancy strongly advises RSVPing online on Classy.
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MENTAL HEALTH WORKERS PLACED IN PROSPECT PARK, IN NYC PILOT PROGRAM
PROSPECT PARK — MENTAL HEALTH WORKERS WILL BE PLACED AT KEY LOCATIONS around Prospect Park and at park events as part of a pilot program launched by the Prospect Park Alliance and the NYC Department of Health, the park announced on Tuesday. The pilot program, Open Air Care Connections, seeks to remove the stigma around mental health care through community health outreach, events and educational programs. Health workers and referrals will be provided by the nonprofit Neighborhood Housing Services of Brooklyn (NHS Brooklyn).
According to the NYC DOH, nearly 25% of all New Yorkers experience anxiety, and nearly 18% depression. The pilot will run through June 30.
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REAL ESTATE’S ‘FUTURE OF NEW YORK’ CONFERENCE THURSDAY
CITYWIDE — DOWNTOWN BROOKLYN PARTNERSHIP’S REGINA MYER and other Brooklyn real estate-connected figures will be speaking at REBNY and Commercial Observer’s Future of New York event on Thursday, March 28. Future of New York, dubbed the real estate industry’s “State of the Union,” takes place on Thursday, March 28 in Manhattan at 5 Times Square, 29th Floor.
“The Future of NY event will provide visibility for the work that is being done behind the scenes to continuously reinforce and strengthen NYC’s economic resilience and global position,” event organizers said in a release.Register online.
New York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.
