U.S. Exports Of LNG Dip In May

LNG exports out of the United States fell in May to 7.66 million tonnes, according to shipping data cited by Reuters. That’s a 0.35 million tonne dropoff from the previous month. The United States shipped less LNG to Europe in May, while increasing LNG exports to Asia and Latin America. Asia’s thirst for U.S.-derived LNG intensified in May as Asia LNG prices for July delivery increased. But Europe’s LNG prices have eased, weakening the continent’s appetite for U.S. LNG. For the month of May, the United States exported 60.5%…

Read more at: https://oilprice.com/Energy/Natural-Gas/US-Exports-Of-LNG-Dip-In-May.html

Oil Prices Climb As U.S. Rig Count Sees Another Double-Digit Decline

The total number of total active drilling rigs in the United States fell by 15 this week, according to new data from Baker Hughes published Friday, falling by 52 over the last four weeks—the largest 4-week dropoff in activity since June 2020. The total rig count fell to 696 this week—31 rigs below this time last year. The current count is 379 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs fell by 15 this week to 555. Gas rigs stayed the same at 137. Miscellaneous rigs stayed the…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Climb-As-US-Rig-Count-Sees-Another-Double-Digit-Decline.html

Russia’s Seaborne Diesel Exports Plummet In May

Russia’s seaborne diesel and gasoil exports fell 21% in May from April levels, to 3.1 million tonnes as refinery maintenance and a surge in domestic demand cut into volumes available for exporting, new Refinitiv Eikon data showed on Friday. Russia had roughly 5 million tonnes of refining capacity idled in May, compared to plans for 4.5 million tonnes, as several refineries extended their scheduled maintenance. Loadings to all declared destinations were down, with most of the 3.1 million tonnes going to Turkey and Brazil, with Africa receiving…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Seaborne-Diesel-Exports-Plummet-In-May.html

Jaguar Recalls Thousands Of I-Pace EVs Over Fire Risk

Jaguar Land Rover (JLR) is recalling 6,400 I-Pace electric SUVs delivered to the US because the high-voltage electric battery may overheat and catch fire.  The documents posted Wednesday by the US National Highway Traffic Safety Administration (NHTSA) said the recall covers I-Pace vehicles delivered between 2019 and 2024.  The problem is centered around the EV batteries produced by LG Energy Solutions. The NHTSA is investigating LG because its batteries have forced five other automakers to issue similar recalls due to fire risk. Most…

Read more at: https://oilprice.com/Energy/Energy-General/Jaguar-Recalls-Thousands-Of-I-Pace-EVs-Over-Fire-Risk.html

UK Grid Operator Enables Renewables Producers To Connect New Projects

Developers of new renewable energy projects could be empowered to build their own connections to the grid, as part of a series of reforms unveiled today by National Grid’s electricity system operator (ESO). To help frustrated firms beat the extensive queues for connections, ESO has set out its support for developers to connect project themselves, launching a final consultation on the proposal. This will centre around the code modifications required to enable this, with ESO confirming it is working with Ofgem to see how to rapidly implement…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Grid-Operator-Enables-Renewables-Producers-To-Connect-New-Projects.html

Exxon And Chevron Close To Signing Gas Exploration Deals In Algeria

ExxonMobil and Chevron could gain access to Algeria’s vast natural gas resources as the U.S. supermajors are in advanced talks for exploration and production deals in the North African country, The Wall Street Journal reported on Friday, quoting sources with knowledge of the talks and Algerian Energy Minister Mohamed Arkab. Algeria holds huge conventional natural gas reserves, and it is also estimated to have the third–largest shale gas reserves in the world after China and Argentina. ExxonMobil and Chevron could complete the talks…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-And-Chevron-Close-To-Signing-Gas-Exploration-Deals-In-Algeria.html

The Market Expects OPEC+ To Keep Oil Production Unchanged

OPEC+ is not expected to announce a change in oil production policy at the in-person meeting this weekend, OPEC+ delegates told CNBC ahead of the much-anticipated gathering. It is unlikely that the OPEC+ group led by Saudi Arabia and Russia will agree on deeper cuts, two months after the shock April announcement of some of the biggest OPEC+ producers of additional cuts by the end of this year, most analysts say.   Yet, they are cautious in their predictions and recall the surprises OPEC+ has delivered to the market through the years, especially…

Read more at: https://oilprice.com/Energy/Energy-General/The-Market-Expects-OPEC-To-Keep-Oil-Production-Unchanged.html

Trading Crude With A Short Bias

In the last week of April, I wrote in these pages that even though the chart for crude futures (CL) was flashing a buy signal, fundamental factors had a bearish tone. As a result, I said that I would be trading with a short bias, looking for a pullback to the mi-$60s. That level was hit just four trading days later… Then, in mid-May, when the market barely reacted to the news that the US was buying to replenish the Strategic Petroleum Reserve (SPR), I again took a bearish stance. Nothing had changed then in terms of the fundamentals. US…

Read more at: https://oilprice.com/Energy/Crude-Oil/Trading-Crude-With-A-Short-Bias.html

Oil Demand Outlook Remains Uncertain Ahead Of OPEC Meeting

Ahead of the upcoming OPEC+ meeting, July WTI oil prices saw a significant increase on Thursday, offsetting rising inventories in the US. The passing of a bill to suspend the US debt ceiling by the House of Representatives also contributed to the positive sentiment. However, overall market performance for the week remained lower. The successful debt ceiling negotiations brought some relief, but the demand outlook for crude oil remains uncertain. The focus now shifts to the June 4 OPEC+ meeting, which has prompted caution due to a warning from the…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Demand-Outlook-Remains-Uncertain-Ahead-Of-OPEC-Meeting.html

Japan’s Efforts To Reduce Its Reliance On LNG

1. Exxon Sees Future in Chinese PetrochemicalsDespite a dramatic worsening in the US-Chinese relationship in the past years, US oil major ExxonMobil is betting big on Chinese petrochemicals demand, even if avoiding the limelight of media scrutiny. Exxon’s $10 billion Huizhou plant, boasting the largest capacity among petchem projects being currently developed in the Asian country, will produce 1.6 mtpa of ethylene once commissioned. In its proprietary energy outlook, the US firm expects demand for chemicals to increase by 42% between 2017…

Read more at: https://oilprice.com/Energy/Energy-General/Japans-Efforts-To-Reduce-Its-Reliance-On-LNG.html

What Erdogan’s Reelection Means For Sweden’s NATO Bid

Politics, Geopolitics & Conflict It’s official: Erdogan will remain president of Turkey for five more years after the results of a “free and fair” election, at least if you fail to consider that the candidate who would have had the best chance of beating him, former Istanbul Mayor Ekrem Imamoglu, was taken out of the race back in December when he was charged with “insulting public figures” and sentenced to two years in prison. Imamoglu was very popular and a key reason behind Erdogan’s continual losses in…

Read more at: https://oilprice.com/Energy/Energy-General/What-Erdogans-Reelection-Means-For-Swedens-NATO-Bid.html

Oil Markets On Edge Ahead Of OPEC Meeting

The OPEC+ chatter this week is unbearable. Analysts, traders, and media alike have spent considerable time reading tea leaves to determine what course OPEC+ will take at its next round of meetings, scheduled to begin over the weekend. Analysts have reviewed breakeven points for OPEC members—figures that could reveal the oil prices at which OPEC+ members would have no choice but to cut production to move prices back into comfortable territory. Analysts have reviewed OPEC’s historical decisions and the fundamentals and market conditions…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-On-Edge-Ahead-Of-OPEC-Meeting34000.html

Canada Guarantees Loans For Trans Mountain Pipeline Expansion

Canada’s federal government has guaranteed loans of $2.23 billion (C$3 billion) to the corporation building the Trans Mountain expansion project to triple the capacity of oil flows from Alberta to the Canadian Pacific Coast. The Trans Mountain Expansion project has been dragging on for years and faces environmental opposition and rising construction costs. Fierce opposition in British Columbia has forced Kinder Morgan to reconsider its commitment to expand the Trans Mountain pipeline, which would increase the daily capacity of the pipeline…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canada-Guarantees-Loans-For-Trans-Mountain-Pipeline-Expansion.html

Bullish Sentiment Is Building In Oil Markets Ahead Of OPEC Meeting

Oil prices were up on Friday morning after the U.S. debt ceiling was lifted and the risk of U.S. default was removed from markets. All eyes will now turn to OPEC+, with oil prices likely to spike if the group decides to cut production further.Oilprice Alert: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, and all for less than a cup of coffee per week.Friday,…

Read more at: https://oilprice.com/Energy/Energy-General/Bullish-Sentiment-Is-Building-In-Oil-Markets-Ahead-Of-OPEC-Meeting.html

Biden Bans Oil And Gas Leasing Near New Mexico Cultural Site

The U.S. Administration has banned new oil and gas leasing near the Chaco Culture National Historic Park in New Mexico as part of a plan to protect the area and a larger portion of federal land from drilling. The Chaco Canyon, a major center of ancestral Pueblo culture between 850 and 1250, is a World Heritage site on the list of the UN’s cultural agency, UNESCO. In addition to the Chaco Culture National Historical Park, the World Heritage property includes the Aztec Ruins National Monument and several smaller Chaco sites managed by the Bureau…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Bans-Oil-And-Gas-Leasing-Near-New-Mexico-Cultural-Site.html

Dow leaps 700 points on hot jobs report, Nasdaq notches sixth straight winning week: Live updates

Investors parsed the Friday jobs data for any hints as to how the Fed will view interest rates going forward.

Read more at: https://www.cnbc.com/2023/06/01/stock-market-today-live-updates.html

Here’s where the jobs are for May 2023 — in one chart

Professional and business services led job creation for the month with 64,000 new hires.

Read more at: https://www.cnbc.com/2023/06/02/heres-where-the-jobs-are-for-may-2023-in-one-chart.html

Telecom stocks fall on report Amazon considers launching mobile service for Prime members

A mobile plan could serve as an attractive hook for Amazon to lure in more Prime subscribers.

Read more at: https://www.cnbc.com/2023/06/02/amazon-considers-adding-prime-wireless-service-report.html

West Coast ports shut down as union workers ‘no show’ after breakdown in wage negotiations

West Coast ports are shutting down after union workers walked off the job after a failure in negotiations with port management.

Read more at: https://www.cnbc.com/2023/06/02/west-coast-ports-shut-after-union-workers-walk-off-job-over-wages.html

How Nvidia’s rise has changed the biggest momentum ETF

The iShares MSCI USA Momentum ETF (MTUM) just had a rebalance with abnormally high turnover after missing the artificial intelligence boom.

Read more at: https://www.cnbc.com/2023/06/02/how-nvidias-rise-has-changed-the-biggest-momentum-etf.html

Crypto bill from Republicans lays out clear roles for SEC and CFTC

The bill introduced by Reps. Patrick McHenry, R-N.C., and Glenn Thompson, R-Pa., would more clearly define the SEC and CFTC’s spheres of influence.

Read more at: https://www.cnbc.com/2023/06/02/crypto-bill-from-republicans-to-define-roles-of-sec-cftc.html

FDA allows temporary import of unapproved Chinese cancer drug to ease U.S. shortage

The FDA has given Qilu Pharmaceutical permission to ship cisplatin to the U.S. to ease a national cancer drug shortage.

Read more at: https://www.cnbc.com/2023/06/02/cancer-drug-shortage-fda-allows-import-of-unapproved-china-chemo-med.html

Google says Gmail on your phone just got a lot faster thanks to A.I.

Google announced an AI update for search within Gmail. AI models will now deliver “top results” for queries.

Read more at: https://www.cnbc.com/2023/06/02/google-says-gmail-on-your-phone-just-got-a-lot-faster-thanks-to-ai.html

Bitcoin crosses $27,000, and lawsuit accuses Elon Musk of manipulating DOGE’s price: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Bobby Zagotta of Bitstamp USA discusses what’s next for bitcoin after a sell-off in May.

Read more at: https://www.cnbc.com/video/2023/06/02/bitcoin-rises-lawsuit-accuses-elon-musk-manipulating-doge-price-crypto-world.html

Ukraine war live updates: Zelenskyy ramps up pressure for NATO membership; Russia says its border villages shelled

The prospect of Ukraine’s NATO membership is a contentious one over which member states are sharply divided, with many fearing further retaliation from Moscow.

Read more at: https://www.cnbc.com/2023/06/02/russia-ukraine-live-updates.html

It’s not just the Costco $1.50 hot dog combo—4 products that have beaten inflation

While inflation has driven up price on many consumer goods over the last two years, prices for items like Planet Fitness’ $10 a month membership have held firm.

Read more at: https://www.cnbc.com/2023/06/02/costco-hot-dogs-arizona-iced-tea-and-other-inflation-proof-products.html

Here’s how the price of your beer has changed over time

Beer companies are facing hiring costs and passing those on to consumers, and drinkers are increasingly opting for spirits.

Read more at: https://www.cnbc.com/2023/06/02/here-is-why-beer-prices-are-going-up-according-to-our-data.html

Buy Buy Baby draws sale interest in Bed Bath & Beyond bankruptcy, one bidder looks to save stores

At least two bidders are looking to purchase Buy Buy Baby amid Bed Bath & Beyond’s bankruptcy, including one that wants to keep 75% of stores open.

Read more at: https://www.cnbc.com/2023/06/02/buy-buy-baby-draws-sale-interest-amid-bed-bath-beyond-bankruptcy.html

FBI To Finally Hand Over Biden Corruption Docs Under Threat Of Contempt

Rather than face a potential contempt of Congress vote in the GOP-controlled House, the FBI has agreed to hand over a subpoenaed document from the Biden family investigation which a whistleblower says contains allegations that Joe Biden, when he was VP, engaged in a bribery scheme to change US policy in return for $5 million to his family businesses.

Once the existence of the document was made known, Sen. Chuck Grassley (R-IA) demanded to see it, followed by a subpoena from House Oversight Committee Chairman James Comer (R-KY).

FBI Director Christopher Wray indicated as recently as Wednesday that he wouldn’t turn over the document, but would allow lawmakers to come to the FBI and read it in person. According to Just the News, however, a deal was struck lat …

Read more at: https://www.zerohedge.com/political/fbi-finally-hands-over-biden-corruption-docs-under-threat-contempt

Recession Alert: Record Number Of Americans Worse-Off Financially

Authored by Peter Reagan via Birch Gold Group,

Two years ago, we referenced various reports about Americans’ savings (consumer and retirement), reporting that they had dropped to the lowest point in years.

Unfortunately, things haven’t improved much since then.

We just discussed the state of consumer debt, and it isn’t very good at all, reaching a record $17 trillion.

Since the economy is primarily driven by consumer spending (currently 68% of GDP), if American households are tapped out and buried in debt, the stage is set for an economic disaster.

So today we’re going to explore the current state of the typical American household’s finances, and extrapolate the …

Read more at: https://www.zerohedge.com/personal-finance/recession-alert-record-number-americans-worse-financially

Native-Born Workers Tumble By 369K, As Foreign-Born Workers Soar To Record High

Yesterday we pointed out something stunning (and a big problem for the Biden administration): while the US economy has added 3.3 million jobs from the pre-covid highs (make that 3.8 million after today’s blowout print)…

… all of the new jobs have gone to foreign-born workers, with native-born workers stagnating and unable to surpass their pre-covid highs of 131.7 million, set in Oct 2019.

Read more at: https://www.zerohedge.com/markets/native-born-workers-tumble-369k-foreign-born-workers-soar-record-high

COVID-19 Testing Resumes In Beijing, Shandong, As Reinfection Cases Surge

Authored by Alex Wu via The Epoch Times,

China has resumed COVID-19 PCR testing in Beijing and Shandong Province amid rising re-infections, while the regime’s top health advisers have warned of a new wave of mass infections.

Since May 29, mainland netizens have posted on Chinese social media platforms that PCR test kiosks in Beijing are quietly back in business.

Mainland media “City Interactive,” a subsidiary of Zhejiang “City Express,” reported on May 30 that one of the PCR testing booths that netizens posted about was in Beijing’s Xicheng District, where the central government and the Beijing municipal government are located.

The staff of that testing kiosk said that the PCR test there has never stopped, reported “City Interactive”, without being clear how long it had been open.

“We have been doing nucleic acid testing i …

Read more at: https://www.zerohedge.com/covid-19/covid-19-testing-resumes-beijing-shandong-reinfection-cases-surge

Train strikes prompt sports fans to set off by bus

Fans making their way to the FA Cup final and the Epsom Derby start their alternative routes

Read more at: https://www.bbc.co.uk/news/business-65785993?at_medium=RSS&at_campaign=KARANGA

Do train strikes still have any impact?

Rail workers have walked out on the 29th day of industrial action but are travelers adapting?

Read more at: https://www.bbc.co.uk/news/business-65779925?at_medium=RSS&at_campaign=KARANGA

Train strikes: How Saturday’s walkout will affect you

What you need to know about the walkout by Aslef train drivers, by the BBC’s Zoe Conway.

Read more at: https://www.bbc.co.uk/news/business-65789172?at_medium=RSS&at_campaign=KARANGA

10 high-dividend paying PSU stocks that can reward shareholders handsomely

​The dividend yield is one of the main factors to consider when investing in dividend-paying stocks

Read more at: https://economictimes.indiatimes.com/markets/web-stories/10-high-dividend-paying-psu-stocks-that-can-reward-shareholders-handsomely/articleshow/100700163.cms

Tech View: Charts suggest rangebound trade to continue; how should traders play next week?

The Nifty 50 closed 0.3% higher at 18,534.10 points on Friday, failing to surpass immediate resistance at 18,580 points. Technical charts suggest support-based buying remains intact, with the index set to witness an upturn towards 18,666 and 18,750 points if it holds support at 18,442 points. The FPI Long-Short ratio indicates traders now hold more short positions related to long positions, and the Relative Strength Index shows bearish divergence, with a potential downturn in prices. Experts believe the market will remain range-bound, with support at 18,450-18,500 points and resistance at 18,600-18,800 points.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-charts-suggest-rangebound-trade-to-continue-how-should-traders-play-next-week/articleshow/100706526.cms

Verizon’s stock sinks to 12-year low while Dish’s soars after report Amazon is in talks to offer mobile plans for Prime members

Verizon’s stock dove toward a 12-year low, and Dish shares soared, after Bloomberg reported that Amazon was in talks to offer mobile plans to Prime members.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7208-DEACD3D3A72F%7D&siteid=rss&rss=1

Personal Finance Daily: Here’s how the debt-ceiling deal can hurt stock prices while disrupting the bond market and female workers want menopause benefits, so why are they so rare?

Friday’s top personal finance stories.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7209-5EECD06F767F%7D&siteid=rss&rss=1

Market Extra: S&P 500 nears bear-market exit. Will Big Tech’s rally finally spread to the broader stock market?

The S&P 500 is on the verge of exiting its longest bear-market run since 1948.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7209-41D74CB177BE%7D&siteid=rss&rss=1