Iran And Uzbekistan Look To Boost Central Asian Cooperation

The Central Asian republics are self-organizing in the wake of the NATO evacuation from Afghanistan in August 2021. The republics are wedged between Russia, China, Iran, and Afghanistan, and are pursing multi-vector foreign policies to ensure economic growth, and to ensure they can navigate among the local powers, and the U.S. and Europe, even though the latter have antagonistic relations with Russia, China, Iran, and Afghanistan. The republics know, “When the elephants fight the grass suffers.” Uzbekistan is an example of the political…

Read more at: https://oilprice.com/Geopolitics/Asia/Iran-And-Uzbekistan-Look-To-Boost-Central-Asian-Cooperation.html

Could Guyana Become South America’s Wealthiest Nation?

After a series of major oil discoveries in its territorial waters, the impoverished South American country of Guyana emerged as one of the world’s hottest offshore drilling locations and the world’s fastest-growing economy. With over 30 significant oil discoveries, more than 11 billion barrels of oil resources identified so far, and growing petroleum production as well as exports Guyana is poised to become the wealthiest country in South America, a mantel once held by Venezuela. The rapid as well as catastrophic implosion…

Read more at: https://oilprice.com/Energy/Crude-Oil/Could-Guyana-Become-South-Americas-Wealthiest-Nation.html

Europe’s LNG Imports Surpass Pipeline Gas Imports For First Time Ever

Europe’s LNG imports rose last year to levels that surpassed its imports of natural gas via pipeline, according to new data from the Energy Institute. Europe scrambled last year to distance itself from Russian pipeline gas after Russia invaded Ukraine and threatened to cut off gas shipments to several European nations. As Bloomberg noted on Monday, the Energy Institute’s data also showed that global natural gas production was fairly stable last year compared to 2021 levels—so the fact that Europe’s LNG imports had overtaken…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-LNG-Imports-Surpass-Pipeline-Gas-Imports-For-First-Time-Ever.html

Investors Wary As Beijing’s Stimulus Strategy Falls Short

Losses in Chinese assets are mounting again as Beijing’s modest stimulus disheartens investors. The Hang Seng China Enterprises Index of Hong Kong-listed Chinese firms slumped more than 6% last week to cap its steepest drop since March. The CSI 300 Index of mainland shares fell 2.5% through Wednesday before markets closed for holidays. The yuan also tumbled to the weakest since November, with analysts bracing for more declines. There’s little reason for mainland traders to be optimistic when markets reopen on Monday. China’s travel…

Read more at: https://oilprice.com/Finance/the-Economy/Investors-Wary-As-Beijings-Stimulus-Strategy-Falls-Short.html

Flash Droughts: Climate Change’s Next Big Blow

The state of Illinois is suffering from its driest conditions in more than a decade. In fact, large swathes of the Midwest and Plains states are suffering from extraordinarily dry conditions according the U.S. Drought Monitor. But a certain kind of drought is becoming more and more frequent: flash drought. The U.S. National Oceanic and Atmospheric Administration defines flash drought as follows: Flash drought is simply the rapid onset or intensification of drought. It is set in motion by lower-than-normal rates of precipitation, accompanied…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Flash-Droughts-Climate-Changes-Next-Big-Blow.html

Putin Extends Ban On Companies Sticking To Price Cap Till End Of 2023

Russian President Vladimir Putin has extended a decree banning sales of Russian oil and petroleum products on conditions of the price cap set by the United States and western governments till the end of 2023. Putin first signed the decree last December, Interfax reported. Last year, G7 and EU leaders agreed to place a $60 per barrel cap on the price of Russian oil to prevent Russia from continuing to earn a wartime premium and make it harder for Russia to fund its brutal war in Ukraine. The price cap policy is a novel tool of economic…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Putin-Extends-Ban-On-Companies-Sticking-To-Price-Cap-Till-End-Of-2023.html

Middle East Defies Weakening Asian Market To Lift Prices

One of the most drastic production cuts of the past years, Saudi Arabia’s pledge of reducing its crude output by 1 million b/d in July, has so far been nothing short of a fiasco. Oil prices are now lower than they were in late May, Chinese demand has still not done wonders to the still-bearish sentiment in the oil markets and US interest rate hikes are still widely expected to happen. For oil producers, frightening to imagine what would have happened if the OPEC+ meeting ends with no production pledge at all. When most Middle Eastern nations…

Read more at: https://oilprice.com/Energy/Oil-Prices/Middle-East-Defies-Weakening-Asian-Market-To-Lift-Prices.html

Cheniere And China’s ENN Energy Lock In 20-Year LNG Deal

The United States largest producer of LNG, Cheniere Energy (NYSE:LNG), has signed a long-term liquefied natural gas (LNG) sale and purchase agreement with China’s ENN Energy Holdings.  ENN will purchase ~1.8M metric tons/year of LNG on a free-on-board basis at Henry Hub prices for a 20-year term, with deliveries to commence mid-2026 ramping up to 0.9 million tonne per annum (mtpa) in 2027.  The deal is subject to the completion of Cheniere’s Sabine Pass project, which is being developed to include…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Cheniere-And-Chinas-ENN-Energy-Lock-In-20-Year-LNG-Deal.html

Putin Scrambles To Reassure Allies Following Mercenary Mutiny

Russian President Vladimir Putin reached out to counterparts in Central Asia on June 24 in an attempt to project normality amid an unfolding mutiny mounted by the Wagner mercenary formation, which has done much of the fighting in Ukraine. In his telephone exchange with Putin, Kazakhstan’s President Kassym-Jomart Tokayev expressed hope of a return to “law and order,” but was explicit in stating that he sees ongoing events as an “internal affair for Russia.” “Constitutional order and rule of law are an indispensable…

Read more at: https://oilprice.com/Geopolitics/International/Putin-Scrambles-To-Reassure-Allies-Following-Mercenary-Mutiny.html

Mass Fighting Breaks Out At Giant Russian Gas Field

A massive fight among hundreds of migrant workers from Central Asian states broke out over the weekend at Gazprom’s Kovykta gas field, where thousands of workers are under pressure to build new infrastructure to meet the terms of a natural gas supply contract to China, according to social media platforms.  As of Monday, indications from Russian social media were that nine workers had so far been hospitalized after the initial fighting broke out on June 23 and then spread throughout the natural gas development complex in Eastern…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mass-Fighting-Breaks-Out-At-Giant-Russian-Gas-Field.html

Global Floating Oil Storage Hits Highest Level Since October 2020

The volume of crude oil sitting in stationary tankers jumped to the highest in more than two and a half years on June 23, as an unusual cluster of Saudi oil tankers is idle off Egypt’s Red Sea coast. Crude oil on stationary tankers has reached around 129 million barrels as of the end of last week, the highest floating crude volumes since October 2020, Vortexa data cited by Bloomberg showed on Monday. Recent data points have shown that while crude on floating storage has been rising, crude in transit and total crude volumes at sea have been…

Read more at: https://oilprice.com/Energy/Energy-General/Global-Floating-Oil-Storage-Hits-Highest-Level-Since-October-2020.html

Saudi Arabia Could Slash Oil Supply To The U.S.

Saudi Arabia could be looking to slash crude oil shipments to the United States from next month to effect a tightening of the world’s most transparent oil market. As the Kingdom prepares to cut unilaterally 1 million barrels per day (bpd) from its crude oil production in July, its crude shipments to the west could be much more affected than exports to its primary market, Asia, which lacks transparent oil inventory reporting like the U.S. does, Bloomberg Opinion columnist Javier Blas argues. On several occasions in recent years, Saudi Arabia…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Could-Slash-Oil-Supply-To-The-US.html

Natural Gas And Wheat Prices Jump On Russia Turmoil

European natural gas prices and the wheat futures in Chicago rose on Monday, following a chaotic weekend in Russia where the Wagner mercenary group staged a short-lived revolt and a march on Moscow that never reached the Russian capital. Early on Monday, Chicago wheat futures gained 2.5%, while European natural gas prices jumped by more than 5%. Oil markets, however, were calmer and prices were only slightly inching higher on Monday morning ET. The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, have risen in recent…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Natural-Gas-And-Wheat-Prices-Jump-On-Russia-Turmoil.html

Analysts Question Putin’s Grip On Power After Wagner Mutiny

Vladimir Putin’s grip on power in Russia came to the spotlight this weekend after the Wagner mercenary group marched on Moscow on Saturday before turning away from the Russian capital in a mutiny initially described as “treason” by the Russian president.   Late on Friday, Yevgeny Prigozhin, the leader of the Wagner mercenary group fighting alongside the Russian army in Ukraine, demanded the removal of Russian Defense Minister Sergei Shoigu and armed forces chief Valery Gerasimov for consistently failing to supply ammunition…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Analysts-Question-Putins-Grip-On-Power-After-Wagner-Mutiny.html

Record Renewables Growth Fails To Cut Global Fossil Fuel Share

Record increases in solar and wind installations in 2022 failed to cut into the massive 82% share of fossil fuels in global energy consumption amid turbulent energy markets and energy security concerns, the annual Statistical Review of World Energy showed on Monday. Moreover, despite the record growth of global solar and wind capacity additions last year, emissions rose again, to a new record high, and further put the world off track to the Paris Agreement targets, said the report, published by the Energy Institute (EI) and partners KPMG and Kearney,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Record-Renewables-Growth-Fails-To-Cut-Global-Fossil-Fuel-Share.html

Nasdaq sheds 1% on Monday as investors dump tech names to start final week of June: Live updates

The Nasdaq Composite slumped on Monday as investors sold shares of technology stocks that have outperformed in 2023.

Read more at: https://www.cnbc.com/2023/06/25/stock-market-today-live-updates.html

Biden announces $42 billion high-speed internet initiative

More than 7% of the country, or more than 8.5 million homes and small businesses, is considered underserved, with internet speed below government standards.

Read more at: https://www.cnbc.com/2023/06/26/biden-high-speed-internet-initiative.html

Putin says Russia would have crushed rebellion, vows ‘justice’ for mutiny organizers

The Russian president’s comments were his first since the aborted mutiny of Wagner Group mercenaries who marched on Moscow over the weekend.

Read more at: https://www.cnbc.com/2023/06/26/putin-says-russia-mutiny-organizers-will-face-justice.html

Apple reportedly plans new Apple Watch Ultra with iPhone 15 this fall

Apple’s year-ahead product roadmap includes refreshes of the iPad Pro, iMac, MacBook Pro and MacBook Air, even as it prepares to ship its Vision Pro headset.

Read more at: https://www.cnbc.com/2023/06/26/apple-reportedly-plans-new-apple-watch-ultra-with-iphone-15-this-fall.html

Analysts think these stocks in underperforming sectors are due for a comeback

Watch these Wall Street underperformers for a potential comeback in the second half of 2023.

Read more at: https://www.cnbc.com/2023/06/26/analysts-think-these-stocks-in-underperforming-sectors-are-due-for-a-comeback.html

Bitcoin drops below $31,000, and Binance prohibited from operating in Belgium: 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, Alex Adelman, the CEO and co-founder of the bitcoin rewards app Lolli, discusses what’s next for the cryptocurrency now that BlackRock filed for a spot bitcoin ETF.

Read more at: https://www.cnbc.com/video/2023/06/26/bitcoin-drops-below-31000-binance-prohibited-operating-belgium-cnbc-crypto-world.html

Meta launches VR subscription service that costs $7.99 a month

Meta on Monday announced a virtual reality subscription service called Meta Quest+.

Read more at: https://www.cnbc.com/2023/06/26/meta-quest-plus-vr-subscription-service-announced.html

News organizations ask court to reveal witness list in Trump documents case

Trump, the first-ever former president to face federal charges, has pleaded not guilty to 37 criminal counts stemming from the classified documents probe.

Read more at: https://www.cnbc.com/2023/06/26/trump-documents-case-media-want-witness-list-revealed.html

Biden says U.S. is not part of aborted Russia rebellion, and it’s too early to determine the cause

Biden said he monitored developments as they unfolded with his security team and spoke with close allies over Zoom.

Read more at: https://www.cnbc.com/2023/06/26/russia-rebellion-joe-biden-says-us-not-involved.html

Live updates: Putin’s grip on power questioned after mutiny; Mercenary group Wagner’s fate looks uncertain

An attempted mutiny against the Russian military has raised questions about President Vladimir Putin’s grip on power and what could be next for the country.

Read more at: https://www.cnbc.com/2023/06/26/russia-ukraine-war-updates-for-june-26-2023.html

Americans think they will need nearly $1.3 million to retire comfortably, study says. How to calculate your own ‘magic number’

When it comes to retirement, many Americans have a big-dollar figure in mind for how much they will need. However, they have much less set aside on average.

Read more at: https://www.cnbc.com/2023/06/26/americans-think-they-need-nearly-1point3-million-retire-comfortably-study.html

Getting by on $30,000 a year or less in Seattle, Long Beach, and NYC: How 3 city-dwellers ‘just make it work’

Three recent Make It interviewees show what life is like for those making less than $30,000 a year in NYC, Seattle, and and Long Beach, California.

Read more at: https://www.cnbc.com/2023/06/26/getting-by-on-under-30000-in-seattle-long-beach-nyc.html

Novo Nordisk says high-dose experimental obesity pill leads to 15% weight loss

Novo Nordisk’s pill is an oral version of semaglutide, the active ingredient in the Danish company’s blockbuster weight loss injections Ozempic and Wegovy.

Read more at: https://www.cnbc.com/2023/06/26/novo-nordisk-says-high-dose-obesity-pill-leads-to-15percent-weight-loss.html

What Are The Risks To Oil Markets From Recent Developments In Russia

The dramatic events over the weekend in Russia were – at least to the commodity traders – a stark reminder of the importance of grasping the risks to Russia oil supply associated with potential domestic upheaval. To address those, and other questions, Goldman’s commodity team  discusses the history of supply shocks, the risks to oil infrastructure, and the potential effects on oil prices in Q&A format.

First, some big picture observations:

• Russian oil output rebounded quickly last summer after a brief drop during the spring. A broader review suggests that persistent and substantial shocks to oil supply have historically arisen because of significant domestic civil unrest or because of the destruction of key oil infrastructure in a military conflict.
• While there is no disruption to oil flows at present, it is worth noting that the Baltic Sea and the Black Sea are Russia’s major export hubs for seaborne oil, and that the Wagner group also has some presence around oil facilities in Libya.
• While Goldman does not expect a very large impact on oil prices from this weekend’s failed coup, markets may price a moderately higher probability that domestic volatility in Russia leads to supply disruptions or has a sizable negative impact on oil supply at some point in the future. That said, the impact may be limited because oil markets are often focused on spot fundamentals, which have not changed, and because any hits to financial risk sentiment or to oil demand from increased uncertainty may provide an offset.

Below, we excerpt the full details from the b …

Read more at: https://www.zerohedge.com/commodities/what-are-risks-oil-markets-recent-developments-russia

Watch: Trump Vows To “Sign A Law Prohibiting Child Sexual Mutilation In All 50 States”

Authored by Steve Watson via Summit News,

Addressing the Faith & Freedom Coalition convention in Georgia on Saturday, President Trump promised to sign a law if he is re-elected that would ban transgender surgeries on children.

“Something else I find hard to believe that I have to even say,” Trump told the crowd, adding “It’s so ridiculous. It’s so horrible and so ridiculous. I will keep men out of women’s sports. And I will sign a law prohibiting child sexual mutilation in all 50 states. Prohibited.”

Trump continued, “and on day one I will reinstate the Trump ban on transgenders in the military. Because a warrior should be focused on crushing American enemies, on being strong, on having the image of being strong.”

“They have to be powerful. They have to be strong, es …

Read more at: https://www.zerohedge.com/political/watch-trump-vows-sign-law-prohibiting-child-sexual-mutilation-all-50-states

McCarthy Teases Garland Impeachment Inquiry After IRS Whistleblower Bombshells

House Speaker Kevin McCarthy (R-CA) on Sunday revealed that Republican lawmakers are ready to pounce on Attorney General Merrick Garland with an impeachment inquiry in light of testimony from IRS whistleblowers.

Last week the House Ways and Means Committee made public transcripts of interviews with two IRS whistleblowers, who claimed that Garland’s Department of Justice buried evidence of Hunter Biden’s tax crimes, and stopped US Attorney David Weiss from bringing charges against Hunter in two different jurisdictions last year.

According to Rep. Jason Smith (R-MO), Weiss sought to be appointed as a special counsel in the case last year but was denied as well. Garland says it isn’t true, so someone is clearly lying.

Really struggling to reconcile AG Garland’s denial (images 1 & 2) with the whistleblowers’ apparent receip …

Read more at: https://www.zerohedge.com/political/mccarthy-teases-garland-impeachment-inquiry-after-irs-whistleblower-bombshells

Aston Martin Hits EV Accelerator With Lucid Supply Deal

Aston Martin Lagonda Global Holdings Plc hit the accelerator on its electric vehicle ambitions Monday by announcing a new supply agreement with Lucid Group.

Under the agreement, Financial Times said Lucid would receive a 3.7% stake in Aston Martin and receive about £104 million cash payment from the British sportscar maker.

The deal greenlights Aston Martin to source “Lucid’s current and future powertrain and battery technology will be at the center of Aston Martin’s all-new in-house Battery Electric Vehicle (BEV) platform,” the British carmaker wrote in a press release.

“The supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin. Based on our strategy and requirements, we selected Lucid, gaining access to the industry’s highest performance and most innovative technologies for our future BEV products,” Lawrence Stroll, Executive Chairman of Aston Martin, said.

Lucid Air

Read more at: https://www.zerohedge.com/technology/aston-martin-hits-ev-accelerator-lucid-supply-deal

Banks being slow to pass on savings rates – Hunt

The chancellor says there is an “issue” with banks taking “too long” to pass on higher rates to savers.

Read more at: https://www.bbc.co.uk/news/business-66018159?at_medium=RSS&at_campaign=KARANGA

Cineworld screens stay open despite administration

The struggling cinema chain is undergoing a restructuring as it tries to escape huge debts.

Read more at: https://www.bbc.co.uk/news/business-66017633?at_medium=RSS&at_campaign=KARANGA

Rishi Sunak urges people to hold their nerve on interest rates

The prime minister continues to back the Bank of England as mortgage pressure rises for homeowners.

Read more at: https://www.bbc.co.uk/news/business-66012301?at_medium=RSS&at_campaign=KARANGA

Not aware of any subpoena to US investors, regulatory checks a routine: Adani Group

Adani Group has denied knowledge of the US Securities and Exchange Commission subpoenaing its investors over representations made by the company to them following allegations by Hindenburg Research that offshore companies were used to manipulate share prices. The group added that its disclosures were public record, and that regulators frequently sought access to such material

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/not-aware-of-any-subpoena-to-us-investors-regulatory-checks-a-routine-adani-group/articleshow/101287832.cms

How ICICI Securities, Natco Pharma; SJVN look on charts for next trade

On Monday, Indian markets closed mixed after early gains. The S&P BSE Sensex was flat with a negative direction, while the Nifty50 index rose marginally. Notable stocks included ICICI Securities, which rose by 10%, as well as Natco Pharma, up nearly 3%, and SJVN, up 6.5% to reach a fresh 52-week high

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-icici-securities-natco-pharma-and-sjvn-are-looking-on-charts-for-tuesday/articleshow/101283968.cms

5 charts show where stock market is headed after wild first half

The Nasdaq 100 is heading for its best H1 ever, with a surge of 36% so far this year. But Wall Street is concerned that the rally may be derailed by the Federal Reserve tightening its policy. Despite recession fears and bank failures, investors have remained optimistic as the US economy shows resilience and the earnings outlook improves. However, analysts warn that the rally in tech stocks appears overblown due to rich valuations and only a few high-flying companies such as Apple, Microsoft and Nvidia. Historically, a strong first-half for the stock market has been a good omen for the rest of the year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/5-charts-show-where-stock-market-is-headed-after-wild-first-half/articleshow/101266100.cms

In One Chart: HELOCs are back. Cash-strapped borrowers are tapping into a $33 trillion pile of home equity.

Home-equity lines of credit and second-lien mortgages are staging comebacks as homeowners to monetize the pandemic surge in home prices, BofA says.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721C-3E45D1E181FF%7D&siteid=rss&rss=1

IPO Report: IPO market readies for six-deal week, with four expected to raise more than $100 million

Six IPOs are expected to price this week, as market shows signs of heating after somewhat of a freeze.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721C-0DE2AAAFEF7F%7D&siteid=rss&rss=1

The Ratings Game: Banks face yet another risk, this time from faster payments, Moody’s says

A forthcoming Fed initiative to speed payments could give consumers and businesses more flexibility but bring further risk for banks, according to Moody’s.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721C-65B7931D63A6%7D&siteid=rss&rss=1