Europe To Face Offshore Wind Tower Deficit By 2028

Offshore wind developments are a critical component of Europe’s energy transition plans, but a supply headache could be on the horizon for the industry before the end of the decade. Rystad Energy’s modeling shows that in 2028, demand for offshore turbine towers will outstrip manufacturing capacity, signaling that time is running out for the continent to address the issue and ramp up production capabilities. Rystad Energy’s offshore wind capacity outlook shows that wind tower manufacturing capacity will keep pace and exceed demand…

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/Europe-To-Face-Offshore-Wind-Tower-Deficit-By-2028.html

Canadian Think Thank: Government Should Back U.S. In TC Energy Pipeline Lawsuit

Canada shouldn’t back Canadian pipeline company TC Energy in its lawsuit against the United States, a new report from a Canadian think tank suggested. In the $15 billion lawsuit that TC Energy has filed against the United States for the Biden Administration’s cancellation of its crude oil cross-border pipeline expansion project known as the Keystone XL pipeline, Ottowa should back the United States, the Canadian Centre for Policy Alternatives recommended. “Though the TC Energy dispute pits a Canadian company against the U.S. state,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadian-Think-Thank-Government-Should-Back-US-In-TC-Energy-Pipeline-Lawsuit.html

Sanctioned Goods Are Sneaking Into Russia Through Kazakhstan

A senior official in Kazakhstan has conceded that a certain volume of dual-use goods is being delivered to neighboring Russia, despite efforts to prevent that from happening.  Trade and Integration Minister Serik Zhumangarin told U.S.-funded broadcaster RFE/RL, however, that items like microchips are being subjected to more rigorous controls to track their movements. “When the sanctions [against Russia were first imposed, representatives of Western countries responsible for enforcement] handed us a list of 7,000 types of goods that were…

Read more at: https://oilprice.com/Geopolitics/International/Sanctioned-Goods-Are-Sneaking-Into-Russia-Through-Kazakhstan.html

Mexico’s Nationalist Policies Squeezing Oil Trade Margins

One of the world’s largest oil traders, Trafigura, has been forced to scale back its oil trading business in Mexico thanks to the country’s nationalist policies taking a toll on margins. Trafigura has recorded margin compression due to fuel subsidies the Mexican government announced last year to help the country cope with inflation. The subsidies mark yet another setback for the commodities trading firm, following the cancellation of its fuel-import license and ban  from doing business with Petroleos Mexicanos’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexicos-Nationalist-Policies-Squeezing-Oil-Trade-Margins.html

Hydrogen Economy Gets A Boost With New Low-Cost Catalyst

An Argonne National Laboratory team has developed a new catalyst composed of elements abundant in the Earth. It could make possible the low-cost and energy-efficient production of hydrogen for use in transportation and industrial applications. The reporting paper for the research has been published in Science. Hydrogen can power vehicles while emitting nothing but water. Hydrogen is also an important chemical for many industrial processes, most notably in steel making and ammonia production. Using cleaner hydrogen is highly desirable in those industries.…

Read more at: https://oilprice.com/Alternative-Energy/Fuel-Cells/Hydrogen-Economy-Gets-A-Boost-With-New-Low-Cost-Catalyst.html

Russian Aluminum Stockpiles Undermine LME’s Credibility

Via AG Metal Miner It’s no news that the London Metal Exchange (LME) has seen a big rise in Russian aluminum inventories in its warehouses. However, the surge in Russian metal remains a big source of concern for the business. After all, it could potentially affect aluminum prices on the exchange, which producers, consumers and traders often use as a benchmark for contracts. Rusal, a Russian aluminum manufacturer, accounts for 5.4% of the world’s total aluminum supply. Many expect the company’s output to total around…

Read more at: https://oilprice.com/Metals/Commodities/Russian-Aluminum-Stockpiles-Undermine-LMEs-Credibility.html

Andurand’s Oil Hedge Fund Crashes After Oil Price Bet Goes Awry

After a wildly successful period amid soaring oil prices, legendary oil trader Pierre Andurand has seen his hedge fund suffer the worst-ever loss after oil prices reversed course. Andurand’s main Andurand Commodities Discretionary Enhanced Fund, which makes leveraged bets, fell by another 7% in the current month through June 23 to bring year-to-date losses to 51%, a sharp contrast to the more than sevenfold return it recorded in the previous three years. The fund, which Andurand runs with no set risk limits, has suffered catastrophic losses…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Andurands-Oil-Hedge-Fund-Crashes-After-Oil-Price-Bet-Goes-Awry.html

UK Regulator Sharpens Scrutiny On Energy Sector

Energy suppliers could risk losing their license if they fail to follow new toughened prepayment meter rules, with Ofgem announcing plans to make its proposed industry reforms permanent. As part of its clampdown on the energy sector, the market watchdog is launching a statutory consultation which will make its pledged reforms a compulsory part of suppliers’ licence conditions. This includes all the rules energy firms signed up to in a voluntary code of practice earlier this year such as having to make at least 10 attempts to contact a customer…

Read more at: https://oilprice.com/Energy/Energy-General/UK-Regulator-Sharpens-Scrutiny-On-Energy-Sector.html

EIA: Energy Trade Between U.S. And Mexico Hits Record Levels

The U.S. Energy Information Administration (EIA) has reported that energy trade in 2022 between the United States and Mexico totaled $81.9 billion in real prices, an all-time high. U.S. energy exports to Mexico in real price totaled $55.8 billion in 2022, up from the previous high of $45.4 billion in 2021, again an all-time high. The U.S. was a net importer of crude from Mexico but a net exporter of petroleum products and natural gas. U.S. crude oil imports from Mexico averaged 536,000 barrels per day (b/d), a 9%Y/Y increase. The total value of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EIA-Energy-Trade-Between-US-And-Mexico-Hits-Record-Levels.html

Oil Ticks Up After EIA Confirms Huge Crude Draw

Crude oil prices moved higher today after the Energy Information Administration reported an inventory draw of 9.6 million barrels for the week to June 23. This compared with an inventory decline of 3.8 million barrels for the previous week that, despite its relatively large size, failed to move prices much. In fuels, the EIA estimated modest inventory builds. Gasoline inventories added 600,000 barrels in the week to June 23, with production averaging 10.1 million barrels daily. This compared with a modest inventory build of half a million barrels…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Ticks-Up-After-EIA-Confirms-Huge-Crude-Draw.html

U.S. Slaps Sanctions On Wagner-Linked Gold Miners

The United States has imposed sanctions on four companies linked to the Russian private mercenary group Wagner and its leader, Yevgeny Prigozhin, that it said are active in illicit gold mining and trade. The companies are tied to illicit gold dealings that fund the Wagner group to sustain and expand its armed forces, including in Ukraine and Africa, the Treasury Department said in a news release on June 27. In addition to the four companies, one individual identified as a Russian executive in the Wagner group was designated for sanctions. Two…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Slaps-Sanctions-On-Wagner-Linked-Gold-Miners.html

China To Release Millions Of Barrels Of Imported Oil Stuck At Ports

China will start releasing an estimated 10 million barrels of oil imported from Iran and Venezuela and waiting at ports for weeks amid increased cargo scrutiny, Reuters reported on Wednesday, citing trading sources with knowledge of the matter.  In April, authorities at China’s Shandong province, home to most of the independent refiners, began inspections of arriving cargoes after finding that some shipments from Iran were mislabeled as bitumen or bitumen mixtures, in an apparent attempt at bypassing the crude oil import quotas China…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-To-Release-Millions-Of-Barrels-Of-Imported-Oil-Stuck-At-Ports.html

Norway Approves $18.5 Billion Investment In Oil And Gas Projects

Norway approved on Wednesday the development of 19 offshore oil and gas projects worth more than $18.5 billion (200 billion Norwegian crowns) in investments, as Western Europe’s top oil and gas producer looks to sustain the high production from its continental shelf. The 19 projects approved today include new developments, additional development of producing oil and gas fields, and investments to increase resource recovery in producing fields, the Norwegian Ministry of Petroleum and Energy said. The projects are being led by Aker BP, Equinor,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norway-Approves-185-Billion-Investment-In-Oil-And-Gas-Projects.html

U.S. Clean Energy Jobs Jumped In 2022

Rising employment in clean energy led the 3.8% jobs growth in the U.S. energy sector in 2022, when the industry outpaced the overall U.S. rise in employment, the annual report by the Department of Energy showed on Wednesday.     Last year, the U.S. energy workforce added nearly 300,000 jobs, at a 3.8% growth rate, which exceeded the 3.1% growth rate of the overall U.S. workforce, according to the 2023 U.S. Energy and Employment Report (USEER).   The number of clean energy jobs rose in every state and grew by 3.9% nationally…

Read more at: https://oilprice.com/Energy/Energy-General/US-Clean-Energy-Jobs-Jumped-In-2022.html

Campaigners Urge UK Pension Funds To Review $112 Billion Fossil Fuel Investments

The UK’s pension funds should review their $112 billion (£88 billion) worth of investment in equities and bonds of fossil fuel firms, as the funds are not anywhere near on track for aligning their portfolios to the Paris Agreement goals, a new study by UK climate finance campaign Make My Money Matter showed on Wednesday.     The pension funds’ holdings in oil and gas are almost ten times higher in value than the holdings in listed FTSE 350 clean energy stocks, according to the research cited by Bloomberg.  …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Campaigners-Urge-UK-Pension-Funds-To-Review-112-Billion-Fossil-Fuel-Investments.html

Nvidia’s chips fuel A.I. — here’s why the U.S. worries about China’s access

Nvidia’s powerful semiconductors have taken on particular importance as their capacity to fuel artificial intelligence has become increasingly sought after.

Read more at: https://www.cnbc.com/2023/06/28/nvidias-chips-fuel-ai-why-the-us-worries-about-chinas-access.html

Justice Department charges 78 people with $2.5 billion in healthcare fraud

The DOJ said the defendants allegedly defrauded health care programs used to take care of elderly and disabled people.

Read more at: https://www.cnbc.com/2023/06/28/doj-charges-78-people-with-2point5-billion-in-health-care-fraud.html

Nonprofit funded by GOP donor Thiel apparently donated to left-leaning group, records show

The donation coincided with Thiel helping Republican candidates during the 2022 congressional midterm campaign.

Read more at: https://www.cnbc.com/2023/06/28/peter-thiel-nonprofit-apparently-donated-to-left-leaning-group.html

S&P 500 closes near flat as Powell warns that more restrictive policy could be on the way: Live updates

Investors are coming off a positive session for the major averages, with tech stocks driving the gains.

Read more at: https://www.cnbc.com/2023/06/27/stock-market-today-live-updates.html

These are analysts’ favorite S&P 500 stocks heading into the second half

CNBC Pro screened for well-liked stocks with large expected upside.

Read more at: https://www.cnbc.com/2023/06/28/these-are-analysts-favorite-sp-500-stocks-heading-into-the-second-half.html

Debris from implosion of Titanic-bound submersible is returned to land

The Coast Guard declared the loss of the Titan submersible to be a “major marine casualty” and will lead the investigation, according to The National Transportation Safety Board.

Read more at: https://www.cnbc.com/2023/06/28/debris-from-implosion-of-titanic-bound-submersible-is-returned-to-land.html

Wildfire smoke hits New York again: ‘We are truly the first generation to feel the real effects of climate change,’ Governor Hochul says

Canadian wildfire smoke is impacting New York air quality again. New Yorkers are urged to keep track of the air quality and take necessary precautions.

Read more at: https://www.cnbc.com/2023/06/28/canadian-wildfire-smoke-is-impacting-air-quality-in-new-york-again.html

DeSantis wants court to schedule Disney trial after 2024 election

DeSantis filed a motion to dismiss Disney’s suit accusing him of political retaliation after the company criticized the law dubbed “Don’t Say Gay” by critics.

Read more at: https://www.cnbc.com/2023/06/28/desantis-wants-to-schedule-disney-trial-after-2024-election.html

Ukraine war live updates: Countdown started on Kremlin regime, Ukraine official says; at least 13 dead in two missile strikes on Ukraine

Yevgheny Prigozhin’s failed weekend coup has spurred Ukrainian hopes that the end of Vladimir Putin’s regime is within sight.

Read more at: https://www.cnbc.com/2023/06/28/russia-ukraine-war-live-updates-for-wednesday-june-28-2023.html

The tiny government agency behind a Chinese A.I. chip ban that’s weighing on Nvidia

The Bureau of Industry and Security was described in 2021 by Commerce Secretary Gina Raimondo as a “small but mighty” agency at the heart of national security.

Read more at: https://www.cnbc.com/2023/06/28/bis-is-government-agency-behind-chinese-ai-chip-ban-weighing-on-nvidia.html

Zaslav brings in Spielberg, Scorsese, Anderson to help curate TCM film lineup after shakeup

Warner Bros. Discovery will have Martin Scorsese, Steven Spielberg, and Paul Thomas Anderson give their input on the cable-TV film channel TCM.

Read more at: https://www.cnbc.com/2023/06/28/spielberg-scorsese-pta-to-curate-films-for-tcm.html

Why NFL star Travis Kelce chooses to be ‘underpaid’—even though ‘it hurts you in the gut a little bit’

NFL star Travis Kelce says his managers and agents repeatedly say he could make more money by leaving the Kansas City Chiefs. Here’s why he’s staying put.

Read more at: https://www.cnbc.com/2023/06/28/travis-kelce-kansas-city-chiefs-underpaid-nfl.html

The S&P 500 is headed for a big first-half gain. Three key stocks have more than doubled

The S&P 500 is up nearly 14% year to date, putting it on track for its best first-half performance since 2021.

Read more at: https://www.cnbc.com/2023/06/28/sp-500-heads-for-big-first-half-gain-3-stocks-have-more-than-doubled.html

Get Woke, Go Broke: How National Boycotts Are Indeed Crushing ESG Companies

A couple months back the leftist media including Rolling Stone attempted to “debunk” the mantra of “get woke, go broke” with a series of articles and reports suggesting that corporations that embrace social justice ideology and ESG-related policies are actually more profitable than ever.  At the time, the momentum for conservative boycotts of companies like Anheuser-Busch and eventually Target had just started to roll forward, and as is often the case with the media, they jumped the gun and made assumptions before the dust had settled on the issue.

They said the boycott against Bud Light wouldn’t last long, but it has been three months now and Bud Light just suffered its worst weekly loss so far, with sales down 30% at the end of June.  Stock losses for A-B were also in the $27 billion range.  The company is now preparing for the possibility that these losses are permanent and that customers are not coming back.

Read more at: https://www.zerohedge.com/political/get-woke-go-broke-how-national-boycotts-are-indeed-crushing-esg-companies

“We’re In The Midst Of A Coup” – Martin Armstrong Warns NeoCons Will Rig 2024 Election

ViaGreg Hunter’s USAWatchdog.com,

Legendary financial and geopolitical cycle analyst Martin Armstrong was forecasting “chaos” in 2023, and that’s exactly what we got.

His cycle work says don’t look for it to get better anytime soon.

Armstrong explains, “We are in the midst of a coup…”

“We have all these people who have been neocons for 30 years.  Even Ron Paul said recently that the neocons have been waging war for 30 years and have not won a one single one.  This is what they live for.  Look at the clip of Lindsey Graham saying this is the best money we ever spent killing Russians.  How can you take pleasure in that statement that this is the best money we ever spent killing Russians.  This is not defense.  These are the words of a psychopath in my mind

Read more at: https://www.zerohedge.com/political/were-midst-coup-martin-armstrong-warns-neocons-will-rig-2024-election

Citadel’s Summer Interns Are Making $120 Per Hour

Some Wall Street interns are absolutely crushing it this summer, in some cases making as much as $120 per hour while the senior staff heads out to the Hamptons to booze and schmooze in the sun, Bloomberg reported this week.

The pay comes as firms look to lure in younger talent, with Bloomberg noting that U.S. median intern pay was up 19% at 16 firms where compensation data was analyzed. Prop firms and hedge funds saw even larger increases, with hourly pay up 29% year over year to $111/hour, or $4,400 gross for a 40 hour work week.

Nowhere is the change more evident than at Citadel and Citadel Securities, where intern pay rose 25% to $120 per hour this year, amounting to about $19,200 per month before taxes. As a result, Ken Griffin’s juggernaut received more than 69,000 applications for their 2023 internship program.

This marked a 65% increase, year over year, in intern applications.

For comp …

Read more at: https://www.zerohedge.com/markets/citadels-summer-interns-are-making-120-hour

Trump: “Crooked Joe Biden Is Compromised, Owned By China”

Authored by Steve Watson via Summit News,

During a speech in New Hampshire Tuesday, President Trump read out text messages that were allegedly sent by Hunter Biden to a Chinese Communist Party business leader, and asserted that Joe Biden is “compromised” and completely “owned by China.”

Trump is focusing on the scandal that broke last week, calling it “100 times bigger than Watergate.”

Newsmax’s @JamesRosenTV reads the entire text Hunter Biden sent to a Chinese businessman which stated Joe Biden was “in the room” in an effort to get him to pay them.

Kirby refuses to answer and then walks away from the p …

Read more at: https://www.zerohedge.com/markets/trump-crooked-joe-biden-compromised-owned-china

Thames Water in urgent funding talks amid fears of collapse

Whatever happens to firm, which serves a quarter of the UK population, water supplies will continue as normal.

Read more at: https://www.bbc.co.uk/news/business-66039170?at_medium=RSS&at_campaign=KARANGA

The loan sharks profiting from the pain of soaring prices

The BBC gains exclusive access to illegal moneylenders who are charging interest rates of up to 50%.

Read more at: https://www.bbc.co.uk/news/business-65799842?at_medium=RSS&at_campaign=KARANGA

BT investigated over major 999 call disruption

Probe launched after emergency services across the UK reported 999 calls were failing to connect on Sunday.

Read more at: https://www.bbc.co.uk/news/technology-66042035?at_medium=RSS&at_campaign=KARANGA

Sebi to strengthen investor grievance handling mechanism

Sebi has decided to revamp its complaint redressal system in order to strengthen the investor grievance handling mechanism. Measures include linking the Sebi Complaint Redress System with the Online Dispute Resolution Mechanism and reducing timelines. Additionally, the board has approved amendments to regulations pertaining to Non-Convertible Debt Securities (NCDs), which will come into effect from January 1, 2024. Sebi hopes these measures will improve transparency and boost the corporate bond market.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-to-strengthen-investor-grievance-handling-mechanism/articleshow/101348133.cms

Breakout Stocks: How are Tata Motors, BLS International and JBM Auto looking on charts for Friday?

The Indian market soared to a new all-time high, with the S&P BSE Sensex surpassing 64,000 and the Nifty50 reaching 19,011. Sectors such as capital goods, power, healthcare, auto, and oil & gas witnessed buying activity. Stocks like Tata Motors, BLS International, and JBM Auto gained significantly, hitting fresh 52-week highs. Analysts suggest that while Tata Motors may have experienced a base breakout, better opportunities may be found elsewhere due to the absence of significant earnings growth triggers.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-are-tata-motors-bls-international-and-jbm-auto-looking-on-charts-for-friday/articleshow/101341444.cms

Will Zerodha go into crypto currency space in the future? Nithin Kamath answers

​It is not about edtech I think you are going to see this across and the fact that everyone was pushing to become unicorn or decacorn or whatever, in a market where it is very hard to generate revenue.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/will-zerodha-go-into-crypto-currency-space-in-the-future-nithin-kamath-answers/articleshow/101325278.cms

Futures Movers: U.S. oil prices end at highest in a week as EIA reports a nearly 10 million-barrel weekly drop in U.S. crude supplies

Oil futures climb on Wednesday, with U.S. prices ending at their highest in a week official data show that domestic crude inventories fell by almost 10 million barrels last week, but domestic supplies of gasoline and distillates unexpectedly rose.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721E-7B5826CDAD92%7D&siteid=rss&rss=1

Joby Aviation’s stock takes off after maker of electric air taxis gets one step closer to commercial flights

Joby Aviation shares rallied more than 40% after the company secured approval from U.S. regulators for test flights of its eVTOL aircraft.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721F-4CD0F7EFBBF0%7D&siteid=rss&rss=1

Carnival’s stock sails toward a record monthly gain

Carnival’s stock has been climbing on cruise control in June, toward its best monthly performance since going public 36 years ago, fueled by record demand.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721F-2C6B0CE20364%7D&siteid=rss&rss=1