America’s Manufacturing Slowdown Weighs On Steel Demand

Via AG Metal Miner The Raw Steels Monthly Metals Index (MMI) moved sideways, with a modest 0.32% decline from June to July. Flat rolled steel prices appeared decidedly bearish throughout June. HRC prices saw the largest month-over-month decline, dropping nearly 16% before finding a bottom at the start of July. From there, HRC prices saw a modest $1/st increase during the first week, as steel prices started to move sideways. Prices would need to breach monthly resistance levels to suggest a trend shift, but as the market remains in backwardation,…

Read more at: https://oilprice.com/Metals/Commodities/Americas-Manufacturing-Slowdown-Weighs-On-Steel-Demand.html

Washington Unleashes $20 Billion In Clean Energy Funds

$20 billion will be up for grabs to facilitate clean energy projects that will “massively expand investment in new projects that reduce pollution across the country,” the White House said in a statement released on Friday. The $20 billion in funds is part of the EPA’s Greenhouse Gas Reduction Fund. The $20 billion will be awarded via two competitions. The first is a $14 billion National Clean Investment Fund (NCIF) competition that will provide grants to up to three national clean financing institutions to offer financing for…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Washington-Unleashes-20-Billion-In-Clean-Energy-Funds.html

U.S. Oil, Gas Rigs See More Losses

The total number of total active drilling rigs in the United States fell by 5 this week, after a 6-rig increase last week, according to new data from Baker Hughes published Friday. The total rig count fell to 675 this week—81 rigs below this time last year. The current count is 400 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs declined by 3 this week to 537, while the number of gas rigs fell by 2, to 133. Miscellaneous rigs stayed the same at 5. The rig count in the Permian Basin fell…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Rigs-See-More-Losses.html

Major Libyan Oilfields Halted As Global Supply Disruptions Grow

Libya’s largest oilfield was fully halted amid protests on Friday as tensions in the restive African OPEC producer returned and are set to reduce global oil supply at a time when Saudi Arabia is cutting production by 1 million barrels per day (bpd) and Russia has promised a 500,000-bpd cut to exports in August.   Sharara, Libya’s largest oilfield, began shutting down late on Thursday. By Friday, the oilfield was fully halted, Libya’s Oil Minister Mohamed Oun confirmed via text message to Bloomberg. The El Feel…

Read more at: https://oilprice.com/Energy/Crude-Oil/Major-Libyan-Oilfields-Halted-As-Global-Supply-Disruptions-Grow.html

Wind And Solar To Generate 33% Of Global Power By 2030

Wind and solar power generation will continue surging to the point of accounting for more than one-third of global electricity by 2030, up from 12% now, according to a new analysis by the Rocky Mountain Institute (RMI), a nonprofit organization focused on the energy transition.  The expected further surge in wind and solar puts the global power system on track for the IEA’s ambitious net-zero pathway, RMI said in the research done in partnership with the Bezos Earth Fund.   Based on the forecasts, the surge in renewables…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Wind-And-Solar-To-Generate-33-Of-Global-Power-By-2030.html

Hummer EV’s Lofty Premiums Begin To Erode

The hype around the GMC Hummer EV is quickly fading. Secondary markets, such as the popular car-selling website Bring A Trailer had people listing these “supertrucks” in early 2022 for lofty premiums versus MSRP. Demand was red hot, and production was limited, which drove up values but more than a year later, prices have tumbled. On April 1, 2022, months after the Hummer EV was released, a Hummer EV Pickup Edition 1 was sold on Bring A Trailer for a whopping $275,000. Those who locked in reservations bought the EV for around $100,000…

Read more at: https://oilprice.com/Energy/Energy-General/Hummer-EVs-Lofty-Premiums-Begin-To-Erode.html

Texas Must Upgrade Its Energy Grid To Accommodate New Renewable Power

Texas needs upgrades to its electricity transmission grid to accommodate a soaring share of renewable energy generation, otherwise the state risks surging shares of curtailments of wind and solar power generation by 2035, the U.S. Energy Information Administration (EIA) said this week. Texas ranks first in the United States in terms of installed wind energy capacity and second in solar capacity and storage. Wind energy alone produces 21% of all electricity in the state, according to the American Clean Power Association.    Per EIA’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Texas-Must-Upgrade-Its-Energy-Grid-To-Accommodate-New-Renewable-Power.html

Biden Reaffirms America’s Unwavering Commitment To NATO

U.S. President Joe Biden said he and other NATO leaders showed the world at their summit this week that the military alliance is “more united than ever” after Russia’s invasion of Ukraine. The allies “understand that this fight is not only a fight for the future of Ukraine,” Biden said in Helsinki as he closed out a five-day trip to Europe. Ukraine’s fight is also about sovereignty, security, and freedom throughout Eastern Europe and the world, he said on July 13.At a news conference with Finnish President Sauli Niinisto,…

Read more at: https://oilprice.com/Geopolitics/International/Biden-Reaffirms-Americas-Unwavering-Commitment-To-NATO.html

Russia Is Preparing To Export Less Oil In August

Russia could deliver on at least part of its pledge to reduce oil exports next month as its western ports are planned to ship up to 200,000 barrels per day (bpd) lower crude volumes in August compared to July, Reuters reported exclusively on Friday, quoting sources with knowledge of the export plans. Russia said last week that it would cut its crude oil exports by 500,000 bpd in August in a bid to ensure a balanced market, and the reduction in exports would come from a further 500,000-bpd cut in oil production. This week, Russia’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Is-Preparing-To-Export-Less-Oil-In-August.html

Oil Bulls Are Back As Brent Breaks Above $80

Bullish sentiment has been growing in oil markets this week, with inflation in the U.S. slowing dramatically and markets tightening on the back of supply disruptions and production cuts.Friday, July 14th, 2023News of a marked drop in US inflation growth this week has boosted oil prices, pushing ICE Brent above $80 per barrel for the first time since May. Further buttressed by the market’s tightness coming from Saudi Arabia’s production cuts and Russia’s export curbs – backwardation is steepening again – this week is…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Bulls-Are-Back-As-Brent-Breaks-Above-80.html

U.S. Probes Exxon Contractors In Guyana For Drug Trafficking And Gold Smuggling

Several U.S. agencies are investigating two businessmen from Guyana –contractors for ExxonMobil to build a shore base for the supermajor’s oil operations offshore – on suspicions of drug trafficking, money laundering, and other criminal activities, Reuters reported on Friday, quoting intelligence reports and sources familiar with the matter. Exxon, leading a consortium with U.S. Hess Corporation, is currently producing all the crude oil in Guyana—the world’s newest oil-producing nation, before the South American country…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Probes-Exxon-Contractors-In-Guyana-For-Drug-Trafficking-And-Gold-Smuggling.html

A Warning About Nikola’s Recent Stock Surge

As I write this on Thursday afternoon US time, Nikola (NKLA) is posting massive gains, up close to forty percent from Wednesday’s close. That means that the stock has gained more than two hundred and fifty percent since it hit its all-time low of $0.52 just over a month ago. That is a “meme-stock” like performance and the chances are that the jump isn’t over yet, but if you are tempted to get involved, understand one thing. Just like the original meme stocks like GameStop (GME) and AMC entertainment (AME), it will probably…

Read more at: https://oilprice.com/Energy/Energy-General/A-Warning-About-Nikolas-Recent-Stock-Surge.html

Uncertainty Looms Large Over Libya’s Oil Industry

While Libya is continually calling for foreign oil companies to expand investment in the country, there are indications that the conflict is coming full circle, with east (the powers in Benghazi) and west (the powers in Tripoli) rattling sabers over control of oil and oil revenues. Three weeks ago, General Haftar backed a proposal to set up a new rival interim government to challenge the GNU in Tripoli. Last week, threats emerged from the east of another oil export blockade until the distribution of oil revenues is sorted. This has never really…

Read more at: https://oilprice.com/Energy/Energy-General/Uncertainty-Looms-Large-Over-Libyas-Oil-Industry.html

Sweden To Join NATO After Historic Summit

Politics, Geopolitics & Conflict In a sudden twist in developments late on Monday, Turkey dropped its objections to Sweden joining NATO, just a day after conditioning Sweden’s membership in the military alliance on Turkey’s EU membership. Erdogan’s decision to drop the conditions and previous objections to Sweden’s NATO bid came on the eve of the NATO summit on Tuesday in Lithuania. Sweden will now become NATO’s 32nd member (after Finland was sworn in earlier this year). NATO is also set to make a decision on Ukraine’s…

Read more at: https://oilprice.com/Energy/Energy-General/Sweden-To-Join-NATO-After-Historic-Summit.html

Asian Jet Fuel Demand Bounces Back

1. All Russian Grades Are Now Running Afoul of the Price Cap- For the first time since the December 5 implementation of the Russian oil price cap, the price of Russia’s flagship Urals grade breached the $60 per barrel threshold according to Argus Media, a price reporting agency. – As the idea of the ceiling was to stop Russian exporters from using Western ships to transport their oil, simultaneously using Western insurance, this would come as a blow to Western sanctions efforts. – The risk of running afoul of the oil price cap might make…

Read more at: https://oilprice.com/Energy/Energy-General/Asian-Jet-Fuel-Demand-Bounces-Back.html

Dow closes 100 points higher Friday on solid earnings, registers best week since March: Live updates

The 30-stock Dow ticked higher as strong earnings results from some of the biggest banks and companies kicked off earnings season.

Read more at: https://www.cnbc.com/2023/07/13/stock-market-today-live-updates.html

Biden administration forgives $39 billion in student debt for more than 800,000 borrowers

The Biden administration announced it would automatically cancel education debt for 804,000 borrowers, for a total of $39 billion in relief.

Read more at: https://www.cnbc.com/2023/07/14/biden-forgives-39-billion-in-student-debt-for-some-800000-borrowers.html

Binance could lay off thousands as company buckles down for DOJ probe, source says

The crypto exchange plans to cut 1,500 to 3,000 workers total, a current employee familiar with the company’s plans told CNBC.

Read more at: https://www.cnbc.com/2023/07/14/binance-could-lay-off-thousands-in-response-to-doj-probe-source.html

Dimon says private equity giants are ‘dancing in the streets’ over tougher bank rules

Banks face requirements to hold more capital as a cushion against risky activities from both U.S. and international regulators.

Read more at: https://www.cnbc.com/2023/07/14/dimon-apollo-blackstone-tougher-bank-rules.html

Tesla, PepsiCo and more: CNBC’s ‘Halftime Report’ traders answer your questions

“Ask Halftime” traders answer your questions about individual stocks and ETFs.

Read more at: https://www.cnbc.com/2023/07/14/tesla-pepsico-and-more-cnbcs-halftime-report-answers-your-questions.html

JPMorgan Chase beats analysts’ estimates on higher rates, better-than-expected bond trading

JPMorgan has been a port in the storm for bank investors this year. Its hot streak continued with second-quarter earnings.

Read more at: https://www.cnbc.com/2023/07/14/jpmorgan-chase-jpm-earnings-2q-2023.html

Obesity drug maker Versanis to be bought by Eli Lilly for $1.9 billion

The deal is Eli Lilly’s latest attempt to capitalize on the weight loss industry gold rush, which was sparked by demand for Novo Nordisk’s Wegovy and Ozempic.

Read more at: https://www.cnbc.com/2023/07/14/eli-lilly-to-acquire-obesity-drug-maker-versanis-for-1point9-billion.html

Amazon seller consultant avoids jail in employee bribery scheme

Amazon seller consultant Ephraim “Ed” Rosenberg was sentenced Friday to probation and house arrest for his involvement in a scheme to bribe company employees.

Read more at: https://www.cnbc.com/2023/07/14/amazon-seller-consultant-avoids-jail-in-employee-bribery-scheme.html

Ukraine war live updates: Controversial U.S.-made cluster bombs arrive in Ukraine; U.S. calls for Russia to renew Black Sea grain deal

The IOC says it is torn between two “irreconcilable” positions, and has not yet decided whether to invite Russian and Belarusian competitors.

Read more at: https://www.cnbc.com/2023/07/14/russia-ukraine-live-updates.html

This ETF’s popularity shows investors are confident inflation has calmed down

The iShares 20+ Year Treasury Bond ETF (TLT) raked in nearly $2 billion of inflows over the past week, according to FactSet.

Read more at: https://www.cnbc.com/2023/07/14/this-etfs-popularity-shows-investors-are-confident-that-inflation-has-calmed-down.html

These are America’s 10 worst states to live and work in for 2023, and there’s a big surprise at the very bottom

Quality of life is a major factor in where Americans choose to work, live and make major purchases including homes. These states are the nation’s worst.

Read more at: https://www.cnbc.com/2023/07/14/these-are-americas-10-worst-states-to-live-and-work-in.html

Meta Threads engagement has dropped off since red-hot debut, tracking firms say

Facebook’s Twitter-killer, Threads, has seen drops in daily active users and time spent on app, according to SensorTower and SimilarWeb.

Read more at: https://www.cnbc.com/2023/07/13/meta-threads-engagement-has-dropped-off-sensor-tower-similarweb.html

UnitedHealth stock jumps after earnings top estimates despite rising medical costs

The results eased investor concerns after UnitedHealth Group flagged a surge in demand for non-urgent surgeries and outpatient services last month.

Read more at: https://www.cnbc.com/2023/07/14/unitedhealth-group-unh-earnings-q2-2023.html

Disney CEO Responds To Disney World Attendance Implosion

Disney CEO Bob Iger responded to recent reports of plummeting attendance at Disney World – as evidenced by a drop in wait times for rides and attractions this summer – attributing it to an overall trend in tourism to Central Florida.

“Florida opened up early during COVID and created huge demand, and didn’t have competition because there were a number of other places, states, that were not open yet,” he said Thursday, adding

“If you look at the numbers in Florida in 2023 … versus 2022, where not as much was open, and Florida was the only game in town, there is a lot more competition today.”

Sure Bob.

According to the Wall Street Journal, however, lines for attractions at Disney’s most popular park have become increasingly shorter – with the average wait time shrinking from 47 minutes per ride in 2019 to 31 minutes per ride in 2022. This year, wait times have dropped to 27 mintes per ride and attraction.

When asked by CNBC if the feud between Disney and the state of Florida are to blame, Iger said “No,” adding “We see no sign of that at all.”

Disney has been embroiled in a legal and political fight with Mr. DeSantis that was, in part, triggered by the company’s vocal opposition to a bill that bans discussing sexual orientation or gender identity in kindergarten through third grade. The company has also faced streaming losses, and its stock was recen …

Read more at: https://www.zerohedge.com/political/disney-ceo-responds-disney-world-attendance-implosion

Future Of Oil Demand Is Brighter Than You’ve Been Told

By Julianne Geiger of OilPrice.com

Oil demand’s future is rosier than the common narrative would have you believe, according to a report released today by Energy Outlook Advisors.

According to energy analyst and the report’s author Anas Alhajji, the hope that oil demand will decrease as the world transitions to clean energy is built on a lot of hype and wishful thinking.

China—the world’s largest investor in renewable energy—and India still use coal as the primary source of electricity generation. As these countries add green energy, it will have minimal effect on oil demand, if any at all, the report suggests.

Countries like China and India may have plans to continue adding solar, wind, and other clean energy sources, but economic growth continues to lap up the additions, meaning oil and even coal are unlikely to be displaced anytime soon.

As seen in the report’s chart below, as global energy consumption increases—and even as solar, wind and …

Read more at: https://www.zerohedge.com/markets/future-oil-demand-brighter-youve-been-told

Watch: Rocket Motor Explodes In Japan During Test

Chris Bergin of NASASpaceFlight shared a jaw-dropping video on Twitter of a rocket engine exploding at a test facility in northern Japan on Friday.

JAXA’s Epsilon S solid rocket motor exploded during testing. https://t.co/AZY17sk229

— Chris Bergin – NSF (@NASASpaceflight) July 14, 2023

Reuters said the Epsilon S engine exploded at the Japan Aerospace Exploration Agency (JAXA) testing facility in Akita Prefecture. The explosion blew off the roof of the building the engine was housed in for the test.

This is another setback for JAXA and follows the launch failure of the new H3 rocket that was destroyed when the vehicle’s second-stage engine failed to ignite in early March.

Earlier this week, CNBC revealed Blue Origin’s BE-4 rocket exploded during a test on June 30. However, no footage was released.

Meanwhile, Elon Musk’s SpaceX continues to dominate rocket launches into space (besides the

Read more at: https://www.zerohedge.com/technology/watch-rocket-motor-explodes-japan-during-test

Top Democrats Know Biden Is Not Running For 2nd Term; Report

Authored by Steve Watson via Summit News,

According to a CNN report (make of that what you will) leading Democrats have begun reaching out to “possible replacements” for Joe Biden because they know that the 80 year old president will not run for a second term.

The report states that “top Democrats and donors” are having conversations with potential presidential candidates within the party because the pace of Biden’s apparent campaign is so slow.

Slow pace of President Biden’s reelection campaign feeds Democrats’ 2024 anxiety https://t.co/LYtQTrI93L

— CNN Politics (@CNNPolitics) July 13, 2023

Read more at: https://www.zerohedge.com/political/top-democrats-know-biden-not-running-2nd-term-report

Gatwick Airport to be hit by strikes over summer holidays

The walkouts in July and August could cause some disruption but their impact is uncertain.

Read more at: https://www.bbc.co.uk/news/business-66199180?at_medium=RSS&at_campaign=KARANGA

One in 20 adults run out of food as prices soar

Single parents are particularly vulnerable to running short and being unable to afford more, the ONS says.

Read more at: https://www.bbc.co.uk/news/business-66199622?at_medium=RSS&at_campaign=KARANGA

Rapid pace of price rises ’embedded’, forecaster warns

Inflation is becoming entrenched, putting pressure on the public finances, the OBR says.

Read more at: https://www.bbc.co.uk/news/business-66199176?at_medium=RSS&at_campaign=KARANGA

Want loan against equity mutual funds: 6 dos and don’ts investors must take note of

Borrowing against units should generally be used for meeting short-term fund requirements only and not for creating long-term leverage in the portfolio, says Chief Executive Officer at Trust Mutual Funds

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/want-loan-against-equity-mutual-funds-6-dos-and-donts-investors-must-take-note-of/articleshow/101760967.cms

Nithin Kamath on how to protect yourself from cyber frauds in the world of AI

Under two-factor authentication, the first factor in a login is a password, but it has the risk of being easily compromised. The second is an additional factor to secure your account, which has biometric authorization, TOTP (time-based expiring codes) etc. This makes account compromise much harder.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/zerodhas-nithin-kamath-on-how-to-protect-yourself-from-cyber-frauds-in-the-world-of-ai/articleshow/101763904.cms

Lights, camera, silence: Hollywood actors’ strike halts production on ‘Deadpool 3,’ ‘Venom 3’ and the next part of ‘Mission Impossible 8’

Get ready to watch reruns, see fan convention panels and red carpet premieres canceled — or maybe even the Emmys rescheduled

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722C-FEBB705D2CAD%7D&siteid=rss&rss=1

Market Extra: The U.S. stock-market rally seems unstoppable, so why does bearishness still persist

The U.S. stock-market rally that marked the first half of 2023 continues into the second half, leaving bullish investors clinging to the optimism that has helped the technology-heavy Nasdaq 100 index advance by 42% for the year to date, while bears are trying to time the point when momentum fizzles out and the trend shifts to the downside.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722C-87DD612B94A2%7D&siteid=rss&rss=1

Market Snapshot: S&P 500 trades down slightly, still on track for weekly gain after bank earnings, consumer-sentiment reading

U.S. stocks were mixed Friday afternoon, with the S&P 500 turning lower, as investors weighed bank earnings and a University of Michigan survey of consumer sentiment.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722C-11F0ED413AC8%7D&siteid=rss&rss=1