Why The World Just Can’t Kick Coal

In the U.S., coal demand has been on a downward trend for about 15 years. There have been three significant drivers behind this decline. One of the primary reasons for the decline in U.S. coal demand is the increased availability and affordability of natural gas. The advent of hydraulic fracturing (fracking) and advanced drilling techniques led to a significant expansion of natural gas production, resulting in lower natural gas prices. Many power plants have shifted from coal to natural gas as it produces fewer greenhouse gas emissions and can…

Read more at: https://oilprice.com/Energy/Coal/Why-The-World-Just-Cant-Kick-Coal.html

Drax Still Locked In Talks With UK Over £2 Billion Carbon Capture Plan

Drax has confirmed talks are still ongoing with the UK government over its multibillion pound plans to develop carbon capture and storage facilities at its flagship power station in North Yorkshire. Will Gardiner, chief executive of the London-listed energy giant, revealed Drax remains in “formal discussions” with the government to upgrade its biomass facilities so they can offset carbon emissions by the end of the decade. The company is prepared to invest up to £2bn into the bioenergy carbon capture and storage (BECCS) development,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Drax-Still-Locked-In-Talks-With-UK-Over-2-Billion-Carbon-Capture-Plan.html

Cobalt Prices Rally As Battery Demand Booms

Via Metal Miner The Renewables MMI (Monthly Metals Index) saw little movement month-over-month. The index held sideways and only dropped a mere 0.12%, just narrowly missing trading flat. Moreover, the main factor which pushed the index sideways instead of down (according to renewable energy news) was cobalt rallying. It’s the first significant price rise cobalt has seen since February. This is mainly thanks to oversupply and a slow recovery in Chinese production after zero-COVID. Besides cobalt, every other part of the index traded sideways…

Read more at: https://oilprice.com/Metals/Commodities/Cobalt-Prices-Rally-As-Battery-Demand-Booms.html

Pakistan Secures Aramco Partnership Deal for $10B Refinery

Leading Pakistani state-owned companies are set to partner with Saudi Aramco in the giant $10-billion Greenfield Refinery project at Gwadar Port. Pakistan’s Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO) and Government Holdings Private Limited (GHPL), will collaborate through a joint investment strategy in setting up an integrated refinery petrochemical complex with a processing capacity of a minimum of 300,000 barrels per day (BPD). The project is likely to secure Pakistan…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pakistan-Secures-Aramco-Partnership-Deal-for-10B-Refinery.html

New Catalyst Efficiently Cleans Methane From Natural Gas Exhaust

A Washington State University catalyst design using a single or just a few palladium atoms removed 90% of unburned methane from natural gas engine exhaust. The research showed that the single-atom catalyst was able to remove methane from engine exhaust at lower temperatures, less than 350° Celsius (662° Fahrenheit), while maintaining reaction stability at higher temperatures. The research effort between Washington State University and SLAC National Accelerator Laboratory has been reported in the journal, Nature Catalysis. Yong Wang, Regents…

Read more at: https://oilprice.com/Energy/Natural-Gas/New-Catalyst-Efficiently-Cleans-Methane-From-Natural-Gas-Exhaust.html

Gold Investment Soars Among Millennials

Millennials are buying more gold than Boomers or Gen-X, according to a recent survey. But there’s a catch. Millennials are also more likely to invest in paper gold instead of physical metal. According to the report by State Street, on average, Millennials have 17% of their portfolios allocated to gold. Boomers and X-ers lag with a 10% allocation on average. About 88% of the investors surveyed who hold gold called it a long-term investment. More than 70% reported that gold boosted the overall performance of their portfolios. More than half…

Read more at: https://oilprice.com/Metals/Gold/Gold-Investment-Soars-Among-Millennials.html

Oil Ignores Fed Hike As WTI Hits $80

Oil prices had already forgotten about Wednesday’s rate hike by Thursday morning, with WTI hitting $80 per barrel just before noon ET. WTI was trading at $80 per barrel on Thursday morning at 11:52 a.m. ET, up $1.22 per barrel, or 1.54% on the day. Prices haven’t been this high since mid-April. Analysts had long warned speculators that the oil markets had already priced in a fed rate hike—a move that typically sends crude oil prices lower on propects of economic slowdown and decreased oil demand. But since the fed rate hike didn’t…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Ignores-Fed-Hike-As-WTI-Hits-80.html

China’s Oil Inventories Boom With Discount Russian Crude

China has gobbled up a record amount of Russian crude, adding some 2 million bpd to its strategic and commercial inventories last month. This is the highest rate of inventory additions in three years, according to Reuters’ Clyde Russell. It is also an indication that the world’s second-biggest consumer of crude is insuring against the risk of supply shortages. This is happening as analysts expect Saudi Arabia to extend its 1-million-bpd voluntary production cut and as Russia’s flagship Urals blend tops the Western price…

Read more at: https://oilprice.com/Energy/Crude-Oil/Chinas-Oil-Inventories-Boom-With-Discount-Russian-Crude.html

Largest U.S. Power Grid Declares Emergency Alert

A heat wave continues to blast the Midwest, Northeast, and South through the end of the work week, forcing the largest US grid operator to declare a level one emergency for Thursday as tens of millions of people crank up air conditioners to escape scorching temperatures as summer in the Northern Hemisphere peaks.  On Wednesday evening, PJM Interconnection LLC declared an Energy Emergency Alert Level 1 in 13 states that stretch from Illinois to New Jersey with over 65 million customers. PJM is concerned about maintaining adequate power reserves…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Largest-US-Power-Grid-Declares-Emergency-Alert.html

Clean Energy Investor: OPEC+ Breakup Could Send Oil Down To $35

Slowing global oil demand growth and dissent over crude production policies could lead to a break-up of the OPEC+ alliance, which would send oil prices tumbling to as low as $35 per barrel, a portfolio manager at investing group Clean Energy Transition said on Thursday. “In a declining market, time is your enemy. You have to keep cutting, keep cutting, keep cutting,” Per Lekander, managing partner at the investing group, told CNBC on Thursday.   According to Lekander, the prospect of slim, or negative, oil demand growth…

Read more at: https://oilprice.com/Energy/Oil-Prices/Clean-Energy-Investor-OPEC-Breakup-Could-Send-Oil-Down-To-35.html

Valero’s Q2 Earnings Drop On Weaker Refining Margins

Valero Energy (NYSE: VLO) reported significantly lower net income for the second quarter compared to the same period of 2022, as refining margins halved from a year ago. Valero Energy said its net income slumped to $1.9 billion, or $5.40 per share, for the second quarter of 2023, compared to $4.7 billion, or $11.57 per share, for the second quarter of 2022. Still, the Q2 2023 earnings per share beat the analyst consensus of $5.04 per-share profit compiled by The Wall Street Journal. Total revenues plunged to $34.5 billion from $51.6 billion for…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Valeros-Q2-Earnings-Drop-On-Weaker-Refining-Margins.html

British Gas Earnings Jump Ten-Fold In First Half Of 2023

British Gas has posted record profits, fuelled by Ofgem’s lucrative allowances in the energy price cap, with the household energy giant reporting a near ten-fold increase in its earnings. The household retailer’s profits have climbed from £98m in the first six months of trading last year to a whopping £969m in the first half of 2023 – above analyst expectations. It attributes at least £500m of this spike to Ofgem’s decision to allow the recovery of prior period costs for suppliers through raised allowances…

Read more at: https://oilprice.com/Energy/Energy-General/British-Gas-Earnings-Jump-Ten-Fold-In-First-Half-Of-2023.html

FERC Discusses Faster Grid Connections For Renewable Projects

The U.S. Federal Energy Regulatory Commission (FERC) is expected to vote on Thursday on measures to accelerate the connections to the grid for solar and wind projects in a move that could expedite the clean energy rollout in America. FERC’s open meeting on Thursday is expected to discuss and vote on “Improvements to Generator Interconnection Procedures and Agreements,” according to the agenda. Connecting new projects to the grid faster could help accelerate the deployment of solar and wind capacity as the procedure to have the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/FERC-Discusses-Faster-Grid-Connections-For-Renewable-Projects.html

Global Coal Demand To Stay At Record-High Levels In 2023

Driven by robust growth in coal consumption in Asia, global coal demand this year will remain at the record-high levels hit in 2022, the International Energy Agency (IEA) said in a new report on Thursday. Last year, global coal demand increased by 3.3% to 8.3 billion tons—a new record-high, the agency said in its Coal Market Update. This year, coal demand will inch up by 0.4% year-on-year, to 8.388 billion tons, due to continued growth in industrial coal use which would offset an expected small decline in coal-fired power generation, according…

Read more at: https://oilprice.com/Energy/Energy-General/Global-Coal-Demand-To-Stay-At-Record-High-Levels-In-2023.html

TotalEnergies Misses Forecasts As Q2 Earnings Plunge By 49%

TotalEnergies (NYSE: TTE) reported on Thursday an adjusted net income of $4.96 billion for the second quarter of 2023, down by 49% on the year, slightly missing analyst estimates in what the supermajor described as “a favorable but softening environment.” The Q2 earnings missed the average analyst estimate of $5.34 billion and a forecast of $5.12 billion in adjusted earnings compiled by FactSet. Despite the profit miss, TotalEnergies kept its second 2023 interim dividend of 0.74 euros per share, which is 7.25% higher compared to the three…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Misses-Forecasts-As-Q2-Earnings-Plunge-By-49.html

Dow loses more than 200 points Thursday to snap historic 13-day rally: Live updates

Traders absorbed a strong GDP number and Meta earnings results.

Read more at: https://www.cnbc.com/2023/07/26/stock-market-today-live-updates.html

Ford Motor earnings are out — here are the numbers

Ford reported earnings after the bell. Here are the results.

Read more at: https://www.cnbc.com/2023/07/27/ford-motor-f-earnings-q2-2023.html

Regulators unveil sweeping changes to capital rules for banks with $100 billion or more in assets

The heightened requirements would apply to all banks with at least $100 billion in assets and would impact the biggest and most complex banks the most.

Read more at: https://www.cnbc.com/2023/07/27/regulators-sweeping-capital-rules-changes-big-banks.html

Airlines say domestic fares are sliding and threatening to chill record revenue growth

Southwest, Alaska and American have forecast weaker fare growth

Read more at: https://www.cnbc.com/2023/07/27/airlines-say-domestic-fares-are-sliding-and-threatening-to-chill-record-revenue-growth.html

Bill Miller, who once beat the market for 15 straight years, redefines value investing

Miller, a value investor known for once beating the market for 15 years in a row, is also well-recognized as an early investor in bitcoin and Amazon.

Read more at: https://www.cnbc.com/2023/07/27/bill-miller-who-beat-the-market-for-15-years-rethinks-value-style.html

Bud Light maker Anheuser-Busch to lay off hundreds of corporate staff

The layoffs at Anheuser-Busch come as the beverage giant sees sales of its flagship lager Bud Light fall.

Read more at: https://www.cnbc.com/2023/07/27/bud-light-maker-anheuser-busch-announces-layoffs.html

Bill Gates-backed Antora is making big batteries to help factories transition to clean energy

Antora is one of several companies developing batteries that can store wind and solar energy and ship the technology to large factories

Read more at: https://www.cnbc.com/2023/07/27/bill-gates-backed-antora-makes-batteries-as-factories-try-to-go-green.html

Meta stock surges after earnings as ‘year of efficiency’ pays off

Analysts cheered Meta’s results, pointing to improved ad targeting, increased Reels monetization and a payoff from cost-cutting efforts.

Read more at: https://www.cnbc.com/2023/07/27/meta-stock-up-after-earnings-year-of-efficiency-paying-off.html

SpaceX aims to break a 56-year rocket record with back-to-back launches

SpaceX may launch a Falcon 9 rocket and then a Falcon Heavy rocket from Florida as little as 45 minutes apart on Thursday evening.

Read more at: https://www.cnbc.com/2023/07/27/spacex-aims-to-break-nasa-gemini-record-with-falcon-launches.html

Ukraine war live updates: Ukraine seen stepping up its counteroffensive in the south; Russia’s defense minister meets North Korea’s Kim Jong Un

A security guard was killed and port infrastructure damaged after an overnight missile attack struck Ukraine’s Odesa region, regional governor Oleg Kiper said.

Read more at: https://www.cnbc.com/2023/07/27/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Tesla created secret team to suppress thousands of driving range complaints

Years ago, Tesla rigged dashboard readouts to show optimistic driving range projections. Last year, it formed a special team to cancel service appointments.

Read more at: https://www.cnbc.com/2023/07/27/tesla-created-secret-team-to-suppress-thousands-of-driving-range-complaints.html

The secret to the huge ‘Barbenheimer’ box office take? FOMO

“Barbenheimer” created a much-needed sense of urgency for moviegoers to see “Barbie” and “Oppenheimer,” sparking the fourth-best weekend at the box office ever.

Read more at: https://www.cnbc.com/2023/07/27/the-secret-to-the-huge-barbenheimer-box-office-take-fomo.html

Judge imposes gag order on Sam Bankman-Fried as prosecutors allege witness tampering: 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, Rebecca Rettig, chief legal officer at Polygon Labs, provides an update on the platform’s “Value Prop” database, which lays out use cases for blockchain technology.

Read more at: https://www.cnbc.com/video/2023/07/27/judge-gag-order-sam-bankman-fried-witness-tampering-crypto-world.html

Kim Jong-Un Shows Off ‘Banned’ Missile Arsenal To Russian Defense Chief Shoigu

As we detailed Wednesday, Russia is currently holding high-level defense talks with North Korea at a moment Pyongyang is conducing a series of ballistic missile tests aimed at warning the United States while it docks a nuclear-armed submarine at a South Korean port. Threats and even nuclear warnings have been on the rise on the peninsula, also after several provocative joint US-South Korea military drills.

On Thursday, Russian Defense Minister Sergey Shoigu met with North Korean leader Kim Jong-Un, and the two toured a defense exhibition which featured Pyongyang’s “banned” ballistic missiles.

KCNA/APThe moment was also quite the photo op, with state media publishing a se …

Read more at: https://www.zerohedge.com/geopolitical/north-koreas-kim-shows-banned-missile-arsenal-russian-defense-chief-shoigu

US & Allies Expect Open-Ended Conflict In Ukraine

Authored by Dave DeCamp via AntiWar.com,

The US and its allies are worried that Ukraine’s stalled counteroffensive means the war between Russian and Ukrainian forces will be an open-ended conflict, The Wall Street Journal reported Tuesday.

The report said the US was hoping Ukraine would regain some territory and that would pave the way for a negotiated settlement, although the US has discouraged diplomacy throughout the war. “My hope is and my expectation is you’ll see that Ukraine makes significant progress on their offensive and it generates a negotiated settlement somewhere along the line,” President Biden said in Helsinki earlier this month.

But without significant Ukrainian gains, the West is preparing to …

Read more at: https://www.zerohedge.com/geopolitical/us-allies-expect-open-ended-conflict-ukraine

Shoplifter Strolls Past CNN Reporter As She Profiles Rampant San Fran Crime

San Francisco’s crime situation is so bad that even CNN decided to shine a spotlight on it — and while they were shooting from the nation’s most-robbed Walgreens, a shoplifter casually walked by the reporter and camera with stolen merchandise.

In fact, CNN’s Kyung Lah says she and her crew observed three shoplifters in just 30 minutes at a Walgreens in San Francisco’s Richmond District, which is bordered by Golden Gate Park and the Presidio. Among the company’s 9,000 US stores, that one is robbed the most — an average of 12 times a day.

“In the 30 minutes we were at this Walgreens we watched three people, including this man, steal,” says Lah, as the accompanying video shows a messy man with stringy hair and a winter jacket walk right out the store with some type of product in his hands. Turning to a cashier, she asks, “Did that guy pay?” The cashier replies with a simple “no.” Naturally, CNN protected the thief’s identity by blurring his face.

Read more at: https://www.zerohedge.com/political/shoplifter-strolls-past-cnn-reporter-she-reports-rampant-san-fran-crime

Conservatives Fight Secretive Biden Voting Order As ‘Bidenbucks’ — Federal ‘Zuckbucks’ On Steroids

Authored by Ben Weingarten via RealClear Wire,

GOP lawmakers and other conservative critics are working to expose and fight a secretive executive order by President Biden to expand voter participation in elections, which they suspect has become a powerful government-wide complement to private left-wing election financing that could tip the 2024 campaign illegally and unfairly in Democrats’ favor.

Cast as a civil rights measure issued as the nation marked the 1965 “Bloody Sunday” police beatings of voting-rights marchers outside Selma, Ala., the president’s 2021

Read more at: https://www.zerohedge.com/political/conservatives-fight-secretive-biden-voting-order-bidenbucks-federal-zuckbucks-steroids

Farage account row leads Coutts Bank boss to quit

Peter Flavel resigns as the boss of the private bank over the handling of Nigel Farage’s bank account closure.

Read more at: https://www.bbc.co.uk/news/business-66328666?at_medium=RSS&at_campaign=KARANGA

British Gas: Anger as energy bill change leads to record profits

The energy supplier’s profits approach £1bn after it is allowed to make more money from household bills.

Read more at: https://www.bbc.co.uk/news/business-66315117?at_medium=RSS&at_campaign=KARANGA

US economy beats expectations with spring surge

The world’s largest economy expanded at an annual rate of 2.4% in the three months to June.

Read more at: https://www.bbc.co.uk/news/business-66328076?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty charts hint at more trouble ahead. What traders should do on Friday

Indian stock market Nifty fell by 118 points to close at 19,659.90, forming a lower top and bearish candle indicating further correction. The daily Bollinger bands also suggest a short-term consolidation. Support at 10-day EMA at 19,680 has been broken after sustaining for 21 days, showing weakness and a possible

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-more-trouble-ahead-what-traders-should-do-on-friday/articleshow/102175211.cms

Risk paid off? Market value of GQG’s investment in Adani stocks hits Rs 25,000 cr

Having doubled down its bet on Adani Group stocks in the past few months, GQG Partners has seen the market value of its investments soaring, thanks to the rally in the stocks. The sharp upmove in shares of most of the Adani Group companies since April has taken the total market value of GQG Partners’ investment to nearly Rs 25,000 crore.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/risk-paid-off-market-value-of-gqgs-investment-on-adani-stocks-hits-rs-25000-cr/articleshow/102158252.cms

Washington Watch: If Mitch McConnell leaves the Senate, Kentucky’s governor must pick a Republican to replace him

Before his latest health scare, McConnell successfully pushed for a Kentucky law that limits the Democratic governor’s power to chose who will fill a Senate seat.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7239-2C41E58D5FE4%7D&siteid=rss&rss=1

Bond Report: 10-, 30-year Treasury yields end above 4% after U.S. GDP, report on BOJ

Treasury yields jump after U.S. data points to a still-resilient economy and a report that the Bank of Japan may tweak its yield-curve control policy.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7238-DAF78F5BC935%7D&siteid=rss&rss=1

Lawrence G. McMillan: You can still run with the stock market’s bulls, but watch the exits

Sell-signals are becoming more evident; keep a core bullish position for now, writes Lawrence McMillan.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7238-D5CBEA860E88%7D&siteid=rss&rss=1