There Is A Financial Crisis Brewing In Offshore Wind Energy

A financial crisis is unfolding in the offshore wind power industry. The ultra-efficient and reliable form of clean energy production is an essential component of all of the world’s possible decarbonization pathways, but soaring inflation costs have undercut the sector’s growth and left major projects dead in the water just when their output is most needed. A major policy shift is in order, but the public and private sector are at loggerheads as to who should have to pay for the increasingly expensive development plans.  The massive…

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/There-Is-A-Financial-Crisis-Brewing-In-Offshore-Wind-Energy.html

Citi: UK Carbon Price Set To Halve

UK carbon permit prices could fall by almost 50% thanks to the UK government’s “lack of political ambition” to reform the country’s emissions trading system, analysts at Citigroup Inc. have warned. According to Citi, the credits could fall to £22 ($28) a metric ton, the auction reserve price for Britain’s carbon market. The cost of the credits has already plunged 42% in the current year to £40.50, almost half the level of similar contracts in the European Union market.  The cost of UK pollution rights…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Citi-UK-Carbon-Price-Set-To-Halve.html

Mongolia’s Mining Boom Is Helping It Go Green

High commodity prices and rising coal exports are propelling economic growth in Mongolia, allowing the country to develop its robust mineral resources, expand its services sector, and invest in green agriculture and energy. Mongolia exported 31.7m tonnes of coal in 2022, an increase in volume of 102%, or 16m tonnes, from 2021 and an increase in export revenue of 135%, or $6.5bn, due to higher coal prices, according to data from the Mongolian Customs General Administration. These figures undergirded economic growth of 4.7% in 2022, with Mongolia…

Read more at: https://oilprice.com/Energy/Coal/Mongolias-Mining-Boom-Is-Helping-It-Go-Green.html

Chesapeake Energy Sees Drilling Costs Plummeting

U.S. shale pioneer Chesapeake Energy Corp. (NASDAQ:CHK) has predicted a 5% to 7% deflation in oilfield service costs in 2024 as weaker drilling and completions activity hurts demand despite oilfield services companies vowing to maintain prices. Chesapeake, among the top U.S. natural gas producers, says it expects prices for sand, pressure pumping and rigs to soften in the coming years. CHK shares are down 3% on Wednesday’s intraday session after the company reported a 68% drop in Q2 2023 profits mainly due to weak natural gas…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chesapeake-Energy-Sees-Drilling-Costs-Plummeting.html

How U.S. Crude Has Helped Stabilize Global Oil Markets

Nearly two years ago, British oil and gas supermajor BP Plc (NYS:BP) announced that the North Sea crude price Dated Brent, the company’s most important pricing benchmark, was experiencing “regular dislocations.”Back then, it was not uncommon for a handful of traders to sometimes hold as much as 40% of the world’s total crude supply in some months, allowing them immense power to manipulate the markets. Indeed, BP warned of trouble for both the gauge itself and Brent futures, a massive market used to not only hedge…

Read more at: https://oilprice.com/Energy/Crude-Oil/How-US-Crude-Has-Helped-Stabilize-Global-Oil-Markets.html

The Implications of Georgia’s Strategic Partnership With China

The inauguration of a “strategic partnership” between Tbilisi and Beijing has been widely celebrated by Georgian government circles but viewed warily by critics. The announcement, made last week by Georgian Prime Minister Irakli Garibashvili and Chinese leader Xi Jinping, came as a surprise to some.  While the intensifying ties logically follow Georgia’s newfound role as a transit and energy corridor connecting Europe and Asia, the wording of the relevant joint statement left the country’s pro-Western voices fearful that it could signal a…

Read more at: https://oilprice.com/Geopolitics/International/The-Implications-of-Georgias-Strategic-Partnership-With-China.html

Pakistan Facing Energy Crisis After Putting Off Buying Pricey LNG

Pakistan is at high risk of facing an energy crisis after it decided to hold off on buying expensive liquefied natural gas (LNG) cargoes until early next year, Bloomberg has reported. Singapore-based commodity trading company Trafigura Group had earlier offered to supply the cash-strapped South Asian country with LNG for January and February delivery at an approximately 30% premium. However, Pakistan LNG Limited decided not to buy the cargo, in part due to the heavy price tag. The development comes after Pakistan received…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pakistan-Facing-Energy-Crisis-After-Putting-Off-Buying-Pricey-LNG.html

Green Hydrogen’s Potential In Propelling Eco-friendly Aviation

With the aviation industry contributing around 2 percent of global carbon emissions, the sector must find a way to go greener. While many industries are beginning to decarbonise operations, some are finding it extremely difficult to find the right path to cleaner operations. The aviation sector has long relied on fossil fuels to power planes, with little alternative available. As demand for commercial flights is expected to continue increasing, one industry that the aviation sector is hopeful for is hydrogen, with the potential to one day…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Green-Hydrogens-Potential-In-Propelling-Eco-friendly-Aviation.html

Oil Falls Despite Massive Crude Inventory Draw

WTI crude futures didn’t move higher today after the Energy Information Administration confirmed the substantial inventory draw estimated by the American Petroleum Institute on Tuesday. After the startling revision in U.S. oil demand in May, the EIA estimated an inventory draw of 17 million barrels for the final week of July, which compared with a modest decline of 700,000 barrels for the previous week. The API on Tuesday reported that oil inventories in the U.S. had declined by 15.4 million barrels, which was the largest draw in years and immediately…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Falls-Despite-Massive-Crude-Inventory-Draw.html

Germany’s Ruling Coalition Is Divided Over A Carbon Price Hike

The ruling coalition in Germany is still split on how much the domestic carbon price should rise amid stubborn inflation that could be further fueled by higher energy prices, sources close to the government told Bloomberg on Wednesday. In 2021, Germany introduced a carbon price of $27.39 (25 euros) per ton, as part of its net-zero ambitions. The price rose to $32.87 (30 euros) per ton as of January 2022 and was expected to continue rising in the following years. But in September 2022, the German government froze the carbon price increase for one…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germanys-Ruling-Coalition-Is-Divided-Over-A-Carbon-Price-Hike.html

Could The LK-99 Superconductor Herald The Next Technological Age?

There has been a lot of excitement on social media about the claim of a new superconductor that works at room temperature but also under ambient pressure. If the claims are true, the world could be nearing a new type of superconductor that some experts liken to the invention of the transistor.  Last month, South Korean researchers published two new papers on what they say is a groundbreaking achievement: the development of a superconductor that operates at room temperature and standard atmospheric pressure. This is a huge step forward because,…

Read more at: https://oilprice.com/Energy/Energy-General/Could-The-LK-99-Superconductor-Herald-The-Next-Technological-Age.html

Saudi Aramco Closes In On Walmart As World’s Top Firm By Revenue

Saudi oil giant Aramco was a surprisingly close second to Walmart in the latest Fortune Global 500 list—the ranking of the world’s largest companies by revenue—published on Wednesday.    Walmart retains its top spot as the biggest company by revenue for the tenth year in a row, with $611.3 billion in revenue in its most recent fiscal year. Saudi Aramco was second, with revenues of $603.7 billion in 2022, up by 51% compared to 2021, due to high prices and tighter oil supply last year, also due to the Russian invasion…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Closes-In-On-Walmart-As-Worlds-Top-Firm-By-Revenue.html

Iran Insists It Will Not Give Up Rights To Disputed Gas Field

Iran will not give up an “iota” of its rights to make use of an offshore natural gas field disputed with Kuwait and Saudi Arabia, Iranian Oil Minister Javad Owji said on Wednesday. “We will not give up even one iota of Iran’s right to make use of the Arash field,” Owji was quoted as saying by Iranian media today. “We announced to Kuwait that … we are ready to make use of this field jointly, and that we regard this as the [undeniable] right of the Islamic Republic of Iran,” the minister added. The dispute…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Insists-It-Will-Not-Give-Up-Rights-To-Disputed-Gas-Field.html

OPEC+ Not Expected To Alter Oil Production Policy Amid Price Rally

A panel of OPEC+ is unlikely to change the current oil production policy of the alliance at the Friday meeting, several sources in the group told Reuters on Wednesday, as prices rallied to more than a three-month high.  The Joint Ministerial Monitoring Committee (JMMC) of the group, which regularly discusses the situation on the market and the need for OPEC+ intervention, is meeting on August 4 to take stock of the most recent developments. Since the OPEC+ meeting in early June, oil prices have rallied by more than 16%, driven by easing concerns…

Read more at: https://oilprice.com/Energy/Energy-General/OPEC-Not-Expected-To-Alter-Oil-Production-Policy-Amid-Price-Rally.html

Europe’s LNG Imports Fall To 20-Month Low

LNG imports into Europe fell in July to the lowest level since November 2021 as low European benchmark natural gas prices are discouraging traders to ship many cargoes to the continent right now.   Europe’s LNG imports declined by 7% year over year in July, to 8.6 million tons, the lowest import volumes since November 2021, when the energy crisis in Europe began, ship-tracking data compiled by Bloomberg showed on Wednesday.        The front-month futures at the TTF hub, the benchmark for Europe’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-LNG-Imports-Fall-To-20-Month-Low.html

JPMorgan CEO Jamie Dimon calls Fitch Ratings U.S. downgrade ‘ridiculous,’ but says ‘doesn’t really matter’

In the wide-ranging interview, Dimon touched on topics including geopolitics, bank regulation, artificial intelligence and the direction of the economy.

Read more at: https://www.cnbc.com/2023/08/02/jpmorgan-ceo-jamie-dimon-calls-fitch-ratings-us-downgrade-ridiculous-but-says-doesnt-really-matter.html

Nasdaq drops more than 2% for worst day since February as Fitch downgrade ignites selloff: Live updates

Stocks hit selloff mode Wednesday after Fitch downgraded the long-term rating for the U.S. and risk-off sentiment resurfaced on Wall Street.

Read more at: https://www.cnbc.com/2023/08/01/stock-market-today-live-updates.html

Elon Musk tweets and Twitter bots drove up price of FTX-listed altcoins, research finds

Sam Bankman-Fried and his crypto hedge fund Alameda Research benefitted from the fake bot activity on Twitter, which drove up the prices of several altcoins.

Read more at: https://www.cnbc.com/2023/08/02/elon-musk-tweets-twitter-bots-boosted-ftx-listed-crypto-researchers.html

Foreign buyers are bailing on the U.S. housing market. Here’s why

High mortgage rates, soaring home prices, a meager supply of homes for sale and a strong dollar make homes less financially attractive for international buyers.

Read more at: https://www.cnbc.com/2023/08/02/foreign-buyers-are-bailing-on-the-us-housing-market-heres-why.html

Here’s the trade on Apple ahead of Thursday’s earnings, according to analysts

Apple is set to report fiscal third-quarter results after the stock market closes Thursday.

Read more at: https://www.cnbc.com/2023/08/02/the-trade-on-appl-ahead-of-thursdays-earnings-according-to-analysts.html

Trump’s GOP allies vent about Hunter Biden after latest special counsel indictment

Former President Donald Trump’s Republican allies in Congress rushed to his defense following his latest criminal indictment.

Read more at: https://www.cnbc.com/2023/08/02/trumps-gop-allies-vent-about-hunter-biden-after-latest-indictment.html

Private sector added 324,000 jobs in July, well above expectations, ADP says

That total was well above the Dow Jones consensus estimate for 175,000, though it marked a decrease from the downwardly revised 455,000 in June.

Read more at: https://www.cnbc.com/2023/08/02/private-sector-added-324000-jobs-in-july-well-above-expectations-adp-says.html

FDA warns some Tydemy birth control pills may not be effective, could result in unexpected pregnancy

The pills tested low for ascorbic acid, which could reduce their effectiveness and result in unwanted pregnancy, the FDA said.

Read more at: https://www.cnbc.com/2023/08/02/tydemy-birth-control-pill-may-not-be-effective-fda-warns.html

IRS unveils ‘paperless processing initiative’ for taxpayers. Here’s what to expect

The IRS will offer digital correspondence for the 2024 season and aims to provide “paperless processing” for tax returns in 2025. Here’s what to know.

Read more at: https://www.cnbc.com/2023/08/02/irs-unveils-paperless-processing-initiative-for-taxpayers.html

Trump indictment reveals new details of Jan. 6, pressure campaign to subvert election

The indictment against Donald Trump details a broad strategy to deny President Joe Biden his victory in the 2020 election.

Read more at: https://www.cnbc.com/2023/08/02/top-new-claims-in-trump-indictment-ag-job-offer-insurrection-act-.html

Disney CEO Bob Iger wants minority partners for ESPN, but landing a deal won’t be easy

Disney CEO Bob Iger has enlisted the help of two former Disney executives to figure out the best plan forward for ESPN.

Read more at: https://www.cnbc.com/2023/08/02/disney-ceo-bob-iger-wants-espn-minority-partners-but-deal-wont-be-easy.html

Hollywood producers seek sit-down with striking writers, the first sign of stalemate break

It’s the first sign of movement in a stalemate between the two sides which began in early May when talks broke down and the strike began.

Read more at: https://www.cnbc.com/2023/08/02/hollywood-producers-seek-sit-down-with-striking-writers.html

Is an Ivy League degree worth it? Report finds advantages beyond future earnings

An Ivy League degree has a ‘statistically insignificant impact’ on future earnings, report finds.

Read more at: https://www.cnbc.com/2023/08/02/is-an-ivy-league-degree-worth-it-report-finds-advantages-beyond-pay.html

Putin To Visit Turkey, Erdogan Urges Grain Deal Renewal As “Bridge For Peace”

“The Kremlin announced Wednesday that Russian President Vladimir Putin is planning to visit Turkey soon, following the recent collapse of the UN-brokered Black Sea Grain Initiative, which Putin has refused to renew, saying it unfairly benefited wealthy European countries, and not hard hit Africa and Middle East populations.

The trip was agreed upon in a phone call between Putin and Erdogan, with the Turkish president vowing to “continue to make intensive efforts and pursue diplomacy” in order to maintain the grain deal, but there was no timetable given for the trip.

Image via TASS/Kremlin.ruAccording to a readout, Erdoğan told Putin that “no steps should be taken that will escalate tensions in the Russia-Ukraine war,” and called the grain deal “bridge for peace”.

But Putin had told his Turkish counterpart that a failure to implement Russia’s legitimate concerns, the “next extension had lost its mea …

Read more at: https://www.zerohedge.com/geopolitical/putin-visit-turkey-erdogan-urges-grain-deal-renewal-bridge-peace

BlackRock And Its ESG ‘Voting Choice’ Ruse

Authored by Andy Pudzer via RealClear Markets,

Amid growing criticism of its environmental, social and governance (ESG) investment  practices, BlackRock has announced that it will offer retail investors in its largest exchange-traded fund (ETF) the opportunity to participate in its “Voting Choice” program. Open to institutional clients since January 2022, this program allows investors to choose from a limited set of options to guide BlackRock in voting their shares. While perhaps an effective PR tool, Voting Choice is little more than a ruse that neither empowers investors nor diminishes BlackRock’s power to impose its ESG goals on American businesses.

BlackRock’s equity index has about $4.5 trillion in assets under management (AUM), empowering it to cast a whopping 10% of the shareholder votes for the entire S&P 500.  As BlackRock CEO Larry Fink has

Read more at: https://www.zerohedge.com/political/blackrock-and-its-esg-voting-choice-ruse

Watch: Tucker’s Explosive Devon Archer Interview, Admits Joe ‘Knew That Business Associates’ Were On Call

Tucker Carlson dropped a shocking interview on Wednesday with Devon Archer, two days after the former Hunter Biden associate testified before Congress, where he admitted that he and Hunter Biden essentially traded on the Biden name, but also claimed that ‘the big guy’ wasn’t involved.

Tucker begins by asking Archer if he thinks Hunter could have succeeded as well in his business endeavors if he was not the son of the vice president. Archer trod a little carefully at first, reflecting on Hunter’s law school background but then admitted:

“The brand of Biden adds a lot of power when your dad’s the Vice President.”

Archer also confirmed “yes, I can definitely say that” then vice-president Biden knew there were officials in the room when he got on the speakerphone with Hunter Biden – the 20 or so times that Archer recalls.

“So Joe Biden, who is very much a product of Washington, of course must have known that he was calling into effectively a business me …

Read more at: https://www.zerohedge.com/political/watch-tucker-interviews-devon-archer

Biden Blames USA Downgrade On Trump

The new regime talking points are out – namely that Fitch downgraded the US credit rating from AAA  to AA+ on Tuesday because of MAGA Republicans and all things Trump.

But while Fitch cited “the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers” as reasons for the downgrade, the Biden administration is of course blaming Donald Trump and his supporters due to one portion of Fitch’s explanation: “a steady deterioration in standards of governance over the last 20 years,” and that “repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.”

Then on Wednesday, Fitch’s Richard Francis told Reuters that the downgrade was ‘due to fiscal concerns and a deterioration in U.S governance as well as polarization which was reflected in part by the Jan. 6 insurrection.’

“It was something that we highlighted because it just is …

Read more at: https://www.zerohedge.com/political/biden-blames-downgrade-trump

Etsy U-turn in row over withholding sellers’ money

The online marketplace faced calls from sellers to boycott its site over money being held in reserve.

Read more at: https://www.bbc.co.uk/news/business-66387147?at_medium=RSS&at_campaign=KARANGA

Housebuilder sees rise in 36-year mortgages

More Taylor Wimpey customers are taking longer mortgages to make monthly repayments more affordable, providers say.

Read more at: https://www.bbc.co.uk/news/business-66383279?at_medium=RSS&at_campaign=KARANGA

Janet Yellen: Credit downgrade ‘puzzling’ and ‘unwarranted’

Janet Yellen defends the US, as stock markets fall after credit downgrade.

Read more at: https://www.bbc.co.uk/news/business-66387419?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will determine D-Street action on Thursday

Fitch Ratings has downgraded the United States government’s credit rating, citing rising debt at the federal, state, and local levels and a “steady deterioration in standards of governance” over the past two decades. The rating was cut on Tuesday one notch to AA+ from AAA, the highest possible rating.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-determine-d-street-action-on-thursday/articleshow/102360193.cms

Breakout Stocks: How KEC International, Escorts and BSE are looking on charts for Thursday’s trade

Stocks that were in focus include names like KEC International which pared some gains after hitting a 52-week high, Escorts Kubota also closed flat with a positive bias after hitting a fresh 52-week high and BSE pared gains and closed with a loss of nearly 1% on Wednesday.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-are-kec-international-escorts-and-bse-looking-on-charts-for-thursdays-trade/articleshow/102353623.cms

Fitch cites need for ‘long-term’ fix after US downgrade

The comments by Richard Francis on CNBC came a day after Fitch took the United States’ top-tier AAA rating down a notch to AA+, drawing fiery pushback from the White House and Treasury Department.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fitch-cites-need-for-long-term-fix-after-us-downgrade/articleshow/102361771.cms

Futures Movers: Oil prices suffer biggest one-day drop in over a month despite historic fall in crude inventories

Oil futures end sharply lower Wednesday, failing to get a lift after government data confirm a historic drop in U.S. crude inventories.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-723E-143234A906BA%7D&siteid=rss&rss=1

Market Extra: ‘Rare’ rally in cyclical stocks largely over, Goldman warns, after ETF investors favored such areas of the market

Cyclical stocks have recently soared past those considered defensive in this year’s market rally, as investors in exchange-traded funds last month showed a penchant for cyclical sectors.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-723F-332C75F436A9%7D&siteid=rss&rss=1

Market Extra: How Fitch downgrade might impact Treasury’s $1 trillion third-quarter borrowing plans

Fitch Ratings’ decision to cut the U.S. government’s top AAA rating ahead of Wednesday’s quarterly refunding statement from the Treasury has left investors, analysts and officials weighing the likely impact on the agency’s $1 trillion third-quarter borrowing plans.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-723E-AF7B250B5537%7D&siteid=rss&rss=1