Moscow Trades Rails For Waves In Strategic Pivot

Via the Jamestown Foundation   When Moscow announced plans in 2000 for the creation of a north-south trade corridor, its initial goal was to bypass the Suez Canal; however, recently, this passage has been used primarily to evade Western sanctions (Realtribune.ru, November 30, 2022). The Russian authorities have focused on the development of a railway network as the basis of the corridor, but problems with the land routes both east and west of the Caspian have significantly delayed the completion of these lines. The long-discussed Resht link,…

Read more at: https://oilprice.com/Geopolitics/International/Moscow-Trades-Rails-For-Waves-In-Strategic-Pivot.html

GasBuddy Sees U.S. Gasoline Demand Rising

U.S. gasoline demand increased slightly last week by 1.1% WoW as per GasBuddy, giving hope to the bulls that demand will not fall off a cliff as earlier feared. Gas prices have also continued to climb, with the national average currently at $3.825 per gallon compared to $3.538 a month ago as per AAA. The Energy Information Administration (EIA) has reported that last week, U.S. crude inventories fell by 17 million barrels, the largest single week drop on record. Inventories have now declined to 440 million barrels, 1% below the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/GasBuddy-Sees-US-Gasoline-Demand-Rising.html

Are We Nearing A Fossil Fuel Turning Point?

At some point, fossil fuel sales will stop growing. How soon? You can make the projections, the ones that start with overall demand, and the ones that look at each individual use of fuel. We suggest that you might assess their plausibility using a simpler technique. Years ago at an economic seminar, we witnessed one of the world’s greatest econometricians fill an entire blackboard (they had them then) with equations to explain the growth of the economy. Another economist rose to say that he could explain the economy as well with five equations.…

Read more at: https://oilprice.com/Energy/Energy-General/Are-We-Nearing-A-Fossil-Fuel-Turning-Point.html

European Gas Prices Surge 30% On Australian Supply Fears

European natural gas prices have rocketed more than 30% on Wednesday, as traders panicked over the possibility of reduced LNG supply from Australia, a world leading supplier of the commodity. The European benchmark,TFF, jumped to as high as €42 per megawatt hour in Wednesday intraday trading, 35% higher than the previous day, and its highest point since mid-June. Commodity analysts have said that the sudden jump was likely due to some traders rushing to close their short positions on the news of tightening supplies. Europe has failed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Gas-Prices-Surge-30-On-Australian-Supply-Fears.html

Beijing’s Bid For Global Influence Tested In Ukraine Summit

China joined international diplomatic talks in Saudi Arabia on August 6 for a two-day summit with officials from 40 countries designed to find a framework for peace in Ukraine. But does it signal a new tack for Beijing? Finding Perspective: China sent its special envoy for Eurasian affairs, Li Hui, who offered support for the summit and called for another round of talks through the format that includes countries from the West and across the Global South. The summit — which also included representatives from the European Union, India, and the United…

Read more at: https://oilprice.com/Geopolitics/International/Beijings-Bid-For-Global-Influence-Tested-In-Ukraine-Summit.html

Taliban And Kazakhstan Strengthen Trade Ties With $200 Million Deal

When the Taliban seized power in Afghanistan in 2021, neighbors to the north looked on with a blend of anxiety and dismay. Fast-forward two years and Kazakhstan has just finished giving the red carpet treatment to a Taliban delegation for a business forum that took place in Astana on August 2-3. The event, which was attended by 300 officials and private sector representatives from both countries, produced $200 million in commercial deals that mainly comprised commitments by Kazakhstan to supply Afghanistan with grain and flour. Artur…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Taliban-And-Kazakhstan-Strengthen-Trade-Ties-With-200-Million-Deal.html

Coup In Niger Could Derail This Strategic Pipeline

Almost twenty years to the day after Ambassador Joseph Wilson wrote his op-ed “What I Didn’t Find in Africa” about his visit to Niger to confirm if the country was supplying Saddam Hussein with uranium yellowcake, the U.S. found itself again focused on the African country. On 26 July, Niger’s president, Mohamed Bazoum, was ousted by his presidential guard, and the guard commander and coup leader, General Abdourahmane Tchiani, was named president of the National Council for the Safeguard of the Homeland. It…

Read more at: https://oilprice.com/Energy/Natural-Gas/Coup-In-Niger-Could-Derail-This-Strategic-Pipeline.html

Germany Looks To Gold To Help Weather Financial Storm

At a press conference early 2023, member of the Executive Board of the German central bank Joachim Wuermeling made clear that the soundness of the central bank’s balance sheet, in light of general losses, is guaranteed by the bank’s gold revaluation account. Wuermeling’s testimony implies the bank is willing to use its gold revaluation account to cover losses. The President of the Dutch central bank made a similar remark in November 2022. These statements accentuate gold’s role as a remedy regarding financial…

Read more at: https://oilprice.com/Metals/Gold/Germany-Looks-To-Gold-To-Help-Weather-Financial-Storm.html

Oil Ticks Higher On Fuel Inventory Draws

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an estimated inventory build of 5.9 million barrels for the week to August 4. Fuel inventories, however, moved lower. The crude build compared with a substantial inventory decline of 17 million barrels for the previous week—the largest drawdown in oil inventories for years. The report comes a day after the American Petroleum Institute estimated oil inventories had added a little over 4 million barrels over last week.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Ticks-Higher-On-Fuel-Inventory-Draws.html

Platts Survey: OPEC+ Oil Output Slumps To Two-Year Low

The members of the OPEC+ group saw their collective oil production slump to the lowest level in nearly two years in July after Saudi Arabia began its unilateral output cut of 1 million barrels per day (bpd), the Platts survey by S&P Global Commodity Insights showed on Wednesday. OPEC’s oil production from all 13 members stood at 27.34 million bpd in July, down by 890,000 bpd compared to June. The non-OPEC allies saw their output at 13.06 million bpd, basically flat month on month, as Russian output remained almost unchanged,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Platts-Survey-OPEC-Oil-Output-Slumps-To-Two-Year-Low.html

Venezuela’s Oil Industry Is Killing South America’s Oldest Lake

Lake Maracaibo, which is South America’s oldest lake and forms part of a crucial regional ecosystem, is dying. The five thousand square miles ecologically diverse body of water, which is home to 145 species of fish, sits at the heart of one of the world’s richest petroleum-producing regions. The lake formed around 36 million years ago and is considered the largest natural lake in South America despite being connected to the Caribbean Sea. Over a century of oil production in Venezuela’s prolific 25,000 square mile Maracaibo Basin,…

Read more at: https://oilprice.com/Energy/Crude-Oil/Venezuelas-Oil-Industry-Is-Killing-South-Americas-Oldest-Lake.html

Germany Plans $63 Billion In Green Energy Investments For 2024

Germany’s government approved on Wednesday investments in green energy worth $63 billion (57.6 billion euros) for 2024, a 60% increase compared to this year’s targeted spending. For the period 2024 through 2027, the cabinet agreed to boost the investments in the so-called Climate and Transformation Fund to $233 billion (212 billion euros), an increase of around $33 billion (30 billion euros). The special fund, not part of the regular German budget, was created to help the energy transition and green investments in Europe’s biggest…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Plans-63-Billion-In-Green-Energy-Investments-For-2024.html

Iran Plans To Boost Oil Output To 3.5 Million Bpd Before October

Iran expects to increase its oil production by 250,000 barrels per day (bpd) to reach 3.5 million bpd output by the end of next month, the head of the National Iranian Oil Company (NIOC) said on Wednesday.  At the time when the current Iranian administration took office in 2021, the country was producing 2.2 million bpd of oil, NIOC’s chief executive Mohsen Khojastehmehr was quoted as saying by the semi-official Tasnim news agency. Iranian oil output is set to hit 3.5 million bpd by the end of the Iranian month of Shahrivar, or September…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Plans-To-Boost-Oil-Output-To-35-Million-Bpd-Before-October.html

Can The Current Oil Price Rally Really Last?

Oil prices have recently experienced a notable surge, marking a shift from their extended stay in bearish territory. A combination of OPEC+ committing to output reductions, a substantial withdrawal from crude oil inventories, and optimism regarding the potential of a soft landing for the global economy appear to be the primary driving forces behind this rally. This optimism, however, appears to ignore the plethora of bearish factors that remain in play in today’s oil market. Over the past six weeks, both Brent and WTI have seen significant…

Read more at: https://oilprice.com/Energy/Energy-General/Can-The-Current-Oil-Price-Rally-Really-Last.html

U.S. Power Sector Criticizes Biden’s Emissions Reduction Plan

The top group of utilities in the United States does not believe that the Biden Administration’s proposed rules on reducing emissions from natural gas and coal-fired power plants would work because the new technologies intended to cut emissions are expensive and not proven at adequate performance levels at scale.     Earlier this year, the U.S. Environmental Protection Agency (EPA) proposed new standards on carbon emissions from coal and natural gas-fired power plants as the Biden Administration continues with its efforts to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Power-Sector-Criticizes-Bidens-Emissions-Reduction-Plan.html

Thursday’s inflation data may be low, but don’t expect the Fed to declare ‘mission accomplished’ yet

History has shown that inflation is stubborn and can last longer than expected.

Read more at: https://www.cnbc.com/2023/08/09/cpi-inflation-report-for-july-high-prices-are-still-a-problem.html

Disney set to report earnings after the bell. Here’s what to expect

Investors are looking for more clarity on how Iger plans to fix Disney’s TV business and juggle the decline of subscribers at Disney+.

Read more at: https://www.cnbc.com/2023/08/09/disney-dis-earnings-report-q3-2023.html

Here’s a first look at GM’s new all-electric Cadillac Escalade IQ, starting at $130,000

The 2025 Cadillac Escalade IQ is a new all-electric SUV with more power than the current supercharged V-8 model and an estimated range of 450 miles.

Read more at: https://www.cnbc.com/2023/08/09/gm-electric-cadillac-escalade-iq-revealed-starting-at-130000.html

FBI shoots and kills Utah man wanted for threats against Biden, Manhattan DA

Court documents say the man shot by the FBI in Utah, Craig Deleeuw Robertson, was seen wearing a Trump hat.

Read more at: https://www.cnbc.com/2023/08/09/fbi-shoots-and-kills-utah-man-wanted-for-biden-threats.html

Here’s how analysts say to trade Disney ahead of its earnings announcement

Wall Street analysts reduced their forecasts for the entertainment company, citing ongoing headwinds. The stock is nearly flat in 2023.

Read more at: https://www.cnbc.com/2023/08/09/dis-how-to-trade-disney-stock-ahead-of-earnings.html

Bitstamp to wind down trading of some altcoins for U.S. customers: 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, Jonathan Levin of Chainalysis explains the firm’s work with global law enforcement in tracking down crypto crime.

Read more at: https://www.cnbc.com/video/2023/08/09/bitstamp-wind-down-trading-some-altcoins-crypto-world.html

These charts show what has Moody’s worried about regional banks including U.S. Bank and Fifth Third

The Moody’s downgrade of 10 banks this week and warnings that more could be coming reignited concerns over U.S. regional banks.

Read more at: https://www.cnbc.com/2023/08/09/moodys-bank-downgrade-in-charts-us-bank-fifth-third-others-under-review-.html

‘This is going to get worse before it gets better’: Panama Canal pileup due to drought reaches 154 vessels

Ongoing drought conditions and Panama Canal restrictions due to lower water levels are causing massive shipping congestion at the key trade gateway.

Read more at: https://www.cnbc.com/2023/08/09/panama-canal-shipping-pileup-due-to-drought-reaches-154-vessels.html

DraftKings falls 10% on new threat for sports gambling market share from ESPN-Penn partnership

Penn will rebrand its online sportsbook as ESPN Bet under the terms of a 10-year deal.

Read more at: https://www.cnbc.com/2023/08/09/draftkings-falls-10percent-on-new-threat-for-sports-gambling-market-share-from-espn-penn-partnership.html

Special counsel got search warrant for Trump Twitter account

Special counsel Jack Smith is prosecuting Donald Trump in criminal cases related to the 2020 election and his retention of classified documents.

Read more at: https://www.cnbc.com/2023/08/09/special-counsel-got-search-warrant-for-trump-twitter-account.html

How to see if your Uber drivers hated you or loved you

Your Uber app can show you how your Uber score breaks down, including how many one-star reviews drivers have given you.

Read more at: https://www.cnbc.com/2023/08/09/how-to-check-uber-rider-rating-including-1-star-reviews.html

Wildfires burn historic Maui town of Lahaina, prompt evacuations across Hawaii

Wildfires burn across Hawaii, prompting evacuations

Read more at: https://www.cnbc.com/2023/08/09/wildfires-burn-lahaina-maui-prompt-evacuations-across-hawaii.html

Hackers to compete for nearly $20 million in prizes by using A.I. for cybersecurity, Biden administration announces

The AI Cyber Challenge will offer nearly $20 million in prizes and includes collaboration from leading AI companies Anthropic, Google, Microsoft and OpenAI.

Read more at: https://www.cnbc.com/2023/08/09/biden-admin-launches-hacking-challenge-to-use-ai-for-cybersecurity.html

Trump Rages After Jan 6th Committee ‘Illegally Destroyed Records And Documents”

Former President Trump took to social media on Tuesday to blast the “January 5th Committee of Political Hacks and Thugs,” who “illegally destroyed their Records and Documents,” following comments by Rep. Barry Loudermilk (R-GA), who told Fox News that the January 6th committee failed to adequately preserve documents, data and video depositions.

The committee also failed to provide any evidence that it investigated Capitol Hill security failures on the day of the riot, Loudermilk added.

“Nothing was indexed. There was no table of contents index. Usually when you conduct this level of investigation, you use a database system and everything is digitized, indexed. We got nothing like that. We just got raw data,” he said. “So it took us a long time going through it and one thing I started realizing is we don’t have anything much at all from the Blue Team.”

The “Blue Team,” as described by Loudermilk, represents the group within the J6 committee that was directed to investigate security failures at …

Read more at: https://www.zerohedge.com/political/trump-rages-after-jan-6th-committee-illegally-destroyed-records-and-documents

Biden Admin Concedes No Evidence Behind Recommendation for 6 Annual COVID Booster Shots

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

President Joe Biden’s administration concedes that there is no scientific evidence to support an apparent recommendation to receive as many as six COVID-19 booster shots in a year.

Xavier Becerra, secretary of Health and Human Services (HHS), speaks during a press conference at the HHS headquarters in Washington, on June 28, 2022. (Nicholas Kamm/AFP via Getty Images)After Health Secretary Xavier Becerra, a Biden appointee, wrote in a social media post on Nov. 29, 2022, that people should get vaccinated “if it’s been over 2 months since your last dose,” the Functional Government …

Read more at: https://www.zerohedge.com/political/biden-admin-concedes-no-evidence-behind-recommendation-6-annual-covid-booster-shots

Bill Maher Blasts Barbie Movie As ‘Preachy, Man-Hating, Zombie Lie’

Bill Maher Blasts Barbie Movie As ‘Preachy, Man-Hating, Zombie Lie’As Barbie’s gross tops $1 billion and the woke-world celebrates a ‘woman’ director’s victory (how do they know she is woman?); one self-confessed liberal is standing up for reality.

No lesser New Yorker than Bill Maher expertly dis-assembled the super-secret themes hiding (barely) below the surface of the pink-production’s plot.

In a tweet that would have without doubt been removed by the company formerly known as Twitter’s truth-police, Maher ‘reviews’ the movie that is taking over the world. He begins:

“OK, “Barbie”: I was hoping it wouldn’t be preachy, man-hating, and a #ZombieLie – alas, it was all three…”

What is a Zombie Lie?

Maher explains:

“Something that never was true, but certain people refuse to stop saying it (tax cuts for the rich increase revenues, e.g.); OR something that USED to be true but no longer is, but certain people pretend it’s still true. “Barbie” is this kind of #ZombieLie.”

And then the comedian really gets going…

Spoiler alert, Barbie fights the Patriarchy. Right up to the Mattel board who created her, consisting of 12 white men!

The Patriarchy!

Except there’s a Mattel board in real life, and it’s 7 men and 5 women.

Read more at: https://www.zerohedge.com/political/bill-maher-blasts-barbie-movie-preachy-man-hating-zombie-lie

Yields Slide After Impressive 10Y Auction Sees Most Foreign Buying Since February

When the Treasury issued its latest refunding schedule last week and yields blew up on the ominous TBAC forecast of a lot more issuance on deck, few expected this week’s auctions to be outstanding. Yet yesterday’s 3Y auction was nothing short of stellar, and despite fears that we would see some blow up in today’s sale of $38BN in benchmark 10Y paper, not only was today’s just concluded auction strong but it was in fact one of the strongest 10Y auctions this year.

Pricing at a high yield of 3.999% (almost as if someone would have been stopped out at 4.000%), this was above last month’s 3.847% and only below the Nov 2022 4.106% which was the cycle high. It also tailed the When Issued 3.998% by 0.1bps, which while the 6th consecutive tail for the 10Y tenor, was also the smallest tail since February when we saw the last stop through.

The Bid to Cover was 2.56, slightly above last month’s 2.53 and above the recent average of 2.45; in fact i …

Read more at: https://www.zerohedge.com/markets/yields-slide-after-impressive-10y-auction-sees-most-foreign-buying-february

Struggling Wilko suspends home delivery orders

The High Street retailer faces collapse if it cannot secure fresh investment by next week.

Read more at: https://www.bbc.co.uk/news/business-66449747?at_medium=RSS&at_campaign=KARANGA

TUI: Heatwaves likely to affect where and when we holiday

The tour operator says climate change could affect where and when people choose to go on holiday.

Read more at: https://www.bbc.co.uk/news/business-66449744?at_medium=RSS&at_campaign=KARANGA

Italy waters down windfall tax on banks

The announcement prompted a rebound in the share prices of Italy’s lenders.

Read more at: https://www.bbc.co.uk/news/business-66454080?at_medium=RSS&at_campaign=KARANGA

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

A reasonably positive candle was formed on the daily chart on Wednesday with a long lower shadow. Technically, this pattern indicates a bullish Hammer-type pattern (not a classical one), but its placement is not ideal

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-thursday/articleshow/102580582.cms

Breakout Stocks: How NLC India, Ircon International and Dr Reddy’s Labs are looking on charts for Thursday

Stocks that were in focus include names like NLC India which rose more than 6%, Ircon International gained nearly 7% and Dr Reddy’s Laboratories closed with gains of over 3% to hit a fresh 52-week high on Wednesday.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-are-nlc-india-ircon-international-and-dr-reddys-labs-looking-on-charts-for-thursday/articleshow/102575031.cms

TVS Supply Chain Solutions raises Rs 396 crore from anchor investors ahead of IPO

The company, in an exchange filing, said it had allotted 2.01 crore shares to 18 investors such as Franklin Templeton MF, SBI Life Insurance, Tata MF, Societe Generale, BNP Paribas, Copthall Mauritius Investments, Authum Investment, Aurigin Master, and Winro Commercial, among others.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/tvs-supply-chain-solutions-raises-rs-396-crore-from-anchor-investors-ahead-of-ipo/articleshow/102581059.cms

The Tell: Do CPI days still rock the stock market? How 2023 stacks up to 2022

The consumer-price index sparked big stock-market gyrations in 2022. Here’s how 2023 compares.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7245-B407EC8C2E02%7D&siteid=rss&rss=1

The Ratings Game: Lyft’s second and third quarters look fine — but analysts are worried about the fourth

Analysts and investors on Wednesday zeroed in on the fourth quarter, when higher driver-insurance costs are expected to cut into margins.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7245-88C2B6473B8C%7D&siteid=rss&rss=1

FA Center: You can invest in market winners and still lose big. Here’s how to avoid the hit.

Understand that mutual funds carry both style risk and the risk of the portfolio’s holdings.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7245-AE2F0A3AA83C%7D&siteid=rss&rss=1