Americans Struggling To Pay Skyrocketing Energy Bills

A summer of record-breaking heat has dramatically increased electricity consumption for Americans with many now struggling to keep up with their skyrocketing electric bills. According to the U.S. Energy Information Administration (EIA), the average household spends about $262 a year on air conditioning, with costs going as high as $525 in the hot and humid Southeast.  Close to 90% of U.S. households use air conditioning (AC), with two-thirds of U.S. households using central AC or a central heat pump as their main AC equipment. In 2020, the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Americans-Struggling-To-Pay-Skyrocketing-Energy-Bills.html

What Happens When Essential Commodities Become Luxuries?

It has now become more fashionable to talk about shortages. Computer chips have been in shortage and then in glut in the last few years. Natural gas was acutely in shortage in Europe after the war in Ukraine and pipeline sabotage brought supplies from Russia down to a trickle. Then, heroic efforts at conservation and in obtaining liquefied natural gas (LNG) shipments to Europe led to a dramatic reduction in price. But last week just the potential for labor strikes among LNG workers in Australia, a major LNG exporter, sent the European price spiking…

Read more at: https://oilprice.com/Energy/Energy-General/What-Happens-When-Essential-Commodities-Become-Luxuries.html

Glencore Gains Majority Stake In Argentina’s Promising Mara Project

Via Metal Miner Multinational commodity trader and mining group Glencore will acquire a 56.25% stake in the Mara copper and gold project in Argentina. The Swiss-headquartered group struck the Deal with Canada’s Pan America. In a boost for Glencore stock, this agreement gives them sole ownership of the site. The deal stipulates that Glencore will pay Pan American $475 million for the stake upon the transaction’s closing, expected in Q3. Glencore stated on July 31 the agreement will also grant Pan American 0.75% copper of the net smelter…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Glencore-Gains-Majority-Stake-In-Argentinas-Promising-Mara-Project.html

Brussels’ Balancing Act: Sanctions, Potash, And Politics

When the European Union officially imposed another round of restrictive measures on Belarus on August 3, it put an end to one of the longest-running sanctions sagas in the bloc in recent years. The new measures were the first targeting the regime of Alyaksandr Lukashenka since the summer of 2022. While early sanctions on Russia following the full-scale invasion of Ukraine in February 2022 were to a large degree imposed on Belarus as well, further EU sanctions on Moscow were not applied to Minsk. That was largely due to the belief in Brussels that…

Read more at: https://oilprice.com/Geopolitics/International/Brussels-Balancing-Act-Sanctions-Potash-And-Politics.html

Sudan Oil Exports Rising Despite Conflict

Crude exports by South Sudan have climbed to their highest level in almost two years despite an ongoing war between Sudan’s government forces and a paramilitary group that erupted in April. Crude shipments now average 154,839 barrels per day, about double March’s figure at 77,419 barrels per day.  Experts have grown increasingly worried that East Africa’s oil hub will be plunged further into chaos and leave it without its main source of livelihood ever since clashes broke out between the Sudanese Armed Forces (SAF) and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sudan-Oil-Exports-Rising-Despite-Conflict.html

UK Oil Boiler Ban Sparks Debate

Energy suppliers have given heat pumps a fresh vote of confidence despite calls from backbench Conservative MPs to slow down the shift from heating systems powered by fossil fuels. The government has been consulting on oil-powered boilers, which heat 1.7m homes across the UK, and is considering beginning a phase out of new sales from 2026. New installations of gas boilers are also potentially set to be banned in all homes by 2035 as part of the push to net zero carbon emissions. Clementine Cowton, director of external affairs at Octopus Energy…

Read more at: https://oilprice.com/Energy/Heating-Oil/UK-Oil-Boiler-Ban-Sparks-Debate.html

Nigeria’s Forcados Crude Resumes Loadings After Month-Long Halt

Nigerian crude oil exports from the Forcados export terminal restarted on Sunday, a spokesperson for Shell told Reuters on Monday, one month after Shell suspended exports over a potential leak. On July 12, Shell suspended loadings of Forcados crude oil at the export terminal of the same name after workers saw fumes near the single buoy mooring that was loading crude onto an oil tanker. Repair works began and now the terminal is exporting crude again.   Before the suspension of the Forcados exports on July 12, Nigeria had planned to export…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigerias-Forcados-Crude-Resumes-Loadings-After-Month-Long-Halt.html

Analyst: Oil Is Heading Well Into The $90 Range

The oil market is in a bullish move and heading well into the $90 per barrel range, Bob McNally, President at Rapidan Energy, told CNBC’s Squawk Box program on Monday. Oil hitting $100 per barrel is “entirely possible,” McNally added. “Oil prices are climbing a wall of doubt and skepticism,” he said. So far, traders have been focused on the lack of a significant drop in Russian supply. The market is also “dancing in a macro minefield,” McNally told CNBC.   “There are good reasons to…

Read more at: https://oilprice.com/Energy/Oil-Prices/Analyst-Oil-Is-Heading-Well-Into-The-90-Range.html

U.S. Steel Stock Skyrockets After Declining Major Merger Proposal

United States Steel Corporation, one of the most iconic American steelmakers, rejected a takeover bid from rival Cleveland-Cliffs Inc. that would have formed one of the world’s largest steelmakers. On Sunday, US Steel announced the process to assess its alternatives after receiving multiple approaches for parts or all of the business. About three hours later, Cliffs went public with its cash and share bid, which values the company at about $7.25 billion based on closing prices on Friday, representing a 43% premium. Cleveland-Cliffs said…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Steel-Stock-Skyrockets-After-Declining-Major-Merger-Proposal.html

Carbon Capture Financing Is Finally Taking Off In The U.S.

It looks like Occidental’s big carbon capture and storage (CCS) plan is being made a reality thanks to major funding from the Department of Energy (DoE), showing an increasing trend for CCS financing in the U.S. Earlier this year, U.S. oil and gas company Occidental Petroleum Corporation (OXY) announced big decarbonization plans to ensure it could continue with its oil production while adhering to green transition expectations for as long as possible. The firm has now received major funding from the DoE to develop its massive direct air capture…

Read more at: https://oilprice.com/Energy/Energy-General/Carbon-Capture-Financing-Is-Finally-Taking-Off-In-The-US.html

Russia May Have To Raise Oil And Gas Taxes To Protect Its Budget

Russia may have to raise oil and gas taxation to receive more money from the energy industry, considering that the current lower-than-planned budget revenues and the risk of oil and gas revenues remaining lower for years could derail the budget plans through 2026, according to Russia’s central bank.   “One of the most important factors in budget policy planning in the medium term will be the risks of exhausting the liquid part of the NWF funds and the stability of the current budget rule (validity is based on 8-8.3 trillion…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-May-Have-To-Raise-Oil-And-Gas-Taxes-To-Protect-Its-Budget.html

Gold Prices Dip As Recession Fears Fade

The price of gold has weakened in the face of a strong US dollar, with investor sentiment shifting away from the precious metal as hopes of avoiding a recession rise. It has started trading this week at $1,910 per ounce, falling by $30 per ounce in one week. It neared $2,000 per ounce last month. The prospect of interest rates rising again in September combined with more appeal for riskier investment strategies means that gold’s appeal as a safe haven asset has diminished. Fragile investor confidence has enabled gold to hold above…

Read more at: https://oilprice.com/Metals/Gold/Gold-Prices-Dip-As-Recession-Fears-Fade.html

Russia May Have Earned $1.2 Billion By Exploiting Oil Price Cap Loophole

Russian producers have been selling their crude oil to India at prices below the G7 price cap of $60 per barrel, but since shipping costs are not included in this price ceiling, Russia has been overcharging for freight costs and getting more revenue from oil trade, a Financial Times analysis showed this weekend. FT has analyzed the fees and charges on tankers leaving the Baltic Sea ports in Russia for India. The findings suggest that the overcharging for shipping costs, plus the fees for Russia-linked tankers, may have boosted Russia’s oil…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-May-Have-Earned-12-Billion-By-Exploiting-Oil-Price-Cap-Loophole.html

Ships Warned Of Increased Iranian Threat Near Strait Of Hormuz

Vessels transiting the Strait of Hormuz in the Middle East are being warned by the U.S. and the UK to steer clear of Iranian waters to avoid possible seizures, the U.S. Navy said this weekend.     “The International Maritime Security Construct is notifying regional mariners of appropriate precautions to minimize the risk of seizure based on current regional tensions, which we seek to de-escalate,” Commander Timothy Hawkins, spokesman for the Bahrain-based U.S. Fifth Fleet, said this weekend, as carried by Reuters.  …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ships-Warned-Of-Increased-Iranian-Threat-Near-Strait-Of-Hormuz.html

Yellen Expresses Concern Over Clean Energy Supply Chains

The United States needs a diversified supply chain in the clean energy industries to avoid leaving a large part of the materials and processing in a handful of countries, according to U.S. Treasury Secretary Janet Yellen. “As we move away from fossil fuels, we remain concerned about the risks of over-concentration in clean energy supply chains,” Yellen said in a speech in Las Vegas on Monday, per the excerpts obtained by Reuters. “Today, the production of critical clean energy inputs – from batteries to solar panels to critical…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Yellen-Expresses-Concern-Over-Clean-Energy-Supply-Chains.html

S&P 500, Nasdaq close higher Monday as tech stocks make a comeback: Live updates

The S&P 500 and Nasdaq Composite ticked up Monday, while the Dow traded flat, as Wall Street looked to shake off a rough start to August.

Read more at: https://www.cnbc.com/2023/08/13/stock-market-today-live-updates.html

Lloyd Blankfein says he ‘can’t imagine’ returning to Goldman Sachs

Blankfein, a former CEO of Goldman Sachs, pushed back on a report saying he had offered to return to the firm to help current CEO David Solomon.

Read more at: https://www.cnbc.com/2023/08/14/lloyd-blankfein-cant-imagine-returning-to-goldman-sachs.html

Four reasons why the consumer is so confusing — and what that may mean for retail earnings

As Home Depot, Target and Walmart report earnings, retailers and investors have had to weigh contradictory factors as they predict consumer spending patterns.

Read more at: https://www.cnbc.com/2023/08/14/retail-earnings-preview-wmt-tgt-hd-to-report-q2-results.html

UBS to pay $1.4 billion over fraud in residential mortgage-backed securities

The Swiss bank’s settlement is the final case prosecutors brought over misconduct that led up to the global financial crisis.

Read more at: https://www.cnbc.com/2023/08/14/ubs-to-pay-1point4-billion-for-fraud-in-mortgage-backed-securities.html

David Einhorn is worried about the market, sees stickier inflation than expected

Greenlight Capital’s David Einhorn is getting concerned about the market after a strong rally and has added sizable downside protection.

Read more at: https://www.cnbc.com/2023/08/14/david-einhorn-says-worried-about-the-market-seeing-stickier-inflation.html

‘Nothing can prepare you’ for devastation of Hawaii wildfire, FEMA administrator says

More than 300 employees on the ground have served 50,000 meals, 75,000 liters of water and distributed 5,000 cots, said FEMA administrator Deanne Criswell.

Read more at: https://www.cnbc.com/2023/08/14/hawaii-wildfire-nothing-can-prepare-you-for-damage-fema-admin-says.html

Sam Bankman-Fried’s lawyer demands he receive his Adderall for ADHD while in jail

Fallen FTX chief Sam Bankman-Fried needs medication for depression and ADHD, lawyers told a U.S. district court judge on Monday.

Read more at: https://www.cnbc.com/2023/08/14/sam-bankman-frieds-lawyer-demands-he-get-adderall-for-adhd-in-jail.html

DeSantis urges Bob Iger to drop Disney lawsuit, accept the end of ‘special privileges’

DeSantis has invoked his battle with Disney on the campaign trail as he runs against Donald Trump for the 2024 Republican presidential nomination.

Read more at: https://www.cnbc.com/2023/08/14/desantis-urges-bob-iger-to-drop-disney-lawsuit-accept-the-end-of-special-privileges.html

Trump Georgia grand jury speeds up work on potential indictment

Donald Trump is under investigation by Fulton County DA Fani Willis for trying to get Georgia officials to overturn his loss to President Joe Biden.

Read more at: https://www.cnbc.com/2023/08/14/trump-case-atlanta-prosecutor-presents-case-to-grand-jury.html

Cruise vehicles cause weekend traffic jam one day after California approves 24-7 robotaxi service

California regulators voted Thursday to approve round-the-clock robotaxi service in San Francisco from Waymo and Cruise.

Read more at: https://www.cnbc.com/2023/08/14/cruise-traffic-jam-after-california-approves-24-7-robotaxi-service.html

Window-washing robots are working on Manhattan skyscrapers

Skyline Robotics’ window-washing robot, Ozmo, is operational in Tel Aviv and New York,

Read more at: https://www.cnbc.com/2023/08/14/window-washing-robots-are-working-on-manhattan-skyscrapers.html

How Temu makes money from super-cheap goods like $10 smartwatches

Bargain e-commerce company Temu has had a whirlwind 2023. Quietly launching its app in September 2022, it only took the company a few weeks to top app store charts, edging out Amazon, Walmart and even fast-fashion brand Shein.

Read more at: https://www.cnbc.com/2023/08/14/how-temu-makes-money-from-super-cheap-goods-like-10-smart-watches.html

Michael Burry of ‘The Big Short’ fame reveals potential big bets against the market, tech stocks

Michael Burry, known for calling the subprime mortgage crisis, just unveiled potential massive bets against the stock market.

Read more at: https://www.cnbc.com/2023/08/14/michael-burry-of-the-big-short-fame-reveals-potential-big-bets-against-the-market-tech-stocks.html

Maui Wildfires Now Deadliest US Blaze In 100 Years; Only 3% Of Area Searched

Hawaii officials confirmed the death toll has climbed to 96 following the catastrophic wildfire that swept across a resort town on the island of Maui last week, making it the deadliest US wildfire in a century.

“Maui Police Department around 9 p.m. said there are 96 confirmed fatalities,” the Maui County local government wrote in an update Sunday night. This is an uptick from the previous count of 93, and with cadaver dogs searching devastated neighborhoods, the number is likely going to move higher.

At 96, the Maui fire surpassed the 2018 Camp Fire in Paradise, California, which killed 85 but remained under the 1918 Cloquet fire in Minnesota and Wisconsin, which claimed at least 453 lives.

Drone footage reveals the extent of the destruction caused by raging wildfires that razed the historic Lahaina to the ground. pic.twitter.com/RfiR52UqSK

— AccuWeather (@accuweather) August 12, 2023

“This is the largest natural disaster we’ve ever experienced,” Hawaii Gov. Josh Green said at a Saturday night news conference.

Green said, “It’s going to a …

Read more at: https://www.zerohedge.com/weather/maui-wildfires-now-deadliest-us-blaze-century-3-area-searched

Joe Rogan Says Tucker Carlson Could Win 2028 Presidential Race

Authored by Frank Fang via The Epoch Times,

Podcaster Joe Rogan has predicted that conservative political commentator Tucker Carlson could become the U.S. president in 2028 if the former Fox News host were to join the White House race.

During the Aug. 3 episode of “The Joe Rogan Experience,” Mr. Rogan said that Mr. Carlson could succeed Donald Trump, if the former president wins back the White House in 2024, to secure eight years of consistent policies.

“Let’s just make a scenario, Trump wins in 2024. He has four years. If Tucker went to run in 2028, he could win, because it would be kind of carrying those policies,” Mr. Rogan told Patrick Bet-David, CEO of online content company Valuetainment.

Mr. Rogan added, “But also, he’s sort of a no-nonsense guy who exposes [expletive], you know in a pretty humorous way and a very insightful and biting way,” he added.

Tucker Carlson could become The President of the United States of America as soon as 2028 according to Joe Rogan and Patrick Bet-David.#Carlson2028 🇺🇸 pic.twitter.com/V5HeW1ytRA

— Ole Murica (@OleMurica) August 11, …

Read more at: https://www.zerohedge.com/political/joe-rogan-says-tucker-carlson-could-win-2028-presidential-race

Michael Burry Loads Up On $1.6BN Notional Worth Of S&P, Nasdaq Puts; Goes Long Japan

Three months ago, when looking at Michael Burry’s Q1 13F which in turn followed just a few months after the famous permabear admitted he had been wrong to urge his followed to sell…

… we found that the Big Short had continued the trend of rapidly rotating his entire portfolio and in the first quarter, Burry liquidated the rest of his legacy 2022 holdings, dumping his entire stake in companies like Black Knight, Wolverine World Wide, MGM Resorts and Qurate, and also trimmed his formerly largest holding, private prison operator GEO group, and had reallocated the proceeds in three ways:

• Adding to his Chinese exposure, making JD.com and Alibaba his top stocks (a move which appears to have been driven by the Q4 momentum and which has since fizzled, leading to substantial losses in Chinese names).
• Launching a handful of new posit …Read more at: https://www.zerohedge.com/markets/michael-burry-loads-16bn-notional-worth-sp-nasdaq-puts-goes-long-japan

Cruz: It’s Time For Biden Impeachment Inquiries

Authored by Steve Watson via Summit News,

GOP Senator Ted Cruz called Sunday for impeachment inquiries against Joe Biden to begin, noting that the special council appointment of U.S. attorney David Weiss is a “cover up”.

“I think it’s disgraceful,” Cruz told Fox News, adding “David Weiss was the U.S. attorney handpicked to lead this investigation who spent the last five years covering it up.”

“David Weiss, who was personally selected by the two Democrat senators from Delaware, Tom Carper and Chris Coons, for five years, the investigation has gone nowhere, other than to protect Hunter Biden and Joe Biden,” Cruz further asserted.

“Not only that, David Weiss is the one that is subject to two whistle-blower complaints from senior career IRS officials who came forward,” the Senator continued.

Cruz continued, “They said they’d never seen an inves …

Read more at: https://www.zerohedge.com/political/cruz-its-time-biden-impeachment-inquiries

UBS to pay $1.4bn to settle fraud claims from 2008 crisis

The Swiss lender is the 18th firm to reach a settlement with US prosecutors investigating the 2008 crisis.

Read more at: https://www.bbc.co.uk/news/business-66505088?at_medium=RSS&at_campaign=KARANGA

Wilko: Bidders given Wednesday deadline for rescue offers

The cash-strapped homewares chain has collapsed into administration and put 12,500 jobs at risk.

Read more at: https://www.bbc.co.uk/news/business-66498064?at_medium=RSS&at_campaign=KARANGA

Petrol prices: Why are they going back up?

Motoring organizations warn price rises will pile pressure on families and small businesses.

Read more at: https://www.bbc.co.uk/news/business-52188448?at_medium=RSS&at_campaign=KARANGA

SEBI to complete investigation into Zee Entertainment case within 8 months

Until the investigation is complete, Subhash Chandra and Punit Goenka will not hold any directorial positions in any of the Essel Group companies, the regulator says. Sebi bars Punit Goenka to hold CEO position in Zee-Sony merged entity

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-to-complete-investigation-in-zee-entertainment-case-within-8-months/articleshow/102730310.cms

Tech View: Nifty shows support at 50-EMA. What traders should do on Wednesday

As the RSI on the daily chart demonstrated a bearish crossover, with its value dropping below 50, it could be signs of a weakening trend

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-shows-support-at-50-ema-what-traders-should-do-on-wednesday/articleshow/102727844.cms

Sebi floats consultation paper to review delisting norms; proposed fixed price for voluntary delisting

The Primary Market Advisory Committee (PMAC) has made certain recommendations, including alternatives for reverse book building process to discover the delisting price

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-floats-consultation-paper-to-review-delisting-norms-proposed-fixed-price-for-voluntary-delisting/articleshow/102729250.cms

More than 227,000 global tech workers have lost their jobs so far this year

2023 has easily surpassed 2022 for global tech redundancies.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7249-56F0E494FBEE%7D&siteid=rss&rss=1

Biden urges UAW and Detroit automakers to reach ‘fair agreement’

President Biden urged the United Auto Workers and Detroit’s Big Three automakers to forge a deal, a month before the union’s worker contracts expire.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7249-4B01262914D0%7D&siteid=rss&rss=1

The Margin: Nestlé chocolate chip cookies: Some cookie dough may contain pieces of wood

Check your fridge for these ‘Break and Bake’ Nestlé Toll House cookie dough bars

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7249-108E66EEF749%7D&siteid=rss&rss=1