North Sea Oil And Gas In Jeopardy As Financing Falters

The UK’s oil and gas sector faces the growing prospect of a cash crunch, with the Treasury’s latest attempts to lure lenders back to the North Sea this week likely to fall on deaf ears, City A.M. understands. The Treasury has invited some of the world’s major banks to a meeting this Friday including multiple lenders, including British lenders such as Barclays, Nat West and Lloyds, alongside European banks such as BNP Paribas, Deutsche Bank, DNB, ING and Societe Generale and US financial institution Wells Fargo. However, only a…

Read more at: https://oilprice.com/Energy/Crude-Oil/North-Sea-Oil-And-Gas-In-Jeopardy-As-Financing-Falters.html

An Increasing Number Of Americans Want Nuclear Power

Several months after Elon Musk shared his thoughts on X (previously Twitter), advocating for greater use of nuclear power in response to a Times Magazine article featuring J. Robert Oppenheimer’s grandson’s views on nuclear’s role in a net zero-carbon economy, a Pew Research Center survey noted a rise in the number of Americans supporting nuclear power.  About 57% of Americans (a majority) say they now favor nuclear power generation plants nationwide, up 14 percentage points since 2020, according to Pew. This dramatic rise…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/An-Increasing-Number-Of-Americans-Want-Nuclear-Power.html

White Hydrogen: Boon Or Bust For A Sustainable Future?

Just when you thought the hydrogen economy zombie was dead and gone, it rises again, this time in color. Yes, hydrogen comes in many colors these days: green, blue, gray and now white. No, these are not literal colors, but rather marketing tools designed to convince investors, policymakers (think: public subsidies), and the public (think: support of public subsidies) that the hydrogen economy is right around the corner and will be a key to addressing climate change. When burned, of course, hydrogen combines with oxygen to produce water. When manufactured,…

Read more at: https://oilprice.com/Energy/Energy-General/White-Hydrogen-Boon-Or-Bust-For-A-Sustainable-Future.html

Ruble Plunge Sends Waves Across Central Asia’s Economies

Bakytbek Ysmanov, a 64-year-old native of Kyrgyzstan, has been working in Russia for 15 years. In the past 12 months, he has watched the ruble fall by 28 percent against his homeland’s national currency, the som, with that slide in value picking up pace this summer. That is a big problem for Ysmanov because he needs to pay off a mortgage in soms that he has on a home in the southern Kyrgyz city of Osh. “Maybe I will have to work 15 hours [a day now] and find other jobs, too. Maybe I could work construction for four or five hours and then go out…

Read more at: https://oilprice.com/Geopolitics/International/Ruble-Plunge-Sends-Waves-Across-Central-Asias-Economies.html

Mongolia Set To Become Key Player In U.S. Rare Earth Strategy

Via Metal Miner At a meeting several days ago, officials from the U.S. and Mongolia discussed devising innovative approaches to ensure the smooth entry of essential minerals from the landlocked Mongolian nation into the global market, namely for materials for rare earth magnets. Following his meeting with U.S. Vice President Kamala Harris in Washington, Mongolian Prime Minister L. Oyun-Erdene told Reuters that Mongolia planned to intensify its collaborative efforts with the U.S. in the realm of mining. The country would specifically target rare…

Read more at: https://oilprice.com/Metals/Commodities/Mongolia-Set-To-Become-Key-Player-In-US-Rare-Earth-Strategy.html

Ecuador Rejects Oil Drilling In The Amazon

Ecuadorians have voted against drilling for oil in a protected area of the Amazon that’s home to two uncontacted tribes and is a hotspot of biodiversity, effectively kicking out the state oil company that has established operations there.  With more than 90% of the ballots counted by early Monday, around 60% of votes are against oil exploration in Block 43, situated within Yasuni.  Yasuni National Park, home to the Tagaeri and Taromenani who live in self-isolation, was designated a world biosphere reserve by UNESCO in 1989. It encompasses…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ecuador-Rejects-Oil-Drilling-In-The-Amazon.html

Southeast Asia’s $76 Billion Green Energy Push

Southeast Asian national oil companies (NOCs) and traditional upstream players are progressively focusing on cleaner and more environmentally friendly energy initiatives. Rystad Energy’s analysis reveals a consistent commitment to these initiatives in the years to come, with investments set to exceed $76 billion from 2023 to 2025. The upward trend is set to continue, with a projected total outlay of $119 billion by the end of 2027. This expenditure will be driven by investments in wind, solar and geothermal projects. Regional NOCs like Indonesia’s…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Southeast-Asias-76-Billion-Green-Energy-Push.html

Kinder Morgan Unit Declares Force Majeure At Tennessee Gas Pipeline

Tennessee Gas Pipeline, a unit of pipeline giant Kinder Morgan, has declared force majeure following an explosion and a fire late last week caused by equipment failure at a compressor station near Centerville in Hickman County, Tennessee. Following the explosion, Hickman County ordered on Friday mandatory evacuation for residents in a one-mile radius of the gas plant at 2775 Highway 48 N. due to the gas plant explosion. Later on the same day, the evacuation order around the gas plant was lifted and all roadways were open, Hickman County…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kinder-Morgan-Unit-Declares-Force-Majeure-At-Tennessee-Gas-Pipeline.html

U.S. To Remain Dominant In Global LNG Markets

The U.S. is already on its way to becoming the biggest LNG exporter in the world in terms of capacity. This trend is only going to accelerate in the next four years as the country leads new capacity additions for superchilled, low-emissions fuel. Demand for LNG, meanwhile, will motivate a doubling in global capacity in the years until 2027. That might raise some questions about the success of some Western governments that are determined to reduce reliance on natural gas, including the Biden administration. On the other hand, it highlights the…

Read more at: https://oilprice.com/Energy/Natural-Gas/US-To-Remain-Dominant-In-Global-LNG-Markets.html

Latest U.S. Upstream Merger To Create $14-Billion Permian Producer

Permian Resources has signed a deal to buy Earthstone Energy in an all-stock deal valued at $4.5 billion, which is expected to create a $14-billion premier producer in the Delaware basin in the Permian, the companies said on Monday. The value of the all-stock deal is inclusive of Earthstone’s net debt. Under the terms of the transaction, each share of Earthstone common stock will be exchanged for 1.446 shares of Permian Resources common stock. The deal is expected to boost Permian Resources’ position as a leading Delaware Basin independent…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Latest-US-Upstream-Merger-To-Create-14-Billion-Permian-Producer.html

U.S. And China Top The Chart In Global Oil Consumption

Even with the share of renewables in electricity production rising continuously over the past years, oil remains the world’s most important energy source when factoring in transport and heating. As Statista’s Florian Zandt reports, according to an analysis by the International Energy Agency (IEA), 29 percent of the world’s energy supply in 2020 came from oil. As Zandt shows in below, based on the Energy Institute Statistical Review of World Energy 2023, two countries were particularly heavy oil consumers…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-And-China-Top-The-Chart-In-Global-Oil-Consumption.html

U.S. Oil Firm Apache Plans To Invest $1.4 Billion In Egypt

Apache Corporation plans to invest next year $1.4 billion in Egypt’s energy industry, where the U.S. firm is one of the biggest investors and the largest oil producer in the North African country. The investment plans were unveiled during a meeting on Sunday of Egyptian Prime Minister Mostafa Madbouly with Apache chief executive John Christmann, the government of Egypt said in a statement carried by local and Arab media. Egypt expressed hopes that Apache would expand its oil and gas exploration activities and investments in the country despite…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Oil-Firm-Apache-Plans-To-Invest-14-Billion-In-Egypt.html

North Carolina Excluded From Offshore Wind Leases Amid Military Objections

The Biden Administration has not included areas offshore North Carolina in the Bureau of Ocean Energy Management’s plans to lease areas for offshore wind projects off the East Coast due to objections raised by the US. Department of Defense, the Carolina Journal reports. The military has long been opposed to offshore wind projects in North Carolina due to concerns that they could restrict low-level military training flights. The Bureau of Ocean Energy Management (BOEM) had initially considered leasing areas offshore North Carolina, Virginia,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/North-Carolina-Excluded-From-Offshore-Wind-Leases-Amid-Military-Objections.html

Russia Retains Position As China’s Top Oil Supplier

Despite higher oil prices and narrower discounts of Russian crudes to international benchmarks, Russia remained the single largest crude oil supplier to China in July, ahead of its OPEC+ partner Saudi Arabia, according to Chinese customs data. Chinese imports of crude from Russia averaged 1.9 million barrels per day (bpd) last month, a 13% increase compared to July 2022, although arrivals from Russia were lower than the record-high hit in June, per the data released by China’s General Administration of Customs on Sunday and reported by Reuters.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Russia-Retains-Position-As-Chinas-Top-Oil-Supplier.html

Saudi Arabia Secures Financing For $2.4 Billion Solar Project

Several Saudi firms, including oil giant Aramco and a company owned by the Kingdom’s sovereign wealth fund, announced on Sunday the financial close of a major solar project in Saudi Arabia worth $2.37 billion in investment, the Saudi Press Agency reported.   Saudi Aramco Power Company (SAPCO), a wholly-owned subsidiary of the world’s largest oil firm, Aramco, as well as Saudi Arabia’s ACWA Power and the Water and Electricity Holding Company (Badeel), wholly-owned by the Public Investment Fund (PIF), are advancing the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Secures-Financing-For-24-Billion-Solar-Project.html

Nasdaq snaps 4-day losing streak, tech shares rise despite higher yields: Live updates

The Nasdaq Composite jumped Monday, led by tech shares, even as Treasury yields reached levels not seen in over a decade.

Read more at: https://www.cnbc.com/2023/08/20/stock-market-today-live-updates.html

Mortgage rates hit their highest point since 2000

Mortgage rates hit the highest level since the end of 2000, and that is crushing affordability for potential homebuyers.

Read more at: https://www.cnbc.com/2023/08/21/mortgage-rates-hit-highest-point-since-2000.html

Google’s old guard shifts roles as the company searches for itself

A string of executive changes over the last few months and it comes as the company faces more pressure than ever and executives want to try something new.

Read more at: https://www.cnbc.com/2023/08/21/googles-old-guard-shifts-roles-as-the-company-searches-for-itself.html

American workers are demanding almost $80,000 a year to take a new job

The average “reservation wage,” or the minimum acceptable salary offer to switch jobs, rose to $78,645 during the second quarter of 2023.

Read more at: https://www.cnbc.com/2023/08/21/american-workers-are-demanding-almost-80000-a-year-to-take-a-new-job.html

American Airlines pilots approve sweetened labor deal with big raises

American follows Delta in sealing a labor deal with its pilots this year.

Read more at: https://www.cnbc.com/2023/08/21/american-airlines-pilots-approve-labor-deal-with-big-raises.html

This chip stock could yield a quick profit depending on Nvidia’s earnings, Morgan Stanley says

How well Nvidia performs Wednesday could have implications for this derivative play, according to Morgan Stanley.

Read more at: https://www.cnbc.com/2023/08/21/this-chip-stock-could-yield-a-quick-profit-morgan-stanley-says.html

Pro-Trump lawyer John Eastman’s bond in Georgia election case set at $100,000

Eastman’s charges in Georgia relate to his alleged post-election efforts to use fake slates of Trump electors to challenge President Joe Biden’s win in 2020.

Read more at: https://www.cnbc.com/2023/08/21/pro-trump-lawyer-eastman-gets-100k-bond-in-georgia-election-case.html

Tilray is buying beverage brands from Molson Coors, Anheuser-Busch as cannabis industry struggles

Tilray Brands, a major cannabis company, is tapping into the beverage industry with recent acquisitions from Molson Coors and Anheuser-Busch.

Read more at: https://www.cnbc.com/2023/08/21/tilray-cannabis-buys-brands-from-molson-coors-anheuser-busch.html

Covid vaccine stocks jump as new variants emerge ahead of fall shot rollout

Novavax, Moderna, Pfizer and its partner BioNTech are slated to roll out new shots designed to target the omicron subvariant XBB.1.5 this fall.

Read more at: https://www.cnbc.com/2023/08/21/covid-vaccine-stocks-jump-as-new-variants-emerge.html

Palo Alto Networks shares rise more than 16% after earnings report

The cybersecurity vendor’s share price jumped after investors found little to be concerned about in the after-the-bell Friday report.

Read more at: https://www.cnbc.com/2023/08/21/palo-alto-networks-shares-rise-after-earnings-report.html

Biden heads to Maui, where 850 people are still missing after catastrophic Hawaii wildfires

The president’s initial response to the devastating wildfires drew criticism from Republicans, who argued that he should have spoken about it more often.

Read more at: https://www.cnbc.com/2023/08/21/biden-heads-to-maui-where-850-people-are-still-missing-after-catastrophic-hawaii-wildfires.html

California braces for more flooding after Hilary drenches Los Angeles with record rain

Los Angeles was hit with flooding from record rainfall as the first tropical storm to hit California since 1939 made landfall over the weekend.

Read more at: https://www.cnbc.com/2023/08/21/tropical-storm-hilary-drenches-southern-california.html

Altcoins slide to begin the week while bitcoin and ether stabilize

The crypto market was lower to start the week after bitcoin posted its worst week since May.

Read more at: https://www.cnbc.com/2023/08/21/altcoins-slide-to-begin-the-week-while-bitcoin-and-ether-stabilize.html

Goldman Explains How SHTF (Or Not) If Congress Can’t Avoid Latest Looming Shutdown

With yet another government shutdown looming (Money is projected to run out Sept. 30), echoes of panic are beginning to reverberate throughout the mainstream media and Washington DC over the possibility of yet another government shutdown.

But before anyone burns their hand on the stove again, Goldman’s Alec Phillips puts the potential fallout in context.

In a nutshell – since the rules for government spending under a shutdown are clear, and shutdowns have occurred in the past, the economic hit is more predictable. And while federal spending is equal to almost a quarter of GDP, the impact of a shutdown is much smaller, for four key reasons:

• It’s All About the Discretionary Spending: Federal outlays are broadly categorized into discretionary spending (like defense), mandatory spending (Medicare, Social Security), and interest on public debt. Only discretionary spending takes a hit during a shutdown. This represents around 6.5% of GDP.
• Not All …Read more at: https://www.zerohedge.com/economics/goldman-explains-how-shtf-or-not-if-congress-cant-avoid-latest-looming-shutdown

Permian Merger With Earthstone Creates $14-Billion Delaware Basin Producer

By Charles Kennedy of OilPrice.com

Permian Resources has signed a deal to buy Earthstone Energy in an all-stock deal valued at $4.5 billion, which is expected to create a $14-billion premier producer in the Delaware basin in the Permian, the companies said on Monday.

The value of the all-stock deal is inclusive of Earthstone’s net debt.

Under the terms of the transaction, each share of Earthstone common stock will be exchanged for 1.446 shares of Permian Resources common stock.

The deal is expected to boost Permian Resources’ position as a leading Delaware Basin independent E&P operator with more than 400,000 P …

Read more at: https://www.zerohedge.com/commodities/permian-merger-earthstone-creates-14-billion-delaware-basin-producer

Treasury Yields Soar To 16 Year High As 30Y Mortgage Rates Near 21st Century High

The selloff in the bond-market resumed with a vengeance on Monday, pushing 10-year yields to a 16-year high, as traders dumped duration ahead of Friday’s Jackson Hole meeting where concerns are rising that – in a repeat of last year’s shock and awe – Powell may warn more work needs to be done to contain inflation.

The selloff pushed up yields on nominal Treasuries as well as on inflation-protected paper, or TIPS, suggesting that investors are bracing for the risk that monetary policy will remain elevated.

Yields on 10-year TIPS jumped over 2% for the first time since 2009, extending its ascent from year-to-date lows near 1%. Not long after, the yield on 10-year Treasuries without that protection surpassed October’s peak, climbing as much as 9 basis points to 4.35%, a level last seen in late 2007.

The 10-year real yield has risen sharply from around 1.5% in mid-July and just above 1% earlier this year. On Monday, the 30-year real yield rose 6 basis points to 2.15%. Treasury market  …

Read more at: https://www.zerohedge.com/markets/treasury-yields-soar-16-year-high-30y-mortgage-rate-nears-21st-century-high

Are You Ready To Get Jerked Around (Again)?

Authored by Bruce Wilds via Advancing Time blog,

Volatility Ahead, Deflation, Then Inflation, Equals InflationDeflation followed by inflation still amounts to inflation in the long run. This means when liquidity dries up the value is gone and you must have the staying power to ride things out. Thinking you can move in and out fast enough not to be crushed may be optimistic. The future looks far from tame and it is likely investors are in for a wild ride. Remember that bad things happen when you hit a wall.

The CPI is a poor indicator of true inflation, it is rigged to give the impression everything is still in control. Decades ago, politicians and those concocting this system created it as a way to reduce the cost of living adjustments for government payments to Social Security recipients, etc. By moving to a substitution-based index and weakening other constant-standard-of-living ties those reporting infla …

Read more at: https://www.zerohedge.com/markets/are-you-ready-get-jerked-around-again

Renting now cheaper than first-time mortgages, says Zoopla

It is less expensive to rent than buy for the first time since 2010, but there are wide regional variations.

Read more at: https://www.bbc.co.uk/news/business-66568528?at_medium=RSS&at_campaign=KARANGA

Domino’s Pizza signals closure of Russian business

The franchise owner says it will place its Russian business into bankruptcy.

Read more at: https://www.bbc.co.uk/news/business-66574219?at_medium=RSS&at_campaign=KARANGA

Gas prices rise on fears of strikes in Australia

Possible industrial action at a key liquefied natural gas supplier sent European prices 10% higher.

Read more at: https://www.bbc.co.uk/news/business-66571542?at_medium=RSS&at_campaign=KARANGA

Paytm investing in AI to build Artificial General Intelligence software stack: CEO

CEO Vijay Shekar Sharma said Paytm’s next contribution will be small mobile credit with high credit quality and fully compliant with the regulators guidelines

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/paytm-investing-in-ai-to-build-artificial-general-intelligence-software-stack-ceo/articleshow/102914952.cms

Can Chinese economic recovery boost silver prices?

Silver returned to the limelight in May when prices surged to near one-year high. The boost in prices largely came from industrial demand, especially from China

Read more at: https://economictimes.indiatimes.com/markets/commodities/news/can-chinese-economic-recovery-boost-silver-prices/articleshow/102912414.cms

Tech View: Nifty takes support near 50-DMA. What traders should do on Tuesday

Nifty exhibited a positive tone as it maintained levels above the crucial support point of 19,250. A breach below this level could potentially spark unease within the market, causing concerns among investors.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-takes-support-near-50-dma-what-traders-should-do-on-tuesday/articleshow/102911228.cms

Bond Report: Treasury yields extend rise, with 10-year rate highest since 2007

Ten- and 30-year Treasury yields establish more multiyear highs as traders await Federal Reserve Chairman Jerome Powell’s Jackson Hole speech on Friday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-724F-120DAD8CF790%7D&siteid=rss&rss=1

The Fed: Jackson Hole meeting: When is Jerome Powell’s speech? What investors need to know.

The Federal Reserve chair speaks at the Jackson Hole Economic Symposium on Friday, and may discuss whether policy tightening is needed to bring inflation down.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-724F-54DDBA7BCB45%7D&siteid=rss&rss=1

Market Extra: Treasury yields are surging as investors see no likely return to historically low interest rates

The August selloff in Treasurys began with worries about the fiscal outlook. It’s now being driven by growing expectations rates won’t return to recent lows.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-724F-4CB47CA6032F%7D&siteid=rss&rss=1