Puerto Rico’s Solar Rooftop Revolution

Early this year, Oilprice posed the question: “Puerto Rico Has Big Plans For Renewables, But Can It Deliver?” Six months later, it seems safe to say that the answer is a resounding yes. After the United States island territory saw its power grid collapse entirely after the devastating double-whammy of hurricanes Irma and Maria in 2017, it’s gone all-in on a bold new plan to build back better through the centralization of renewable energy production. Puerto Rico’s electrical grid was already compromised and vulnerable when…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Puerto-Ricos-Solar-Rooftop-Revolution.html

Energy Price Uncertainty Looms Over British Households

With Parliament back, both parties need to focus on what’s going to matter to voters in the next months: housing and energy prices will be top issues, together with questions on net zero, writes Elena Siniscalco After what seemed like an endless summer recess, Parliament is back on this week, with a distinctive back-to-school feeling. Some MPs look a bit disoriented, like they need some help to remember what’s going to matter in the upcoming months. People are dead worried about housing, whether they’re young renters, families…

Read more at: https://oilprice.com/Energy/Energy-General/Energy-Price-Uncertainty-Looms-Over-British-Households.html

European Commission Grapples With Influx Of Ukraine Grain

The European Commission is facing tricky decisions in the coming weeks over the influx of Ukrainian agricultural products into the European Union. September 15 marks the end of the so-called temporary preventive measures that have allowed wheat, maize, rapeseed, and sunflower seed from Ukraine to transit through Bulgaria, Hungary, Poland, Romania, and Slovakia. All four of those commodities must remain “unsealed” until they reach other EU member states — ideally to EU ports to be shipped on to developing nations around the world. These measures…

Read more at: https://oilprice.com/Geopolitics/International/European-Commission-Grapples-With-Influx-Of-Ukraine-Grain.html

Climate Risk Reshapes Insurance Sector in Emerging Markets

With the launch of a new joint initiative to support the countries that are most vulnerable to climate change, the global insurance industry is evolving in ways that could carry important implications for business in emerging markets. The Global Shield against Climate Risks (GSCR) was announced by the ministers of finance of the so-called Vulnerable Twenty Group (V20) and the G7 after the COP27 UN Conference on Climate Change in Sharm El-Sheikh Egypt in November last year. It seeks to address weaknesses in the financial protection structure in…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Climate-Risk-Reshapes-Insurance-Sector-in-Emerging-Markets.html

Iraq-Turkey See More Delays In Resuming Oil Flows

The flow of crude oil from Iraq to Turkey will not resume prior to October, sources have revealed. Iraq’s oil flows to Turkey—which have been suspended since March 25—are unlikely to resume until Turkey’s President Tayyip Erdogan visits Baghdad in October. The trip was originally planned to take place in August but was pushed back. The International Chamber of Commerce (ICC) suspended oil flows in March, ordering Turkey to pay the Iraqi government $1.5 billion in compensation for what it determined were unauthorized oil…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Turkey-See-More-Delays-In-Resuming-Oil-Flows.html

From Boom To Gloom: China’s Economic Momentum Dips

Forecasts for China’s 2023 and 2024 economic growth have been slashed on Wall Street over the past few weeks. The world’s second-largest economy now risks missing Beijing’s own growth target for a second straight year and could expand at a sub-5% pace for three years in a row — something unheard of since the death of Mao Zedong in 1976. Stalling growth will surely have longer-term geopolitical implications. Odds are stacked against President Xi, who pledged last year to make China a “medium-developed country”…

Read more at: https://oilprice.com/Finance/the-Economy/From-Boom-To-Gloom-Chinas-Economic-Momentum-Dips.html

The New Alliance Attempting To Accelerate Hydrogen-Powered Aviation

Major aviation and renewable energy firms, including Rolls-Royce, Airbus, EasyJet, and Ørsted, announced on Tuesday the creation of the Hydrogen in Aviation (HIA) alliance in the UK to propose a pathway to achieving hydrogen-powered aviation. The alliance says that the Government needs to be focused on three key areas—supporting the construction of the infrastructure needed for the UK to be a global leader, ensuring the aviation regulatory regime is hydrogen-ready, and transforming the funding for hydrogen aviation R&D support…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-New-Alliance-Attempting-To-Accelerate-Hydrogen-Powered-Aviation.html

Oil Prices Jump As Russia And Saudi Arabia Extend Cuts

Oil prices jumped dramatically on Tuesday morning as Saudi Arabia announced it would extend its production cuts until the end of the year and Russia announced it would extend its export cuts of 300,000 bpd for the same period. Chart of the Week- Russia extended its voluntary decision to curb crude exports by 300,000 b/d until December 2023, acting in concert with Saudi Arabia, with the alleged aim of maintaining stability and balance in the oil markets.- In the meantime, Russian seaborne crude and product exports fell to their lowest since September…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Jump-As-Russia-And-Saudi-Arabia-Extend-Cuts.html

Russia’s Oil And Gas Revenues Slump By 38% In January-August

Lower oil prices and lower sales volumes led to a 38.1% slump in Russia’s oil and gas revenues between January and August, compared to the same period of 2022, finance ministry data showed on Tuesday. During the first eight months of this year, Russian oil and gas revenues dropped to $49.5 billion (4.836 trillion Russian rubles), from $80 billion (7.818 trillion rubles) for the same period of 2022.   This year, Gazprom’s gas exports to Europe slumped and dragged the gas giant’s profits down this year compared to 2022.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-And-Gas-Revenues-Slump-By-38-In-January-August.html

Gunvor: Weakening Demand Could Send Oil Prices Back Down To $71

Brent Crude prices could retest the $71-72 per barrel threshold over the next six months amid weakening demand in Europe and the United States and a lot of uncertainty over China’s consumption, commodity trading giant Gunvor Group says. The oil market is at risk of a “significant correction” in the last quarter of this year or the first quarter of 2024, Frederic Lasserre, Global Head of Research & Analysis at Gunvor Group, told Bloomberg in an interview at the Asia Pacific Petroleum Conference (APPEC) by S&P Global Commodity…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gunvor-Weakening-Demand-Could-Send-Oil-Prices-Back-Down-To-71.html

Oil Soars Above $90 As Saudi Arabia Extends Deep Output Cuts

Saudi Arabia will extend its voluntary 1 million bpd crude oil production cut through the end of this year, according to the official Saudi Press Agency. This brings Saudi Arabia’s targeted crude oil production to 9 million bpd for the remainder of the year. However, the extension will still be reviewed monthly, media reported on Tuesday afternoon. Oil markets have been guessing how OPEC will proceed with its oil production strategy—with Russia and Saudi Arabia’s role in OPEC’s plan taking the top spot of concern. Market…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Soars-Above-90-As-Saudi-Arabia-Extends-Deep-Output-Cuts.html

The EU Looks To Make Joint Natural Gas Purchases Permanent

The European Commission is proposing making the temporary joint EU gas purchases a permanent scheme after its successful launch earlier this year, Reuters reported on Tuesday, quoting EU officials and a document it has seen. The EU proposed the joint gas purchases amid last year’s energy crisis following the slump in Russian pipeline gas deliveries after the Russian invasion of Ukraine. The joint initiative, set to expire in December 2023, is aimed at securing gas supply for the EU members. The European Commission is now looking to make it…

Read more at: https://oilprice.com/Energy/Energy-General/The-EU-Looks-To-Make-Joint-Natural-Gas-Purchases-Permanent.html

Canada’s Carbon Capture Ambitions Have Hit A Roadblock

A large project for carbon capture and storage (CCS) in Canada’s oil sands is struggling to obtain a contract for difference that would guarantee its developers a minimum carbon price, a representative of the project owners has told Reuters. Canada’s federal government is looking to support CCS projects to reduce the carbon emissions from the oil sands—one of the most carbon-intensive ways of pumping oil. The Pathways Alliance, which includes six of the largest oil and gas companies in Canada – Canadian Natural, Cenovus…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadas-Carbon-Capture-Ambitions-Have-Hit-A-Roadblock.html

Australia Considers Extending The Life Of Its Biggest Coal Plant

The biggest coal-fired power plant in Australia could see its operating life extended beyond the planned closure in 2025, the government of New South Wales said on Tuesday. The Eraring Power Station, Australia’s largest coal-fired plant, is located on the shores of Lake Macquarie in New South Wales, approximately 120 kilometers (74 miles) north of Sydney and 40 kilometers (25 miles) south of Newcastle. The station’s operator, Origin Energy, notified in 2022 the Australian Energy Market Operator (AEMO) of the potential early retirement…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Australia-Considers-Extending-The-Life-Of-Its-Biggest-Coal-Plant.html

Chevron LNG Workers Threaten 2-Week Strike

The dispute between Chevron and the unions representing workers at the Gorgon and Wheatstone LNG project has taken a turn for the worse, with the unions now threatening a two-week total strike starting September 14. “The Offshore Alliance is escalating protected industrial action to demonstrate that our bargaining negotiations are far from ‘intractable’,” the group of unions said in a Facebook post cited by Reuters. The escalation follows a decision by Chevron to launch mediation talks with the participation of Australia’s Fair Work Commission—the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-LNG-Workers-Threaten-2-Week-Strike.html

Meta employees are back in the office three days a week as part of new mandate

Meta’s return-to-office mandate requires employees to work from the company’s offices at least three days a week.

Read more at: https://www.cnbc.com/2023/09/05/meta-employees-are-back-in-office-three-days-a-week-.html

Can you use expired Covid tests? What to know as cases rise, new variants emerge

Some expired Covid tests sitting in your medicine cabinet may still be safe to use, depending on the exact product you have.

Read more at: https://www.cnbc.com/2023/09/05/covid-how-to-check-if-expired-tests-still-work-as-cases-rise.html

FAA lifts brief nationwide ground stop for United Airlines

United Airlines earlier said, “We are experiencing a systemwide technology issue and are holding all aircraft at their departure airports.”

Read more at: https://www.cnbc.com/2023/09/05/faa-issues-nationwide-ground-stop-for-united-airlines-flights.html

Congress returns with the clock ticking to avert government shutdown, fund U.S. disaster response

The U.S. government will shut down at midnight on Sept. 30 if Congress fails to pass spending legislation.

Read more at: https://www.cnbc.com/2023/09/05/congress-returns-with-the-clock-ticking-to-avert-government-shutdown.html

Wells Fargo says this could be a good long-term buying opportunity for Disney, sees more than 30% upside

Analyst Steven Cahall maintained his overweight rating on the stock and lowered his price target by $36 to $110.

Read more at: https://www.cnbc.com/2023/09/05/dis-this-could-be-a-good-long-term-buying-opportunity-wells-fargo-says.html

Apple, Google, Nvidia and other tech giants are considering buying Arm shares

A year after regulatory pushback prompted Nvidia to drop its planned Arm acquisition, Nvidia CEO Jensen Huang is talking up Arm’s potential.

Read more at: https://www.cnbc.com/2023/09/05/apple-google-nvidia-others-say-theyre-open-to-buying-arm-shares.html

Biden tests negative for Covid-19 days away from G20 summit

President Joe Biden tested negative for Covid-19, a day after his wife tested positive and with days until he’s set to travel to the G20 summit.

Read more at: https://www.cnbc.com/2023/09/05/biden-tests-negative-for-covid-19-days-away-from-g20-summit.html

Solana rises after Visa taps network to expand USDC stablecoin settlements: 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, Greg Moritz, co-founder and COO at crypto hedge fund AltTab Capital, weighs in on the implications of Grayscale winning its court battle against the SEC and price movement following the decision.

Read more at: https://www.cnbc.com/video/2023/09/05/solana-rises-visa-network-expand-usdc-settlements-crypto-world.html

Fed Governor Waller agrees the central bank can ‘proceed carefully’ on interest rates

Waller told CNBC on Tuesday that the recent round of strong economic data will buy the central bank some time.

Read more at: https://www.cnbc.com/2023/09/05/fed-governor-waller-agrees-the-central-bank-can-proceed-carefully-on-interest-rates.html

Student loan interest resumes. Here’s what borrowers need to know

After a three-year reprieve, interest began accruing again on federal student loans on Sept. 1. That means different things for different borrowers.

Read more at: https://www.cnbc.com/2023/09/05/heres-what-borrowers-need-to-know-as-student-loan-interest-resumes.html

Mortgage rate tipping point: Homeowners say roughly 5% is the magic number to move

At today’s financing rates, it could cost more to move, even into a less expensive home. That creates an incentive for homeowners to stay put.

Read more at: https://www.cnbc.com/2023/09/05/mortgage-rate-tipping-point-homeowners-say-5percent-is-the-magic-number.html

Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year

Riyadh first applied the 1 million barrel per day reduction in July.

Read more at: https://www.cnbc.com/2023/09/05/saudi-arabia-to-extend-voluntary-cut-of-1-million-barrels-per-day-until-the-end-of-the-year.html

Turkey’s Erdogan says Black Sea grain deal can be revived soon following talks with Putin

Turkish President Recep Tayyip Erdogan said Russian President Vladimir Putin is considering a resolution to the suspended Black Sea Grain Initiative.

Read more at: https://www.cnbc.com/2023/09/05/-turkeys-erdogan-says-black-sea-grain-deal-can-be-revived-after-putin-talks.html

NATO Article 5? Romania Firmly Rejects Ukraine Claim That Russian Drone Hit Its Territory

In November of 2022 the Ukrainian government tried to encourage its NATO backers to invoke an Article 5 situation which would require the Western alliance to go to war against Russia (Article 5: “an attack against one Ally is considered as an attack against all Allies.”). This is because a missile had hit a Polish border village and killed two people, which Kiev insisted was fired by Russia. But it was later proven that it was actually an errant Ukrainian air defense missile which fell on the residential area, and the crisis of potential major escalation with Russia was avoided.

On Monday, a very similar situation happened, but once again Ukraine’s attempt to drag the West into direct shooting war with Russia has failed. Ukrainian Foreign Ministry spokesman Oleg Nikolenko claimed in a public written statement that a Russian suicide drone struck Romanian territory.

Source: Global Images …

Read more at: https://www.zerohedge.com/geopolitical/nato-article-5-romania-firmly-rejects-ukraine-claim-russian-drone-hit-its-territory

Peter Schiff: Government Spending Has Bankrupted The US

Via SchiffGold.com,

Peter Schiff recently appeared on the Capitol Report on NTD News to talk about the state of the US economy. He explained how government spending has created the price inflation Americans continue to struggle with, and how it has bankrupted the United States.

The Biden administration keeps touting its “investments” in infrastructure and other programs. Meanwhile, average Americans continue to say they’re struggling with price inflation. Peter pointed out that the administration isn’t really investing in anything. It’s just spending money it doesn’t have.

And that’s creating inflation.

All of that government spending is being financed by deficits and that’s really the source of the inflation. An …

Read more at: https://www.zerohedge.com/political/peter-schiff-government-spending-has-bankrupted-us

The Biggest Threat To Global Liquidity Is China

Authored by Simon White, Bloomberg macro strategist,

Global money growth will remain under pressure while China refrains from comprehensive easing, posing a potential secular headwind for risk assets and economic growth around the world.

Money makes the world go round. Nowhere is that more true than in markets. No money, no liquidity, no transactions. Any impediments to money are thus a big deal for asset prices and economies.

Money has been in great abundance for most of the last 20 years. But that is in large part due to China. Its current travails therefore pose a significant risk to money’s path in the coming months and years.

China’s dominance in global money trends can be seen in the chart below. Since 2007, China’s M1 in dollar terms has hugely outpaced GDP-weighted M1 in the rest of the world. M1 in China is 67 trillion CNY, or $9.5 trillion, while M1 in the US, the country with the second largest stock of narrow money after China, is 30% lower, despite an economy that is a third bigger than China’s.

Read more at: https://www.zerohedge.com/markets/biggest-threat-global-liquidity-china

Is Subprime Credit-Card Crisis Looming?

Last month, Macy’s announced what some suspected to be a canary in the credit coal mine; credit card delinquencies had taken a huge bite out of results in the second quarter. In a call with analysts, execs warned that the resumption of student loan payments could compound the problem.

Now, MarketWatch asks; Is there a subprime credit-card crisis on the horizon?

According to new data from VantageScore, Generation Z, Millennials, GenX and Baby Boomers with a credit score between 300 and 600 (subprime) experienced a delinquency rate of 10.6% (for those 30 – 59 days past due), in July of th …

Read more at: https://www.zerohedge.com/political/subprime-credit-card-crisis-looming

Wilko: More jobs to go as 52 stores to close

Administrators say more than 1,300 staff will be made redundant as hopes of a wider rescue deal fade.

Read more at: https://www.bbc.co.uk/news/business-66721630?at_medium=RSS&at_campaign=KARANGA

Arm Holdings: Chip giant hopes for market value of more than $50bn

The UK-based firm is courting investors as its listing in the US looks to be the biggest of the year.

Read more at: https://www.bbc.co.uk/news/business-66720759?at_medium=RSS&at_campaign=KARANGA

Saturday letter delivery rules could be relaxed

Ofcom is looking at how the Universal Service might need to evolve to meet customers’ needs.

Read more at: https://www.bbc.co.uk/news/business-66721954?at_medium=RSS&at_campaign=KARANGA

Nifty Bank expiry shifts to Wednesdays from tomorrow. Will it affect option trading strategy?

Under the new rules, announced in July, Nifty Bank weekly index options will expire every Wednesday instead of Thursday from September 6. But for monthly and quarterly contracts of the widely-tracked banking index, there is no change and will continue to expire on the last Thursday of the expiry month.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-expiry-shifts-to-wednesdays-from-tomorrow-will-it-affect-option-trading-strategy/articleshow/103381809.cms

Tech View: Nifty forms small green candle on daily charts. What traders should do on Wednesday

Nifty is currently placed at another resistance of 19,600 levels and one may expect this to be taken out soon on the upside. The next upper levels to be watched are around 19800 and immediate support is placed at 19450 levels, said Nagaraj Shetti of HDFC Securities

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-small-green-candle-on-daily-charts-what-traders-should-do-on-wednesday/articleshow/103399734.cms

Instant settlement of Indian stock market trades to come in by Oct 2024

Currently trades in India are settled in “T+1” or one day after the trades are initiated. Instant settlement would ensure trades are settled immediately.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/instant-settlement-of-indian-stock-market-trades-to-come-in-by-oct-2024/articleshow/103397319.cms

IPO Report: Arm IPO: 5 things to know about the chip designer central to the AI transition

It’s not the U.K.-based chip designer’s first rodeo in the public markets, but the tech world has changed a lot in the past seven years.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7250-7F27BDE72536%7D&siteid=rss&rss=1

Commodities Corner: Oil trades at 2023 highs. Are U.S. prices headed for $100?

Oil prices climb to a new round of 2023 highs, buoyed in part by news that Saudi Arabia and Russia have extended their production cuts to the end of the year.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725B-421580E4D89B%7D&siteid=rss&rss=1

North Korea would ‘pay a price’ for providing Russia with weapons, Biden official says

North Korea would “pay a price” if it provides weapons to Russia for use in Moscow’s war in Ukraine, a top Biden administration official said Tuesday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725B-71020B719390%7D&siteid=rss&rss=1