Repurposing Iron Waste For Modern Energy Storage

Worcester Polytechnic Institute’s Xiaowei Teng, the James H. Manning professor of Chemical Engineering at WPI, has discovered a new redox chemistry empowered by chloride ions. The development of using seawater sourced chloride batteries with sodium potassium and zinc have all been promising contenders for lithium’s place in rechargeable batteries of the future. Now the researchers have added an unusual and more abundant competitor to the mix: chloride, the richest negatively charged ions in seawater. The study paper has been published…

Read more at: https://oilprice.com/Energy/Energy-General/Repurposing-Iron-Waste-For-Modern-Energy-Storage.html

Moldova Snubs Gazprom’s Massive Energy Debt Claim With $8.6 Million Counter

Moldova’s energy minister says the government will propose that Moldovagaz, a subsidiary of Gazprom, pay the Russian gas giant $8.6 million to settle a debt that Gazprom says is more than $700 million. Energy Minister Victor Parlicov said the government would propose paying the $8.6 million, an amount he said was “arrived at following a complex estimate” and after an international audit that disputed Russia’s claim that Moldovagaz owed $709 million.The audit showed that there was no documentation for some of the debt and another…

Read more at: https://oilprice.com/Energy/Energy-General/Moldova-Snubs-Gazproms-Massive-Energy-Debt-Claim-With-86-Million-Counter.html

Auto Union Strike Could Crush Steel Demand

Via Metal Miner Month-over-month, the Automotive MMI (Monthly Metals Index) slid downward by 3.42%. Steel prices within the index, like hot-dipped galvanized, trended sideways. However, copper and lead fell, introducing bearish pressure. Overall, the U.S. automotive industry witnessed some dynamic changes month-over-month. More robust demand for personal transport continues to emerge as supply chains regain strength. This will continue to add support to the index in the coming months. However, if the United Auto Workers Union decides to follow…

Read more at: https://oilprice.com/Metals/Commodities/Auto-Union-Strike-Could-Crush-Steel-Demand.html

U.S. Pump Prices Hit Highest Seasonal Level In A Decade

U.S. gasoline prices have declined slightly from their recent year-to-date high but remain at their highest summertime levels in over a decade even as the summer driving season comes to an end. National average gas prices in the United States currently stand at $3.803 per gallon, down from $3.829 a month ago but higher than $3.764 a year ago. Strong demand and a series of refinery outages are largely to blame for the recent rise, while tightening markets have also been pushing crude prices up. Delta’s 185,000-barrel-per-day refinery in Trainer…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Pump-Prices-Hit-Highest-Seasonal-Level-In-A-Decade.html

Europe’s Auto Giants Trailing In EV Transition

Some of the world’s leading car makers are among the exhibitors at IAA Mobility 2023 in Munich this week, where the electric future of mobility will once again take center stage. While German legacy car brands such as Volkswagen, Mercedes and BMW will try to make an impression on their home turf, they have fallen behind in the transition to electric cars lately, as they understandably continue to work on international combustion engines as well, while smaller, more specialized companies such as Tesla and Chinese market leader BYD have raced…

Read more at: https://oilprice.com/Energy/Energy-General/Europes-Auto-Giants-Trailing-In-EV-Transition.html

U.S. Seizes 1 Million Barrels Of Smuggled Iranian Crude Enroute To China

U.S. authorities seized nearly 1 million barrels of Iranian oil that were being illegally smuggled to China earlier this year, reports have emerged. The U.S. seized Greek-owned M/T Suez Rajan with court filings showing allegations from U.S. prosecutors that Iran falsified the vessel’s cargo records and obfuscated its location to avoid accurate tracking. The Greek shipper has already agreed to pay a $2.4 million fine. Iranian crude exports have hit as high as 2mb/d, the highest level since 2018 despite the country still being under U.S. sanctions.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Seizes-1-Million-Barrels-Of-Smuggled-Iranian-Crude-Enroute-To-China.html

Dutch Gas Futures Dip 10% As Chevron Australia Workers Postpone Strike

A Bloomberg report that workers on Chevron’s Gorgon and Wheatstone LNG projects have delayed strike action until Friday is being viewed as a sign talks are going well, as strikes were meant to begin Thursday. The positive conclusion to last week’s talks between Woodside and unions is another indication the worst-case scenario is unlikely. The new deadline for industrial action at the Gorgon and Wheatstone plants is 6 a.m. local time Friday, a Chevron Australia spokesperson told Bloomberg. The unions previously threatened to start partial strikes…

Read more at: https://oilprice.com/Energy/Natural-Gas/Dutch-Gas-Futures-Dip-10-As-Chevron-Australia-Workers-Postpone-Strike.html

U.S. Drivers Warned Gasoline Could Spike $1 Per Gallon

U.S. gasoline prices are headed higher in the nation’s corn belt, and could rise by as much as $1 per gallon at some gas stations, the head of petroleum analysis at GasBuddy warned on Thursday. GasBuddy’s Patric DeHaan implored the EPA to issue fuel waivers ASAP, as the wholesale price of gasoline spikes in Oklahoma, Missouri, South Dakota, North Dakota, Nebraska, Montana, and Kansas. “ALERT: #GasPrices will likely rise 25-75c/gal in OK, MO, SD, ND, NE, MN and KS over the next few days. Some stations may go up closer to $1/gal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Drivers-Warned-Gasoline-Could-Spike-1-Per-Gallon.html

Large Crude Draw Lifts Oil Prices

Crude oil prices ticked up today, after the U.S. Energy Information Administration reported an inventory draw of 6.3 million barrels for the week to September 1. This compared with a massive decline of 10.6 million barrels for the previous week, which brought inventories to the lowest in eight months. In fuels, the EIA estimated an inventory decline in gasoline and a build in middle distillates. In gasoline, the EIA reported an inventory draw of 2.7 million barrels for the last week of August, which compared with a modest 200,000-barrel stock draw…

Read more at: https://oilprice.com/Energy/Crude-Oil/Large-Crude-Draw-Lifts-Oil-Prices.html

Oil Prices Slip As Summer Travel Season Draws To An End

Oil prices have dipped this morning as expectations of jet fuel demand ease as the summer travel period comes to an end, alongside continued concerns over China’s uncertain economic outlook. Brent Crude is down 0.7 percent – dipping back below the $90 threshold at $89.97 per barrel – while WTI Crude has slipped 0.77 percent to $86.86 per barrel in early trading. This follows seven consecutive sessions of gains across both benchmarks, with prices propped up by extended cuts from leading oil producers Russia and Saudi Arabia amid…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Slip-As-Summer-Travel-Season-Draws-To-An-End.html

Idle Russian Crude Oil Refining Capacity Surges

The primary oil refining capacity that will be offline in Russia is set to soar by 44% in September compared to August amid seasonal maintenance, according to Reuters estimates based on data from industry sources. As much as 4.635 million metric tons of Russia’s refining capacity is expected to be offline this month, industry sources have told Reuters. Russia’s offline capacity was 3.228 million tons in August, an increase of 4.2% from the planned level. More refineries are expected to return to operations in October when many facilities…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Idle-Russian-Crude-Oil-Refining-Capacity-Surges.html

U.S. Solar Capacity Additions To Hit A Record High In 2023

The solar industry in the United States expects to install a record-high 32 gigawatts (GW) of new capacity this year, with additions surging by 52% from 2022, when policy-driven constraints held back projects, the Solar Energy Industries Association (SEIA) and Wood Mackenzie said in their latest quarterly report on Thursday. The challenges with supply chains due to the COVID-related chaos and restrictive trade policies have started to fade, while the Inflation Reduction Act (IRA) is beginning to yield results, the U.S. Solar Market Insight Q3 2023…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Solar-Capacity-Additions-To-Hit-A-Record-High-In-2023.html

Energy Sector Raises Shareholder Returns At The Expense Of Green Investment

Energy companies have sufficient capital to help advance the energy transition, but firms have increased returns to shareholders in recent years instead of reinvesting capital in low-carbon growth areas, global consultancy Bain & Company said on Thursday.    Capital itself is not necessarily the constraining factor in the transition to greener energy solutions, according to Bain & Company’s research. For instance, oil and gas companies reinvested 43% of capital for growth last year, down from 58% in 2018. In the mining sector,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Energy-Sector-Raises-Shareholder-Returns-At-The-Expense-Of-Green-Investment.html

China’s August Oil Imports Surge To The Third-Highest Level Ever

China imported in August the third-highest monthly crude oil volumes ever as crude arrivals surged by 20.9% compared to July and by 30.9% versus August last year, according to Chinese customs data. Chinese crude imports hit 12.43 million barrels per day (bpd) last month, the third-highest ever daily rate of arrivals in a month, per Reuters estimates on data from the General Administration of Customs. Crude imports soared as refiners continued to build stockpiles and raise refinery runs in order to capture higher margins exporting fuels. China’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-August-Oil-Imports-Surge-To-The-Third-Highest-Level-Ever.html

Goldman Claims Oil Prices Could Hit $107 If OPEC+ Extends Cuts Next Year

Oil prices could hit $107 per barrel next year if OPEC+ producers do not reverse their production cuts in 2024, Goldman Sachs said, noting that a triple-digit price is not the bank’s base-case scenario. On Tuesday, Saudi Arabia extended its 1 million barrels per day (bpd) cut through December 2023 in a move it says reinforces “the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.” The cuts, which mean the Saudis will pump 9 million bpd until the end of the year,…

Read more at: https://oilprice.com/Energy/Oil-Prices/Goldman-Claims-Oil-Prices-Could-Hit-107-If-OPEC-Extends-Cuts-Next-Year.html

Apple shares fall after reports that China banned iPhone use by government employees

The reported restrictions, which have not been publicly announced by Beijing, raise concerns that Apple’s products could get caught up in global tensions.

Read more at: https://www.cnbc.com/2023/09/07/apple-shares-fall-after-reports-that-china-banned-iphone-use-by-government-employees.html

Kelly Evans: Why China is turning into a liability for American companies

CNBC’s Kelly Evans explains how many American companies are suddenly facing a liability in China, after years of growth and ballooning potential.

Read more at: https://www.cnbc.com/2023/09/07/kelly-evans-why-china-is-turning-into-a-liability-for-us-companies.html

UAW president calls GM offer with 10% pay increases ‘insulting’ ahead of strike deadline a week away

GM’s latest offer still falls short of the union’s demands. The UAW could strike against all three Detroit automakers next week.

Read more at: https://www.cnbc.com/2023/09/07/gm-offers-wage-increases-hefty-bonuses-uaw.html

Nasdaq tumbles for a fourth day as fears of higher interest rates pressure markets: Live updates

The S&P 500 and Nasdaq Composite fell Thursday as renewed concern swirled on Wall Street over the course of the Federal Reserve’s interest rate policy.

Read more at: https://www.cnbc.com/2023/09/06/stock-futures-are-little-changed-wall-street-shifts-focus-back-to-path-of-interest-rates.html

Carl Icahn says new Illumina CEO has his ‘full support’ months after proxy fight

Activist investor Icahn’s blessing is a relief for the company as it tries to rebound from a bitter proxy fight with the billionaire investor.

Read more at: https://www.cnbc.com/2023/09/07/carl-icahn-supports-new-illumina-ceo-thaysen-after-proxy-fight-.html

Europe is the ‘land of equity yield.’ These funds can give U.S. investors a slice of the payouts

A combination of growing net buybacks and solid dividends is boosting the yield profile of European stocks, according to Morgan Stanley.

Read more at: https://www.cnbc.com/2023/09/07/these-funds-can-give-us-investors-a-slice-of-europes-equity-yield.html

ARK Invest and 21Shares file proposal to list a spot ether ETF: 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, Zac Townsend of Meanwhile explains new standards adopted by the Financial Accounting Standards Board for companies holding crypto.

Read more at: https://www.cnbc.com/video/2023/09/07/ark-invest-21shares-file-proposal-spot-ether-etf-crypto-world.html

Walmart cuts starting pay for new hires who prepare online orders, stock shelves

New Walmart employees who join the digital or stocking teams now make about a dollar-an-hour less than they would have if hired several months ago.

Read more at: https://www.cnbc.com/2023/09/07/walmart-cuts-starting-pay-for-new-hires-who-prepare-online-orders-stock-shelves.html

Senate confirms Anna Gomez to FCC, breaking yearslong deadlock at the agency

Gomez’s confirmation comes after a protracted battle to confirm Biden’s initial pick for the commissioner seat, Gigi Sohn, ended with her withdrawal.

Read more at: https://www.cnbc.com/2023/09/07/senate-confirms-anna-gomez-to-fcc-breaking-years-long-agency-deadlock.html

Charter and Disney aren’t budging in their blackout fight as NFL season kicks off

Charter Communications and Disney have been embroiled in a dispute since last week, leaving millions of cable customers without networks like ESPN and FX.

Read more at: https://www.cnbc.com/2023/09/07/disney-charter-blackout-nfl-season.html

‘House-rich’ Americans are sitting on nearly $30 trillion in home equity. Here’s how to tap it

Many Americans are house-rich, thanks to skyrocketing housing prices. Here are the best ways to tap your home for cash.

Read more at: https://www.cnbc.com/2023/09/07/americans-have-almost-30-trillion-in-home-equity-how-to-tap-it.html

Maine lobstermen are getting into the seaweed business as climate change threatens the catch

Dozens of Maine lobstermen are now becoming kelp farmers as a way to diversify as warming oceans move the catch north.

Read more at: https://www.cnbc.com/2023/09/07/climate-change-driving-maine-lobstermen-into-the-seaweed-business.html

New York man was killed ‘instantly’ by Peloton bike, his family says in lawsuit

The family of Ryan Furtado claims his Peloton bike severed his carotid artery and killed him “instantly,” marking the first known death linked to the bike.

Read more at: https://www.cnbc.com/2023/09/07/peloton-bike-death-new-york-man-ryan-furtado-killed-instantly-suit-says.html

Vivek Ramaswamy’s Anti-ESG ETFs Cross $1 Billion

We have been writing about the ESG scam on this site since it caught fire years ago, taking with it trillions of dollars of investment capital. And just as though there was big money in ESG for a couple of years, it now looks like there’s big money in “anti-ESG”.

Republican presidential hopeful Vivek Ramaswamy is co-founder of Strive Asset Management, an anti-activism fund company. They have recently seen their assets under management crossing $1 billion. The firm has 11 exchange-traded funds and launched in 2022.

The firm says it wants companies to “focus on excellence” rather than ESG mandates, Bloomberg reported. It is likely being helped along by Ramaswamy’s run for president shining a public eye on him and his firm.

Bloomberg Intelligence senior ETF analyst Eric Balchunas commented: “It is a rare feat for any indie issuer to hit $1 billion in first year, let alone one that is largely a pushback to ESG as many of those ETFs have flopped.”

“Ramaswamy’s wealthy backers helped a lot and running for president probably can’t hurt either. That is some unchartered territory when it comes to ETF marketing,” he continued.

Read more at: https://www.zerohedge.com/markets/vivek-ramaswamys-anti-esg-etfs-cross-1-billion

I Rode With An Ice Road Trucker To The Arctic Circle. Here’s What It Was Like

By Rachel Premack of Freightwaves

On July 30, I flew from my home in New York City to Anchorage, Alaska, to hitchhike to the Arctic Ocean.

I am not mentally imbalanced. I am a reporter who covers the trucking industry. Let me provide some more context: Back in May, with my colleague John Paul Hampstead, I wrote a story about the controversial growth of drilling in Alaska and its effect on the $800 billion trucking industry.

There’s a nasty freight recession slamming U.S. trucking fleets, but Alaska seems to be experiencing the opposite. Alaskan trucking executives told me

Read more at: https://www.zerohedge.com/markets/i-rode-ice-road-trucker-arctic-circle-heres-what-it-was

The Bipolar US Economy

By Howard Wang of Convoy Investments

The US economy is as bipolar as I’ve ever seen it, with some parts cold and other parts running hot. Below I provide a summary of my current views on the economy, then some select charts from our economic dashboard with additional commentary.

• At a high level, I believe the US economy is slowing down and is at around 0.8% real GDP growth. It’s not quite at recession levels yet, but it’s close. Q2 GDP numbers were recently revised substantially downward as new data came in. The rest of the world is in a worse position than the US, and it will also affect US growth.
• Capacity utilization, industrial production, business inventories, total business sales, and manufacturing new orders all paint the same picture – a drop in 2020 due to Covid, followed by a spike as the economy reopened in 2021 fueled by money printing. Now, we are back to near zero growth as liquidity is being drained out of the system.
• Inflation is also slowing down. Headline inflation is at 3.3%, and core inflation is at 4.7%. Commodities inflation has been negative for some time, with wage growth and housing costs as the main drivers of sticky inflation. For example, CPI ex-shelter is close to zero. Wage growth is slowly moderating as the job market continues to slow, while housing prices have remained stubbornly high. However, year-over-year growth (which is what matters for inflation) is already at zero. That said, shelter CPI still has some room to grow because it increased a lot less than housing prices did. S …Read more at: https://www.zerohedge.com/markets/bipolar-us-economy

Judge Orders Texas To Remove Floating ‘Border Buoys’ By Next Friday In Win For Biden DOJ

A federal judge on Wednesday ordered Texas to remove floating border buoys along its border river with Mexico designed to deter migrants from crossing.

In early August, Texas state troopers found a dead body lodged in the buoys. The Mexican government also criticized the buoys, saying that they violated international water rights. | Eric Gay/AP PhotoCiting a ‘threat to human life,’ and ‘safe navigation,’ US District Judge David A. Ezra ruled that the buoys likely require congressional authorization and a federal permit based on the Rivers and Harbors Appropriation Act of 1899.

“The Court finds that the barrier’s threat to human life, its impairment to free and safe navigation, and its contraindication to the balance of priorities Congress struck in the RHA outweigh Texas’s interest in implementing its buoy barrier in th …

Read more at: https://www.zerohedge.com/political/judge-orders-texas-remove-floating-border-buoys-next-friday-win-biden-doj

‘Under siege’ Wilko staff fear for jobs

Staff say they are “completely in the dark” as efforts to save the collapsed chain stall.

Read more at: https://www.bbc.co.uk/news/business-66728620?at_medium=RSS&at_campaign=KARANGA

Vet prices: ‘I spent £12,000 on my pug’

Pet owners reveal how much their vet bills set them back, as a review of the industry is launched.

Read more at: https://www.bbc.co.uk/news/business-66740927?at_medium=RSS&at_campaign=KARANGA

Ryanair boss Michael O’Leary hit with cream pies by climate protesters

Michael O’Leary declared the cream pies delicious after wiping himself down in Brussels.

Read more at: https://www.bbc.co.uk/news/world-europe-66741245?at_medium=RSS&at_campaign=KARANGA

6 FMCG stocks touch their 52-week high, gaining up to 35% in a month

During Thursday’s trading session, the benchmark index Sensex rose around 385 points, closing at 66,265. Within this upward trend, six stocks from the BSE FMCG index reached their highest prices in the last 52 weeks. The 52-week high holds significant significance for specific traders and investors, as it functions as a vital technical indicator for evaluating a stock’s current value and anticipating potential price changes. This value represents the peak price at which a stock was traded in the preceding year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/6-fmcg-stocks-touch-their-52-week-high-gaining-up-to-35-in-a-month/new-highs/slideshow/103475198.cms

Tech View: Bull calls of Nifty @ 20,000 getting louder. What traders should do on Friday

The overall chart pattern is indicating a larger upside breakout of a broader consolidation/triangle pattern of the last 5 weeks and this is opening a potential upside target for Nifty around 20,000-20,200 levels over the next couple of weeks, said Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-bull-calls-of-nifty-20000-getting-louder-what-traders-should-do-on-friday/articleshow/103474941.cms

After Zerodha, Groww launches first index fund following Sebi approval

The scheme will predominantly invest in equity, while a small portion of funds will be invested in debt and debt market instruments.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/after-zerodha-groww-launches-first-index-fund-following-sebi-approval/articleshow/103465480.cms

ETF Wrap: Energy ETFs are outshining the S&P 500, but it’s not just because of the oil rally

Energy-related ETFs are taking the lead again after a recent jump in crude-oil prices following Saudi Arabia and Russia’s decisions to extend their voluntary oil production cuts through the end of 2023.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725C-D6CFED774146%7D&siteid=rss&rss=1

Brett Arends’s ROI: Retire to Arizona? Seriously?

For generations, U.S. retirees have had a love affair with the region known as the Sunbelt. Is that sustainable?

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725C-52DCEC8610E1%7D&siteid=rss&rss=1

Bond Report: Treasury yields end lower ahead of next week’s 10- and 30-year auctions

Treasury yields slip from among the highest levels of the year as traders position for next week’s $35 billion 10-year auction and $20 billion 30-year sale.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725C-EE15B0B4306B%7D&siteid=rss&rss=1