Net Zero Rollback Scrutinized By UK Conservatives

New polling has shown Conservative voters still support net zero, don’t blame the policy for the cost of living and want the government to help them go green – which may give the Prime Minister pause for thought after his net zero U-turn. A survey by right-leaning think tank Onward found 49 percent of voters who voted Conservative in 2019 support net zero – while only one fifth opposed it. Adam Hawksbee, deputy director of Onward, said the polling showed there was “no political reward from pausing net zero”. The data…

Read more at: https://oilprice.com/Energy/Energy-General/Net-Zero-Rollback-Scrutinized-By-UK-Conservatives.html

No Energy Transition Unless Tech Can Make It Cost Competitive: BlackRock

There will be no energy transition unless we can find new technologies that bring down the cost of renewables, BlackRock CEO Larry Fink told Bloomberg’s Dani Burger on Friday at the Berlin Global Diague forum. “We are not going to have a transition unless we can find technologies to bring down the competitive cost of renewables. We cannot do that.” Fink said, adding that BlackRock conducted a survey that showed 57% of their global investors are planning to put more money into decarbonization technologies.  “We saw what…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/No-Energy-Transition-Unless-Tech-Can-Make-It-Cost-Competitive-BlackRock.html

Oil, Gas Drilling Dips To February 2022 Low As Oil Prices Hover Near 2023 Highs

The total number of active drilling rigs in the United States fell by 7 this week, after falling 11 last week to a low not seen since February 2022, according to new data from Baker Hughes published Friday. The total rig count fell to 623 this week. So far this year, Baker Hughes has estimated a loss of 156 active drilling rigs. This week’s count is 452 fewer rigs than the rig count at the beginning of 2019 prior to the pandemic. The number of oil rigs fell by 5 this week to 502, down by 119 so far in 2023. The number of gas rigs fell by…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Gas-Drilling-Dips-To-February-2022-Low-As-Oil-Prices-Hover-Near-2023-Highs.html

U.S. Natural Gas Prices Slip From Seven-Week High

After finishing at a seven-week high on Thursday, the benchmark U.S. natural gas prices fell by 2% early on Friday, amid expectations of above-normal temperatures in early October and as November became the front-month contract after the expiry of the October futures contract. Thursday’s weekly gas storage report from the EIA was slightly on the bearish side, as net injections into storage totaled 90 billion cubic feet per day (Bcf) for the week ending September 22, compared with the five-year average net injections…

Read more at: https://oilprice.com/Energy/Natural-Gas/US-Natural-Gas-Prices-Slip-From-Seven-Week-High.html

Russia’s Diesel Exports Set To Fall To Near Zero In October

Russia is appearing to make good on its diesel export ban in October, with loadings from Russian ports on the Black and Baltic Sea set to drop to near nothing for next month. Russia’s loading schedule for October includes 223,000 thousand tons—222,800 thousand tons of which are set to be loaded in Primorsk and Novorossiysk for customers in the Eurasian Economic Union, which are exempt from the ban. Russia announced in September a ban on most diesel exports from its western ports in an effort to stabilize fuel prices at home, but later…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Diesel-Exports-Set-To-Fall-To-Near-Zero-In-October.html

U.S. Takes Aim At Iran’s Drone-Part Procurement Network

The United States has imposed sanctions on entities in Iran, Hong Kong, Turkey, and the United Arab Emirates that the U.S. Treasury Department says comprise a network for the procurement of parts for Iran’s drone program. The network has facilitated shipments and financial transactions in support of a critical component used in Iran’s Shahed drones, which Iran has been supplying to Russia for use against Ukraine, the Treasury Department’s Office of Foreign Assets Control (OFAC) said on September 27.The critical component is known as a servomotor…

Read more at: https://oilprice.com/Geopolitics/International/US-Takes-Aim-At-Irans-Drone-Part-Procurement-Network.html

India’s Crude Oil Imports From Russia Rebound

Cheaper Russian crude compared to Middle Eastern alternatives has prompted Indian refiners to import more crude from Russia in September compared to a seven-month low in August, according to preliminary tanker-tracking data. India’s crude oil imports from Russia rebounded amid tighter market and more expensive crude from the Middle East, including from Saudi Arabia, which has been raising its contractual selling prices for Asia.  India, the world’s third-largest oil importer, welcomed around 1.55 million barrels per day (bpd) of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Crude-Oil-Imports-From-Russia-Rebound.html

Oil Price Rally Meets Resistance Despite Bullish Catalysts

Despite plenty of bullish catalysts, oil prices are meeting resistance every time they break above $95, with traders nervous that Saudi Arabia may unwind its production cuts earlier than expected.Friday, September 29th, 2023The expiry of November ICE Brent futures has seen backwardation between the expiring month and the December contract shoot up to a whopping $2 per barrel. At the same time, despite some very bullish news this week, ranging from wafer-thin Cushing stocks to an improving macro outlook in China, oil prices have been rangebound…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Price-Rally-Meets-Resistance-Despite-Bullish-Catalysts.html

More Volatility To Come For Oil In October

If you are someone who has been reading my articles for a while, you will be aware that I try to be accountable if nothing else. I make mistakes and miscalls, like everyone does, but I learned a long time ago that one of the biggest factors impacting success or failure in trading is being able to understand and freely admit that. Doing that as a writer, however, makes no sense. Readers tend to judge financial writers on their immediate impression of each article they write, and, like bad traders, they remember the good trades and forget the bad.…

Read more at: https://oilprice.com/Energy/Energy-General/More-Volatility-To-Come-For-Oil-In-October.html

The Smoke And Mirrors Surrounding U.S.-Iran Relations

Politics, Geopolitics & Conflict The smoke and mirrors surrounding developments in U.S.-Iran relations continued this week, with Israeli media insisting the Iranian leaders have agreed to direct nuclear talks with the U.S., and with the U.S. denying any secret talks are ongoing. In the meantime, the U.S. has slapped more sanctions on entities and individuals based in China, Turkey, the UAE, and Iran for their role in supporting Iran’s attack drone program being used by Russia against Ukraine. The above-mentioned sanctions come amid Ukraine’s…

Read more at: https://oilprice.com/Energy/Energy-General/The-Smoke-And-Mirrors-Surrounding-US-Iran-Relations.html

Europe Likely To Avoid Soaring Natural Gas Prices This Winter

1. Unprecedentedly Low Cushing Stocks Jeopardize Hub Operations- Oil prices have been greatly boosted by crude inventories in Cushing, the delivery point for US WTI futures, falling to 22 million barrels, the lowest level since June 2022, potentially jeopardizing future pipeline transportation. – Accounting for roughly 12 MMbbls of pipeline fill and storage tank bottom stocks, Cushing is left with a mere 10 MMbbls of transportable crude, with 75% of the oil hub’s storage capacity staying empty. – Cushing oil inventories have declined for…

Read more at: https://oilprice.com/Energy/Energy-General/Europe-Likely-To-Avoid-Soaring-Natural-Gas-Prices-This-Winter.html

Oil Traders Increasingly Bullish Despite Economic Uncertainties

The global oil market has experienced a whirlwind of movements this week, with prices swinging between highs and lows, driven by a myriad of factors ranging from supply constraints to economic indicators and geopolitical events. In-depth Market Dynamics The week started with oil prices in the red, but as it progressed, a significant rally was observed in December crude oil futures, surging up by $5.74 from its weekly low before sellers decided to step in. The market reflected classic signs of a closing price reversal top on Thursday, indicating…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Traders-Increasingly-Bullish-Despite-Economic-Uncertainties.html

The Energy Implications Of A Renewed Armenia-Azerbaijan Conflict

A fierce resumption of the Armenia-Azerbaijan war over Nagorno-Karabakh is a direct reflection of a breakdown of Russian foreign policy and Russian domestic political uncertainty stemming from the ongoing war in Ukraine. And there is an energy angle—there always is, in war. Either energy is weaponized as a means of gaining territory, or energy is the gain itself. This week, the conflict intensified significantly, with Azerbaijan reclaiming control, tens of thousands of Armenians fleeing the disputed territory, and Azeri forces arresting billionaire…

Read more at: https://oilprice.com/Energy/Energy-General/The-Energy-Implications-Of-A-Renewed-Armenia-Azerbaijan-Conflict.html

Analysts Raise Oil Price Forecasts As Market Tightens

Analysts polled by Reuters raised their oil price forecasts for a second consecutive month, expecting the OPEC+ cuts to continue tightening the market, although few see $100 oil due to the still uncertain global economic outlook. The Reuters September Oil Poll showed on Friday that 42 economists and analysts now see Brent Crude prices averaging $84.09 per barrel in 2023, up from the $82.45 consensus projection in August. Brent Crude prices have averaged $81.94 so far in 2023 and were trading just above $96 early on Friday.   Next year, Brent…

Read more at: https://oilprice.com/Energy/Energy-General/Analysts-Raise-Oil-Price-Forecasts-As-Market-Tightens.html

California Allows Early Move To Winter-Blend Gasoline As Prices Top $6

The California Air Resources Board allowed late on Thursday, effective immediately, the speeding up of delivery of winter-blend gasoline ahead of the usual regulatory start, as California Governor Gavin Newsom looks to curb the spike in gasoline prices which have topped $6 per gallon. In response to direction received from the Governor on Wednesday, CARB allows an early transition to winter-blend gasoline and is allowing the manufacture, importation, distribution, and sale of winter-blend gasoline. Governor Newsom wrote in his letter to CARB…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/California-Allows-Early-Move-To-Winter-Blend-Gasoline-As-Prices-Top-6.html

Republican spending plan fails House vote, fueling federal government shutdown fears

The federal government is due to shut down operations early Sunday if Congress does not approve a funding bill that President Joe Biden signs.

Read more at: https://www.cnbc.com/2023/09/29/government-shutdown-fear-grows-as-mccarthy-lays-out-partisan-vote-plan.html

The Fed’s favorite inflation indicator rose less than expected in August

The personal consumption expenditures (PCE) price index excluding food and energy increased 0.1% for the month, lower than the expected 0.2% gain.

Read more at: https://www.cnbc.com/2023/09/29/pce-inflation-august-2023-good-news-for-inflation-hawks.html

Citigroup CEO Jane Fraser sees ‘cracks’ emerging among some consumers as savings dry up

Lower-end consumers have shifted buying patterns to save money as their bank accounts dwindle in size, according to Citigroup CEO Jane Fraser.

Read more at: https://www.cnbc.com/2023/09/29/citigroup-ceo-sees-cracks-emerging-among-consumers.html

White House says far-right Republicans solely to blame as government shutdown looms

White House Press Secretary Karine Jean-Pierre dismissed the notion of President Joe Biden negotiating with Speaker Kevin McCarthy on funding bill.

Read more at: https://www.cnbc.com/2023/09/29/white-house-says-far-right-republicans-to-blame-for-shutdown-threat.html

The market has shaken off government shutdowns in the past. Here’s what Wall Street expects

A shutdown could make its impact felt the longer it lasts.

Read more at: https://www.cnbc.com/2023/09/29/the-market-has-shaken-off-government-shutdowns-in-the-past-heres-what-wall-street-expects.html

Fugitive founder of crypto hedge fund that lost $10 billion arrested in Singapore while attempting to flee

Authorities have arrested crypto fugitive Su Zhu, co-founder of the bankrupt digital asset hedge fund Three Arrows Capital.

Read more at: https://www.cnbc.com/2023/09/29/fugitive-founder-of-3ac-crypto-hedge-fund-arrested-in-singapore.html

Ford CEO says UAW is ‘holding the deal hostage’ over EV battery plants

Multibillion-dollar EV battery plants are crucial to the automotive industry’s future and uniquely positioned to have wide-ranging implications for the UAW,

Read more at: https://www.cnbc.com/2023/09/29/ford-ceo-farley-says-uaw-is-holding-up-talks-over-ev-battery-plants.html

First co-defendant in Trump Georgia election case pleads guilty

Scott Hall, one of 18 co-defendants of former President Donald Trump in the Georgia election interference case, pleaded guilty to the charges against him.

Read more at: https://www.cnbc.com/2023/09/29/first-co-defendant-in-trump-georgia-election-case-pleads-guilty.html

Blue Apron to be acquired by Wonder Group for $103 million, capping tumultuous post-IPO ride

Blue Apron has in recent months transitioned to become a more asset-light business, selling its operational infrastructure and laying off staff.

Read more at: https://www.cnbc.com/2023/09/29/blue-apron-to-be-acquired-by-wonder-group-for-103-million.html

Stagflation is ‘the big bogeyman out there’ — and many increasingly fear its return

Oil prices surging to the brink of $100 a barrel and the specter of higher-for-longer inflation has reignited concern about stagflation risks.

Read more at: https://www.cnbc.com/2023/09/29/stagflation-surging-oil-prices-fuel-fears-of-dreaded-phenomenon.html

Dianne Feinstein, California’s longest-serving senator, dies at 90

The death of Dianne Feinstein leaves vacant her powerful Senate seat, requiring Gov. Gavin Newsom to appoint a temporary successor.

Read more at: https://www.cnbc.com/2023/09/29/dianne-feinstein-dead.html

State of emergency issued for NYC’s wettest day since Ida; rain, flooding expected to last hours

Heavy rain and flooding on Friday making led to subway and rail service suspensions and the closure of a terminal at LaGuardia Airport.

Read more at: https://www.cnbc.com/2023/09/29/flash-flood-warning-issued-for-much-of-nyc-area-as-heavy-rain-threat-continues-friday.html

A big EV purchase decision that’s not about the car model you buy

Electrical vehicle charging is key to consumer adoption. How much you pay to charge an EV at home, and how fast, will be a big part of the decision.

Read more at: https://www.cnbc.com/2023/09/29/one-of-the-biggest-ev-decisions-youll-make-isnt-which-car-to-buy.html

Positive Term Premia Drive Yields And Steeper Curve

Authored by Simon White, Bloomberg macro strategist,

Rising term premia, which have recently turned positive again, has been driving the rise in yields and the bear steepening in the yield curve, with more likely to come.

After spending most the past six years negative, bond risk premia, aka term premia, are positive again on long-dated Treasuries (measures such as the ACM term premium is shown in the chart below; Kim and Wright term premium also recently turned positive).

Term premia have fallen relentlessly since the GFC, driven by central-bank appetite for bonds through QE, and from the appeal of fixed-income as a portfolio hedge.

But with the stock-bond correlation positive again, driven by elevated inflation and inflation expectations, bonds are losing their efficacy in the traditional 60/40 approach to portfolio investing. Term premia are rising to reflect this.

As colleague Ed Harrison just noted, it’s not only the change in Fed e …

Read more at: https://www.zerohedge.com/markets/positive-term-premia-drive-yields-and-steeper-curve

“Something Dangerous Is Happening In America” – Biden Warns Of Trump’s “Extremist Movement”, Blasts Republicans’ Silence

Authored by Emel Akan via The Epoch Times (emphasis ours)

President Joe Biden delivered a speech about democracy on Sept. 28 in Arizona, a key battleground state for the 2024 election. He took aim at his predecessor, President Donald Trump, and expressed concerns about a “dangerous” trend unfolding in the United States.

“As I’ve always been clear, democracy is not a partisan issue. It’s an American issue,” President Biden said.

“But there is something dangerous happening in America. There is an extremist movement that does not share the basic beliefs of our democracy. The MAGA Movement.”

President Joe Biden gives a speech at th …

Read more at: https://www.zerohedge.com/political/biden-warns-trumps-extremist-movement-and-accuses-republicans-silence

California Raises Minimum Wage For Fast-Food Workers

Authored by Mimi Nguyen Ly via The Epoch Times,

California’s fast-food workers will see a wage boost to $20 per hour due to a legislation signed into law by Gov. Gavin Newsom on Thursday.

The wage increase will be effective from April 1, 2024. It will apply to all employees who work at restaurants that have at least 60 locations across the country. However, restaurants that make and sell their own bread don’t have to abide by the new minimum wage.

Assemblymember Chris R. Holden (D-Pasadena) sponsored the bill, AB 1228. It allows the Fast Food Council to establish the minimum wage for fast-food restaurants, and suggest guidelines for other aspects like health and safety standards, and training.

The wage increase makes California the state with the highest guaranteed base salary in the fast-food industry.

The average hourly …

Read more at: https://www.zerohedge.com/political/california-raises-minimum-wage-fast-food-workers

Putin Crowns New Wagner Chief, Tasked With Sending Fighters Back To Ukraine

The future fate and leadership of PMC Wagner has become clearer on Friday, following the Aug. 23 death of Yevgeny Prigozhin and much of his senior leadership when their private plane went down outside Moscow while en route to St. Petersburg. It is believed that either a bomb was detonated, or it was shot down by an anti-aircraft missile.

The lingering question since then has centered on who will take command of Wagner, and whether it will remain a private entity, or possibly be broken apart. Those questions appear to have been at least partially answered with Putin’s Friday Kremlin meeting with Andrei Troshev, among the most senior ex-commanders of the Wagner mercenary group and former aide to Prigozhin.

Andrey Troshev, a senior Wagner commander, in 2016. Via Kremlin.ru/Reuters

“President Putin asked Mr Troshev to oversee volunteer fighter units in Ukraine,” the Kremlin sai …

Read more at: https://www.zerohedge.com/geopolitical/putin-coronates-new-wagner-chief-tasked-sending-fighters-back-ukraine

Energy bills forecast to rise in January to £1,996

Analysts at Cornwall Insight say higher wholesale energy prices will drive bills up by £73 a year.

Read more at: https://www.bbc.co.uk/news/business-66957847?at_medium=RSS&at_campaign=KARANGA

UK economy grew faster than estimated since Covid

New figures show the economy has grown by 1.8% since the start of the pandemic, outpacing France and Germany.

Read more at: https://www.bbc.co.uk/news/business-66957412?at_medium=RSS&at_campaign=KARANGA

US car workers strike escalates as it enters third week

The United Auto Workers union said 7,000 more members would walk out.

Read more at: https://www.bbc.co.uk/news/business-66964134?at_medium=RSS&at_campaign=KARANGA

S&P cuts Vedanta Resources’ rating; puts it under ‘CreditWatch negative’

The proximity of Vedanta Resources’ large bond maturity in January 2024 has increased the likelihood of the company undertaking a liability management exercise, S&P Global said. The parent of Vedanta Ltd has initiated talks with bondholders to help address the company’s bond maturities of about $3 billion, including $1 billion in January 2024

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/after-moodys-sp-global-cuts-vedanta-resources-rating-co-placed-on-creditwatch-negative/articleshow/104046736.cms

10 IT stocks that saw highest jump in Q1 sales growth

With the second quarter ending on Friday, D-Street will now await results for the quarter gone by. Ahead of the earnings season, let’s have a look at IT stocks that saw the maximum jump in sales growth in Q1. (Data source: Ritesh Presswala | Ace Equity)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/these-10-it-stocks-saw-highest-jump-in-sales-growth-in-q1-will-the-magic-repeat/quick-recap/slideshow/104048853.cms

Moody’s upgrades Tata Power to Ba1 from Ba2 amid stable outlook

Under Moody’s base case projection, Tata Power’s operating cash flow pre-working capital to debt (CFO pre- WC/debt) will remain solid at 9%-11% over the next two to three years

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/moodys-upgrades-tata-power-to-ba1-from-ba2-amid-stable-outlook/articleshow/104047653.cms

Futures Movers: Oil extends march toward $100 a barrel after U.S. crude drawdown

U.S. oil futures end at a nearly 13-month high Wednesday after official data showed a drop in U.S. crude supplies last week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-726E-A9C2A3E04C82%7D&siteid=rss&rss=1

Market Snapshot: S&P 500 heads for 4th straight week of losses as U.S. stocks mostly fall Friday

U.S. stocks were trading mostly lower on Friday afternoon, as investors weighed the latest data from the Federal Reserve’s preferred inflation gauge in a turbulent month for stocks.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7271-22F83437A028%7D&siteid=rss&rss=1

Flash flooding in New York City halts multiple train lines and cancels hundreds of flights

Much of the city’s subway service has been suspended and more than 300 flights have been canceled.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7271-E9836C50233D%7D&siteid=rss&rss=1