Azerbaijan, Turkey Start Construction Of Gas Pipeline To Nakchivan

Azerbaijan and Turkey have broken ground on the construction of the long-planned gas pipeline linking Turkey’s gas grid to the Azerbaijani exclave of Nakhchivan. Construction was formally launched at a ceremony in Nakhchivan on September 25 attended by Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdogan which saw the signing of agreements on energy, transport and public housing. The new pipeline, which is being constructed under a memorandum of understanding signed between Azerbaijan and Turkey in December 2020, and is…

Read more at: https://oilprice.com/Energy/Natural-Gas/Azerbaijan-Turkey-Start-Construction-Of-Gas-Pipeline-To-Nakchivan.html

The Growing Role Of Heat Pumps In Global Decarbonization Efforts

Both the U.S. and France are pushing for the production and use of more climate-friendly heat pumps, as they look to trade out existing furnace and air conditioning equipment. As governments around the world strive to decarbonize, many states and cities are introducing new construction measures to develop low-carbon buildings. Earlier this year, New York became the first U.S. city to ban gas stoves and furnaces in most new buildings, starting in 2029. Meanwhile, the province of British Columbia in Canada is bringing multiple stakeholders and cities…

Read more at: https://oilprice.com/Energy/Energy-General/The-Growing-Role-Of-Heat-Pumps-In-Global-Decarbonization-Efforts.html

U.S. Prices At The Pump Decline, Trend Set To Continue

Gasoline prices have declined in virtually all 50 states in the U.S., GasBuddy has reported. According to the energy watchdog, the national average price of a gallon of regular gas has declined to $3.704, down from $3.814 a week ago and $3.910 a year ago while diesel is retailing at a national average of $4.514 per gallon, down from $4.557 a week ago and $5.030 a year ago. Even more encouraging for motorists, GasBuddy has predicted that this trend is set to continue. “At long last, the decline in gas prices that we’ve been waiting to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Prices-At-The-Pump-Decline-Trend-Set-To-Continue.html

Copper Executives Warn Of Mine Shortage Amid Energy Transition

The transition to low carbon energy could be jeopardised by the lack of new copper mines to keep pace with growing demand, industry bosses have warned. Copper is an essential metal used in renewable energy such as turbines and electric vehicle batteries, and for upgrading the electricity grid, making it crucial in the race to reach net zero. However, some of the world’s largest copper producers fear there will be insufficient supplies to meet growing consumption levels — extending the transition from fossil fuels to low carbon power…

Read more at: https://oilprice.com/Metals/Commodities/Copper-Executives-Warn-Of-Mine-Shortage-Amid-Energy-Transition.html

Israel Cuts Off Power Supply To Gaza

The Israeli government has ordered its state-run electricity company to halt power supply to the Gaza Strip days after Palestinian militant group Hamas launched a surprise attack on the country.  The Israeli prime minister’s office has revealed that the security cabinet has approved several steps to destroy military and governmental capabilities of Hamas and Islamic Jihad “for many years,” including cutting fuel and electricity supplies as well as entry of goods into the Israel-occupied landlocked territory. “I have signed an order instructing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Israel-Cuts-Off-Power-Supply-To-Gaza.html

Will Iran Become Part Of This Important Trade Corridor?

Azerbaijan’s late September military operation to retake the ethnic Armenian enclave of Nagorno-Karabakh, the self-styled “Republic of Artsakh,” caused most of the residents to flee to Armenia and the government of breakaway region to announce it will dissolve by 1 January 2024. The likely end of conflict between Azerbaijan and Armenia may unlock opportunities for more trade in the region. The leaders of Turkey and Azerbaijan have proposed the “Zangezur corridor,” which will give Azerbaijan…

Read more at: https://oilprice.com/Geopolitics/Asia/Will-Iran-Become-Part-Of-This-Important-Trade-Corridor.html

Why Tin Prices Continue To Decline

Tin prices have been sliding recently, with the LME Cash price having fallen by over $2000/t since Monday, 25th September. Looking back only as far as late July, when prices were above $28,600/t, the decline appears even more dramatic. It is not so long since tin prices witnessed a multi-year bull run which began at the start of the Covid pandemic and lasted until March 2022. The recent falls in price follow a period of increasing prices during Q2 of this year, so in this week’s article, we’ll look at some of the key reasons behind…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Why-Tin-Prices-Continue-To-Decline.html

U.S. Investigates Major Oil Trader For Breaching Sanctions On Russia

The U.S. Justice Department is investigating whether Murtaza Lakhani, founder and CEO at oil trader Mercantile & Maritime Group, traded Russian oil in violation of the G7 price cap and Western sanctions against Russia, The Wall Street Journal reported on Monday, quoting sources with knowledge of the matter. Under the sanctions enforced by the U.S., the EU, Australia, the UK, and other Western allies, Russian crude should be traded at $60 per barrel or less if the crude shipments to third countries are to use Western insurance and financing.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Investigates-Major-Oil-Trader-For-Breaching-Sanctions-On-Russia.html

The New Global Oil Market Order Hangs In The Balance After Hamas Attacks Israel

In what turned out to be extraordinary timing, October 3 saw a Western coalition of France’s TotalEnergies and Italy’s Eni, plus Qatar Energy, apply for the second licensing round on oil and gas blocks 8 and 10 in Lebanese waters, while only four days later Palestinian political and military organisation Hamas launched coordinated multi-pronged attacks by land, sea, and air against Israel. Lebanon is a core member of the Iran-dominated Shia Crescent of Power, which both China and Russia have long seen as the foundation stone for their…

Read more at: https://oilprice.com/Geopolitics/Middle-East/The-New-Global-Oil-Market-Order-Hangs-In-The-Balance-After-Hamas-Attacks-Israel.html

Russia Resumes Diesel Exports By Sea After Easing The Ban

Russian pipeline operator Transneft resumed this weekend diesel exports from sea ports after Moscow conditionally allowed late last week the seaborne exports of diesel. “Based on applications from oil companies, confirmed by the energy ministry, and declarations for them from the customs service, shipments of petroleum products began on Saturday,” Transneft representative Igor Demin told the TASS news agency on Monday. On Friday, Russia lifted the ban on most of its diesel exports, two weeks after announcing export…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Resumes-Diesel-Exports-By-Sea-After-Easing-The-Ban.html

The Peak Oil Demand Debate Is Sure To Dominate COP 28

The past couple of UN Climate Change Conferences have featured a growing number of fossil fuel lobbyists who almost inevitably end up clashing with climate activists and environmentalists over the role and fate of the fossil fuel industry in the global energy transition. For instance, more than 600 delegates affiliated with the fossil fuel industry attended last year’s COP27 climate talks held in Egypt, a large increase compared to 170 who attended the 2021 summit, with predictable results. “The path to averting climate catastrophe…

Read more at: https://oilprice.com/Energy/Energy-General/The-Peak-Oil-Demand-Debate-Is-Sure-To-Dominate-COP-28.html

Oil Prices Rally After Hamas Attack Alters Geopolitical Risk Premium

Oil prices jumped by nearly 4% early on Monday after the weekend attack by Hamas on Israel rekindled tensions in the Middle East. The two major crude oil benchmarks were up by nearly 4% as of 8.40 a.m. EST, with Brent Crude up 3.42% at $87.50, and WTI Crude rising by 3.68% to $86.00. Oil prices recouped on Monday some of last week’s losses, which had accumulated amid concerns about demand and economies with higher-for-longer interest rates. The Saturday attack by Hamas on Israel and Israel’s declaration of war on Hamas reignited the…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Rally-After-Hamas-Attack-Alters-Geopolitical-Risk-Premium.html

Chevron Shuts Down Israeli Natural Gas Field After Hamas Attack

Following this weekend’s attack by Hamas on Israel, Chevron, the operator of the Tamar gas field offshore southern Israel, has shut down production at the field per instructions from the Israeli energy ministry.       “Chevron Mediterranean Limited was instructed by Israel’s Ministry of Energy to shut in production at the Tamar Production Platform,” the local unit of the U.S. supermajor said in a statement carried by Reuters.    Chevron Mediterranean Limited operates Tamar and has a 25% stake…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-Shuts-Down-Israeli-Natural-Gas-Field-After-Hamas-Attack.html

OPEC Says Oil Industry Needs $14 Trillion Of Investment By 2045

The world needs $14 trillion in cumulative investments in the oil sector by 2045 to ensure market stability and avoid energy and economic chaos, OPEC said in its annual World Oil Outlook on Monday. The annual investments need to be around $610 billion on average, the bulk of which should go to the upstream segment, the cartel said, rebuffing calls for a halt in investments in new supply. The cumulative investments in the upstream need to be around $11.1 trillion by 2045 or an average of $480 billion per year. Downstream and midstream requirements…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Says-Oil-Industry-Needs-14-Trillion-Of-Investment-By-2045.html

OPEC Hikes Oil Demand Forecast To 116 Million Bpd In 2045

OPEC has raised significantly its long-term oil demand outlook and now expects global oil demand at around 116 million barrels per day (bpd) in 2045, up by 6 million bpd compared to the previous assessment from last year, as energy consumption continues to grow and will need all forms of energy. In the annual World Oil Outlook released on Monday, OPEC expects global oil demand to increase by more than 16 million bpd between 2022 and 2045, rising from 99.6 million bpd in 2022 to 116 million bpd in 2045. By 2028, global oil demand is set to reach…

Read more at: https://oilprice.com/Energy/Energy-General/OPEC-Hikes-Oil-Demand-Forecast-To-116-Million-Bpd-In-2045.html

Dow closes nearly 200 points higher, as investors shake off rising oil prices from Israel-Hamas war: Live updates

Stocks staged a comeback Monday as investors shook off pressures driven by the deadly Israel-Hamas conflict.

Read more at: https://www.cnbc.com/2023/10/08/dow-futures-open-180-points-lower-after-hamas-attack-against-israel.html

Israel orders total siege of Gaza; nine Americans confirmed dead in Hamas attack: Live updates

Israel is pounding the Gaza Strip with airstrikes in retaliation for what has been its most deadly attack in half a century.

Read more at: https://www.cnbc.com/2023/10/09/israel-hamas-live-updates.html

X, formerly Twitter, amplifies disinformation amid the Israel-Hamas conflict

Disinformation on X, formerly known as Twitter, has made it harder for users to assess what’s going on in Israel.

Read more at: https://www.cnbc.com/2023/10/09/x-formerly-twitter-amplifies-disinformation-amid-the-israel-hamas-conflict.html

Robert F. Kennedy Jr. to run for president as an independent, end Democratic primary campaign

Kennedy’s move raises the chances that he will play a spoiler in the 2024 election.

Read more at: https://www.cnbc.com/2023/10/09/robert-f-kennedy-jr-to-run-for-president-as-independent-not-democrat.html

Morgan Stanley says stock market may break down again so buy these top dividend payers

Stocks that promise dividend income offer a good opportunity for investors who have a hard time riding out market turbulence.

Read more at: https://www.cnbc.com/2023/10/09/morgan-stanley-says-market-may-fade-again-so-buy-dividend-payers-.html

FTX co-founder Gary Wang set to wrap up testimony in SBF trial: 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, Nikhilesh De, CoinDesk’s managing editor for global policy and regulation, weighs in on the SBF trial and the testimony heard so far.

Read more at: https://www.cnbc.com/video/2023/10/09/ftx-co-founder-gary-wang-set-wrap-up-testimony-sbf-trial-cnbc-crypto-world.html

Saudi oil giant Aramco announces pilot project to suck CO2 out of the air, but some scientists are skeptical

Experts say that direct air-capture technology is too expensive and cannot be adequately scaled to remove the necessary amount of carbon from the atmosphere.

Read more at: https://www.cnbc.com/2023/10/09/aramco-siemens-energy-launch-direct-air-capture-project-.html

‘The Exorcist: Believer’ now faces its biggest foe: Taylor Swift

“The Exorcist: Believer” topped the box office during its opening weekend, but now it faces competition from pop icon Taylor Swift.

Read more at: https://www.cnbc.com/2023/10/09/the-exorcist-believer-faces-competition-from-taylor-swift-eras-film.html

Stocks making the biggest moves midday: General Dynamics, United Airlines, Spotify and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2023/10/09/stocks-making-the-biggest-moves-midday-general-dynamics-united-airlines-spotify-and-more.html

Israel-Hamas war ratchets up pressure on Republicans to select House speaker in coming days

Steve Scalise and Jim Jordan, the top candidates to replace McCarthy, have voiced unequivocal support for Israel in the wake of the Hamas surprise attack.

Read more at: https://www.cnbc.com/2023/10/09/israel-hamas-war-puts-pressure-on-republicans-to-select-house-speaker.html

Israel-Hamas war causes oil prices to spike. Here’s what drivers in the U.S. need to know

While oil jumped in price Monday, experts say the conflict is likely to have a minimal effect on the cost of gas in the U.S. Here’s what to keep an eye on.

Read more at: https://www.cnbc.com/2023/10/09/as-israel-hamas-conflict-pushes-oil-higher-what-drivers-need-to-know.html

Airlines cancel Israel flights, tour operators scramble to change trips after attacks

Israeli airline El Al, Emirates Airline and Turkish Airlines continued to operate at least some of their schedules.

Read more at: https://www.cnbc.com/2023/10/08/major-airlines-suspend-israel-flights-after-attacks.html

Now is the time to ‘think long term’ when investing, advisor says. This chart helps explain why

As new risks emerge, markets may become more volatile. Here’s why staying the course tends to pay off.

Read more at: https://www.cnbc.com/2023/10/09/this-chart-helps-explain-why-you-should-think-long-term-when-investing.html

China To Double Size Of Its Space Station As ISS Phased Out

While China works on developing advanced space lasers and microwave weapons, the CCP is also planning to double the size of its space station over the next several years, as part of a larger effort to lure international space missions away from NASA’s International Space Station (ISS), which is slated to be decommissioned sometime around 2030.

People watch a Long March-8 rocket, the latest China’s Long March launch vehicle fleet, as it lifts off from the Wenchang Space Launch Center in Hainan Province, China, on Dec. 22, 2020. (AFP via Getty Images)The Chinese station, known as the Celestial Palace, will now contain six modules instead of three, and the lifespan of the facility will be increased to more than 15 years vs. 10 years.

The Celestial Palace, currently home to three astronauts, reached full operational status late last year.

After the expansion, it will still only be about half as large as t …

Read more at: https://www.zerohedge.com/markets/china-double-size-its-space-station-iss-phased-out

OPEC Says Oil Industry Needs $14 Trillion Of Investment By 2045

Authored by Tsvetana Paraskova via OilPrice.com,

The world needs $14 trillion in cumulative investments in the oil sector by 2045 to ensure market stability and avoid energy and economic chaos, OPEC said in its annual World Oil Outlook on Monday.

The annual investments need to be around $610 billion on average, the bulk of which should go to the upstream segment, the cartel said, rebuffing calls for a halt in investments in new supply.

The cumulative investments in the upstream need to be around $11.1 trillion by 2045 or an average of $480 billion per year. Downstream and midstream requirements are estimated at a total of $1.7 trillion and $1.2 trillion by 2045, respectively.

“If these investments do not materialize, it represents a considerable challenge and ri …

Read more at: https://www.zerohedge.com/energy/opec-says-oil-industry-needs-14-trillion-investment-2045

Israel Orders Chevron To Close Tamar Gas Field As War Rages

The war between Israel and the militant group Hamas enters its third day, with the death toll now at 1,100 – at least 700 in Israel and 424 in Gaza. As cited by The Wall Street Journal, a Hamas spokesman mentioned their surprise weekend assaults on Israel had Iran’s backing. Meanwhile, the Biden administration’s support of Iran, the world’s worst state sponsor of terrorism, has drawn tremendous criticism and is horrible optics ahead of the 2024 presidential election cycle.

Focusing on energy markets, Israel ordered the shutdown of the Chevron-operated Tamar gas field in the Mediterranean Sea off the coast of Israel for fear Hamas rockets could strike offshore gas installations.

“Chevron Mediterranean Limited was instructed by Israel’s Ministry of Energy to shut in production at the Tamar Production Platform,” the company said in a statement, first cited by Reuters.

At the moment, NatGas is still flowing to customers in Israel and the region from the Leviathan platform, Chevron told Bloomberg in a statement, adding, “Our top priority is the safety of our personnel, the communities in which we operate, the environment and our facilities.”

Tamar is located in Israel’s exclusive economic zone, about 50 miles west of Haifa in waters. It produces abo …

Read more at: https://www.zerohedge.com/commodities/chevron-israel-close-tamar-gas-field-war-rages

Vast Majority On Wall Street Think Next 100bps Move In 10Y Yields Is Lower

Vast Majority On Wall Street Think Next 100bps Move In 10Y Yields Is LowerThe Deutsche Bank October 2023 global financial market survey, conducted between the 3rd and 6th of October, had 410 responses from around the world. Survey organizer Jim Reid took a look at expectations of central bank policy error, US recession risks, and financial market forecasts. The bank also looked at the topic of the day, AI, before moving to inflation expectations. Professional subs can read the full survey at their leisure at the following link, for everyone else here are the highlights:

• 75% think the next 100bps move in US 10yr yields is lower (average yield 4.75% during the survey). A big turnaround from June’s results where a small majority expected 4.5% before 2.5% when we were halfway between the two. Well done to that small majority as it got there in just 3 months.
• 72% think the next 10% move in the S&P 500 will be lower. Slightly less than in June. In March 76% thought the next 10% move would be up so a different mood to earlier this year.
• The US recession call has been pushed back into 2024 more than it has been removed from forecasts.
• The perceived risks of a hawkish policy error continues to increase for the Fed and the ECB with the former now at 50% and the latter at 55%.
• As a result of this and higher yields, the perceived risk of global accidents continues to be high.
• The adoption of ChatGPT has slowed but expectations of Gen AI’s abi …Read more at: https://www.zerohedge.com/markets/vast-majority-wall-street-think-next-100bps-move-10y-yields-lower

Airlines cancel or delay flights to Israel as fighting continues

Major carriers including Delta and Virgin Atlantic suspend direct flights, while others warn of delays.

Read more at: https://www.bbc.co.uk/news/business-67052562?at_medium=RSS&at_campaign=KARANGA

Nobel economics prize awarded to Claudia Goldin for work on women’s pay

American Claudia Goldin is only the third woman to receive the prestigious economics prize.

Read more at: https://www.bbc.co.uk/news/business-67045408?at_medium=RSS&at_campaign=KARANGA

Metro Bank strikes late-night rescue deal

The lender raises extra funds from investors after a weekend of intense speculation about its future.

Read more at: https://www.bbc.co.uk/news/business-67048740?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Tuesday

The NSE Nifty 50 index closed 0.72% lower at 19,512, while the S&P BSE Sensex fell 0.73% to 65,512. All the 13 major sectoral indices logged losses. High-weightage banks and oil & gas lost over 1% each, while public sector banks shed 3.09%

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-tuesday/articleshow/104291858.cms

Tech View: Nifty may remain in sell-on-rise mode till 19,700. What traders should do on Tuesday

The formation of a bullish hammer candle pattern of last week as per the weekly timeframe chart is still intact. The index is expected to slide near the low of the said hammer pattern around 19,350-19,450 levels in the short term before showing another round of upside bounce from the lows. Immediate resistance is placed at 19,620 levels, said Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-may-remain-in-sell-on-rise-mode-till-19700-what-traders-should-do-on-tuesday/articleshow/104287475.cms

How to identify the right company for investing? Vivek Karwa explains

Vivek Karwa, CEO of VRIDHI Investment, advises against being greedy in the stock market as there are always opportunities available. He suggests that a layman can approach investing by checking how long a company has been in business and looking at basic numbers such as net profit. He also recommends looking at the shareholding pattern of the company to see if reputable investors are involved.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/how-to-identify-the-right-company-for-investing-vivek-karwa-explains/articleshow/104263703.cms

Futures Movers: Oil prices rally by more than 4% as Hamas attack on Israel raises risks to Middle East supplies

Crude prices climb by more than 4% Monday as a surprise deadly weekend attack by Hamas on Israel has raised risks to oil supplies in the Middle East.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7279-382DE89513AC%7D&siteid=rss&rss=1

House speaker election: How it works, who is running and what happens next

House lawmakers are returning to Washington with a key task at hand: electing a new speaker. Here’s what happens next.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7279-D4404B7A239A%7D&siteid=rss&rss=1

The Margin: $1.55 billion Powerball drawing: Where to watch, what time and your odds of winning

Monday night’s drawing is first time in Powerball history that back-to-back jackpot cycles grew to billion-dollar grand prizes, the lottery giant says

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7279-EC927672CD54%7D&siteid=rss&rss=1