Aluminum Prices Swing Amid U.S.-EU Tariff Talks

Via Metal Miner Overall, the Aluminum Monthly Metals Index (MMI) moved sideways, with a modest 1.92% rise from September to October. Indeed, a short-lived spike at the end of September saw aluminum prices rise over 6% month over month.  However, prices began to retrace throughout October. They not only lost all of last month’s gains but returned to their August lows by mid-month. Despite the declines, aluminum prices remain sideways, having yet to break below their long-term range. Russian Aluminum Moderates to 76% of LME Warehouses…

Read more at: https://oilprice.com/Metals/Commodities/Aluminum-Prices-Swing-Amid-US-EU-Tariff-Talks.html

Israel-Hamas Conflict Casts Shadow Over COP28 Success

The success of COP28 in Dubai, UAE, is facing immense pressure due to the aftermath of the Hamas terrorist attack on Israel and the ongoing Israeli conflict with Gaza. This not only diverted media attention from the 2023 gathering but also threatens to further fragment the global climate discussion. Currently, power dynamics are being established to discuss the role of hydrocarbons in the future energy mix or as a cornerstone of the energy transition. The existing tension between mainstream Western countries and the rest of the world is intensifying,…

Read more at: https://oilprice.com/Energy/Energy-General/Israel-Hamas-Conflict-Casts-Shadow-Over-COP28-Success.html

U.S. Oil Drillers Still Showing Discipline

The total number of active drilling rigs in the United States rose by 2 this week after climbing by 3 last week, according to new data that Baker Hughes published Friday, as drillers continue to operate with restraint. The total rig count rose to 624 this week. So far this year, Baker Hughes has estimated a loss of 155 active drilling rigs. This week’s count is 451 fewer rigs than the rig count at the beginning of 2019 prior to the pandemic. The number of oil rigs rose by 1 to 502, down by 119 so far in 2023. The number of gas rigs rose by…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Drillers-Still-Showing-Discipline.html

India Looks To Make Solar Modules Locally

India plans to introduce new rules requiring domestic manufacturers to make solar cells and other key components in the solar module supply chain, India’s Minister of Power and New & Renewable Energy, Raj Kumar Singh, said on Friday. The new rules could be introduced in a couple of years, the minister said at an event, as quoted by Bloomberg. Initially, India considers making domestic manufacturing of solar cells mandatory, and at a later stage, companies will have to have fully integrated manufacturing capabilities, from polysilicon…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Looks-To-Make-Solar-Modules-Locally.html

Aluminium Demand Gets Boost From Backlog In Aircraft Production

2023 has been a year of waiting and uncertainty for many industrial metal markets, with aluminum being no exception. The global economy has been cast in the shadow of high interest rates, and the eagerly anticipated resurgence of demand from China, especially within its property sector, has yet to materialize. Consequently, prices for base metals have drifted sideways for extended periods throughout the year.  However, in the midst of this cautious market environment, one industry stands out as an outlier in terms of robust demand for aluminum:…

Read more at: https://oilprice.com/Energy/Energy-General/Aluminium-Demand-Gets-Boost-From-Backlog-In-Aircraft-Production.html

Top U.S. Oil ETF Gets Largest Inflows Since 2020 As Oil Prices Surge

The United States Oil ETF has recently seen inflows topping $200 million amid bullish market sentiment that crude oil futures prices will continue to rise, according to Bloomberg estimates published on Friday. The United States Oil ETF (NYSEARCA: USO) seeks to reflect the performance of the spot price of West Texas Intermediate light, sweet crude oil delivered to Cushing, Oklahoma by investing in a mix of oil futures contracts and other oil interests. The recent inflows of $200 million are the highest inflows into the exchange-traded…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Top-US-Oil-ETF-Gets-Largest-Inflows-Since-2020-As-Oil-Prices-Surge.html

Is Green Hydrogen An Opportunity Or Distraction For The U.S.?

There has been great enthusiasm in the energy world around the increased production of hydrogen, which can be used in a range of ways as a cleaner alternative to fossil fuels. However, an increase in green hydrogen capacity would require a significant amount of clean electricity from renewable resources. Many energy experts in the U.S. are now asking whether the production of hydrogen is the best use of solar, wind and other clean energy sources or whether they could be better used directly.  Green hydrogen is produced using renewable energy…

Read more at: https://oilprice.com/Energy/Energy-General/Is-Green-Hydrogen-An-Opportunity-Or-Distraction-For-The-US.html

Which Factors Influence Oil Prices Right Now?

You don’t have to be a Nobel Prize winner in economics to know that the two basic influences on the price of oil, or any commodity for that matter, are supply and demand. That is the stuff of the most basic economic theory, and I would hope that anyone who trades or invests in energy related securities understands it. However, understanding the theory doesn’t always help with interpreting and analyzing what is happening in energy markets or with predicting what will happen. Reality and academic theory are often two very different things.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Which-Factors-Influence-Oil-Prices-Right-Now.html

Global Natural Gas Supply Needs $7 Trillion Investment To Meet Demand

Around $7 trillion in global investments in natural gas supply are necessary to ensure enough gas and avoid supply crunches through 2050, according to the Institute of Energy Economics, Japan (IEEJ). As countries look to cut emissions and shift to gas from coal, these investments will have to go to development of new gas fields, construction of new LNG export facilities, and expansion of existing plants, according to an IEEJ report cited by Bloomberg. However, in a scenario in which emissions stay at current levels by 2050, the world will…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Natural-Gas-Supply-Needs-7-Trillion-Investment-To-Meet-Demand.html

India’s Booming Coal Demand Drains Inventories

1. US Lifts Sanctions on Venezuela for Six Months- The US will temporarily lift sanctions on Venezuela’s oil sector as Caracas promised to work with the opposition coalition to ensure free and fair presidential elections in 2024, allowing PDVSA to export oil to any destinations. – Up until now, it was only Chevron that was allowed to import Venezuelan crude into the United States, with some 150,000 b/d of production coming from the US major’s four JVs with PDVSA. – China’s independent refineries will from now on face increased…

Read more at: https://oilprice.com/Energy/Energy-General/Indias-Booming-Coal-Demand-Drains-Inventories.html

The U.S. Is Running Out Of Ways To Influence Oil Prices

Politics, Geopolitics & Conflict The Biden Administration has moved to lift sanctions on Venezuela’s oil industry under the guise of concessions from the Maduro regime, which now has said it could see new elections held in 2024. Meanwhile, crude oil prices are running hot after the war between Israel and Hamas raised geopolitical tensions in the Middle East, along with Russia and Iran falling under Western sanctions – although neither has seen much losses to their oil exports. With the SPR only half full and Cushing inventories operating…

Read more at: https://oilprice.com/Energy/Energy-General/The-US-Is-Running-Out-Of-Ways-To-Influence-Oil-Prices.html

The Gaza Conflict Puts Israel’s Natural Gas Future At Risk

When it discovered the Tamar and Leviathan gas fields offshore in the Mediterranean’s Levant Basin, Israel gained lots of regional diplomatic leverage overnight. Soon, it would (and did) have gas, both for domestic use and export, giving it a status it had never known before. Tel Aviv has used that gas to build powerful relations in the region, and relations have been on a path toward normalization ever since.  In 2022, Israel signed a gas deal with Egypt for natural gas exports to Europe. Israel is currently in talks with Greece and…

Read more at: https://oilprice.com/Energy/Energy-General/The-Gaza-Conflict-Puts-Israels-Natural-Gas-Future-At-Risk.html

Biden Seeks Over $100 Billion In Aid For Ukraine And Israel

Laying the groundwork to ask U.S lawmakers for tens of billions of dollars in military assistance for Ukraine and Israel, President Joe Biden linked Russian President Vladimir Putin’s invasion of Ukraine and Hamas militants in the Gaza Strip who attacked Israel, saying both were threats to global democracy and security. Speaking in a rare address from the Oval Office in the White House late on October 19, Biden said he is going to send an urgent funding request to the U.S. Congress, which reportedly will total more than $100 billion over…

Read more at: https://oilprice.com/Geopolitics/International/Biden-Seeks-Over-100-Billion-In-Aid-For-Ukraine-And-Israel.html

International Drilling Rebound Helps SLB Beat Earnings Estimates

Oilfield services giant SLB (NYSE: SLB) reported on Friday higher-than-expected earnings for the third quarter as global drilling demand further strengthened amid what the world’s biggest oilfield services provider described as an ongoing “multiyear growth cycle”. SLB posted a net income of $1.12 billion for the third quarter, up by 9% sequentially and up by 24% year-on-year. Earnings per share excluding charges and credits came in at $0.78, slightly higher than the analyst consensus of $0.77 EPS compiled by The Wall Street Journal.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/International-Drilling-Rebound-Helps-SLB-Beat-Earnings-Estimates.html

India Expected To Reject Russian Demand To Pay For Oil In Chinese Yuan

India’s government is expected to reject demands from Russian oil companies to pay for Russia’s crude oil imports in Chinese yuan, Indian officials told Bloomberg on Friday. Russia and its companies need Chinese currency as Russian trade has become much more reliant on China after Putin’s invasion of Ukraine and the sanctions on Russia. Moscow has a lot of Indian rupees, but it can’t spend them all while it needs yuan. Russian firms have largely ditched dollar and euro payments due to the Western sanctions and the fact that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Expected-To-Reject-Russian-Demand-To-Pay-For-Oil-In-Chinese-Yuan.html

Dow closes nearly 300 points lower after 10-year Treasury yield tops 5% for the first time since 2007: Live updates

A runup in Treasury yields rocked the equities market this week, leaving the major averages on pace for weekly losses.

Read more at: https://www.cnbc.com/2023/10/19/stock-market-today-live-updates.html

Jim Jordan no longer GOP speaker nominee after third defeat on House floor

Jim Jordan had previously insisted on staying in the House speaker race despite failing twice this week in the face of stiff opposition from GOP lawmakers.

Read more at: https://www.cnbc.com/2023/10/20/jim-jordan-house-speaker-gop-turmoil.html

Prosecutors in Bankman-Fried trial compare defense argument to ‘Dumb and Dumber’

In a brief to Judge Lewis Kaplan on Thursday, prosecutors compared one of the defense’s jury instructions to a scene in the 1994 comedy starring Jim Carrey.

Read more at: https://www.cnbc.com/2023/10/20/prosecutors-in-sbf-trial-compare-defense-argument-to-dumb-and-dumber.html

Okta shares fall after company says client files were accessed by hackers via its support system

Cybersecurity firm Okta said an unidentified hacker had accessed the company’s support system and viewed client files.

Read more at: https://www.cnbc.com/2023/10/20/okta-shares-fall-after-company-says-client-files-were-accessed-by-hackers-via-its-support-system.html

Nike is among the most overbought stocks in the S&P 500. Here are the others

CNBC Pro used FactSet data to screen for the most overbought and oversold names in the S&P 500 based on their 14-day relative strength index, or RSI.

Read more at: https://www.cnbc.com/2023/10/20/nike-is-among-the-most-overbought-stocks-in-the-sp-500-here-are-others.html

Israel-Hamas war live updates: Hamas releases two American hostages; Biden says Gaza aid is coming in 24 to 48 hours

Israel’s Defense Ministry and the Israel Defense Forces on Friday asked residents to evacuate from the northern city of Kiryat Shmona, near the Lebanon border.

Read more at: https://www.cnbc.com/2023/10/20/israel-hamas-war-updates-and-latest-news-on-gaza-conflict.html

‘Incredibly harsh’: Up to 600 Americans are trapped in besieged Gaza

The Rafah crossing is at the border of southern Gaza and Egypt, and is one of only two points of entry and exit for the Palestinian territory.

Read more at: https://www.cnbc.com/2023/10/20/up-to-600-americans-are-trapped-in-gaza.html

Stocks making the biggest moves midday: SolarEdge, Regions Financial, Merck and more

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

Read more at: https://www.cnbc.com/2023/10/20/stocks-making-the-biggest-moves-midday-sedg-rf-mrk.html

Judge fines Trump $5,000 for gag order violation after threatening him with jail time in fraud case

A judge accused Donald Trump of a “blatant violation” of a partial gag order in his $250 million New York fraud trial.

Read more at: https://www.cnbc.com/2023/10/20/trump-threatened-with-prison-for-violating-gag-order.html

Biden seeks $105 billion for Ukraine, Israel, Taiwan, border security

The bulk of the aid in Biden’s request is for Ukraine, over $61 billion, and he’s seeking another $14.3 billion for Israel.

Read more at: https://www.cnbc.com/2023/10/20/biden-seeks-105-billion-for-ukraine-israel-taiwan-border.html

As mortgage rates hit 8%, home ‘affordability is incredibly difficult,’ economist says

Mortgage rates hit 8% for the first time in decades. Homebuyers must earn $114,627 to afford a median-priced house in the U.S., found real estate firm Redfin.

Read more at: https://www.cnbc.com/2023/10/20/what-8percent-mortgage-rates-mean-for-home-affordability.html

Don’t buy a home as an investment, says CFP: It’s just a ‘roof over your head’

Don’t think of your primary residence as an investment like an index fund or a 401(k), says Douglas Boneparth, co-author of “The Millennial Money Fix.”

Read more at: https://www.cnbc.com/2023/10/20/a-home-isnt-an-investment-says-cfp-its-a-roof-over-your-head.html

The chip stock is getting a ton of love from Wall Street, and it’s not Nvidia

This major chipmaker is getting a lot of love on Wall Street after reporting third-quarter earnings this week — and no, it’s not Nvidia.

Read more at: https://www.cnbc.com/2023/10/20/the-chip-stock-is-getting-a-ton-of-love-from-wall-street-and-its-not-nvidia.html

“No All Clear” – Bitcoin & Bullion Jump, Stocks Dump On Week As Yield-Curve Un-Inverts

An inverted curve lights the fuse but the un-inversion is ‘the bad part’ signaling imminent recession…

…and today we saw the 2s30s curve go positive once again and closed at its ‘steepest’ since Aug 2022…

Source: Bloomberg

Additionally, the ‘real’ yield curve steepened dramatically, also pushing back up towards un-inverted…

Read more at: https://www.zerohedge.com/markets/no-all-clear-bitcoin-bullion-jump-stocks-dump-week-yield-curve-un-inverts

G77 Nations, China, Push Back On U.S. “Loss And Damage” Climate Fund In Days Leading Up To UN Summit

As was the case in primary school with bringing in presents, make sure you bring enough for the rest of the class, otherwise people get ornery…

This age old rule looks like it could be rearing its head in the days leading up to the UN COP 28 climate summit, set to take place in the United Arab Emirates in about six weeks.

At the prior UN COP 27, which took place in Egypt last year, the U.S. pushed an idea for a new World Bank “loss and damage” climate slush fund to help poor countries with climate change. But the G77 nations plus China, including many developing countries, are pushing back on the idea, according to a new report from the Financial Times.

The goal was to arrange how the fund would operate and where the money would come from for the “particularly vulnerable” nations who would have access to it prior to the upcoming summit in UAE.

But as FT notes, Pedro Luis Pedroso Cuesta, the Cuban chair of the G77 plus China group, has said that talks about these details were instead “deadlocked” over issues of – you guessed it – where the money is going and the governance of the fund.

Read more at: https://www.zerohedge.com/markets/g77-nations-china-push-back-us-loss-and-damage-climate-fund-days-leading-un-summit

“Al Capone Style”: Musk Reveals “We Unloaded Entire Drum of Tommy Gun” Into Cybertuck

Elon Musk revealed on X his team of Tesla engineers “emptied the entire drum magazine of a Tommy gun into the driver door” of the new Cybertruck, adding the bulletproof test was like “Al Capone-style.”

We emptied the entire drum magazine of a Tommy gun into the driver door Al Capone style. No bullets penetrated into the passenger compartment.

— Elon Musk (@elonmusk) October 20, 2023

Musk was commenting on a video shared by the Tesla Owners Club of Silicon Valley that shows a Cybertruck coasting down the highway with dozens of bullet holes in the vehicle’s driver’s side.

BREAKING: Cybertruck seen on the highway potentially gone through bullet proof testing 📐👽🤯

Seen by member of the club. pic.twitter.com/wBr9mNrLl7

— Tesla Owners Silicon Valley (@teslaownersSV) October 20, 2023

The Cybertruck’s skin is the same stainless steel used in SpaceX’s Starship spacecraft, according to a 2019 Motortrend article. As Musk explained during the unveiling of Cybertruck in the …

Read more at: https://www.zerohedge.com/technology/al-capone-style-musk-reveals-we-unloaded-entire-drum-tommy-gun-cybertuck

DOJ Says Trump Has No ‘Absolute Immunity’ In Jan. 6 Case

Authored by Catherine Yang via The Epoch Times (emphasis ours),

Special counsel Jack Smith’s office opposed former President Donald Trump’s motion to dismiss the Jan. 6-related case against him, filing the motion late Thursday.

The U.S. Department of Justice building in Washington, on June 20, 2023. (Kevin Dietsch/Getty Images)Mr. Smith had been appointed special counsel last November to investigate the events of the Jan. 6, 2021, Capitol breach and related crimes, and has already brought cases against more than 1,100 citizens. President Trump has been charged with four felony counts for allegedly interfering with the 2020 elections through his actions to challenge the results.

On Oct. 5, President Trump’s legal team argued he had the absolute immunity conferred to U.S. presidents. U.S. Supreme Court cases have ruled that …

Read more at: https://www.zerohedge.com/political/doj-says-trump-has-no-absolute-immunity-jan-6-case

Government borrows less than expected in September

The figures have prompted debate over how much “wiggle room” the chancellor has for tax cuts.

Read more at: https://www.bbc.co.uk/news/business-67166913?at_medium=RSS&at_campaign=KARANGA

Warm weather leads to shock drop in shop sales

Shoppers reined back spending on colder weather gear amid unseasonably hot temperatures last month.

Read more at: https://www.bbc.co.uk/news/business-67166921?at_medium=RSS&at_campaign=KARANGA

Elon Musk says X to have two new premium tiers

The latest change to the platform will see two layers of subscriptions – one with adverts and one without.

Read more at: https://www.bbc.co.uk/news/technology-67167804?at_medium=RSS&at_campaign=KARANGA

JSW Energy Q2 Results: Net profit rises 82% YoY to Rs 850 crore

During the quarter, total revenue increased 30 per cent year-on-year (y-o-y) to Rs 3,387 crore from Rs 2,596 crore in the year-ago period due to incremental revenue from renewable, portfolio and strong thermal performance on the back of a buoyant merchant market, it stated.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/jsw-energy-q2-results-net-profit-rises-82-yoy-to-rs-850-crore/articleshow/104590583.cms

Tech View: Move above 19,650 could trigger short covering. What traders should do next week

The short-term trend of the Nifty remains negative. A slide below the immediate support of 19,480 could drag Nifty towards another important support of 19,350 levels in the near term. Immediate resistance is placed around 19,650 levels, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-move-above-19650-could-trigger-short-covering-what-traders-should-do-next-week/articleshow/104587568.cms

Infosys & 7 other stocks that will trade ex-dividend next week

Here is a list of 8 stocks, which shall trade ex-dividend next week. Their record dates also coincide with their ex-dates.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/infosys-amp-7-other-stocks-that-will-trade-ex-dividend-next-week/slideshow/104575794.cms

Futures Movers: Oil scores back-to-back weekly gains as Israel-Hamas war raises risks in the Middle East

Oil futures end Friday with a loss, but score a second straight weekly climb, as investors monitor the Israel-Hamas war for signs of spillover.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7284-92C585594EA1%7D&siteid=rss&rss=1

Market Snapshot: U.S. stocks drop, putting S&P 500 on track for worst week in a month after rise in Treasury yields, oil prices

U.S. stocks are down Friday, with the S&P 500 index on track for a weekly drop, amid a rise in Treasury yields and oil prices this week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7284-78BF6F256C7B%7D&siteid=rss&rss=1

The Margin: Tom Brady is trying to buy a stake in the Raiders, but some NFL owners are blocking the deal. Here’s why.

Brady wants to buy 10% of the Las Vegas Raiders for $175 million, a significant discount from what NFL teams have recently been valued at.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7285-1807411C95CE%7D&siteid=rss&rss=1