Texas is Leading U.S. GDP Growth, Fueled by Oil and Energy

Distinct variations in regional economic growth were evident throughout America in 2023, driven by differences in industry composition and population dynamics. This graphic, via Visual Capitalist’s Dorothy Neufeld, shows real GDP growth across U.S. regions in 2023, based on data from the Bureau of Economic Analysis. Which Regions Grew the Fastest in 2023? Below, we show the U.S. regions with the highest real GDP growth last year: Outpacing all other regions is the Southwest, fueled by rapid population growth and booming oil production across the…

Read more at: https://oilprice.com/Energy/Energy-General/Texas-is-Leading-US-GDP-Growth-Fueled-by-Oil-and-Energy.html

China-Kyrgyzstan-Uzbekistan Railway Project Revived After Years of Delays

After spending some time on a sidetrack, the long-planned China-Kyrgyzstan-Uzbekistan railway may be ready to get back on the main line. The heads of state of the three participating nations have approved an intergovernmental agreement to transform the railway from “a vision into a reality,” according to the Xinhua news agency. It was a virtual signing ceremony for what, to date, has seemed like a chimerical project. Chinese leader Xi Jinping, Uzbek President Shavkat Mirziyoyev and Kyrgyz President Sadyr Japarov each affixed his signature…

Read more at: https://oilprice.com/Geopolitics/International/China-Kyrgyzstan-Uzbekistan-Railway-Project-Revived-After-Years-of-Delays.html

Malaysia’s Subsidy Revamp Sees Diesel Prices Spike over 56%

As predicted by industry experts worldwide, Malaysia’s move to revamp gasoline and diesel subsidies, which was implemented on Sunday, has led to a 56% overnight increase in the price of diesel in the country. Announced on Sunday, the revamp of the subsidies eliminates energy subsidies and redirects subsidies to the poorest parts of the population as the government of Prime Minister Anwar Ibrahim strives to build a more sustainable economy.  Malaysia’s subsidies have been plagued by fraudulent schemes, including the smuggling of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Malaysias-Subsidy-Revamp-Sees-Diesel-Prices-Spike-over-56.html

The Future of Water Management in a Changing World

‘Day Zero’ never arrived in Cape Town, South Africa. Day Zero was the name given by Cape Town officials to the day in 2018 they would have to shut down water flows to most of the city taps because of inadequate water supplies—supplies that had run desperately short in the wake of an extreme three-year drought. Day Zero never came for two reasons: First, those officials cajoled Cape Town residents into cutting water consumption in half. Second, the rains finally resumed a few months later. Now Mexico City and Bogotá are both facing…

Read more at: https://oilprice.com/Energy/Energy-General/The-Future-of-Water-Management-in-a-Changing-World.html

WTI Gains 2.5% On Driving Season Fuel Demand Optimism

Brent crude oil and West Texas Intermediate (WTI) were both trading up over 2% on Monday as optimism strengthened over summer fuel demand prospects and despite the dwindling potential for the U.S. Federal Reserve to cut interest rates.  On Monday at 12:06 p.m. EST, Brent crude oil was trading up 2.19% at $81.36, for a gain of $1.74 on the day, while the U.S. WTI benchmark was trading up 2.45% at $77.38, for a gain of $1.85 on the day.  Monday saw the effects of a strong dollar rally late last week after the release of Friday’s U.S.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Gains-25-On-Driving-Season-Fuel-Demand-Optimism.html

U.S. and Europe Race to Reduce Dependence on China for Lithium Supplies

Via Metal Miner   Dubbed “white gold,” lithium is immense valuable in the modern world. Though lithium prices dropped dramatically from the highs achieved in late 2022, China still dominates the lithium supply chain. This continues to spur on multiple countries looking to lay their hands on this valuable metal. Lithium is a critical component in rechargeable batteries for electric vehicles and solar/wind power sources. Meanwhile, the high energy density and long lifespan of lithium-ion batteries, also make them a common component…

Read more at: https://oilprice.com/Energy/Energy-General/US-and-Europe-Race-to-Reduce-Dependence-on-China-for-Lithium-Supplies.html

U.S. Gasoline Prices Post Super Rare Double-Digit Weekly Drop

U.S. gasoline prices fell last week by the most in some time, posting a super-rare double-digit weekly decline for a summer driving season, data from fuel savings platform GasBuddy showed on Monday. The average U.S. gasoline price plunged by 10.0 cents last week, to $3.40 per gallon as of Monday, according to the data compiled from individual price reports covering over 150,000 gas stations across the United States. Compared to a month ago, today’s national average price of gasoline is down by 23 cents, and is 18.2 cents per gallon…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Post-Super-Rare-Double-Digit-Weekly-Drop.html

Europe’s Shift from Russian Gas to Pricey LNG

When the EU bombarded Russia with sanctions following the invasion of Ukraine back in 2022, gas was in the spotlight. Russia was the continent’s biggest supplier, and it was about to stop being that. At the time, the dominant mood in Europe was confidence—that even if Russia were to turn the tap off, there are plenty of alternatives. Indeed, they were. But what they did was replace one dependence—Russian gas—with another: LNG. And there is a lot more competition in the LNG space than there was for Russian pipeline gas. Back…

Read more at: https://oilprice.com/Energy/Natural-Gas/Europes-Shift-from-Russian-Gas-to-Pricey-LNG.html

Russia’s Oil and Gas Revenues Surged by 73.5% in January-May

Russia’s budget revenues from oil and gas soared by 73.5% in January-May of 2024 compared to the first five months of 2023, according to data from Russia’s finance ministry released on Monday. Between January and May 2024, the revenues for the Russian federal budget from oil and gas hit $55.7 billion (4.95 trillion Russian rubles), per the data reported by Russian news agency TASS. “In line with parameters of the socioeconomic outlook, a steady surplus of oil and gas revenues above their base level is also expected in months…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-and-Gas-Revenues-Surged-by-735-in-January-May.html

Africa To Get Only 2% Of Global Clean Energy Investment

Global investment in renewables including electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps will clock in at $2 trillion in the current year, twice the amount that will go into fossil fuels, the International Energy Agency has projected. This marks the second consecutive year when combined investment in renewable power and grids will surpass the amount spent on fossil fuels, having done so for the first time in 2023.  This is an encouraging trend for a sector that has been struggling…

Read more at: https://oilprice.com/Energy/Energy-General/Africa-To-Get-Only-2-Of-Global-Clean-Energy-Investment.html

What’s Next for Copper Markets?

Tight supplies from copper mines and the looming threat of a worsening global deficit rocketed copper prices from February to June, and the AI trade, which drove momentum from speculative traders, pushed prices even higher. But in recent weeks, prices have tumbled, breaking a critical trend line that has been intact for months. Now, prices are teetering on a knife-edge, with trading desks and hedge funds speculating on what comes next.  Let’s begin with comments from the world’s top copper trader – and as Bloomberg’s Jack Farchy puts it, “usually…

Read more at: https://oilprice.com/Metals/Commodities/Whats-Next-for-Copper-Markets.html

Russia Seeks to Dodge U.S. Sanctions With Stealthy Oil Transfers

A Russian tanker has attempted to circumvent U.S. sanctions by surreptitiously transferring its oil cargo to another vessel offshore Singapore, a Bloomberg analysis of vessel-tracking data showed on Monday. According to tanker-monitoring data reviewed by Bloomberg, the Primorye, owned by now-sanctioned Russian tanker fleet operator Sovcomflot, loaded a cargo of about 1 million barrels of oil at the Russian port of Novorossiysk on the Black Sea, and traveled to waters near Singapore in Asia. There, the ship secretly transferred its oil…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Seeks-to-Dodge-US-Sanctions-With-Stealthy-Oil-Transfers.html

Global Jet Fuel Demand Soars, Boosting Oil Prices

Jet fuel demand is rebounding across regions as people have shaken off the pandemic years and are traveling en masse again, with kerosene demand driving global oil demand growth this year. Total passenger numbers on airlines are set to hit a record high this year, at 4.96 billion, the International Air Transport Association (IATA) said last week in its latest forecast of airline profitability. “With a record five billion air travelers expected in 2024, the human need to fly has never been stronger,” IATA’s Director General…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Jet-Fuel-Demand-Soars-Boosting-Oil-Prices.html

Goldman Sachs Sees Oil Prices Rising to $86 This Summer

Brent crude prices are set to rise to $86 per barrel this summer amid strong consumer demand which will put the market into a sizeable deficit in the third quarter, according to Goldman Sachs. Oil prices started this week higher, with a slight gain in Asian trade on expectations of higher fuel demand during the summer driving season. As of 8:01 a.m. EDT, the U.S. benchmark, WTI Crude, was trading at $76.03, up by 0.65%. Brent Crude, the international benchmark, had moved above the $80 per barrel mark and traded at $80.17, up by 0.67%…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Sees-Oil-Prices-Rising-to-86-This-Summer.html

Noble to Buy Diamond Offshore As Oil and Gas Mergers Continue

Noble Corporation is set to buy Diamond Offshore Drilling in a stock-and-cash deal valued at $1.6 billion as the oil and gas mergers continue with the oilfield services sector.  Noble and Diamond Offshore said on Monday that they had entered into a definitive merger agreement under which Noble will acquire Diamond in a stock plus cash deal. As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond stock. The implied cash and stock consideration…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Noble-to-Buy-Diamond-Offshore-As-Oil-and-Gas-Mergers-Continue.html

Here’s everything Apple just announced at WWDC24: Apple Intelligence, Siri with ChatGPT, iOS 18 and more

Apple’s Worldwide Developers Conference starts Monday. It announced Apple Intelligence, iOS 18, iPadOS 18, Apple Passwords, macOS Sequoia, VisionOS 2 and more.

Read more at: https://www.cnbc.com/2024/06/10/apple-wwdc-live-updates.html

S&P 500 and Nasdaq close at fresh records, clinch first winning day in three as Fed decision approaches: Live updates

Traders are looking ahead this week to the Federal Reserve’s latest interest rate decision and May inflation data.

Read more at: https://www.cnbc.com/2024/06/09/stock-market-today-live-updates.html

OpenAI hires new CFO and product chief, announces Apple deal to integrate ChatGPT

OpenAI hired a new CFO and product chief on Monday, and announced a partnership with Apple that includes an integration of ChatGPT and Siri.

Read more at: https://www.cnbc.com/2024/06/10/openai-hires-new-cfo-and-product-chief-announces-apple-partnership.html

CrowdStrike rallies to record on cybersecurity company’s inclusion in S&P 500

CrowdStrike is joining the S&P 500, replacing Comerica, effective June 24.

Read more at: https://www.cnbc.com/2024/06/10/crowdstrike-rallies-on-cybersecurity-companys-inclusion-in-sp-500-.html

These stocks should be the cornerstone of an AI portfolio, according to Evercore ISI

Watch these AI-driven stocks that could be an essential part of investors’ portfolios as the trend continues, Evercore ISI says.

Read more at: https://www.cnbc.com/2024/06/10/stocks-that-are-the-cornerstone-of-an-ai-portfolio-per-evercore-isi.html

Elliott takes $1.9 billion stake in Southwest Airlines, seeks to oust CEO and chair

The stake makes Elliott one of Southwest’s largest shareholders. Shares of Southwest were up 7% in premarket trading Monday.

Read more at: https://www.cnbc.com/2024/06/10/southwest-luv-activist-elliott-stake.html

FDA advisors recommend Eli Lilly’s Alzheimer’s drug donanemab, paving way for approval

If approved, Eli Lilly’s donanemab would become the second Alzheimer’s drug of its kind to enter the market after Leqembi from Biogen and Eisai.

Read more at: https://www.cnbc.com/2024/06/10/fda-advisors-recommend-eli-lilly-alzheimers-drug-donanemab.html

GameStop shares slide 12% following Friday’s 40% sell-off

The video game company’s stock declined to just below $24 apiece on Monday after falling nearly 40% on Friday alone.

Read more at: https://www.cnbc.com/2024/06/10/gamestop-shares-slide-16percent-following-fridays-40percent-sell-off.html

Robinhood’s deal with Bitstamp good sign for crypto industry, advisory firm says: 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, Raphael Zagury, chief investment officer and head of research at Swan Bitcoin, explains how the Federal Reserve and the upcoming U.S. presidential election factor into his crypto price outlook.

Read more at: https://www.cnbc.com/video/2024/06/10/robinhood-deal-bitstamp-good-sign-crypto-industry-advisory-firm-says-cnbc-crypto-world.html

California pension fund opposes ‘ridiculous’ Elon Musk pay package at Tesla

CalSTRS Chief Investment Officer Chris Ailman told CNBC that the pension fund will vote against the move to reinstate Musk’s pay package from 2018.

Read more at: https://www.cnbc.com/2024/06/10/california-pension-fund-opposes-teslas-ridiculous-elon-musk-pay-package.html

Home equity is near a record high. Tapping it may be tricky due to high interest rates

Consumers are sitting on ample housing wealth. High interest rates make it difficult to access.

Read more at: https://www.cnbc.com/2024/06/10/how-to-tap-home-equity-amid-high-interest-rates.html

What to expect from the housing market in the second half of 2024, according to real estate experts

While one expert points to signs of improvement in the housing market, others say more listings and lower interest rates won’t counteract higher home prices.

Read more at: https://www.cnbc.com/2024/06/10/heres-what-to-expect-from-the-housing-market-in-the-second-half-of-2024.html

Morningstar calls this ETF the ‘gold standard’ for dividend funds. Here’s why

The Schwab U.S. Dividend Equity ETF has a 30-day SEC yield of 3.84% and is “super cheap,” with an expense ratio of 0.06%.

Read more at: https://www.cnbc.com/2024/06/10/morningstar-calls-this-etf-the-gold-standard-for-dividend-funds-heres-why.html

What Exec Order? Biden Memo Instructs SoCal Border Patrol To Release Most Single Adults

President Biden’s executive order to curb the illegal alien invasion was nothing more than optically pleasing headlines before the September presidential debates. Just days after the order was signed, US Customs and Border Protection agents in the southern California sector received a memo instructing them to release single adults from all but six countries.

Fox News’ Bill Melugin obtained an internal CBP memo sent to agents in the San Diego sector following Biden’s executive order last Tuesday. The memo instructed them to release single adults from over 100 eastern hemisphere countries, except for six (Uzbekistan, Russia, Tajikistan, Georgia, Moldova, Kyrgyzstan) deemed “mandatory referral” countries. This means despite the president’s promise of stopping the invasion between border checkpoints, the majority, including Chinese, Middle Eastern, and African adults, are still being released into the US.

Here’s more from Melugin:

NEW: @FoxNews has obtained an internal Border Patrol memo sent to agents in San Diego sector after President Biden’s executive order took effect, instructing them to release single adults from all but six countries in the eastern hemisphere & classifying them as “hard” or “very hard” to remove.

Specifically, the memo instructs agents to process all single adults from 100+ countries in the eastern hemisphere as NTA/OR, which means “Notice to Appear/Release on Own Recognizance”, except for six countries which are deemed “mandatory referral” countries (Uzb …

Read more at: https://www.zerohedge.com/political/what-exec-order-memo-instructs-socal-border-patrol-release-most-single-adults

Can Democracy Survive The “Defenders Of Democracy”?

Authored by Jonathan Turley,

Below is my column in The Hill on the latest calls to protect democracy with distinctly undemocratic measures. Former presidential candidate Hillary Clinton insisted that the 2024 election was our D-Day, suggesting that voters would have to fight the GOP like the Nazis in World War II.  Clinton previously called on Europe to censor American citizens when Twitter sought to dismantle its censorship program and called her defeat in the 2016 election “illegitimate.”  Yet, for civil libertarians, the “defenders of democracy” are the very threat to democracy going into the 2024 election.

Here is the column:

In 2024, the greatest test for our Constitution may be whether it can survive the “Defenders of Democracy.”

Read more at: https://www.zerohedge.com/political/can-democracy-survive-defenders-democracy

Moelis & Co Acknowledges Investment Banker Involved In Brooklyn Pride Altercation

A video making its way around social media shows a very short clip of a man in a sports coat punching a biological woman, or possibly a man pretending to be a woman, at the Brooklyn Pride event in Park Slope.

Social media users have identified the man as Jonathan Kaye, a managing director who leads the business services franchise at Moelis & Co.

Jonathan Kaye 52 , an investment banker punches woman to the ground in New York. pic.twitter.com/OCPu0mo5PU

— Elijah (@Elijahwasike) June 9, 2024

The issue with the ten-second clip is that it needs to include all the events leading up to the exchange. Six seconds into the clip, there is a notable wet streak across Kaye’s jacket, where he tells the other Pride partygoers, “She fucking threw shit all over me.”

Read more at: https://www.zerohedge.com/political/moelis-co-acknowledges-investment-banker-involved-brooklyn-pride-altercation

After Trump Verdict, Swing State Poll Shows How It Impacts Voters’ Decisions

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Days after former President Donald Trump was found guilty by a Manhattan jury, a poll in a 2024 battleground state shows that voters still favor the former president.

A polling site at Christa McAuliffe School in Concord, N.H., on Jan. 23, 2024. (Madalina Vasiliu/The Epoch Times)In a Quinnipiac University poll conducted between May 30 to June 5, the former president had a 5-point edge over President Joe Biden in Georgia. About 49 percent backed President Trump, compared with 44 percent who supported President Biden in the Peach State.

The former president was found guilty of …

Read more at: https://www.zerohedge.com/political/after-trump-verdict-swing-state-poll-shows-how-it-impacts-voters-decisions

Couple caught in deposit trap want election to unlock home-owning dream

Many voters have told the BBC that housing is a big issue for them in the general election.

Read more at: https://www.bbc.com/news/articles/cjrrqn0jvgro

BP tightens rules on staff relationships after boss sacking

It comes after former boss Bernard Looney was dismissed for failing to disclose details about relationships.

Read more at: https://www.bbc.com/news/articles/c722kdmvz4xo

PrettyLittleThing faces backlash after scrapping free returns

Its UK customers must now pay £1.99 to return clothes, with the cost deducted from their refund.

Read more at: https://www.bbc.com/news/articles/c8vv062dm07o

Technical Breakout Stocks: How to trade Raymond, M&M and Tejas Networks on Tuesday

Sensex, Nifty saw marginal decline in profit-booking on Monday amid mixed cues. Sectorally, metal, oil & gas and IT stocks saw some selling, while buying was seen in realty, utilities, telecom and healthcare stocks. Raymond stock was up over 3% to hit a fresh 52-week high.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-how-to-trade-raymond-mm-and-tejas-networks-on-tuesday/articleshow/110879064.cms

Tech View: Nifty may consolidate within 23,000-23,500. Here’s how to trade on Tuesday

The near-term trend of the index remains positive, but with a crucial hurdle around the 23,300 level, there is a high chance of a short-term downward correction. Immediate support is at the 23,100 level, according to Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-may-consolidate-within-23000-23500-heres-how-to-trade-on-tuesday/articleshow/110878560.cms

Andhra-based stocks extend gains up to 62% in 4 sessions, riding high on TDP win

Shares of Andhra Pradesh-based firms continued surging despite muted headline indices. The rally, sparked by Chandrababu Naidu’s election win, saw companies like KCP surge up to 40% in four sessions. Andhra Cements led gains with 10%, followed by Nelcast at 5.6%. KCP gained 0.6%, Andhra Sugars rose 6.6%, and others like Crane Infrastructure and Laurus Labs also traded in green.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/andhra-based-stocks-extend-gains-up-to-62-in-4-sessions-riding-high-on-tdp-win/articleshow/110874949.cms

American Express’s stock offers ‘attractive long-term’ potential, but it’s pricey: analyst

Citi initiated coverage of American Express, but analyst Keith Horowitz flagged the stock’s current valuation as “a fairly high bar” for a buy rating.

Read more at: https://www.marketwatch.com/story/american-expresss-stock-offers-attractive-long-term-potential-but-its-pricey-analyst-249c91f2?mod=mw_rss_topstories

Trump wants IRS to stop taxing workers’ tips, as Americans say tipping is ‘out of control’

While Americans mull which workers to tip and how much they should be paying them, former President Donald Trump is saying tip earners shouldn’t have to give the Internal Revenue Service any cut of the gratuities they receive.

Read more at: https://www.marketwatch.com/story/trump-wants-irs-to-stop-taxing-workers-tips-as-americans-say-tipping-is-out-of-control-d0176dac?mod=mw_rss_topstories

Coffee’s future lies in fancier ingredients and younger consumers, analysts say, as daily consumption dips

So-called specialty coffee shops — broadly, those that pay more attention to how coffee is made and sourced — have grown faster than other quick-service restaurants over the past decade, BofA analysts said.

Read more at: https://www.marketwatch.com/story/coffees-future-lies-in-fancier-ingredients-and-younger-consumers-analysts-say-as-daily-consumption-dips-78ceae29?mod=mw_rss_topstories