StanChart Eyes “Strong Q3 Fundamentals” for Oil Price Rally

Standard Chartered has been plotting the path of the oil price rally in what it terms as an “incorrect market reaction to the 2 June OPEC+ meeting”, telling investors in a note on Wednesday that the rally has “significantly further to run”. Since reaching a low point after June 2, Brent crude has rallied by over $9 per barrel, and analysts at Standard Chartered now believe that “with the Q3 supply deficit only partially mitigated by the start of OPEC+ production increases in Q4, we could be looking at a supply deficit…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/StanChart-Eyes-Strong-Q3-Fundamentals-for-Oil-Price-Rally.html

Bill Gates and Warren Buffett Team Up to Transform Nuclear Power

Bill Gates is ready to sink billions into getting next-generation nuclear energy off the ground in the United States. The world’s sixth richest man has been a staunch nuclear supporter for years now, and has already sunk over a billion dollars of his own money into his innovative nuclear power start-up TerraPower LLC. But according to Gates, that cool billion is just the beginning. “I put in over a billion, and I’ll put in billions more,” Gates was recently quoted by Bloomberg.  Nuclear power has been gaining…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Bill-Gates-and-Warren-Buffett-Team-Up-to-Transform-Nuclear-Power.html

Kenya Aborts Tax, Fuel Price Hikes After Deadly Protests Claim 22 Lives

Kenya’s President William Ruto has announced that he will not sign into law Finance Bill 2024 containing controversial tax hikes, including a proposed fuel tax increase after countrywide protests left dozens dead and saw parliament set ablaze on Tuesday.  In an address to the nation, Ruto said it was clear that Kenyans “…want nothing” to do with the bill. State-funded Kenya National Commission on Human Rights (KNHRC) has reported that at least 22 people were killed amid clashes with the police after the bill was passed by parliament…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kenya-Aborts-Tax-Fuel-Price-Hikes-After-Deadly-Protests-Claim-22-Lives.html

Where Are Global Precious Metals Prices Heading?

Via Metal Miner The Global Precious Metals MMI (Monthly Metals Index) showed slight upward price action month-over-month, rising by 2.57%. Despite this, the overall trend of the index held sideways. In terms of specific precious metal prices, platinum and silver experienced upward price action through May before retreating back into range at the beginning of June. This served to pull the index down. Meanwhile, gold and palladium remained sideways. All of this together held the index firmly horizontal. At the moment, uncertainty remains within many…

Read more at: https://oilprice.com/Metals/Gold/Where-Are-Global-Precious-Metals-Prices-Heading.html

Russian Court Fines Italy’s UniCredit $480M Over Failed Gas Project

A court in Russia has ordered Italian UniCredit to pay nearly $480 million over a sidelined joint venture gas project with Gazprom and Germany’s Linde for which the Italian bank was a guarantor before Western sanctions caused the project to collapse.  The project planned to build a gas processing plant in Russia through a joint venture called RusChemAlliance, which is 50% owned by Gazprom. UniCredit served as the lending guarantor for the construction of the plant, Reuters reported on Wednesday.  Last month, a Russian court ordered…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Court-Fines-Italys-UniCredit-480M-Over-Failed-Gas-Project.html

German Industry Vulnerable to Chinese Retaliation

After several weeks of escalating tit-for-tat trade war salvos between China and Europe, threatening to scuttle billions in auto trade between the two blocs, over the weekend China agreed to enter talks with the EU over its decision to impose higher tariffs on imports of Chinese electric vehicles during a visit to Beijing by Germany’s vice-chancellor, which was aimed at soothing tensions. Robert Habeck, Germany’s minister for economic affairs and climate action, the same minister who was crucified by Deutsche Boerse CEO Theodor Weimer in…

Read more at: https://oilprice.com/Energy/Energy-General/German-Industry-Vulnerable-to-Chinese-Retaliation.html

Explaining the European Union’s Leadership Shuffle

Leaders of the 27 EU member states are meeting in Brussels on June 27-28, where they are expected to decide who will take the top jobs across the bloc’s various institutions. The key roles are the three presidents — of the European Commission, the European Council, the European Parliament — and the bloc’s foreign policy chief. In all likelihood, the German center-right candidate from the European People’s Party (EPP) group, Ursula von der Leyen, will get another five years as president of the European Commission, the EU’s executive arm, as will…

Read more at: https://oilprice.com/Geopolitics/International/Explaining-the-European-Unions-Leadership-Shuffle.html

Saudi Aramco Set to Buy 25% in U.S. LNG Project

Saudi Arabia’s oil giant Aramco has signed a non-binding agreement to buy LNG from Sempra’s Port Arthur LNG project and potentially acquire 25% in the project’s Phase 2, the U.S. and Saudi firms said on Wednesday. Under the non-binding Heads of Agreement (HoA), Aramco and Sempra are set to discuss a 20-year sale and purchase agreement for LNG offtake of 5.0 million tonnes per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. Today’s agreement further contemplates Aramco’s 25% participation…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Set-to-Buy-25-in-US-LNG-Project.html

Oil Moves Lower on Surprise Inventory Build

Crude oil prices ticked down today, after the U.S. Energy Information Administration reported an inventory build of 3.6 million barrels for the week to June 21. This compared with a draw of 2.5 million barrels that pushed prices higher last week, as it was accompanied by inventory declines in gasoline and middle distillates as well, suggesting strengthening demand. Meanwhile, the American Petroleum Institute yesterday estimated an oil inventory build of less than 1 million barrels for the week to June 21, which despite its size…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Moves-Lower-on-Surprise-Inventory-Build.html

Short Sellers Destroyed As Volkswagen Gives Rivian a $5 Billion Boost

After soaring to a record high just days after its November ’21 IPO (at $78/share), the fate of EV maker Rivian had been a brutal one-way masterclass in disappointment after disappointment, with the price trading near record lows in recent months, and flirting with single digits, down 93% from the all time high of $172 hit in November 2021. So one can almost feel happy for the long-suffering RIVN longs who saw their stock price surge more than 50% after hours when Germany’s largest car company Volkswagen announced it would invest $5 billion to…

Read more at: https://oilprice.com/Finance/the-Economy/Short-Sellers-Destroyed-As-Volkswagen-Gives-Rivian-a-5-Billion-Boost.html

Russia’s Gazprom Announces Natural Gas Supply Deal With Iran

Gazprom has signed an agreement to look into the possibility of supplying Russian gas to Iran, Russia’s gas giant said on Wednesday. Gazprom and the National Iranian Gas Company (NIGC) signed the memorandum of understanding during a visit of Gazprom executives to Tehran. “The parties proceed from developing long-term mutually beneficial cooperation going forward,” Russian news agency Interfax quoted Gazprom as saying in a statement. During the visit, Gazprom’s chief executive officer Alexey Miller met with Iranian Oil…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Gazprom-Announces-Natural-Gas-Supply-Deal-With-Iran.html

EU Lowers Proposed Tariffs on Chinese EVs Ahead of Trade Talks

The European Union has slightly lowered its proposed tariffs on imports of China-made electric vehicles in the EU, as the bloc and China have agreed to hold consultations on the tariff spat. The EU adjusted some of the planned import tariffs – which will come on top of an existing 10% duty – after receiving move information from Chinese EV makers subject to the ongoing EU anti-subsidy probe, an anonymous source with knowledge of the matter told Bloomberg. Earlier this month, the European Commission announced provisional…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Lowers-Proposed-Tariffs-on-Chinese-EVs-Ahead-of-Trade-Talks.html

China Puts Limits on ‘No-Limits’ Friendship’ With Russia

Vladimir Putin’s touted “friendship without limits” with China has reached at least one limit—Beijing is not committing to a massive new energy project to import Russian pipeline gas unless it’s favorable for the world’s second-largest economy. Russia has been trying for years to get China to commit to a new natural gas pipeline from the massive fields in Western Russia to China via Mongolia. The proposed Power of Siberia 2 pipeline, despite Russian assurances, is nowhere near a concrete commitment from China…

Read more at: https://oilprice.com/Energy/Natural-Gas/China-Puts-Limits-on-No-Limits-Friendship-With-Russia.html

Investment Manager LGIM Divests From Glencore Over Coal Business

Legal & General Investment Management (LGIM) is divesting shares in Glencore from its ESG funds over concerns that the mining giant doesn’t have a path to net zero amid continued thermal coal production. Legal & General (L&G) has expanded its climate engagement reach and, as part of the engagement with consequences, comes the decision that LGIM is divesting from Glencore, L&G said in a statement on Wednesday. The divestment from Glencore follows extensive engagement with the company since the first Climate Impact…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Investment-Manager-LGIM-Divests-From-Glencore-Over-Coal-Business.html

Pemex Tax Payment Deferred as State Oil Firm Struggles With $100-Billion Debt

Mexico has allowed Pemex to defer its June monthly tax payments to July 31 as the government continues to support its state oil giant that has been reeling under $100 billion in debts for years.   Petroleos Mexicanos, as Pemex is officially known, has been granted a government deferral of the so-called DUC levy for May, due in June, according to a government decree published on Tuesday evening and cited by Bloomberg. The government hasn’t announced the amount of the deferred tax due, but payments for February and March have averaged…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pemex-Tax-Payment-Deferred-as-State-Oil-Firm-Struggles-With-100-Billion-Debt.html

Nvidia CEO Jensen Huang addresses rising competition at shareholder meeting after historic stock surge

Since last year’s meeting, Nvidia has been on a historic run.

Read more at: https://www.cnbc.com/2024/06/26/nvidia-ceo-jensen-huang-speaks-at-first-shareholder-meeting-since-stock-surge.html

Amazon reaches $2 trillion market cap for the first time

The company joins other tech heavyweights, such as Nvidia, Apple, Amazon and Microsoft, all of which have crossed a $2 trillion market capitalization.

Read more at: https://www.cnbc.com/2024/06/26/amazon-reaches-2-trillion-market-cap-for-the-first-time.html

Morgan Stanley wealth advisors are about to get an OpenAI-powered assistant to do their grunt work

The rollout will be a real-world test for the vaunted productivity gains of generative AI, which took the world by storm in late 2022.

Read more at: https://www.cnbc.com/2024/06/26/morgan-stanley-openai-powered-assistant-for-wealth-advisors.html

Southwest Airlines cuts revenue forecast, blaming changing booking patterns

The company said it still expects record quarterly operating revenue in the second quarter.

Read more at: https://www.cnbc.com/2024/06/26/southwest-airlines-cuts-revenue-forecast.html

Here’s what’s next for bitcoin after the cryptocurrency returned to $60,000 this week

Bitcoin is testing a key level once again after the cryptocurrency fell below $60,000 this week for the first time since May 3.

Read more at: https://www.cnbc.com/2024/06/26/heres-whats-next-for-bitcoin-after-the-cryptocurrency-returned-to-60000-this-week.html

YouTube dominates streaming, forcing media companies to decide whether it’s friend or foe

YouTube is gaining share of viewership on TVs, and legacy media doesn’t have a uniform strategy to deal with the threat.

Read more at: https://www.cnbc.com/2024/06/26/youtube-streaming-dominance-media-strategy.html

Google is testing facial recognition technology for campus security, starting at site near Seattle

According to internal documents, Google is testing facial recognition technology at a site in Kirkland, Washington.

Read more at: https://www.cnbc.com/2024/06/26/google-testing-facial-recognition-technology-for-security-near-seattle.html

Stocks making the biggest moves midday: Rivian Automotive, FedEx, Whirlpool and more

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

Read more at: https://www.cnbc.com/2024/06/26/stocks-making-the-biggest-moves-midday-rivn-fdx-whr-and-more.html

Spot ether ETFs will attract $15 billion in first 18 months, Bitwise 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, Juan Leon, senior crypto research analyst at Bitwise Asset Management, explains the investment firm’s research on spot ether ETFs as well as his note on the intersection of crypto and AI.

Read more at: https://www.cnbc.com/video/2024/06/26/spot-ether-etfs-attract-15-billion-first-18-months-bitwise-says-cnbc-crypto-world.html

Supreme Court tosses out claim Biden administration coerced social media companies to remove content

The court overturned an injunction that would have limited contacts between government officials and social media companies on a wide range of issues.

Read more at: https://www.cnbc.com/2024/06/26/supreme-court-tosses-out-claim-biden-administration-coerced-social-media-companies-to-remove-content.html

Here’s where U.S. rents are rising — and falling — the fastest

Asking rents for one- and two-bedroom apartments are up more than 10% in some large U.S. cities since June 2023, according to Zumper.

Read more at: https://www.cnbc.com/2024/06/26/heres-where-us-rents-are-rising-and-falling-the-fastest.html

The ‘funflation’ effect: Why Americans are spending so much on travel and entertainment this summer

Admission prices for sporting events, movies, theaters and concerts are up year over year.

Read more at: https://www.cnbc.com/2024/06/26/funflation-why-consumers-are-spending-so-much-this-summer.html

Biden administration to lower costs for 64 drugs through inflation penalties on drugmakers

President Joe Biden has made lowering U.S. drug prices a key pillar of his health-care agenda and reelection platform for 2024.

Read more at: https://www.cnbc.com/2024/06/26/biden-to-lower-some-drug-costs-through-inflation-penalties.html

Saudi Aramco Set To Buy 25% In US LNG Project

Authored by Charles Kennedy via OilPrice.com,

Saudi Arabia’s oil giant Aramco has signed a non-binding agreement to buy LNG from Sempra’s Port Arthur LNG project and potentially acquire 25% in the project’s Phase 2, the U.S. and Saudi firms said on Wednesday.

Under the non-binding Heads of Agreement (HoA), Aramco and Sempra are set to discuss a 20-year sale and purchase agreement for LNG offtake of 5.0 million tonnes per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. Today’s agreement further contemplates Aramco’s 25% participation in the project-level equity of Phase 2.

Phase 1 of the Port Arthur LNG project, an export terminal in Southeast Texas with direct access to the Gulf of Mexico, is currently under constru …

Read more at: https://www.zerohedge.com/energy/saudi-aramco-set-buy-25-us-lng-project

Watch: Jake Tapper And CNN Repeatedly Compare Trump To Hitler

Tomorrow night, President Joe Biden and former President Donald Trump will debate in Atlanta on CNN, moderated by Jake Tapper and Dana Bash.

In a departure from debate tradition, there will be no studio audience following a demand from the Biden campaign, as well as two commercial breaks. What’s more, Tapper and Bash will be able to mute the candidates’ microphones at will.

Last week, Trump 2024 National Press Secretary Karoline Leavitt appeared on CNN, where she had her own mic cut by anchor Kasie Hunt for pointing out that Tapper has compared Trump to Hitler in the past.

BREAKING: CNN host @kasie CUTS OFF Trump spokeswoman @kleavittnh the second she brings up Jake Tapper spending years comparing Trump to Adolf Hi …

Read more at: https://www.zerohedge.com/political/watch-jake-tapper-and-cnn-repeatedly-compare-trump-hitler

Sorry Green Energy Fans, Net Zero Is A Very Unlikely Outcome

Authored by Mike Shedlock via MishTalk.com,

Let’s discuss the Kyoto Protocol climate objectives and dozens of reasons why a net zero by the 2050 target has virtually no chance.

The Kyoto Protocol

The Kyoto Protocol was adopted on December 11, 1997. There are 192 Parties to the Kyoto Protocol.

The ultimate objective of the convention is to stabilize greenhouse gas concentrations at a level that would prevent dangerous anthropogenic (human induced) interference with the climate system.

The current goal is net zero carbon emission by 2050.

Halfway Between Kyoto and 2050

The Fraser Institute reports that we are

Read more at: https://www.zerohedge.com/political/sorry-green-energy-fans-net-zero-very-unlikely-outcome

The Many Faces Of Inflation

Authored by Jeffrey Tucker via The Epoch Times,

A few nights ago at a restaurant I ordered a dish of Mediterranean prawns that sounded delicious by the description.

The reality was a huge pile of large croutons with four shrimps sitting on top, each of which came to about $8 per shrimp.

Yes, disappointing but don’t blame the restaurant. It’s the reality of doing business in a high-inflation environment.

Another friend reports the following:

“I took my kids to a coffee shop in Seattle-Tacoma Airport yesterday. Three small chai lattes, two bottles of water, four cheese sticks, one inedible ham/cheese sandwich, and one single-serving bag of chips. Bill was $90.”

Such anecdotal stories are important to understanding the reality of our times. This is because the official data is …

Read more at: https://www.zerohedge.com/personal-finance/many-faces-inflation

Fujitsu engineer told to tone down evidence

Gareth Jenkins told the public inquiry he was asked to make his witness statement less emotive.

Read more at: https://www.bbc.com/news/articles/c4nngyn24eqo

Ex-BHS director must pay £50m over firm’s collapse

A High Court judge said Mr Chappell tried to “plunder the BHS Group whenever possible”.

Read more at: https://www.bbc.com/news/articles/cn007pd8vjxo

Czech billionaire offers to buy all Royal Mail staff shares

He needs the approval of shareholders of three quarters of the business.

Read more at: https://www.bbc.com/news/articles/ce993qynp25o

Amazon hits $2 trillion in valuation on AI fervor, rate cut bets

The stock climbed 3.4% to $192.70, pushing the e-commerce giant’s market value past $2 trillion. This elevation places it alongside technology giants like Microsoft Corp, Apple Inc, Nvidia Corp, and Alphabet in the elite $2 trillion club.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/amazon-hits-2-trillion-in-valuation-on-ai-fervor-rate-cut-bets/articleshow/111293966.cms

Nervous investors tear up ESG playbooks in election supercycle

In 2024, global elections spark an anti-green trend affecting ESG investments. Marine Le Pen and Trump’s influence reshape the environmental landscape. Utility stocks gain prominence amidst shifting policies and investor sentiments.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nervous-investors-tear-up-esg-playbooks-in-election-supercycle/articleshow/111272262.cms

Tech View: Nifty forms ‘3 Advancing Soldiers’ pattern. Here’s how to trade on Thursday expiry

Nifty ended Wednesday session 147.5 points higher and formed a new peak at 23,889 level to form a long bull candle on the daily charts.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-3-advancing-soldiers-pattern-heres-how-to-trade-on-thursday-expiry/articleshow/111288697.cms

Plans for private club at San Francisco’s Transamerica Pyramid hit by lawsuit

Michael Shvo is sued by a partner involved in creating an exclusive club at San Francisco’s famed Transamerica Pyramid

Read more at: https://www.marketwatch.com/story/plans-for-private-club-at-san-franciscos-transamerica-pyramid-hit-by-lawsuit-9d36a40f?mod=mw_rss_topstories

Those new AI-powered Windows PCs really might be Apple ‘Mac killers’

Qualcomm is strongly positioned, while AMD and Intel may be vulnerable.

Read more at: https://www.marketwatch.com/story/those-new-ai-powered-windows-pcs-really-might-be-apple-mac-killers-1d669862?mod=mw_rss_topstories

The IRS apologized to billionaire Ken Griffin, but the agency struggles to help everyday taxpayers with this ‘unconscionable’ problem

Taxpayers are facing longer wait times for the IRS to resolve identity theft cases, a new report from the National Taxpayer Advocate finds

Read more at: https://www.marketwatch.com/story/the-irs-apologized-to-billionaire-ken-griffin-but-the-agency-struggles-to-help-everyday-taxpayers-with-this-unconscionable-problem-370c3d68?mod=mw_rss_topstories