Houthis Showcase Drone Boat as Another Merchant Ship Falls Victim

Let’s take a break from the chaos in American politics and gravitate towards the Middle East.  Iran-backed Houthis are still lobbing missiles, kamikaze drones, and boat drones at Western-linked commercial vessels sailing through the critical maritime chokepoint in the Southern Red Sea.  The British military’s United Kingdom Maritime Trade Operations (UKMTO) reported a vessel was attacked by a boat drone about 97 nautical miles northwest of Al Hudaydah, Yemen. “The Master of a merchant vessel reports being attacked by 3 small…

Read more at: https://oilprice.com/Geopolitics/International/Houthis-Showcase-Drone-Boat-as-Another-Merchant-Ship-Falls-Victim.html

Roughly 13% of Mexican Steel Imports to Face Tariffs Under New Agreement

Via Metal Miner The Raw Steels Monthly Metals Index (MMI) fell 4.5% from June to July. Although the pace of declines appeared to slow from the previous month, U.S. flat rolled steel prices remained bearish during June. HRC prices fell nearly 7%, followed by an almost 5% decline in HDG prices and a modest 2% drop in CRC prices. Meanwhile, the plate price downtrend picked up speed, with prices falling over 6%. Weak conditions and “ongoing competition” also saw Nucor cut its plate prices by $125/st, which brings them down to an estimated…

Read more at: https://oilprice.com/Metals/Commodities/Roughly-13-of-Mexican-Steel-Imports-to-Face-Tariffs-Under-New-Agreement.html

Gas Prices Tick Higher As Oil Prices Fail To Gain Momentum

U.S. gasoline prices have edged slightly higher as oil prices have struggled to break out of the low-$80s, with sluggish U.S. demand one of the factors keeping prices range-bound. Data compiled by GasBuddy from more than 12 million individual price reports covering over 150,000 gas stations across the country has revealed that U.S. gas prices averaged 5.2 cents higher from a month ago but 5.8 cents per gallon lower than a year ago. The national average price of diesel climbed 2.3 cents in the last week to $3.83 per gallon but remained…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gas-Prices-Tick-Higher-As-Oil-Prices-Fail-To-Gain-Momentum.html

What Does China’s GDP Miss Mean for Its Economy?

China’s economy expanded by 4.7 percent in the second quarter of the year compared to the same period last year, according to official data released on Monday.   This growth rate fell short of economists’ expectations of 5.1 percent and represented a slight slowdown from the 5.3 percent growth recorded in the previous quarter.   Despite policymakers’ efforts to stimulate domestic demand amidst a prolonged downturn in the property market, GDP only grew by 0.7 percent from April to June. This was below the anticipated…

Read more at: https://oilprice.com/Finance/the-Economy/What-Does-Chinas-GDP-Miss-Mean-for-Its-Economy.html

European Diesel Trade Thriving After Russia’s Exclusion

Europe’s Intercontinental Exchange Inc (ICE) has revealed that trading in European diesel futures and options has been thriving ever since Russian crude was excluded from the continent’s benchmark.  ICE has reported seeing a series of open interest records in the gasoil, or diesel, market that it operates for the month of June with open interest in options and quarterly volumes setting new records. ICE banned the delivery of Russian fuel into its gasoil contract in early 2023 following heavy sanctions by the European…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Diesel-Trade-Thriving-After-Russias-Exclusion.html

Are Armenia and Azerbaijan Finally Near a Peace Agreement?

NATO’s 75th anniversary summit in Washington in some ways mimicked the very first gathering of the Atlantic Alliance back in 1949, especially in the way Western leaders fixated on checking Russian aggression. But along the sidelines, a lot occurred with strategic implications for the South Caucasus.  On the summit’s second day, United States tried to reinvigorate the Armenian-Azerbaijani peace process, as US Secretary of State Antony Blinken facilitated discussions between Armenian and Azerbaijani negotiators.  Earlier in…

Read more at: https://oilprice.com/Geopolitics/International/Are-Armenia-and-Azerbaijan-Finally-Near-a-Peace-Agreement.html

Asian Market Buys First Oil Cargoes From Canada’s Trans Mountain Pipeline

China, Japan and South Korea are set to receive cargoes of oil imports from Canada’s newly expanded Trans Mountain pipeline in September, becoming the first Asian countries to benefit from the facility since it became operational in May.  The expanded TMX pipeline will triple the flow of crude from landlocked Alberta to Canada’s Pacific coast to 890,000 barrels per day (bpd). TMX provides Asian refiners an opportunity to diversify their imports while also giving Canadian producers more access to U.S. West Coast and Asian markets.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Asian-Market-Buys-First-Oil-Cargoes-From-Canadas-Trans-Mountain-Pipeline.html

Energy Services Employment Rebounds

U.S. oilfield services jobs saw another month of job gains in June, pointing to continued improvement in the energy sector job market, while overall U.S. jobs growth moderates and the unemployment rate rises. The U.S. oilfield services sector saw a gain of 968 jobs in June 2024, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council. June was the first time in 2024 that has experienced employment growth, outpacing 2023’s growth by almost 450 jobs, the…

Read more at: https://oilprice.com/Energy/Energy-General/Energy-Services-Employment-Rebounds.html

Why Taxpayers Are Footing the Bill for Risky Coastal Development?

A reader of mine asked the following question in a recent email: If climate change is such a threat, how come U.S. coastal properties continue to rise in value? This seems like a conundrum unless you know what is actually driving the trend. And, it’s worth noting that coastal home prices in certain instances have suddenly collapsed along with the shoreline next to those homes due to coastal erosion—which, not surprisingly, increases with rising sea level. A Nantucket seaside home assessed for tax purposes just this year at $1.9 million recently…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Why-Taxpayers-Are-Footing-the-Bill-for-Risky-Coastal-Development.html

CNOOC Announces Offshore Oil and Gas Exploration Breakthrough

Chinese state-held oil and gas giant CNOOC said on Monday it had achieved an exploration breakthrough in medium-to-deep Mesozoic plays in the Bohai Bay offshore China.  CNOOC, which specializes in offshore exploration and production in China and abroad, was exploring a discovery well in the Longkou 7-1 oilfield in eastern Bohai Bay. The well was drilled and completed at a depth of approximately 4,400 meters (14,436 ft), encountering a total of 76 meters (249 ft) of oil and gas pay zones.   The well was tested to produce…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/CNOOC-Announces-Offshore-Oil-and-Gas-Exploration-Breakthrough.html

Oil Prices Muted After Shooting at Trump Rally

The oil market and the U.S. stock futures were calm early on Monday morning after the U.S. was rattled by the assassination attempt on former president Donald Trump during a rally in Pennsylvania this weekend. Investigation showed that the shooter acted alone – a development that prevented a pronounced negative effect on U.S. markets.  S&P 500 and NASDAQ futures were rising in pre-market trading on Monday, pointing to higher opening, as markets do not appear rattled by the shooting at Trump’s rally.   As of 7:50 EDT…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Muted-After-Shooting-at-Trump-Rally.html

China’s Coal Production Hits Six-Month High

China aims to avoid coal shortages during the peak summer demand season by stockpiling coal and increasing production.China boosted its coal production in June to the highest level in six months as it looked to meet power demand for cooling in the summer and as eased mining safety inspections allowed some mines to resume operations.  Chinese coal production stood at 405.38 million metric tons in June, the highest volume since December 2023 and a 3.6% rise compared to June last year, according to data from China’s National Bureau of Statistics…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Coal-Production-Hits-Six-Month-High.html

Novatek’s LNG Ambitions Hindered by Geopolitical Tensions

Natural gas sales of Russian gas producer and LNG exporter Novatek dropped in the second quarter and first half of this year compared to the year-ago periods, the company said in a preliminary operations report on Monday.   Preliminary data on total natural gas sales volumes, including LNG volumes sold, fell by 2.6% year-on-year to 17.83 billion cubic meters (bcm) in the second quarter of 2024. First-half sales dropped by 3.3% and stood at 39.30 bcm, Novatek said in a press release.   However, the company’s oil…

Read more at: https://oilprice.com/Energy/Natural-Gas/Novateks-LNG-Ambitions-Hindered-by-Geopolitical-Tensions.html

Africa’s Largest Oil Refiner Set for Public Listing

Nigeria’s Dangote Group plans to list its company Dangote Petroleum Refinery & Petrochemicals, which runs Africa’s largest refinery, on the Nigerian stock exchange in early 2025, the group’s president Aliko Dangote said this weekend.   The group also plans to list another multi-billion-dollar subsidiary, Dangote Fertiliser Limited, on the domestic stock market in the first quarter of next year, Dangote, who is Africa’s richest person, told Nigerian media.  “Our export strategy aims to alleviate…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Africas-Largest-Oil-Refiner-Set-for-Public-Listing.html

Argentina’s Shale Patch to Boost Oil Exports with Supertankers

Supertankers could begin docking in Argentina to load oil from the country’s shale patch after a pipeline is set to connect the Vaca Muerta shale play with a terminal at Punta Colorada port capable of handling the so-called very large crude carriers (VLCCs).  Earlier this year, Argentina’s state-run energy giant YPF began construction of the first section of a 600-kilometer (373 miles) pipeline designed to connect the Vaca Muerta oil production with the Argentinian coast, Oil & Gas Journal reported in May. Phase two…

Read more at: https://oilprice.com/Energy/Crude-Oil/Argentinas-Shale-Patch-to-Boost-Oil-Exports-with-Supertankers.html

Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates

Monday was Powell’s first public speaking appearance since the consumer price index report for June showed cooling inflation.

Read more at: https://www.cnbc.com/2024/07/15/powell-indicates-fed-wont-wait-until-inflation-is-down-to-2percent-before-cutting-rates.html

Dow rises 200 points to close at a record after Trump survives assassination attempt: Live updates

The major benchmarks just came off another solid week as easing inflation data fueled rate-cut bets.

Read more at: https://www.cnbc.com/2024/07/14/stock-market-today-live-updates.html

JD Vance is Trump’s VP pick after Rubio and Burgum were passed over for running mate

Donald Trump has selected Sen. JD Vance of Ohio as his presidential running mate.

Read more at: https://www.cnbc.com/2024/07/15/donald-trump-vp-announcement.html

Live updates: Trump officially becomes the Republican nominee as delegates vote

The attempted assassination of Donald Trump at his Pennsylvania rally left one crowd member dead and two others critically injured.

Read more at: https://www.cnbc.com/2024/07/15/live-updates-trump-officially-becomes-the-republican-nominee-as-delegates-vote.html

Trump classified documents case dismissed by Judge Aileen Cannon over special counsel appointment

The ruling by Judge Aileen Cannon in the classified documents case by Jack Smith against Donald Trump came days after Trump’s attempted assassination.

Read more at: https://www.cnbc.com/2024/07/15/trump-classified-documents-case-dismissed-by-judge-over-special-counsel-appointment.html

Netflix and these other stocks are expected to have the biggest moves on earnings this week

Several stocks could see strong moves this week on the back of their latest financial results.

Read more at: https://www.cnbc.com/2024/07/15/netflix-and-these-stocks-seen-having-weeks-biggest-moves-on-earnings.html

BlackRock CEO Larry Fink ‘major believer’ there’s role for bitcoin in portfolios: 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, Jason Hogg, former FBI special agent and founder of Matunuck Group, discusses the rise in crypto ATM scams.

Read more at: https://www.cnbc.com/video/2024/07/15/blackrock-ceo-larry-fink-major-believer-theres-role-for-bitcoin-in-portfolios-cnbc-crypto-world.html

Live updates: Trump shooting puts Secret Service under scrutiny

Donald Trump said he was grazed by a bullet at a Pennsylvania rally where one attendee was killed and two were critically injured.

Read more at: https://www.cnbc.com/2024/07/15/live-updates-trump-shooting-puts-secret-service-under-a-microscope.html

Crypto stocks like Coinbase and MicroStrategy soar, mirroring rally in bitcoin

Shares of Coinbase, MicroStrategy and Riot Platforms surged on Monday as bitcoin hits a two-week high.

Read more at: https://www.cnbc.com/2024/07/15/crypto-stocks-like-coinbase-and-microstrategy-soar-as-bitcoin-rallies.html

BlackRock’s ETF business just keeps growing, but the search for revenue goes on

Larry Fink’s gamble on Barclays’ iShares ETF business has proven to be one of the greatest financial investments of all time.

Read more at: https://www.cnbc.com/2024/07/15/blackrocks-etf-business-just-keeps-growing-but-the-search-for-revenue-goes-on.html

Lower capital gains tax, cuts to food benefits: What Project 2025 could mean for your wallet in a Trump presidency

Project 2025, a blueprint for the next Republican administration, proposes sweeping policy changes that would affect Americans’ wallets.

Read more at: https://www.cnbc.com/2024/07/15/what-project-2025-could-mean-for-your-wallet-in-a-trump-presidency.html

Trump Media shares soar more than 30% after assassination attempt

The stock’s rise comes two days after the attempted assassination of former President Donald Trump, the company’s majority shareholder.

Read more at: https://www.cnbc.com/2024/07/15/trump-media-shares-rise-after-assassination-attempt.html

RFK Jr. to receive Secret Service protection after Trump assassination attempt

Robert F. Kennedy Jr. previously requested Secret Service protection, and Donald Trump endorsed that bid after getting shot at during a Pennsylvania rally.

Read more at: https://www.cnbc.com/2024/07/15/trump-shooting-rfk-to-secret-service-protection.html

“It’s Staggering!” – AI’s Rapid Growth Threatens Energy Industry, Economy, & Climate

Authored by Haley Zaremba via OilPrice.com,

• AI’s rapid growth threatens the stability of the energy industry, economy, and climate due to its high energy consumption.
• The tech sector’s decarbonization goals are challenged by AI’s power demands, with Google reporting a 48 percent increase in carbon emissions over the last five years.
• AI and electric vehicles are expected to add significant electricity demand to the US grid, potentially leading to energy shortages and increased energy bills.

The growth of Artificial Intelligence has come on so strong and so fast that it threatens to destabilize the energy industry, the economy, and the climate.

Last week, Google stated that its carbon emissions have skyrocketed by a whopping

Read more at: https://www.zerohedge.com/energy/its-staggering-ais-rapid-growth-threatens-energy-industry-economy-climate

Trump Picks J.D. Vance As Running Mate

48 hours after being shot through the ear at a campaign event, Donald Trump has announced J.D. Vance as his running mate.

“After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio,” Trump posted on Truth Social.

Full statement:

After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio. J.D. honorably served our Country in the Marine Corps, graduated from Ohio State University in two years, Summa Cum Laude, and is a Yale Law School Gradu …

Read more at: https://www.zerohedge.com/political/trump-picks-jd-vance-running-mate

Starlink Overcomes Lawfare By Dish In Attempt To Stall Next-Gen Satellite Deployment

The US Court of Appeals for the District of Columbia rejected a challenge last Friday from DISH Network and the nonprofit DarkSky, which sought to halt the deployment of SpaceX’s second-generation Starlink network in low Earth orbit.

The crux of the issue was a December 2022 Federal Communications Commission approval of SpaceX’s 7,500 next-gen Starlink satellites. Dish and DarkSky have opposed SpaceX’s expanding satellite constellation in LEO, arguing these new satellites would produce too much light and potentially disrupt astronomy and wildlife.

Here’s more from PCMag:

Both parties joined forces to file a lawsuit in January 2023 to try and invalidate the FCC’s order. Dish told the appeals court that the FCC essentially ignored evidence showing the second-generation Starlink satellites “will exceed the power flux-density limits” and potentially …

Read more at: https://www.zerohedge.com/technology/starlink-overcomes-lawfare-dish-attempt-stall-next-gen-satellite-deployment

The View Hosts Blame White Men For Trump Assassination Attempt

Authored by Paul Joseph Watson via Modernity.news,

The View hosts Joy Behar and Ana Navarro reacted to the attempted assassination of Donald Trump by blaming white men, with Navarro asserting, “It wasn’t a drag queen, it wasn’t an immigrant.”

Yes, really.

Leftists have been reeling since the shocking incident, trying to find all manner of bizarre coping mechanisms.

Some ludicrously suggested the entire event was stage managed by Trump himself, while others seized on the fact that the shooter was a registered Republican, despite him donating to left-wing causes and literally trying to assassinate Trump.

Navarro, who has been suffering from a severe bout of Trump Derangement Syndrome for nearly a decade, chose simply to blame an entire race just because the gunman wasn’t black or brown.

Read more at: https://www.zerohedge.com/political/view-hosts-blame-white-men-trump-assassination-attempt

Truth Social shares surge after Trump shooting

Analysts say traders see the shooting as improving Mr Trump’s chances of returning to the White House.

Read more at: https://www.bbc.com/news/articles/cz9djmd38m9o

Burberry boss ousted as sales continue to fall

The UK fashion house appoints Joshua Schulman to lead the firm as it looks to revive its fortunes.

Read more at: https://www.bbc.com/news/articles/c0dm42jek80o

She’s made her opening gambit. What’s the chancellor’s long game?

Once a junior chess champion, now Rachel Reeves runs the UK economy. Faisal Islam looks at her strategy.

Read more at: https://www.bbc.com/news/articles/cjjw6l53xe2o

How to trade Godfrey Phillips, Zensar & Aurobindo Pharma on Tuesday

The Indian market closed higher on Monday for the second day in a row. The S&P BSE Sensex rose 145 points while the Nifty50 closed above 24,500.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-how-to-trade-godfrey-phillips-zensar-technologies-and-aurobindo-pharma-on-tuesday/market-roundup/slideshow/111759300.cms

Technical picks: Wipro, Coforge among 6 stocks that can rally up to 32% in short-term

The bluechip Nifty 50 and S&P BSE Sensex rose by 0.73% and 0.65% last week, respectively, led by IT stocks following market-leader Tata Consultancy Services’s results, which signaled early signs of recovery in the sector. Meanwhile, several analysts have shared their technical perspectives on various stocks, identifying potential gains of up to 32% in the near term. Here’s a compilation of 7 tech picks:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-picks-wipro-coforge-among-6-stocks-that-can-rally-up-to-32-in-short-term/money-making-ideas/slideshow/111742717.cms

HCL Tech shares surge 4% on Q1 profit beat. Time to hold or buy?

HCL Technologies reports a 20% YoY growth in net profit, reaching Rs 4,257 crore for the quarter ended June 2024. Brokerages maintain positive views on the stock with target prices ranging from Rs 1,720 to Rs 1,850.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/hcl-tech-shares-surge-4-on-q1-profit-beat-time-to-hold-or-buy/articleshow/111743711.cms

Inflation is cooling. Why that’s not a headwind for corporate earnings.

Strategists at BofA Global Research suggest there is no evidence to support the argument that disinflation could be a headwind to the financial health of American companies.

Read more at: https://www.marketwatch.com/story/inflation-is-slowing-down-why-thats-not-a-headwind-for-corporate-earnings-9f116fe1?mod=mw_rss_topstories

Options traders flash rare bullish signal for small-cap stocks

The options market is sending an encouraging message for small-cap investors: The latest stock rally might have room to run.

Read more at: https://www.marketwatch.com/story/options-traders-flash-rare-bullish-signal-for-small-cap-stocks-db799bf9?mod=mw_rss_topstories

‘It’s a very ugly American trait’: I cried foul when basic-economy passengers grabbed premium-economy seats. The airline has finally shown me respect.

“That woman and her mother were selfish and self-interested, and believed that they were entitled to get those seats.”

Read more at: https://www.marketwatch.com/story/its-a-very-ugly-american-trait-i-cried-foul-when-basic-economy-passengers-grabbed-premium-economy-seats-the-airline-has-finally-shown-me-respect-dad2e467?mod=mw_rss_topstories