Construction Costs Remain Elevated Despite Stabilizing Base Metals

Via Metal Miner The Construction MMI (Monthly Metals Index) held true to its year-long sideways trend, only budging down 1.07%. While base metals prices in the construction market remain fairly stable, construction projects overall still continue to battle with elevated rates. This is especially true in the private sector. However, the market continues to push through more than a year of elevated interest rates and remains resilient, despite ongoing labor shortages. Metals Prices Stable, but Construction Costs Remain High The U.S. construction…

Read more at: https://oilprice.com/Metals/Commodities/Construction-Costs-Remain-Elevated-Despite-Stabilizing-Base-Metals.html

Gulf Oil Producers Invest Heavily in Carbon Capture and Hydrogen

As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and cleaner sources of energy to make their activities less carbon-intensive and support the energy transition. Gulf NOCs’ low-cost production advantages and massive hydrocarbons resources mean that CCUS can reduce emissions for the coming decades as the world continues to rely on oil and gas amid the energy transition. Moreover, with the…

Read more at: https://oilprice.com/Energy/Energy-General/Gulf-Oil-Producers-Invest-Heavily-in-Carbon-Capture-and-Hydrogen.html

Kenyan Government Rejects Tullow Oil’s Field Plan

Last year, TotalEnergies (NYSE:TTE) and Africa Oil (OTCPK:AOIFF) announced they had abandoned the multi-billion dollar South Lokichar project in Kenya, leaving British exploration firm Tullow Oil (OTCPK:TUWLF) (OTCPK:TUWOY) as the oilfield’s sole owner following a multiyear effort to get development off the ground. The two partners held a 25% stake apiece in the Lokichar field but withdrew after an unsuccessful drawn-out process to find a fourth partner. The long-delayed project aims to tap 460M barrels of oil in multiple fields in a…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kenyan-Government-Rejects-Tullow-Oils-Field-Plan.html

UK Fund Faces Headwinds as Energy Storage Challenges Emerge

Gore Street Energy fund said it remains confident in delivering strong returns to investors despite “challenging” conditions in Britain’s energy storage market over the last year. Annual earnings before interest, taxation, depreciation and amortisation (EBITDA) at the London-listed fund came in broadly level at £28.4m, up from £27.8m the year prior. But net asset value (NAV) fell from £556.3m to £540.7m as NAV per share plunged to 64.5p, down from 100.8p. Pat Cox, Chair of the company, said: “Despite…

Read more at: https://oilprice.com/Energy/Energy-General/UK-Fund-Stumbles-on-Energy-Storage-Challenges.html

Central Asian Giants Target $10 Billion in Annual Trade

Kazakhstan and Uzbekistan have announced a goal of more than doubling trade volume in “the coming years.” To hit that very ambitious target, top officials from both countries intend to remove trade barriers. The two countries accounted for 57 percent of all trade in Central Asia in 2023, with bilateral turnover amounting to $4.5 billion during the year. The pace of trade has dipped so far this year, with total volume totaling $1.2 billion during the first four months of 2024. Nevertheless, during regular bilateral consultations in Astana…

Read more at: https://oilprice.com/Geopolitics/International/Central-Asian-Giants-Target-10-Billion-in-Annual-Trade.html

IMF Cuts Saudi Economic Growth Projection On Oil Cuts

The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year, with the IMF projecting GDP growth of 4.7% in 2025, a downward revision of 1.3 percentage points from April. Thankfully, Saudi Arabia is increasingly becoming less reliant on oil to power its economy. Earlier in the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/IMF-Cuts-Saudi-Economic-Growth-Projection-On-Oil-Cuts.html

Canada’s Oil Industry Enjoys Boom Year, But There’s a Catch

Canada’s oil industry is enjoying a boom year with the start of the Trans Mountain Expansion Project in May, which tripled the volumes Alberta’s oil producers can send via the pipeline to the Pacific coast. But the ambitious climate policies of the federal government of Prime Minister Justin Trudeau – with plans to cap emissions on hydrocarbon production – are angering energy producers and alienating voters. Canada’s federal policies to reduce greenhouse gas emissions include policies such as more taxes, including carbon taxes on the…

Read more at: https://oilprice.com/Energy/Energy-General/Canadas-Oil-Industry-Enjoys-Boom-Year-But-Theres-a-Catch.html

Russia’s Novatek Slashes Gas Output at Sanctioned Arctic LNG 2

The Arctic LNG 2 project in Russia, which Western sanctions have hit in recent months, significantly reduced its production of natural gas in May as it hasn’t exported any LNG yet, a source with knowledge of output data told Reuters on Tuesday.   Arctic LNG 2, in which Russian gas producer and LNG exporter Novatek has 60%, extracted 55 million cubic meters of natural gas in May, down from 215 million cubic meters in April, according to Reuters’s source. Located in the Gydan Peninsula in the Arctic, the Arctic LNG 2 project…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Novatek-Slashes-Gas-Output-at-Sanctioned-Arctic-LNG-2.html

WTI Falls To $80 Despite Expectations of Global Q3 Supply Deficit

Oil prices are falling on Tuesday morning as weaker-than-expected economic data from China sparks demand concerns. WTI crude fell back to the $80 handle ahead of this week’s crude inventory data reports. Despite this, traders remain positive that the current quarter could be the tightest of the year for global crude supplies, with inventories depleting rapidly and Brent crude futures potentially rising to $90 a barrel.  OPEC+ Set Its Sight on Curbing Overproduction- The OPEC+ meeting on June 1 might have disappointed markets and brought…

Read more at: https://oilprice.com/Energy/Energy-General/WTI-Falls-To-80-Despite-Expectations-of-Global-Q3-Supply-Deficit.html

UK’s First New Coal Mine in 30 Years Faces Legal Challenge

Climate campaigners are challenging the UK’s approval of the first new coal mine in the country in three decades, with the High Court beginning hearings on the case on Tuesday.   The UK’s previous Conservative government approved in December 2022 the Woodhouse Colliery project in Whitehaven, northwest England, developed by West Cumbria Mining.   Earlier this year, West Cumbria Mining (WCM) said that it “continues to focus on preparatory works prior to commencement of real construction activity,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UKs-First-New-Coal-Mine-in-30-Years-Faces-Legal-Challenge.html

Africa Emerges as Focal Point in Global Oil and Gas Exploration

The skewed activity is highlighted by explorers demarcating assets within their portfolios as ‘core’ areas of operations, with the majority of guided exploration spending being directed towards exploring these areas. Secondly, the acceleration of development of proven basins amid the rise of renewable sources of energy has been demonstrated by the recent flurry of activity within the Guyana Basin and Namibia’s sector of the Orange Basin. These basins have not only seen an increase in activity but have also in recent years contributed…

Read more at: https://oilprice.com/Energy/Crude-Oil/Africa-Emerges-as-Focal-Point-in-Global-Oil-and-Gas-Exploration.html

Russia’s Crude Oil Exports Slip To Lowest Level Since January

Russian seaborne crude oil exports dropped in the four weeks to July 14 to the lowest levels since January, pointing to a likely improving compliance with the OPEC+ deal, vessel-tracking data monitored by Bloomberg showed on Tuesday.   The four-week average level of Russia’s crude shipments fell to around 3.11 million barrels per day (bpd) in the four weeks to July 14, down by around 180,000 bpd from the four-week average from the week prior, according to the data reported by Bloomberg’s Julian Lee.  The latest…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Crude-Oil-Exports-Slip-To-Lowest-Level-Since-January.html

India Increases Windfall Tax on Crude Oil

India has raised its windfall tax on petroleum crude effective July 16, the government said in a notification on Monday.  The windfall tax on petroleum crude was revised up to $83.75 (7,000 Indian rupees) per metric ton, up from $71.78 (6,000 rupees) per ton.  The raised tax, which is being levied in the form of a Special Additional Excise Duty (SAED), will be effective for two weeks starting on Tuesday.  India first introduced the windfall tax in July 2022, joining other governments in taxing excessive profits at the energy…

Read more at: https://oilprice.com/Energy/Crude-Oil/India-Increases-Windfall-Tax-on-Crude-Oil.html

Exxon Plans Seventh Oil Project Offshore Guyana

ExxonMobil continues to bet big on Guyana, planning a new project set for start-up in 2029 and expected to boost Guyana’s oil production capacity to over 1.4 million barrels per day (bpd).   The development plan for the Hammerhead project entails the drilling of up to 30 wells in the Hammerhead discovery from 2018 in the Stabroek Block, according to Exxon’s plan which the Guyana government made public on Monday.  Exxon is the operator of the Stabroek Block offshore Guyana, from which the U.S. supermajor and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-Plans-Seventh-Oil-Project-Offshore-Guyana.html

Trump’s VP Choice Could Signal Rollback of Climate Protections

Environmental campaigners have slammed Donald Trump’s pick for running mate, Ohio Republican Senator J.D. Vance, saying that he is a climate change denier and a “Big Oil sell-out” who will strongly support continued fossil fuel production.   Trump announced on Monday that he had picked Vance, 39, once a critic of the former president but now a staunch supporter, to run for vice president on the GOP ballot in the November election.  Climate campaigners are alarmed by Vance’s track record of denying human-caused…

Read more at: https://oilprice.com/Energy/Energy-General/Trumps-VP-Choice-Could-Signal-Rollback-of-Climate-Protections.html

Dow rallies 700 points for best day in more than a year, Russell 2000 small-cap index jumps 3%: Live updates

The bull market broadened out further on Tuesday with industrial and small cap shares soaring.

Read more at: https://www.cnbc.com/2024/07/15/stock-market-today-live-updates.html

Andreessen Horowitz founders plan to donate to pro-Trump super PAC

Marc Andreessen and Ben Horowitz, co-founders of venture firm Andreessen Horowitz, plan to donate to PACs supporting Donald Trump’s campaign.

Read more at: https://www.cnbc.com/2024/07/16/andreessen-horowitz-founders-plan-to-donate-to-pro-trump-pacs.html

House Democrats circulate letter urging DNC not to rush Biden nomination

President Biden has faced mounting pressure to drop out of the race after his debate flop against Donald Trump in June.

Read more at: https://www.cnbc.com/2024/07/16/house-democrats-letter-dnc-biden-nomination.html

Iran plot to kill Trump prompted Secret Service to boost protection before rally shooting

The Secret Service has faced criticism over the attempted assassination of Donald Trump by Thomas Crooks, weeks after learning of the Iran plot.

Read more at: https://www.cnbc.com/2024/07/16/trump-iran-kill-plot-secret-service.html

Stocks are booming in 2024, but financial advisors say it may be time to get a little defensive

A surge in tech has driven the S&P 500 to new heights this year, but now may be a good time to look at underappreciated corners of the market.

Read more at: https://www.cnbc.com/2024/07/16/stocks-are-booming-but-it-may-be-time-to-get-a-little-defensive.html

Elon Musk says SpaceX and X headquarters moving to Texas, blames new CA trans student privacy law

SpaceX CEO and X owner Elon Musk said Tuesday he will move the headquarters of both companies from California to Texas.

Read more at: https://www.cnbc.com/2024/07/16/elon-musk-says-spacex-hq-officially-moving-to-texas-blames-new-ca-trans-student-privacy-law.html

Why the Social Security Administration may want you to update your personal account online

The Social Security Administration is upgrading its online services, which will require some users to update their personal accounts.

Read more at: https://www.cnbc.com/2024/07/16/social-security-administration-wants-you-to-update-your-online-account.html

Brain implant patient says OpenAI’s tech helps him communicate with family

Neurotech startup Synchron has built a new chat feature for its patients using the latest models from OpenAI.

Read more at: https://www.cnbc.com/2024/07/16/neuralink-rival-synchron-is-using-openai-models-to-power-chat-feature.html

Here are 6 buying categories cheaper today than they were before the pandemic

Prices naturally rise over time, but the pandemic pushed inflation to decades highs. These few categories, however, are cheaper than they were pre-pandemic.

Read more at: https://www.cnbc.com/2024/07/16/6-things-cheaper-today-than-before-pandemic.html

Trump shooting motive unknown three days after assassination attempt

The FBI obtained the phone of Thomas Crooks, who shot at Donald Trump and others during a campaign rally in Pennsylvania.

Read more at: https://www.cnbc.com/2024/07/16/trump-shooting-motive-unknmown-assassination-attempt.html

Trump endorses vaccine conspiracy theory in leaked call with RFK Jr.

The call allegedly came a day after Donald Trump survived an assassination attempt at a campaign rally.

Read more at: https://www.cnbc.com/2024/07/16/trump-vaccines-rfk-jr.html

Trump VP pick Vance once called on GOP to fight student loan forgiveness ‘with every ounce of our energy’

On the list of things Donald Trump and his newly chosen running mate, Sen. JD Vance, agree on: Students should not get their debt canceled.

Read more at: https://www.cnbc.com/2024/07/16/trump-vp-vance-on-student-loan-forgiveness.html

San Francisco downtown is a ‘ghost town’ that needs revival, mayoral candidate says

Democrat Mark Farrell, former interim Mayor of San Francisco, is proposing a 20-year vision to revitalize the city’s downtown.

Read more at: https://www.cnbc.com/2024/07/16/san-francisco-downtown-is-ghost-town-mayor-candidate-mark-farrell.html

Joe Scarborough Has On-Air Hissy Fit About Being Sidelined On Monday

Authored by Matt Margolis via PJMedia.com,

On Monday, MSNBC pulled “Morning Joe” off the air. Sources told CNN that the network pulled the broadcast to “avoid a scenario in which one of the show’s stable of two dozen-plus guests might make an inappropriate comment on live television that could be used to assail the program and network as a whole.”

In other words, MSNBC didn’t trust the “Morning Joe” team to be adults.

An MSNBC spokesperson later denied what sources had told CNN.

“Given the gravity and complexity of this unfolding story, NBC News, NBC …

Read more at: https://www.zerohedge.com/political/joe-scarborough-has-air-hissy-fit-about-being-sidelined-monday

“Evacuate Now” Illinois Residents Told To Flee As Dam Failure Imminent

Residents in Nashville City, Illinois were ordered to “evacuate now” on Tuesday ahead of an imminent dam failure.

A map posted by the Washington County Emergency Management Agency shows the evacuation area amid an imminent dam failure in Nashville, Ill., on July 16, 2024. (Washington County Emergency Management Agency)”

Attention … the Failure of the Nashville dam is imminent. Please evacuate your home at this time. If you are in the grey box, you need [to] evacuate now!” said the Washington County Emergency Management Agency on Facebook.

According to officials, the Nashville City Reservoir Dam “has been overtopped with flood waters.”

“The Red Cross has been activated,” officials said in a separate post, adding that a shelter was being used in Nashville’s West Walnut Street.

Read more at: https://www.zerohedge.com/weather/evacuate-now-illinois-residents-told-flee-dam-failure-imminent

“This Is How Republics Collapse”: Another Adverse Decision Sends Press & Pundits Into Hair-Pulling Meltdown

Authored by Jonathan Turley,

“This is how republics collapse.” Those ominous words captured the hand-wringing, hair-pulling reaction to the dismissal of the Florida case against Donald Trump by Judge Aileen Cannon.

It was not just that she reached a conclusion long supported by some conservative lawyers and a Supreme Court justice.

To rule in favor of Trump in such a dismissal is, once again, the end of Democracy as we know it.

Read more at: https://www.zerohedge.com/political/how-republics-collapse-another-adverse-decision-sends-press-pundits-hair-pulling-meltdown

Goldman’s Supply Chain Index Set To “Congest” For First Time In 1.5 Years

Goldman’s Jordan Alliger released his latest supply chain congestion note on Monday, informing clients that for the first time in 1.5 years, the supply chain congestion index is on the verge of rising from two to three, with ten being the most congested. This resurgence in snarled supply chains is driven mainly by increasing container ship backlogs and soaring ocean container shipping rates.

“While our weekly bottleneck scale remained slightly below the level of ‘3’ this week as the overall scale remained unchanged at ‘2’, the absolute level of our congestion index increased once again versus the prior week (+3.5% w/w; Exhibit 1); should next week’s index reading show an increase of just ~1%, the weekly bottleneck scale would push up to a level of ‘3’ for the first time in over a year and a half,” Alliger explained.

Read more at: https://www.zerohedge.com/markets/goldmans-supply-chain-index-set-rise-first-time-15-years

Interest rates could stay higher for longer, warns IMF

Inflation is proving persistent in some countries, the fund says, making it trickier for rates to be cut.

Read more at: https://www.bbc.com/news/articles/czrjpp494m2o

Fujitsu witness had limited Horizon knowledge – inquiry

Security analyst Andy Dunks gave evidence in dozens of cases despite “limited” Horizon knowledge.

Read more at: https://www.bbc.com/news/articles/c250e8r7x4vo

All water firms now investigated for sewage spills

All 11 companies in England and Wales are now being probed after the regulator expands its investigation.

Read more at: https://www.bbc.com/news/articles/crg5ev7e46mo

Ola Electric IPO pricing likely at about 25% lower than private valuation of $5.4 billion: sources

Ola Electric IPO valuation is likely at $4 billion, down 25% from $5.4 billion in last funding round The IPO seeks Rs 5,500 crore through a fresh issue and 95.2 million shares offer-for-sale. Initially targeting $6-7 billion, the valuation was adjusted to entice investors for post-issue profit.

Read more at: https://economictimes.indiatimes.com/tech/startups/ola-electric-ipo-pricing-likely-at-30-lower-than-private-valuation-of-5-5-billion/articleshow/111786351.cms

Vedanta to use Rs 8,500 crore QIP to repay Union Bank of India, Oaktree and Deutsche Bank

The funds raised will help reduce overall indebtedness, cut debt servicing costs, and improve the debt-to-equity ratio. It will enable better utilisation of internal accruals for business growth and expansion, Vedanta stated in its QIP filing to stock exchanges.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/vedanta-to-use-rs-8500-crore-qip-to-repay-union-bank-of-india-oaktree-and-deutsche-bank/articleshow/111789382.cms

Sebi proposes new asset class between mutual funds and PMS with Rs 10 lakh ticket size

Eligible mutual funds must have a minimum operational history of 3 years and an average AUM of at least Rs 10,000 crore over the same period. Additionally, neither the sponsor nor the AMC can have faced any regulatory action under sections 11, 11B, or 24 of the SEBI Act, 1992 within the past 3 years.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-proposes-new-asset-class-between-mutual-funds-and-pms-with-rs-10-lakh-ticket-size/articleshow/111784273.cms

Traders pivot back to multiple rate-cut view, reviving one of 2024’s biggest trading themes

It didn’t take long for one of the biggest and most important trading themes at the start of 2024 to come back in the minds of investors and traders, after having faded a month ago.

Read more at: https://www.marketwatch.com/story/traders-pivot-back-to-multiple-rate-cut-view-reviving-one-of-2024s-biggest-trading-themes-175c6039?mod=mw_rss_topstories

No, TikTok ‘finfluencer,’ waiting to claim Social Security is not a ‘big con’

Yes, sometimes it makes sense to claim at 62 — but there’s a catch.

Read more at: https://www.marketwatch.com/story/no-tiktok-finfluencer-waiting-to-claim-social-security-is-not-a-big-con-1bcd8069?mod=mw_rss_topstories

2-year Treasury yield finishes lower for fourth session in a row after U.S. retail sales come in flat

Yields on 2- and 10-year U.S. government debt end at the lowest levels in four to five months on Tuesday, after June retail sales came in unchanged and traders priced in multiple rate cuts from the Federal Reserve by year-end.

Read more at: https://www.marketwatch.com/story/treasury-yields-dip-ahead-of-u-s-retail-sales-data-c5717a39?mod=mw_rss_topstories