Copper Demand Surge Drives Consolidation Wave in Mining Sector

London listed mining group ACG is gearing up for a global deals spree after snapping up a Turkish copper mine for $290m (£223m) today. Acquisition Company Limited (ACG), a special purpose acquisition vehicle listed on the London Stock Exchange, revealed this morning it had bought Turkey-based Polimetal in the first push of a “global copper consolidation strategy”. Polimetal holds mining rights and operates the Gediktepe mine, an open pit mine located in the Bigadiç district of the Bal?kesir province of Western Turkey. …

Read more at: https://oilprice.com/Metals/Commodities/Copper-Demand-Surge-Drives-Consolidation-Wave-in-Mining-Sector.html

Russia Cuts Crude Exports To China And India By 17%

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Cuts-Crude-Exports-To-China-And-India-By-17.html

U.S. Oil, Gas Drilling Activity Sees Rebound

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 2 to 586 this week, compared to 669 rigs this same time last year. The number of oil rigs fell by 1 this week, falling by a single rig in the week prior. Oil rigs now stand at 477—down by 53 compared to this time last year. The number of gas rigs rose by 3 this week to 103, a loss of 28 active gas rigs from this time last year. Miscellaneous rigs stayed the same…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Gas-Drilling-Activity-Sees-Rebound.html

Canadian Crude Exports From US Gulf Coast Largely Unaffected By TMX Startup

Canadian crude exported from the U.S. Gulf Coast in June clocked in at 1500,000 barrels per day, only slightly lower than average despite the commissioning of the expanded 590,000 b/d Trans Mountain pipeline (TMX) in May.   TMX has the potential to cut shipments from the U.S. Gulf Coast to India, China, and South Korea if more oil from Canada’s West Coast heads to Asia. TMX could also displace shipments of some Latin American grades to Asian countries. Vortexa analyst Rohit Rathod has told Reuters that the Gulf Coast’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadian-Crude-Exports-From-US-Gulf-Coast-Largely-Unaffected-By-TMX-Startup.html

British Gas Owner Centrica’s Tax Appeal Dismissed by Supreme Court

Centrica, the FTSE 100 owner of British Gas, has lost an appeal against HMRC. The Supreme Court has dismissed an appeal by Centrica’s investment arm over the treatment of professional services fees. Centrica Overseas Holdings, the energy supplier’s investment entity, acquired a Dutch company, Oxxio and its four subsidiaries in July 2005. However, the deal didn’t go to plan. Around mid-2009, Centrica decided to sell Oxxio and went on to instruct professional advisers. By March 2011, following a lengthy process, the investment business…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/British-Gas-Owner-Centricas-Tax-Appeal-Dismissed-by-Supreme-Court.html

China’s Largest Oil Refiner Sees Almost No Throughput Growth

China’s largest oil refining company, China Petroleum & Chemical Corp., aka Sinopec, processed 126.69 million metric tons of crude oil or 5.08 million barrels per day (bpd) in the first six months of the current year, good for a mere 0.1% Y/Y increase, the company has reported. That compared with 1.7% output growth in the first quarter, pointing to a sharp slowdown in processing in the second quarter thanks to higher crude prices and lackluster domestic fuel demand. Sinopec reported that total domestic refined fuel sales declined 2.5%…

Read more at: https://oilprice.com/Energy/Energy-General/Chinas-Largest-Oil-Refiner-Sees-Almost-No-Throughput-Growth.html

The Biggest U.S. Solar-Storage Project Launches in Nevada

Nevada is now hosting the largest solar plus battery energy storage system project in the United States after Primergy Solar and Quinbrook Infrastructure Partners announced that the Gemini Solar + Storage project in Clark County is now fully operational. Gemini is one of the latest such sites in the U.S. amid a rapid expansion of solar plus storage projects in the country. Gemini, located just 30 minutes outside of Las Vegas, generates enough reliable clean energy to power around 10% of Nevada’s peak power demand, Primergy Solar…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-Biggest-US-Solar-Storage-Project-Launches-in-Nevada.html

Oil Prices Under Pressure as Concerns Mount Over Chinese Demand

While there is plenty to be bullish about in oil markets today, rising concerns over Chinese demand are weighing on oil prices.Friday, July 19th, 2024The consistent stream of positive news for oil from the United States, crowned by a largely unexpected 5-million-barrel drop in US crude stocks, has been offset by disappointment in China’s future outlook. The Third Plenum of China’s Central Committee barely saw any tangible pledges, with the lack of constructive takeaways reverberating across commodities. With Friday trading disrupted…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Under-Pressure-as-Concerns-Mount-Over-Chinese-Demand.html

3 Stocks Set to Outperform if Trump Wins in November

Unless you live under a rock, you are probably aware that there was an attempt on Donald Trump’s life this week. So far, the knee-jerk reaction of many of his supporters, that the shooter was some kind of hate-filled left winger, seems to be off, as the young man involved was a registered Republican, known by many to be a conservative. It looks more like just another case of a young man who was fighting some personal demons shooting at a high-profile target, but that doesn’t mean that Trump won’t see some benefit from the attack…

Read more at: https://oilprice.com/Energy/Energy-General/3-Stocks-Set-to-Outperform-if-Trump-Wins-in-November.html

Russia’s Seaborne Oil Exports Plunge

1. Russia Seaborne Oil Exports Plunge on OPEC+ Compliance and Higher Runs – Russia’s crude oil exports have plunged to a 7-month low, averaging only 3.1 million b/d over the past four weeks, coming on the back of the country’s growing OPEC+ compliance and a recovery in domestic refining. – Russia’s crude production came in at 9.078 million b/d in June as per the country’s Energy Ministry, which is still about 100,000 b/d higher than its assumed OPEC+ target but well below output levels seen in Q1.   – The…

Read more at: https://oilprice.com/Energy/Energy-General/Russias-Seaborne-Oil-Exports-Plunge.html

Houthi Tanker Attack Causes 200-Kilometer Oil Slick

Politics, Geopolitics & Conflict An oil tanker struck by Houthis in the Red Sea earlier this week has exploded, leaving a 200-kilometer-long oil slick. The Liberian-flagged tanker, the Chios Lion, was carrying a cargo of crude when it was struck by a drone boat that rammed into its side. With Venezuela’s presidential elections just over a week away, Maduro has arrested the head of security for opposition leader Maria Corina Machado, who is really the driving force behind the opposition presidential candidate, Edmundo Gonzalez.  Discovery…

Read more at: https://oilprice.com/Energy/Energy-General/Houthi-Tanker-Attack-Causes-200-Kilometer-Oil-Slick.html

Israeli Drone Strike Kills Syrian Oil Kingpin

An Israeli drone strike this week along the Beirut-Damascus road on Syria’s border with Lebanon killed a key Syrian businessman who also serves as the regime’s oil supply kingpin. The businessman, prominent Baraa Katerji, a key ally of Syria’s Bashar al-Assad, represents one of the highest-profile strikes against a pro-Iranian figure in recent months and also coincides with an escalation of cross-border conflict between Israel and Hezbollah in Lebanon.  Katerji was a highly significant figure for the Syrian regime. He’s…

Read more at: https://oilprice.com/Energy/Energy-General/Israeli-Drone-Strike-Kills-Syrian-Oil-Kingpin.html

Bearish Risks Remain Despite a Tight Oil Market

Crude oil prices demonstrated resilience this week, recovering from early losses to finish higher on Thursday. Despite conflicting economic signals globally, several key factors fueled a bullish sentiment in the oil market. These positive influences ultimately outweighed initial concerns, propelling prices upward as the week progressed. U.S. Inventory Decline: A Major Bullish Catalyst The most significant factor driving oil prices higher this week has been the substantial decrease in U.S. crude oil inventories. The Energy Information Administration…

Read more at: https://oilprice.com/Energy/Energy-General/Bearish-Risks-Remain-Despite-a-Tight-Oil-Market.html

Halliburton’s Q2 Profit Rises as Overseas Drilling Offsets Weaker U.S. Market

Halliburton Company (NYSE: HAL) reported on Friday a higher net income for the second quarter compared to the first quarter and to the same period of 2023, as continued strength in international drilling demand offset weaker activity in North America. Halliburton, one of the world’s top three oilfield services providers and leader in the U.S. fracking services market, booked a net income of $709 million, or $0.80 per diluted share, for the second quarter of 2024. The profit was in line with analyst expectations.    The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Halliburtons-Q2-Profit-Rises-as-Overseas-Drilling-Offsets-Weaker-US-Market.html

Egypt’s Natural Gas Production Sinks to Six-Year Low

Natural gas production in Egypt, which has seen a massive new gas field come on stream in the Mediterranean in recent years, has plunged to the lowest level in about six years, as the North African country is now importing LNG to meet growing demand. Egypt’s natural gas production fell in May to the levels last seen in February 2018, according to data from the Joint Organisations Data Initiative (JODI) cited by Bloomberg. Egypt has been exporting LNG to Europe, but it usually halts these exports during the summer months, to meet soaring…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Egypts-Natural-Gas-Production-Sinks-to-Six-Year-Low.html

Microsoft-CrowdStrike issue causes ‘largest IT outage in history’ — Live updates

A major IT outage has grounded planes and sent broadcasters off air.

Read more at: https://www.cnbc.com/2024/07/19/latest-live-updates-on-a-major-it-outage-spreading-worldwide.html

Dow tumbles more than 370 points, S&P 500 posts worst week since April as investors dump big tech: Live updates

The S&P 500 posted its worst week since April amid a market rotation.

Read more at: https://www.cnbc.com/2024/07/18/stock-market-today-live-updates.html

Biden urged to drop out by growing number of Democrats, ex-national security officials

President Joe Biden for weeks has resisted calls to step aside and let another Democrat run for the White House against Donald Trump, the Republican nominee.

Read more at: https://www.cnbc.com/2024/07/19/biden-election-democrats-election-trump.html

Activist Elliott reportedly has a significant stake in Starbucks, in talks with management

Starbucks CEO Laxman Narasimhan is under pressure to turn around the company after disappointing quarterly results.

Read more at: https://www.cnbc.com/2024/07/19/elliott-starbucks-sbux-stake.html

Ford Motor is among the most overbought stocks in the S&P 500 this week. Here are the others

A major market rotation has left some stocks more vulnerable to a pullback, even though the broader market is down for the week.

Read more at: https://www.cnbc.com/2024/07/19/ford-motor-is-among-the-most-overbought-stocks-in-the-sp-500-this-week-here-are-the-others.html

What to know about airline refunds, delays as global IT outage causes ‘mass chaos,’ expert says

A global outage linked to a CrowdStrike tech update impacted airline passengers. Financial remuneration for customers will largely depend on airline policy.

Read more at: https://www.cnbc.com/2024/07/19/global-it-outage-what-to-know-about-airline-refunds-delays.html

Biden won’t drop out, campaign insists in a new memo

Sen. Jon Tester on Thursday became the second Democratic senator to call on Biden — who is currently isolating with Covid-19 — to drop his bid for reelection.

Read more at: https://www.cnbc.com/2024/07/19/biden-wont-drop-out-campaign-insists-in-new-memo-.html

CrowdStrike shares close down 11% after major outage hits businesses worldwide

Cybersecurity firm CrowdStrike saw its shares plunge Friday, after an update led to a major outage, impacting businesses globally.

Read more at: https://www.cnbc.com/2024/07/19/microsoft-crowdstrike-shares-fall-after-major-it-outage.html

Bitcoin posts 15% weekly gain amid broader crypto rally: 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, Crypto World explores how blockchain analytics firms partner with the private and public sectors to track down stolen funds.

Read more at: https://www.cnbc.com/video/2024/07/19/bitcoin-posts-weekly-gain-amid-broader-crypto-rally-cnbc-crypto-world.html

Education Department to pause student loan payments for millions amid legal battle

The U.S. Department of Education says it will pause millions of student loan borrowers payments while it defends its SAVE repayment plan against legal challenges.

Read more at: https://www.cnbc.com/2024/07/19/education-department-to-pause-save-student-loan-payments-amid-legal-battle.html

‘Trump trade’ could stall if Biden drops out of race, analyst says

A decision by the president to not seek reelection could trigger a pause in the “Trump trade,” according to one analyst.

Read more at: https://www.cnbc.com/2024/07/19/a-pause-to-the-trump-trade-the-stock-market-impact-if-joe-biden-drops-out-of-election.html

Democratic megadonors push Biden to quit race, as Kamala Harris events fill up

Donors who fund the Biden campaign are using their leverage with congressional leaders to pressure the president to drop out.

Read more at: https://www.cnbc.com/2024/07/18/democratic-donors-biden-drop-out-kamala-harris.html

Earnings plus key reports on economic growth and inflation put the consumer in focus next week

The results could give investors a key piece of information as investors turn their attention to the consumer.

Read more at: https://www.cnbc.com/2024/07/19/earnings-plus-key-reports-on-economic-growth-and-inflation-put-the-consumer-in-focus-next-week.html

Russia Warns It Sees ‘Concentrated Presence’ Of NATO Warships In Black Sea

The Kremlin has again warned against a build-up of NATO warships in the Black Sea, while saying it is monitoring a noticeable increase in Western military vessels.

“Of course, the concentrated presence of NATO ships – we are paying attention to Bulgaria and Romania, the coastal states that are members of the (NATO) alliance – of course this represents, especially in the current situation, an additional threat to Russia,” Putin spokesman Dmitry Peskov told a press briefing Thursday.

Via Associated Press

“Of course, Russia will take all necessary measures to ensure its own security,” he added. Throughout the course of the war, Ukraine forces have used both aerial missiles as well as sea drones to attack Russia’s Black Sea fleet.

Ukraine’s President Zelensky has meanwhile vowed to not let Rus …

Read more at: https://www.zerohedge.com/geopolitical/russia-warns-it-sees-concentrated-presence-nato-warships-black-sea

The Biggest US Solar-Storage Project Launches In Nevada

Authored by Charles Kennedy via OilPrice.com,

Nevada is now hosting the largest solar plus battery energy storage system project in the United States after Primergy Solar and Quinbrook Infrastructure Partners announced that the Gemini Solar + Storage project in Clark County is now fully operational.

Gemini is one of the latest such sites in the U.S. amid a rapid expansion of solar plus storage projects in the country.

Gemini, located just 30 minutes outside of Las Vegas, generates enough reliable clean energy to power around 10% of Nevada’s peak power demand, Primergy Solar says.

The 1.8 million solar panels at the Gemini site can generate up to 690 megawatts (MW) of ele …

Read more at: https://www.zerohedge.com/energy/biggest-us-solar-storage-project-launches-nevada

‘Newcastle Virus’ Detection In Brazil Halts Chicken Exports, Sends Shares Of Producers Sliding

As the bird flu ravages commercial farms across the US, with nine reported human cases so far, a new outbreak of Newcastle disease in Brazil has forced the South American country to suspend poultry exports.

According to Bloomberg, Brazil, the world’s largest chicken supplier, confirmed the Newcastle virus was detected at a poultry farm in Rio Grande do Sul state. Birds on the farm have been culled to prevent further transmission of the virus.

A notice issued by the country’s agriculture ministry said the southern state has halted exports of chicken, eggs, and other poultry-based products to Argentina, the European Union, China, India, South Africa, and Mexico.

The highly transmissible virus, which doesn’t affect humans, sent shares of major producers in the country tumbling since the news broke Thursday. Shares of BRF SA dropped by 7.5%, Marfrig Global Foods SA slid 9%, and JBS SA fell about 2%.

Read more at: https://www.zerohedge.com/commodities/newcastle-virus-detection-brazil-halts-chicken-exports-sends-shares-producers-sliding

Choose One: Law Enforcement At Trump Shooting Was Either Incompetent Or Complicit

Authored by Ryan McMaken via The Mises Institute,

Within minutes of the July 13 attempted assassination of Donald Trump, observers were asking how the assassin managed to gain a clear shot of Donald Trump at the Butler Farm Show Grounds near Butler, Pennsylvania. Since then, the question remains unanswered, but many allegations about the shooting have emerged. For example, multiple sources plausibly contend that both local police and the Secret Service had spotted the armed shooter—on a nearby roof with a rangefinder and a gun—several minutes before the shooting occurred. Law enforcement officers and agents chose to do nothing.

Videos of the event show bystanders vocally warning both police and federal agents of the shooter’s presence. Again, law enforcement did nothing. The New York Post reports that a “counter sniper team” staffed by local law …

Read more at: https://www.zerohedge.com/political/choose-one-law-enforcement-trump-shooting-was-either-incompetent-or-complicit

Postmasters had fingers in the till, minister told

Jo Swinson claims Paula Vennells told her “clearly some of them are actually just at it.”

Read more at: https://www.bbc.com/news/articles/c4ngr82zedxo

Crowdstrike says IT problems will take time to fix

Experts say the manual fix required means it could take days for big organisations to get back to normal.

Read more at: https://www.bbc.com/news/articles/cn4vgq5150qo

How a single IT update caused global havoc

Friday’s IT outage is a poignant reminder of how reliant the world has become on devices managed remotely by huge firms.

Read more at: https://www.bbc.com/news/articles/cpwdyxx0v64o

Rising F&O trade becomes macro issue now, household savings going into speculation: Sebi chief

A research carried out by the regulator had found that investors lose in 9 out of 10 trades in the F&O segment. Starting from a level where it insisted on disclosing risks, Sebi has been proactively trying to dissuade investors from the segment lately.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/rising-fo-trade-becomes-macro-issue-now-household-savings-going-into-speculation-sebi-chief/articleshow/111868882.cms

Tech View: Nifty candles hint at more trouble ahead. Here’s how to trade next week

The short-term trend for Nifty appears to have reversed from its all-time highs. According to daily and weekly chart patterns, there may be further weakness in the market ahead. Key support levels to monitor are around 24,200 and 24,000. Immediate resistance is at 24,850, according to Nagaraj Shetti of HDFC Securities

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-candles-hint-at-more-trouble-ahead-heres-how-to-trade-next-week/articleshow/111865488.cms

LIC shares soar 74% in 1 year, leading returns among top 10 firms by market cap

Bharti Airtel is close second to LIC with a gain of 68.2% in the same period, while the country’s largest public sector lender State Bank of India (SBI) gained 47.64%, according to the stock exchange data.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/lic-shares-soar-74-in-1-year-leading-returns-among-top-10-firms-by-market-cap/articleshow/111859705.cms

Gold drops over 2% in ‘typical’ move after touching record highs this week

Gold futures dropped by more than 2% in Friday dealings, on track to post their first weekly loss in a month in what some analysts see as a “typical” pullback in the wake of the metal’s rise to record highs earlier this week.

Read more at: https://www.marketwatch.com/story/gold-drops-2-in-typical-move-after-touching-record-highs-this-week-5743f3ea?mod=mw_rss_topstories

Blackstone still sees ‘substantial pressure’ in office sector as real-estate market recovers

Blackstone more than doubled its real-estate investment activity to $10 billion in the second quarter, as the private-equity firm continues to see a bottoming out in the broader commercial real-estate sector.

Read more at: https://www.marketwatch.com/story/blackstone-steps-up-real-estate-investments-but-challenges-remain-in-office-sector-09331ead?mod=mw_rss_topstories

2-year Treasury yield sees largest weekly advance in nearly two months as investors look ahead to developments in presidential campaign

Yields on U.S. government debt ticked higher on Friday afternoon but remained rangebound due to a dearth of major data releases that had traders looking to potential weekend developments in the presidential campaign.

Read more at: https://www.marketwatch.com/story/bond-yields-edge-higher-bouncing-after-claims-increase-2b1ecc57?mod=mw_rss_topstories