Indonesia Considers Russian Crude as Domestic Production Falls

Former OPEC member Indonesia is looking to buy Russian crude for the first time in more than a decade according to anonymous sources that spoke with Reuters. Indonesia’s Pertamina hasn’t bought any crude oil from Russia following its invasion of Ukraine in February 2022 but has now added Sokol and Urals grade crude oil to its tender list for purchase in September 2024. According to Reuters, the last time that the Indonesian oil company bought Sokol crude was more than 10 years ago.Whether Indonesia joins China and India as buyers of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indonesia-Considers-Russian-Crude-as-Domestic-Production-Falls.html

Solar Surplus: California’s Renewable Energy Dilemma

Via Metal Miner The Renewable MMI (Monthly Metals Index) slowed in terms of bearish price action, moving sideways and dropping 2.66%. Meanwhile, cobalt prices suffered another huge price drop, mainly due to weak demand and oversupply pulling the index down more than up. According to renewable energy news sources, the market could experience more metal price volatility due to several factors. Steel plate prices dropped in the past month amid somewhat weak demand. This could work in the favor of wind turbine projects purchasing steel plate. On the…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Solar-Surplus-Californias-Renewable-Energy-Dilemma.html

Freeport LNG Resumes Shipments As Processing Ramps Up

Freeport LNG has resumed shipments of liquified natural gas (LNG) two weeks after Beryl hit the Texas coast, with processing on track to reach about half its capacity on Monday.  According to LSEG data cited by Reuters, the amount of gas flowing to the 2.1-billion cubic feet per day (bcfd) facility was on track to hit ~1.0 bcfd on Monday after averaging 0.8 bcfd on Sunday. Freeport has had a slow operational restart ever since it shut its three liquefaction trains on July 7.  Last week, unnamed trading sources told Bloomberg…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Freeport-LNG-Resumes-Shipments-As-Processing-Ramps-Up.html

Chinese Mining Operations in Tajikistan Spark Environmental Backlash

For the some 150 people in the tiny Tajik village of Khumgaron, the pollution and waste from the Chinese gold-mining operation nearby is not what they bargained for. “How will we live if the air and water are polluted?” asked one villager. “What meaning does life have when a person loses their health?” Fed up with the severe pollution in their village caused by the Zarafshon mining company, a group of angry women traveled to the nearby city of Panjakent last year to file an official complaint on behalf of the village. But instead of the local officials…

Read more at: https://oilprice.com/Metals/Gold/Chinese-Mining-Operations-in-Tajikistan-Spark-Environmental-Backlash.html

Trans Mountain Corp. Arranges Bond Sale To Refinance $18B Debt

Trans Mountain Corp., Canada’s newly expanded Trans Mountain pipeline, is arranging a bond sale to refinance part of its debt ahead of the Canadian government’s eventual sale of the oil pipeline operator.  The company had C$25.3 billion ($18.4 billion) debt as of March 31, including credit agreements with a syndicate of lenders containing two facilities totaling C$19 billion.  The Canadian government bought and nationalized the existing pipeline from a unit of Kinder Morgan Inc. (NYSE:KMI) in 2018 to ensure that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trans-Mountain-Corp-Arranges-Bond-Sale-To-Refinance-18B-Debt.html

Armenia Deepens Western Ties with U.S. Military Drills

An ongoing joint military exercise involving a comparatively small number of American and Armenian troops at a base in the Yerevan suburbs has caused a paroxysm of rage in the Kremlin. The 11-day joint exercise, dubbed Eagle Partner, will run through July 24 and is intended to boost the “interoperability between the US and Armenia during peacekeeping and stability operations,” according to a report distributed by the US European Command. It isn’t the number of troops involved that have Russian officials in a tizzy, its more about…

Read more at: https://oilprice.com/Geopolitics/International/Armenia-Deepens-Western-Ties-with-US-Military-Drills.html

Saudi Arabia, Gulf Economies To Slow Down Due To Output Cuts

Gulf Cooperation Council (GCC) economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts, with Saudi Arabia’s economy among the hardest hit, a Reuters poll of economists has predicted.  A poll of 24 economists taken July 8-22 has predicted that Saudi Arabia’s economy will expand 1.3% in the current year, down from 1.9% forecast in an April survey and 3.0% predicted in January.  However, the United Arab Emirates (UAE), is expected to post a better growth rate at 3.7%  as…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Gulf-Economies-To-Slow-Down-Due-To-Output-Cuts.html

Bad News From China Could Be The Harbinger For Lower Oil Prices

From the mid-1990s to onset of Covid at the end of 2019, China almost singlehandedly drove the commodities supercycle, consisting of ever-increasing prices for the key materials it required to drive its extraordinary economic growth. As the virus took hold across the country, accompanied by its Draconian ‘zero-Covid’ policy that saw entire cities closed at the merest hint of the illness, its economic growth rate plummeted. Last year, it managed to hit its official economic growth target of ‘around 5 percent’, finally posting…

Read more at: https://oilprice.com/Energy/Crude-Oil/Bad-News-From-China-Could-Be-The-Harbinger-For-Lower-Oil-Prices.html

India to Apply for Deep-Sea Critical Minerals Mining in the Pacific

India plans to apply for obtaining licenses for deep-sea mining of minerals key for the energy transition in the Pacific, a senior government scientist told Reuters on Monday.   India has been exploring ways to own and develop critical minerals assets abroad as its renewable energy rollout is soaring and as it seeks to have its own stream of supply of key metals such as lithium, nickel, and copper. Now the country is getting ready to apply in 2025 with the UN-backed International Seabed Authority (ISA) for exploration licenses in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-to-Apply-for-Deep-Sea-Critical-Minerals-Mining-in-the-Pacific.html

Physical Oil Market Hints at Potential Upswing

By Grant Smith, Bloomberg markets live reporter and strategist Oil prices may have been confined to a tight range this month, but an array of signals from the physical market suggest the next move could be a break to the upside. First of all, there are the time-spreads between monthly futures contracts, which have shown a strengthening premium on prompt deliveries over the past six weeks as US driving demand climbs toward its summertime peak. The so-called flat price of crude has lagged behind, pressured by concerns over the global economy, but…

Read more at: https://oilprice.com/Energy/Crude-Oil/Physical-Oil-Market-Hints-at-Potential-Upswing.html

Russia Considers Building Oil Refinery in Cuba

Russia and Cuba have discussed the idea of building an oil refinery in Cuba with the help of Russian companies, the deputy speaker of the Russian parliament was quoted as saying. During a visit of Russian lawmakers to Cuba in recent days, the idea of a refinery construction has been discussed, Russia’s TASS news agency quoted deputy speaker Alexander Babakov as saying. “The biggest Russian state companies could be working here,” the lawmaker said.   “Cuba has crude oil: it is logical not to import oil products…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Considers-Building-Oil-Refinery-in-Cuba.html

European Natural Gas Prices Fall as Freeport LNG Resumes Operations

Europe’s benchmark natural gas prices slumped on Monday to the lowest level in one week after the U.S. export facility Freeport LNG resumed some operations following a shutdown due to Hurricane Beryl earlier this month. The Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were down by 2.7% at $34.09 (31.31 euros) per megawatt-hour (MWh) at 10:54 a.m. in Amsterdam on Monday. Last week, the supply disruptions from Freeport LNG and heat waves across a large part of Europe pushed up European natural gas prices. …

Read more at: https://oilprice.com/Energy/Energy-General/European-Natural-Gas-Prices-Fall-as-Freeport-LNG-Resumes-Operations.html

Ukraine Drone Damages Russia’s Largest Black Sea Refinery

The Tuapse oil refinery in Russia’s Krasnodar region, the biggest Russian crude processing facility on the Black Sea, was damaged in a massive Ukrainian drone attack overnight, Russian officials and Ukrainian intelligence sources said on Monday.   Tuapse refinery, which has a capacity to process 240,000 barrels per day (bpd) of crude oil, has been a target of several drone attacks from Ukraine since the Russian invasion of Ukraine in early 2022. Tuapse, owned by Russia’s top oil producer Rosneft, was damaged in an attack in January.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Drone-Damages-Russias-Largest-Black-Sea-Refinery.html

UK Likely to Miss Its 2030 Clean Power Goals

The UK is poised to miss its ambitious target to decarbonize its power sector by 2030 even as it is boosting solar and wind developments, analysts say. The new UK government of the Labour Party, in office for just over two weeks, has pledged to have the UK power grid decarbonized by 2030 and “to make Britain a clean energy superpower with zero carbon electricity by 2030,” Energy Secretary Ed Miliband said earlier this month.  As part of its efforts to boost clean energy, the UK government lifted the de facto ban on…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Likely-to-Miss-Its-2030-Clean-Power-Goals.html

Morgan Stanley Sees Oil Prices Dropping to the Mid-$70s Next Year

Oil prices are expected to drop to the mid-$70s next year amid a surplus on the market, according to Morgan Stanley. Currently, the oil market is tight and warrants the $80s per barrel price range, but with seasonal demand starting to abate in the fourth quarter, market balances are set to return, the investment bank said in a note carried by Reuters on Monday. In the fourth quarter of 2024, the market would be balanced “when seasonal demand tailwinds abate and both OPEC and non-OPEC supply return to growth,” Morgan Stanley’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Morgan-Stanley-Sees-Oil-Prices-Dropping-to-the-Mid-70s-Next-Year.html

Live updates: Harris, Democrats net $100 million in online donations after Biden exits race

Kamala Harris is raising millions and scoring key endorsements since Joe Biden dropped out.

Read more at: https://www.cnbc.com/2024/07/22/live-updates-harris-democrats-biden-drops-out-trump-campaign.html

Warner Bros. Discovery tells NBA it intends to match Amazon’s media rights package

Warner Bros. Discovery intends to use its matching rights on a package of NBA games earmarked for Amazon.

Read more at: https://www.cnbc.com/2024/07/22/nba-media-rights-warner-bros-discovery-amazon-match.html

CrowdStrike shares tumble as fallout from global tech outage continues

A faulty CrowdStrike software update was still impacting computers on Monday. The incident could hurt signings, Guggenheim Securities analysts warned.

Read more at: https://www.cnbc.com/2024/07/22/crowdstrike-shares-tumble-as-fallout-from-global-tech-outage-continues.html

S&P 500 climbs for best day since early June as Nvidia shares lead tech turnaround: Live updates

The S&P 500 rose Monday due to a bounce in tech shares after the broad market index suffered its worst weekly losses since April last week.

Read more at: https://www.cnbc.com/2024/07/21/stock-market-today-live-updates-.html

Biden dropping out adds more uncertainty to markets. What investors are saying

Despite this weekend’s events, some on the Street still think that a “red wave” remains the most likely scenario

Read more at: https://www.cnbc.com/2024/07/22/biden-dropping-out-adds-more-uncertainty-to-markets-what-investors-are-saying.html

Delta cancels hundreds more flights in struggle to recover from Microsoft outage

Delta is struggling to recover from a global IT outage even as its competitors have largely returned to normal operations.

Read more at: https://www.cnbc.com/2024/07/21/delta-offers-crews-double-pay-to-staff-flights-after-it-outage.html

Tesla reports second-quarter earnings on Tuesday and investors want a robotaxi update

Tesla’s second-quarter earnings call will give investors insights into CEO Elon Musk’s new priorities after the company reported its biggest revenue drop since 2012 in the first quarter.

Read more at: https://www.cnbc.com/2024/07/22/tesla-reports-second-quarter-earnings-tuesday-investors-want-a-robotaxi-update.html

Secret Service chief needs to go, Republican and Democrat leaders say after brutal hearing

Secret Service Director Kimberly Cheatle has refused to resign on the heels of the attempted assassination of former President Donald Trump at a campaign rally.

Read more at: https://www.cnbc.com/2024/07/22/secret-service-failed-trump-shooting-cheatle-house.html

How Biden’s unpopular economic record could be a challenge for Kamala Harris

As the frontrunner for the Democratic party’s nomination, Kamala Harris will have to run, for better or worse, on President Joe Biden’s economic record.

Read more at: https://www.cnbc.com/2024/07/22/kamala-harris-to-face-challenge-of-running-on-bidens-unpopular-economic-record.html

McDonald’s to extend $5 value meal in most U.S. markets as diners return to restaurants

McDonald’s is extending the $5 value meal as rivals such as Burger King and Starbucks offer deals to entice diners and boost traffic.

Read more at: https://www.cnbc.com/2024/07/22/mcdonalds-to-extend-5-value-meal-in-most-markets.html

Markets could unwind the ‘Trump trade’ after Biden drops out of presidential race

While Vice President Kamala Harris jumps into the race late in the campaign cycle, some experts said she could head into November with serious momentum.

Read more at: https://www.cnbc.com/2024/07/22/markets-could-unwind-the-trump-trade-after-biden-drops-out-of-presidential-race.html

Trump faces a tighter race with Kamala Harris set to replace Biden, experts say

Kamala Harris’s likely nomination to the top of the Democratic ticket throws Trump into a much tighter and uncertain Presidential race, some experts say.

Read more at: https://www.cnbc.com/2024/07/22/trump-faces-a-tighter-race-with-kamala-harris-set-to-replace-biden.html

Boost your portfolio income with this options strategy, according to Bank of America

Covered call overwriting can give investors the benefit of premium income and upside potential — to an extent.

Read more at: https://www.cnbc.com/2024/07/22/boost-your-portfolio-income-with-this-options-strategy-bank-of-america-says.html

Musk Says “Take Away Subsidies” As EV Price-War Enters Final Chapter With Trump Win

The final chapter of the electric vehicle price war ignited by Tesla’s Elon Musk could hinge on the outcome of the November elections, especially if former President Trump wins.

Trump has expressed no issues with EVs and recently stated, “I will end the Electric Vehicle Mandate on Day One — thereby saving the US auto industry from complete obliteration, and saving US customers thousands of dollars per car.”

Translation: The former president states that all federal EV subsidies will end if he wins in November.

But why would Musk support a complete reversal in the federal government’s policy on EV subsidies if Tesla relied so heavily on the EV credits to stoke demand? Unless Tesla is at the point where it no longer needs the taxpayer-funded gravy train.

Last week, X user Whole Mars Catalog wrote on X:

“Tesla doesn’t need subsidies. The other unprofitable EV makers do. We are giving $7,500 to people who buy GAS cars with a small battery. We are capping the price of EVs, hurting the profitability of the industry. If the EV tax credit dies I won’t shed a tear for it.”

Musk responded: “Take away the subsidies. It will only help Tesla. Also, remove subsidies from all industries!”

Take away the subsidies. It will only help Tesla.

Also, remove subsidies from all industries!

— Elon Musk (@elonmusk) July 16, 2024

Read more at: https://www.zerohedge.com/markets/take-away-subsidies-musks-ev-price-war-enter-final-chapter-november-trump

US Subsidiary Of Chinese EV Manufacturer BYD Donated Hundreds Of Thousands To Democrats

Well you can add this to a list of reasons Democrats just can’t seem to stomach Elon Musk any more.

The U.S. subsidiary of Chinese electric vehicle manufacturer BYD and its top executive, Stella Li, have donated hundreds of thousands of dollars to Democratic candidates and organizations over the past decade.

A review of federal and state political spending records by the Daily Caller News Foundation reveals these contributions.

They found that between 2020 and 2023, BYD and Stella Li contributed over $40,000 to the Democratic National Committee (DNC).

Additionally, they have invested more than $30,000 into organizations supporting President Joe Biden’s 2024 reelection campaign.

BYD, the world’s largest EV producer, was recently banned by Congress from selling batteries to the Pentagon due to security concerns, according to Bloomberg News.

The report says that between 2018 and 2023, Democratic California Gov. Gavin Newsom received about $60,000 from Li and BYD USA. Newsom faced criticism for awarding BYD a $1 billion no-bid contract for protective equipment during the pandemic and later test-drove a BYD vehicle in China in 2023.

Former Los Angeles Mayor Antonio Villaraigosa received …

Read more at: https://www.zerohedge.com/markets/us-subsidiary-chinese-ev-manufacturer-byd-donated-hundreds-thousands-democrats

Succession By Defenestration: How Biden’s Withdrawal May Trigger A 25th Amendment Fight

Authored by Jonathan Turley,

President Joe Biden’s decision to withdraw as the Democratic Party’s nominee solved an immediate problem for his party. Biden has plummeted in the polls as the vast majority of voters concluded that he is too diminished by age to serve another term. Yet, it has now created several new problems, including the obvious problem of a president who is viewed as incapable of running for an office that he continues to hold.

The Democratic Party essentially created its own political version of the 25th Amendment in forcing Biden off the ticket. This decision was about as voluntary as leaving a building by way of a window on the 46th floor. That is particularly the case when you are thrown out of the window by your closest friends.

The unseemly image of succession by defenestration will soon be whitewashed by a media that will praise Biden after weeks of declaring him incompetent and enfeebled.

Read more at: https://www.zerohedge.com/political/succession-defenestration-how-bidens-withdrawal-may-trigger-25th-amendment-fight

Satellite Images Show Massive Extent Of Israel’s Attack On Yemen Key Port

New satellite images show the massive extent of the Saturday airstrikes by Israel on the Houthi-controlled port of Hodeida in Yemen. Teams are fighting the large blazes for the third day, after the port was essentially leveled.

Regional reports say firefighters have made little progress, and that the blaze could soon reach food storage facilities, which would be devastating given much of the Yemeni population has for years faced an acute hunger crisis and relies heavily on external aid.

2024 Maxar Technologies

The Israeli Air Force launched the unprecedented operation in response to a prior deadly drone attack on Tel Aviv launched from Yemen. From Israel’s perspective, the drone strike which hit near foreign embassies was the last straw after months of hostile actions from the Houthis.

According to AFP analysis based on Maxar satellite imagery

Read more at: https://www.zerohedge.com/geopolitical/satellite-images-show-massive-extent-israels-attack-yemen-key-port

More than 1,500 jobs to go at Carpetright

The jobs are being lost despite a deal with rival flooring firm Tapi that will save 54 shops.

Read more at: https://www.bbc.com/news/articles/cleyzjydn81o

Former chancellor Zahawi mulling bid for the Telegraph

The former Conservative chancellor is thought to be seeking financial backing to fund a bid.

Read more at: https://www.bbc.com/news/articles/c4ng5q4jd62o

What are my rights if my flight is cancelled or delayed?

If you face disruption because flights are cancelled or delayed you could be entitled to help.

Read more at: https://www.bbc.co.uk/news/business-61646214

Bajaj Finance Q1 Preview: PAT may rise 16% YoY; NII should see strong growth

Bajaj Finance’s June 2024 quarter results indicate 16% PAT and 26% NII growth, with 10% more new loans and a 30% increase in AUM. March profits were Rs 3,824 crore. Axis reports stable C-I Ratio; Kotak expects 10% NIM. Motilal highlights 31% YoY AUM growth, 7% QoQ loan growth, 4.1% cost-to-AUM, 34% CIR, and 1.7% credit costs.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bajaj-finance-q1-preview-pat-may-rise-16-yoy-nii-should-see-strong-growth/articleshow/111924805.cms

Budget 2024: Realty sector expects higher outlay for PMAY, home loan interest deduction limit raise

Favorable announcements in the housing sector could boost stocks of realty, cement, and housing finance companies. Credit ratings agency CareEdge predicts the government will increase funding for affordable housing schemes, driving construction and employment.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/budget-2024-realty-sector-expects-higher-outlay-for-pmay-home-loan-interest-deduction-limit-raise/articleshow/111932205.cms

Alembic Pharma, Dr Lal PathLabs & Zydus Wellness hit 52-week highs; what should traders do?

The Indian market closed lower on Monday as traders preferred to remain on the sidelines in the run up to Budget 2024. The S&P BSE Sensex fell over 100 points while Nifty50 closed above 24,500 levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-alembic-pharma-dr-lal-pathlabs-amp-zydus-wellness-hit-52-week-highs-what-should-traders-do/market-roundup/slideshow/111932806.cms

Treasury yields end at nearly 2-week highs as traders assess chances of a Trump win

Yields on U.S. government debt finished at the highest levels in almost two weeks on Monday, as market participants weighed Republican presidential nominee Donald Trump’s chances of winning November’s general election against the Democratic replacement candidate for Joe Biden.

Read more at: https://www.marketwatch.com/story/bond-yields-dip-after-biden-withdraws-from-presidential-race-ac4c699c?mod=mw_rss_topstories

Don’t listen to those promoting a ‘Trump trade’ on Fannie Mae, Freddie Mac stock: analyst

Fannie Mae and Freddie Mac shares have both rallied in anticipation of privatization.

Read more at: https://www.marketwatch.com/story/dont-listen-to-unscrupulous-dealers-promoting-this-trump-trade-analyst-says-8a022e0d?mod=mw_rss_topstories

Oil prices finish lower, holding ground at lowest since mid-June

Oil futures finished lower Monday, failing to recover from a selloff last week that saw crude prices fall to their lowest since mid-June on concerns about the outlook for demand from China.

Read more at: https://www.marketwatch.com/story/oil-prices-tick-lower-after-finishing-friday-at-5-week-low-c0ba635d?mod=mw_rss_topstories