20 AUG 2024 Market Close & Major Financial Headlines: Markets Opened Lower, Sea-Sawed Their Way Sideways Where The S&P 500 And The Dow Made New Historic Highs, The Fell Back Into The Red Closing Moderately Lower

How Oman Plays a Role in Iran’s Plan To Become an LNG Superpower

Iran Eyes Oman’s Qalhat Expansion For Its Own Plan To Be An LNG Superpower   Liquefied natural gas (LNG) has become the world’s most sought-after emergency energy source following Russia’s invasion of Ukraine on 24 February 2022. This is because it is readily available in the spot markets and can be moved quickly to anywhere required, unlike gas or oil sent through pipelines. Unlike pipelined energy as well, the movement of LNG does not require the build-out of a vast acreage of pipelines across varying terrains…

Read more at: https://oilprice.com/Energy/Natural-Gas/How-Oman-Plays-a-Role-in-Irans-Plan-To-Become-an-LNG-Superpower.html

Negative Power Prices Hit Europe as Renewable Energy Floods the Grid

European power markets are experiencing a notable shift as renewable energy sources, particularly wind and solar, become a larger part of the energy mix. On Wednesday, power prices in several European markets, including Germany, dipped below zero due to a surge in green electricity production. In Germany, wind generation is expected to hit 22.7 gigawatts, the highest level in four months. This spike in renewable output has overwhelmed the grid, leading to negative prices during six separate hours on Tuesday, as recorded by Epex Spot SE. Negative…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Negative-Power-Prices-Hit-Europe-as-Renewable-Energy-Floods-the-Grid.html

Rio Tinto’s $2.55 Billion Lithium Project Hangs in the Balance

A massive, early-stage lithium mining project in Serbia faces huge and animated public opposition, casting some doubt on the viability of a key component of Western Europe’s push for a “green transition” away from fossil fuels. Opposition to the Rio Tinto Group project is powered by a hybrid engine fueled by environmentalism and nationalism.  The size and intensity of the opposition was on full display earlier this month, as an estimated 24,000 to 27,000 marching protesters filled wide boulevards in Belgrade, chanting “Rio Tinto get out of…

Read more at: https://oilprice.com/Metals/Commodities/Rio-Tintos-255-Billion-Lithium-Project-Hangs-in-the-Balance.html

Saudi’s Bahri Secures $1B Deal for Nine Advanced Oil Tankers

Saudi Arabia’s national shipping company, Bahri, has inked a significant deal to purchase nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation. Valued at approximately $999 million (3.75 billion Saudi riyals), this acquisition aligns with Bahri’s ongoing fleet modernization strategy. The new vessels are expected to replace aging tankers, enhancing the company’s operational efficiency and capacity. The transaction, announced on August 20, will see the delivery of all nine VLCCs by the end of Q1 2025. Bahri has structured…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudis-Bahri-Secures-1B-Deal-for-Nine-Advanced-Oil-Tankers.html

Lithium Market Potential: Evaluating Supply and Demand Dynamics

Via Metal Miner   Lithium has rapidly become a critical element in the race to dominate the tech and energy sectors, resulting in a powerful and profitable global lithium market. This is mainly because the element plays an indispensable role in lithium-ion batteries, which don’t just “charge” our smartphones and laptops but also power electric vehicles. As the global push for green energy intensifies, lithium’s importance continues to skyrocket, making it a key player in the urgent drive toward a sustainable future.…

Read more at: https://oilprice.com/Metals/Commodities/Lithium-Market-Potential-Evaluating-Supply-and-Demand-Dynamics.html

Gran Tierra Energy Acquires i3 Energy in £175 Million Deal

Oil producer Gran Tierra Energy has announced a £175m deal to acquire its London-listed peer i3 Energy. Under the terms of the deal, which was announced in the early hours of this morning, Gran Tierra said it would offer one new Gran Tierra share for every 207 i3 Energy shares held as well as 10.43p per share in cash per i3 Energy share. Each shareholder will also be in line to receive 0.2564p in lieu of a dividend that had already been announced. Once completed, the deal would mean i3 shareholders would own up to 16.5 per cent of Gran Tierra.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gran-Tierra-Energy-Acquires-i3-Energy-in-175-Million-Deal.html

China’s Coal Production Surges to Meet Energy Demands

China’s coal output rose 2.8% in July from a year earlier as mines ramped up production to ensure steady supply amid record-breaking heat, China’s statistics bureau data showed, even though thermal power output fell while hydropower generation surged. As Reuters reports, the world’s biggest polluter and largest coal producer mined 390.37 million metric tons of the fuel last month, according to the National Bureau of Statistics data on Thursday, which while down from June’s 405.38 million tons, which was the highest level since December 2023, was…

Read more at: https://oilprice.com/Energy/Coal/Chinas-Coal-Production-Surges-to-Meet-Energy-Demands.html

Ghana Breaks Ground on Africa’s Next Major Petroleum Hub

Ghana has officially embarked on constructing a massive $12 billion petroleum hub, a project expected to significantly enhance the country’s position in the global oil and gas industry. Located in the southwestern city of Jomoro, the hub will include a 300,000-barrel-per-day refinery, petrochemical plants, and other related infrastructure, positioning Ghana as a key player in West Africa’s energy market. President Nana Akufo-Addo, who presided over the groundbreaking ceremony, emphasized the project’s significance to Ghana’s economic future. “The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ghana-Breaks-Ground-on-Africas-Next-Major-Petroleum-Hub.html

Diversified Energy Acquires Texas Natural Gas Field

Oil and gas site owner Diversified Energy Company has bought several operated natural gas wells located within East Texas for $68m (£52.3m). The FTSE 250 firm bought the assets from a regional operator. The “significant” PDP (proved developed producing) reserve was part of a wider sale in the area. A third-party development company will also buy an additional amount of undeveloped acreage from the regional seller for about $19m (£14.6m). Diversified said it would also buy a minority five-percent stake in the land for $1m…

Read more at: https://oilprice.com/Energy/Natural-Gas/Diversified-Energy-Acquires-Texas-Natural-Gas-Field.html

Oil Prices Fall As Middle East Worries Ease

Oil markets have turned decidedly bearish after U.S. Secretary of State Antony Blinken revealed that Israeli Prime Minister Benjamin Netanyahu has accepted a cease-fire proposal to stop the war in Gaza, and all that’s remaining is for “Hamas to say yes.” Blinken met on Monday with top Israeli officials in Jerusalem. After hitting four-week highs, the options market’s so-called skew–the cost of insuring against spikes or troughs in prices–has turned bearish over the past couple of trading days, reversing bullish hedges against a fresh escalation…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Fall-As-Middle-East-Worries-Ease.html

BofA: Uptick in non-OPEC+ Oil Supply May Create Market Surplus in 2025

The oil market is bracing for a softer supply-demand balance, as highlighted in a recent report by BofA Global Research seen by RigZone. The report points to an uptick in non-OPEC+ oil production, particularly from Brazil, Guyana, Canada, and the United States, which is expected to grow by approximately one million barrels per day in 2024 and by 1.6 million barrels per day in 2025. This increase comes as OPEC+ considers reintroducing additional barrels to the market later in the year, potentially adding to the surplus. At the same time, global…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BofA-Uptick-in-non-OPEC-Oil-Supply-May-Create-Market-Surplus-in-2025.html

Traders Look for Bullish Cues Ahead of Crucial Fed Meeting

Increased consolidation activity in U.S. oil and gas this year was followed by record profits and intensified competition for a limited amount of untapped resources. If you would like to know how to make the most of this M&A spree in U.S. oil and gas, our Global Energy Alert members get institutional-level updates on oil & gas stocks. Claim your 30-day risk-free trial today.  Texas Braces for the Biggest Electricity Demand Spike of This Year – Texas is set to confront its largest power generation squeeze this week as temperatures…

Read more at: https://oilprice.com/Energy/Oil-Prices/Traders-Look-for-Bullish-Cues-Ahead-of-Crucial-Fed-Meeting.html

BP To Develop Iraq’s Kirkuk Oil Fields On Profit-Sharing Model

British Oil & Gas giant BP Plc (NYSE:BP) will develop Iraq’s Kirkuk oil and gas fields based on a profit-sharing model, Iraqi oil ministry officials have revealed. The oil ministry and BP are expected to sign a confidentiality agreement in the current week, after which Iraq will hand over the data package for Kirkuk’s four fields and installations. According to the officials, Kirkuk oil fields are currently producing 245,000 barrels of crude per day. Iraq is OPEC’s second-largest producer after Saudi Arabia. Iraq’s economy relies heavily on…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-To-Develop-Iraqs-Kirkuk-Oil-Fields-On-Profit-Sharing-Model.html

Turkey Makes Rapid Inroads into Africa’s Oil and Gold Sectors

Two decades ago, China pioneered the so-called “Angola model” wherein it provided oil-backed loans from China to Angola and other African cuntries to finance the building of roads, hydroelectric dams, railways, and other infrastructural projects. Between 2000 and 2022, Angola borrowed $45 billion from China, repaying some of it in oil.  Unfortunately, that model did not last very long, with the Carnegie Endowment for International Peace noting that Angola has slipped to the 8th largest crude supplier to China, down from second…

Read more at: https://oilprice.com/Energy/Crude-Oil/Turkey-Makes-Rapid-Inroads-into-Africas-Oil-and-Gold-Sectors.html

Arbitration Panel to Decide Fate of Exxon’s Claim in Chevron-Hess Deal

Four people familiar with the matter have told Reuters that an arbitration panel that will decide a case by Exxon Mobil (NYSE:CVX) seeking to block a merger between Chevron Corp. (NYSE:CVX) and Hess Corp. (NYSE:HES) will try to determine the real value of Hess’ Guyana stake.  In May, Hess shareholders approved its proposed $53B merger with Chevron despite Exxon’s attempts to stop the deal.  Exxon claims that Hess should have first given it the opportunity to purchase its stake in the prized Guyana asset and that Chevron structured the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Arbitration-Panel-to-Decide-Fate-of-Exxons-Claim-in-Chevron-Hess-Deal.html

S&P 500, Nasdaq snap eight-day winning streak as rebound rally pauses: Live updates

Wall Street began the week with a rally as the major averages continued to advance after their early August sell-off.

Read more at: https://www.cnbc.com/2024/08/19/stock-market-today-live-updates.html

GMC expects to outsell its electric truck competitors as it launches new Sierra pickup

To do so, it will have to top its sibling Chevrolet Silverado EV as well as competitors from Ford Motor, Rivian Automotive and Tesla.

Read more at: https://www.cnbc.com/2024/08/20/gmc-targets-electric-truck-leadership-against-tesla-ford-rivian.html

OpenAI announces content deal with Condé Nast, including content from Wired, The New Yorker and Vogue

OpenAI on Tuesday announced a partnership with Condé Nast, in which the startup’s products, such as ChatGPT and SearchGPT, will be able to display its content.

Read more at: https://www.cnbc.com/2024/08/20/openai-announces-content-deal-with-cond-nast-including-content-from-wired-the-new-yorker-and-vogue.html

Shein sues Temu over copyright infringement, alleges rival loses money on every sale

Chinese-linked fast-fashion leader Shein is suing Temu, alleging its rival stole its designs and trade secrets.

Read more at: https://www.cnbc.com/2024/08/20/shein-sues-temu-over-copyright-infringement-trade-secret-theft.html

Amazon-backed Anthropic hit with class-action lawsuit over copyright infringement

Anthropic, the Amazon-backed AI startup, on Monday was hit with a class-action lawsuit in California federal court over alleged copyright infringement.

Read more at: https://www.cnbc.com/2024/08/20/amazon-backed-anthropic-hit-with-class-action-lawsuit-over-copyright-infringement.html

Meet the Illinois lawmaker organizing a big money fundraiser for House Democrats at the DNC

Top House Democrats will attend a $2 million fundraiser at the Democratic National Convention, as the party rallies around Vice President Kamala Harris.

Read more at: https://www.cnbc.com/2024/08/20/dnc-the-illinois-lawmaker-organizing-big-money-house-fundraiser.html

Wyoming blockchain summit kicks off ahead of Fed’s Jackson Hole meeting: 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, Dave Ripley, CEO of Kraken, discusses the launch of the Wyoming Blockchain Symposium and what he expects to hear from experts on the ground.

Read more at: https://www.cnbc.com/video/2024/08/20/wyoming-blockchain-summit-kicks-off-ahead-of-feds-jackson-hole-meeting-cnbc-crypto-world.html

Morgan Stanley says to avoid these most overcrowded trades from the biggest hedge funds

Buying stocks that hedge funds favor could cause problems for individual investors for the risks of high valuation and elevated volatility, Morgan Stanley said.

Read more at: https://www.cnbc.com/2024/08/20/morgan-stanley-says-to-avoid-these-most-overcrowded-trades-from-the-biggest-hedge-funds.html

RFK Jr. campaign ‘looking at’ joining forces with Trump, running mate Shanahan says

Robert F. Kennedy Jr. is running for president as an independent against Republican nominee Donald Trump and Democratic nominee Kamala Harris.

Read more at: https://www.cnbc.com/2024/08/20/rfk-jr-campaign-trump-alliance-shanahan.html

Eli Lilly’s weight loss drug slashes the risk of developing diabetes in long-term trial

The late-stage trial on tirzepatide also found that patients experienced sustained weight loss over the roughly three-year treatment period.

Read more at: https://www.cnbc.com/2024/08/20/eli-lilly-weight-loss-drug-cuts-risk-of-developing-diabetes-in-trial.html

Morgan Stanley International chair among 6 missing after luxury yacht sinks in Sicily

The 56-meter (184 feet) sailing boat, called “The Bayesian,” was hit by a violent storm around 4 a.m. local time Monday with 10 crew and 12 passengers on board.

Read more at: https://www.cnbc.com/2024/08/20/morgan-stanley-international-chair-reported-missing-in-yacht-sinking.html

Beyoncé launches whiskey line with LVMH’s Moët Hennessy

As Moët Hennessy expands in the American whiskey market, SirDavis also serves to honor Beyoncé’s heritage.

Read more at: https://www.cnbc.com/2024/08/20/beyonce-launches-whiskey-lvmh-moet-hennessy-sirdavis.html

‘Britain’s Bill Gates’: Who is Mike Lynch, the UK tech entrepreneur missing after superyacht sinks?

Mike Lynch was only recently cleared of fraud charges in a landmark trial. Now, in a shock turn of events, he’s gone missing after the sinking of a superyacht.

Read more at: https://www.cnbc.com/2024/08/20/who-is-mike-lynch-uk-tech-entrepreneur-missing-in-superyacht-sinking.html

U. Illinois Has 42 “Illegal” Race-, Sex-Based Scholarships: Federal Complaint

Authored by Matt Lamb via The College Fix,

The University of Illinois at Urbana-Champaign has 42 “illegal” scholarships that discriminate against applicants on the basis of race, sex, or both, a federal complaint alleges.

The Equal Protection Project of the Legal Insurrection Foundation filed the complaint today with the Office for Civil Rights within the Department of Education.

It identifies 19 scholarships that discriminate on the basis of sex in violation of Title IX.

“Eight scholarships are offered exclusively to female students, eight state a preference for female students, two are offered exclusively to male students, and one states a preference for …

Read more at: https://www.zerohedge.com/political/u-illinois-has-42-illegal-race-sex-based-scholarships-federal-complaint

​​​​​​​Industry Groups Urge Trudeau ‘Take Action’ As Inflation-Reigniting Canadian Rail-Strike Looms

​​​​​​​Top industry trade groups have warned in a letter to Canadian Prime Minister Justin Trudeau to avert a rail strike that could snarl supply chains of critical commodities across North America.

“We request that you take action to ensure railroad operations continue before a lockout or strike occurs to prevent serious damage to the Canadian and US economies,” 35 US industry groups wrote in a letter to PM Trudeau.

Bloomberg highlights the commodities that would be most impacted by a potential rail strike:

Two of Canada’s largest railroad companies said they’ll shut down operations Thursday if they fail to reach an agreement with more than 9,000 of their unionized workers. The two companies account for 80 …

Read more at: https://www.zerohedge.com/economics/canada-rail-strike-lockouts-slated-start-thursday

Krugman: Harris Hasn’t Proposed Price Controls… But It’s Good That She Did

Authored by Jonathan Newman via The Mises Institute,

In Paul Krugman’s latest column, he claims that Kamala Harris hasn’t advocated for price controls, only a ban on price gouging on groceries.

Of course, these are the same thing.

Krugman’s own principles text defines price controls as “legal restrictions on how high or low a market price may go.”

A ban on price gouging is a legal restriction on how high a market price may go.

Therefore, even Krugman-the-textbook-author admits that a ban on price gouging is the same as a price ceiling.

In his column, he gives examples of price gouging:

“Texas prohibits many businesses from …

Read more at: https://www.zerohedge.com/economics/krugman-harris-hasnt-proposed-price-controls-its-good-she-did

Zelensky Says Kursk Invasion Shows Russia’s Red Lines Are A Bluff

Authored by Dave DeCamp via AntiWar.com,

Ukrainian President Volodymyr Zelensky said Monday that the Ukrainian assault on Russia’s Kursk Oblast shows that Moscow’s red lines and threats of retaliation are a bluff.

Zelensky made the comments while criticizing the US and its NATO allies for not allowing Ukraine to use Western-provided weapons to launch long-range strikes inside Russian territory.

Illustrative, prior attack on southern Russia. Administration of the Kursk region of Russia via AP”

We are witnessing a significant ideological shift – the naive, illusory concept of so-called red lines regarding Russia, which dominated the assessment of the war by some partners, has crumbled apart these days,” he

Read more at: https://www.zerohedge.com/geopolitical/zelensky-says-kursk-invasion-shows-russias-red-lines-are-bluff

Disney drops bid to stop allergy death lawsuit over Disney+ terms

The firm had argued the case should go to arbitration because of its streaming service’s small print.

Read more at: https://www.bbc.com/news/articles/cr7r9djxj0do

UK holidaymakers face €7 EU visa waiver next summer

Travellers will have to pay €7 for a visa waiver every three years or until their passport expires.

Read more at: https://www.bbc.com/news/articles/cx29nzd1drgo

Pensioners urged to claim as winter fuel support cut

Nearly a million people eligible for pension credit do not claim, also excluding them from energy bill help.

Read more at: https://www.bbc.com/news/articles/c9v8r9x17pzo

Zerodha to stop sharing brokerage revenue for demat account opening through referrals

A recent NSE circular has disallowed sharing brokerage income for referrals to prevent trade inducement. Zerodha said it would pay out all referral wallet balances over Rs 10 and stop the referral program from August 25.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/zerodha-to-stop-sharing-brokerage-revenue-for-demat-account-opening-through-referrals/articleshow/112660932.cms

General Atlantic set to sell up to 5.1% stake in PNB Housing via open market on Wednesday

General Atlantic plans to sell a 5.1% stake in PNB Housing Finance through the open market on Wednesday at a floor price of Rs 775 per share, intending to raise Rs 1,033 crore. This transaction is set at a 4.4% discount to Tuesday’s closing price.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/general-atlantic-set-to-sell-up-to-5-1-stake-in-pnb-housing-via-open-market-on-wednesday/articleshow/112659301.cms

Cyient to sell 14.5% stake in arm Cyient DLM via block deal on Wednesday

Cyient’s board authorised the sale of a 14.50% stake in its subsidiary, Cyient DLM Limited, via a block deal expected to complete by August 21. The company held a 66.66% stake in Cyient DLM.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/cyient-to-sell-14-5-stake-in-arm-cyient-dlm-via-block-deal-on-wednesday/articleshow/112657445.cms