Russia And Iran Boost International Trade With North-South Transport Corridor

In a recent development, on May 17, Russia and Iran officially signed an agreement for the construction of the Rasht-Astara railway (Kremlin.ru, May 17). This railway project holds immense significance as it addresses a key missing link in the International North-South Transport Corridor (INSTC), or Middle Corridor. The INSTC is a multi-modal network of shipping, rail and road routes for moving freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe. As two of the most sanctioned countries in the world, both Russia and Iran are…

Read more at: https://oilprice.com/Geopolitics/International/Russia-And-Iran-Boost-International-Trade-With-North-South-Transport-Corridor.html

Pentagon Papers Show Saudi Arabia, U.S. Traded Threats Over Oil

Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post. Relations between U.S. President Biden and Saudi Arabia’s bin Salman have been sour since before President Biden took office, with the latter threatening to make bin Salman a pariah. But newly leaked Pentagon documents suggested that Saudi Arabia’s decision to cut production last October started a whole level of chilly for the duo’s relationship.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pentagon-Papers-Show-Saudi-Arabia-US-Traded-Threats-Over-Oil.html

High Vehicle Costs Dampen Steel Market Momentum

Via AG Metal Miner The Automotive MMI (Monthly Metals Index) broke its sideways trend this past month, inching down 3.36%. Though all components of the index fell, hot-dipped galvanized steel experienced a particularly noticeable price drop, as did several other steel types.This could indicate a trend reversal. However, consumer purchasing must rise in order for a reversal to happen, which elevated new car prices are currently preventing. Overall, U.S. car sales experienced up-and-down performance throughout May compared to April.…

Read more at: https://oilprice.com/Metals/Commodities/High-Vehicle-Costs-Dampen-Steel-Market-Momentum.html

U.S. Drilling Activity Continues Its Slide

The total number of total active drilling rigs in the United States fell by 1 this week, according to new data from Baker Hughes published Friday, falling by 53 over the last five weeks. The total rig count fell to 695 this week—38 rigs below this time last year. The current count is 380 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs rose by 1 this week to 556. Gas rigs slipped 2, reaching 135. Gas rigs are now 16 below where they were a year ago, while oil rigs are 24 below. Miscellaneous…

Read more at: https://oilprice.com/Energy/Energy-General/US-Drilling-Activity-Continues-Its-Slide.html

General Motors Adopts Tesla’s Charging Technology

General Motors announced on Thursday that it will be switching to Tesla’s charging network and charging technologies, CNBC reports. The decision follows a similar move by Ford, and will allow GM vehicles to access 12,000 of Tesla’s chargers using a special adapter and the Detroit automaker’s EV charging app, beginning in 2024. GM will join Ford, which last week announced the switching to a type of charging port known as NACS, vs. the current industry-standard CCS.The partnership was heralded by CNBC as…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/General-Motors-Adopts-Teslas-Charging-Technology.html

Canadian Wildfires Trigger Unprecedented Solar Energy Decline

For the sake of solar power, let’s hope Canada can bring its rampaging arsonists to heel. That’s because the shroud of smoke that covered much of the Eastern US seaboard, has sent solar power generation in parts of the eastern US plummeting by more than 50% as wildfires rage in Canada. According to the region’s grid operator, solar farms powering New England were producing 56% less energy at times of peak demand compared with the week before. Meanwhile, Bloomberg reports that electricity generated by solar across the territory serviced…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Canadian-Wildfires-Trigger-Unprecedented-Solar-Energy-Decline.html

Dam Rupture Poses No Threat to Ukraine’s Nuclear Plant, IAEA Reports

The Zaporizhzhya nuclear power plant in Ukraine is still receiving water needed to cool its reactors despite the rupture of the Kakhovka dam, the International Atomic Energy Agency (IAEA) said on June 8 as Ukraine assessed the damage caused by flooding and as President Volodymyr Zelenskiy addressed activists about the environmental impact.”Ukraine’s Zaporizhzhia Nuclear Power Plant is continuing to pump cooling water from the Kakhovka reservoir,” the IAEA said in a statement.The statement came after the head of Ukraine’s Ukrhydroenerho energy company,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Dam-Rupture-Poses-No-Threat-to-Ukraines-Nuclear-Plant-IAEA-Reports.html

Smoke Causes U.S. Solar Power Generation To Plunge By 50%

Smoke from Canada’s wildfires is preventing solar panels from catching sunlight, and solar power generation in the northeast United States is tumbling by more than 50% as a result. ISO New England, the operator of the grid, said on Thursday that “In recent days, smoke from wildfires in Canada has traveled to New England, significantly lowering production from solar resources in the region compared to what ISO New England would expect absent the smoke.” Solar power generation in New England was 56% below last week…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Smoke-Causes-US-Solar-Power-Generation-To-Plunge-By-50.html

European Natural Gas Demand Drops As Top Economies Slow

Despite the lowest natural gas prices in two years, Europe’s natural gas demand continues to be weak and fell in May from a year earlier as industries are slowing and major economies enter a recession. Natural gas demand in the biggest European economies – Germany, the UK, France, Italy, Spain, and the Netherlands – dropped by 9.7% last month compared to May 2022, per data from S&P Global Commodity Insights quoted by Bloomberg. This time last year, Europe’s gas demand was depressed by soaring natural gas and spot LNG…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Natural-Gas-Demand-Drops-As-Top-Economies-Slow.html

The Oil Market Has Shifted Into A New Cycle

Saudi Production Cuts Provide Early Boost to Crude Oil Prices Monday began with a surge in U.S. WTI crude oil prices, driven by Saudi Arabia’s announcement of an additional production cut of 1 million barrels per day starting in July. The world’s top oil exporter aimed to counteract the macroeconomic challenges that had been weighing on the market. The Saudi energy ministry revealed that the kingdom’s output would decrease to 9 million barrels per day, marking its most significant reduction in years and contributing to recent gains in oil prices.…

Read more at: https://oilprice.com/Energy/Energy-General/The-Oil-Market-Has-Shifted-Into-A-New-Cycle.html

Saudi Arabia’s Oil Earnings Drop

1. Saudi Arabia Takes One for the Team – Saudi Arabia’s decision to unilaterally cut 1 million b/d of production in July 2023 has so far been backfiring as oil prices dropped back to levels seen before the OPEC+ summit, brushing aside the Middle Eastern kingdom’s pledge. – The Saudi government remains optimistic and is still expecting an annual fiscal surplus of 4.3 billion this year, although the IMF’s breakeven level of $81 per barrel looms large. – According to Bloomberg, if one is to account for Saudi Arabia’s giga projects…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Arabias-Oil-Earnings-Drop.html

Tensions Between The Wagner Group And Russia’s Military Mount

Energy Markets The biggest news of the week in oil markets is, of course, the newest round of OPEC+ production cuts that came out of the June 4 meeting, and which initially sent oil prices higher for the week but ultimately failed to really move the needle in a market distracted by China data that speaks to the overriding demand picture. While OPEC+ and the Saudis maintain that production cuts are only meant to “stabilize” markets and not to force prices higher to suit Saudi budgetary needs, the argument falls apart at the seams. The…

Read more at: https://oilprice.com/Energy/Energy-General/Tensions-Between-The-Wagner-Group-And-Russias-Military-Mount.html

Is The EV Charger War Over?

“Editorial demands meant that this piece was written on Thursday, before the news of GMs move to the NACS broke. That story, however, doesn’t really change things in terms of the analysis and recommendations in the article, it just makes them even more relevant and timely.” As many of you will know if you have read what I have written in the past, I am generally a fan of trading the market reaction to any news rather than the news itself. That is because as an individual retail trader you cannot possibly compete with institutional traders, let…

Read more at: https://oilprice.com/Energy/Energy-General/Is-The-EV-Charger-War-Over.html

The Prospect Of Weaponizing Oil Against China

U.S. Defense Department officials have been busy spreading the message that in the event of an intensified conflict with China, CENTCOM could cut off China’s oil imports by blocking oil shipments through the Strait of Hormuz, most notably, along with some other chokepoints. In terms of potential foreign policy stances, this isn’t the 1940s anymore—this a world of entrenched globalization, and the knock-off effects of such a move would have far-reaching consequences well beyond any sanctions on Russian oil over Ukraine. The argument…

Read more at: https://oilprice.com/Energy/Energy-General/The-Prospect-Of-Weaponizing-Oil-Against-China.html

Uncertainty In Oil Markets As Sentiment Swings On Mixed Signals

Uncertainty remains rife within oil markets after production cuts from Saudi Arabia were countered by economic concerns in the U.S., China, and Europe. Rumors that a U.S.-Iran deal was back on the table sent prices tumbling on Thursday, but denials from both countries boosted prices again.Oilprice Alert: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, and…

Read more at: https://oilprice.com/Energy/Energy-General/Uncertainty-In-Oil-Markets-As-Sentiment-Swings-On-Mixed-Signals.html

Trump indictment live updates: Special counsel Jack Smith speaks after DOJ charges are unsealed

Former President Donald Trump has been indicted on federal charges in the Mar-a-Lago classified documents case.

Read more at: https://www.cnbc.com/2023/06/08/trump-indicted-live-updates.html

JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm

Economic crosscurrents have divided the investing world into roughly two camps: Those who see a soft landing and those who envision something far worse.

Read more at: https://www.cnbc.com/2023/06/09/recession-jpmorgan-bond-chief-bob-michele-sees-worrying-echoes-of-2008.html

S&P 500 notches fourth straight positive week, touches highest level since August: Live updates

The S&P 500 rose slightly Friday after notching its highest close of the year.

Read more at: https://www.cnbc.com/2023/06/08/stock-market-today-live-updates.html

Apple Vision Pro: Impressive specs, new way of interacting could help it break the VR curse

Apple’s Vision Pro headset has sparked a resurgence of interest in virtual reality headsets.

Read more at: https://www.cnbc.com/2023/06/09/apple-vision-pro-vr-can-succeed-where-other-vr-headsets-have-failed.html

The Federal Reserve may pause its interest rate hiking campaign. What that means for you

After raising interest rates 10 times since March 2022, the Fed may take a pause. Here’s what that means to your wallet.

Read more at: https://www.cnbc.com/2023/06/09/what-the-federal-reserves-expected-interest-rate-pause-means-for-you.html

This retailer is the big winner as shoppers trade down to cheaper products, Jefferies says

Jefferies expects a potential slowdown in spending after its latest survey found that consumers plan to spend more on needs versus wants.

Read more at: https://www.cnbc.com/2023/06/09/this-retailer-wins-big-as-shoppers-trade-down-to-cheaper-products-jefferies-says.html

Tesla on track to match its longest winning streak on heels of GM charging deal

The streak follows Tesla’s announcement Thursday that General Motors would join Ford in using its electric vehicle charging network to charge their cars.

Read more at: https://www.cnbc.com/2023/06/09/tesla-on-track-to-match-longest-winning-streak-after-gm-charging-deal.html

Cardano sinks 6%, and Binance.US suspends U.S. dollar deposits and withdrawals: 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, Joshua Frank, the co-founder and CEO of The Tie, breaks down crypto price activity amid the backdrop of the SEC’s crackdown on exchanges.

Read more at: https://www.cnbc.com/video/2023/06/09/cardano-sinks-binanceus-suspends-us-dollar-deposits-withdrawals-cnbc-crypto-world.html

1 in 5 student loan borrowers at risk of struggling when payments resume, consumer watchdog says

The Consumer Financial Protection Bureau warns that 1 in 5 student loan borrowers have risk factors that could cause them to struggle when bills resume.

Read more at: https://www.cnbc.com/2023/06/09/1-in-5-student-loan-borrowers-at-risk-of-struggling-when-bills-resume.html

Ukraine war live updates: Putin says Ukrainian counteroffensive has begun; Kyiv says it has proof Russia blew up Kakhovka dam

The dam has been in Russian-occupied territory since shortly after the full-scale invasion of Ukraine began.

Read more at: https://www.cnbc.com/2023/06/09/russia-ukraine-live-updates.html

Americans owe nearly $1 trillion in credit card debt—here’s the breakdown by age

Americans are racking up credit card debt amid rising interest rates and elevated prices. Here’s how much debt each generation carries, per TransUnion.

Read more at: https://www.cnbc.com/2023/06/09/how-much-credit-card-debt-americans-hold-by-age.html

The IRS is cracking down on a popular small business tax break that could lead to a costly audit

The Employee Retention Credit has soared in popularity among pandemic-related tax incentives for business owners, but the IRS has become skeptical of claims.

Read more at: https://www.cnbc.com/2023/06/09/irs-cracks-down-on-small-business-tax-break-that-could-lead-to-audit.html

Epstein accuser seeks new testimony from JPMorgan CEO Jamie Dimon

JPMorgan Chase is being sued by a victim of Jeffrey Epstein for allegedly facilitating sex trafficking of young women. CEO Jamie Dimon denies any wrongdoing.

Read more at: https://www.cnbc.com/2023/06/09/epstein-accuser-seeks-new-testimony-from-jpmorgan-ceo-jamie-dimon.html

Social Conservatism In U.S. Highest In A Decade: Gallup

By Jeffrey Jones of Gallup

More Americans this year (38%) say they are very conservative or conservative on social issues than said so in 2022 (33%) and 2021 (30%). At the same time, the percentage saying their social views are very liberal or liberal has dipped to 29% from 34% in each of the past two years, while the portion identifying as moderate (31%) remains near a third.

The last time this many Americans said they were socially conservative was 2012, during a period when consistently more U.S. adults identified as conservative rather than liberal on social issues.

Read more at: https://www.zerohedge.com/markets/social-conservatism-us-highest-decade-gallup

Watch: Special Counsel Jack Smith Makes Statement On Trump Indictment

Update (1505ET): As announced earlier, special Counsel Jack Smith is holding a press conference to discuss the Trump indictment.

The 49-page indictment against former President Trump was unsealed Friday, and contains 38 counts covering seven criminal charges, including willful retention of national defense information, corruptly concealing documents, conspiracy to obstruct justice, and making false statements.

Special Counsel Jack Smith will hold a press conference at 3pm ET.

TRUMP CHARGES REVE …

Read more at: https://www.zerohedge.com/political/trump-charges-unsealed-heres-whats-them

Kunstler: The Great DoJ Werewolf Hunt

Authored by James Howard Kunstler via Kunstler.com,

“Whenever Biden says ‘I’m not joking,’ he’s lying. Whenever he says, ‘I’m joking,’ he’s telling the truth.”

– Margot Cleveland

At long last you know what those plangent cries of Russia! Russia! Russia! ringing across the land signify: America has been turning into Russia, Joe Stalin-vintage, since 2016, just as Lon Chaney turned into a werewolf on-screen back in 1941.

Trump Derangement turns out to be an extreme presentation of mass Species Identity disorder, a national altered state that (Wikipedia says): “…typically involves delusions and hallucinations with the transformation only seeming to happen in the mind and behavior of the affected person.”

Clinical lycanthropy is a very rare condition and is largely considered to be an idiosyncratic expression of a psychotic or dissociative episode caused by another condition such as Dissociative Identity Disorder, schizophrenia, bipolar disorder or clinical depression. It has also been associated with drug intoxication and withdrawal, cerebrovascular disease, traumatic brain injury, dementia, delirium, and seizures…. However, there are suggestions that certain neurological conditions and cultural influences may result in the expression of the human-animal transformation theme that defines the condition.”

Read more at: https://www.zerohedge.com/political/kunstler-great-doj-werewolf-hunt

‘Zuckerberg Must Explain’: EU Demands Answers On ‘Instagram Pedophile Network’

The European Union’s senior commissioner on internal markets has demanded answers from Meta CEO Mark Zuckerberg over a report in the Wall Street Journal about Instagram’s facilitation of child pornography networks.

Thierry Breton, the EU’s Internal Market Commissioner, said in a Thursday tweet that “#Meta’s voluntary code on child protection seems not to work,” adding “Mark Zuckerberg must now explain & take immediate action.”

Breton will fly to Meta’s headquarters in Menlo Park in two weeks to discuss with Zuckerberg.

According to the tweet, Meta will have to demonstrate that they’ve adequately addressed the child porn issue, or ‘face heavy sanctions.’

#Meta’s …

Read more at: https://www.zerohedge.com/technology/zuckerberg-must-explain-eu-demands-answers-instagram-pedophile-network

Windfall tax to end if energy prices drop

The tax was introduced last year to help fund the government’s scheme to lower energy bills.

Read more at: https://www.bbc.co.uk/news/business-65853400?at_medium=RSS&at_campaign=KARANGA

Reddit blackout: Subreddits to go private on Monday

More than 1,000 subreddits will be inaccessible for 48 hours to protest changes.

Read more at: https://www.bbc.co.uk/news/technology-65855608?at_medium=RSS&at_campaign=KARANGA

Tesco could be breaking law on Clubcard pricing, says Which?

The consumer group claims Clubcard pricing is not clear enough but Tesco says it meets current rules.

Read more at: https://www.bbc.co.uk/news/business-65854124?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms make-or-break support at 18389. What should traders do next week

The negative trend in the Nifty is indicated by bearish divergences in RSI and MACD, with immediate support placed around the 18450 levels but resistance found at the 18750 levels. The index is retracing its prior rise from 18060 – 18777, but a negative divergence needs to be confirmed before a negative outlook is established. The monthly expiry contract of the 18600 put option indicates traders are confident of a close-by bottom despite the current small profit booking phase, while Nifty’s make-or-break support is at 18389.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-make-or-break-support-at-18389-what-should-traders-do-next-week/articleshow/100878315.cms

Stock screener: MFs, FIIs drool over these 10 stocks, earn double-digit returns

Institutional investors such as foreign portfolio investors and mutual funds have increased their stakes in at least 20 Indian stocks in the past three quarters, but only 10 of these investments have yielded double-digit returns in FY23. The stocks that have rewarded the institutional investors include L&T Finance Holdings, Maharashtra Scooters, Arvind Smartspaces, Devyani International, Syngene International, BHEL, Hikal, Mayur Uniquoters, Tata Coffee, and Natco Pharma. Only stocks with a market capitalisation of at least INR 500 crore are included in the study.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/stock-screener-mf-fii-drool-over-these-10-stocks-earn-double-digit-returns/articleshow/100866321.cms

These 10 stocks gain for 5 days in a row; do you own any?

After enjoying four consecutive days of gains, the benchmark index Sensex ended on a negative note on Thursday. Nevertheless, ETMarkets.com has shortlisted ten stocks from the BSE200 index that have demonstrated consistent share price growth over the past five trading sessions. With the exception of a couple of stocks, most of these stocks are trading near their highest point of the past 52 weeks. Over the course of the last five days, these stocks have experienced gains ranging from 3-15%. (Data Source: ACE Equity)According to Trendlyne SWOT analysis, all of these stocks exhibit more strengths than weaknesses, indicating a favourable outlook.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/these-10-stocks-gain-for-5-days-in-a-row-do-you-own-any/concurrent-gainers/articleshow/100870508.cms

In One Chart: A new bull market in stocks? Thank the VIX, says Fundstrat’s Tom Lee

The S&P 500’s 2023 rally and the collapse of a closely followed Wall Street volatility gauge go hand in hand, says FundStrat’s Tom Lee. Here’s what’s next.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-720F-1F6AA6AD18FB%7D&siteid=rss&rss=1

Market Snapshot: S&P 500 rises modestly after bear-market exit, investors look ahead to Fed meeting

U.S. stocks were up modestly Friday afternoon, with the S&P 500 edging higher after technically exiting bear-market territory a day earlier.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-720E-C2D8C554D743%7D&siteid=rss&rss=1

Key Words: Mark Zuckerberg says Meta could be ‘primary beneficiary’ of Apple Vision Pro release

“A lot of people aren’t going to find that to be affordable,” Meta CEO Mark Zuckerberg said about the $3,499 price of Apple’s Vision Pro VR headset.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-720F-854D1A13E9E3%7D&siteid=rss&rss=1