How Iran’s Mohajer-6 Drones Could Define The Ukraine Conflict

While the West is still contemplating sending sophisticated unmanned aerial vehicles (UAVs) to Ukraine, such as the Reaper and the Predator, Moscow and Tehran are taking a step further to bolster Russia’s unmanned aerial capabilities and tip the balance of power in Russia’s favor on the battlefield. Through an “outside-the-box” approach and carefully designed logistics that exploit the West’s vulnerabilities and blind spots, Tehran and Moscow’s partnership is rapidly developing into a threat that could become…

Read more at: https://oilprice.com/Geopolitics/International/How-Irans-Mohajer-6-Drones-Could-Define-The-Ukraine-Conflict.html

Assessing Labour’s Energy Agenda: Does It Meet UK’s Needs?

Shadow Chancellor Rachel Reeves watered down Labour’s ambitious climate pledges last week, slashing plans to invest £28bn per year in green industry. The party’s pledged Green Prosperity Plan, which Reeves herself announced in 2021, has fallen victim to Labour’s fiscal rules – as the opposition seeks to bolster its economic credibility ahead of next year’s election. Instead, Labour will boost investment over time, reaching £28bn a year after 2027 – over halfway through its first term in…

Read more at: https://oilprice.com/Energy/Energy-General/Assessing-Labours-Energy-Agenda-Does-It-Meet-UKs-Needs.html

U.S. Gasoline Prices Ripe For Volatility

After a relentless month’s-long climb, U.S. national average gas prices have stabilized, with the current price of $3.594 for a gallon of regular unleaded gasoline only 4 cents higher on a w/w and m/m basis but nearly 30% lower compared to year-ago levels.  Diesel prices have also declined, with the current national average of $3.907 good for a 33% Y/Y contraction. However, state-by-state prices are more volatile.  “We’ve seen some hefty gas price increases in several states in the Great Lakes and in Florida,” Patrick DeHaan, senior…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Ripe-For-Volatility.html

Dam Rupture Complicates Steel Production In Ukraine

Via AG Metal Miner Ukrainian steelmaker and longs producer ArcelorMittal Kriviy Rih (AMKR) recently stopped steelmaking and rolling operations. A spokesman for the company told MetalMiner that the halt stems from a rupture of the Kakhovska Hydropower Plant’s dam after a suspected Russian operation. So far, there is no consensus on how this might affect steel prices. The source added that concerns over water consumption prompted the plant to stop production on June 6, the same day the incident occurred. “Production…

Read more at: https://oilprice.com/Metals/Commodities/Dam-Rupture-Complicates-Steel-Production-In-Ukraine.html

Tbilisi’s Ambition To Become A Regional Aviation Hub

The Georgian authorities are pondering building a new airport near the capital city, citing long-term prospects of the country becoming an “aviation hub” in the region. Government leaders made the announcement in early June, saying they would either build a new airport in place of the Vaziani military airfield near Tbilisi or expand the capital’s existing international airport.  It’s the latest in a series of moves aimed at elevating Georgia’s role in transportation and cargo traffic between various parts of the world. “Today we have the capacity,…

Read more at: https://oilprice.com/Geopolitics/International/Tbilisis-Ambition-To-Become-A-Regional-Aviation-Hub.html

Pakistan Pays For Discounted Russian Oil In Yuan

Pakistan’s petroleum minister Musadik Malik has revealed that his country paid for its first imports of discounted Russian crude in Chinese currency. According to Malik, the purchase, the first government-to-government (G2G) deal between Pakistan and Russia, consisted of 100,000 tonnes, of which 45,000 tonnes have already docked at Karachi port. The decision to pay in Chinese currency instead of the traditional U.S. dollar comes after Russia last year said it will no longer accept the American currency as payment for its energy commodities…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pakistan-Pays-For-Discounted-Russian-Oil-In-Yuan.html

U.S. Energy Infrastructure To Get A Major Bump

After years of criticism around failures in U.S. energy infrastructure, progress is finally being seen with the approval of the development of several major new transmission lines across the country. As America’s green energy portfolio continues to grow, investment in energy infrastructure must reflect the enhanced renewable energy capacity, allowing for electricity to be distributed effectively and efficiently. Improvements in energy infrastructure could also decrease the risk of outages in the case of extreme weather events, as well as…

Read more at: https://oilprice.com/Energy/Energy-General/US-Energy-Infrastructure-To-Get-A-Major-Bump.html

Nigeria’s LNG Sales Slump Amid Security And Investment Challenges

Nigeria’s revenues from LNG exports declined in the first quarter of 2023 to the lowest in five quarters, due to security challenges and declining associated natural gas production at oilfields, Nigerian media reported on Monday, quoting government data and industry experts.   Between January and March this year, Nigeria’s earnings from liquefied natural gas exports slumped by 18% compared to the third quarter of 2022 and stood at $1.3 billion (622 billion Nigerian naira), per data from the National Bureau of Statistics (NBS) cited…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigerias-LNG-Sales-Slump-Amid-Security-And-Investment-Challenges.html

Saudi Arabia Signs $5.6 Billion EV Deal With China

Saudi Arabia has signed an agreement worth $5.6 billion with China’s electric vehicle maker Human Horizons to design and manufacture EVs, the Saudi state news agency reports.   The signing of the agreement took place on the first day of the 10th Arab-China Business Conference, which Saudi Arabia hosts. The value of the EV deal accounts for just over half of the agreements of a combined $10 billion (37.5 billion Saudi riyals) signed on Sunday across several sectors, including technology, renewables, agriculture, real estate, minerals,…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Arabia-Signs-56-Billion-EV-Deal-With-China.html

WTI Plunges 4% Ahead Of Fed Rate Decision

Oil markets have kicked off the new week on a sour note with both Brent and WTI crude sliding over $3 per barrel after Goldman Sachs’ latest call.  Last week, Goldman Sachs’ oil ultra bull Jeff Currie once again lowered his Brent forecast for December, this time to $86 a barrel from $95 and $100 before that. Currie cited increasing supply from Russia, Iran and Venezuela; growing recession fears and persistent headwinds to higher prices from higher interest rates for his growing bearishness. At 10:14 a.m. EST, WTI was trading down 3.85%…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Plunges-Nearly-4-Ahead-Of-Fed-Rate-Decision.html

Iraq Gets U.S. Approval To Clear $2.76 Billion Gas Debt To Iran

The Iran-Iraq Joint Chamber of Commerce Chairman, Yahya Al-e Eshaq, announced on June 10 that Iraq has released $2.76 billion worth of Iranian funds in gas export money owed by Baghdad. Iraq received a sanctions waiver from the US to make the payment. According to an unnamed foreign ministry official that spoke with Reuters, Foreign Minister Fuad Hussein got the clearance to make the payment from US State Secretary Antony Blinken on the sidelines of the Riyadh Conference on Thursday. Eshaq told Iranian media on Saturday…

Read more at: https://oilprice.com/Energy/Energy-General/Iraq-Gets-US-Approval-To-Clear-276-Billion-Gas-Debt-To-Iran.html

Goldman Sachs Slashes Year-End Oil Price Forecast To $86

Goldman Sachs has slashed its year-end oil price forecast to $86 per barrel Brent, down from a previous projection of $95, as it sees higher supply from sanctioned oil exporters offsetting the recent OPEC+ and Saudi cuts amid potentially underwhelming demand.   Goldman analysts have been bullish on oil in recent months, expecting tight markets in the second half of the year. Less than two weeks ago, the Wall Street bank said it expects a rally in oil and commodities, after the biggest-ever destocking in commodities that is currently underway.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Slashes-Year-End-Oil-Price-Forecast-To-86.html

Top Asian Refiner Sells Large Volumes Of Oman Crude Oil

Unipec, the trading unit of the top Chinese and Asian refiner, Sinopec, is selling unusually large volumes of Oman crude for August loading to other trading firms, in a sign that demand in China could be weaker than thought, according to trade sources and data Reuters has compiled. The large ongoing sale of millions of barrels of Omani crude has kept the Dubai benchmark price, the benchmark for Middle Eastern crude going to Asia, in check in recent days, despite the expected tightening of the oil market in July when the Saudi production cut of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Top-Asian-Refiner-Sells-Large-Volumes-Of-Oman-Crude-Oil.html

Aramco To Supply Full Crude Volumes To Asian Refiners Despite Production Cut

Saudi Aramco, the world’s largest crude oil exporter, has assured at least five North Asian refiners they would get the full crude volumes they had asked for in July, even after the production cut Saudi Arabia announced last week, sources familiar with the plans told Reuters on Monday. On June 4, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer, Saudi Arabia, said it would voluntarily reduce its production by 1 million bpd in July, to around 9 million bpd. The cut could…

Read more at: https://oilprice.com/Energy/Energy-General/Aramco-To-Supply-Full-Crude-Volumes-To-Asian-Refiners-Despite-Production-Cut.html

More Than Half Of China’s Power Capacity Is Now Non-Fossil Fuels

China has reached its goal to have more non-fossil fuel installed electricity capacity than fossil fuels earlier than planned, with 50.9% of its power capacity coming from non-fossil fuel sources now, Chinese state news agency Xinhua reported on Monday. Back in 2021, the Chinese authorities said they would target renewables to outpace fossil fuel-installed capacity by 2025.   China is unmatched in renewable energy spending globally, investing in raising its solar and wind power capacity.   China’s wind and solar power…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/More-Than-Half-Of-Chinas-Power-Capacity-Is-Now-Non-Fossil-Fuels.html

S&P 500 closes at highest level since April 2022 as traders hope the Fed will skip a rate hike: Live updates

Markets have come to expect that the Fed will skip another rate increase at this week’s meeting, with traders pricing in a 74% chance there will be no hike.

Read more at: https://www.cnbc.com/2023/06/11/stock-market-today-live-updates.html

Inflation report Tuesday will be critical for the direction of Fed policy

The consumer price index is expected to show that all-items inflation increased just 0.1% last month, equating to a 4% annual rate.

Read more at: https://www.cnbc.com/2023/06/12/inflation-report-tuesday-will-be-critical-for-the-direction-of-fed-policy.html

Twitter CEO Linda Yaccarino echoes Musk in emphasizing freedom of speech in debut tweet thread

Twitter’s new CEO Linda Yaccarino made her first substantive public comments on Monday, laying out her focus on freedom of speech

Read more at: https://www.cnbc.com/2023/06/12/twitter-ceo-linda-yaccarino-echoes-musk-in-focus-on-freedom-of-speech-.html

Inflation outlook hits two-year low in latest New York Fed survey

The Survey of Consumer Expectations for May showed one-year inflation expectations down 0.3 percentage point to a 4.1% rate.

Read more at: https://www.cnbc.com/2023/06/12/inflation-outlook-hits-two-year-low-in-latest-new-york-fed-survey.html

Ron DeSantis to attend fundraiser with Wall Street execs, including former Soros firm partner

Florida Gov. Ron DeSantis is scheduled to attend a fundraiser hosted by Wall Street executives, including one that has past ties to a George Soros backed fund.

Read more at: https://www.cnbc.com/2023/06/12/desantis-wall-street-fundraiser-ex-soros-exec.html

The S&P 500 could pop after Tuesday’s consumer price index report, JPMorgan’s trading desk says

It’s a big week on Wall Street that could set the tone for the second half of the year.

Read more at: https://www.cnbc.com/2023/06/12/sp-500-could-pop-after-tuesdays-cpi-report-jpmorgans-trading-desk-says.html

Crypto altcoins plunge following SEC charges, and Robinhood to delist some tokens: 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, Brent Xu, the founder and CEO of Umee, weighs in on altcoin price movement following the SEC’s charges against Binance and Coinbase.

Read more at: https://www.cnbc.com/video/2023/06/12/crypto-altcoins-plunge-sec-charges-robinhood-delist-tokens-cnbc-crypto-world.html

JPMorgan prepared to pay $290 million in settlement with Jeffrey Epstein victims

Other suits in the Epstein matter remain open, however, including the U.S. Virgin Islands’ suit and a case against former executive Jes Staley.

Read more at: https://www.cnbc.com/2023/06/12/jpmorgan-reaches-settlement-with-epstein-victim-in-lawsuit.html

FTC will try to block Microsoft’s acquisition of Activision Blizzard

The FTC had already sued to block the $68.7 billion acquisition, choosing to bring the case before its internal administrative law judge.

Read more at: https://www.cnbc.com/2023/06/12/ftc-to-file-injunction-blocking-microsofts-acquisition-of-activision-blizzard.html

Ukraine war live updates: Kyiv says it has liberated front-line villages in counteroffensive; Putin appeals to Russians’ patriotism

All eyes are on Ukraine’s counteroffensive after its armed forces claimed to have liberated four front-line villages in the eastern Donetsk region.

Read more at: https://www.cnbc.com/2023/06/12/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

The world’s top H.P. Lovecraft expert weighs in on a monstrous viral meme in the A.I. world

The shoggoth meme is a metaphor for concerns that artificial intelligence could one day become indifferent to humans.

Read more at: https://www.cnbc.com/2023/06/12/lovecraft-joshi-shoggoth-ai-meme.html

At a time when most Americans are living paycheck to paycheck, the ‘quiet luxury’ trend takes over

Buoyed by Gwyneth Paltrow’s courtroom wardrobe and HBO’s final season of “Succession,” the look of “quiet luxury” has quickly caught on.

Read more at: https://www.cnbc.com/2023/06/10/quiet-luxury-may-be-americans-most-expensive-trend-to-date.html

Fox News sends Tucker Carlson cease-and-desist letter over new Twitter show

The firebrand right-wing anchor debuted a new show on Twitter last week. His former network considers it a violation of his contract.

Read more at: https://www.cnbc.com/2023/06/12/fox-news-sends-tucker-carlson-cease-and-desist-letter-over-new-twitter-show.html

Moving To ‘Wall Street South’ From NYC Can Save You Up To $200k

New York-based investment firms have been moving to the Sunshine State. Firms like Goldman Sachs, Tiger Global Management, and D1 Capital Partners have all announced plans to move offices and executives to “Wall Street South” in South Florida. Those who make the leap from Manhattan to Brickell will find an improved cost of living and lower taxes.

The Finance website SmartAsset found those making $650,000 per year in Manhattan could save $195,000 if they move to Miami because of cheaper living costs and lower taxes. Even someone making $150,000 in Manhattan can save upwards of $49,000 per year by moving to Wall Street South.

Here are the tax and cost of living savings from NYC to Miami

And why not? The weather is a tropical delight (minus hurricane season), people are friendlier, and progressives have yet to ruin the state. Some things don’t have a price…

Read more at: https://www.zerohedge.com/markets/moving-wall-street-south-nyc-can-save-you-200k

Can Americans ‘Handle The Truth’?

Authored by James Howard Kunstler via Kunstler.com,

We’re Not Finished

“You give me a piece of ground and a sword and I am going to take back this country with your help and the help of all the homeless Democrats and Republicans who are Americans first.”

– Robert F. Kennedy, Jr.

If you’re wondering why our country is lost in lunatic raptures of lawless Lawfare and futile MAGAry, it’s because our economy has already collapsed, and our culture and politics with it downstream have also collapsed into spectacular degeneracy. It has already happened. Maybe you don’t know it.

The business model is broken. We’re a shadow of the industrial economy that won a great war and enjoyed a boisterous peace.

You can’t replace ball bearing factories with theme parks and hedge funds. Sorry. The full faith and credit of the USA is not embo …

Read more at: https://www.zerohedge.com/political/can-americans-handle-truth

I-95 Bridge Collapse In Philadelphia Sparks ‘Major Traffic Disruption’, May Snarl Supply Chains

Secretary of Transportation Pete Buttigieg warned the I-95 bridge collapse in Northeast Philadelphia would cause “major disruption” for regional transportation and commuters. The stretch of I-95 will be closed for at least a month while the bridge is being rebuilt.

On Monday, Buttigieg addressed the American Council of Engineering Companies in Washington. He said his agency is working with state and local officials to rebuild the bridge and will provide financing and technical support.

Buttigieg warned summer travel on the I-95 through Philadelphia could be a nightmare:

“This is not just about commutes.

“This is also about supply chains, about 150,000 vehicles a day, and a good percentage of that is trucking. For both vehicle passenger traffic, and for goods moving supply chains, this is going to be a major disruption in that region.”

I-95 is a major artery for the Mid-Atlantic and Northeast and the entire East Coast.

Read more at: https://www.zerohedge.com/markets/i-95-bridge-collapse-philadelphia-sparks-major-traffic-disruption-may-snarl-supply-chains

DOJ Fatigue: Is Special Counsel Smith Singing To An Empty Room?

Authored by Jonathan Turley,

Below is my column in the Hill on the Trump indictment and why so many citizens have little interest in its content or charges. The reaction of many citizens vividly shows the costs of years of biased and inconsistent decisions involving Democratic and Republican figures. The result is what you now see. The Justice Department has lost the room.

Here is the column:

When Special Counsel Jack Smith walked before cameras on Friday after the release of the Trump 44-page indictment against former President Donald Trump, he started with arguably his most difficult case to make.

He declared “we have one set of laws in this country and

Read more at: https://www.zerohedge.com/political/doj-fatigue-special-counsel-smith-singing-empty-room

Heathrow workers call off first summer strikes

More than 2,000 staff said they will postpone industrial action on 24 and 25 June.

Read more at: https://www.bbc.co.uk/news/business-65882032?at_medium=RSS&at_campaign=KARANGA

Warning UK mortgage rates set to rise further

It comes as Santander becomes the latest big lender to withdraw deals due to market turbulence.

Read more at: https://www.bbc.co.uk/news/business-65876570?at_medium=RSS&at_campaign=KARANGA

Meatless Farm: Vegan mince firm on brink of collapse

Plant-based company Meatless Farm has dismissed most of its workforce and is examining its options.

Read more at: https://www.bbc.co.uk/news/business-65879973?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Tuesday

Indian equities snapped a two-day losing streak, with the Nifty ending above 18,600 points on Monday, driven by positive global cues and optimistic expectations surrounding India’s economic growth. Sectors including IT and real estate were among the major gainers.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-tuesday/articleshow/100945280.cms

Jupiter Wagons, Faze Three among top smallcap additions by MFs in May; Dollar Industries, Sirca Paints major exits

Indian mutual funds purchased equities worth Rs 2,447 crore in May, compared to selling Rs 4,533 crore in April, according to IDBI Capital. In the small-cap sector, some of the major holdings added to portfolios include Jupiter Wagons, Nexus Select Trust, Carysil, Chennai Petroleum Corp and Faze three. In May, retail investors saw a halving of flows into equity mutual funds to Rs 3,240 crore, their lowest in six months, as investors booked profits due to a rise in markets and flows into debt schemes.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/jupiter-wagons-faze-three-among-top-smallcap-additions-by-mfs-in-may-dollar-industries-sirca-paints-major-exits/articleshow/100945952.cms

5 concepts about money Radhika Gupta wants you to never forget

​Radhika Gupta, MD & CEO, Edelweiss Mutual Fund in a Twitter thread shared five thoughts about money that she would want her child to learn first.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/5-concepts-about-money-radhika-gupta-wants-you-to-never-forget/articleshow/100933365.cms

Destination weddings: Do guests still have to give gifts if they already spent ‘mad money’ to get there?

Global destination weddings were a $23.31B market last year. But if guests shell out hundreds or thousands to get there, do they still owe the couple a gift?

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7208-42D07EB8A5B6%7D&siteid=rss&rss=1

Market Extra: It’s a ‘bull market’ for stocks. Here’s what that means.

Here’s what it means when investors talk about bull and bear markets.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7210-CA01618DBCAB%7D&siteid=rss&rss=1

The Human Cost: I grew up with hazardous smoke from forest fires in Asia. Here’s what I learned.

Don’t vacuum. Drink water. Keep your kids inside.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-720D-EE2B6FEDA76C%7D&siteid=rss&rss=1