Azerbaijan And NATO Deepen Ties

“Azerbaijan has proven to be a reliable partner of NATO [North Atlantic Treaty Organization],” declared President Ilham Aliyev in December 2021 during his visit to NATO Headquarters in Brussels. NATO Secretary-General Jens Stoltenberg confirmed this statement by referring to Azerbaijan as “a valued partner.” Stoltenberg supported his assertion by referencing Azerbaijan`s strong military cooperation with Turkey, its gas supplies to several NATO member states, as well as the country’s contribution to the NATO mission…

Read more at: https://oilprice.com/Geopolitics/International/Azerbaijan-And-NATO-Deepen-Ties.html

Is OPEC Locked Into Supply Cuts With Oil Below $75

As oil prices hover underneath the $75 for a Brent barrel, OPEC has likely found itself stuck with the extra supply cuts it took on—mainly Saudi Arabia—a hedge fund manager told Bloomberg on Friday. “It would be too damaging to prices to remove it at this time, given the fragility of sentiment,” the hedge fund manager of Black Gold Investors LLC said. Earlier this month, Saudi Arabia voluntarily agreed to downsize its production targets by another 1 million barrels per day for the month of July—although it could be extended.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Is-OPEC-Locked-Into-Supply-Cuts-With-Oil-Below-75.html

Bulls And Bears Face Off As Copper Outlook Flashes Mixed Signals

Via AG Metal MIner   We’ve all heard the story. “The green energy movement will keep copper up!.” But, realistically, how bullish is the long-term outlook for copper? Here at MetalMiner, we’ve pondered this question quite a bit. Ultimately, we’ve come to the conclusion that the copper futures indeed possess a lot of long-term potential. However, is it possible that the potential is more bearish than bullish? Copper Futures: Past Analysis and Future Speculation Copper prices (LME primary) still remain relatively high…

Read more at: https://oilprice.com/Metals/Commodities/Bulls-And-Bears-Face-Off-As-Copper-Outlook-Flashes-Mixed-Signals.html

Centrica Doubles Capacity At UK’s Largest Gas Storage Site

UK energy firm Centrica has nearly doubled the storage capacity of the largest natural gas storage site in Britain, the owner of the top energy provider British Gas said on Friday. The storage facility Rough, which is 18 miles off the coast of East Yorkshire, stopped storing gas in 2017.   However, amid the energy and gas crisis last year, the UK and Europe found themselves scrambling to procure gas ahead of the winter.  So Centrica reopened in October its Rough natural gas storage site to boost the UK’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Centrica-Doubles-Capacity-At-UKs-Largest-Gas-Storage-Site.html

Are Rocks The Future Of Solar Power Collection?

The next generation of sustainable energy technology might be built from some low-tech materials: rocks and the sun. Using a new approach known as concentrated solar power, heat from the sun is stored then used to dry foods or create electricity. The School of Materials, Energy, Water and Environmental Sciences (MEWES), Nelson Mandela African Institution of Science and Technology team reporting in ACS Omega has found that certain soapstone and granite samples from Tanzania are well suited for storing this solar heat, featuring high energy…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Are-Rocks-The-Future-Of-Solar-Power-Collection.html

New Mexico Slaps $40 Million Fine On Oil Firm Over Excess Emissions

New Mexico regulators have fined a Texas-based oil and gas company with more than $40 million for violating emissions standards and air quality rules.  The New Mexico Environment Department (NMED) and the New Mexico Energy, Minerals and Natural Resources Department (EMNRD) announced this week separate, but significant, enforcement actions against Ameredev II, LLC and affiliate Ameredev Operating, LLC, an Austin, Texas-based oil and gas production company, “for egregious violations of state rules and permitting requirements.”   …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-Mexico-Slaps-40-Million-Fine-On-Oil-Firm-Over-Excess-Emissions.html

UK Energy Bills Are Falling, But Still Nearly Double Pre-Crisis Levels

Households will pay less for their gas and electricity from Saturday amid warnings that bills will still be almost double the amount they were before the energy crisis began. The average household energy bill will fall by £426 a year from July 1 after Ofgem dropped its price cap following tumbling wholesale prices. The regulator is cutting its price cap from £3,280 to £2,074 in a relief for consumers who have seen typical bills soar from £1,271 a year in October 2021 due to the global gas crisis. Households have…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Energy-Bills-Are-Falling-But-Still-Nearly-Double-Pre-Crisis-Levels.html

U.S. Oil And Gas Rig Counts Decline For Second Consecutive Month

The total number of total active drilling rigs in the United States fell by 8 this week, according to new data from Baker Hughes published Friday, falling by 74 rigs over the last two months. The total rig count fell to 674 this week—76 rigs below this time last year. The current count is 401 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs declined by 1 this week to 545, while the number of gas rigs fell by 6, to 124. It is the fewest number of active gas rigs since February 2022. Miscellaneous…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Oil-And-Gas-Rig-Count-Declines-For-Second-Consecutive-Month.html

The Freight Industry Dilemma: Legacy Leases And Saturated Market

Container lines are facing a triple whammy: Freight rates are weak — below breakeven in some trades — and show no signs of rising. New ships are flooding the market. And vessel leases that container lines booked at historically high rates during the boom have yet to expire. Some leases run through 2024 or 2025. What levers can ocean carriers pull to stop the bleeding? They do not seem to be able to raise freight rates. Demand is too low and carriers are not canceling enough sailings. They want the new ships being delivered…

Read more at: https://oilprice.com/Energy/Energy-General/The-Freight-Industry-Dilemma-Legacy-Leases-And-Saturated-Market.html

Eurozone Inflation Drops As Energy Prices Fall

Annual inflation in the euro area is expected to be 5.5% in June 2023, down from 6.1% in May, as energy prices tumbled by 5.6% from a year earlier, a flash estimate from Eurostat, the statistical office of the European Union, showed on Friday. Energy is the only main component to see an annual drop in prices, per Eurostat’s estimates.   Despite the expected lower inflation in June compared to May, core inflation – excluding energy and food – is estimated at an annual 6.8% in June, only marginally down from 6.9% in May. The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Eurozone-Inflation-Drops-As-Energy-Prices-Fall.html

Energy Agencies Are Conflicted About Rising Oil Demand

The International Energy Agency (IEA) announced that it expected global oil demand to peak at the end of the decade earlier this month. Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said oil demand could reach 110 bpd by 2045, above the peak IEA estimate. But if these major international agencies cannot get on the same page, how can there be a clear fossil fuel outlook?  Earlier in June, the IEA stated that it believed peak oil demand was “in sight” and could be achieved before 2030. Despite a rebound…

Read more at: https://oilprice.com/Energy/Energy-General/Energy-Agencies-Are-Conflicted-About-Rising-Oil-Demand.html

Ukraine To Receive Military Support ‘For As Long As It Takes’

A two-day summit of European Union leaders dominated by talk of the Ukraine war and boosting defenses continued overnight on June 29-30 with a statement reiterating commitments “to provide sustainable military support to Ukraine for as long as it takes.” The leaders of the bloc’s 27 members also said they “stand ready to contribute, together with partners, to future security commitments to Ukraine, which will help Ukraine defend itself in the long term, deter acts of aggression, and resist destabilization efforts.” A majority of the EU’s members…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-To-Receive-Military-Support-For-As-Long-As-It-Takes.html

Oil Prices Remain Rangebound Despite Growing Optimism

A significant decline in U.S. oil inventories provided a firm floor for oil prices this week, but economic concerns are capping any significant rise.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 all for less than a cup of coffee per week.Friday, June 30th, 2023The almost 10-million-barrel US stock decline has provided a…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Remain-Rangebound-Despite-Growing-Optimism.html

Russia Remains On The Brink Of Civil War

Despite having quelled a mutiny, Russia is still not far from the edge of a civil war. The conflict between Wagner’s head Prigozhin and Putin’s defense ministry is reconcilable only in the form of a major concession to Prigozhin that would give him power Putin will not want him to have. This was only the first mutiny, and likely not the last. By way of context, Wagner mercenaries (with zero resistance) made their way from their positions in Ukraine across the border to Rostov-on-Don (in southern Russia). There, they took control of Russian…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Remains-On-The-Brink-Of-Civil-War.html

An Outlook For Oil Prices In H2 2023

When this year began, it was starting to look like the glory days for energy investors were over. Throughout most of the previous two years the sector had rapidly made up for lost time, being by far the best-performing S&P 500 sector in that timespan after a decade or so of underperforming as oil soared to well over $100. But as 2023 dawned, crude had been heading lower for a few months and energy stocks were beginning to reflect that. Still, anyone who has ever traded or invested knows that these things are usually cyclical and that, at some…

Read more at: https://oilprice.com/Energy/Energy-General/An-Outlook-For-Oil-Prices-In-H2-2023.html

Supreme Court strikes down Biden’s student loan forgiveness plan

The Supreme Court on Friday struck down President Biden’s student loan forgiveness plan, denying millions of Americans up to $20,000 of debt relief.

Read more at: https://www.cnbc.com/2023/06/30/supreme-court-biden-student-loan-forgiveness-plan.html

S&P 500 rises on Friday to close out big first half, Nasdaq posts best start to a year in 4 decades: Live updates

Stocks rose Friday as Wall Street looked to cap off a banner start to 2023 and the latest inflation data showed continued easing.

Read more at: https://www.cnbc.com/2023/06/29/stock-market-today-live-updates.html

The biggest takeaways from Microsoft’s courtroom showdown with the FTC over Activision Blizzard

Many internal Microsoft documents have come up in conversations with executives or have been released as part of a hearing over its Activision Blizzard deal.

Read more at: https://www.cnbc.com/2023/06/30/microsoft-activision-showdown-with-ftc-biggest-takeaways.html

ESPN lays off about 20 on-air personalities including NBA analysts Jeff Van Gundy and Jalen Rose

ESPN is laying off about 20 on-air employees as part of a broader cost-cutting effort.

Read more at: https://www.cnbc.com/2023/06/30/espn-lays-off-on-air-talent-including-jeff-van-gundy-and-jalen-rose.html

Investors are betting on stocks to keep rising in the second half with these ETFs

The inflows suggest investors have not been looking to lock in their gains after the first-half rally.

Read more at: https://www.cnbc.com/2023/06/30/investors-bet-on-stocks-rising-in-the-second-half-with-these-etfs.html

Flight disruptions continue on peak July Fourth travel day, with United faring the worst

The TSA expects to screen 17.7 million people from June 29 through July 5, peaking on Friday at more than 2.8 million people.

Read more at: https://www.cnbc.com/2023/06/30/july-fourth-holiday-flight-disruptions.html

Four North American cities are now near worst air quality in the world

New York; Washington, D.C.; Montreal; and Toronto have some of the worst air quality in the world.

Read more at: https://www.cnbc.com/2023/06/30/wildfires-new-york-toronto-near-worst-air-quality-in-the-world.html

Little-known NJ baby retailer tentatively wins rights to Buy Buy Baby’s IP for $15.5 million

Little-known baby retailer Dream on Me Industries has tentatively won the rights to Buy Buy Baby ahead of an auction for all of the chain’s assets.

Read more at: https://www.cnbc.com/2023/06/29/buy-buy-baby-dream-on-me-baby-retailer-wins-auction-for-ip.html

Bitcoin soars in the first half of 2023, and fintech firm Revolut to delist altcoins: 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, Brock Pierce of the Bitcoin Foundation discusses his outlook for crypto, 2024 campaign plans and more in an exclusive interview.

Read more at: https://www.cnbc.com/video/2023/06/30/bitcoin-soars-first-half-2023-fintech-firm-revolut-delist-altcoins-cnbc-crypto-world.html

Live updates: Trump says Putin has been ‘somewhat weakened’; Wagner mercenaries are still in Ukraine, Pentagon says

Nearly a week after its failed insurrection against Moscow, some parts of Russian paramilitary group Wagner remain in Russian-occupied territories in Ukraine

Read more at: https://www.cnbc.com/2023/06/30/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Student loan relief is gone for millions of Americans — here’s what it means for retailers

The Supreme Court striking down Biden’s student debt cancelation plan, and the resumption of payments, will add more pressure to already cautious consumers.

Read more at: https://www.cnbc.com/2023/06/30/student-loan-forgiveness-decision-by-supreme-court-to-hit-retailers.html

From ‘Super Mario’ to ‘The Little Mermaid’: The 10 highest-grossing movies of the first half of 2023

At the halfway point of the year, the Hollywood box office has been dominated by familiar faces driving audiences into multiplexes.

Read more at: https://www.cnbc.com/2023/06/30/the-10-highest-grossing-movies-of-2023-so-far.html

Google will block Canadian news outlets from search results in the country

The move, like Meta’s, comes after Canada’s parliament passed a law requiring the two companies to pay fees to news outlets for linking to their content.

Read more at: https://www.cnbc.com/2023/06/30/google-to-block-canadian-news-outlets-from-search-results-in-canada.html

The Cost Of Bravado: Why Trump Defense To The Audiotape Could Come At A Cost

Authored by Jonathan Turley,

Since the arraignment, much of the talk about the federal indictment of Donald Trump has focused on the audiotape on which the former president refers to what he said were classified plans to attack Iran. When it was first reported, I noted that the only cognizable defense would be “bravado,” an admission that Trump was exaggerating but that the document was not what he claimed.

Trump has now adopted that defense in an interview with Semafor and with ABC News. The problem is that bravado can come at a cost.

On the  …

Read more at: https://www.zerohedge.com/markets/cost-bravado-why-trump-defense-audiotape-could-come-cost

Round Two Of Severe Storms Expected After Derecho Wallops Midwest

A derecho event on Thursday damaged buildings and vehicles, flattened corn fields, and left hundreds of thousands without power across more than 500 miles from Omaha, Nebraska, to the Ohio River. Weather reports show another round of storms could pound the same area on Friday.

Incredible imagery of a derecho marching across the Midwest this afternoon. pic.twitter.com/E2IYKc7uM9

— CIRA (@CIRA_CSU) June 29, 2023

FOX Forecast Center said severe storms are expected to develop over the Plains and move eastward through the morning and afternoon. Lincoln, Nebraska; St. Louis, Missouri; Louisville, Kentucky; Cincinnati; Nashville; and Knoxville, Tennessee, have an elevated risk of severe strong and damaging straight-line winds today.

Read more at: https://www.zerohedge.com/weather/round-2-severe-storms-expected-after-derecho-wallops-midwest

Pentagon Belatedly Claims Chinese Balloon Did Not Collect Data In US

The Chinese ‘spy balloon’ narrative continues to unravel – or is at least full of holes and contradictions – and all the Biden administration has to show for it is continually spiraling US-China relations, despite recent attempts to rescue diplomacy. After the high-altitude balloon was first spotted on January 28 flying over North American airspace, it was shot down by an F-22 fighter jet on February 4, with the debris subsequently recovered off the North Carolina coast.

The Pentagon has now asserted that the Chinese balloon likely did not collect data while it traversed US airspace. “We believe that it did not collect while it was transiting the United States or flying over the United States, and certainly the efforts that we made contributed, I’m sure,” said Pentagon spokesman Brig. Gen. Pat Ryder on Thursday.

Gen. Ryder said this after being asked by journalists about a fresh Wall Street Journal report which alleged US-manufactured equipment was found in the data collection undercarriage of the balloon, which Beijing has insisted all along was just a ‘weather balloon’.

Read more at: https://www.zerohedge.com/geopolitical/pentagon-belatedly-admits-chinese-balloon-did-not-collect-data-us

University Creates Language Guide That Erases ‘Man’ And ‘Mother’ From Existence

Authored by Steve Watson via Summit News,

The University of North Carolina (UNC) has shared an ‘inclusive’ language guide, laying out guidelines for what students and staff are and are not allowed to say.

The guide essentially wipes the word ‘man’ out of existence, and discourages the use of the words ‘mother’ and ‘father’.

A statement from the university claims “Carolina is committed to creating an inclusive and equitable learning environment for every Tar Heel. To fully represent the diversity of our students, faculty, staff and everyone in our community, it is important to use language that supports these values.”

It continues, “This inclusive language guide can act as a starting point for communicating in …

Read more at: https://www.zerohedge.com/markets/university-creates-language-guide-erases-man-and-mother-existence

Centrica boss warns energy bills will stay high for foreseeable future

The boss of Centrica forecasts that household bills will remain high for the foreseeable future.

Read more at: https://www.bbc.co.uk/news/business-66051560?at_medium=RSS&at_campaign=KARANGA

Sky Mobile and Giffgaff customers suffer outage

The networks both confirm users reporting problems with their mobile phone connection.

Read more at: https://www.bbc.co.uk/news/business-66071631?at_medium=RSS&at_campaign=KARANGA

Over-30s eye Australia gap year as age limit upped

Australia extends the age limit to 35 for Brits who want to live and work down under.

Read more at: https://www.bbc.co.uk/news/business-65960126?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty target now at 19,500 for next week. What traders should do

The Nifty formed a long bull candle on Friday, closing at a lifetime high of 19,189. Chart readers suggest the index has been forming higher highs on a weekly scale and supports are shifting higher. The index needs to hold above 19,100 to extend the move towards 19,300 and 19,500.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-target-now-at-19500-for-next-week-what-traders-should-do/articleshow/101397478.cms

SGX Nifty: Last working day today before delisting, new avatar as Gift Nifty from Monday

SGX Nifty, the early indicator of the Indian stock market, will shift from Singapore Exchange to NSE International Exchange in Gujarat’s Gandhinagar. SGX Nifty will be suspended and eventually delisted, while the index will be reborn as Gift Nifty on July 3. NSE IX, a subsidiary of NSE, offers USD-denominated Nifty derivatives and will have various derivative contracts, including Gift Nifty Bank and Gift Nifty IT. Open Interest in SGX Nifty of around $7 billion will move to Gift Nifty. Gift Nifty will be accessible for almost 21 hours, with trading hours and trackability remaining the same.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sgx-nifty-last-working-day-today-before-delisting-new-avatar-as-gift-nifty-from-monday/articleshow/101382950.cms

Cannabis Watch: Cannabis company TerrAscend draws kudos from analysts with Toronto Stock Exchange listing on tap for next week

Cannabis company with U.S. operations set to begin trading Tuesday on the TSX in a move seen as potentially attracting more support from investors.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7221-CDD3AC5E9367%7D&siteid=rss&rss=1

Futures Movers: Oil futures climb, with global prices registering the first monthly gain of the year but a 4th straight quarterly decline

Oil futures climb on Friday, with prices for the global benchmark notching their first monthly gain of the year, along with a fourth quarterly loss in a row.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7221-85F77BE21E71%7D&siteid=rss&rss=1

Project Syndicate: A global recession is coming, Nouriel Roubini says. Stock and bond investors should get ready.

A short and shallow contraction over the next year has become much more likely.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721E-5AF492CDEF20%7D&siteid=rss&rss=1