Why Aren’t Regulators Going After Cruise Ships?

A new study commissioned by the European Federation for Transport and Environment revealed that toxic emissions of sulfur oxides from 63 cruise ships belonging to Carnival Corporation were 43% higher than all the combustion engine vehicles in Europe. This stunning statistic comes as EU leaders have decided to ban small combustion engines for cars by 2035. But what about ‘green’ cruise ships? Only crickets…  “The most polluting cruise ship operator was MSC Cruises, whose vessels emitted nearly as much sulphur as all the 291 million cars in…

Read more at: https://oilprice.com/Energy/Energy-General/Why-Arent-Regulators-Going-After-Cruise-Ships.html

China’s Steel Titans Brace For Tough Times

Via AG Metal Miner   This past weekend, China’s primary steel manufacturing companies released a cautionary statement regarding their profits. In the statement, the manufacturers acknowledged a series of obstacles they expect to encounter in the latter half of the year. They also attribute disappointing demand, dwindling profitability, and cost reduction pressures as the primary factors exacerbating these challenges. The China Iron and Steel Association (CISA) statement asserts that the industry recently reached a critical turning point…

Read more at: https://oilprice.com/Metals/Commodities/Chinas-Steel-Titans-Brace-For-Tough-Times.html

Nigeria Looks To Boost Oil Production To 1.7 Million Bpd By Year-End

Nigeria, OPEC’s largest producer in Africa, aims to significantly increase its oil production to up to 1.7 million barrels per day (bpd) by November 2023, hoping to win a higher quota in the OPEC+ agreement, Gabriel Tanimu Aduda, Permanent Secretary at Nigeria’s Ministry of Petroleum Resources, told Energy Intelligence on the sidelines of the OPEC+ seminar in Vienna this week.   Nigeria has consistently failed to produce to its quota in the OPEC+ agreement. The combination of pipeline vandalism and oil theft with a lack of investment…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Looks-To-Boost-Oil-Production-To-17-Million-Bpd-By-Year-End.html

U.S. Drillers Add Gas Rigs As Oil Rig Count Slips Further

The total number of total active drilling rigs in the United States rose by 6 this week, after falling by 8 last week, according to new data from Baker Hughes published Friday. The total rig count rose to 680 this week—72 rigs below this time last year. The current count is 395 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs declined by 5 this week to 540, while the number of gas rigs rose by 11, to 135. Miscellaneous rigs stayed the same at 5. The rig count in the Permian Basin rose by…

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Drillers-Add-Six-Gas-Rigs-As-Oil-Rig-Count-Slips-Further.html

Mysterious Cluster Of Saudi Oil Tankers Off Egypt Raises Storage Concerns

The number of Saudi supertankers carrying oil and sitting offshore Egypt increased again on Friday, according to vessel tracking data monitored by Bloomberg, after signs emerged earlier this week that the previous large cluster had started to clear.   An unusual cluster of mostly Saudi supertankers loaded with oil has been idling off Egypt’s Red Sea coast since early June. Signs emerged at the end of June that the cluster may have started to clear as two of the 11 tankers were no longer anchored near the Ain Sukhna…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mysterious-Cluster-Of-Saudi-Oil-Tankers-Off-Egypt-Raises-Storage-Concerns.html

What Do Uzbekistan’s Snap Elections Mean For Central Asia?

On May 8, Uzbekistani President Shavkat Mirziyoyev announced snap presidential elections, which are now set to take place on July 9—more than three years ahead of the originally scheduled date in 2026 (Gazeta.uz, May 8). Mirziyoyev provided four reasons for this decision: changes in the balance of power among the branches of government, new goals for governance, increased expectations and accountability from the general public, as well as challenging domestic and international situations. He concluded that holding snap presidential elections…

Read more at: https://oilprice.com/Geopolitics/International/What-Do-Uzbekistans-Snap-Elections-Mean-For-Central-Asia.html

Philippines Sounds Alarm Over Surge In Chinese Boats In Contested Waters

The Philippines armed forces said on Friday the military had seen in recent weeks an “alarming” surge in the number of fishing boats from China in disputed areas of the South China Sea, including near the Reed Bank area which hosts a stalled Philippine natural gas project.  The long-running dispute in the South China Sea involves territorial claims by China as well as Vietnam, the Philippines, Taiwan, Brunei, and Malaysia. China has territorial claims to about 90 percent of the South China Sea, which has put it at odds…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Philippines-Sounds-Alarm-Over-Surge-In-Chinese-Boats-In-Contested-Waters.html

Oil Prices Remain Capped By Economic Concerns

Oil prices are set for a second consecutive weekly gain but the upside remains limited due to continued economic concerns.Friday, July 7th, 2023Oil prices are set to end the week with a slight gain after the market eventually priced in Saudi Arabia’s production cut extension into August as well as another steeper-than-expected US crude inventory drop, pushing ICE Brent closer to the $77 per barrel mark. The upside remains limited, however, as the prospect of another US interest rate hike becomes part of mainstream expectations, with the Fed…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Remain-Capped-By-Economic-Concerns.html

The Bearish Case For Oil Markets

In my commentary for Oilprice.com in April, when OPEC+ surprised the markets with production cuts, I maintained that many were misinterpreting the development, as it will not result in higher oil prices due to falling demand—a tacit confession by OPEC+ and its de facto leader, Saudi Arabia. Moreover, the recent announcement of OPEC+ to cut 1 million barrels a day in July also failed to push oil prices higher, indicating underlying weakness in the global economy. Today, with Saudi Arabia having pledged to extend its latest cut into July, there…

Read more at: https://oilprice.com/Energy/Energy-General/The-Bearish-Case-For-Oil-Markets.html

Commerzbank Lowers Brent Oil Price Outlook To $85 At Year-End

Commerzbank has cut its oil price forecasts for this year and next to reflect a persistent “battered” sentiment on the market, due to economic growth concerns despite the additional OPEC+ cuts. Commerzbank revised down its forecast for Brent Crude to $85 per barrel at the end of this year, down from $90 a barrel previously expected. The bank cut its year-end forecast for the U.S. benchmark, too, seeing WTI Crude at $80 per barrel at end-2023, compared to an earlier expectation of $85 per barrel. Commerzbank also reduced its Brent and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Commerzbank-Lowers-Brent-Oil-Price-Outlook-To-85-At-Year-End.html

Shell Expects ‘Significantly Lower’ Earnings From Gas Trading

Shell expects its gas trading business to have been significantly lower in the second quarter, compared to a strong first quarter, due to seasonality and fewer optimization opportunities, the UK-based supermajor said in its second quarter 2023 update note on Friday.    Shell anticipates the second-quarter contribution of the gas trading division to be in line with the average contribution of the second quarter in 2021 and 2022. For the first quarter, Shell reported adjusted earnings of $9.6 billion, driven by “strong trading and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-Expects-Significantly-Lower-Earnings-From-Gas-Trading.html

Oil Futures Market Finally Signals Supply Tightening

The oil futures market has strengthened this week, signaling that a market tightening could be on the way.     Following the latest announcements of fresh supply cuts from OPEC+ leaders Saudi Arabia and Russia, key spreads in the oil derivatives markets have started to show strength, according to Bloomberg’s estimates. Prompt spreads in the futures market have returned to backwardation, from contango.  Contango is the state of the market in which prices for delivery at later dates are higher than front-month prices—a…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Futures-Market-Finally-Signals-Supply-Tightening.html

European Parliament Reaches Broad Deal On Power Market Reform

The European Parliament has reached a broad agreement on the proposed electricity market reform, designed to prevent a repeat of last year’s energy crisis.    “We have a DEAL,” tweeted Nicolas Gonzalez Casares, the European Parliament’s lead negotiator on the reform proposed by the European Commission earlier this year. A broad agreement among European Parliament groups S&D, Renew, Greens, and EPP has been reached, he added. The deal includes a ban on disconnection of vulnerable customers, gives more rights…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Parliament-Reaches-Broad-Deal-On-Power-Market-Reform.html

Saudi Arabia’s Latest Oil Price Hike Has Sapped Buyer Appetite

At least four buyers of Saudi crude oil from Asia and Europe have changed their plans for future orders after the kingdom announced its latest price hike, Bloomberg has reported, citing unnamed sources. Earlier this week, Saudi Arabia said it would increase the Dubai/Oman premium of its flagship Arab Light crude to $3.20 a barrel for August, with Asia accounting for 60% of the country’s market. The increase was almost the smallest for Asian buyers, however. Per documents cited by Bloomberg, Saudi Aramco hiked its prices for European buyers by $0.80…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabias-Latest-Oil-Price-Hike-Has-Sapped-Buyer-Appetite.html

EU Moves Closer To Exiting Energy Investment Pact

The European Union is going ahead with plans to leave the Energy Charter Treaty, which climate activists have slammed as playing for the hydrocarbons team. The Financial Times reports that the European Commission is later today set to propose a joint exit from the Treaty, after several individual member states quit over expensive court settlements with oil and gas companies. The Energy Charter Treaty, set up in 1994, aimed to protect investments in energy across borders. Lately, it has emerged, in the eyes of some EU members, as a tool of the hydrocarbons…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Moves-Closer-To-Exiting-Energy-Investment-Pact.html

Stocks tumble on Friday, notching weekly losses, as traders’ rate hike fears return: Live updates

All three major averages are headed for a losing week.

Read more at: https://www.cnbc.com/2023/07/06/stock-market-today-live-updates.html

Meta’s Twitter rival Threads explodes to 70 million signups one day after launch

The text-based social media product already has 70 million sign-ups, Meta CEO Mark Zuckerberg said on Friday.

Read more at: https://www.cnbc.com/2023/07/07/metas-twitter-rival-threads-surpasses-50-million-signups-screenshots.html

Fed’s Goolsbee sees ‘golden path’ to lower inflation without a recession

Goolsbee said he’s confident inflation can be tamed without a recession, even with additional rate increases likely.

Read more at: https://www.cnbc.com/2023/07/07/feds-goolsbee-sees-golden-path-to-lower-inflation-without-a-recession.html

Here’s where the jobs are for June 2023 — in one chart

Health-care and government jobs showed strong growth in June, according to the Labor Department.

Read more at: https://www.cnbc.com/2023/07/07/heres-where-the-jobs-are-for-june-2023-in-one-chart.html

June inflation data will be closely watched by investors in the week ahead

Wall Street attention will turn to June inflation data to shed light on the path of future Fed policy. And some big bank earnings.

Read more at: https://www.cnbc.com/2023/07/07/june-inflation-data-will-be-closely-watched-by-traders-in-coming-week.html

RFK Jr. touted bitcoin, but said he wasn’t an investor. Financial records show otherwise

Democratic candidate for president Robert F. Kennedy Jr. once said he’s not an investor into bitcoin. His family has owned up to $250,000 worth of bitcoin.

Read more at: https://www.cnbc.com/2023/07/07/rfk-jr-bitcoin-investment-raises-ethics-concerns.html

Sales of Alzheimer’s drug Leqembi may be slow initially but could pick up in 2024

Analysts believe the Medicare registry requirement and new guidance on Leqembi’s prescription label could potentially weigh on sales in the near term.

Read more at: https://www.cnbc.com/2023/07/07/alzheimers-drug-leqembi-sales-may-be-slow-at-first-analysts.html

Gemini sues DCG, and Binance CEO responds to high-profile departures: 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, Chen Arad, a co-founder of crypto security startup Solidus Labs, breaks down the firm’s new report on insider trading activity in the space.

Read more at: https://www.cnbc.com/video/2023/07/07/gemini-sues-dcg-binance-ceo-responds-high-profile-departures-crypto-world.html

Ukraine war live updates: Ukraine reports advances near eastern city of Bakhmut; Germany opposes sending cluster bombs to Kyiv

Germany says it opposes sending cluster munitions to Ukraine, a day after U.S. officials suggested Washington was considering sending the weapons to Kyiv.

Read more at: https://www.cnbc.com/2023/07/07/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Many Americans fear a recession as severe as 2008 could be coming. Here’s what experts say

As the Federal Reserve works to curb inflation, experts are forecasting for a mild recession. Here’s when they say that downturn may start.

Read more at: https://www.cnbc.com/2023/07/07/americans-fear-a-recession-may-be-as-severe-as-2008-experts-disagree.html

Small businesses may have a hard time finding teen workers this summer

The unemployment rate for teens aged 16 to 19 crept up slightly in June, while the labor participation rate fell year on year.

Read more at: https://www.cnbc.com/2023/07/07/small-businesses-teen-workers-labor-market.html

‘We are in uncharted territory’: World records hottest day ever for the third time in just four days

The extraordinary feat comes shortly after the European Union’s climate change service confirmed the planet observed its hottest June on record.

Read more at: https://www.cnbc.com/2023/07/07/climate-world-records-hottest-day-ever-for-the-third-time-this-week.html

EV sales: Hyundai overtakes GM, but Tesla’s U.S. dominance continues

Tesla, led by CEO Elon Musk, has grown its lead over the legacy automakers Hyundai and General Motors to roughly 300,000 vehicles.

Read more at: https://www.cnbc.com/2023/07/07/ev-sales-hyundai-overtakes-gm-but-teslas-us-dominance-continues.html

Biden Says Assad Must Go

Authored by Connor Freeman via The Libertarian Institute,

While on the campaign trail, President Joe Biden spoke with some “Syrian American activists” who favor increased sanctions on the country as well as regime change in Damascus, during a private fundraiser in Maryland last month. According to neoconservative columnist Josh Rogin – one of Bill Kristol’s protégés –  Biden told these regime change advocates that, among other things, Assad must go. Rogin says these activists “took advantage of their audience with Biden… to implore him to do more to oppose” Syrian President Bashar al-A …

Read more at: https://www.zerohedge.com/geopolitical/biden-says-assad-must-go

Harassment, Death Threats Against Web Designer Surge Since Supreme Court Decision Upholding Freedom Of Speech

Authored by Mark Tapscott via The Epoch Times (emphasis ours),

Lorie Smith, the Colorado website designer at the heart of the Supreme Court’s landmark 303 Creative v. Elenis June 30 decision upholding every American’s freedom of speech, is receiving a barrage of increasingly intense harassment, including serious death threats, following the 6–3 ruling.

“Especially in the last week, despite the victory last week, I do continue to face horrific attacks, people saying they hope I would be raped; they want to burn my house down; they know where I live, and they want to come kill me and my family,” Ms. Smith told The Epoch Times on July 5 in an exclusive interview.

“Our security team is monitoring all of the comments that come in very, very closely to determine the best way to protect Lorie and to take action consistent with the threat,” said Kellie Fiedorek, Senior Counsel and Government Affairs Director for the Alliance Defending Freedom (ADF), the public interest law firm that has represented Ms. Smith throughout her case.

“We cannot share any more about the internal conv …

Read more at: https://www.zerohedge.com/political/harassment-death-threats-against-web-designer-surge-supreme-court-decision-upholding

Great Migration: Mercedes-Benz Adopts Tesla’s NACS Charging Standard

Mercedes-Benz is the first German automaker to announce the adoption of Tesla’s North American Charging Standard (NACS). In 2024, Mercedes EV drivers can use Tesla’s Supercharger network across North America. Then in 2025, all new Mercedes EVs will be equipped with NACS ports.

In addition to the more than 12,000 Tesla Superchargers in North America, Mercedes will also establish its own High-Power Charging Network with more than 400 Charging Hubs, including more than 2,500 high-power chargers, to ens …

Read more at: https://www.zerohedge.com/technology/great-migration-mercedes-benz-adopts-teslas-nacs-charging-standard

Ukraine Spy Chief Says Threat To Zaporizhzhia Nuclear Plant Subsiding

Authored by Dave DeCamp via AntiWar.com,

Ukraine’s military intelligence chief, Kyrylo Budanov, said Thursday that the threat to the Russian-controlled Zaporizhzhia Nuclear Power Plant (ZNPP) is subsiding.

Ukrainian officials have been claiming without evidence that Russia planted explosives at the ZNPP and were warning an attack was imminent. But the International Atomic Energy Agency (IAEA) said Wednesday its experts at the plant saw no signs of explosives, although the agency was asking for more access.

Image via EnergoatomBudanov said the alleged Russia threat was “decreasing” but wouldn’t offer any details.

“So …

Read more at: https://www.zerohedge.com/geopolitical/ukraine-spy-chief-says-threat-zpp-nuclear-plant-subsiding

House prices fall at fastest rate in 12 years, says Halifax

Halifax says the drop is the biggest annual fall since 2011 as mortgage rates continue to rise for many.

Read more at: https://www.bbc.co.uk/news/business-66130798?at_medium=RSS&at_campaign=KARANGA

Empire Cinemas collapses into administration

Six cinemas close in the chain immediately, with the loss of 150 jobs, say administrators.

Read more at: https://www.bbc.co.uk/news/business-66134084?at_medium=RSS&at_campaign=KARANGA

US jobs growth weakest in more than two years

Employers add 209,000 jobs in June, a sign higher borrowing costs may be beginning to bite.

Read more at: https://www.bbc.co.uk/news/business-66135199?at_medium=RSS&at_campaign=KARANGA

Zomato, Titan among 8 largecap stocks that can rally up to 20%

Domestic brokerage firm Motilal Oswal has put a Buy call on these eight largecap stocks which can rally up to 20% in the near term.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/zomato-titan-among-8-largecap-stocks-that-can-rally-up-to-20/articleshow/101574138.cms

ETMarkets Smart Talk- Sensex at record highs! Rise in US interest rates remains prime risk for Indian markets: Apurva Sheth

Markets have normally topped out when the number of CNX 500 stocks trading above 200 DMA crosses 70%. Thus, we can see some corrections in the short-term. CNX 500 Stocks Trading Above 200 DMA.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-sensex-at-record-highs-rise-in-us-interest-rates-remains-prime-risk-for-indian-markets-apurva-sheth/articleshow/101545229.cms

Nifty breaks higher low pattern of last 7 days. What traders should do next

Indian stock market index Nifty ended 165.5 points down on 9 July, breaking its higher lows formation of the previous seven trading days to form a long bear candle, with a long upper shadow according to charts. A small-bodied bullish candle has been seen on a weekly scale, where the index has formed higher lows for the past 15 weeks. However, it has to hold above 19,300 zones to extend the move towards 19,420 and fresh all-time high levels. Meanwhile, analysis from multiple experts recommended traders could take long positions at 19,200 with a 19,150 stop loss for contra trades.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-breaks-higher-low-pattern-of-last-7-days-what-traders-should-do-next-week/articleshow/101576675.cms

Washington Watch: What are cluster munitions? Here’s what the U.S. is giving to Ukraine, and why it’s so controversial

The U.S. will supply cluster bombs to Ukraine in a controversial move defended by a top Biden official. Here’s more info about the weapons.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7226-F96CAFB68BBF%7D&siteid=rss&rss=1

Commodities Corner: China restricts access to 2 metals crucial to making semiconductors. What you need to know.

China restricts access to germanium and gallium, metals crucial to making semiconductors.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7226-F6FBEF84D7A2%7D&siteid=rss&rss=1

Got tipping fatigue? Here’s when it’s OK to say no to leaving a tip.

Your ultimate 2023 tipping guide on what to give and when — including on touch screens, ride-sharing apps and online orders.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7225-9E445431D479%7D&siteid=rss&rss=1