Russian Aluminum Accounts For 80% Of LME Stockpiles

Via AG Metal Miner Aluminum prices continued to slide throughout June but appeared to find a bottom in early July. Prices started to form relief patterns in the short term, rising following bearish price action over recent months. Meanwhile, cooling inflation data saw market sentiment improve. The U.S. dollar index, which has an inverse correlation to metal prices, dropped below the 100 mark for the first time since April 2022 amid expectations of no further rate hikes from the Fed. Although prices have yet to form any bullish structures at this…

Read more at: https://oilprice.com/Metals/Commodities/Russian-Aluminum-Accounts-For-80-Of-LME-Stockpiles.html

Oilfield Service Providers Enjoying Soaring Profits Amid Robust Demand

The Big 3 oilfield services (OFS) companies Baker Hughes (NASDAQ:BKR), Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB) are set to post a combined second-quarter adjusted profit of $2.04 billion, compared with $1.27 billion in the year-ago quarter, thanks to robust demand for their services as well as a surge in offshore oil and gas drilling. “International strength is led by the Middle-East and Latin America and is powered by a multi-year push to grow oil and gas production capacity, near-term OPEC+ cuts notwithstanding,” BofA analysts said…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oilfield-Service-Providers-Enjoying-Soaring-Profits-Amid-Robust-Demand.html

Mounting Deficits Force Euro Minsters To Cut Energy Support Measures

In a move that could send Europe into an even a deep recessionary tailspin and crush the continent’s long-suffering consumers, should Europe’s energy problems extend into the new year – which they almost certainly will – last Thursday Euro zone finance ministers agreed to withdraw energy support measures to their economies and use the savings to cut budget deficits and help the European Central Bank curb inflation, Reuters reported. The ministers also agreed that “gradual, determined and realistic” fiscal consolidation is warranted to…

Read more at: https://oilprice.com/Energy/Energy-General/Mounting-Deficits-Force-Euro-Minsters-To-Cut-Energy-Support-Measures.html

QatarEnergy’s Profits Surge Nearly 60% Amid Energy Crisis

Qatar’s national oil company, QatarEnergy, recorded a 58% jump in net income in 2022 to reach a record 154.6 billion riyals ($42.4 billion) amid the global energy crisis. The company mainly benefitted from higher gas prices, with prices 40% higher in 2022 than the previous year. Qatar harbors big natural gas ambitions. Last week,  QatarEnergy’s President and CEO, Al-Kaabi, declared that a full 40% of all new LNG that will come to the global market by 2029 will be from Qatar. “Gas will always be needed as the cleanest fossil…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/QatarEnergys-Profits-Surge-Nearly-60-Amid-Energy-Crisis.html

Tug-of-War At The IMO: Proposed Maritime Levy Faces Backlash

The International Maritime Organisation (IMO) hopes to introduce a levy on shipping companies that do not reduce their greenhouse gas (GHG) emissions in line with expectations. Several maritime nations are in support of this effort, including Denmark and the Marshall Islands. Funds from the levy could support countries trying to tackle climate change and could encourage companies in the maritime sector to cut emissions. The shipping industry transports approximately 90 percent of global trade and contributes around 3 percent of global CO2 emissions.…

Read more at: https://oilprice.com/Energy/Energy-General/Tug-of-War-At-The-IMO-Proposed-Maritime-Levy-Faces-Backlash.html

China Settles Congo Copper And Cobalt Mining Dispute For $2 Billion

Chinese CMOC Group has settled a dispute with Congo’s state-owned mining firm Gecamines over royalties from one of the biggest copper and cobalt mines in the world, agreeing to pay a total of $2 billion in a settlement fee and accumulated dividends to the Congolese company. CMOC Group, which bought the Tenke Fungurume Mining (TFM) operation in the Democratic Republic of Congo (DRC) in 2016, was locked in a dispute with Congo’s state firm Gecamines for a year, during which copper and cobalt exports from the huge mine were suspended.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Settles-Congo-Copper-And-Cobalt-Mining-Dispute-For-2-Billion.html

What Happens If Consumers Lose Confidence In The Electricity Industry?

We all know that banking is a confidence game. As long as depositors believe that the bank has enough money in its vaults (or other access to ready cash) to pay them, they leave their money in the bank. But as soon as enough depositors disbelieve and demand their funds back, they discover that the bank does not have the cash in hand to pay them all out. That causes a run on the bank, and the bank either folds (with depositors unpaid) or the government steps in.  Understand that the problem does not stem from fraud but rather from a peculiarity…

Read more at: https://oilprice.com/Energy/Energy-General/What-Happens-If-Consumers-Lose-Confidence-In-The-Electricity-Industry.html

Russian Crude Oil Exports Sink To Six-Month Low

Russian crude oil shipments continue to show signs of cuts as seaborne exports plunged to a six-month low in the four weeks to July 16, tanker-tracking data monitored by Bloomberg showed on Tuesday. Russia’s crude oil exports by sea fell to 3.1 million barrels per day (bpd) on a four-week average basis in the four weeks to July 16, down by 105,000 bpd from the four-week average to the previous four weeks to July 9, according to the data reported by Bloomberg’s Julian Lee. In the week to July 9, Russia’s crude shipments…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Crude-Oil-Exports-Sink-To-Six-Month-Low.html

Ford Slashes F-150 Lightning Price As Tesla Kicks Off Cybertruck Production

Just two days following Tesla, Inc.’s tweet showcasing the first Cybertruck rolling off the production line, Ford Motor Company made a move to cut the prices of its F-150 Electric Lightning pickup truck.  The Wall Street Journal reported Monday morning that Ford had reduced the price of the Lightning Pro by almost $10,000 to $49,995 (a 17% discount). The highest-end version of the EV truck, the Platinum Extended Range F-150 Lightning, was reduced by $6,000 to $91,995.  The Lightning pickup truck has encountered its fair share…

Read more at: https://oilprice.com/Energy/Energy-General/Ford-Slashes-F-150-Lightning-Price-As-Tesla-Kicks-Off-Cybertruck-Production.html

China Expects No Major Blackouts Despite Blazing Hot Summer

China is confident it can get through a hot summer of record temperatures and soaring power demand without experiencing major blackouts, authorities say.   Coal reserves at coal-fired power plants were at record-high levels as of the end of June, according to Jin Xiandong, a spokesman for the country’s top planning body, the National Development and Reform Commission (NDRC), quoted by Bloomberg. Last year, China experienced power outages as a heatwave depleted hydropower reservoirs and coal prices were at record highs. Power cuts were…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Expects-No-Major-Blackouts-Despite-Blazing-Hot-Summer.html

Corruption Continues To Plague Mexico’s State-Owned Oil Company

Pemex’s long legacy of corruption continues. Mexico’s beleaguered state-run oil company has been a hotbed of bribery and weak regulation for decades. Despite the fact that Mexico’s current president Andrés Manuel López Obrador, ran on a vehemently anti-corruption platform, his determination to make Pemex great again has led to a problematically lenient stance toward the oil company’s ongoing transgressions.  Just this month, Mexico’s national oil regulator dropped its plans to…

Read more at: https://oilprice.com/Energy/Crude-Oil/Corruption-Continues-To-Plague-Mexicos-State-Owned-Oil-Company.html

Small U.S. Refiners To Sue EPA Over Denial Of Biofuel Waivers

Several small U.S. refiners plan to challenge in court last week’s decision by the Environmental Protection Agency (EPA) to deny waivers to refiners who had asked to be exempted from the biofuel blending requirements, one of the refiners, Par Pacific, has told Reuters. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that don’t have the infrastructure to blend biofuels must purchase tradeable blending credits known as Renewable Identification…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Small-US-Refiners-To-Sue-EPA-Over-Denial-Of-Biofuel-Waivers.html

Oil Prices Stabilize As Traders Await Inventory Report

Oil prices have stabilized after Monday’s drop-off, with traders expecting a draw in both U.S. crude and product inventories – expectations that will be confirmed later today.Chart of the Week- A Saharan anticyclone called Charon is moving towards the Mediterranean and could lift temperatures in the region to all-time highs, with heatwaves aggravated by the first El Niño in four years, and testing the continent’s power generation capacities. – Europe’s gas and power markets are gradually coming under strain as demand for…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Stabilize-As-Traders-Await-Inventory-Report.html

Carbon Prices Set To Fall As Europe Speeds Up Energy Transition

Hedge fund manager Per Lekander, who has been historically bullish on carbon prices, is betting that carbon credit prices will drop as Europe accelerates the energy transition. “I see coal and gas prices falling, and I think they are going to go way lower in the longer term. And the emissions market is going to collapse,” Lekander told the Financial Times in an interview published on Tuesday. Lekander was a carbon credit market bull for years and cashed in on the price rally in 2018. Now the longer-term prospects of the carbon credits…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Carbon-Prices-Set-To-Fall-As-Europe-Speeds-Up-Energy-Transition.html

UK Looks To Boost Energy Security With Small Modular Nuclear Reactors

The UK launched on Tuesday a competition for small modular reactor (SMR) technology and created a new nuclear body, Great British Nuclear, in a bid to provide more zero-emission energy from locally-developed sources. Great British Nuclear (GBN) is expected to drive the rapid expansion of new nuclear power plants in the UK, to boost UK energy security, reduce dependence on fossil fuel imports, create more affordable power, and grow the economy.   The nuclear industry is estimated to generate around $7.9 billion (£6 billion) for the UK…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/UK-Looks-To-Boost-Energy-Security-With-Small-Modular-Nuclear-Reactors.html

Dow pops more than 300 points for 7th straight positive day, longest winning streak since 2021: Live updates

Stocks rose Tuesday as a busy day of earnings got under way and traders digested soft retail sales data.

Read more at: https://www.cnbc.com/2023/07/17/stock-market-today-live-updates.html

Microsoft stock pops after it announces $30 per month A.I. subscription for Microsoft 365

Microsoft will charge users an additional $30 per month for the use of generative AI with tools such as Teams, Excel and Word.

Read more at: https://www.cnbc.com/2023/07/18/microsoft-stock-pops-on-ai-subscription-for-microsoft-365.html

Meta rolls out first feature update to Threads since launch earlier this month

Instagram updated the iOS version of its Threads app, which now includes a follows tab

Read more at: https://www.cnbc.com/2023/07/18/meta-updates-threads-with-new-features-including-a-follows-tab.html

Trump told by special counsel he is criminal target in Jan. 6 probe

Special counsel Jack Smith is investigating Donald Trump in connection with efforts to overturn his 2020 election loss to President Joe Biden.

Read more at: https://www.cnbc.com/2023/07/18/trump-says-special-counsel-told-him-hes-a-target-in-jan-6-probe.html

Fund manager up 45% this year gives his top picks for A.I. long-term trend

The Baron Opportunity Fund has soared 45% this year, and its portfolio manager believes the strong performance stems from his early investments in AI.

Read more at: https://www.cnbc.com/2023/07/18/fund-manager-up-45percent-this-year-gives-his-top-picks-for-ai-long-term-trend.html

Johnson & Johnson sues Biden administration over Medicare drug price negotiations

Merck, Bristol Myers Squibb, the U.S. Chamber of Commerce and PhRMA filed separate lawsuits against the provision last month.

Read more at: https://www.cnbc.com/2023/07/18/jj-sues-biden-administration-over-medicare-drug-negotiations.html

This is one of the best new features coming to your iPhone this fall

One of the best new features in iOS 17, StandBy, turns your iPhone into a bedside alarm clock or fun desk companion.

Read more at: https://www.cnbc.com/2023/07/18/apple-ios-17-for-iphone-one-of-the-best-new-features-is-standby-mode.html

Fervo Energy hits milestone in using oil drilling technology to tap geothermal energy

Geothermal company Fervo Energy announced a key milestone in bringing its clean, hot rock energy to the grid at scale.

Read more at: https://www.cnbc.com/2023/07/18/fervo-energy-hits-milestone-using-oil-drilling-tech-to-tap-geothermal.html

Ukraine war live updates: Russian missile volley hits Ukraine’s port cities in ‘revenge strike’; Crimea bridge partially reopens after attack

Port cities Odesa and Mykolaiv came under attack from drones and missiles, one day after Russia pulled out of the Black Sea grain deal.

Read more at: https://www.cnbc.com/2023/07/18/russia-ukraine-live-updates.html

Here’s how Biden’s $39 billion in student loan forgiveness may impact your taxes

If you’re eligible for the Biden administration’s $39 billion in student loan forgiveness, here’s how it may affect your taxes.

Read more at: https://www.cnbc.com/2023/07/18/heres-how-bidens-student-loan-forgiveness-may-impact-your-taxes.html

These are America’s best states for infrastructure, making daily life reliable for residents

The Biden administration’s $1.2 billion infrastructure law is a historic investment in states to boost roads and bridges, but some were already doing well.

Read more at: https://www.cnbc.com/2023/07/18/these-are-americas-best-states-for-infrastructure.html

These are the 10 states with America’s worst infrastructure, in dire need of federal dollars

Nearly two years after the Biden administration’s landmark Infrastructure Investment and Jobs Act, these 10 states are still hurting.

Read more at: https://www.cnbc.com/2023/07/18/these-are-the-10-states-with-americas-worst-infrastructure.html

Bitcoin dips below $30,000, and Gensler says SEC ‘disappointed’ with part of XRP ruling: 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 Weisberger, co-founder and CEO of CoinRoutes, weighs in on why crypto stocks have been outperforming digital assets.

Read more at: https://www.cnbc.com/video/2023/07/18/bitcoin-dips-gensler-sec-disappointed-xrp-ruling-cnbc-crypto-world.html

The New York MTA Faces A Budget Gap Over $900 Million Per Year

The New York MTA Faces A Budget Authored by Mike Shedlock via MishTalk.com,

Once Covid-relief money runs out huge MTA fare increases are in store. Blame the unions…

The Citizens Budget Commission (CBC) Analysis of the New York MTA’s Operating Budget shows a looming shortfall. That forecast does not include a union contract up for renewal.

In 2029, CBC projects the MTA will face a budget gap exceeding $900 million, once the benefit of federal COVID-related is exhausted. The MTA has wisely spread out the benefit of federal pandemic aid through 2028. Furthermore, after a short-term infus …

Read more at: https://www.zerohedge.com/political/new-york-mta-faces-budget-gap-over-900-million-year

Jordan Threatens FBI Director Wray With Contempt Over “Targeting” Parents, Catholics

Authored by Caden Pearsen via The Epoch Times,

House Judiciary Committee Chairman Jim Jordan (R-Ohio) has threatened to hold FBI Director Christopher Wray in contempt of Congress if the bureau does not comply with two subpoenas related to its alleged targeting of concerned parents and Catholics.

In his letter to Mr. Wray on July 17, Mr. Jordan highlighted the FBI’s “wholly inadequate” response to the subpoenas, which he believed hindered the committee’s oversight efforts.

“Of particular interest to the Committee is the FBI’s weaponization of its law-enforcement powers against Americans who exercise their First Amendment rights,” Mr. Jordan wrote (pdf). …

Read more at: https://www.zerohedge.com/political/jordan-threatens-fbi-director-wray-contempt-over-targeting-parents-catholics

United Pilots Agree To Labor Deal That Could See Salaries Cumulatively Rise 40%

United Airlines has joined the chorus of companies all but guaranteeing wage growth at the same time the Fed continues its fight against inflation. The airline is also a prime example of how, in today’s workforce, workers have most of the leverage.

United’s union is on the verge of solidifying a new labor agreement for its pilots that will no doubt set the standard for the industry. The agreement is being called “the richest ever at a US carrier” by Bloomberg, and it ends more than 4 years of negotiations.

The contract will be valued at about $10 billion through the course of its life, the report says, and will provide pilots – the unsung heroes of Covid who endured forced vaccinations and layoffs, among other hellish work conditions – with a raise of 13.8% to 18.7% upon signing the deal. Salaries could cumulatively rise up to 40.2% over the course of the agreement.

Quality of wor …

Read more at: https://www.zerohedge.com/markets/united-pilots-agree-labor-deal-could-see-salaries-cumulatively-rise-40

Peter Schiff: Dollar Decline Means Lower Inflation Is Transitory

Via SchiffGold.com,

With the June CPI report coming in even cooler than expected, the mainstream perspective seems to be that the Federal Reserve is winning the inflation fight. But in his podcast, Peter Schiff explains why the dollar is telling a different story.

The dollar index fell below 100 last week for the first time and hit its lowest level since April 2022 last Thursday. Through last week, the DXY fell by 2.3%. Peter said what is happening is somewhat counterintuitive.

It’s ironic that the dollar losing less purchasing power than anticipated means that the dollar loses its purchasing power on international markets. You would think it’d be the opposite.”

Read more at: https://www.zerohedge.com/markets/peter-schiff-dollar-decline-means-lower-inflation-transitory

McDonald’s told to shut franchises over abuse claims

MPs call for action after 100 current and recent workers tell the BBC about sexual assault, harassment and racism.

Read more at: https://www.bbc.co.uk/news/business-66231131?at_medium=RSS&at_campaign=KARANGA

Jaguar Land Rover-owner to build UK battery factory in Somerset

Jaguar Land Rover-owner, Tata, is going ahead with plans for a multi-billion-pound factory in Somerset.

Read more at: https://www.bbc.co.uk/news/business-66237935?at_medium=RSS&at_campaign=KARANGA

McDonald’s workers speak out over sexual abuse claims

More than 100 current and recent McDonald’s workers tell the BBC about sexual assault, harassment and racism.

Read more at: https://www.bbc.co.uk/news/business-65388445?at_medium=RSS&at_campaign=KARANGA

How world’s top 10 banks fare in terms of financials, valuations

The market value of HDFC Bank is now more than that of Bank of China and Royal Bank of Canada

Read more at: https://economictimes.indiatimes.com/markets/web-stories/how-worlds-top-10-banks-fare-in-terms-of-financials-valuations/articleshow/101880007.cms

Rekha Jhunjhunwala sells 5% in Rallis India via block deal; promoter Tata Chemicals buys additional stake

According to data available with the exchanges, Rekha Jhunjhunwala has offloaded 97 lakh shares or nearly 5% stake in the company. The transaction was done at a price of Rs 215 apiece, fetching the investor about Rs 208 crore. Rallis India has recently announced its first quarter earnings, where it has recorded a revenue of Rs 782 crore, down from Rs 863 crore clocked in the previous year quarter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/rekha-jhunjhunwala-sells-5-in-rallis-india-via-block-deal-promoter-tata-chemicals-buys-additional-stake/articleshow/101872807.cms

Tech View: Nifty forms small red candle but base shifting higher. What traders should do on Wednesday

Options data suggests a shift trading range between 19,400 to 20,000 zones while an immediate trading range between 19550 to 19900 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-small-red-candle-but-base-shifting-higher-what-traders-should-do-on-wednesday/articleshow/101865601.cms

The Moneyist: ‘I was outraged’: Our restaurant bill was $35 each, but our friend paid $22 for a gluten-free dish. Who’s right?

“I kicked my husband under the table, and said under my breath, ‘Can you believe that?'”

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722E-DA6A4ADACD22%7D&siteid=rss&rss=1

‘Just 1% of the nation’s homes have changed hands this year,’ Redfin says

Few homeowners in the U.S. are selling their homes, according to an alternative measure of housing activity from one brokerage.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722E-A21B9AAC1CEC%7D&siteid=rss&rss=1

Opioid use in people with dementia linked with 11 times higher risk of death within two weeks, new research shows

Nearly two-thirds of people with dementia using fentanyl patches died within six months, study finds

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-722E-74C2BD8E19F0%7D&siteid=rss&rss=1