Reducing Consumption: The Unpopular Answer To Global Crises

There are those who believe our current way of life is not facing any near-term threat and will go on indefinitely. In this view, any existential problems—should they ever arise—will be dealt with by new technologies. Others assume the threat of civilizational collapse is real and can be and even will be addressed. They may believe that the threats include climate change, the challenge of evolving microbes that are rendering antibiotics useless, and the increasing toxicity of the biosphere due to human releases of novel toxic chemicals.…

Read more at: https://oilprice.com/Energy/Energy-General/Reducing-Consumption-The-Unpopular-Answer-To-Global-Crises.html

MIT’s Carbon Black Innovation: Infrastructure That Stores Power

As researchers and energy companies around the globe invest heavily in the exploration of new clean energy sources and related technologies, several new discoveries are emerging, but whether they will ever reach the market is still unknown. Out of thousands of potential new discoveries, few are likely to ever be used in practice, but some could potentially come to market thanks to the international drive for a green transition. One innovative discovery being presented by researchers from MIT is an energy-storing building material made by mixing…

Read more at: https://oilprice.com/Energy/Energy-General/MITs-Carbon-Black-Innovation-Infrastructure-That-Stores-Power.html

The Dark Side Of Kyrgyzstan’s Crypto Boom

While Kyrgyz authorities were preparing the population for possible electricity shortages this winter, a giant crypto-mining farm was consuming more power every day than cement factories, gold mines, and bazaars that employ thousands of people. Until this week, perhaps. On July 26, in a direct response to an investigation by RFE/RL’s Kyrgyz Service (Radio Azattyk), President Sadyr Japarov tried to justify the work of an energy-hungry cryptocurrency-mining operation in Chui Province, near Bishkek, the capital. The operation close to an electrical…

Read more at: https://oilprice.com/Energy/Energy-General/The-Dark-Side-Of-Kyrgyzstans-Crypto-Boom.html

Egypt’s ‘Energy Hub’ Plagued With Power Shortages, Output Declines

Amid a heatwave, power shortages and ambitions to become a major energy hub, Egypt has seen its natural gas output drop to a three-year low in the first five months of this year, based on data from the Joint Organizations Data Initiative (JODI), Reuters reports.  Between January and May 2023, Egypt’s gas production fell by 9% YoY, and by 12% over the same period in 2021. Egypt has had high hopes of becoming a regional energy hub. Those hopes gained further momentum with Russia’s invasion of Ukraine and Europe’s subsequent…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Egypts-Energy-Hub-Plagued-With-Power-Shortages-Output-Declines.html

From Mongolia To Mexico: America’s Global Pursuit Of Critical Minerals

Global superpowers around the world are on the hunt for rare earth minerals. As the global clean energy transition gains traction, key components of clean energy and electric vehicle infrastructure are seeing soaring demand. As a result, a new form of geopolitics is rapidly evolving as nations rich in rare earth minerals such as lithium and cobalt gain leverage on the global stage. Now, historic heavyweights like the United States, the European Union, Russia, and China, are competing to woo governments in Latin America, Africa, and other developing…

Read more at: https://oilprice.com/Metals/Commodities/From-Mongolia-To-Mexico-Americas-Global-Pursuit-Of-Critical-Minerals.html

Oil Price Rally Ends Along With Peak Of Summer Driving Season

Oil prices ended their rally on Monday, falling nearly 1% as market sentiment weighs concerns of falling demand now that the peak of the summer driving season is behind us.  At 12:10 p.m. ET on Monday, Brent crude was trading at $85.53, down 0.92% for a 79-cent loss on the day. West Texas Intermediate (WTI) was trading at $82.01, down 0.98% for an 81-cent loss on the day.  The drop comes after six straight weeks of gains for both Brent and WTI.  At the beginning of the summer driving season, optimism was running high with…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Price-Rally-Ends-Along-With-Peak-Of-Summer-Driving-Season.html

Aluminum Producers Push For Sanctions On Russia As Demand Slips

Via Metal Miner Although aluminum prices started to rebound in the short term, they have yet to breach ranges that would signal the beginning of a new trend. Indeed, prices continue to create an uncertain environment for the aluminum market due to the lack of direction.  Overall, the Aluminum Monthly Metals Index (MMI) moved sideways, rising a modest 0.4% from July to August. Norsk Hydro, Alcoa See Q2 Demand Fall, Impacting Aluminum Prices While prices rose modestly during July, aluminum producers felt the pinch of lower demand last quarter.…

Read more at: https://oilprice.com/Metals/Commodities/Aluminum-Producers-Push-For-Sanctions-On-Russia-As-Demand-Slips.html

India’s Oil Demand Is Rising

India’s oil consumption jumped by 10% year on year in the fiscal year 2022/2023 ended on March 31, and demand has been growing in the new financial year, too. Consumption of petroleum products in the world’s third-largest crude oil importer increased by 10% to around 223 million tons in 2022/2023, Minister of State for Petroleum and Natural Gas, Rameswar Teli, wrote in a reply to a question in Parliament, as carried by Indian media. Strong economic growth, an increase in vehicle sales, and growing industrialization and urbanization…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Oil-Demand-Is-Rising.html

The U.S. Has Just 22 EV Charging Points Per 1,000 Road Miles

There are about 104 gas pumps per 1,000 road miles on average in the United States compared to just 22 EV charging ports for the same road distance, a new study by smart fuel card management platform Coast showed on Monday.   As EV sales rise and the Biden Administration is pushing for transport electrification to reduce emissions from one of the most-polluting sectors in the U.S., the number of EV charging points is not enough now and the density of charging stations in some states is much lower than in others, according to the study. The…

Read more at: https://oilprice.com/Energy/Energy-General/The-US-Has-Just-22-EV-Charging-Points-Per-1000-Road-Miles.html

Aramco Raises Arab Light Prices In Big Bet On Asian Refining Boom

Saudi Aramco raised the official selling price (OSP) for its Arab Light crude oil grade to Asia by $0.30 per barrel for the month of September, to $3.50 above the Oman/Dubai average, Aramco said on Saturday.  The state-run oil giant also raised the price of its Arab Light crude to Europe by $2 per barrel, but it left its crude to the United States the same at +$7.25 versus ASCI for the month of September, it said.  Earlier this week, some analysts had predicted that Saudi Arabia may raise its OSP for its flagship Arab Light crude to Asia…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Aramco-Raises-Arab-Light-Prices-In-Big-Bet-On-Asian-Refining-Boom.html

Why OPEC+ Will Do Whatever It Can To Send Oil Prices Higher

The relentless drive of OPEC+ to keep driving oil prices higher, as predicted by OilPrice.com some time ago, was seen again in last week’s extension of major additional cuts made to the initial reductions in output first put into place last October. On 3 August, the de facto leader of the OPEC part of the group, Saudi Arabia, announced it will continue the additional 1 million barrel per day (bpd) cut in production that it announced in June through into September at least. Russia, looking to quietly sell its…

Read more at: https://oilprice.com/Energy/Crude-Oil/Why-OPEC-Will-Do-Whatever-It-Can-To-Send-Oil-Prices-Higher.html

India Scoops Up Cheapest Russian Oil Since Start Of Ukraine War

India’s crude oil imports from Russia in June were the cheapest since the Russian invasion of Ukraine, during which time the world’s third-largest oil importer became a key Russian oil customer alongside China. The average cost of a barrel of Russian crude that landed at India’s ports in June was at $68.17, per data from India’s Ministry of Commerce and Industry cited by Bloomberg. The price exceeds the $60 price cap set by the G7, but the cap does not include shipping.    Most of India’s purchases of Russian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Scoops-Up-Cheapest-Russian-Oil-Since-Start-Of-Ukraine-War.html

Saudi Aramco’s Q2 Earnings Drop 38% On Lower Oil Prices

Lower oil prices dragged down the profits at Saudi Aramco by 38% in the second quarter of 2023, but the world’s largest oil company is boosting dividend payout with a new performance-linked initiative. Aramco reported on Monday a net income of $30.1 billion for the second quarter of 2023, down by 38% compared to the $48.4 billion net profit for the same period of 2022, when oil prices surged to above $100 per barrel after the Russian invasion of Ukraine.   The net income for Q2 2023 slightly beat a company-provided median analyst estimate…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Aramcos-Q2-Earnings-Drop-38-On-Lower-Oil-Prices.html

BP Plans To Build First Subsidy-Free Offshore Wind Farms

BP plans to build two offshore wind farms in the Irish Sea without entering government schemes for support, The Times reported on Monday, in what could be the first subsidy-free offshore wind projects ever. The energy supermajor, which has recently doubled down on oil and gas as the world needs all forms of energy, doesn’t plan to submit bids for the so-called contracts for difference (CfD) process of the UK government for the two projects, which could power 3.4 million UK homes. Under those contracts, the power generators are paid a predetermined…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Plans-To-Build-First-Subsidy-Free-Offshore-Wind-Farms.html

Siemens Energy Reviews Wind Business After Earnings Hit

Siemens Energy has initiated a review of its wind business after taking a large hit to earnings and expected full-year revenues and profits due to problems at its unit Siemens Gamesa, one of the largest wind turbine makers in the world. “Our third-quarter results demonstrate the challenges in turning around Siemens Gamesa,” Christian Bruch, President and CEO of Siemens Energy AG, said in a statement on the company’s results for the third quarter of the fiscal year 2022/2023 that ended on June 30, 2023. At the end of June, Siemens…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Siemens-Energy-Reviews-Wind-Business-After-Earnings-Hit.html

Dow jumps more than 400 points, S&P 500 and Nasdaq snap four-day losing streaks as stocks rebound: Live updates

Last week was the worst for the S&P 500 and Nasdaq Composite since March.

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

Tesla CFO Zach Kirkhorn steps down

Zach Kirkhorn, Tesla’s chief financial officer, stepped down from his role but will remain with the company through the end of the year.

Read more at: https://www.cnbc.com/2023/08/07/tesla-cfo-zach-kirkhorn-steps-down.html

Boeing resets Starliner plan to be ready for first NASA crew flight by March

Starliner continues to be a costly and behind-schedule endeavor for Boeing, with the company absorbing about $1.5 billion in cost overruns to date.

Read more at: https://www.cnbc.com/2023/08/07/boeing-resets-starliners-first-crewed-spaceflight-target-for-march.html

Apple’s iPhone 15 is reportedly set for mid-September launch

The new iPhone will launch after a September Apple event and will come just in time for the holidays.

Read more at: https://www.cnbc.com/2023/08/07/iphone-15-reportedly-set-for-mid-september-launch-report.html

Morgan Stanley thinks this stock that traces its roots to the Wright Brothers is a great buy here

This defense contractor can trace its history back to the original pioneers of aviation.

Read more at: https://www.cnbc.com/2023/08/07/stock-with-roots-to-wright-brothers-is-great-buy-morgan-stanley-says.html

Trump counterclaim against E. Jean Carroll dismissed, DA can get deposition

E. Jean Carroll says Donald Trump raped her in the 1990s. A criminal case against the former president involving a porn star payoff is set for trial in 2024.

Read more at: https://www.cnbc.com/2023/08/07/judge-trump-deposition-in-e-jean-carroll-case-can-go-to-prosecutors.html

Warner Bros. Discovery’s Max targets MLB playoffs for new streaming sports tier

Warner Bros. Discovery plans to brand its new sports tier under the Bleacher Report name and aims to launch by the start of the Major League Baseball playoffs.

Read more at: https://www.cnbc.com/2023/08/07/warner-bros-discovery-targets-max-streaming-sports-tier-for-october.html

Zoom can now train its A.I. using some customer data, according to updated terms

Zoom’s update comes amid growing public debate on the extent to which AI services should be trained on individuals’ data.

Read more at: https://www.cnbc.com/2023/08/07/zoom-ai-tools-trained-using-some-customer-data.html

Fanatics and competitor Panini launch legal battle with a pair of lawsuits

The dispute comes down to licensing rights for NBA and NFL trading cards.

Read more at: https://www.cnbc.com/2023/08/07/fanatics-panini-launch-legal-battle-with-a-pair-of-lawsuits.html

Amazon switches rockets for first test satellites to expedite launch

Amazon to launch first internet satellite prototypes next month, switching rocket plans again to avoid delays.

Read more at: https://www.cnbc.com/2023/08/07/amazon-switches-rockets-for-first-test-satellites-to-expedite-launch.html

The 10 most in-demand summer vacation destinations in the United States—3 are in Florida

HomeToGo ranked the most popular U.S. summer destinations based on growth in travelers searching for stays between July 1 and August 31, 2023.

Read more at: https://www.cnbc.com/2023/08/07/most-popular-vacations-us-hometogo.html

Elon Musk says he may need surgery

Elon Musk said he may require surgery and is getting an MRI of his neck and upper back.

Read more at: https://www.cnbc.com/2023/08/07/elon-musk-may-require-surgery-he-says-.html

Berkshire shares hit all-time high as investors cheer strong earnings, Buffett’s near-record cash pile

Berkshire’s solid performance in insurance helped offset the softness in railroad due to lower volumes.

Read more at: https://www.cnbc.com/2023/08/07/berkshire-hathaway-rises-as-investors-cheer-strong-earnings-and-buffetts-near-record-cash-stockpile.html

Consumers Finally Crack: Shocking Drop In June Credit Card Debt Marks End Of Spending Binge

Two months ago when both revolving credit (i.e., credit card debt) and interest charged on credit cards hit a record high, we said that this trajectory was unsustainable and it was only a matter of time before the debt-funded US consumer hit a brick wall. One month later, the first brick wall was hit, when in May US consumer credit grew by a paltry $7.24BN, down more than 50% from the downward revised $20.3BN in April; and while revolving credit posted a healthy increase of $8.5 billion, the shocker was in the non-revolving segment, also known as student and auto loans, and which unexpectedly dropped by $1.3 billion, the first negative print since April 2020

Amusingly, in our commentary last month we also said that “with non-revolving credit now shrinking, the final straw will be the reversal in (record) credit card debt. With credit card interest rates also at a record 22.16%, we won’t have long to wait.”

We were right: we had to wait just one month, because fast forwarding to today’s release of the latest Fed consumer credit report at 3pm ET, moments ago we had another shocker, this time on the other side of the credit spectrum, because while non-revolving credit jumped by a whopping …

Read more at: https://www.zerohedge.com/markets/consumers-finally-crack-shocking-drop-june-credit-card-debt-marks-end-spending-binge

Oil Reaction Surprisingly Muted As Kiev Expands Conflict With Attacks On Russian Oil Exports

As Bloomberg Markets live commentator Jake Lloyd-Smith writes this morning, oil’s had “a curiously muted reaction” to the latest twist in the war in Ukraine, with Brent getting only a small lift before trading flat and then dipping into the red.

For those who missed the latest news, on Saturday a Russian oil tanker was hit by a Ukrainian sea drone in the Kerch Strait. In addition, on Friday, Ukraine attacked a Russian naval ship with a sea drone in the Black Sea port of Novorossiysk.

Kiev recently said that it had designated six Black Sea ports – a vital conduit for its crude – as being in “war risk” areas, indicating that there could be further attacks on Russian territory.

Read more at: https://www.zerohedge.com/commodities/oil-reaction-surprisingly-muted-kiev-expands-conflict-attacks-russian-oil-exports

PBS Rolls Out ‘Climate Psychology Therapist’ For Armageddon-Coping Session

Authored by Steve Watson via Summit News,

In a segment that looked like something out of Monty Python, PBS NewsHour brought on a therapist to help people suffering from ‘climate anxiety’ on Sunday.

Anchor John Yang announced the “climate psychology therapist,” noting “This summer, millions of Americans are experiencing firsthand the effects of climate change. Triple-digit temperatures for days on end, smoke from record-setting wildfires fouling the air, warming oceans, bleaching coral reefs…”

“Psychologists say that can be a positive thing, spurring people to action. But for some people, it becomes an overwhelming sense of despair or anxiety,” Yang continued, adding “Psychologists call it climate anxiety. This week, we asked people about their emotional responses to climate change.” …

Read more at: https://www.zerohedge.com/political/pbs-rolls-out-climate-psychology-therapist-armageddon-coping-session

Niger’s Junta Closes Airspace, Bolsters Troops In Capital, Citing Invasion Threat

Niger’s coup leaders have closed the country’s airspace as an alliance of neighboring West-backed countries prepares a possible military intervention to restore the democratically elected government under President Mohamed Bazoum.

The Economic Community of West African States (ECOWAS) had at an emergency meeting days ago declared that Bazoum must be reinstated by Sunday, or that the junta could face military action.

Niger’s capital has been gripped by unrest.On the same day, the military government announced the airspace closure until further notice due to threat of military invasion from neighboring countries.

“Faced with the threat of intervention which is becoming clearer from neighboring countries, Niger’s airspace is closed from this day on Sunday… until further notice,” the junta

Read more at: https://www.zerohedge.com/geopolitical/nigers-junta-closes-airspace-bolsters-troops-capital-citing-invasion-threat

Higher food prices may be here to stay, says Bank economist

Chief economist Huw Pill has warned that food prices may never return to levels previously seen.

Read more at: https://www.bbc.co.uk/news/business-66433014?at_medium=RSS&at_campaign=KARANGA

Zoom orders workers back to the office

The company says staff living near offices should work in person at least twice a week.

Read more at: https://www.bbc.co.uk/news/business-66432173?at_medium=RSS&at_campaign=KARANGA

Britishvolt buyer hasn’t made final payment, administrators say

A deal to buy the failed battery firm now looks uncertain after the final payment was missed.

Read more at: https://www.bbc.co.uk/news/business-66432641?at_medium=RSS&at_campaign=KARANGA

Breakout Stocks: How Poly Medicure, Ircon International and IRFC are looking on charts for Tuesday

Indian market closed in the green for the second day in a row. The S&P BSE Sensex rose over 200 points while the Nifty50 closed just a shade below 19,600 levels. Sector-wise, buying was seen in healthcare, telecom, IT and realty stocks while selling was seen in utilities, power, and metals

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-poly-medicure-ircon-international-and-irfc-are-looking-on-charts-for-tuesday/articleshow/102505426.cms

HDFC Bank’s weightage in FTSE indices to be increased in 3 tranches: FTSE

The first tranche will be implemented in the September index review, the second one in the December review, and the last in March, FTSE said. In its September review, FTSE will evaluate the eligibility status of HDFC Bank, which includes a review of its shares in issue, free float, and foreign headroom

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/hdfc-banks-weightage-in-ftse-indices-to-be-increased-in-3-tranches-ftse/articleshow/102508479.cms

PB Fintech Q1 Results: Policybazaar parent’s loss narrows to Rs 12 cr; revenue jumps 32%

The company had reported a loss of Rs 204 crore in the year-ago quarter. The consolidated adjusted EBITDA was a positive Rs 23 crore for the first quarter, an improvement from negative of Rs 66 crore in the same quarter last year

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/pb-fintech-q1-results-loss-narrows-to-rs-11-9-cr-policybazaar-parents-revenue-jumps-32/articleshow/102507830.cms

If Donald Trump’s mug shot is taken in Georgia, it could be ‘the most famous in the world’

Such an image could become an iconic symbol for Trump supporters and detractors alike.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7243-1EACD6E0CF45%7D&siteid=rss&rss=1

As Yellow files for Chapter 11, $700 million pandemic bailout in the spotlight

The $700 million federal loan made to Yellow in 2020 has sparked criticism.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7243-2C260E4F98BF%7D&siteid=rss&rss=1

Futures Movers: Oil prices end lower, pulling back after 6th straight weekly rise

Oil prices end lower Monday, pulling back from nearly four-month highs.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7242-A71E36F2D880%7D&siteid=rss&rss=1