Global Oil Consumption Nears All-Time Highs

In June, the Energy Institute released the 2023 Statistical Review of World Energy. As explained in previous articles, this was formerly the BP Statistical Review, but BP has handed this off to the Energy Institute going forward. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Each year, I do a series of articles covering the Review’s findings. In two previous articles, I discussed the trends in global carbon dioxide emissions, as well as the overall…

Read more at: https://oilprice.com/Energy/Crude-Oil/Global-Oil-Consumption-Nears-All-Time-Highs.html

Permits And Politics Slow Clean Energy Adoption In The U.S.

Via Metal Miner Since April, the Renewables MMI (Monthly Metals Index) has been in a tight sideways trend. Falling demand and slumping material production for battery metals in China, as well as an oversupply of materials continue to exert bearish pressure on the index. However, month-over-month, the index finally broke its sideways trend, rising by 4.75%. Chinese stimulus efforts provided the index with significant bullish sentiment. Additionally, renewable projects within the U.S. remain productive thanks to some new provisions to the Inflation…

Read more at: https://oilprice.com/Energy/Energy-General/Permits-And-Politics-Slow-Clean-Energy-Adoption-In-The-US.html

Russia’s Space Dreams Shattered As Luna-25 Crashes On The Moon

On August 18, 1976, a 4-meter-high spacecraft called the Luna-24 touched down on the Mare Crisium, a flat plain in the moon’s northern hemisphere. Four days later, the Soviet-built vehicle returned to Earth, carrying a valuable sample of lunar soil, a portion of which Soviet scientists later swapped with colleagues at NASA in the name of international scientific cooperation.Almost 47 years later to the day, Russian engineers tried a near-repeat of that feat, seeking to land a craft packed with scientific instruments on the moon’s southern…

Read more at: https://oilprice.com/Geopolitics/International/Russias-Space-Dreams-Shattered-As-Luna-25-Crashes-On-The-Moon.html

South America Struggles To Balance Oil Economy And Environment

The populations and leaders of several South American countries are determining the fate of their natural resources, as the question of a green transition and deforestation loom over them. In both Ecuador and Brazil, state powers are deciding whether to approve new oil and gas licenses or put the health of the rainforest first. While many Latin American states have the potential to develop their oil and gas sectors further, some are questioning the value of their natural resources, as pressure mounts for a global green transition. But will they…

Read more at: https://oilprice.com/Energy/Crude-Oil/South-America-Struggles-To-Balance-Oil-Economy-And-Environment.html

Texas Private Equity Firm Reserves $1 Billion For Oil & Gas Investments

Dallas-based private equity firm Merit Energy Co has set aside $1 billion, including $485 million in a just-closed fund, in dry powder through a strategy that targets mature oil-and-gas fields, the Wall Street Journal reports in an exclusive article.  The company, which operates energy assets and manages investment funds, took just over seven months to raise its Merit Energy Partners L vehicle, which helped the company hit its goal of amassing about $1 billion of available capital. Merit’s investment strategy focuses on conventional…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Texas-Private-Equity-Firm-Reserves-1-Billion-For-Oil-Gas-Investments.html

BRICS Expansion Could Reshape Global Energy Markets

From August 22nd to 24th, BRICS leaders are set to convene in South Africa, marking a pivotal moment for this loosely knit coalition of major non-Western nations including Brazil, Russia, India, China, and South Africa. The conference aims not only to strengthen cooperation but to forge a robust international alliance designed to counteract Western influence. Amidst this strategic push, BRICS seeks to expand its reach, encompassing a multitude of countries from the “Global South,” with Africa, Latin America, and the Middle East at its core. Heads…

Read more at: https://oilprice.com/Geopolitics/International/BRICS-Expansion-Could-Reshape-Global-Energy-Markets.html

EX-OPEC President Charged With Bribery In UK

Nigeria’s former oil minister and OPEC president Diezani Alison-Madueke has been charged with bribery offenses she committed during her time as Nigeria’s oil minister, the UK National Crime Agency (NCA) said on Tuesday. Alison-Madueke, 63, was first arrested in London in October 2015 but got out on bail. She is now set to appear in a London court on October 2, the NCA has said. Alison-Madueke made history as the first woman to be oil minister in Nigeria and later became the first female president of OPEC. “We suspect Diezani Alison-Madueke abused…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EX-OPEC-President-Charged-With-Bribery-In-UK.html

Seaborne Coal Volumes Hit Record Highs In 2023

Clean, green renewables are on the rise. Coal, the dirtiest fuel, is dying. Or so the energy transition line goes. The reality, according to the International Energy Agency (IEA), is that global coal production, consumption, and seaborne volumes are all at all-time highs in 2023. Coal isn’t dying yet globally, just in the West. It’s still alive and kicking in Asia — and still growing globally as a result. That’s bad news for greenhouse gas emissions, but good news for owners of the dry bulk ships that transport coal, particularly…

Read more at: https://oilprice.com/Energy/Coal/Seaborne-Coal-Volumes-Hit-Record-Highs-In-2023.html

Nigeria’s Oil Production Plunges By 15.5% In July

Oil production in Nigeria slumped by 15.5% in July from June, marking the third month-on-month decline since April, according to data from the local upstream regulator.   Last month’s oil production in the African OPEC member fell to 1,081,396 barrels per day (bpd) from 1,248,960 bpd produced in June, per the crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported by local media. Nigeria has consistently failed to produce to its quota in the OPEC+ agreement. The combination of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigerias-Oil-Production-Plunges-By-155-In-July.html

Oil Prices Subdued But Bearish Catalysts Loom

Oil markets have been relatively subdued this week, with the prospect of Kurdish oil flows restarting adding some downward pressure to prices.Chart of the Week- Hurricane Hilary, the first tropical cyclone to hit southern California since 1939, seems to have spared US refiners along the West Coast, with the five refineries in the LA area reporting no major damage.- Before landfall, Los Angeles gasoline and diesel differentials were at 40-45 cent per gallon premiums to NYMEX RBOB and NYMEX ULSD, aggravated by the 160,000 b/d Torrance refinery going…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Subdued-But-Bearish-Catalysts-Loom.html

Europe’s Natural Gas Prices Soar On Looming LNG Strike In Australia

Europe’s benchmark natural gas prices surged on Tuesday mid-day in Amsterdam as the market is closely watching whether LNG exporters in Australia will manage to avert a workers’ strike that could cripple 10% of global LNG supply. The front-month futures at the Dutch TTF hub, the benchmark for Europe’s gas trading, had jumped by 8.7% to $48.28 (44.35 euros) per megawatt (MWh) as of 12:07 p.m. GMT on Tuesday, as workers and LNG facility owners in Australia continue to discuss a possible resolution to the dispute about pay and work…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Natural-Gas-Prices-Soar-On-Looming-LNG-Strike-In-Australia.html

U.S. Oil And Gas Firms Spend More On Shares Than Exploration And Development

For the first time ever, U.S. oil and gas firms spent more of their revenues on dividends and share buybacks than on exploration and production in new wells in 2022, a new study by E&Y showed on Tuesday.     The study, which collates analysis from 2022 financial returns of the 50 largest independent U.S. oil and gas companies, found that those firms’ total payouts on dividends and share buybacks jumped by 210% last year—from $19.0 billion in 2021 to as much as $58.8 billion in 2022. The payouts to investors exceeded…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-And-Gas-Firms-Spend-More-On-Shares-Than-Exploration-And-Development.html

Saudi Aramco Looks To Expand Downstream Business In China

Saudi Aramco looks to further bolster its downstream presence in the world’s top crude oil importer, China, the oil giant’s Downstream President, Mohammed Al Qahtani, has said. “China is strategically important to our business growth in Asia and worldwide, and we will remain a reliable source of long-term oil supply,” Al Qahtani was quoted as saying by China Daily. Oil product demand in China has seen a robust recovery, the Saudi executive said, reiterating Aramco’s view that China will drive global oil demand growth…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Looks-To-Expand-Downstream-Business-In-China.html

Will China’s Appetite For Saudi Oil Return?

China’s crude oil imports from Saudi Arabia are unlikely to materially increase in the near term despite tanker-tracking evidence that arrivals rose in the first half of August, analysts say.   Early this month, global imports of Saudi crude grades showed signs of recovery, after hitting fresh lows in July, Jay Maroo, Head of Market Intelligence & Analysis (MENA) at Vortexa, wrote in a note last week. Most of the monthly rise in Saudi crude imports in August arrivals has been due to higher imports from the core buyers in Asia—China,…

Read more at: https://oilprice.com/Energy/Energy-General/Will-Chinas-Appetite-For-Saudi-Oil-Return.html

U.S. Charges Former Vitol Oil Trader In International Bribery Scheme

The U.S. has charged a former trader at the biggest independent oil trading group Vitol for violating anti-bribery and anti-money laundering regulations for offering bribes to Mexican officials to obtain business for Vitol. Javier Aguilar, 49, from Texas, was due to make his initial appearance before U.S. Magistrate Judge Yvonne Ho in Houston on Monday afternoon, the United State Attorney’s Office for the Southern District of Texas said. The five-count indictment says that Aguilar allegedly conspired to violate the anti-bribery provisions…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Charges-Former-Vitol-Oil-Trader-In-International-Bribery-Scheme.html

S&P 500 closes lower, weighed by declines in bank and retail shares: Live updates

The S&P 500 edged lower Tuesday as the momentum seen in the previous session fizzled, and declines in bank shares offset gains in tech names.

Read more at: https://www.cnbc.com/2023/08/21/stock-futures-are-little-changed-as-the-nasdaq-rises-to-its-best-day-in-august-live-updates.html

Amazon AI scammers blew millions on Lake Como wedding and cars, FTC alleges

The FTC unveiled a complaint against John and Roman Cresto, alleging the brothers made tens of millions through an Amazon and Walmart storefront scheme.

Read more at: https://www.cnbc.com/2023/08/22/amazon-ai-scammers-blew-millions-on-lake-como-wedding-cars-ftc-claims.html

Home sales fall again in July, as supply drops to near quarter-century low

Home sales fell month to month in all regions except the West, and dropped the most in the Northeast.

Read more at: https://www.cnbc.com/2023/08/22/home-sales-drop-again-in-july-as-supply-drops-again.html

AMC shares crater as investors brace for stock conversion

The movie theater chain’s preferred equity units, dubbed APE shares, are set to be transformed into common stock.

Read more at: https://www.cnbc.com/2023/08/22/amc-shares-crater-as-investors-brace-for-stock-conversion.html

Macy’s to open four more smaller stores, as strip mall experiment shows early signs of success

Macy’s CEO Jeff Gennette said the smaller strip mall stores showed year-over-year growth, as the company’s earnings report sent its stock tumbling.

Read more at: https://www.cnbc.com/2023/08/22/macys-earnings-macys-to-open-more-smaller-strip-mall-stores.html

Dick’s shares fall 24% as retailer slashes outlook over theft concerns

Dick’s Sporting Goods says it’s grappling with an uptick in retail theft that contributed to a 23% drop in profits, prompting it to slash its full year outlook.

Read more at: https://www.cnbc.com/2023/08/22/dicks-sporting-goods-dks-earnings-q2-2023.html

Hedge funds are embracing these near-term AI beneficiaries, according to Goldman

Hedge funds showed great enthusiasm toward tech stocks tied to artificial intelligence last quarter, including Nvidia, according to Goldman Sachs.

Read more at: https://www.cnbc.com/2023/08/22/hedge-funds-are-embracing-these-near-term-ai-beneficiaries-according-to-goldman.html

Sam Bankman-Fried isn’t getting his Adderall and is surviving on ‘bread and water,’ lawyers say

Following a superseding indictment of Sam Bankman-Fried, lawyers for the FTX founder expressed concerns about his living conditions in jail.

Read more at: https://www.cnbc.com/2023/08/22/sam-bankman-fried-not-getting-adderall-living-on-bread-and-water-.html

These student loan borrowers will see their monthly bill drop to $0 under Biden’s new SAVE plan

The U.S. Department of Education released a chart estimating how much borrowers’ bills could fall to under the SAVE plan, based on household size and income.

Read more at: https://www.cnbc.com/2023/08/22/student-loan-borrowers-may-see-their-bill-drop-to-0-under-save-plan-.html

Meta’s Threads begins rolling out on the web, as Zuckerberg takes more direct aim at Elon Musk’s X

Meta’s Twitter clone called Threads is now available on the web for people to access via their desktop computers.

Read more at: https://www.cnbc.com/2023/08/22/metas-threads-is-now-available-on-the-web-as-zuckerberg-takes-on-x.html

5 cities with the highest property tax rates. Here’s why rates can vary so much from place to place

There are several reasons why property taxes vary so much by city. Here’s what homeowners need to know.

Read more at: https://www.cnbc.com/2023/08/22/heres-why-property-taxes-vary-so-much-from-city-to-city.html

The 15 U.S. cities with the highest cost of living—San Francisco isn’t No. 1

In Manhattan, housing costs are 4.8 times what people pay in other U.S. cities.

Read more at: https://www.cnbc.com/2023/08/22/us-cities-with-the-highest-cost-of-living.html

Coinbase just took a stake in stablecoin issuer Circle. Here’s what it could mean for the crypto exchange

What investors need to know about Coinbase’s new equity stake in Circle.

Read more at: https://www.cnbc.com/2023/08/22/what-coinbases-stake-in-stablecoin-issuer-circle-means-for-the-crypto-exchange.html

Garland’s Theater Of The Absurd: Why The Hunter Biden Scandal Is No Longer A Laughing Matter

Authored by Jonathan Turley,

Below is my column in the New York Post on the expanding scandal surrounding the Hunter Biden investigation. Even CNN legal analysts are now calling the handling of the investigation at the Justice Department an “unholy mess.” The responsibility for this theater of the absurd is Attorney General Merrick Garland who has again shown a lack of strength and leadership at a key moment for his department.

Here is the column:

“There is a time to laugh and a time not to laugh, and this is not one of them.”

Those words from Inspector Jacques Clouseau may have to be emblazoned across the hearing room of the House Oversight Committee …

Read more at: https://www.zerohedge.com/political/garlands-theater-absurd-why-hunter-biden-scandal-no-longer-laughing-matter

Who Turns Downs Millions? People Who Believe We Are Heading For “F**k It” Phase

By Michael Every of Rabobank

A 5% World and the 1% World

We are seeing market concerns about a “5% World” where US Treasury yields reach and stay at that level; that as Nick ‘Fed-Whisperer’ Timiraos just laid out ‘Why the Era of Historically Low Interest Rates Could be Over’; and as opinion piece from a former White House economic advisor, backed by Paul Krugman, argues ‘The Fed Should Carefully Aim for a Higher Inflation Target.’ The author suggests the Fed should be tough now, but that a CPI target of 3% would be more appropriate if it were being set today, and that by 2025 the Fed should be considering it. That kind of chatter all implies a lot for both the level of bond yields and the curve shape! This morning in Asia the 2-year US yield was +6bps on the day to 5.01% for the first since 2007, i.e., before the Global Financial Crisis, and a time when George W. Bush was preznit. The US 10-year yield was +9bps to 4.36%, narrowing the 2s-10s inversion.

As such, the market is apparently telling us the ‘New Normal’ is over – but that doesn’t mean economic ‘healing’ has occurred: we are in a far deeper socio-economic and geopolitical hole now.

However, that doesn’t mean inflation and/or yields cannot go up and stay up. Look at the UK, whe …

Read more at: https://www.zerohedge.com/markets/who-turns-downs-millions-people-who-believe-we-are-heading-fk-it-phase

“This Is About Credit Card Balances, This Is About Student Loans”: Macy’s Crashes As Consumer Situation Deteriorates

As RetailDive notes, in a fraught economic environment that has undermined discretionary spending all year, credit card delinquencies took a bite out of Macy’s results in the second quarter. “Other revenue,” which includes credit card revenues, was down by $84 million to $150 million and was just 2.9% of net sales, down from 4.2% last year, according to the company’s press release.

That could deteriorate further as student loan payments resume, executives warned in a conference call with analysts.

“This is about credit card balances. This is about student loans, which we know is going to come into focus in the next month or two, auto loans, mortgages,” said Adrian Mitchell, who is Macy’s chief financial officer and chief operat …

Read more at: https://www.zerohedge.com/economics/about-credit-card-balances-about-student-loans-macys-crashes-consumer-situation

S&P Joins Downgrade Party Of US Banks Due To “Tough” Climate

Two weeks after Moody’s slashed ratings of regional banks on a ‘triple whammy of factors’, now S&P Global Ratings is joining the downgrade party. S&P is painting a grim picture for even more lenders due to higher interest rates and deposit outflows, according to Bloomberg.

S&P wrote in a research note that a “tough” lending environment forced them to downgrade five banks – KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp., and Associated Banc-Corp, one notch citing negative outlooks for River City Bank and S&T Bank. The rating agency said the review of Zions Bancorp remains negative.

The reason for the downgrades is because depositors have “shifted their funds into higher-interest-bearing accounts, increasing banks’ funding costs,” S&P said, adding, “The decline in deposits has squeezed liquidity for many banks while the value of their securities – which make up a large part of their liquidity – has fallen.”

Read more at: https://www.zerohedge.com/markets/sp-joins-downgrade-party-us-banks-due-tough-cliamte

Women’s World Cup: Pubs say laws should be eased after final

Many pubs had to wait until the second half of Sunday’s match to serve alcohol, an industry body says.

Read more at: https://www.bbc.co.uk/news/business-66586133?at_medium=RSS&at_campaign=KARANGA

Microsoft makes new bid to unblock Call of Duty deal

Firm makes fresh offer to acquire Activision after UK regulators rejected its first bid.

Read more at: https://www.bbc.co.uk/news/business-66578883?at_medium=RSS&at_campaign=KARANGA

Wilko shoppers warned to avoid fake websites

Several websites are purporting to offer heavily discounted goods, the firm’s administrators warn.

Read more at: https://www.bbc.co.uk/news/business-66580724?at_medium=RSS&at_campaign=KARANGA

Breakout Stocks: How New India Assurance, General Insurance and Welspun India are looking on charts for Wednesday’s trade

Stocks that were in focus include names like The New India Assurance Company which rose more than 5%, General Insurance Corporation which gained nearly 6% to hit a fresh 52-week high and Welspun India which was up over 6% during the session.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-are-new-india-assurance-general-insurance-and-welspun-india-looking-on-charts-for-wednesdays-trade/articleshow/102944494.cms

Exchanges fine Adani Enterprises for non-compliance of Sebi listing norms

Both the exchanges have levied a fine of Rs 28,000 each. Adani Enterprises is in the process of making applications to NSE and BSE with detailed justifications highlighting that the company is in due compliance with provisions of Sebi listing regulations and requesting for waiver of fines, imposed by the respective authorities

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/exchanges-fine-adani-enterprises-for-non-compliance-of-sebi-listing-norms/articleshow/102952076.cms

Tech View: Conviction missing from timid Nifty. What traders should do on Wednesday

On the derivatives front, the strikes of 19400 saw the addition of call open interest. Negative chart patterns like lower tops and bottoms continued as per daily chart and Nifty seems to be forming a smaller lower top as of now within a narrow range, analysts said

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-conviction-missing-from-timid-nifty-what-traders-should-do-on-wednesday/articleshow/102949058.cms

Key Words: How Nvidia’s Jensen Huang may be driving Fed rate-hike expectations

In the bond market, a surge of AI-related expectations is translating into higher real yields, according to Ben Emons of NewEdge Wealth.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7250-5269931B13B9%7D&siteid=rss&rss=1

Older Americans will spend 12 years living with disability or disease — why are we so unhealthy?

The U.S. lags other countries when it comes to life expectancy and the number of years of good health a person can expect.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7250-412326CAE92E%7D&siteid=rss&rss=1

In One Chart: Rise in Treasury yields is almost entirely due to one factor, strategist says

Ninety percent of the recent rise in long-dated Treasury yields is due to the fact that real rates are also rising, said Joseph Kalish of Ned Davis Research.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7250-7304C5FF172C%7D&siteid=rss&rss=1