China And U.S. Lock Horns Over New 122.5% Steel Tariff

Via Metal Miner The U.S. Department of Commerce recently decided to enforce preliminary anti-dumping duties on imports of tin mill and tin plate steel from China at a duty rate of 122.5%. As this is the highest preliminary rate, the move provoked severe criticism from trade analysts and experts across China.  This tariff also applies to China’s leading manufacturer, Baoshan Iron and Steel. In addition, the Department of Commerce plans to apply duties of 7.02% on tin mill imports originating from Germany and 5.29% on imports from Canadian…

Read more at: https://oilprice.com/Metals/Commodities/China-And-US-Lock-Horns-Over-New-1225-Steel-Tariff.html

Europe’s Green Tech Future Threatened By Limited Investment

The EU simply cannot seem to keep up with the U.S. when it comes to its green energy policy or China when it comes to green investment. Despite bold promises of establishing a law that would stand up against President Biden’s Inflation Reduction Act (IRA), the EU has so far failed to deliver. And its investment in green energy and related technologies nowhere near compares with the massive levels of funding being pumped into the sector in China. So, can we expect the EU to deliver on its green promises or to fall short of the world’s…

Read more at: https://oilprice.com/Energy/Energy-General/Europes-Green-Tech-Future-Threatened-By-Limited-Investment.html

Next Hurricane Could Shut-In 40% Of Gulf Of Mexico Production

The volume of natural gas flowing to LNG giant Cheniere Energy’s (NYSE:LNG) Corpus Christi export plant in Texas was on track to decline nearly 30% on Wednesday, a day after Tropical Storm Harold hit South Texas. According to Refinitiv data, gas volumes flowing to Corpus were on track to drop to about 1.5 billion cubic feet per day (bcfd) on Wednesday from 2.1 bcfd previously. At full capacity, the three liquefaction trains at the Corpus Christi LNG export plant are capable of chilling  2.4 bcfd of natural gas into LNG, enough to supply 12…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Next-Hurricane-Could-Shut-In-40-Of-Gulf-Of-Mexico-Production.html

Innovative Electrolyzer Paves Way For Sustainable Propane Production

Illinois Institute of Technology research revealed a promising breakthrough in green energy. Their design is an electrolyzer device capable of converting carbon dioxide into propane in a manner that is both scalable and economically viable. The paper published in Nature Energy discusses the pioneering research. As the United States races toward its target of net-zero greenhouse gas emissions by 2050, innovative methods to reduce the significant carbon dioxide emissions from electric power and industrial sectors are critical. Mohammad Asadi, assistant…

Read more at: https://oilprice.com/Energy/Energy-General/Innovative-Electrolyzer-Paves-Way-For-Sustainable-Propane-Production.html

G20 Fossil Fuel Subsidies Exceed $1 Trillion Since COP26

Record amounts of money are still flowing into fossil fuel subsidies two years after the world’s top economies pledged to cut them. In 2021, the UK, together with key partner Italy, hosted the COP26 climate summit, an event many believed to be the world’s best last chance to get runaway climate change under control.  A key outcome of the summit was that dozens of nations pledged to end deforestation, curb CO2 and methane emissions and also stop public investment in coal power.  Two years later, all those promises have gone…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/G20-Fossil-Fuel-Subsidies-Exceed-1-Trillion-Since-COP26.html

Wind Power Could Bring Seaborne Transportation Full Circle

A dry bulk ship chartered by agricultural and bioindustrial specialist Cargill Plc has set out on its first voyage after being fitted with special sails aimed at studying how harnessing wind power can lower emissions in the shipping sector. Marine transport is one of the biggest consumers of oil, accounting for ~7% of oil consumption worldwide and 3% of global CO2 emissions. “It is risk taking. There is no guarantee … that the economics are going to work. But it is up to us to show the industry what is possible and hopefully get some more people…

Read more at: https://oilprice.com/Energy/Energy-General/Wind-Power-Could-Bring-Seaborne-Transportation-Full-Circle.html

Shell And BP’s Green Commitments Questioned In Greenpeace Report

Shell and BP are among 12 oil firms who have been accused of greenwashing over the amount of renewable and low-carbon energy they produce. Research commissioned by Greenpeace analysed the annual reports of the British fossil fuel giants for 2022, alongside 10 other European companies. The report compared the amount of renewable electricity generated by the companies (wind, solar, geothermal and hydro) with the amount of energy they provide through their own oil and gas production. Shell and BP generated just 0.02% and 0.17% of energy from renewable…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-And-BPs-Green-Commitments-Questioned-In-Greenpeace-Report.html

Iran Oil Exports Surge above 2 Million Bpd

Iran’s crude oil exports have this month swollen to more than 2 million barrels daily, including condensates, and may remain elevated at a time when other OPEC members are shrinking their own exports. This is according to TankerTrackers.com and represents a significantly higher figure than what other analytics companies have as numbers for Iran oil exports. It is also significantly higher than what official Iranian sources say the country is exporting. Kpler, for instance, said this month that China was importing Iranian crude at…

Read more at: https://oilprice.com/Energy/Crude-Oil/Iran-Oil-Exports-Surge-above-2-Million-Bpd.html

Saudi Arabia Likely To Extend Production Cuts To October

Saudi Arabia is likely to extend its voluntary 1 million-barrel oil supply cut for the third consecutive month into October amid uncertainty about supply, five Wall Street analysts have predicted. The initial cuts appear to have worked, with oil prices climbing about 15% in the past month to about $86 a barrel.  However, the gradual rise in oil prices as inventory tightened has reversed over the past week with traders worrying again about weak economic data coming from China as well as the upcoming Jackson Hole symposium. Current Brent prices…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Likely-To-Extend-Production-Cuts-To-October.html

Oil Moves Higher On Large Crude Inventory Draw

Crude oil prices moved higher today, after the Energy Information Administration reported an inventory draw of 6.1 million barrels for the week to August 18. This compared with a decline of a substantial 6 million barrels for the previous week, which in turn followed a build of almost identical size for the week before that. At 433.5 million barrels as of August 18, U.S. commercial crude oil inventories are 2% below the five-year average for this time of the year, the EIA said. In fuels, the authority estimated a gasoline stock build and a middle…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Moves-Higher-On-Large-Crude-Inventory-Draw.html

Rio Tinto And BHP Grapple With Market Dynamics In Mining Sector

The company has now slashed it dividend nearly in half to $1.70 per share, down from $3.25 per share the year before. These headwinds have also hit rival Rio Tinto’s share price this year. Henry hopes the company’s expansive portfolio – which includes copper, gold, nickel, and potash – meant the Aussie firm could navigate China’s sluggish economic revival and the West’s hawkish response to inflation. Both these factors have eaten into demand for iron ore – which is a key ingredient for steelmaking…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rio-Tinto-And-BHP-Grapple-With-Market-Dynamics-In-Mining-Sector.html

Money Manager Sees $120 Oil Surprising Bears

Crude oil prices could be on track to hit $100 and even $120 per barrel, which calls for aggressive buying moves into the oil market now, Cole Smead, president and portfolio manager at Smead Capital Management, told BBN Bloomberg on Wednesday.  China’s underwhelming economic performance is as bad as it gets and still, oil prices have not fallen apart, Smead told BBN Bloomberg, arguing about his commodity strategy.      The weakness in China’s economy is not driving oil prices currently. The crucial…

Read more at: https://oilprice.com/Energy/Oil-Prices/Money-Manager-Sees-120-Oil-Surprising-Bears.html

UK Fines Morgan Stanley For Energy Traders Using Private WhatsApp Messages

The UK regulator Ofgem said on Wednesday it had fined Morgan Stanley & Co. International plc (MSIP) for failure to record and retain electronic trading communications in energy trades after wholesale energy traders were found to have used WhatsApp on privately owned phones to discuss energy market transactions. The failure to comply with the requirement to record and retain electronic trading communications was for the period between January 2018 and March 2020.    Ofgem has levied a fine of $6.8 million (£5.41 million) on Morgan…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Fines-Morgan-Stanley-For-Energy-Traders-Using-Private-WhatsApp-Messages.html

European Natural Gas Prices Slump On Hopes Australia Will Avoid An LNG Strike

Europe’s benchmark natural gas prices slumped on Wednesday after settling on Tuesday at the highest level since April, amid market tensions over a labor dispute threatening LNG supply from Australia. The front-month futures at the Dutch TTF hub, the benchmark for Europe’s gas trading, had plunged by 12% to $40.94 (37.86 euros) per megawatt (MWh) as of 11:29 a.m. GMT on Wednesday, as workers and LNG facility owners in Australia discuss a possible resolution to the dispute about pay and work conditions. The contract rose by more…

Read more at: https://oilprice.com/Energy/Energy-General/European-Natural-Gas-Prices-Slump-On-Hopes-Australia-Will-Avoid-An-LNG-Strike.html

Canada’s Oil Production Set For 8% Rise Over Two Years

Tie-backs to existing oil sands facilities or expansion of operational sites by some of the biggest Canadian oil firms are expected to boost Canada’s crude oil production by 8% by 2025, analysts have told Reuters. Analysts at RBN Energy see Canadian crude oil production rising by 175,000 barrels per day (bpd) in 2023 and by another 200,000 bpd next year. “Companies can finally say things have recovered enough in the industry that we can maintain returns to shareholders and put some money into production growth,” RBN Energy analyst…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadas-Oil-Production-Set-For-8-Rise-Over-Two-Years.html

Nasdaq extends 3-day streak, S&P closes up 1% ahead of Nvidia earnings: Live updates

Investors looked ahead to earnings from Nvidia and other big-name stocks.

Read more at: https://www.cnbc.com/2023/08/22/stock-market-today-live-updates.html

Nvidia’s earnings Wednesday will be a big test for AI bulls

Nvidia reports second-quarter earnings on Wednesday against a backdrop of elevated expectations driven by a surge of interest in artificial intelligence.

Read more at: https://www.cnbc.com/2023/08/23/nvidia-nvda-earnings-report-q2-2024.html

Rudy Giuliani booked in Trump Georgia election interference case, bond set at $150,000

Rudy Giuliani was the top Trump campaign lawyer promoting false claims that ballot fraud led to the election of President Joe Biden in Georgia and elsewhere.

Read more at: https://www.cnbc.com/2023/08/23/trump-lawyer-rudy-giuliani-to-surrender-in-georgia-election-case.html

Wagner boss Prigozhin listed as a passenger on crashed jet which killed 10 people

The chief of Russian mercenary group Wagner, Yevgeny Prigozhin, is believed to have been killed in a plane crash, Russian state media reported Wednesday.

Read more at: https://www.cnbc.com/2023/08/23/wagner-mercenary-boss-yevgeny-prigozhin-killed-in-plane-crash.html

Nike heads toward record 10th straight losing day as Foot Locker woes, China slowdown hit stock

Shares of Nike fell Wednesday for the 10th straight day, putting it on track for its longest losing streak since it went public in 1980.

Read more at: https://www.cnbc.com/2023/08/23/why-is-nikes-stock-down-foot-locker-woes-china-slowdown-hit-shares.html

Giuliani’s son turns to Trump for fundraising push after father’s indictment

Donors at the Sept. 7 Bedminster event are being asked to each give $100,000 to the Giuliani Defense PAC.

Read more at: https://www.cnbc.com/2023/08/23/giulianis-son-turns-to-trump-for-help-with-fathers-legal-bills.html

This fast food giant is testing a key long-term level that could signal more volatility ahead

The fast food chain has come close to closing below the 200-day moving average.

Read more at: https://www.cnbc.com/2023/08/23/this-fast-food-giant-is-testing-a-key-long-term-level-that-could-signal-more-volatility-ahead.html

Hollywood producers take heated negotiations with writers union public, revealing latest offer

The AMPTP revealed its latest offer to the writers’ union in a bid to end the strike that has gone on for more than 100 days.

Read more at: https://www.cnbc.com/2023/08/23/amptp-latest-wga-contract-offer.html

Tornado Cash founders charged with laundering more than $1 billion, including millions for North Korea

Tornado Cash founders have been charged with laundering more than $1 billion in criminal proceeds.

Read more at: https://www.cnbc.com/2023/08/23/tornado-cash-founders-charged-with-laundering-more-than-1-billion-including-millions-for-north-korea.html

Binance.US turns to crypto startup MoonPay after U.S. banks sever ties: 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, Diffuse CEO Kenny Estes weighs in on what could have caused bitcoin’s big drop last week and describes the opportunities for investors amid the current environment.

Read more at: https://www.cnbc.com/video/2023/08/23/binanceus-turns–crypto-startup-moonpay-after-us-banks-sever-ties-cnbc-crypto-world.html

Truck purchases are driving up the average cost of car payments. Some buyers pay over $1,000 a month

Consumers are paying more than ever to finance a new vehicle in 2023. Shoppers in Texas and Wyoming committed to monthly payments of $1,000 and more.

Read more at: https://www.cnbc.com/2023/08/23/trucks-drive-up-car-payment-costs-some-buyers-pay-1000-a-month.html

Gov. Doug Burgum injured playing basketball, may not be able to attend first Republican debate

It is “unclear if he will be able to stand” at the two-hour debate, which is set to air on Fox News starting at 9 p.m. ET.

Read more at: https://www.cnbc.com/2023/08/23/burgum-injured-playing-basketball-may-have-to-skip-republican-debate.html

Sidney Powell booked in Trump Georgia election case after other co-defendants surrender

Donald Trump and 18 other people are charged with interfering in the 2020 Georgia election in a bid to overturn his loss to President Joe Biden.

Read more at: https://www.cnbc.com/2023/08/23/more-defendants-in-trump-georgia-election-case-surrender.html

Nvidia Earnings Preview: What Traders Want To See For Another Explosion Higher

This is it: the moment all traders, and certainly tech-heads, have been waiting for for the past 3 months: Nvidia, which single-handedly pushed the Nasdaq into a bull market since May when it reported blowout earnings that sent its stock up a stunning 25%, and which has sent market breadth to the lowest on record as traders have dumped anything that it not AI-related and bought, well, Nvidia…

… reports earnings after the closing bell at 4:20pm ET, and as many veteran traders have suggested, the fate of the next 10,000 Nasdaq points is in the hands of the versatile video graphics, bitcoin mining, AI-chip company.

Based on what I am seeing on my feed, Nvidia $NVDA earnings tonight hold the key to the next 10,000 points in the Nasdaq

— Joe Kunkle (@OptionsHawk)

Read more at: https://www.zerohedge.com/markets/nvidia-earnings-preview-what-traders-want-see-another-explosion-higher

BRICS Expansion Could Reshape Global Energy Markets

Authored by Cyril Widdershoven via OilPrice.com,

• BRICS leaders are gathering today in South Africa to discuss the future of the BRICS bloc.
• Although often overlooked, BRICS’ expansion efforts encompass a diverse list of countries, with Argentina, Egypt, and Saudi Arabia among those expressing interest.
• The potential integration of OPEC and gas-exporting nations into BRICS threatens Western energy interests.

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.

Read more at: https://www.zerohedge.com/geopolitical/brics-expansion-could-reshape-global-energy-markets

Tucker And Trump Team Up To Upstage Fox’s GOP Debate

As you may have heard, former President Donald Trump is skipping Wednesday night’s GOP debates, and will instead appear for an interview with Tucker Carlson – where the pair will undoubtedly upstage the current crop of GOP candidates, who according to current polls, have no chance in hell of receiving the Republican nomination.

Former President Donald Trump confirmed in a social media post that his interview with former Fox News host Tucker Carlson will be released tonight (Aug. 23), just before the network’s Republican presidential primary debate.

The former president announced on Truth Social that his previously recorded interview with Mr. Carlson will broadcast at 9 p.m.

“Sparks will fly,” President Trump wrote in his post about the interview, which will reportedly stream on X, the platform formerly known as Twitter.

Read more at: https://www.zerohedge.com/political/tucker-and-trump-team-upstage-foxs-gop-debates

Gingrich Says Biden Behavior In Maui ‘Just Plain Frightening’ As MSM Triggered Over ‘Nodgate’

Authored by Steve Watson via Summit News (emphasis ours),

Former Speaker of the House Newt Gingrich encapsulated Joe Biden’s jaw droppingly disastrous fly by of Maui on Monday, calling it “beyond just being heartless.”

“I think this visit to Maui frankly is just plain frightening,” Gingrich said, adding “How can you have a commander-in-chief who is totally out of touch with reality, who makes up a story which is a lie, who has no understanding of the scale of the disaster which has occurred, who has literally has no empathy for the human beings around him. And I think, and of course as you point out, can’t even stay awake.”

Was Biden dozing off in Maui?

Read more at: https://www.zerohedge.com/political/gingrich-says-biden-behavior-maui-just-plain-frightening-msm-triggered-over-nodgate

Wilko: Jobs to go as attempts to find a buyer fail

However, the company’s administrator said parts of the business could still be bought.

Read more at: https://www.bbc.co.uk/news/business-66599804?at_medium=RSS&at_campaign=KARANGA

NatWest: Former boss set for £2.4m pay package after Farage scandal

Chief executive Dame Alison Rose quit the bank over the closure of Nigel Farage’s account.

Read more at: https://www.bbc.co.uk/news/business-66590997?at_medium=RSS&at_campaign=KARANGA

Post Office boss to return bonus after Horizon scandal

Nick Read says he will return all of his bonus after wrongful fraud accusations against postmasters.

Read more at: https://www.bbc.co.uk/news/business-66594627?at_medium=RSS&at_campaign=KARANGA

Breakout Stocks: How Hitachi, KPIT Tech and Linde India are looking on charts for Thursday’s trade

Stocks that were in focus included names like Hitachi Energy, which was up more than 3%, KPIT Technologies, which rose 4% to hit a fresh all-time high, and Linde India, which also rose nearly 3% to a fresh high on Wednesday.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-hitachi-kpit-tech-and-linde-india-are-looking-on-charts-for-thursdays-trade/articleshow/102984714.cms

How far are we away from a real bounce in IT? Vikash Kumar Jain answers

​If sentiment towards China does not change, we are now seeing money coming not through the EM basket. Now, imagine 94% of the FII AUM still is not India dedicated, that is either EM or some global fund, etc. so, there is not really investors putting directly money into it. That could start changing.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/how-far-are-we-away-from-a-real-bounce-in-it-vikash-kumar-jain-answers/articleshow/102969211.cms

DroneAcharya successfully tests reusable rocket launch vehicle

The vehicle attained an altitude of about 3 km above ground and successfully landed using a parachute mechanism

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/droneacharya-successfully-tests-reusable-rocket-launch-vehicle/articleshow/102992424.cms

Bond Report: 10-, 30-year Treasury yields end at one-week lows after batch of weak PMI data

Treasury yields finish lower as weakening economic activity in the U.S., eurozone, and U.K. dims the global outlook.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7251-4E692C8FF7CE%7D&siteid=rss&rss=1

Violent clashes are marring a summer of labor solidarity. Here’s what happened at a wedding.

Here comes the bride — and striking hotel workers.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-724D-57837F42156B%7D&siteid=rss&rss=1

Market Snapshot: Nasdaq on pace for its best day in nearly a month ahead of Nvidia results

U.S. stocks rise Wednesday as bond yields fell and traders eye results due after the close from Nvidia.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7251-4D704BA25765%7D&siteid=rss&rss=1