Georgia Explores Closer Ties with Iran as Western Alliances Fray

There was an unannounced guest at Iranian President Ebrahim Raisi’s state funeral in late May. Alongside dignitaries from neighboring states – including Nikol Pashinyan of Armenia and Prime Minister Ali Asadov of Azerbaijan – Georgian Prime Minister Irakli Kobakhidze, accompanied by the country’s foreign minister, was in attendance in Tehran.  There was no advanced notice of the visit. Georgians learned about it from news reports and government channels the day of the funeral, which described, with little additional…

Read more at: https://oilprice.com/Geopolitics/International/Georgia-Explores-Closer-Ties-with-Iran-as-Western-Alliances-Fray.html

Canada Labels Iran’s IRGC Terrorist Entity After Flight PS752 Tragedy

Canada has listed Iran’s Islamic Revolutionary Guards Corps (IRGC) as a terrorist entity and advised any Canadians in Iran to leave the country. Public Safety Minister Dominic LeBlanc made the announcement on June 19 at a news conference in Ottawa, saying the decision to declare the IRGC as a terrorist organization is based on “very strong and convincing evidence.” LeBlanc told reporters that Canada “uses all possible means to fight the terrorist acts of the IRGC.” Foreign Minister Melanie Joly noted at the same news conference that Ottawa broke…

Read more at: https://oilprice.com/Geopolitics/International/Canada-Labels-Irans-IRGC-Terrorist-Entity-After-Flight-PS752-Tragedy.html

Brent Closes in on $86 Further Buoyed by Jobs Data

Brent crude and the U.S. benchmark West Texas Intermediate found their footing again on Thursday amid escalating tensions between Israel and Lebanon, on the brink of an all-out war, and further buoyed by jobs data showing lower first-time unemployment claims last week, though all indications are that the U.S. jobs market is still cooling. Brent hit a seven-week high on Thursday, trading up 0.62% at $85.60 at 2:15 p.m. ET, as this week’s jobs data lent more optimism of a rate cut at some point this year.  WTI, the U.S. benchmark, was…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brent-Closes-in-on-86-Further-Buoyed-by-Jobs-Data.html

Ageing Coal Plants Pave the Way for Renewable Revolution

New research from the Institute for Energy Economics and Financial Analysis (IEEFA) shows that over 800 coal-fired power plants could be profitably replaced by solar power in emerging economies starting at the end of this decade. This is both a surprising and hopeful finding, as the lack of affordability of such a transition has long been one of the key hurdles standing between the world and a 1.5ºC cap on global warming.  Phasing out coal is one of the most critical and urgent steps for combating climate change. But while transitioning…

Read more at: https://oilprice.com/Energy/Energy-General/Ageing-Coal-Plants-Pave-the-Way-for-Renewable-Revolution.html

Russia and Ukraine Trade Drone Strikes on Energy Facilities

Russia attacked Ukraine with missiles and drones overnight, damaging energy infrastructure and prompting even more power blackouts, while Ukrainian drones reportedly struck deep inside Russian territory, setting oil installations on fire in two regions. Ukraine’s national power company, Ukrenerho, said early on June 20 that four regions were targeted in the latest wave of Russian drone and missile attacks. “Equipment was damaged at energy facilities in the Vinnytsya, Dnipropetrovsk, Donetsk, and Kyiv regions,” Ukrenerho said in a message on…

Read more at: https://oilprice.com/Geopolitics/Europe/Russia-and-Ukraine-Trade-Drone-Strikes-on-Energy-Facilities.html

Carlyle Buyout Fund Scoops Up Mediterranean Gas Assets

As the war rages on in Gaza and tensions escalate between Israel and Hezbollah in Lebanon, private equity fund Carlyle (NASDAQ:CG) is forming a new Mediterranean oil and gas company to be led by ex-BP CEO Tony Hayward following the fund’s acquisition of assets in three countries for nearly $1 billion from Energean.  The transaction, which is subject to regulatory approval, will give Carlyle “a diversified portfolio of highly strategic gas-weighted assets with expected production equivalent to 47,000 barrels of oil per day and operations…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Carlyle-Buyout-Fund-Scoops-Up-Mediterranean-Gas-Assets.html

Bank Sees U.S. Shale Growing for Another 4 Years

U.S. shale oil production has four more years of growth before it peaks in 2028. This is according to a forecast by HSBC—the latest in a string of attempts to predict the fate of the shale patch. It is also the latest to add to the potential for surprise in the shale patch. Just like it happened last year. In 2023, oil traders kept watching the rig count and kept worrying that oil production was falling because the rig count trended lower for most of the year. And then producers began reporting output figures and the surprises started flooding…

Read more at: https://oilprice.com/Energy/Crude-Oil/Bank-Sees-US-Shale-Growing-for-Another-4-Years.html

South Africa’s State Utility Set to Keep Highly-Polluting Coal Plants Open

Eskom, the state-owned utility of South Africa, has received government approval to keep five of its old polluting coal power plants operational for five years after the country implements a limit on plants’ emissions in 2025. Eskom’s five coal-fired power plants – Hendrina, Grootvlei, Arnot, Camden, and Kriel – exceed the limits of pollutants that would come into force next year. However, the company has appealed with environmental affairs minister Barbara Creecy to keep these plants open for longer, despite the fact that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Africas-State-Utility-Set-to-Keep-Highly-Polluting-Coal-Plants-Open.html

Oil Moves Higher After EIA Confirms Crude Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 2.5 million barrels for the week to June 14. The change compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices. In fuels, the Energy Information Administration estimated inventory draws for the week to June 14. Gasoline stocks shed 2.3 million barrels in the week to June 14 signaling a strong start to summer driving season that would inevitably affect oil market…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Moves-Higher-After-EIA-Confirms-Crude-Draw.html

Volkswagen’s Secret Project: A Hydrogen Fuel Cell Vehicle

German car manufacturing giant Volkswagen is working on the next hydrogen fuel cell technology and has reportedly filed for a patent for a vehicle and a hydrogen fuel cell stack with a range of 1,243 miles, or 2000 kilometers, according to news outlet ecoticias. If the vehicle hits the market, it would be the first fuel cell car from Volkswagen. The German carmaker is reportedly developing the technology together with German firm Kraftwerk Tubes. The new fuel-cell technology contains a ceramic membrane which is cheaper to manufacture than…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Volkswagens-Secret-Project-A-Hydrogen-Fuel-Cell-Vehicle.html

China’s Secret Weapon in the Global Copper War

Via Metal Miner Copper demand continues to surge globally. And as the rest of the world struggles with the rising price of copper and the ever-changing copper market, guess who is sitting pretty? Hint: it’s China. Despite fears of a worldwide copper shortage driving copper prices to new highs, the world’s largest producer and consumer of refined copper continues to run production at near-record levels. Lending a helping hand in this endeavor is copper scrap, which China uses to get around the shortage of raw materials. According…

Read more at: https://oilprice.com/Metals/Commodities/Chinas-Secret-Weapon-in-the-Global-Copper-War.html

Oil Firms Intensified Gas Flaring to the Highest Level in Five Years in 2023

Oil companies globally flared more natural gas last year, reversing reductions from the previous two years and sending gas flaring volumes to the highest in five years, the World Bank’s annual Global Gas Flaring Tracker Report showed on Thursday. The amount of gas flared worldwide rose by nine billion cubic meters (bcm) to 148 bcm last year, its highest level since 2019. The increase resulted in an additional 23 million tons of carbon dioxide (CO2) equivalent emissions, an amount similar to adding about five million cars to the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Firms-Intensified-Gas-Flaring-to-the-Highest-Level-in-Five-Years-in-2023.html

UK Supreme Court Hands Climate Activists Landmark Win in Oil Drilling Case

The UK Supreme Court ruled on Thursday that a local council unlawfully granted approval to an onshore oil drilling project as planners must have considered the emissions from the oil’s future use as fuels, in a landmark case that could upset new UK oil and gas project plans. By a three-to-two majority, the Supreme Court allowed the appeal from Sarah Finch on behalf of the Weald Action Group? and other environmental organizations against Surrey County Council, which had granted planning permission to expand oil production from a…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Supreme-Court-Hands-Climate-Activists-Landmark-Win-in-Oil-Drilling-Case.html

EU to Ban Re-Export of Russian LNG

The European Union is set to ban the re-export of Russian LNG in the bloc’s waters in a first sanctions measure targeting Russia’s gas, EU diplomats told Reuters on Thursday. The EU has been debating the 14th sanctions package against Russia over its invasion of Ukraine for a month, including proposals to ban LNG trans-shipments in EU waters and ways to address Russia’s shadow fleet of oil tankers. “EU Ambassadors just agreed on a powerful and substantial 14th package of sanctions in reaction to the Russian aggression…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-to-Ban-Re-Export-of-Russian-LNG.html

Natural Gas Share of U.S. Power Generation Rises Amid Growing Demand

Natural gas-fired electricity generation in the United States has jumped year-to-date compared to the same period last year, as total power demand rose with warmer temperatures and demand from data centers. For years, natural gas has accounted for the largest share of U.S. power generation, at around 40% of all electricity-generating sources.   This year, natural gas is expected to provide around 42% of America’s electricity, similar to last year, as total consumption is set to grow by 3% in 2024 and another 2% in 2025, per data from…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Natural-Gas-Share-of-US-Power-Generation-Rises-Amid-Growing-Demand.html

S&P 500 closes slightly lower after briefly breaching 5,500, Nvidia takes a breather: Live updates

Stocks are coming off of a winning session on Tuesday and are on pace to end the shortened trading weak higher.

Read more at: https://www.cnbc.com/2024/06/19/sp-500-futures-were-little-changed-as-wall-street-looks-for-nvidia-to-keep-leading-market.html

OpenAI competitor Anthropic announces its most powerful AI yet

The company said Claude 3.5 Sonnet is faster than its previous leading model, Claude 3 Opus, and is the first model from Anthropic’s new Claude 3.5 family.

Read more at: https://www.cnbc.com/2024/06/20/anthropic-claude-3point5-sonnet-ai-announced.html

Amazon’s ditching the plastic air pillows in its boxes

The e-commerce company said it will replace plastic air pillows with paper fillers.

Read more at: https://www.cnbc.com/2024/06/20/amazon-plastic-air-pillows-to-be-replaced-with-paper-filler.html

Trump Media plummets 15% as DJT stock sell-off deepens

Trump Media has been in a slump since a New York jury convicted the presumptive Republican presidential nominee on 34 counts of falsifying business records.

Read more at: https://www.cnbc.com/2024/06/20/djt-trump-media-stock-price-today.html

This is not the dot-com bubble and Nvidia’s valuation is still ‘compelling,’ says Bank of America

The investment bank still recommends buying the AI chipmaker.

Read more at: https://www.cnbc.com/2024/06/20/this-isnt-the-1990s-bubble-nvidias-still-a-buy-says-bank-of-america.html

Nvidia tops the individual stock market values of Germany, France and the UK

Nvidia’s AI-fueled rally has been historically fast, and now the stock is worth more than the entire market value of some of the world’s largest economies.

Read more at: https://www.cnbc.com/2024/06/20/nvidia-tops-the-stock-market-values-of-germany-france-and-the-uk.html

SpaceX unveils backpack-sized ‘Starlink Mini’ satellite internet antenna for $599

SpaceX is rolling out a compact version of its satellite internet antennas called “Starlink Mini.”

Read more at: https://www.cnbc.com/2024/06/20/spacex-unveils-starlink-mini-satellite-internet-antenna-for-599.html

Super Micro, Dell shares jump as Elon Musk calls them suppliers to xAI supercomputer project

“Dell is assembling half of the racks that are going into the supercomputer that xAI is building,” Musk said, adding that Super Micro will also be involved.

Read more at: https://www.cnbc.com/2024/06/20/super-micro-dell-shares-jump-as-elon-musk-calls-them-suppliers-to-xai-supercomputer-project.html

Crypto Super PAC Fairshake raised $160 million by end of May: 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, we explore the growing influence of crypto super PACs in Washington, D.C.

Read more at: https://www.cnbc.com/video/2024/06/20/crypto-super-pac-fairshake-raised-160-million-by-end-of-may-cnbc-crypto-world.html

Fast-food customers are shifting to casual-dining chains, Darden Restaurants CEO says

Chili’s and Applebee’s are among the casual-dining chains that have been trying to win over fast-food customers.

Read more at: https://www.cnbc.com/2024/06/20/inflation-fast-food-diners-switch-to-casual-chains-darden-ceo-says.html

The salary a family of 4 needs to get by in every U.S. state—it’s more than $150,000 in the most expensive one

In most states, a family of four needs to earn more than $85,000 to cover necessities like food and housing.

Read more at: https://www.cnbc.com/2024/06/20/the-salary-a-family-of-4-needs-to-get-by-in-every-us-state.html

Why buy now, pay later debt could become a problem for the U.S. economy

Juniper Research estimates that buy now, pay later transactions could reach nearly $700 billion by 2028.

Read more at: https://www.cnbc.com/2024/06/20/why-buy-now-pay-later-debt-could-become-a-problem-for-us-economy.html

Gilead’s twice-yearly shot to prevent HIV succeeds in late-stage trial

Gilead’s experimental twice-yearly medicine to prevent HIV was 100% effective in a late-stage trial, the company said Thursday.

Read more at: https://www.cnbc.com/2024/06/20/gilead-prep-lenacapavir-succeeds-in-phase-3-trial.html

Appeals Court Revives Case Against COVID-19 Vaccine Requirement

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

A U.S. appeals court on June 18 revived a case against a COVID-19 vaccine mandate issued by a city in Washington state under a proclamation from state officials.

A man received a dose of the Pfizer COVID-19 vaccine in downtown Seattle on Jan. 24, 2021. (Grant Hindsley/AFP via Getty Images)

Firefighters who applied for exemptions to the Spokane mandate “plausibly assert that the individual city defendants applied the proclamation arbitrarily and capriciously, and that they thereby showed callous disregard to the firefighters’ Free Exercise rights,” U.S. Circuit Judge Ryan Nelson

Read more at: https://www.zerohedge.com/political/appeals-court-revives-case-against-covid-19-vaccine-requirement

After A Year In “Recovery”, The Economy Is Once Again Contracting

Despite a solid bear steepener today – with Macros selling 10s in what may be an early frontrunning of the Norinchukin liquidation – Nomura’s Charlie McElligott writes that the bank’s Treasury desk flows have continued to favor Customer buying of both rallies and dips, “particularly with foreign Real Money / Japan / Officials, and extending the recent theme where buying is pushing deeper into Duration (as expressed by the strong 30Y and 20Y auctions)…all a function of growing “Confidence in the Slowdown” which is coming just in time for the September, and why not, July Fed meeting so that Biden can enjoy at least 1-2 rate cuts ahead of the election.

Indeed, today’s mixed data extended on this “Slowdown / Normalizing” vibe, with Housing Starts / Building Permits plunging to Covid lockdown lows…

Read more at: https://www.zerohedge.com/economics/after-year-recovery-economy-once-again-contracting

Arizona Judge Declines To Dismiss Election Interference Case

Authored by Chase Smith via The Epoch Times (emphasis ours),

In the ongoing legal battle over alleged election interference in Arizona in 2022, Maricopa County Superior Court Judge Geoffrey Fish issued a series of rulings this week denying motions to dismiss and motions to remand charges back to a state grand jury against Cochise County Supervisors Peggy Judd and Tom Crosby.

Maricopa County election workers remove ballots from a drop box in Mesa, Ariz., on Nov. 8, 2022. (John Moore/Getty Images)

The rulings released on June 18 mean the case will proceed to trial.

Ms. Judd and Mr. Crosby are charged with conspiracy and interference with an election officer, both class 5 felonies.

The case stems from event …

Read more at: https://www.zerohedge.com/political/arizona-judge-declines-dismiss-election-interference-case

Zelensky’s Government Crushes Press Freedoms In Ukraine, NYT Now Admits

Authored by Connor Freeman via AntiWar.com,

Journalists and media groups have come under intense pressure from the Kiev regime, including spying and other forms of persecution during Ukraine’s war with Russia, according to the New York Times. Reporters have been spied on and even presented with draft notices after exposing media restrictions imposed by President Volodymyr Zelensky’s government. In addition to Zelensky calling off elections and staying in power well past the end of his term, this is more evidence that Kiev is not the democratic bastion its Western military backers claim it is.

Following Russia’s February 2022 invasion of Ukraine, Zelensky nationalized the country’s media, among other authoritarian measures such as banning opposition parties. According to the NYT, Ukrainian journalists mostly went along with the wartime restrictive measures, that entailed prohibiting, among other things, the publication of locations where Russian missile strikes have taken place, accounts of military casualties, and reports on Ukrainian troop movements or positions.

Read more at: https://www.zerohedge.com/geopolitical/zelenskys-government-crushes-press-freedoms-ukraine-ny-times-now-says

Bank opens door for August interest rate cut

The Bank of England keeps borrowing costs unchanged, but hints it could cut rates later in the summer.

Read more at: https://www.bbc.com/news/articles/cd11jld7d36o

What are the parties saying about housing? – Your questions

Our cost of living correspondent answers your questions about housing and personal finance.

Read more at: https://www.bbc.com/news/articles/cpdd30xk04ko

Row over first-time buyer help as parties trade blows

Labour and the Tories accuse each other of failing to match promises on housing, a key election issue.

Read more at: https://www.bbc.com/news/articles/c3ggenv37eqo

Sebi modifies duration for call auction in pre-open session for IPOs

During the pre-open call auction for some IPOs and relisted stocks, unusually large orders were placed at inflated prices, only to be cancelled shortly before the session closed. This pattern suggests potential market manipulation. In order to curb the misuse of the call auction session, Sebi has decided to modify the current provisions related to call auction sessions for IPO and relisted scrips and introduce additional surveillance measures at stock exchanges.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-comes-out-with-addl-surveillance-mechanism-for-call-auction-in-pre-open-session-for-ipo/articleshow/111143994.cms

AIF & PMS Conclave 2.0: Sunil Singhania on 4 ‘Ds’ that make India a better choice for equity investing

In the post-pandemic era, while global discussions centered around recession and job losses, India stood out with its focus on growth. Highlighting India’s democratic foundation as its core strength, the expert emphasized how the recent election results were accepted by all. This exemplifies the power and resilience of India’s democratic system.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/aif-pms-conclave-2-0-sunil-singhania-on-4-ds-that-make-india-a-better-choice-for-equity-investing/articleshow/111145661.cms

Sebi confirms interim direction; bans JM Financial from managing debt public issues till Mar 2025

SEBI confirmed restrictions on JM Financial, barring it from leading debt issuances until 2025. The firm also pledged to discontinue its subsidiary’s IPO financing business.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-confirms-interim-direction-bans-jm-financial-from-managing-debt-public-issues-till-mar-2025/articleshow/111145910.cms

‘A few motherly words of wisdom can go a long way’: My two adult sons will each inherit $100,000. What should they do with it?

“We live in the greater Boston area, so housing costs are extremely high.”

Read more at: https://www.marketwatch.com/story/a-few-motherly-words-of-wisdom-can-go-a-long-way-my-two-30-something-sons-will-each-inherit-100-000-what-should-they-do-with-it-70b24ade?mod=mw_rss_topstories

My husband and I are retired — and live on a fixed income. We’re invited to our niece’s destination wedding. Are we obliged to buy a gift?

“We haven’t been to a wedding in decades.”

Read more at: https://www.marketwatch.com/story/my-husband-and-i-are-retired-and-are-invited-to-our-nieces-destination-wedding-do-we-have-to-go-and-buy-a-gift-c79033ce?mod=mw_rss_topstories

Most Americans think it’s a great time to sell a house. But watch out for the unexpected costs.

It may be a seller’s market, but homeowners thinking of listing their homes should be prepared for the costs that come with selling, which often amount to nearly $60,000, according to a new report.

Read more at: https://www.marketwatch.com/story/most-americans-think-its-a-great-time-to-sell-a-house-but-watch-out-for-the-unexpected-costs-a592b171?mod=mw_rss_topstories