Cold Rolled Stainless Imports Surge Despite Higher Freight Rates

Via Metal Miner Overall, the Stainless Monthly Metals Index (MMI) reversed to the downside, with a 10.88% drop from June to July. Nickel prices experienced heavy losses during June, securing the title of worst-performing base metal with an over 14% decline. Prices had fallen over 19% from their May 20 peak by early June as they remained in search of a new bottom. Bearish Conditions Lead to Steep Stainless Discounts Bearish conditions continued to reverberate through the stainless steel sector throughout June. Distributors and brokers reported an…

Read more at: https://oilprice.com/Metals/Commodities/Cold-Rolled-Stainless-Imports-Surge-Despite-Higher-Freight-Rates.html

Devon Energy To Acquire Bakken Driller Grayson Mill In $5B Deal

Independent oil & gas company Devon Energy (NYSE:DVN) has announced plans to acquire Grayson Mill Energy’s Williston Basin business in a cash and stock deal valued at ~$5B, consisting of $3.25B of cash and $1.75B of stock. According to the Oklahoma-based shale producer, the purchase will add 307K net acres (70% working interest) to its portfolio, significantly expanding its position in the Williston Basin. Production from the acquired properties is expected to be maintained at ~100K boe/day (55% oil) in 2025. With enhanced…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Devon-Energy-To-Acquire-Bakken-Driller-Grayson-Mill-In-5B-Deal.html

Raw Material Shortages Weigh on EU Ammunition Production

The European Union’s capacity to produce 155 mm artillery ammunition may be less than half as large as public estimates by senior EU officials indicate, affecting the bloc’s ability to keep promises about supplies to Ukraine, Schemes and its partners in a journalistic investigation have found. The finding is a result of months of reporting by Schemes — the investigative unit of RFE/RL’s Ukrainian Service — and other outlets in a consortium of European media on shell production, a crucial factor in Ukraine’s defense against the Russian invasion.…

Read more at: https://oilprice.com/Metals/Commodities/Raw-Material-Shortages-Weigh-on-EU-Ammunition-Production.html

Argentina Moves Closer to LNG Exports From Vaca Muerta Shale

Argentina could be a step closer to start exporting LNG and monetizing its huge resource in the Vaca Muerta shale play after maritime LNG infrastructure firm Golar LNG signed a 20-year deal with Pan American Energy (PAE) for the deployment of a Floating Liquefied Natural Gas (FLNG) vessel in Argentina.   “The FLNG project will monetize Argentine gas, tapping into the vast resources from the Vaca Muerta shale formation in the Neuquina Basin, the world’s second-largest shale gas resources,” Golar LNG said. The project is…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Argentina-Moves-Closer-to-LNG-Exports-From-Vaca-Muerta-Shale.html

Gold’s Potential as a Safe Haven in a Warming World

Via SchiffGold.com, Certain climate scientists, research economists, and precious metal investors agree: This year could be one of the hottest on record. Climate change has long been a popular theme among left-wing media outlets, and this transitional El Nino-La Nina season has provided plenty of fuel for the fire. 2024 stands a fighting chance of seeing the highest temperatures ever recorded, climate researcher Zeke Hausfather told CNN, beating out a blazing 2023. The earliest Cat. 5 hurricane recorded in the Atlantic has already shattered the…

Read more at: https://oilprice.com/Metals/Gold/Golds-Potential-as-a-Safe-Haven-in-a-Warming-World.html

SCO Expansion Underscores Geopolitical Divide

Leaders attending the Shanghai Cooperation Organization cast the group as capable of exerting increasing influence on the world stage. But beneath a veneer of solidarity, cracks are visible in the foundation. The two-day SCO summit concluded July 4 with the signing of a bevy of documents, including a joint declaration that outlined an intention for the organization to exert a greater degree of global influence. “Tectonic shifts are occurring in global politics, the economy and other areas of international relations,” the document stated.…

Read more at: https://oilprice.com/Geopolitics/International/SCO-Expansion-Underscores-Geopolitical-Divide.html

Texas Freeport Gas Flows Fall to Near Zero Ahead of Hurricane Beryl

Natural gas flows to Freeport LNG’s export plant in Texas fell close to zero on Sunday as Hurricane Beryl roared towards the Texas coast, with flow volumes expected to remain that way on Monday according to data from financial firm LSEG. One of the most important LNG export plants in the U.S., Freeport is closely watched thanks to a history of swaying global gas prices whenever it shuts down. “We have safely ramped down production at our liquefaction facility and intend to resume operations once it is safe to do so after this weather event,” officials…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Texas-Freeport-Gas-Flows-Fall-to-Near-Zero-Ahead-of-Hurricane-Beryl.html

Oil Moves Slightly Lower as Beryl Pummels Texas

More than 1.8 million homes and businesses in Texas were left without power on Monday after Category 1 hurricane Beryl made landfall near Matagorda around 4 a.m. local time, leaving in its wake a trail of dangerous storm surges, floods and heavy winds. CenterPoint Energy (NYSE:CNP), a public utility that serves nearly 2.6 million customers, reported that more than 1.5 million were without power in its service area as of 09.51 am ET. After wreaking havoc in the Caribbean and Mexico’s Yucatan Peninsula, Beryl weakened to a tropical…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Moves-Slightly-Lower-as-Beryl-Pummels-Texas.html

Why Adapting to Climate Change Will Be So Expensive

The climate change deniers frequently offer three contradictory responses as their position becomes more and more untenable in the face of mounting evidence, to wit: 1) There is no climate change, 2) it’ll be cheaper to adapt to climate change than prevent it, and 3) climate change is good for us—it will improve agriculture and open the Arctic to resource exploitation. It is the second of these that I wish to discuss. There is no solid evidence that adapting to climate change will be cheaper, nor do the deniers provide a clear picture of…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Why-Adapting-to-Climate-Change-Will-Be-So-Expensive.html

China Considers Probe Into Energy Storage Plants Over Fire Risks

China is weighing the possibility of launching industry-wide investigations into its energy storage facilities over concerns about fire risks, Chinese outlet 21st Century Business Herald reported on Monday, citing a source familiar with the plans. The recent boom in energy storage plants in China has led to low utilization rates at these facilities. Because the energy storage plants have been little used, they could unknowingly pose risks of fires, according to the source. In addition, the booming rollout of energy storage has likely…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Considers-Probe-Into-Energy-Storage-Plants-Over-Fire-Risks.html

2 Million Texans Without Power as Hurricane Beryl Reaches Houston

Hurricane Beryl, the first Atlantic hurricane of the year to strike the US, made landfall in eastern Texas as a Category 1 storm in the early morning hours on Monday. After causing billions of dollars of damage across the Caribbean and Mexico’s Yucatán Peninsula last week, Beryl has finally arrived near Matagorda Beach as a Cat. 1 storm with winds over 80 mph. As the storm moves inland, torrential rains, surges, tornadoes, and high winds are expected across eastern Texas today. Some areas could receive 5-10 inches of…

Read more at: https://oilprice.com/Energy/Energy-General/2-Million-Texans-Without-Power-as-Hurricane-Beryl-Reaches-Houston.html

U.S. Fuel Prices Set for Volatile Summer

U.S. gasoline and diesel prices are set for a more volatile summer this year as an expected busier-than-usual hurricane season and extremely high temperatures could weigh on refinery production, analysts have told Reuters. A higher number of named storms could lead to more refinery shutdowns on the U.S. Gulf Coast, which hosts more than 47% of total U.S. petroleum refining capacity, as well as 51% of total U.S. natural gas processing plant capacity.   In addition, excessively hot summer temperatures along the Gulf Coast could…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Fuel-Prices-Set-for-Volatile-Summer.html

GM to Pay $146 Million Penalty for Emission Violations

This week, AP and WMAR Baltimore reported that GM would have to pay the government over $146 million in penalties due to 5.9 million of its older vehicles not complying with emissions and fuel standards.  The report said that the National Highway Traffic Safety Administration announced on Wednesday that specific GM vehicles from the 2012 to 2018 model years failed to meet federal fuel economy standards. The EPA found that GM pickup trucks and SUVs emit over 10% more CO2 than initially claimed. These vehicles consume at least 10% more fuel…

Read more at: https://oilprice.com/Energy/Energy-General/GM-to-Pay-146-Million-Penalty-for-Emission-Violations.html

Oil Industry Plans to Invest $5 Billion to Explore Drilling Sites in Pakistan

Oil and gas companies operating in Pakistan plan to invest $5 billion over the next three years to explore drilling sites in the South Asian country, Pakistan’s Prime Minister Shehbaz Sharif said this weekend. Representatives of the firms working in the Pakistani exploration and production (E&P) industry met with government officials and said the companies plan to drill about 240 sites in search of hydrocarbons in the country, which depends on imports to meet most of its energy demand.    Pakistan set up a committee…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Industry-Plans-to-Invest-5-Billion-to-Explore-Drilling-Sites-in-Pakistan.html

Battery Majors Suffer Profit Drop on Lower-Than-Expected EV Sales

LG Energy, one of the biggest players in the EV battery space, reported a 58% drop in operating profits for the second quarter of the year, attributing the figure to the slowdown in EV sales. The news came a day after another South Korean battery major, SK On, declared an emergency after 10 consecutive quarters of losses stemming from trends in EV demand that have missed analyst and company expectations. LG Energy and SK On are, respectively, the world’s third- and fourth-largest EV battery manufacturers. Reporting on the LG Energy results,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Battery-Majors-Suffer-Profit-Drop-on-Lower-Than-Expected-EV-Sales.html

Inflation outrage: Even as prices stabilize, Walmart, Chipotle and others feel the heat from skeptical customers

Customers’ deep frustration with higher prices has pushed many retailers and restaurants to step up discounts, promotions and value meals.

Read more at: https://www.cnbc.com/2024/07/08/inflation-walmart-chipotle-criticized-over-prices.html

Trump’s increasing election odds after debate already affecting financial markets

Markets are starting to absorb the possibility that what was once a toss-up presidential election campaign has taken a notable turn.

Read more at: https://www.cnbc.com/2024/07/08/trumps-better-election-odds-after-debate-are-already-moving-markets.html

Media, tech titans head for Sun Valley with streaming alliances top of mind

Media and tech titans will convene at Allen & Co.’s annual conference this week, where streaming and sports alliances will be top of mind.

Read more at: https://www.cnbc.com/2024/07/08/sun-valley-media-conference-2024.html

Hollywood theater owners are worried a Paramount-Skydance merger will usher in too much consolidation

Paramount and Skydance have long been production partners, co-financing and distributing about 30 films.

Read more at: https://www.cnbc.com/2024/07/08/theater-owners-worried-about-paramount-skydance-merger.html

Goldman tells clients to buy calls on Wells Fargo ahead of results Friday

Wells Fargo looks like an attractive options trade candidate ahead of its second-quarter report, according to Goldman Sachs.

Read more at: https://www.cnbc.com/2024/07/08/goldman-tells-clients-to-buy-calls-on-wells-fargo-ahead-of-results-friday.html

Parkinson’s disease expert visited the White House this year, met with Biden’s doctor: NBC News

President Biden faces growing pressure to drop out of the 2024 presidential race against Donald Trump after his poor debate showing.

Read more at: https://www.cnbc.com/2024/07/08/biden-blasts-elites-urging-him-to-exit-race-in-surprise-interview.html

Corning shares pop 12% as AI boom drives stronger-than-expected demand for equipment

The company credits the outperformance to demand for its optical connectivity products used in generative artificial intelligence.

Read more at: https://www.cnbc.com/2024/07/08/corning-stock-up-12percent-as-ai-boom-drives-stronger-than-expected-demand.html

Bitcoin’s slump continues amid government selling pressures, Mt. Gox repayments: 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, Matthew Sigel, head of digital assets research at VanEck, weighs in on the recent decline in crypto prices.

Read more at: https://www.cnbc.com/video/2024/07/08/bitcoins-slump-continues-government-selling-mt-gox-repayments-crypto-world.html

Air travel demand is breaking records. Airline profits are not

Investors will get more insight into the outlook for the tail end of summer when Delta Air Lines kicks off earnings season Thursday.

Read more at: https://www.cnbc.com/2024/07/08/airline-travel-demand-profits.html

Paramount agrees to merge with Skydance, ending monthslong negotiations and Redstone era

Paramount agrees to merge with Skydance, bringing new ownership to the storied movie studio and CBS broadcast network long controlled by the Redstone family.

Read more at: https://www.cnbc.com/2024/07/08/paramount-skydance-merger.html

I lost my wallet. Here’s what experts say I should do to protect my identity and money

If you’ve lost your wallet, experts recommend freezing your credit and bulking up security measures to protect your finances.

Read more at: https://www.cnbc.com/2024/07/08/here-are-some-key-steps-to-take-if-you-lose-your-wallet.html

Amazon announces new $79 Echo Spot alarm clock

It is the first upgrade to the device since Amazon first introduced the Echo Spot in 2017.

Read more at: https://www.cnbc.com/2024/07/08/amazon-new-echo-spot-alarm-clock-price-release-date.html

Investors can nab attractive dividends with these high-quality stocks

UBS screened for dividend-paying stocks that are high quality.

Read more at: https://www.cnbc.com/2024/07/08/investors-can-nab-attractive-dividends-with-these-high-quality-stocks.html

Stocks & Bonds Sluggish In Post-Holiday Hangover; Black Gold, Bitcoin, & Bullion Battered

After a long-ish July 4th weekend, some liquidity returned today but activity levels were relatively flat compared to the last two weeks.

Goldman’s trading desk noted they were tilted slightly better to buy:

• LOs are +6% better to buy with demand for Energy, Cons Disc and Mats outweighing supply in Tech, Staples & Comm Svcs
• HFs are +4% better to buy with demand in HCare 2x larger than Industrials, driven by covering.  Every other sector’s net $ skew is +/-$30mm with demand in Cons Disc, Energy, Utes, REITs & supply in Comms Svcs, Fins, Tech & Staples

The cash open saw some chaos with The Dow and Small Caps immediately panic bid but heading into the European close, those excited gains sold off and everything but Small Caps fell back into the red…

The best example of the chaos was in “most shorted” stocks which squeezed bigly at the open, then oscillated back and forth before fadi …

Read more at: https://www.zerohedge.com/markets/stocks-bonds-sluggish-post-holiday-hangover-black-gold-bitcoin-bullion-battered

Americans Are Poorer – The US Misery Index Rises Again

Authored by Daniel Lacalle,

I frequently receive comments about the strength of the United States economy and the unfairness of perceiving things as less than stellar. Is it really the “strongest economy ever”?

It’s evident that it’s far from being the “strongest economy ever.”

The United States unemployment rate has risen to 4.1%, the highest in three years, which is also significantly higher than the level seen in 2019. In June, a 70,000 increase in government jobs boosted payroll employment by 206,000. One-third of job creation is public sector jobs paid with more debt. Both the employment-to-population ratio and the labour force participation ratio are below the pre-pandemic level and immigrants account for all the labour force growth since the pandemic, according to the Bureau of Labor Statistics and Ned Davis Research.

Inflation remains persistent and citizens have lost more than 24% of their purchasing power since 2019, with a 0.6% negative real wage growth in the January 2021–June 2024 period.

Real wage growth in 2024 is rising only 0.8% year-on-year.

Read more at: https://www.zerohedge.com/economics/americans-are-poorer-us-misery-index-rises-again

Credit Card Debt Unexpectedly Surges As Card APR Hits New All-Time High

One month after we recorded the first decline in revolving credit (i.e., credit card debt), since the covid crisis, the expectation was for continued consumer retrenching and more credit card paydowns at a time of record high APRs. However, it is far easier to drag the horse to the water and to get him to drink, than to keep spending-addicted US consumers away from their credit cards all time high APRs be demand, and according to today’s latest release of Consumer Credit data from the Fed in May revolving credit surged by a whopping $7 billion, a sharp reversal to the April drop of $0.9 bilion and the biggest increase since February.

At the same time, non-revolving credit – student and auto loans – posted a modest $4.3 billion increase, down from the $7.3 billion in April but a big jump from the $3 billion drop in April.

Read more at: https://www.zerohedge.com/markets/credit-card-debt-unexpectedly-surges-card-apr-hits-new-all-time-high

Hurricane Beryl Shutters Texas Coastal Shipping Lanes

By Noi Mahoney of FreightWaves

Texas ports along the Gulf Coast closed operations and vessel traffic before Hurricane Beryl made landfall in southeast Texas at 4:30 a.m. Monday CDT as a Category 1 storm packing 94 mph winds, heavy rainfall and the potential for life-threatening storm surges.

Ports in Houston, Corpus Christi, Galveston, Freeport and Texas City were shuttered Sunday morning after the Coast Guard declared condition “Zulu,” according to Reuters.

Under port condition Zulu, all vessel movement and cargo operations are restricted.

“Due to the expected weather, all Port Houston facilities will be closed,” port officials said on

Read more at: https://www.zerohedge.com/weather/hurricane-beryl-shutters-texas-coastal-shipping-lanes

Reeves vows to ‘get Britain building’ with new housing targets

The new chancellor says Labour is ready to make tough decisions to boost the UK economy.

Read more at: https://www.bbc.com/news/articles/ckkg2l1rpr4o

Bank rate-setter says hold interest rates in August

One member of the Bank of England’s committee deciding rates warns inflation could go back up.

Read more at: https://www.bbc.com/news/articles/cn08vn8zg45o

Boeing to plead guilty to fraud charge over 737 Max crashes

Families of the people who died on the flights five years ago have criticised it as a “sweetheart deal”.

Read more at: https://www.bbc.com/news/articles/cjjjj85z0lno

Tech View: Nifty charts hint at indecisiveness; key hurdle at 24,400; here’s how to trade on Tuesday

Nifty’s short-term outlook remains positive, with a potential range-bound movement in the coming sessions. However, a decisive move above 24,400 could spark a significant market rally, according to HDFC Securities’ Nagaraj Shetti.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-indecisiveness-key-hurdle-at-24400-heres-how-to-trade-on-tuesday/articleshow/111580987.cms

These 6 largecap MFs turn Rs 5 lakh lumpsum investment into Rs 1 crore in 20 years

ETMutualFunds data reveals six large-cap mutual funds turned Rs 5 lakh into Rs 1 crore over 20 years. Notably, 11 funds have completed two decades. HDFC Top 100 Fund achieved Rs 1.51 crore, growing at 18.58% CAGR from Rs 5 lakh.

Read more at: https://economictimes.indiatimes.com/mf/analysis/these-6-largecap-mfs-turn-rs-5-lakh-lumpsum-investment-into-rs-1-crore-in-20-years/articleshow/111567835.cms

Sebi puts SK Finance’s Rs 2,200-cr IPO in abeyance

Capital markets regulator Sebi has kept in ‘abeyance’ the proposed initial share sale of vehicle finance and business loan-focused non-bank lender SK Finance. Without disclosing the reason, Securities and Exchange Board of India (Sebi) said “issuance of observations (has been) kept in abeyance” with regard to the IPO of SK Finance, an updated showed on the regulator’s website on Monday.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/sebi-puts-sk-finances-rs-2200-cr-ipo-in-abeyance/articleshow/111582302.cms

Investors trying to pull money out of commercial real-estate funds are hitting a wall

The plight of investors looking to pull money out of commercial real estate funds has gone mainstream.

Read more at: https://www.marketwatch.com/story/the-rush-to-exit-commercial-real-estate-funds-is-going-mainstream-ae178260?mod=mw_rss_topstories

Treasury yields end mixed with investors focused on inflation, U.S. election

Yields on U.S. government debt finished little changed on Monday as investors prepared for Thursday’s release of the consumer-price index for June.

Read more at: https://www.marketwatch.com/story/bond-yields-edge-higher-with-investors-focused-on-inflation-election-b659c316?mod=mw_rss_topstories

‘History has been made.’ Why promises by Trump, GOP platform to defend crypto are a big deal for the industry.

In a move that could significantly impact the future of digital assets, the Republican Party has included language in its 2024 platform promising to defend cryptocurrency.

Read more at: https://www.marketwatch.com/story/history-has-been-made-why-promises-by-trump-gop-platform-to-defend-crypto-are-a-big-deal-for-the-industry-17eeff8f?mod=mw_rss_topstories