EU Leverages Frozen Russian Assets for €1.5 Billion Aid Package to Ukraine

European Commission President Ursula von der Leyen has announced that the European Union will send Ukraine 1.5 billion euros ($1.63 billion) that represent revenues from Russian assets frozen by the 27-member bloc. “Today we transfer 1.5 billion in proceeds from immobilized Russian assets to the defense and reconstruction of Ukraine,” von der Leyen wrote on X. “There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live.”Following Moscow’s unprovoked invasion of Ukraine in February 2022,…

Read more at: https://oilprice.com/Geopolitics/International/EU-Leverages-Frozen-Russian-Assets-for-15-Billion-Aid-Package-to-Ukraine.html

Nigeria’s Dangote Refinery Reselling Imported Crude Oil

Nigeria’s largest refinery, the Dangote Petroleum Refinery, is reselling crude oil cargoes from both the United States and Nigeria. Reuters sources indicate that this move, unusual for refineries, stems from technical challenges at the plant. The refinery, which began production in January 2024, aims to be the largest in Africa and Europe once fully operational. It’s designed to shift Nigeria from a fuel importer to a fuel exporter. However, recent events suggest the refinery is grappling with operational issues, specifically with its crude distillation…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigerias-Dangote-Refinery-Reselling-Imported-Crude-Oil.html

Oil Rig Count Jumps as Drilling Activity Picks Up

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 3 to 589 this week, compared to 664 rigs this same time last year. The number of oil rigs rose by 5 this week, after falling by a single rig in the week prior. Oil rigs now stand at 482—down by 47 compared to this time last year. The number of gas rigs fell by 2 this week to 101, a loss of 27 active gas rigs from this time last year. Miscellaneous rigs stayed…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Rig-Count-Jumps-as-Drilling-Activity-Picks-Up.html

Oil Prices Sink in Run-Up to OPEC Meet

Oil prices slumped on Friday, with Brent crude falling 1.57% in afternoon trading as the oil demand outlook out of China continues to weigh on market sentiment. Oil prices are set to finish out a loss for the week, a weak starting point for OPEC as they prepare for their Joint Ministerial Monitoring Committee meeting scheduled for August 1. China’s refinery utilization has sagged this month, down 3.5% from this same time last year, and its crude oil imports have also been done 325,000 year over year through June. This disappointing crude…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Sink-in-Run-Up-to-OPEC-Meet.html

Canada Set To Delay Trans Mountain Pipeline Sale After 2025 Election

Canada’s federal government plans to postpone the sale of the state-owned Trans Mountain oil pipeline for after the 2025 general election amid politics, regulations, and slow progress in talks with indigenous groups, Bloomberg reported on Friday, quoting officials with knowledge of the discussions within the cabinet.   The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the…

Read more at: https://oilprice.com/Energy/Energy-General/Canada-Set-To-Delay-Trans-Mountain-Pipeline-Sale-After-2025-Election.html

Volatility Dominates Oil Markets Amid Mixed Signals

It’s been a volatile week in oil markets as concerns over Chinese demand pressured prices despite a decline in U.S. crude inventories and wildfires in Canada.Friday, July 26th, 2024A rollercoaster of the week has left most market watchers guessing as to what might be coming up next for oil. Canada’s wildfires, continuously decreasing US oil stocks, and GDP figures in the States coming in well above expectations should have lifted sentiment, but the signals went mostly unnoticed amidst a widespread tech stock selloff and a commodity-wide…

Read more at: https://oilprice.com/Energy/Energy-General/Volatility-Dominates-Oil-Markets-Amid-Mixed-Signals.html

Technology and EVs Send China’s Power Demand Surging

Chinese electricity consumption in the data services industry and for charging and battery services soared in the first half of 2024, driven by technology and electric vehicles, data from the China Electricity Council has shown. Power consumption in data centers, big data, and cloud computing jumped by 33% between January and June compared to the same period of 2023, according to the data cited by China Daily. China’s electricity consumption for charging and battery swapping services surged by 63.7% in the same period, Jiang Debin, deputy…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Technology-and-EVs-Send-Chinas-Power-Demand-Surging.html

Mexico Set to Import More Fuel as Mega Refinery Startup Is Delayed

Mexico is scouring the U.S. and Asian fuel markets for more imports of gasoline and diesel in 2024 and 2025 as the country’s newest refinery is struggling to start up, several traders have told Reuters. The Olmeca refinery, also known as Dos Bocas, is a flagship project of outgoing Mexican President Andrés Manuel López Obrador, who sought to reduce Mexico’s dependence on fuel imports from the United States. The 340,000 barrels per day (bpd) refinery, however, has seen multiple delays and budget overruns and is…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexico-Set-to-Import-More-Fuel-as-Mega-Refinery-Startup-Is-Delayed.html

New Local Market Keeps Chinese Imports of Iranian Crude High

Even as independent Chinese refiners have reduced the intake of Iranian crude amid low refining margins, China has continued to import near-record levels of Iranian oil this year as a new demand center emerged in the northeast of the country, Reuters reported on Friday, quoting trading sources and tanker-tracking firms. The port city of Dalian, which has 6% of China’s crude processing capacity, has seen only sporadic shipments of oil from Iran in the past few years, oil flow tracking firms Vortexa and Kpler have told Reuters. But Dalian has recently…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-Local-Market-Keeps-Chinese-Imports-of-Iranian-Crude-High.html

Goldman Sachs: Next President Will Have Limited Tools to Raise U.S. Oil Supply

The next U.S. president will have a very limited set of tools to materially boost oil supply in the United States, according to investment bank Goldman Sachs. Whoever wins the presidential election in November will have to contend with low stocks in the Strategic Petroleum Reserve (SPR). Moreover, any regulatory easing on the U.S. oil industry – expected if Donald Trump wins – would only have an impact on the longer-term U.S. crude oil production, not on immediate supply, analysts at Goldman Sachs wrote in a note carried by Reuters.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Goldman-Sachs-Next-President-Will-Have-Limited-Tools-to-Raise-US-Oil-Supply.html

OPEC Oil Reserves in Decline

1. US Becomes Europe’s Leading Diesel Supplier- US diesel exports to Europe are set to reach an all-time high this month, undeterred by loading delays caused by Hurricane Beryl earlier this month and blazing a trail to European customers despite weakening middle distillate cracks. – Platts expects the volumes of the transatlantic middle distillate trade to soar above 500,000 b/d, benefitting from Saudi Arabian exports edging lower in June-July, with Valero and ExxonMobil taking the lead. – The United Kingdom is by far the largest buyer of…

Read more at: https://oilprice.com/Energy/Energy-General/OPEC-Oil-Reserves-in-Decline.html

A Volatile Week for Oil Prices

Oil Market Rollercoaster: A Week of Twists and Turns The crude oil market experienced a turbulent week, with prices oscillating as traders weighed economic data, global events, and supply-demand shifts. The week began cautiously, saw a mid-week upturn, and then faced renewed pressure as various factors came into play. Despite the volatility, a key development emerged: traders demonstrated respect for technical support levels, particularly as positive U.S. economic news surfaced. This interplay of technical and fundamental factors allowed light…

Read more at: https://oilprice.com/Energy/Energy-General/A-Volatile-Week-for-Oil-Prices.html

Palestinian Political Factions Agree to Reconciliation Government

Politics, Geopolitics & Conflict Palestinian factions Hamas and Fatah have signed a declaration for the formation of a joint government in talks mediated by Beijing this week. The two factions have agreed to an interim reconciliation government should a ceasefire deal be reached with Israel in the Gaza Strip. (12 other Palestinian factors also signed the declaration). The declaration is meant to ensure that Israel has a reduced pathway to establishing an alternative structure of power in Gaza. Hamas seized control of Gaza from Fatah in 2006,…

Read more at: https://oilprice.com/Energy/Energy-General/Palestinian-Political-Factions-Agree-to-Reconciliation-Government.html

How to Prepare Your Portfolio for a Harris Victory

It has often been said that a week is a long time in politics, but the last few weeks in American politics have each seemed like decades in terms of the changing landscape. Just a month ago, the overwhelming winner of the Democratic primary, the incumbent President Joe Biden, was neck and neck in the race with Donald Trump. Then, following a disastrous performance in the first televised debate, Biden’s ability to run was called into question, even by previously loyal Democrats. That led to Trump taking a lead in the polls, a lead that extended…

Read more at: https://oilprice.com/Energy/Energy-General/How-to-Prepare-Your-Portfolio-for-a-Harris-Victory.html

A Critical Election Looms for Venezuela

As of the time of writing, the most likely outcome of Sunday elections in Venezuela is impossible to predict. All indications are that the opposition is gaining momentum in a dangerous threat to Maduro, who has ruled since 2013. If Maduro wins again, and it is determined to not have been free and fair, Venezuelans are concerned things could turn into a bloodbath. Maduro himself has suggested a bloodbath was in store, which he will blame on the opposition. It will start with protests if he wins in a sham vote, and this will be all that Maduro needs…

Read more at: https://oilprice.com/Energy/Energy-General/A-Critical-Election-Looms-for-Venezuela.html

Stocks soar, Dow closes 650 points higher buoyed by bullish inflation report: Live updates

Stocks jumped Friday as Wall Street looked to cap off a turbulent week on a positive note and investors weighed fresh U.S. inflation data.

Read more at: https://www.cnbc.com/2024/07/25/stock-market-today-live-updates.html

Warner Bros. Discovery sues NBA to secure media rights awarded to Amazon

Warner Bros. Discovery has sued the NBA in an effort to keep distributing the league’s games, after it chose NBCUniversal and Amazon as new media partners.

Read more at: https://www.cnbc.com/2024/07/26/warner-bros-discovery-sues-nba-over-amazon-media-rights.html

Short seller Andrew Left of Citron charged with fraud by prosecutors, SEC

Short seller Andrew Left is accused in the indictment with crimes related to trades in Nvidia, and with concealing his Citron Capital’s relationships.

Read more at: https://www.cnbc.com/2024/07/26/short-seller-andrew-left-charged-with-fraud-by-prosecutors-sec.html

Apple and Microsoft are among the ‘Magnificent Seven’ stocks set to report next week. Here’s what that means

Wall Street could be in for a volatile bout of trading next week if this one was anything to go by.

Read more at: https://www.cnbc.com/2024/07/26/most-magnificent-seven-stocks-report-next-week-heres-what-that-means.html

WNBA hopes to cash in on rising popularity with media rights reevaluation after 2028 season

The WNBA and its media partners have agreed to reevaluate the cost of rights after the 2028 season given the league’s rising popularity.

Read more at: https://www.cnbc.com/2024/07/26/nba-media-partners-to-reevaluate-wnba-rights-after-2028-season.html

Dexcom shares plunge more than 40%, head for worst day on record

Dexcom, which had its stock market debut in 2005, is headed for its worst day ever after lowering its full-year guidance.

Read more at: https://www.cnbc.com/2024/07/26/dexcom-shares-plunge-more-than-40percent-after-q2-earnings.html

Bitcoin bounces back above $67,000, while ether drops more than 7% for the week: 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, CNBC Crypto World spoke with Robert Mitchnick, BlackRock’s head of digital assets, about crypto ETFs and Senator Bill Hagerty of Tennessee about crypto regulation from Bitcoin 2024 in Nashville.

Read more at: https://www.cnbc.com/video/2024/07/26/bitcoin-bounces-back-above-67000-ether-drops-cnbc-crypto-world.html

‘Deadpool & Wolverine’ snares $38.5 million in Thursday previews, on pace for record opening

Disney and Marvel’s “Deadpool & Wolverine” snared $38.5 million in Thursday previews.

Read more at: https://www.cnbc.com/2024/07/26/deadpool-and-wolverine-snares-38point5million-in-thursday-previews.html

FAA approves SpaceX to resume Falcon 9 rocket launches after two-week hiatus

The FAA approved SpaceX to resume flights of its mainstay Falcon 9 rocket after being grounded about two weeks ago following a rare inflight failure.

Read more at: https://www.cnbc.com/2024/07/26/faa-approves-spacex-to-resume-falcon-9-rocket-launches.html

Nvidia could be on the verge of a massive technical sell-off, chart analyst warns

Nvidia has struggled in July and could have further downside, according to Raymond James.

Read more at: https://www.cnbc.com/2024/07/26/nvidia-may-face-a-massive-technical-sell-off-chart-analyst-warns.html

Defining a buyer’s market ‘is always a bit tricky,’ real estate expert says: 4 signs to monitor

While home prices and borrowing costs are still generally high, the housing market is entering a more neutral territory. Here are four things to know.

Read more at: https://www.cnbc.com/2024/07/26/how-to-tell-if-your-housing-market-is-buyer-friendly.html

These 10 U.S. states are America’s best-prepared for climate change and extreme weather

These 10 U.S. states are the best in the nation to protect residents and businesses from extreme weather events linked to climate change.

Read more at: https://www.cnbc.com/2024/07/26/10-us-states-best-prepared-climate-change-extreme-weather.html

Treasury yields slip after release of key inflation data for June

Investors assessed the release of June inflation numbers that are closely watched by policymakers ahead of next week’s Federal Reserve meeting.

Read more at: https://www.cnbc.com/2024/07/26/2-year-treasury-yield-dips-as-investors-look-to-key-inflation-data.html

Navy To Expunge Records For SEALs, Sailors Who Refused COVID Vaccines

Navy To Expunge Records For SEALs, Sailors Who Refused COVID VaccinesAuthored by Zachary Stieber via The Epoch Times,

The U.S. Navy has agreed to correct the records of SEALs and sailors who declined to receive COVID-19 vaccines due to their religious beliefs, under a settlement approved by a federal court on July 24.

“Defendants agree to re-review the personnel records of all class members to ensure that the U.S. Navy has permanently removed records indicating administrative separation processing or proceedings, formal counseling, and non-judicial punishment actions taken against the class members solely on the basis of non-compliance with the COVID-19 vaccine mandate and adverse information related to non-compliance with the COVID-19 vaccine mandate,” the settlement agreement states.

The review must be finished within nine months, according to the agreeme …

Read more at: https://www.zerohedge.com/political/navy-expunge-records-seals-sailors-who-refused-covid-vaccines

Racism And Sexism: The Campaign Theme Of The Harris-Whoever Ticket

Racism And Sexism: The Campaign Theme Of The Harris-Whoever TicketAuthored by Richard Truesdell and Keith Lehmann via American Greatness,

Is Kamala Harris the quintessential DEI hire?

It’s a legitimate question, given that Joe Biden made it clear during his 2020 election-year campaign that he would only consider a black woman for his VP slot. As president, he also claimed that the choice of Supreme Court Justice replacement for Stephen Breyer would be limited to a black woman.

Not even the most qualified black woman, just someone possessing dark skin and lady parts.

Read more at: https://www.zerohedge.com/political/racism-and-sexism-campaign-theme-harris-whoever-ticket

Fair Share? Yellen Says US Opposed To Global Wealth Tax On Ultra-Rich

Fair Share? Yellen Says US Opposed To Global Wealth Tax On Ultra-RichAuthored by Tom Ozimek via The Epoch Times,

A proposal for a worldwide tax on the assets of the ultra-wealthy that’s being pushed by some countries within the G20 does not have the support of the Biden administration, according to Treasury Secretary Janet Yellen.

Ms. Yellen told reporters at a July 25 press conference during the G20 finance ministers meeting in Rio de Janeiro, Brazil, that the United States thinks that a global agreement on taxing ultra-high-net-worth individuals is neither practical nor a particularly good idea.

“Tax policy is very difficult to coordinate globally,” Ms. Yellen said.

“We don’t see a need or really think it’s desirable to try to negotiate a global agreement on that …

Read more at: https://www.zerohedge.com/political/fair-share-yellen-says-us-opposed-global-wealth-tax-ultra-rich

Bidenomics Failure Worsens As Credit Card Delinquency Rate Hits 12-Year High

Bidenomics Failure Worsens As Credit Card Delinquency Rate Hits 12-Year HighWhatever happened to the ‘Bidenomics’ propaganda pushed by the White House and amplified by leftist corporate media outlets? Well, that narrative quickly imploded, just like the narrative that President Biden is the ‘sharpest person in the room.’

A majority of Americans are livid with Bidenomics. They have been financially crushed by elevated inflation and high interest rates as the national debt uncontrollably soars by $1 trillion every 100 days. The economic pain is very real and has sent households into a downward spiral. Now, credit card debt delinquencies are soaring, reaching the highest level since 2012.

The Democratic Party’s propaganda machine in corporate media has spent this entire week attempting to convince the American people that Vice President Kamala Harris should be the next president of the US. From ‘saving to democracy’ to ‘young blood’ – the radical left has tried to spin all sorts of narratives this week, even rewriting the history of Harris’ past to skewing polls (see: here & here & here).

The problem with Democrats propping up the former ‘Border Czar’ is that it won’t affect the dire situation for tens of millions of voters who find themselves in financial turmoil because of failed Bidenomics. Many folks are …

Read more at: https://www.zerohedge.com/markets/bidenomics-failure-worsens-credit-card-delinquency-rate-hits-12-year-high

John Lewis allowed to build homes for first time

The department store is pushing to build rental flats as it looks for new ways to bring in money.

Read more at: https://www.bbc.com/news/articles/c0dmyl1kvrpo

Drivers ‘ripped off’ by fuel prices, warns watchdog

The Competition and Markets Authority says poor competition cost British motorists £1.6bn last year.

Read more at: https://www.bbc.com/news/articles/c0kr2kdv181o

Reeves set to reveal public finance shortfall of billions

The chancellor will unveil a public spending hole on Monday, which speculation suggests could hit £20bn.

Read more at: https://www.bbc.com/news/articles/cydv2v3170eo

Power Grid Q1 Results: Standalone profit falls 4% YoY to Rs 3,412 crore, revenue down 2%

Power Grid’s Q1 FY24 net profit fell 4% to Rs 3,412 crore from Rs 3,542 crore last year. Revenue decreased by 2% to Rs 10,068 crore from Rs 10,245 crore.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/power-grid-q1-results-profit-falls-4-yoy-to-rs-3412-crore/articleshow/112047849.cms

Sebi bars Vijay Mallya from accessing securities market for 3 years

According to the order, Mallya is prohibited from buying, selling, or dealing in securities directly or indirectly, and from being associated with the securities market in any capacity. The former liquor baron is also barred from any association with listed or proposed-to-be-listed companies. As part of the ban, Mallya’s existing holdings of securities, including mutual fund units, will be frozen, the regulator stated.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-bars-vijay-mallya-from-accessing-securities-market-for-3-years/articleshow/112047730.cms

How schemes of Quant Mutual Fund have performed after one month of Sebi’s raid

Mutual fund investors were shocked when Sebi raided Quant Mutual Fund’s offices for alleged front-running. The raid impacted various funds’ performance, with some underperforming their benchmarks, while others like Quant Focused Fund outperformed. Despite this, the fund house’s assets under management hit all-time highs, reflecting an increase in their total AUM and growth in several key funds.

Read more at: https://economictimes.indiatimes.com/mf/analysis/how-schemes-of-quant-mutual-fund-have-performed-after-one-month-of-sebis-raid/articleshow/112036021.cms

2-year Treasury yield ends at more than 5-month low after PCE inflation data

U.S. government debt rallied on Friday, pushing yields broadly lower, after the Federal Reserve’s preferred inflation gauge left expectations in place for the first interest-rate cut to arrive in September.

Read more at: https://www.marketwatch.com/story/treasuries-steady-ahead-of-june-pce-inflation-report-f6f12957?mod=mw_rss_topstories

Paris Olympics offer a reset for sponsors after years of troubled games

The Paris Summer Olympics could mark a reset for major sponsors after years of games held against the backdrop of geopolitical issues and the COVID-19 pandemic, according to branding expert Jim Andrews.

Read more at: https://www.marketwatch.com/story/paris-olympics-offers-a-reset-for-sponsors-after-years-of-troubled-games-42fbbdab?mod=mw_rss_topstories

Oil falls for the week on Gaza cease-fire hopes, economic weakness in China

Oil settled lower on Friday and ended at a loss for the week, with prices weighed down by expectations of a Gaza cease-fire deal that would ease global supply concerns.

Read more at: https://www.marketwatch.com/story/oil-prices-remain-lower-amid-gaza-ceasefire-hopes-as-investors-prepare-for-pce-data-174a1f31?mod=mw_rss_topstories