The OPEC+ group continues to vastly underperform its collective oil production target, with the gap between the quota and actual output widening to a massive 3.58 million barrels per day (bpd) in August, according to delegates and OPEC data Argus has seen. The 10 OPEC members bound by the pact saw their collective crude oil …
Continue reading “OPEC+ Is Now 3.6 Million Bpd Below Its Oil Production Target”
President Joe Biden declared the end of the pandemic, after nearly three years since the CDC confirmed the first coronavirus case in the United States. “The pandemic is over,” Biden said in an interview with CBS News’ Scott Pelley that aired on 60 Minutes Sunday. “We still have a problem with COVID,” the president continued. …
Continue reading “Biden: The pandemic is over…. I am not so sure its time to take a victory lab”
The market is coming to terms that it’s not just that the U.S. Fed is going to be aggressive in September after the latest shocking U.S. inflation figure, still running at 40-year highs, but that the central bank will have to hike rates higher, and keep them high for longer, than many seem to have …
Continue reading “A further 27% drop in the S&P 500 could be coming”
Moscow has announced that Nord Stream 2 will be “replaced” by an alternative gas pipeline to China. Power of Siberia 2, something Moscow and Beijing have discussed for several years, will take the place of Nord Stream 2, said Russian Energy Minister Alexander Novak on Thursday. Nordstream 2 is a proposed route for bringing …
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The G7 appears to be intent on implementing its price cap plan designed to reduce oil prices, reduce Russian revenues, and maintain a steady supply of Russian oil. In reality, there is a strong chance that the price cap would send oil prices soaring, with the risk that Russia retaliates by halting energy exports altogether. …
Continue reading “A Price Cap On Russian Oil Could Cause A Supply Catastrophe”
The Consumer Price Index (CPI) on Tuesday showed consumer inflation rose in August, as prices for most goods continued to climb.1 Headline inflation rose 0.1% in August, following an unchanged reading in July as costs for food, shelter, and medical expenses rose, while energy costs declined. Prices were up 8.3% from a year ago, decelerating …
Continue reading “Year over Year PPI up 8.7% …. CPI up 8.3%”
U.S. consumer prices rise unexpectedly Likelihood grows of a 100 bp Fed rate hike in Sept Indexes slide: Dow 3.94%, S&P 4.32%, Nasdaq 5.16% A broad sell-off sent U.S. stocks reeling on Tuesday after a hotter-than-expected inflation report dashed hopes that the Federal Reserve could relent and scale back its policy tightening in the coming …
Continue reading “Wall St tumbles to biggest loss in two years following CPI data”
Estimates show that Europe has more recoverable shale gas than the U.S. Despite its huge gas reserves, hydraulic fracturing has many opponents in Europe. Fracking in Europe has long been a contentious issue because of population density. As energy prices continue to soar across Europe, with gas prices surging 26% on Monday after Russia stopped …
Continue reading “Why Europe Won’t Exploit Its Huge Gas Reserves”
Russian President Vladimir Putin said that Moscow “is ready” to open the Nord Stream 2 gas pipeline after the indefinite closure of Nord Stream 1 due, according to the Russian version, to problems of oil leaks. During his attendance at the Eastern Economic Forum, the Russian president stated that the start-up of Nord Stream 2, …
Continue reading “Russia ready to start Nord Stream 2 anytime – envoy”