morning
yeah it's all of a sudden important cause dhey 'losing' money.
morning w
Oil Prices Crash After OPEC+ Reaches Deal To Ease Cuts
Oil prices dropped by nearly 4 percent early on Monday, with WTI Crude slipping to an eyelash above $69 per barrel, after OPEC+ decided on Sunday it would start returning 400,000 barrels per day (bpd) to the market every month beginning in August until it unwinds all the 5.8 million bpd cuts.
The prospect of monthly increments in oil supply from the OPEC+ alliance comes just as COVID infections are rising in many countries because of the faster-spreading Delta variant. Concerns over potential hiccups in global oil demand recovery amid rising supply from OPEC and its Russia-led non-OPEC partners dragged oil prices down on Monday. As of 8:22 a.m. EDT, WTI Crude prices were trading down by 3.9 percent at $69.01 and Brent Crude was down 3.52 percent at $71.00. The fact that OPEC+ reached a deal on production and baseline production levels removed a major uncertainty from the market, some part of which was fearing a breakup in the alliance. The deal is constructive for the market, Helima Croft, head of global commodity strategy at RBC Capital Markets, told CNBC, noting that “This agreement should give market participants comfort that the group is not headed for a messy breakup and will not be opening up the production floodgates anytime soon.”
Despite the fact that OPEC+ will be adding more and more supply in each of the coming months, many analysts continue to believe that the market will remain relatively tight because demand continues to grow. ING, for example, kept its oil price forecast of $75 per barrel for Brent Crude over the third quarter this year because the supply additions from OPEC+ are in line with the bank’s earlier projections.
“Healthy demand growth combined with moderate supply increases from OPEC+ will likely remain supportive for the oil market in short term at least,” ING strategists Warren Patterson and Wenyu Yao said early on Monday. Goldman Sachs continues to be bullish on oil and even sees the OPEC+ deal as having a $2 per barrel upside to its $80 a barrel Brent outlook for this summer.
https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Crash-After-OPEC-Reaches-Deal-To-Ease-Cuts.html
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart
Biden says inflation temporary; Fed should do what it deems necessary for recovery
U.S. President Joe Biden on Monday said an increase in prices was expected to be temporary, but his administration understood that unchecked inflation over the longer term would pose a ‘real challenge’ to the economy and would remain vigilant.
Biden said he told Federal Reserve Board Chair Jerome Powell recently that the Fed was independent and should take whatever steps it deems necessary to support a strong, durable recovery.
https://nationalpost.com/pmn/news-pmn/crime-pmn/biden-says-inflation-temporary-fed-should-do-what-it-deems-necessary-for-recovery
read about 10 stories so far as "delta variant worry slams stocks"
Sure bro's!!
No coincidence the PPT meets today or has already met-they know it's coming.
Gibs it a little juice, still nuffin overall but don't tell that to anyone who is less than 40 yrs old cause dey never seen capitulation
China fires up carbon trading as Asia turns onto greener path
Asia's nascent market for buying and selling carbon emissions has been boosted after China, the world's biggest polluter, launched a long-awaited national trading system.
Trading began in Shanghai on Friday with an opening price of 48 yuan ($7.40) per ton of carbon, and the first deal traded at 52.78 yuan per ton. Some 160,000 tons worth 7.9 million yuan were traded. Local media Yicai reported that in five years' time the market could reach 7 billion tons annually, with a market value of 600 billion yuan. "The trading allows companies to find a balance between their goals for development and zero emissions," Zhou Aiguo, an official at China National Petroleum Corp., was quoted as saying on Yicai TV. CNPC is one of the companies involved in Friday's trading.
Carbon trading is meant to create incentives for companies to cut greenhouse gas emissions. Companies that exceed limits need to buy allowances from the market, while those that cut emissions can sell surplus allowances. Prices generally rise when limits become stricter, encouraging companies to go green. China's launch is in line with Beijing's increased focus on cutting carbon emissions. President Xi Jinping last year pledged to achieve carbon neutrality by 2060. China's emissions trading system has immediately become the world's biggest in terms of coverage, with over 2,000 companies in the power sector, which emits about 4 billion tons of carbon dioxide a year. That surpasses the ETS in the European Union, which covers about 2 billion tons of annual emissions.
Other heavy-emitting industries such as cement and steel are expected to be included in China's system by 2025. However, the EU has an absolute cap on emissions, while China's system will be based on the intensity of carbon emissions. This means limits on emissions can still rise as power generation grows in China. Experts predict that prices will steadily rise. A survey of experts and market participants in China by China Carbon Forum, a Beijing-based research consultancy, last year predicted that the price would start from 49 yuan ($7.70), then rise to about 167 yuan by 2050. However the China survey was conducted before Beijing's net-zero announcement. By comparison, in the EU the carbon price has reached over $50 per ton. China is not the only Asian country developing trading systems. Indonesia is running a trial carbon trading system until August for the power sector. Provisions for a domestic carbon market were included in Vietnam's environmental protection law last year. Carbon markets are also under consideration in Thailand and the Philippines.
Japan does not have a compulsory national ETS, but is planning to introduce a new carbon pricing system. It could involve carbon trading or other means such as a carbon tax. Further momentum for more countries to run robust carbon pricing policies, including trading, is expected after the EU this month unveiled plans for what it calls a Carbon Border Adjustment Mechanism (CBAM) -- a way for the bloc to protect its industry from rivals in countries with less ambitious emissions requirements. Importers to the bloc will have to pay taxes unless they are already paying a price for carbon similar to that charged in the EU, through emissions trading or other systems in their own countries. ETS "is more of the global standard" compared to other carbon pricing systems such as taxes, said Toshi Arimura, professor at Tokyo's Waseda University. Experts have even suggested linking carbon trading systems across countries such as China, Japan and South Korea, he suggested. ETS "has growth potential as a financial business," he added.
moar
https://asia.nikkei.com/Spotlight/Market-Spotlight/China-fires-up-carbon-trading-as-Asia-turns-onto-greener-path
had no need for them until bv began the ban hammering in May.
been banned so many times with bv's made up shit-or calling out the lackey statement KING it was that or nothing.
That one can't function w/o bv banning anyone who calls them out.
Sad existence they are.
Never used one prior to that.
Hate 'em
kek