Corning Dodges EU Antitrust Clash With ‘Gorilla Glass' Deal
The European Commission said in a statement on Friday that the US glass firm had agreed to 'waive all exclusive dealing clauses in all its current agreements' in order to allay EU concerns.
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Nat-Gas Prices Tumble as US Weather Forecasts Cool
August Nymex natural gas (NGQ25) on Wednesday closed down -0.175 (-5.38%). Aug nat-gas prices added to this week's sharp losses on Wednesday and dropped to a 2.75-month low due to forecasts for cooler US weather, which would curb nat-gas demand from electricity providers for air conditioning usage. Forecaster Atmospheric G2 said Wednesday that forecasts shifted generally cooler across the US for August 2-6. More News from Barchart Array Technologies (ARRY) Just Flashed a Statistically Significant Reversal Signal for Options Traders Forecasts for Milder US Weather Weigh on Nat-Gas Prices Crude Oil Price Fall on Concern About Energy Demand Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Also, stronger US nat-gas output is weighing on prices with recent production up year-over-year. In addition, expectations for even higher US nat-gas production are also weighing on nat-gas prices after last Friday's weekly report from Baker Hughes showed that the number of active US nat-gas drilling rigs in the week ending July 18 rose by +9 to a 17-month high of 117 rigs. Lower-48 state dry gas production on Wednesday was 108.8 bcf/day (+4.5% y/y), according to BNEF. Lower-48 state gas demand on Wednesday was 79.5 bcf/day (-4.2% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Wednesday were 15.0 bcf/day (+1.0% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended July 19 rose +2.1% y/y to 99,373 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 19 rose +2.4% y/y to 4,251,059 GWh. The consensus is that Thursday's weekly EIA nat-gas inventories will increase by +27 bcf for the week ended July 18, just below the five-year average for the week at +30 bcf. Last Thursday's weekly EIA report was slightly bearish for nat-gas prices since nat-gas inventories for the week ended July 11 rose +46 bcf, above the consensus of +45 bcf and the 5-year average of +41 bcf for the week. As of July 11, nat-gas inventories were down -4.9% y/y, but were +6.2% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 21, gas storage in Europe was 65% full, compared to the 5-year seasonal average of 74% full for this time of year. Baker Hughes reported last Friday that the number of active US nat-gas drilling rigs in the week ending July 18 rose by +9 to a 17-month high of 117 rigs. In the past ten months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
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Cleared City traders blame 'purge' as they hit out at rate-rigging prosecutions
The city traders wrongfully convicted in the aftermath of the financial crisis have spoken out about their decade-long battle for justice, claiming they were scapegoats. Tom Hayes was the first of nine traders to prosecuted by the Serious Fraud Office. In 2012, he was accused of rigging Libor - an interest rate on loans and financial contracts that was used throughout the financial system. The rate was determined daily, based on submissions from several large banks. Money latest: Mr Hayes was originally sentenced to 14 years in jail, one of the toughest sentences ever handed out for white collar crime. He served more than five years in prison, including at the high security prison Belmarsh. Speaking to Sky News after the Supreme Court overturned the conviction, Mr Hayes said: "I came out [of prison] to a son who was nine years old who I left when he was three. My marriage broke down whilst I was in prison. My mental health broke down while I was in prison." Mr Hayes said he was made responsible for damage caused by the financial crisis. "There was this zeitgeist that existed where they wanted to send bankers to prison... we were unlucky," he said. He was joined by Carlo Palombo, who was convicted in 2019 for rigging Euribor, the Euro Libor rate. Mr Palombo said he spent most of his days in a small cell that he shared with another inmate at Wandsworth Prison. He said he was the victim of a "purge" by banks and regulators as they sought to absolve themselves of the consequences of the crash. "The stuff of which I was accused and convicted was something that was done completely openly by absolutely every single person… it was just a normal business practice of the bank," he said. Supreme Court judges said the two men did not receive fair trials because the juries were misdirected in the original cases. Essentially, they had been told their behaviour was dishonest without reaching that conclusion themselves. Both men are now trying to move on with their lives. Mr Hayes said he wanted to move to the sea and rebuild his family.
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Crude Prices Finish Slightly Lower on a Mixed EIA Inventory Report
September WTI crude oil (CLU25) on Wednesday closed down -0.06 (-0.09%), and September RBOB gasoline (RBU25) closed up +0.0187 (+0.90%). Crude oil and gasoline prices settled mixed on Wednesday. A build in crude supplies at Cushing, the delivery point for WTI futures, for a third consecutive week, undercut oil prices. Losses in crude were contained, and gasoline prices rose after weekly EIA crude inventories and gasoline supplies fell more than expected. Also, Wednesday's decline in the dollar index (DXY00) to a 2-week low was supportive of energy prices. Additionally, the action by the US and Japan to agree on a trade agreement eases trade concerns and supports energy demand. More News from Barchart Array Technologies (ARRY) Just Flashed a Statistically Significant Reversal Signal for Options Traders Forecasts for Milder US Weather Weigh on Nat-Gas Prices Crude Oil Price Fall on Concern About Energy Demand Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Wednesday's US economic news was negative for energy demand and crude prices after Jun existing home sales fell -2.7% m/m to a 9-month low of 3.93 million, weaker than expectations of -0.7% to 4.00 million. Weighing on crude is the outlook for Iraq to boost crude exports from its northern Kurdish region through the Iraq-Turkey pipeline, where oil exports have been halted since March 2023. The Iraqi government approved a plan for the semi-autonomous Kurdish region to resume oil exports. Kurdistan expects to supply Iraq's crude market with 230,000 bpd of crude once exports resume. Iraq is the second-largest oil producer in OPEC. Crude prices have carryover support from last Friday when the European Union approved fresh sanctions on Russian oil due to its aggression against Ukraine. The sanctions package includes cutting off 20 more Russian banks from the international payments system SWIFT, as well as restrictions imposed on Russian petroleum refined in other countries. A large oil refinery in India, part-owned by Russia's Rosneft PJSC, was also blacklisted. Additionally, 105 more ships in Russia's shadow fleet were sanctioned, pushing the number of sanctioned ships above 400. Concern about a global oil glut is negative for crude prices. On July 5, OPEC+ agreed to raise its crude production by 548,000 barrels per day (bpd) beginning August 1, exceeding expectations of a 411,000 bpd increase. Saudi Arabia also stated that additional similar-sized increases in crude output could follow, which is viewed as a strategy to reduce oil prices and penalize overproducing OPEC+ members, such as Kazakhstan and Iraq. OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production by September 2026. On May 31, OPEC+ agreed to a 411,000 bpd increase in crude production for July, following the same 411,000 bpd hike for June. June crude production rose +360,000 bpd to a 1.5-year high of 28.10 million bpd. In a supportive factor for oil prices, Bloomberg reported on July 10 that OPEC+ is discussing a pause in further production increases from October, following its next monthly hike in September of 548,000 barrels. OPEC+ may be concerned about a slowdown in global oil demand in the second half of this year that could lead to a supply glut if the group keeps boosting production. The International Energy Agency said inventories have been accumulating at a rate of 1 million bpd and that the global crude oil market faces a surplus by Q4-2025 equivalent to 1.5% of global crude consumption. A decrease in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -14% w/w to 66.31 million bbl in the week ended July 18. Wednesday's weekly EIA report was mixed for crude and products. On the negative side, EIA distillate stockpiles unexpectedly rose +2.9 million bbl versus expectations of a -1.25 million bbl draw. Also, crude supplies at Cushing, the delivery point of WTI futures, rose by +455,000 bbl. On the positive side, crude inventories fell -3.17 million bbl, a larger draw than expectations of 1.5 million bbl. Also, EIA gasoline supplies fell -1.7 million bbl, a larger draw than expectations of a -200,000 bbl draw. Wednesday's weekly EIA report showed that (1) US crude oil inventories as of July 18 were -8.6% below the seasonal 5-year average, (2) gasoline inventories were +0.2% above the seasonal 5-year average, and (3) distillate inventories were -18.5% below the 5-year seasonal average. US crude oil production in the week ending July 18 fell -0.8% w/w to 13.273 million bpd, modestly below the record high of 13.631 million bpd posted in the week of 12/6/2024. Baker Hughes reported last Friday that the number of active US oil rigs in the week ending July 18 decreased by -2 rigs to a new 3.75-year low of 422 rigs. Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.25-year high of 627 rigs reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. 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