Trump and Israel debunked '50-year myth' that Iran was ‘indomitable,' says Victor Davis Hanson
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The Outlook for Heat in the US to Moderate Knocks Nat-Gas Prices Lower
July Nymex natural gas (NGN25) on Monday closed down by -0.149 (-3.87%). July nat-gas prices on Monday extended last Friday's large losses on the outlook for extreme heat across the US to moderate, potentially reducing nat-gas demand from electricity providers to run air conditioning. Forecaster Vaisala said heat is expected to be more moderate across the eastern half of the US from June 28 to July 2, with forecasts shifting slightly cooler in the Midwest, South, and East. 1 Nuclear Energy Stock to Buy With 21% Upside Potential in June 2025 Palantir, Nuclear Stocks, and the Put/Call Ratio: Key Stocks, Sectors, and Indicators on Watch After U.S. Strikes on Iran Crude Oils Seasonal Tendency,: Slippery Slope or Bunker Buster? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Geopolitical risks from the Israel-Iran war are supportive of nat-gas prices, as concerns persist that any attempt by Iran to close the Strait of Hormuz could disrupt LNG shipments through that Strait, which accounts for about 20% of global LNG trade. Lower-48 state dry gas production Sunday was 106.1 bcf/day (+2.9% y/y), according to BNEF. Lower-48 state gas demand on Sunday was 71.8 bcf/day (-4.4% y/y), according to BNEF. LNG net flows to US LNG export terminals Sunday were 14.0 bcf/day (+2.6% 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 last Wednesday that total US (lower-48) electricity output in the week ended June 14 rose +0.8% y/y to 85,329 GWh (gigawatt hours), and US electricity output in the 52-week period ending June 14 rose +2.9% y/y to 4,246,808 GWh. Last Wednesday's weekly EIA report was mixed for nat-gas prices since nat-gas inventories for the week ended June 13 rose +95 bcf, below expectations of +97 bcf but well above the 5-year average build for this time of year of +72 bcf. As of June 13, nat-gas inventories were down -8.0% y/y and +6.1% above their 5-year seasonal average, signaling adequate nat-gas supplies. In Europe, gas storage was 54% full as of June 16, versus the 5-year seasonal average of 64% 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 June 20 fell by -2 to 111 rigs, slightly below the 15-month high of 114 rigs from June 6. In the past nine months, gas rigs have risen from the 4-year low of 94 rigs posted 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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25 minutes ago
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Report slams Boeing over 737 MAX midair blowout
STORY: ::NTSB U.S. regulators have released their report on the midair blowout last year involving a Boeing 737 MAX operated by Alaska Airlines. And it won't make easy reading for the aerospace giant. The National Transportation Safety Board says Boeing failed to provide workers with the training, guidance and oversight that could have prevented the incident. In comments Tuesday, the Board harshly criticized the firm's safety culture, and its failure to properly install key bolts when making the jet. ::FILE NTSB Chair Jennifer Homendy said the incident was wholly avoidable, as the plane maker should have addressed production issues identified in internal audits going back a decade or more. She said it was 'nothing short of a miracle' that no one was killed or seriously injured in the blowout. The accident left Boeing facing deep crisis. It prompted the Justice Department to open a criminal probe and declare that the firm was in violation of a deferred prosecution deal agreed after earlier fatal crashes. Regulators also capped output of the MAX while the company worked on improving quality. Those restrictions remain in place, crimping production of the company's best-selling model. Boeing says it regrets the incident and continues to work on strengthening safety and quality. It's redesigning the door plug that led to the blowout. Homendy praised new company chief Kelly Ortberg, but said he had "his work cut out" addressing all the issues. The NTSB report also criticized the Federal Aviation Administration, saying it should have been aware of problems at the firm. The FAA has now increased oversight of Boeing, after saying last year that it was too hands-off in monitoring the company. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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34 minutes ago
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Corn Pressure Lower on Monday, Conditions Drop After the Close
Corn futures ended the Monday session with contracts down 7 to 9 ½ cents. The front month CmdtyView national average Cash Corn price was down8 3/4 cents at $3.96 1/4. Crude oil was down $6.70 at the close, as the market is failed much upside follow through reaction following the US strikes on Iran nuclear facilities over the weekend. Iran released a missile attack on a US base in Qatar on Monday, though they gave the White House a heads up and no damage was reported. The market expects to see things quiet down following the back and forth. After the Monday close, USDA Crop Progress report showed corn at 97% emerged across the country, 1 point behind the five year average pace. The crop was also listed a 4% silking, ahead of the 3% average pace. Condition ratings were down 2 percentage points to 70% good/excellent, below the trade ideas of 72%. The Brugler500 index was 3 points lower to 376 points. Coffee Prices Rebound on Slack Rain in Brazil Slack Rain and Frost Threats in Brazil Push Coffee Prices Sharply Higher Cocoa Prices Surge as Ivory Coast Cocoa Exports Slow Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Export Inspections data showed 1.48 MMT (58.13 mbu) of corn shipped in the week that ended on June 19, which was down 12.91% from the week prior, but still up 28.07% from the same week last year. Mexico was the top destination of 345,857 MT, with 249,885 MT headed to Japan. Marketing year shipments have totaled 53.547 MMT (2.108 bbu) since September 1, 28.51% larger yr/yr. The delayed CFTC report showed managed money increasing their net short position in corn futures and options by another 20,768 contracts as of June 17th. Their net short position nearly a week ago was 184,788 contracts. Brazil's second crop corn harvest is estimated at 13% complete in the center-south region, according to AgRural, which is well below the 34% from this point last year. Jul 25 Corn closed at $4.19 1/4, down 9 1/2 cents, Nearby Cash was $3.96 1/4, down 8 3/4 cents, Sep 25 Corn closed at $4.17 1/2, down 8 cents, Dec 25 Corn closed at $4.33 3/4, down 7 1/2 cents, New Crop Cash was $3.90 1/2, down 7 3/4 cents, On the date of publication, Austin Schroeder 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
