Trump Mocks Italy's Meloni Over Disputed G7 Photo: 'She Wants To Be Friends Again, No Thanks!'

WTI Holds Losses As Crude Production Hits Record High, SPR/Cushing Near 'Tank Bottoms' Distillates have gone vertical again and physical markets remain incredibly tight, according to Goldman's Rich Privorotsky. Saudi’s East-West pipeline disruption forced the suspension of Yanbu loadings and cancellation of some European cargoes, with European physical crude trading north of $130 in places yesterday. Despite all that, there are reports of more visible signs of cargoes moving through the Strait. "Iraq's seaborne crude oil exports from its southern Gulf terminals averaged 3.16 million barrels/day in the first 10 days of September,...

'Iran's Deadline Expires Today': Tehran Threatens Renewed Attacks As Blockade Bites, Rial Collapses The Iran conflict is currently in an all too familiar stalemate, and many of the same statements are being regurgitated from each side - but this does indicate that negotiations have not yet entirely collapsed. Tehran is still apparently reviewing a Trump administration counterproposal to last week's Iranian seven day ceasefire pitch (which Trump had promptly rejected). Foreign Minister Abbas Araghchi had confirmed Wednesday the reception of an official US response through mediators. President Masoud Pezeshkian on Thursday proclaimed Iran...

Nvidia Slides Despite Blowout Earnings Amid Concerns About Margin Weakness And Future Spending In our preview of NVDA earnings we said that "Nvidia will beat FQ2 (July) revenue estimates by approximately $3-4 billion, with revenue potentially reaching $94-95 bn. The stock, however, will not respond to the beat.... recall revenue guidance has beaten Street consensus by an average of 4% over the past four quarters, while the stock has traded down 3%/5% on average over the subsequent 7/30 days." And boy were we right: despite blowout beats on the top and...