** Financially troubled Stellantis might kill some of its underperforming EV brands. It’s what CEO Carlos Tavares said in response to the company’s latest earnings report which showed a net profit drop of 48%.
** Banks including Citigroup Inc. have downgraded their growth forecasts for Asia’s biggest economy, while export prices of US oil heading to the region are also weakening. China’s second-half imports are also seen as muted. Oil’s recent slide has also been compounded by trend-following technical traders. Money managers slashed net-bullish wagers last week and have the smallest position in gasoline — a key driver of oil demand growth — in four years.
** Data show the California grid met 100% of its electricity demand with renewable energy during 5- to 10-minute periods on 100 of the last 144 days.
** The U.S. EPA awards Alaska organizations nearly $39 million to replace households’ fossil fuel based heating systems with electric heat pumps.
** Wyoming officials predict a 25% dip in coal production from the Powder River Basin and weak natural gas prices could diminish mineral tax revenues and strain the state budget.
** Louisiana officials continue cleanup of a weekend oil spill of 34,000 gallons into a nearby bayou.
World
** Nicolás Maduro’s declaration of victory in Venezuela’s presidential race bodes ill for the nascent recovery in the nation’s oil production. The two-term president’s claim of a narrow 51.2%-44.2% win over challenger Edmundo González has cast doubt on Venezuela’s ability to significantly raise crude output amid growing international concern about the veracity of the vote tally.
** The North Sea is approaching “game over territory” after British Prime Minister Rachel Reeves pushed ahead with an expanded tax raid on oil and gas companies. The Chancellor on Monday followed through on Labour’s election pledge to squeeze oil companies harder by ramping up the so-called energy profits levy.
** Chinese brands captured 11% of the European electric-car market in June, notching record registrations as manufacturers raced to beat stiff European Union tariffs that took effect early this month.
** Oil refineries across Europe will be forced to shut as the West abandons fossil fuels in the race to net zero, the boss of BP has said. Murray Auchincloss said that older and smaller refineries will close or convert to biofuels as traditional oil refining is rendered unprofitable by a combination of surging fuel taxes and falling demand from drivers forced to go electric.