So fantastic having @fleckcap on @NTLiveMedia this week. Here are are thoughts on AI risk. Link to th DO NOT MISS interview: piped.video/live/8UjC113zsjo…

Canada, are you sure you want to join the EU?

Markets are closed. Thanks to everyone on @NTLiveMedia, you all made this week spectacular! Have a great weekend all!

Bond volatility is screaming higher. Bessent's 6B rollover this week is a drop in a trillion dollar market.

One being lack of faith in the Fed?

This is from Politico, so I have my reservations on this reporting. That said, the US does not have a national oil company, a decision like this "should" be up to individual companies and within the states they operate (we are a republic) *WHITE HOUSE CONSIDERS PASSING DIESEL ISSUE TO STATES: POLITICO

⚠️Small Refinery in Southern Russia Halts Runs After Attack A small refinery in southern Russia was taken offline following an overnight drone strike, showing near-daily attacks continue despite meetings in New York this week aimed at easing tensions. Around 50 drones were intercepted over Russia’s Rostov region, and the Novoshakhtinsk refinery was damaged in the assault, local governor Yury Slyusar said Friday in a statement on Telegram. The 110,000-barrel-a-day plant was last attacked a month ago. Separately, the governor of Russia’s Perm region said drones targeted an industrial facility he didn’t identify. Satellite imagery from NASA’s Fire Information for Resource Management System shows heat anomalies — potentially indicating fires — in an industrial area, including at the site of a major refinery owned by Lukoil PJSC. (Bloomberg)

ArcelorMittal Unable to Restart Ukraine Operations After Strikes ArcelorMittal SA has advised the Ukrainian government that it is unable to safely restart its steel operations in the country after a series of missile strikes. The Luxembourg-based steelmaker expects to take an impairment charge of about $1 billion against its ArcelorMittal Kryvyi Rih subsidiary, after four attacks over the past five weeks caused fatalities, injuries and extensive damage, it said on Friday. Ukraine’s industrial assets have been subject to intense attacks over recent weeks, with Moscow warning of “massive strikes” against Ukrainian energy facilities in response to recent attacks by Kyiv’s forces against civilian and energy infrastructure. (Bloomberg)

War Hurts Black Sea Grain Shipments, Boosting Food Prices Waves of drone and missile attacks on ports and vessels in the Black Sea region have throttled both countries' exports of wheat, corn and other key ingredients. The disruptions have pushed U.S. wheat futures to three-year highs in recent weeks, and could accelerate food inflation if the bottleneck isn't removed soon, analysts warn. Russia and Ukraine typically account for more than one-quarter of global wheat exports, most of it shipped from the Black Sea. Now, September wheat exports from Russia are expected to drop 56% from a year ago, while in Ukraine they are forecast to fall 52%, according to SovEcon, an agricultural consulting firm. (WSJ)

France to Deploy Forces to Protect Saudi Red Sea Oil Port President Emmanuel Macron said on Thursday that France plans to send troops to Saudi Arabia to help protect a refinery and crude oil pipeline in the Red Sea port of Yanbu, ramping up France's military efforts to contain the impact of the Iran war. "We are going to send military assets, that is, soldiers, radar systems, and defense systems to protect this site," Macron said in a TV interview on Thursday. However, he stressed that France was "not getting involved in any conflict," adding that the decision had been finalized with Saudi authorities. (WSJ)

Love when I get home and she plants herself in front of my keyboard

Nearly six million barrels (valued at nearly $600M) of seized Iranian crude oil are quietly crossing the Atlantic Ocean towards the United States of America. #OOTT #IranWar #Tankers

India sees coal remaining power mainstay through 2035-36 India expects coal to supply about half its electricity through 2035-36 as surging power demand ​forces the country to rely on thermal generation alongside ‌a rapid expansion of renewable energy, senior power ministry officials said on Thursday. "Thermal is here to stay for a long time," said Aadhar Raj, ​joint secretary in India's Ministry of Power, at an industry ​event by the Federation of Indian Chambers of Commerce ⁠and Industry India's first priority was ensuring adequate electricity supplies, followed ​by making power affordable, sustainable and reliable, Raj said, describing energy ​security as a national security issue. (Reuters)

Is the goal to be energy poor? Repsol Says 90% of Its Crude Supply Risks Breaching New EU Rules Repsol SA anticipates about 90% of its crude oil supplies falling short of new European Union methane requirements that are due to take effect in January, the latest in a series of warnings from the industry that the rules could threaten the region’s energy supplies. The planned rules have led to complaints from companies including supermajor Exxon Mobil Corp., which has said the regulation would be “bone-crushing” and raise the cost of buying oil for Europe. Cabra’s public comments underscore the tensions facing the industry as the Iran war is already raising oil prices and making it more challenging to find barrels. (Bloomberg)

Join us this morning on @NTLiveMedia at 8:00 AM ET for the Morning Gap macro show with the lovely @maggielake filling in for @AnthonyCrudele SPECIAL GUEST: @PatrickCeresna at 8:30 AM ET Link: piped.video/live/hmjShHZhpfU…