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DOE Secures 3.4 Million Barrels for Oil Reserve

The US Department of Energy has awarded contracts for the acquisition of over 3.4 million barrels of crude oil for the Strategic Petroleum Reserve (SPR).

This purchase, scheduled for delivery from January to March 2025 to the Bryan Mound site, follows a Request for Proposal announced in August 2024. It marks the second solicitation for this site, which has undergone significant construction to ensure its long-term viability.

You can read more on the matter here.

What’s going on?

• Air Canada and Pilots Still at Odds, Airline Plans for Possible Shutdown (theDeepDive)

• Canadian right-wing influencer’s alleged dealings with Russian media company took place despite sanctions (Globe)

• Coinbase Execs Offload $32.9M in Stocks Amid Regulatory Storms (theDeepDive)

• Volkswagen scraps decades-old job guarantees, paving way for lay-offs (Reuters)

• Silver Markets, Economic Outlook, and the Fed’s Missteps with Craig Hemke (theDeepDive)

• Real US Household Income Increases for First Time in Four Years (Bloomberg)

• International Student Cap Leads to Steeper-Than-Expected Enrollment Decline (theDeepDive)

• Former Arm CEO criticizes Britain for not holding onto its top tech firms (CNBC)

• Bedroom to Boardroom: OnlyFans’ Record-Breaking Profits Leave Oil in the Dust (theDeepDive)

What’s the latest?

• BoC: Bank of Canada Governor Tiff Macklem highlighted the need for Canada to invest in trade infrastructure and reduce barriers to stay competitive as global trade shifts from goods to services. He warned that slower globalization could raise inflation and noted the Bank's recent interest rate cut to 4.25%.

• Inflation: US inflation-adjusted household income rose 4% to $80,610 in 2023, marking the first increase since 2019. Despite the rise, income is still $600 below 2019 levels. The poverty rate fell to 11.1%, but the supplemental poverty measure increased to 12.9%. Economic issues remain a focal point in the presidential campaign.

• SpaceX: Four private astronauts launched on SpaceX’s Polaris Dawn mission to test new spacesuits and conduct the first private spacewalk. The crew includes billionaire Jared Isaacman and three others, aiming to reach up to 1,400 km orbit, the farthest since Apollo. The spacewalk is planned for the third day, marking a major milestone in private space exploration.

• Argentina Inflation: Argentina's inflation rate is expected to have dipped to 3.9% in August, slightly down from 4% in July, marking the lowest level since early 2022, according to a Reuters poll of economists. The slight decline is driven by higher service and transportation costs, with core inflation stagnating around 4% since May.

• Canopy Growth: Canopy Growth Corp. announced that CEO David Klein will retire at the end of the financial year on March 31, 2025. Klein, who has been CEO since January 2020, will remain in his role until then or until a successor is appointed. Canopy Growth chair David Lazzarato credited Klein for leading the company through significant transformation and establishing Canopy USA.

Silver markets, economic outlook, and the Fed's missteps w/ Craig Hemke

The stock market and stuff

• Ivanhoe Mines Strikes Deal With Zambia to Kickstart Copper Exploration (theDeepDive)

• US Bitcoin ETFs Face Record Outflows Amid Market Volatility (theDeepDive)
  Federal Reserve unveils toned-down banking regulations in victory for Wall Street (WSJ)

• Kinross Gold Sees $1.9 Billion NPV in Great Bear Project PEA (theDeepDive)

In the juniors

• Golden Cariboo Strikes Major Gold Discovery with 136.51m of Near-Surface Mineralization (theDeepDive)

• Power Nickel Summer Drilling Program Expands The High Grade Polymetallic Lion Zone by 50% (JMN)

• First Majestic To Repurchase Up To 10 Million Shares Under Buyback Program (theDeepDive)

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