IIR's August 26 Market Scorecard Brings You Breaking Geopolitical News

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Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
Israel-Hamas war cease-fire and hostage talks will continue after weekend meetings didn't resolve gaps		A round of high-level talks in Cairo meant to bring about a cease-fire and hostage deal to at least temporarily end the 10-month Israel-Hamas war in Gaza ended Sunday without a final agreement, a U.S. official said. But talks will continue at lower levels in the coming days in an effort to bridge remaining gaps. The development came after Israel and the Lebanese militant group Hezbollah traded heavy fire early Sunday but backed off from sparking a widely feared all-out war, as both sides signaled their most intense exchange in months was over.	AP News	APA Executive Suggests Higher Crude Oil Prices are Coming
Russia, Ukraine trade drone attacks in renewed escalation		Ukraine's air force reported multiple groups of Russian drones moving towards its eastern, northern, southern, and central regions, followed by numerous cruise and ballistic missiles in an attack that appeared to target energy infrastructure. Russia's Ministry of Defence said a total of 22 Ukrainian drones had been intercepted overnight and in the morning over eight regions, including Saratov and Yaroslavl in central Russia.	Aljazeera	Labor Fears Ease on Canadian Rails
Oil up 3% on Libya halt, Mideast escalation fears		Prices jumped after Libya's eastern-based government announced the closure of all oil fields on Monday, halting production and exports adding to earlier gains on concerns that escalating conflict in the Middle East could disrupt regional oil supplies. Investors remain cautious over the actions of the Organization of Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, which has plans to raise output later this year, said Priyanka Sachdeva, senior market analyst at Phillip Nova.	Reuters	Without Investments, Norway Sees Oil Production Plummeting
Dollar drops against yen, hovers at multi-month lows versus euro Europe & APAC Markets mixed as investors weigh risk of wider Middle East conflict Gold marches towards record highs as Powell endorses rate cuts		The dollar fell to a three-week trough against the yen on Monday and steadied near multi-month lows against the euro and sterling as investors weighed the prospect of the Federal Reserve soon starting on a series of interest rate cuts. European & Asia-Pacific markets were trading in mixed territory on Monday, as traders digested rising tensions in the Middle East following strikes by both Israel and Hezbollah over the weekend while investors assessed dovish comments from U.S. Federal Reserve Chairman Jerome Powell. Gold held near record highs on Monday, buoyed by a softer dollar and dovish remarks from U.S. Federal Reserve Chair Jerome Powell bolstering expectations of a September interest rate cut.	CNBC	Name Game: Some Energy Companies Downplay 'ESG' While Continuing Those Initiatives
Natural Gas News: Futures Plunge Below Key Support Amid Rising Inventory Concerns		U.S. natural gas futures are under pressure early Monday, continuing last week's downward trend. With weather-driven demand fading, bearish sentiment is growing stronger, pushing prices further down. The market opened the week below critical technical levels, and as storage concerns mount, traders are increasingly skeptical about the prospects for a significant rebound. The outlook for natural gas remains bearish in the near term. With summer demand waning and storage levels high, prices are likely to struggle. Potential late-summer heat waves could provide temporary support, but any significant price recovery is unlikely before the winter heating season.	FX Empire	Application Pulled for Rio Grande LNG Carbon Sequestration
Rising Tensions In The South China Sea: Can Diplomacy Prevent Conflict - Analysis		In recent developments, the Philippines has accused China of escalating aggressive behaviour, such as the ramming of a Philippine vessel and the deployment of water cannons near the Second Thomas Shoal. These actions have exacerbated tensions and underscored the urgent need for diplomatic intervention and adherence to international maritime laws, to maintain regional stability and avert potential conflicts. Chinese officials frequently emphasize the necessity of these actions to safeguard their territory and maintain stability in the region. However, China's position has faced criticism for its lack of clarity and consistency, often shifting depending on the audience and context. This ambiguity, along with China's significant military and economic power, has raised concerns among neighbouring countries regarding Beijing's long-term intentions in the area.	EurAsia Review	South Korea Launching First Offshore Wind Tender
Global Oil Inventories Shrink as OPEC+ Decision Looms		As OPEC+ gears up for its next meeting, the group finds itself at a crossroads that has the potential to sway global oil markets. With the autumn months approaching, key decisions loom regarding whether to proceed with planned production increases or to maintain current output levels. The backdrop to this decision is a volatile combination of uncertain global economic conditions, fluctuating oil demand forecasts, and tightening oil inventories, particularly in the United States. One of the critical factors influencing OPEC+'s upcoming decision is the current state of global oil inventories. Data from the Organization for Economic Cooperation and Development (OECD) indicates that commercial stocks of crude and refined products in advanced economies were significantly below the ten-year seasonal average as of June. Specifically, these inventories were 120 million barrels, or 4%, below the 10-year average, marking the most considerable oil deficit in nearly two years.	OilPrice	United Arab Emirates Enhances Focus on Green Energy Sector
Week 08/19/24 - 08/26/24		Are geopolitical tensions in the Middle East as well as Eastern Europe finally boiling over? For this weekend bore witness to escalation in each region; granted Israel and Hezbollah "said" that they are "done" with their 'missile and drone attacks' but can that truly be believed? This as a Israel-Hamas cease-fire agreement - to little surprise - was not culminated either. In Eastern Europe both Russia and Ukraine have escalated their attacks in several regions - likely to key energy infrastructure targets. And Mr. Oil Market is attempting to sort out supply disruptions - not only from the Middle East - but Libya announced closures to their oil fields. Also, OPEC+ is considering bringing on more supply at year's end at a time when global demand is uncertain to say the least. Fortunately though, it appears the U.S. Fed will be moving forward with rate cuts in September which should bolster the world's economy. Time will but tell.
*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.

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