and so i think there are several things they can do but the principal thing that eia will focus on isirector—general of the eia has raised as a serious issue on many, many occasions. these kind of things have to rework it on in advance and it will be difficult. from where did the inspectors come? from the ukrainian controlled side of from the russian —controlled side? 0bviously, putin wants him to come from the russian —controlled side in the ukrainian leadership that to happen because they are afraid it will legitimise russia's occupation the site. the un secretary general — antonio guterres — has called for international cooperation to ensure russian food and fertiliser — as well as ukrainian grain — are able to reach global markets. speaking in istanbul — where turkey is coordinating efforts to enable the resumption of ukrainian exports through the black sea — he praised the work as vital for humanity. but he added that russian exports were also essential, if world food prices were to be brought down. these are not subject to western sanctions, although they have faced obstacles re

using that data coming out from the eia talking about the u.s.f crude that was coming from russia. that will be interesting to work our way through. you'll see this, that story is going to be one to watch bread we will talk about this next. ing germany chief economist, that conversation is next. this is bloomberg. ♪ at cdw, we get if your network power goes down, your business goes with it. recording: thanks for calling, we are unexpectedly closed today due to... cdw experts can keep you up and running with an apc smart-ups lithium-ion ups from schneider electric. it offers cloud-enabled remote monitoring and three times the battery life, so you can get the performance and certainty you need to stay open for business. for resiliency at the edge, trust schneider electric and it orchestration by cdw®. people who get it. millions have made the switch from the big three and it orchestration by cdw®. to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g

been in the last five to ten years it's a little bit weaker than last year, but not as weak as the eiainted out. we did see those implied demand numbers jump up last week because suddenly there was a jump in wholesale prices which forced stations to fill up overall now, i think we are starting our seasonal decline for gasoline that's not rare this time of year, schools start going back into session, vacations are wrapping up. that seasonal decline will continue, but i think with prices now lower, the gap between this year and last year is going to start to narrow. >> very, very interesting. patrick, good to check in with you. thanks so much >> thanks, kelly. >> patrick dehan with gas buddy. >>> still ahead, the s&p up about 13% from the june lows there's a warning sign starting to flash for stocks. llnepotential red flag for the ray xt this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund t

what do you make of that unsealed search warrant, particularly the fact that the f eia agents were investigatingtial -- fbi agents were investigating potential violations of the espionage act. thomas: the unsealing of the search warrant solve some of the mystery but not all of it. the justice department is focused on several federal criminal statutes. including the espionage act which involves and criminalizes mishandling of national defense information. secret, classified information, the disclosure of which could jeopardize united states national security. what we learned today is a little bit why the justice department decided they needed to move with urgency, expedition, and execute a search warrant on the former president of the united states. laura: it is completely unprecedented. what do you make of the fbi taking boxes from mar-a-lago, including some that contained top-secret material? thomas: it tells us they found at least some of what they are looking for. when you go to a judge and ask for approval of a search warrant, you have to identify the documents or the evidee you think you mi

we've caught up to that, eia has showed a large drop in inventories so the bulls are palling the ground particular upside of this market going forward into the fall. the impact of the petroleum reserve we don't know exactly how that's going to play out. if you start pulling the million barrels the day off the market that will have significant impact. >> you pull it off the market to put it back in the coffers. having said that i applaud the oil and gas industry for ramping up production in this difficult time. but i know more investment a year end a half ago part of me had the industry made more investments that production could be substantially higher from where it is right now and gas prices would be substantially lower instead of seeing this president go to saudi arabia trying to talk to the opec countries to get their production up. it's very frustrating for some, let's put it that way. my thanks to tim stewart, always good to see you. >> i appreciate it, thank you. jackie: don't go anywhere, more wall street after this. ♪ ♪ ♪ we all need a rock we can rely on. to be strong. to over

time we will have the latest cpi for the euro area, and from italy specifically. 3:30 p.m., we get the eia weekly crude oil report. manus: today russia's gazprom set to halt flows through the nord stream pipeline for three days of maintenance. the cleveland fed president speaks at an event in ohio, and her colleague rafael plastic speaks in georgia. coming up on the show, activtrades' senior analyst ricardo evangelista joins the team. dani: and we will speak with christof ruehl on the impact of energy prices. this is bloomberg. ♪ >> you've likely seen that over the last four meetings we have raised rates of 225 basis points. we have shrinked our balance sheet and more rate hikes will come. we will do what it takes to get there. the pace of when we get back to our 2% target is uncertain. as a result, our commitment to bringing inflation down, leads to worries about recession and i understand why. manus: richmond fed president thomas parkin speaking to the huntington regional chamber of commerce, channeling his inner mario draghi. joining us now is ricardo evangelista, fx strategist from act

we will get the eia oil inventory report and earnings from disney. that does it for myself and guy.ra read. she is an economist at fs investments. she joins balance of pet -- power with david westin. guy: we will discuss what's happening in the u.k.. this is what the date it would seem to suggest despite the fact that we have stimulus. the big story out of the u.k. is the headline we could be seen power cuts in january. maybe four days in january is the worst case scenario on the energy front. that is huge blow to the british economy and could be replicated elsewhere across europe. we will be discussing that on the cable. that is coming up on digital radio. we hope you enjoyed the show. this is bloomberg. ♪ so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features tex

we could get the eia and opec with the monthly oil market reports. >>> and the picture is positive and building from the negative week last week stoxx 600 ended down last week down .60 things are turning positive today. spots of green on the board. you see the cac in france is up .60 that and the spanish index are the leader today we have been talking about the macroeconomics clues to come up later in the week and in the u.s. with the focus of the cpi number on wednesday, building on the non-farm payroll report on friday the more than double market expectation and strong unemployment rate. it puts to bed for now some of the recession fears. >> we will see if that remains the case come wednesday. joumanna and i will be here to walk you through that data and more that is it for today's show. thank you for watching i'm julianna tatelbaum. or i'm joumanna bercetche. "wldwide exchange" is coming up next. at xfinity, we're constantly innovating. and we're working 24/7 to connect you to more of what you love. we're bringing you the nation's largest gig speed network. available to more homes t

you look at it versus a year ago, the 5% decline is there that is showing up in the eia data people are driving less. it started when prices dpogot av $5 that is when people said enough is enough. whether that is a -- you can't just stop driving. you can change your habits it takes time for that to come through. we're seeing that. >> everything is about perspective. $90 a barrel was really high on the upside suddenly we're happy about $90 a barrel we're happy that inflation kood cooled to 8.5% denton, we're at $92 a barrel and we released 160 million barrels from the strategic petroleum rehe serve that has te refilled thank goodness we have not had hurricanes so far this year. the sanctions on december 5th. it is not hard to make a case for oil back to 125 or 150. >> i'll knock on wood with the hurricane. you never want to see a hurricane. we are watching that swath of the country between corpus christi and louisiana which is an area for danger the prices are coming down or have come down i think what it did do is it kept prices from going up to the $130 to $150 levels that people were

left before the summer driving season wraps up some of the numbers have been shockingly low from the eiagasoline demand go from 9.25 million barrels in the previous week and that's a pretty big plummet and obviously, when we talk about recession or economic slowdown, there's a lot of 2008 and 2009 and keep in mind, the decline is held together by a string. this is not a very, very concrete decline that's well rooted in fundamentals i think you're seeing a lot of money flow out of commodities and move elsewhere and that could be a big reason for the huge sell-off. >> string or no string, a lot of people that want to fill up will take it. >> patrick, thank you. >> that's right. >> coming up, adidas posting a profit loss. what does this say about the state of the global economy? sir eisen bringing us an interview with the company's ceo. beyond meat, it's been a rough run for the stock as we discussed yesterday on the show. will its cash burn continue? as we head to break, remember, you can listen to "power lunch" on the go. listen to usn ur oyo favorite podcast app. follow and listen today.

next week we'll get monthly reports from the international energy agency, and the eia and opec the marketatching these, since there's a growing divergence between demand forecast for the back half of the year this will provide a look at how energy agencies are modeling the forward-looking supply/demand balance and turning to energy stocks which are catching a bid today and it's the tech sector led higher by eog resources and the company doubled quarter over quarter to $7.4 billion and one final stock to mention is sunrun after barclays initiated coverage with an overweight rating tyler? >> thank you very much, pip pa stephens elon musk as always with his remarks at the meeting tim is a cnbc contributor. tim, he never disappoints and he even joked on twitter apparently that he had more children born in the second quarter than lucent had cars made one must question mr. musk's lucidity there, but whatever, the company seems to be doing well the stock is coming back and what are the challenges ahead for tesla? >> the challenges are -- i think the challenges for the auto you understand stree i

certainly significantly lower than last year, at least according to the eia.des to oil demand forecasts. i wrote about this in a newsletter, commodity newsletter yesterday. we have the usual cuts coming from the energy agency and opec tomorrow. i expect both of those will revise down there demand forecast for this year and next. tom: julian lee, thank you for the brief on oil. brent higher yesterday, $98 a barrel. right now, 94. i almost teared up with kaylee's macro economic question. it is like poetry. lisa: i honestly love what makes you emotional. very relatable. it is a good question. where is the demand? any evidence that demand has increased? take it or leave it. tom: demand elasticity, which is a massive mystery out there. gaming out the responsiveness of an economy to the price of oil is very tough. equities advance, up 12 on s&p futures. 34 minutes from the inflation report david stay with us. -- report. stay with us. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless b

. >> eia says again, is financial status like wealthy or poor.t. >> taking a look at the numbers between 2020 2021. during the height of the pandemic, there were a total of 1165 hate crime. anti-asian was our largest increase. >> but the anti black and african-american represent nearly half of all. >> racially motivated said and you know, all the hatred and stuff, you know, what should you do if you or someone you know, is a victim of a hate crime? start with. >> with calling a local police and if it's something that needs to be elevated 2 statewide agency is the local police, you know, will know or should know to do that. >> haaziq kron. 4 news. 4 morning news. the husband of house speaker nancy pelosi is. >> some tips for driving under the influence. new video shows paul pelosi responded the night of his arrest. plus a program to protect workers from wage. that is launching in santa clara county. find out how that's going to be enforced and the giant to their face off with the detroit tigers this morning after being the 3 to one last in the sou

. >> the eia. so we use all available resources and tools to meet the heightened demand for electricity during this regional heat wave. but intense weather events like these call for all of us to do our part. >> now, there is no active. a flex alert right now, but that could change as those triple digit temps start to take hold. you can get the very latest information on flex alerts by signing up for e-mail alerts on the cal iso website that c a i dot com. you can also stay connected with kron 4 for the latest weather conditions as we get through this heat wave scanned the qr code, you'll that's on your screen. you'll be taken to our website where you can find current conditions in your neighborhood. and of course, get that 7 day forecast right your fingertips. happening today, the city of oakland public works cleaning up the dead fish on the lake merritt shoreline. this is calm as algae blooms have spread rapidly around the lake and around other bodies of water across the bay area of the city is a

the problem with these debates i can't go to the eia website and show him he's wrong but i will do it j >> is going to g be great i do like conflict where someone could get a of me doing this and maybe ducking. let me do a time check here. let me do time check with jennifer went to reserve a minute or so for each of our speakers to come up with what they have come here to say what they say the debate the tremendous amount of questions it learned you all are have come in part we've only scratched the surface i like to get to a few more if there's time for that. >> i'm not sure how you wanted to do that. twelve minutes that sounds good. let's go with more of these fruit some overlap i'm trying to pick and choose. some also been addressed in various ways. a number of them touch on the cost of renewables the real-world cost. and a number of these are pointedly addressed to andrew. by the you are desolate. let'ss use this when here. electric car coste you $10 tohe fill up and will continue to do so for the future because renewables are the cheapest form of energy. when you think california

. >> eia says again, is financial status like wealthy or poor.ers drinkers, people who may be under way >> taking a look at the numbers between 2020 2021. during the height of the pandemic, there were a total of 1165 hate crime. anti-asian was our largest increase. >> but the anti black and african-american represent nearly half of all. >> racially motivated said and you know, all the hatred and stuff, you know, what should you do if you or someone you know, is a victim of a hate crime? start with. >> with calling a local police and if it's something that needs to be elevated 2 statewide agency is the local police, you know, will know or should know to do that. >> haaziq kron. 4 news. >> it's 9.36. and after weeks >> it's 9.36. and after weeks of uncertainty and thinkin they were going to have to close club deluxe in the haight ashbury in san francisco has a new lease on life. the owner of the desk of announced the club was going earlier this month. we're going to close it down. they were actually able to reach an agreement with their landlord. t

i can't i mean the problem with these debates is we can't i can't go to the eia website and show he's wrong, but i'll do it after this is really great. i do like conflict. i just wish somebody could get a still of me doing this, you know, like and maybe ducky. let me do a time check here, okay. let me look for it. let me do it. thanks, jennifer. let me do a time check with you jennifer. we want to reserve a minute or so for each of our speakers to sum up. what they've come here to say and what they have to say in the debate at the same time a tremendous amount of questions that show how learned you all are have come in. we've only scratched the surface of them. i would like to get a few more if there's time for that if there's not 15 minutes, right? well, i and i'm not sure how you wanted to do that you will you're saying. 12 minutes so if that sounds good, let's go with some of more of these some of them overlap and that's why i'm trying to call and pick and choose some of them also have been addressed in various ways, but let's get back to some of the a number of them touch on the c

we have the eia numbers in the u.s. session. the export of crude is rising. annabelle: in his wait and see ahead of the fed. the asian trading today, we have nikkei trading higher, we are still in the midst of earnings season. qantas numbers are out, and loss but still does airline is pledging a share buyback because it is seeing a strong return in travel. we are also watching the yen this morning. essentially the government expected to speak with the policy settings even if inflation hits a percent. recapping the morning session 80 hong kong, we continue to monitor the reaction to the tropical storm that is in place of a city. the preopening session has been canceled. we are watching for what happens in the morning session because the storm warning is expected to be lower between nine and -- 9:00 a.m.-10:00 a.m. right now we understand free-market market trading has been canceled. shery: we are hearing a minute ago hong kong delaying the morning trading session as a swarm of signal eight is in force -- as a storm signal eight is in force. let us bring in our

the week summer driving compels them to maximize diesel instead of eia data compiled by bloomberg showings cutting gasoline yield to around 57% in july down from 60% a year earlier. haidi:haidi: the world's largest sugar exporter and the biggest sugar refiner have struck a deal to create the first fully traceable supply chain of the commodity under the d.l. rise. they will dedicate a term enter that will then be shipped to europe and north america. a similar agreement may follow soon. shery: bloomberg terminal users can read more about the story on mi trade nl. plenty more ahead. this is bloomberg. ♪ haidi: nomura barely got a profit. first quarter net income fell 97% with fixed income gains. let's bring in russell ward for the details. 97% profit drop. what happened. >> pretty much everything wrong, fixed income trading. analysts called them -- a slump in a retail business. the business shied away from the choppy markets. the investment banking business also slumped, showing nomura was not immune from the drop-offs. the deals have been leading banks globally. the investment decision also

the eia estimates that drought conditions in california could reduce -- by 40% this year. recent heat waves have resulted in operating restrictions and losses for passenger real systems nationwide and costly structural damages including derailments due to buckling tracks and melting our cables in places with typically mild climates like portland, oregon. in the water sector, there is a risk of saltwater intrusion that has costly implications for coastal agriculture and drinking water from rhode island to alabama with financial risks that spread into the health care sector. these stresses have resulted in losses with the potential for municipal bond downgrades and defaults. i want to be clear, this is not all bad news. focusing on where we are losing money today offers an entry point for identifying her losses and liabilities are likely to increase. this also opens the door to new ways of financing, cost-saving and infrastructure investment such as coastal protection projects. they can be funded through direct savings, reduced insurance costs and --. climate impacts are alr

>> well there's a lot of debate on the eia weekly stats but what i would say is it appeared gasolineparts of the world, where they simply can't afford the high price of energy and you see rolling power blackouts in pakistan, requests to reduce demand in bangladesh so a lot of places outside the united states are leading the way down in demand destruction. david: wow, andy lipow, thank you, andy, for all that appreciate you being here. well the nasdaq's new diversity rules at the center of a new lawsuit, we'll take a closer look, right after the break. i feel like somebody's watching me and i have no privacy ♪ [ kimberly ] before clearchoice, my dental health was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life. moving forward with node-

backdrop here where we're still emerging from the pandemic, and seeing demand growth if you you believe eiaarrels a day to my growth this year, and contuing to grow going forward here and so that's -- there's that kind of impetus here to see prices moving higher as those lack of investment in the production side of the picture. >> so matt, when you look at the absolute level of prices, if you expect them to stay high into 2023, what's the point at which they would spike higher and become troublesome in your mind to the rest of the economy, to the global economy. >> absolutely. in dollar terms, because you see the parity with the dollar, that's a concern, because they're paying that much more for the barrel, six, nine months ago, in the u.s., we probably had a good blueprint of this back in mid june we saw prices getting up to $125 we saw that price at the pump hitting $5 a gallon. that's when we saw demand destruction kind of kicking in and so we've come off 25% because those demand side concerns, i would make the case that that's the kind of level we have to see us get to to see dema kicki

. >> 80 is not eia said demand for oil same as july 2020 people didn't have vaccines not good not normalt getting back into within, when you think about what what biden should want right now to is it stabilize it is the opposite take on earners pull away liquidity not give more of it what does student debt forgiveness doing? giving more liquidity scrooge mcduck not people most privileged need it left . thank you think someone is telling him to do this did alexandria ocasio-cortez put directive out there. >> clear progressive said democratic party has been determining policy we thought chuck and nancy were in charge longer this goes on i would say the more of us, including mainstream media had opportunity to see mr. biden is struggling, on a day-to-day base. maria: dagen what do you think. dagen: 100 democrat senators house members wrote to biden last month, asking for the extension of the moratorium on student loan payments, so not just a fringe it is large chunk of the democratic party blamed economic hardship caused by policies circular idiocy because of inflation created fomented by b