Gold
The earnings season for gold miners is about to begin, with Newmont Corp. set to release its second-quarter financials on Wednesday. The precious metal has surged 16% this year, reaching historic highs, which could positively impact mining companies. Investors and analysts will be scrutinizing the all-in sustaining costs—expenses involved in producing an ounce of gold—as they examine the effects of rising bullion prices on operational costs.
Oil
Despite a reduction in active drilling rigs, U.S. crude oil production has maintained a record high of 13.3 million barrels per day this July. The number of rigs has dropped by nearly 10% since mid-April, reaching its lowest level since December 2021, as reported by Baker Hughes. Enhanced productivity from new wells and the utilization of stockpiled but incomplete wells have contributed to sustaining the country’s output levels.
Maple Syrup
Canadians and global consumers can celebrate an exceptional maple syrup harvest this year, thanks to an unprecedented production season in Quebec, which dominates the global market. Quebec Maple Syrup Producers report that the province has produced a record 239 million pounds of syrup, representing 92% of Canada’s total output, setting a new benchmark for the industry.
Chemicals
Germany’s chemical industry continues to grapple with the aftermath of high energy costs from 2022, which have led to capacity utilization rates not seen since the global financial crisis of 2007-2009. According to the VCI industry association, the sector’s recovery remains sluggish, with output unlikely to return to pre-energy crisis levels. Chemicals, derived from naphtha and propane, are essential in manufacturing a wide array of products from electronics to automobiles.
Carbon Capture
The United States is set to strengthen its position as the leading nation in carbon capture technology, bolstered by incentives from the Biden administration. BloombergNEF projects that the U.S. could capture up to 164 million tons of carbon by 2035, equating to the combined capacity of the next three leading markets. The global carbon capture sector, which drew over $11 billion in investments last year—almost double that of 2022—sees the U.S. commanding a 25% share of this investment.
