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Market news: Microsoft (MSFT.O) is replacing OpenAI and Anthropic models with its own AI models in some applications.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, which stated that it expects U.S. power sector natural gas consumption to reach a record high next year, driven primarily by rising overall electricity demand, expansion of natural gas generating capacity, and relatively low natural gas prices. The report forecasts a slight increase in natural gas demand across the economy this year, followed by a 3% increase in 2027. It predicts that wholesale electricity prices this summer will be lower than last summer, primarily due to lower natural gas costs delivered to power plants—however, summer heat waves could still cause prices to surge. Nationally, wholesale electricity prices are expected to average around $45 per megawatt-hour, with the largest price drops expected in western hub regions.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, stating that it forecasts gasoline prices to average $3.80 per gallon in the third quarter of 2026, down from over $4.20 per gallon in the second quarter. It expects retail prices to fall to around $3.40 per gallon in the fourth quarter of 2026. The EIA forecasts that the average annual retail gasoline price will fall below $3.10 per gallon in 2027.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, stating that increased oil production and the recovery of trade flows will lead to lower-than-expected crude oil inventory depletion in the coming months. We project a 2.2 million barrel per day (bpd) decrease in global oil inventories in the third quarter of 2026, compared to our June forecast of over 7 million bpd, and a 5 million bpd decrease in the second quarter of 2026. Next year, we expect rising oil production to return the market to a pre-conflict oversupply state.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, noting that on June 18th, the U.S. and Iran signed a memorandum of understanding to end the conflict and open the Strait of Hormuz. With the signing of the agreement and increased traffic through the strait, we have raised our forecast for global oil production for the remainder of this year. We now expect most crude oil production to recover to near pre-conflict levels by the end of this year, and most of the shut-down crude oil production to come online in the first quarter of 2027.

Cryptoverse: Bitcoin is back with a bonk

Cory Russell

Jan 18, 2023 15:48

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Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin.


The No.1 cryptocurrency has clocked a 26% gain in January, leaping 22% in the past week alone, breaking back above the $20,000 level and putting in on course for its best month since October 2021 – just before the Big Crypto Crash.


Ether has also risen, by 29% this year, helping drive the value of the overall global cryptocurrency market above $1 trillion, according to CoinGecko.


“After a rough year last year for cryptos, we are seeing a form of mean reversion,” said Jake Gordon, analyst at Bespoke Investment Group, referring to the theory of asset prices returning to long-term averages.


Researchers said investor bets on a rosier macroeconomic picture were driving a jump in riskier assets across the board.


Few crypto tokens have benefited more than bonk, which was launched at the end of December on the Solana blockchain and had rocketed 5,000% by early January. It has since fallen back, though remains up 910% since the start of the year.


It is the latest entrant to the hyper-volatile world of meme coins, cryptocurrencies inspired by online memes and jokes, and is modeled after the same grinning Shiba Inu dog as dogecoin – which itself was catapulted to fame by Elon Musk tweets.


Bonk’s a puppy, though.


Even at its peak it was worth just $0.000004873759 with a market capitalization of about $205 million.

Other meme tokens are also up, with dogecoin and Shiba Inu up 19% and 27% respectively in 2023.

But buyers beware.


“Investors need to be especially cautious when it comes to coins like doge, Shiba Inu and bonk,” said Les Borsai, co-founder of digital assets services firm Wave Financial.

“They fall just as hard as they surge.”


Nonetheless, some market players pointed to the relative cheapness of these tokens – doge is worth about eight cents – as a reason why speculators were willing to place bets on them.


“Meme coins belong to crypto, it’s part of the culture,” said Martin Leinweber, digital assets product specialist at MarketVector Indexes. “It just takes a few lines of codes to create a meme token and if you have a community for it, people love that.”

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