Aggregator

Libya's Largest Oilfield Hit By New Armed Group Blockade

By Tsvetana Paraskova of OilPrice.com

Crude oil production at Libya’s largest oilfield, Sharara, has slumped over the past day after an armed military group closed a valve on the pipeline that carries crude oil from the field to the Zawiya port for exports, in yet another global supply scare amid ongoing disruptions in the Middle East.

An armed group has closed Valve n.7 on the pipeline, Libya’s National Oil Corporation (NOC) said, adding that the closure caused a pressure buildup within the crude oil pipeline, leading to a significant reduction in production at the Sharara field.

The field is operated by Akakus Oil Operations, and its production is being shipped through the pipeline to the Zawiya port for exports.

The Libyan state oil firm warned that “the continued closure of Valve No. 7 will inevitably halt production, transportation, and export operations at the Sharara field.”

If the shutdown continues, NOC said it may be compelled to declare force majeure on Sharara output and exports.

“This would directly harm the national economy by reducing state revenues, especially given rising global oil prices, and would expose the oil transport system and its facilities to technical and operational risks,” NOC said.

The Sharara oilfield is estimated to have produced about 340,000 barrels per day (bpd) of crude oil before the incident.

Following the closure of the valve and the forced reduction of production, crude output at Sharara has now slumped to about 120,000 bpd, according to various estimates.

Libya’s fresh supply scare comes amid squeezed global oil supply as shipments through the Strait of Hormuz remain uneven and uncertain, and the Yanbu exports out of Saudi Arabia’s Red Sea coast are still offline, following the drone attack on the East-West pipeline on September 10.

Oil prices rose in Asian trade on Tuesday, following two days of declines, as the market weighs diplomacy hopes against supply-side risks.

Tyler Durden Tue, 09/22/2026 - 13:40

The legendary centerfielder's "Buena Vista Social Club" run kicks off Oct. 22.

The cause of death for the pilot in the NBC news helicopter crash has been revealed. George Marciniw, 70, died of blunt force trauma after the aircraft fell from the sky and crashed near a Chatsworth warehouse last Tuesday, according to the LA County Medical Examiner. Eliana Moreno and pilot George Marciniw were reportedly killed...

Rachel Zoe chatted with “Virtual Reali-Tea” co-hosts Danny Murphy and Evan Real to promote her partnership with Aflac, which included her designing a blue bomber jacket that features a checked pattern scannable code to drive increase in cancer screenings at CheckForCancerNow.com. During our interview, the famed fashion stylist also recalled her first-ever freelance gig working...

Rachel Zoe chatted with “Virtual Reali-Tea” co-hosts Danny Murphy and Evan Real to promote her partnership with Aflac, which included her designing a blue bomber jacket that features a checked pattern scannable code to drive increase in cancer screenings at CheckForCancerNow.com. During our interview, the famed fashion stylist also recalled her first-ever freelance gig working...

A gemologist shares the best engagement rings to buy — for every cut and preference.

The sweeping action removes roughly one in every 31 names from the health insurance subsidies program, which had 23 million enrollees this year.

2Y Auction Tails As Foreign Demand Slides Despite Highest Yield In Over 3 Years

Ahead of today's auction, with yields sliding early in the day tracking the drop in oil tick-for-tick, some speculated that participants in today's sale of $69BN in 2 year notes would need a modest concession to show enthusiasm for the auction. And even though yields did push wider until the 1pm stop, it appears it was not enough and the auction was notably on the weak side.

Starting at the top, the high yield was 4.787%, a big jump from last month's 4.204% and the highest since June 24, largely thanks to last week's rate hike. To be sure, there is still some room before the 2Y takes out the generation high of 5.06% hit in 2023, but that was cold comfort to auction participants, and the auction tailed by 0.2bps the When Issued of 4.785%.

It wasn't all bad: the bid to cover was 2.627, better than last month's 2.599 and above the recent average of 2.606%. 

The internals were a touch weaker, with Indirects sliding from 66.01% to 57.79%, below the six-auction average of 58.6%. And with Directs rising to 29.0% from 23.1%, just above the recent average of 28.3%, Dealers were left with 13.2% of the auction, the highest Dealer allocation since March.

Overall this was an average auction, and while the internals were not too bad, the small tail suggested that the concession was not enough to inspire too much excitement.

Tyler Durden Tue, 09/22/2026 - 13:24

Turkish Airlines, Pegasus & AJet Cancel Iran Flights As US Sanctions Bite

Via Middle East Eye

Turkey's national carrier, Turkish Airlines, and budget airlines AJet and Pegasus have cancelled flights to and from Iran from September 21 as US sanctions take effect, a review by Middle East Eye indicates.

The Turkish Airlines and AJet websites have no flights to Iran until March, while Pegasus appears to have removed all flights to the country from its booking system for the foreseeable future.

via AFP

Iran International reported that a Turkish Airlines representative told the channel there was no guarantee flights would resume even after March 2027.

A person familiar with the issue told MEE that US Treasury sanctions on Iran's aviation sector were so severe that Turkish carriers had been forced to suspend their flights.

The person said that while restrictions on US-manufactured aircraft, such as Boeing planes, were understandable, the new sanctions also prevented Airbus aircraft from flying to Iran because they contained American-made components. The carriers had no other choice, the person added.

A Turkish official said that as of Monday, Mahan Air was the only Iranian carrier barred from flying to Turkey, leaving other Iranian airlines free to maintain services between the two countries for now.

Turkey and Iran have maintained a stable relationship and extensive energy and commercial ties despite successive rounds of US sanctions on Tehran.

However, Turkish President Recep Tayyip Erdogan has taken a different approach since US President Donald Trump moved to tighten economic pressure on Iran.

Over the weekend, Turkey revoked the banking license of Iran's Bank Mellat, which had operated in the country for decades.

US sanctions from September 23 could cut Iranian airlines off from global aviation services, threatening flights, fuel access and airport support. https://t.co/U2USXZwjRV pic.twitter.com/2E6e57tF4F

— Gulf News (@gulf_news) September 21, 2026

Turkey's banking regulator also took over Golden Global Investment Bank last week after the US imposed sanctions on the institution for allegedly transferring funds to the Iranian government.

Tyler Durden Tue, 09/22/2026 - 13:10

A gunman who murdered a local government worker in Northern California before cops shot him dead committed several crimes in the weeks before the attack.

During the Cuba section of the president's 38-minute address, Trump called the communist country an “absolutely failed state” and said the government "will fall.”

Bank Stocks Slide On Resurgent Agentic Fears

It used to be software that was the first casualty of fears of AI disruption. Today, it's the banks.

In a generally flat (and higher for tech stocks) market landscape, banks are conspicuously underperforming today, prompting questions what's the reason for the underperformance.  

According to some traders, the reason is the market's newfound obsession with the latest shiny agentic models that are taking the world by storm.

As Goldman trader Gaelle Jarrousse writes, she is noting the agentic hit on bank and insurance stocks. She lays it out as follows: 

I took a close look at INSTINCT, the ready to use personal agent with simple chat interfaces incl what's app integration. The other one is MUSE in the US. You can ask INSTINCT pretty much everything you want from find a bottle of wine and buy it for you, gym class, restaurants bookings, travel bookings but also find an insurance products and buy it for you, ie this is a one step ahead vs Moneysupermarket for example as INSTINCT does everything for you (5 min process vs a few hours). It is like having a personal assistant. And it will find the best available deal on the market.

She notes that the pushback is do you trust it to give your email address and credit card details to buy things but as time goes by, trust will increase especially with arrival of Muse.

One month ago, the WSJ did a profile on Instinct, calling it the "Latest Viral AI Assistant Rocketing Across Silicon Valley."

A new AI assistant is rocketing across Silicon Valley.

Months after OpenClaw, the viral AI-powered assistant, captured the attention of the technology industry, a company called Instinct appears to be gaining traction among early-adopting techies.

The startup began testing Instinct in private beta in February and quickly generated substantial interest among venture capitalists, who are among its earliest users. Its popularity surged earlier this month, as users began posting about what they saw as a highly capable AI assistant that worked fairly seamlessly, a goal technologists have long considered a holy grail.

Users of Instinct can call or text the AI bot and ask it to respond to emails, manage calendars, book a ride to the airport, arrange a handyman and more. Some users have reported using it to shop for homeowners insurance or order custom merch for a wedding.

“We saw someone buy a house on the platform. A lot of our younger users are using it to find apartment rentals,” Shinn said. “It’s a one-stop shop to do almost everything.”

Going back to Goldman, Jarrousse writes that we saw some early sell off in Telcos on the theme at the end of last week and we are seeing US banks and insurers down on the same theme today.

"I will pay attention to this and i started to get questions yesterday as a potential trigger for some profit taking in insurance esp when looking at the high valuation of Allianz which is a sector proxy."

She shares some additional color below: 

See table below, which is our best estimates based on company data, of Motor and non-motor exposure. The Nordics screen the highest on P&C exposure with Sampo, Tryg and GJEN at the top of the table. Admiral is the one of the pure play on the theme although we can argue that the UK is already very competitive. Amongst the multi liners Generali is at the top given retail P&C exposure followed by Allianz.

Looking at banks, KBC is the biggest P&C with about 20% of insurance revenues. Caixa and Intesa have 3-4% of P&C insurance exposure and I would argue that Italy and Spain are ripe for disruption on other products as well from deposits to asset management given high upfront fees, low betas. Historically the Irish have been weak each time agentic/ deposits competition kicks in and ING can come in the debate too given high L/D, deposits structure, positioning and NII expectations.  Outside of agentic, I am also bearish on Caixa given risk of short term NII disappointment due to deposits repricing vs time lag in asset repricing and a valuation at 2.5x P/TE. So overall I will be cautious on rates sensitive banks here  and Greece and Lloyds/ Natwest are now my only longs. On the Platforms, we have some constructive feedback from Italian trip and Munich conference on FINECO and FLATEX (see below) and I feel less concerned about those from an agentic disruption angle as they are the disruptors to incumbents and cash sitting on those platforms is meant is to be deployed/ invested. 

Goldman's US Financials specialist, Christian Degrasse, also confirmed that while he was seeing plenty of debate & inbounds coming in on sectors where price action is more muted today, a common starting point appears to be interaction with the consumer... with AGENTS are the primary focus...

...largely on businesses with Consumer Touch points as the market prices in risk that agents narrow the ability for companyies to monetize the consumer, and also change the landscape re lead generation & marketing .. this all comes amidst greater excitement around Muse + other agent products - and GS' Consumer Inertia basket (GSXUSWCH) is one of our most actively traded baskets in recent sessions .. 

There was some chatter yesterday on personal insurance (ALL), with focus today broadening out to Personal Insurance peers (PGR, TRV etc), Lead generators (investors have pointed to a couple of small cap insurance lead generators down HSD % - LDD %), Insurance Brokers (GSHD u/p peers 2 days in a row), Wealth Managers & Retail brokers (SCHW LPPA AMP RJF).. Banks are also trading heavy, and feedback here is debated – but focus does remain on banks with business mix geared towards the Consumer (Consumer deposits, wealth management) – which may explain from a high level the relative outperformance in smid banks (which in aggregate have less fee businesses like wealth + greater mix in commercial deposits) vs large banks – though positioning & liquidity may also potentially playing a part in todays volatility.

Payments … entered today where convos were very comfortable around V MA’s positioning on Agentic, and how integrated card was into present agent capabilities … Some questions here around whether the late morning underperformance is either 1) flow of funds driven (ie selling of liquid & owned financials) or 2) any worries around more direct wallet integration following announcement of a PYPL partnership (most feedback thinks #1 so far but welcome to views)

As we move into the afternoon – price action is somewhat indicative of investors in fins broadly pulling back & getting incrementally more defensive (with positioning starting to play a greater role in dispersion) … Signs = CBRE & JLL underperforming peers by ~2% (two popular names in real estate among Financials specialists), 2) large/liquid & defensive names viewed as (per feedback) having good tech (JPM) and/or well positioned on agentic (V MA), or more weighted towards commercial exposure (ie insurance brokers) trading heavy, 3) choppy underperformance across various sectors without direct agent reads (ie exchanges) ... In our view, this is all indicative of 1) the market pricing in a ‘uncertainty discount’ as investors potentially try to get up to speed on implications (risk/reward) on fundamentals, and 2) the market’s cognizant that in past choppy tapes that dealt with AI, it was better to be more patient rather than defending day 1 …

on that note, Mitola highlights volumes are High and we’re seeing 1) an uptick in thematic trading and a willingness to press names where an "agentic economy" presents a potential headwind & 2) a complete buyers strike with no signs of defense across the sector, similar to previous episodes YTD (AI risk, Perpetual Futures, etc) .. 

For now software, where shorts got badly burned after the recent surge, is insulated but as agents make a fresh push for attention - and disintermediation of traditional applications, how long before the pain returns? 

Tyler Durden Tue, 09/22/2026 - 12:55

An Argentine court ordered eight suspects to stand trial in absentia for the 1994 AMIA Jewish community center bombing that killed 85 people.

Danica Patrick was living her best life in Europe with her boyfriend while her ex, Aaron Rodgers accused her of publicly sharing a false narrative that he’s a “monster partner.”

Throughout, the disgraced attorney continued trying to interrupt the prosecution, repeating the word "liar" every few seconds.

A California Democrat's staffer has been arrested by federal immigration authorities in Las Vegas, according to the Department of Homeland Security.

A UK worker named Chloe sparked a viral debate after her manager denied her Christmas leave request to prioritize employees with young children.

The Olympian said she needs a reality TV show after constantly finding herself in wild situations.

The Olympian said she needs a reality TV show after constantly finding herself in wild situations.

The threat comes just weeks after Hurricane Marie battered the California coast with flooding and high tides.