31Mar2021 Midday Update: Oil Jumps On Surprise Crude Draw, WTI Crude Rises To 61.07, Silver Rises Above 1700, DOW At 1 ET +45, Nasdaq +1.9%, Bitcoin Higher 59100

Here is the current market situation from CNN Money

North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively.

Google, Samsung, BMW And Volvo Support Ban On Deep-sea Mining

BMW, Volvo, Googleand Korean battery maker Samsung SDI, havevowed not buy metals produced from deep-sea mininguntil the environmental risks of the activity are comprehensively understood. The companies are the first global businesses to support a World Wildlife Fund (WWF)call for a moratoriumon mining the seabed, which could deal a major blow to firms planning to mine the deep ocean this decade. The signatories have also said they will not finance any deep sea mining companies. Before any

OPECs Production Rises In March As Iran Boosts Output

A large increase in Iranian oil production pushed overall OPEC oil output higher in March compared to February, the monthly Reuters survey found on Wednesday, suggesting that higher supply from members exempt from the OPEC+ cuts could spoil the cartels efforts to rebalance the market. OPECs crude oil production increased by 180,000 barrels per day (bpd) from February to stand at 25.07 million bpd in March, according to the Reuters survey of OPEC sources, sources at oil firms, and tanker-tracking data. The biggest contributor to the

Oil Jumps On Surprise Crude Draw

Crude oil inventories last week shed 900,000 barrels, the Energy Information Administration reported, adding inventories were at 6 percent over the five-year average for this time of the year. The report comes a day after the American Petroleum Institute reported an estimated build of 3.9 million barrels in crude oil and compared with a more moderate build of 1.9 million bpd that the EIA reported for the previous week. Analysts had expected an even more modest inventory build for last week, at 400,000 barrels. In gasoline, the authority reported

MBS: Aramco And SABIC To Lead $1.3 Trillion Investment Push

Aramco and its subsidiary SABIC will spearhead a $1.3-trillion private investment drive in Saudi Arabia to diversify its economy away from oil, the Kingdom’s Crown Prince, Mohammed, announced at a virtual conference. “Building a vibrant and prosperous private sector is one of the national priorities for the Kingdom and that is why we are today inaugurating a new and more powerful era in terms of cooperation and partnership between the government and private sector.,” Mohammed said. “The Shareek program we are announcing will strengthen the partnership

OPEC+ Sees Slower Oil Demand Recovery Amid New Lockdowns

An OPEC+ panel advising the group has revised down its global oil demand forecast for 2021 by 300,000 barrels per day (bpd) in light of the renewed lockdowns in Europe amid a third wave of the pandemic, Reuters reported on Wednesday, citing a report from the Joint Technical Committee (JTC) it had seen. The committee met on Tuesday, beginning the monthly OPEC+ meetings that are expected to decide how the alliance will proceed with the production cuts in May. The most recent edition of OPECs Monthly Oil Market Report projecting

Will The Worlds Newest Oil Benchmark Be A Success?

At a time when highly leveraged U.S. exploration and production (E&P) companies have been struggling with dwindling valuations, shrinking credit lines, and mounting bankruptcies, Middle East state-owned oil and gas companies (NOCs) appear to be having little trouble courting foreign investors. The majority of investors are aware of oil giant Saudi Aramcos moves, including its IPO and (self-estimated) $2 trillion valuation. Few, however, know about the other Middle East oil giant that could actually beat Aramco to the public punch: The

Higher commodity costs lead to price hikes from Kimberly-Clark and other consumer giants

Kimberly-Clark said Wednesday that it would hike prices on staples like Scott toilet paper and Huggies diapers.

Michael Jordan’s brand taking next steps in $100 million commitment to the Black community

Michael Jordan will launch a community grants program for organizations assisting Black communities through his apparel brand.

End of a Covid era: Delta to stop blocking middle seats on May 1

Delta says it will start selling all seats on board starting May 1, ending more than a year of Covid-era capacity caps.

Tonal, the at-home fitness company backed by Amazon, hits $1.6 billion valuation on new funding round, readies for IPO

The at-home fitness start-up Tonal said it has raised an additional $250 million in funding, valuing the business at $1.6 billion.

Fernando Alonso: How a sandwich wrapper foiled returning champion’s Bahrain GP with Alpine F1

Fernando Alonso was forced into an early retirement on his long-awaited Formula 1 return at the Bahrain GP in bizarre circumstances.

Free with Covid vaccine: Krispy Kreme, marijuana, beer and more

From Krispy Kreme doughnuts to marijuana and cash, here is a growing list of the free stuff available in return for getting vaccinated.

These top-rated frequent flyer programs can lower cost of post-Covid travel

As Americans vacation in increasing numbers, airfares are set to skyrocket. Here’s a look at the best frequent flyer rewards programs, ranked by WalletHub.

Supreme Court appears willing to side with college athletes against NCAA in compensation case

The Supreme Court appears likely to affirm a lower court decision against the NCAA allowing colleges to provide student athletes education-related benefits.

Here’s how Biden’s $2 trillion infrastructure plan addresses climate change

If signed into law, Biden’s infrastructure plan would rank as one of the largest federal efforts ever to curb U.S. greenhouse gas emissions.

Kroger looks to make online grocery orders more profitable, double digital sales by end of 2023

Company leaders said the supermarket operator will fulfill online orders more efficiently and grow its ads business as an alternate revenue stream.

Covid was the third leading cause of death among Americans in 2020, behind heart disease and cancer, CDC says

Covid killed more people than unintentional injuries, strokes, chronic respiratory disease, Alzheimer’s, diabetes, influenza and pneumonia and kidney disease.

‘There is no middle ground’ ” Black CEOs urge companies to oppose restrictive voting laws

“Corporations have to stand up. There is no middle ground,” former American Express CEO Ken Chenault told CNBC.

Bing Crosby’s former estate with ‘secret room’ hits the market for $13.75 million ” take a look inside

The three-acre Northern California estate where œWhite Christmas crooner Bing Crosby once lived has just hit the market for under $14 million.

Convicted Felon Arrested For Brutal Attack On Elderly Asian Woman

Convicted Felon Arrested For Brutal Attack On Elderly Asian Woman

A parolee who was convicted of stabbing his mother to death in 2002 was arrested on a felony hate crime charge for a Monday attack on an elderly Asian woman outside a midtown Manhattan luxury apartment, while shouting “you don’t belong here,” according to an early Wednesday statement by New York police.

Police said Brandon Elliot, 38, is the man seen on video kicking and stomping the woman on Monday. They said Elliot was living at a hotel that serves as a homeless shelter a few blocks from the scene of the attack.

Elliot, who is Black, was convicted of stabbing his mother to death in the Bronx in 2002, when he was 19. He was released from prison in 2019 and is on lifetime parole. -AP

AOC: Calling The Border Crisis A ‘Surge’ Pushes ‘White Supremacist Philosophy’

AOC: Calling The Border Crisis A ‘Surge’ Pushes ‘White Supremacist Philosophy’

Authored by Annaliese Levy via saraacarter.com (emphasis ours)

Rep. Alexandria Ocasio-Cortez (AOC), D-N.Y., has criticized the use of the word œsurge to describe the border crisis because it œconsciously is trying to invoke a militaristic frame.

œThey wanna say, ‘But what about the surge? Ocasio-Cortez said to her Instagram followers during a live broadcast on Tuesday. œWell, first of all, just gut check, stop. Anyone who’s using the term ‘surge’ around you consciously is trying to invoke a militaristic frame.

The Democratic œsquad member went on to say that anyone using t …

If Yields Rise 7bps Today, Q1 Will Be The Worst Quarterly Rout For Treasurys In The 21st Century

If Yields Rise 7bps Today, Q1 Will Be The Worst Quarterly Rout For Treasurys In The 21st Century

On the last day of Q1, the quarter seems to be ending very much how it began, with Treasury yields rising to fresh highs as investors await the announcement of further spending proposals in President Biden’s infrastructure package while buying stocks first (the S&P just hit a new all time high) and asking questions later.

Indeed, as DB’s Henry Allen writes, the rise in 10yr Treasury yields in Q1 so far had reached a massive +82.7bps (0.797bps at the time of writing), which puts them just shy of the 21st century’s other quarterly records back in Q4 2016 (+85bps) when President Trump won the presidential election, and Q2 2009 (+87bps) as the global economy was climbing out of the financial crisis. Of note: even the 2013 taper tantrum was a far more modest, and slow move compared to what we have seen now.

And while everyone is waiting for Biden to reveal further details from his infrastructure package on Wednesday, should today’s Biden speech spark a further climb in yields, that could then leave this as the biggest quarterly rise going all the way back to the Great Bond Massacre of Q1 1994, when yields blew out +94.4bps.

“But Dr. Fauci Says…”

“But Dr. Fauci Says…”

Authored by Josh Kantrow via AmericanThinker.com,

I was surprised to receive his text message because I had not heard from him in over a year, he had not responded to two of my texts sent eleven and nine months ago, and we used to see each other about every six to eight weeks for coffee or drinks to talk politics.

And it apparently dealt with an urgent matter: “I need to talk to you, ASAP,” it read.

I was concerned he was in trouble, so I responded and we spoke yesterday.

The person I spoke with, who I will call “Jim,” to protect his privacy (although he doesn’t really deserve it), started off the conversation by stating:

“Something is wrong with you.”

When I asked him to elaborate, he said

“People like you are the reason things are not back to normal.”

And on and on his rant went.

The upshot is that Jim, a man of the left in his late 40s, has been following me on social media and was highly agitated about the fact that, since travel opened back up, I’ve spent a significant amount of time roaming around our beautiful country, mostly out west, enjoying the great outdoors hiking, biking, rafting, skiing, etc., with various family members, as I work remotely.

My explanations (not that he deserved any) that we observe all local, state, and federal mandates, and reasonable precautions, fell on deaf ears.Â

Jim signaled his virtue through …

Deliveroo shares tumble on stock market debut

Deliveroo shares close well below their expected price after big investors’ attitude to company soured.

Biden to unveil spending plan worth trillions

The $2tn investments are aimed at re-igniting the country’s economic growth and helping combat climate change.

PwC says start when you like, leave when you like

Accountancy giant staff can choose the hours they work and mix home and office following pandemic.

RBI consults banks on rupee intervention strategy

Banks suggested that the central bank intervene in the spot market instead but do so in conjunction with liquidity draining measures such as Special Deposit Schemes (SDS), Market Stabilisation Bonds (MSS) or even RBI-issued bonds, although the latter will require a legislative change.

Investors’ wealth rises massively by over Rs 90.82 lakh cr in FY21

In an unprecedented rally, the 30-share BSE Sensex jumped 20,040.66 points or 68 per cent this fiscal year, braving many uncertainties due to COVID-19-led disruptions.

Lodha Developers may hit capital market on Apr 7 with Rs 2,500 cr IPO

Mumbai-based Lodha Developers Ltd, which has been renamed Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) last month.

February 2021 Headline Pending Home Sales Again Significantly Declines

Written by Steven Hansen

The National Association of Realtors (NAR) seasonally adjusted pending home sales index declined. Our analysis shows significant slowing this month. The quote of the day from this NAR release:

… The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift but contracts are not clicking due to record-low inventory.

Capitol Report: Biden to make pitch for $2.3 trillion infrastructure plan in Pittsburgh speech on Wednesday afternoon

President Joe Biden on Wednesday is rolling out a massive infrastructure plan as he visits Pittsburgh.

Coronavirus Update: Global COVID case tally climbs for fifth straight week, highlighting need to ensure vaccine equity

The number of global confirmed cases of the coronavirus-borne illness COVID-19 rose for a fifth straight week through March 28, according to the World Health Organization, and the number of deaths rose for a second week, highlighting the need for leaders to work to ensure all countries have access to vaccines.

Outside the Box: This simple change would eliminate much of the COVID-19 vaccination chaos

Learn from supply-chain management.