Written by Gary
Dow closes lower as Wall Street posts its worst one-week sell-off since March (SPY -1.0%). Cruise stocks rise after CDC lifts no-sail order, clears industry to plan return.
The Market in Perspective
Here are the headlines moving the markets. | |
Western Europes Biggest Oilfield Set To Increase ProductionThe giant Johan Sverdrup oilfield in Norways North Sea is expected to increase its oil production this quarter after the Norwegian government raised the Q4 production permits for Western Europes biggest producing field, a minority partner in the project, Lundin Energy, said on Friday. In its Q3 results release, Lundin, which holds 20 percent in the oilfield operated by Equinor, said that permitted production under the government-mandated production cuts were raised for the Johan Sverdrup, Edvard Grieg, and Alvheim fields, after some | |
Exxon Flags Possible $30B Writedown After Third Straight LossExxonMobil (NYSE: XOM) warned on Friday that it could write down North American natural gas assets with a carrying value of up to US$30 billion as it reported its third consecutive loss this year amid low oil demand and oil prices. Exxon is currently re-assessing its portfolio to decide which assets with the highest potential to create value should be developed, the U.S. supermajor said in its Q3 earnings release. Depending on the outcome of the planning process, including in particular any significant future changes to the corporations | |
How Will Energy Markets React To The Election Outcome?Just in case you have been fortunate enough to have avoided all reference to it up until now, I should point out that there will be an election in America next week. At first, I was going to say next Tuesday, but given that even the timing of a full count of votes and the release of results have become politicized this time around, I erred on the side of caution. If something as uncontroversial as the counting and verification methods for election results that have been the same for a century or so are now partisan, however, one would assume that | |
The OPEC Deal Is Under ThreatAs Phase 3 of COVID rages globally, the UAE, Kuwait, and Iraq are uncertain about extending OPEC oil production cuts into 2021, which means that come November, the OPEC deal could come into question despite the clear demand lag amid a pandemic that shows no sign of letting up. This throws a wrench into efforts to rebalance the market, and even though Saudi Arabia, and even at-times-hesitant Russia, appear ready to continue 7.76 million bpd of cuts into the New Year, Iraq has always been an outlier, and now even UAE and Kuwait are having second | |
Oil Sees Worst Month Since MarchOil prices have hit a 5-month low as COVID cases climb, new lockdowns are put in place and reports emerge that OPEC may not maintain its production cut in 2021.For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more.Friday, October 30th, 2020Oil prices plunged this week after spending months trapped in a narrow | |
A Glimmer Of Hope For Texas Oil & Gas JobsCOVID Market Update The Texas Oil and Gas Association said this week that the state had managed to add 700 oil and gas exploration jobs in September. This would be the first increase since the pandemic struck. Although a glimmer of hope, U.S. Energy Secretary Brouillette said this week that he does not expect U.S. oil production to rebound in the United States any time soon. Brouillette expects U.S. oil production to stay around 11 million bpd through 2021. In Italy, troubling tanker activity trends are proving a bad omen for the | |
Private jet traffic to the Hamptons and Aspen is booming as the rich flee big citiesThe coronavirus pandemic is redrawing private jet flight patterns, as airports in resort towns see big jumps in traffic while flights near cities decline. | |
Cruise stocks rise after CDC lifts no-sail order, clears industry to plan returnBefore resuming commercial operations, the companies will face tests from the CDC on how safe their protocols are, the agency said. | |
U.S. reports record 88,521 new Covid cases as scientists warn of ‘exponential growth’“We’re starting to find ourselves on a steep slope of the epidemic curve, so I think you’re going to see cases accelerate,” Dr. Scott Gottlieb told CNBC on Friday. | |
Restaurants see a new wave of coronavirus restrictions as U.S. cases hit record highRestaurants are facing a new wave of restrictions, posing yet another obstacle in their attempts to stay afloat and recover from the coronavirus pandemic. | |
Doordash partners with Sam’s Club on same-day prescription deliveriesDoorDash announced Friday it is launching a partnership with Sam’s Club to provide same-day prescription delivery service to patients across the U.S. | |
McRib returns to McDonald’s nationwide for the first time since 2012Starting Dec. 2, McDonald’s McRib is returning to menus nationwide for the first time since 2012. | |
How Planet Fitness could survive Covid-19 while other gyms go bankruptGyms were forced to shut down in March 2020 to try to curb the spread of Covid-19, crippling the fitness industry, which is a $32 billion market in the U.S. | |
Donald Trump Jr. dismisses Covid deaths as ‘almost nothing’ even as U.S. averages 800 deaths per dayAverage daily new Covid deaths in the U.S. have not fallen consistently below 700 per day since July, according to Johns Hopkins University data. | |
‘Remain vigilant’ ” health advocates say don’t squander months of Covid sacrifice“People should not let their guard down now,” former FDA chief Scott Gottlieb told CNBC. | |
New York City’s 45 movie theaters make up 40% of the metro box office ” and only one of them is openNew York City has long been an important market for movies financially and symbolically. Currently all but one of its 45 theaters are closed. | |
The pandemic has exposed gaping problems with the U.S. health care systemThe coronavirus pandemic has fundamentally reshaped the U.S. health care system, and exposed some of its most gaping problems. | |
Under Armour’s strong footwear sales help drive earnings beatCEO Patrik Frisk cited higher demand for the athletic apparel maker’s products during the coronavirus pandemic, especially in North America. | |
Steve Cohen officially owns the New York Mets after MLB approves dealMajor League Baseball club owners and New York City Mayor Bill de Blasio approved of Steve Cohen’s purchase of the New York Mets. | |
Shocktober: Stocks Suffer Worst Pre-Election Plunge In HistoryShocktober: Stocks Suffer Worst Pre-Election Plunge In History Tyler Durden Fri, 10/30/2020 – 16:00 The Hunt for a Red October is over… must be the Russians… Global stocks suffered their worst week since March as it appears the constant liquidity pukage is losing its impact… | |
BidenGate, Bobulinski, & The Campaign Of FearBidenGate, Bobulinski, & The Campaign Of Fear Tyler Durden Fri, 10/30/2020 – 15:40 Authored by Tom Luongo via Gold, Goats, ‘n Guns blog, Everyone has a limit. Everyone. And when pushed to that limit we all have a choice, push back or submit. | |
Wall Street Braces For “Terrifying Risk” And A 20% Plunge In Just A Few DaysWall Street Braces For “Terrifying Risk” And A 20% Plunge In Just A Few Days Tyler Durden Fri, 10/30/2020 – 15:25 As we first discussed over a month ago, with a likely unprecedented volume of mail-in ballots, prospects for volatility enduring post-election day have rarely been higher, and is in fact higher today than a month ago when concerns about post-election vol initially spiked. | |
Buchanan: What The Next President FacesBuchanan: What The Next President Faces Tyler Durden Fri, 10/30/2020 – 15:05 Authored by Pat Buchanan via Buchanan.org, Of the presidents in the modern era, many have been dealt a difficult hand by history, but perhaps none more so than Donald Trump. | |
House prices climb to record high, says NationwideHouse prices rise at their fastest rate for five years as buyers race to avoid paying stamp duty. | |
Marriott Hotels fined APound Sterling18.4m for data breach that hit millionsUp to 339 million people may have been hit in a cyber-attack on a chain later bought by Marriott. | |
Eurozone bounces back to economic growthThe region saw 12.7% growth from July to September but GDP is still smaller than before the pandemic. | |
RIL Q2 takeaways: Petchem, Jio outperform; but GRM disappointsPetrochemical, refining and oil & gas business performed handsomely, but showed some chinks in the armour as gross refining margin shrank, as did margins for many petrochemical products. These businesses, historically, have been the cash cow for the company. | |
ICICI Bank Q2 preview: Multifold jump in profit likely; NIM may fall marginallyUpdates on incremental Covid-related provisions, collection efficiency, BB and below-rated book and restructuring would be keenly followed, analysts said. | |
Why you should avoid buying GE Power sharesAnalysts said weak domestic boiler market outlook and uncertainty surrounding its existing agreement with BHEL pose major challenges to the company’s earnings. | |
23 October 2020 ECRI’s WLI Marginally Continues To ImproveWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward marginally improved and remains in expansion. | |
Final October 2020 Michigan Consumer Sentiment ImprovesWritten by Steven Hansen The preliminary University of Michigan Consumer Sentiment for October came in at 81.8, up from the October preliminary of 81.2, up from September’s 80.4, and up from August’s 74.1. | |
Coronavirus update: U.S. counts more than 90,000 cases in a single day and The Lancet says Trump pandemic response is ‘disastrous’The U.S. death toll from the coronavirus illness COVID-19 topped 229,000 on Friday and cases rose above 9 million, with infections climbing in all swing states just days ahead of the presidential election. | |
: Markets are acting as if the polls are tilted to Biden, Goldman Sachs analysts sayFormer Vice President Joe Biden is favored to win the U.S. election no matter if you look at betting markets or polling. But the hard money on the election isn’t nearly as tilted toward Biden as polling would indicate. | |
Key Words: Watch: Georgia debate gets heated as Sen. David Perdue labeled a ‘crook’ by rival Jon OssoffThe third debate has been canceled after Perdue pulled out |
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