Written by Gary
Oil prices will average below $50 in 2021 (SPY -0.8%). Wall Street sell-off picks up steam, stocks pullback led by energy.
Here is the current market situation from CNN Money | |
What Is Moving the Markets
Here are the headlines moving the markets. | |
OPEC Oil Output Soars As Production Cut Decision LoomsDriven by a faster-than-expected comeback of Libyan oil production, OPECs crude output jumped in November by 750,000 barrels per day (bpd), the fifth consecutive increase in the cartels production, the monthly Reuters survey showed on Monday. The 13 members of OPEC have produced a total of 25.31 million bpd in November, a massive 750,000 bpd increase from October as Libyas oil production rose by nearly 700,000 bpd, according to the Reuters survey of ship-tracking data and sources from OPEC, consultants, and oil companies. OPECs | |
Islamic State Claims Attack On Iraqi RefineryIslamic State militants launched a rocket strike against an Iraqi refinery causing its shut-down, Reuters has reported, citing officials from the facility. In a statement on the terrorist groups official channel, IS took responsibility for the attack, which caused a fire at a fuel storage tank, which has been put under control. We completely shut down production units to avoid extensive damage that could result,one of the Reuters sources said. The Siniya refinery, located in Northern Iraq, has a daily processing capacity | |
Oil Prices Will Average Below $50 In 2021Despite the recent progress in vaccine development, oil prices will continue to be subdued in the first half of next year, while oil prices will not average above $50 for the whole of 2021, the monthly Reuters poll of analysts showed on Monday. The U.S. benchmark WTI Crude is set to average $46.40 per barrel next year, compared to $46.03 a barrel expected in the previous months poll, according to the survey of 40 economists and oil analysts. The experts see Brent Crude averaging $49.35 a barrel in 2021, slightly down from $49.76 | |
Saudi Arabia Bombs Houthi Rebels In Response To Aramco AttackThe coalition led by Saudi Arabia bombed camps of the Houthi rebels in Yemen on Friday after Houthis hit a petroleum distribution center of oil giant Saudi Aramco near Jeddah earlier this week, AFP reported on Friday, citing its correspondents and eyewitnesses. The Saudi-led coalition hit sites believed to be holding rebels of the Iran-aligned Houthi movement in the Yemeni capital Sanaa, the port city of Hodeida, and the city of Amran north of Sanaa, AFP reports. There was no immediate confirmation about casualties in the airstrikes, | |
The Worlds Largest Trade Pact Could Crush U.S. Gas ExportsRecent political and geopolitical developments in the United States and Asia could undermine American energy exports to the biggest regional importer of crude oil, natural gas, and coal. Two weeks ago, fifteen countries in the Asia-Pacific regionincluding China and Australiasigned the worlds newest and largest trade pact. The Regional Comprehensive Economic Partnership (RCEP) Agreement is set to gradually reduce and, in some cases, eliminate, trade tariffs on goods, including commodities. The biggest | |
Canada’s Oil Industry Will Be Indispensable For Decades To ComeCanadas oil industry has been among those hardest hit by the coronavirus pandemic. Already struggling with low oil prices brought about by transport capacity shortage, Canadian oil producers this year had to contend with the slump in demand that the pandemic caused and a strong political push towards more renewable energy. And yet, according to a new report, oil is set to remain Canadas main source of energy in 2050. Canadas fossil fuel consumption peaked last year, according to Canadas Energy Future 2020 report | |
A historic Atlantic hurricane season is ending. Here’s a look at the records it shatteredAn unforgiving hurricane season shattered records this year and battered parts of Central America and the U.S. Gulf Coast. | |
Thanksgiving air travel rises to pandemic high ” but still less than half of last year’s levelsAir travel surged during the Thanksgiving break despite warnings from health officials. | |
Up to 30% of Americans may be infected with coronavirus by year-end, Dr. Scott Gottlieb says“You’re getting to levels where this virus is not going to circulate as readily,” the former FDA chief told CNBC on Monday. | |
The first doses of the Covid-19 vaccine could go out next month. Distributing it to over 330 million people living in the U.S. is the next hurdleDoses of Pfizer’s Covid-19 vaccine could go out next month. The process of distributing the medicine, however, could prove a logistical challenge. | |
Cyber Monday sales could reach $13 billion, testing everything retail learned during the pandemicCyber Monday is expected to be the largest digital sales day ever in the U.S., with spending reaching between $10.8 billion and $12.7 billion. | |
Nikola shares crater by more than 20% after GM gives up equity stake in smaller, reworked dealGeneral Motors and Nikola announced a reworked, smaller agreement that abandons plans to build Nikola’s Badger pickup truck for consumers. | |
Under Armour launches a brand with NBA star Steph Curry to better compete with Nike’s JordanUnder Armour announced its official launch of the Curry Brand with NBA star Stephen Curry, in a bid to reach more younger consumers and compete with Nike. | |
Moderna says new data shows Covid vaccine is more than 94% effective, plans to ask FDA for emergency clearance later MondayModerna will be the second drugmaker to seek emergency use from the FDA after Pfizer applied for the same authorization on Nov. 20. | |
First ‘mass air shipment’ of Pfizer’s Covid vaccine arrives as airlines prepare for moreUnited’s first flight carrying Pfizer’s Covid-19 vaccines arrived in Chicago on Friday. | |
Stocks making the biggest moves midday: Moderna, IHS Markit, Nikola, Carnival & moreModerna shares rally on strong efficacy data. Nikola craters after GM gives up its equity stake in the company. | |
Elon Musk says SpaceX’s next Starship test flight may happen as early as WednesdaySpaceX may attempt the next test flight of its Starship prototype rocket as early as Wednesday, CEO Elon Musk shared . | |
Watch live: New York Gov. Andrew Cuomo holds a press briefing on Covid after NYC reopens some schoolsNew York’s seven-day average of new cases was higher than 6,400 as of Sunday, up over 24% compared with a week ago. | |
How to snatch Cyber Monday online shopping deals without compromising your personal financial dataMore shoppers are expected to buy online this year amid the Covid-19 pandemic. But consumers should also beware of certain risks while shopping on the web. | |
NYC Positivity Rate Tops 4%, NJ Cancels Youth Sports And Cuts Gathering Limits: Live UpdatesNYC Positivity Rate Tops 4%, NJ Cancels Youth Sports And Cuts Gathering Limits: Live Updates Tyler Durden Mon, 11/30/2020 – 12:21 Summary: NYC positivity rate tops 4% NY sees another 6k+ new cases WHO: treat slowdown in cases with caution NJ Gov tightens restrictions NYC limits viewing times for Rockefeller Christmas tree Moderna sends in emergency application Hong Kong orders civil servants to work from home Italy approves fourth stimulus package California tops 15k cases France sees fewest new cases in nearly 2 months Germany’s Merkel says Germany can’t continue compensating companies for lost sales Hong Kong imposes new restrictions Canada expands travel ban UK’s Johnson says tiered system will have ‘sunset’ date of Feb. 3 * * * Update (1215ET): New York City’s COVID-19 positive test rate has climbed to 4.03%, based on a seven-day average, while the daily test rate was 4.69%. The lower 7-day number is skewed by lower testing number from last week, said Mayor Bill de Blasio during a press briefing on Monday. He also announced that in-person viewing of the Rockefeller Center Christmas tree would be controlled, and limited to 5-minute sessions. Meanwhile, Gov Cuom … | |
French Protesters Set Fire To Central BankFrench Protesters Set Fire To Central Bank Tyler Durden Mon, 11/30/2020 – 12:05 One of the recurring questions amid the year’s countless BLM protests and associated riots has been why instead of burning and looting innocent businesses, the angry mob does not target the source of all wealth, income and social inequality – not just in the US but the world – the central bank, i.e. Federal Reserve (located at 2051 Constitution Ave. NW, Washington, DC 20418 for those unaware). Yet while US protesters and rioters still need guidance what buildings to burn down, their French peers are finally catching on. Over the weekend, tens of thousands of critics of a proposed security law that would restrict the filming of police officers protested across France on Saturday, and officers in Paris who were advised to behave responsibly during the demonstrations repeatedly fired tear gas to disperse rowdy protesters. The controversial Article 24 of the bill seeks to protect police officers from doxing and harassment, and bans filming of cops on duty and sharing their images online with the “intent to harm.” Civil liberties groups, journalists, and people who have faced police abuse are concerned that the measure will stymie press freedoms and allow police brutality to go undiscovered and unpunished. œWe have to broaden the debate, and by doing that, we say that … | |
Dr. Fauci Finally Confirms That Children Don’t Catch Or Transmit COVID-19 In Large NumbersDr. Fauci Finally Confirms That Children Don’t Catch Or Transmit COVID-19 In Large Numbers Tyler Durden Mon, 11/30/2020 – 11:45 Authored by Stacey Lennox via PJMedia.com, Better late than never. Perhaps because he believes Joe Biden will be inaugurated in January, Dr. Fauci is finally admitting that children do not get terribly ill from or transmit COVID-19 in any significant way. Weird, since Switzerland figured this out in April. Detailed genetic studies in Iceland showed that children were not passing the virus to adults in any significant numbers in June. And German researchers asserted that children could actually act as a brake on transmission within the community. | |
Oil Tumbles After Headlines Suggest Saudis Consider Quitting OPEC Joint Monitoring CommitteeOil Tumbles After Headlines Suggest Saudis Consider Quitting OPEC Joint Monitoring Committee Tyler Durden Mon, 11/30/2020 – 11:32 Update (1130ET): While there was a lot of uncertainty about the OPEC+ meeting, this headline (from Bloomberg) was not one of them…
The reaction in crude prices was insta-selling, pushing WTI back below $45… | |
Topshop owner’s collapse is ‘inevitable’Sir Philip Green’s failure to invest in Arcadia has led to its downfall, says a former boss of Topshop. | |
Has Topshop boss Philip Green done anything wrong?Every generation has its business pantomime villain – what’s the real story with Philip Green? | |
Is my pension ruined if a retail empire crumbles?The expected collapse of Topshop owner Arcadia means many pension holders are likely to take a hit. | |
Bitcoin rallies above $19,000 after biggest rout since pandemicThe most-traded digital coin rose over the weekend and added almost 5% more on Monday to $19,109. That topped its peak closing level reached last week, before prices started tumbling. A Bloomberg gauge of the biggest cryptocurrencies is up 13% from Friday. | |
Nifty setup extremely risky, don’t chase momentumRegardless of the global setup that we inherit on Tuesday morning and some incremental up moves that we may see, the domestic technical setup has now become extremely risky. Chasing momentum would just not be a good idea. | |
How India’s growth-inflation dynamics have turned wobblyOwing to the global deluge of capital flows along with the likelihood of Covid-19 vaccine being designed, the equity market continued to show a buoyant trend. | |
London Markets: FTSE 100 rounds off bumper November with losses as BP and Shell fall during OPEC meetingThe FTSE 100 suffered losses on Monday, led by oil majors BP and Shell amid a crucial OPEC meeting. | |
Market Snapshot: Dow trades nearly 400-points lower, but remains set for best month since 1987Stock-market benchmarks trade lower on Monday, but equities remain on track for a historic month as investors cheer progress toward vaccines while looking past a surge in COVID-19 cases. | |
Futures Movers: Oil prices fall as OPEC+ debates expansion of output cutsOil futures fall Monday, under pressure as the Organization of the Petroleum Exporting Countries and its allies debate whether to delay an easing of output curbs due to take place in January. |
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