Written by Gary
Ford’s U.S. sales fell 15.6% in 2020 (SPY +1.2%). Oil jumps on major crude inventory draw.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly higher today with shares in Mexico leading the region. The IPC is up 2.73% while U.S.’s S&P 500 is up 1.17% and Brazil’s Bovespa is up 0.53%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| The Worlds First Major Hydrogen Hubs Are In The MakingA profuse literature on hydrogen is coming forth from companies, governments, and energy market analysts. All are seeking the most likely paths forward for what is anticipated to be a key energy intermediary in a future carbon-free economy. It is all conceptual for now, as hydrogen production for industrial use remains quite carbon-intensive. It looks to later in the 2020s and 2030s, when hydrogens importance as an energy store and carrier should emerge. Hydrogen may prove indispensable for energy storage in the power sector, and for the |
| Guards Block Oil Loading At Libyan PortPetroleum facilities guards at an oil export terminal in eastern Libya have delayed the loading of at least one crude oil cargo and are threatening to block exports until their demands to be paid their salaries are met, the manager of the Hariga oil port told Reuters on Wednesday. The oil export terminal at Hariga was one of the first to resume exports in September 2020, after the eight-month-long blockade of all Libyan ports was lifted. The head of the Libyan National Army (LNA), General Khalifa Haftar, whose troops, with help from affiliated |
| Oil Jumps On Major Crude Inventory DrawCrude oil prices rose further today after the Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the last week of 2020, despite hefty builds in fuel inventories. The report came a day after the American Petroleum Institute estimated a relatively modest draw in oil inventories, at 1.66 million barrels. This draw, however, was accompanied by substantial inventory builds in gasoline and middle distillates: 5.47 million barrels and 7.14 million barrels, respectively. The EIA, for its part, estimated gasoline |
| Alaska Judge Rules In Favor Of Oil, Gas Drilling In Wildlife RefugeAn Alaska judge has ruled against a request for an injunction against a lease sale in the Arctic National Wildlife Refuge in Alaska scheduled for today, letting the tender proceed. The AP reports that District Judge Sharon Gleason motivated her decision with failure on the part of the plaintiffsenvironmentalists and Native American communitiesto show the likelihood of harm, which is a necessary prerequisite for an injunction. The Trump administration first floated plans to open up the Arctic National Wildlife Refuge for oil and gas |
| Goldman Sachs: Here’s What’s Behind Saudi’s Shocking Production Cut DecisionThe first monthly OPEC+ meeting to decide on the groups production ended with an unexpected, in fact shocking two-month agreement: Saudi announced an unexpected and unilateral production cut of 1 mb/d in February and March, Russia and Kazakhstan will instead increase output modestly to meet seasonal needs while other producers will remain at their January levels. Of the three, the Saudi decision to cut production by 1 million barrels came as a shock to the market, sending oil sharply higher. What has behind it? As Goldman’s commodity strategist |
| U.S. Oil Executives Cautiously Optimistic About 2021The worst seems like its over for the U.S. oil industry. Yet executives are entering the new year with cautious optimism, the latest Dallas Fed survey of the industry suggests. Despite an improved outlook for oil and gas in the final quarter of 2020, the biggest portion of respondents in the quarterly survey said they only expected a slight increase in capital spending this year after a disastrous 2020 that saw hefty budget cuts. The cautiously optimistic executives, however, represented a bit over a third of the total, with 14 percent expecting |
| EU gives final approval for Moderna Covid vaccine, paving way for extra dosesModerna’s vaccine is the second to be greenlit by European regulators. |
| Covid variant found in South Africa is worrying experts: Here’s what we know so farThe strain of the coronavirus that has emerged in South Africa is causing concern around the globe. |
| Impossible Foods cuts prices for food-service distributors, moving closer to parity with meatImpossible Foods is drawing closer to achieving price parity with the meats its products mimic with another round of wholesale price cuts. |
| What people might not be allowed to do if they don’t get vaccinatedSome have speculated that vaccine refusers could be banned from flying, as well as entering restaurants, shops, and other venues. |
| Neil Young sells 50% of publishing rights to his entire song catalog to UK investment fundLegendary folk rocker Neil Young has sold 50% of his song catalog to the Hipgnosis Songs Fund. |
| South African Covid variant appears to ‘obviate’ antibody drugs, Dr. Scott Gottlieb saysDr. Scott Gottlieb explains why vaccinating Americans against Covid is critical, especially as the South Africa variant appears to inhibit antibody drugs. |
| Watch live: Trump officials discuss Covid vaccines amid slow U.S. rolloutOfficials from the Health and Human Services Department and Pentagon are holding a joint briefing on Covid-19 vaccine program Operation Warp Speed. |
| Macy’s is closing dozens of stores this year. Here’s the full listThe closures are part of a previously announced plan by Macy’s to shut 125 locations by 2023. Last year, it closed about 30 stores. |
| The Covid vaccine’s long journey: How doses get from the manufacturing plant to your armThe Covid vaccine’s distribution involves complex logistics, from cooling it with dry ice to making sure snowstorms don’t delay shipping. |
| Dr. Scott Gottlieb: Getting Covid vaccine doesn’t mean people can just return to pre-pandemic life“It’s not going to be like it was in 2017 and 2018, when we didn’t worry at all about catching a respiratory pathogen,” Dr. Scott Gottlieb told CNBC. |
| Ford’s U.S. sales fell 15.6% in 2020 due to Covid and F-150 availabilitySales of the popular full-size pickup were off a third in the fourth quarter, leading to a 12.2% decline in 2020 for the automaker’s F-Series trucks. |
| UK auto sales hit lowest since 1992 despite electric cars posting ‘best-ever year’The U.K.’s best selling car in December 2020 was the Tesla Model 3. |
| Researchers expect the US to face underpopulation, blaming a falling birth rate and economic crisesEvery 1 percentage point increase in the unemployment rate reduces births by 1 percent, according to data collected following the Great Recession. |
| Watch Live: Trump Promises Supporters He Will Never ConcedeWatch Live: Trump Promises Supporters He Will Never Concede Update (1200ET): Getting a late start once again, President Trump kicked off his speech at the “Save America” rally in Washington DC by promising that he would “never concede”, while pleading with VP Mike Pence to “do the right thing.” * * * As hundreds of thousands of Trump supporters flood downtown Washington ready to march to Capitol Hill in the latest “Stop the Steal” rally, President Trump is expected to speak at 1100ET, where he will address his supporters and likely offer some commentary on the votes in Georgia. Trump is slated to speak during the “Save America ” Rally on the Ellipse. The event is organized by “Women for America First”.
Organizers expect up to 1.5 million people to attend the rallies. Doors open for the event at the Ellipse, a 52-acre park south of the White House, four hours before Trump is scheduled to speak. Amy Kremer, one of the organizers, said Tuesday that the event will be “the largest ral … |
| Geomagnetic Storm Expected To Strike Earth’s Magnetic Field TodayÂGeomagnetic Storm Expected To Strike Earth’s Magnetic Field Today A minor (G1-class) geomagnetic storm watch is in effect for Jan. 6 as a coronal mass ejection (CME) is expected to strike Earth’s magnetic field, according to SpaceWeather.Â
On Jan. 2, the Sun released a blast of energy that has taken at least four days to reach Earth.Â
NASA’s Solar Dynamics Observatory filmed the eruption from the Sun. NASA’s Space Weather Prediction Center shows the Planetary K-index, used to characterize the magnitude of geomagnetic storms, is already showing the Earth’s magnetic field is being disrupted at the moment. |
| The Other Rotation – Gold-To-Crypto Flows AccelerateThe Other Rotation – Gold-To-Crypto Flows Accelerate A rebound in real yields (as nominal rates surge) has slammed the brakes on precious metals (even as the dollar dives)…
Source: Bloomberg Gold surged up to pre-vaccine levels last night on the Dems win but has been monkeyhammered lower this morning…
And as PMs suffer, cryptos are surging higher with Ethereum now back above $1200… |
| Full List: 77 Representatives, 13 Senators Pledge To Object To Electoral VotesFull List: 77 Representatives, 13 Senators Pledge To Object To Electoral Votes Authored by Zachary Stieber via The Epoch Times, Ninety Republicans have committed to objecting to electoral votes during the joint session of Congress on Jan. 6, according to an Epoch Times tally. That includes 13 senators. Congress is convening in Washington to count ballots sent by state electors, under the Electoral College system. Congress will determine who is president-elect based on the votes. President Donald Trump ran for a second term against Democratic presidential nominee Joe Biden. Objections must be in writing and have the support of at least one senator and one representative. An objection triggers a withdrawal from the joint session and a two-hour debate, followed by a vote. A majority vote in each chamber votes upholds an objection, which would nullify the contested electoral votes.
House Democrats are planning to use the debate time to present their œconstitutional, historical, and thematic justification for respecting the will of the people, House Speaker Nancy P … |
| Shoppers told not to buy more than normalStores seek to reassure shoppers that there is no need to bulk-buy in new lockdown. |
| McDonald’s pauses walk-in takeaways in lockdownDrive-through and delivery services will still be available while it reviews its safety procedures. |
| Fake NHS vaccine messages sent in banking fraud scamOne scam tells recipients they are “eligible to apply for your vaccine” with a link to a bogus NHS website. |
| NYSE reverses again with plan to delist China telecom firmsThe exasperation reached the highest levels of the administration of President Donald Trump, who signed an executive order in November requiring investors to pull out of Chinese businesses deemed a threat to U.S. national security. |
| Faang stocks slide on regulatory worries, reflation angstThe Faang megacap stocks fell premarket Wednesday after Democrats won one of two seats in Georgia that they need to take control of the U.S. Senate. The other race remains too close to call. |
| Sebi prepares ground to end NSE’s dominance with liberal ownership norms for MIIsSebi’s move comes in the backdrop of multiple technological failures encountered by the NSE and both the Central Depository Services Ltd and National Securities Depository Ltd over the past few years and concerns over dominant market shares of these companies. |
| : Brazilian president says his country is ‘broke’ ” here’s whyBrazilian President Jair Bolsonaro said that he couldn’t œdo anything about it, laying the blame on what he called the œpress-fueled coronavirus pandemic. |
| : Americans’ retirement savings may not be that safe after all, new survey findsWomen and men approached retirement savings differently during the pandemic. |
| Key Words: The ‘trickle’ of corporate cash into bitcoin could become a ‘torrent,’ says Bill MillerInvestor Bill Miller remains bullish on bitcoin as it continues its surge, arguing that it’s wider institutional acceptance has yet to attract more than a œtrickle of corporate cash. |
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