Written by Gary
ECRI’s WLI Growth Rate Marginally Improved and US rig count jumps as oil prices stabilize (SPY -0.7%). US Treasury yields slip after weak data underlines consumer weakness.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Oil Major Total Withdraws From API Over Climate Policy DifferencesTotal will not renew its membership in the American Petroleum Institute (API) for 2021 due to divergences with the main U.S. oil lobby over climate policies, the French oil and gas supermajor said on Friday. For 2019 and 2020, Total found APIs positions partially aligned to its own, but some divergences remain. Those include APIs support for the rollback of U.S. regulation on methane emissions, which Total opposed in November 2019, and APIs membership in the Transportation Fairness Alliance, which is opposed to |
| OPEC Predicts A Rebound In U.S. ShaleOil prices fell back on Friday morning as demand fears grow, but OPEC has predicted an increase in U.S. shale production at current price levels.With 2021 shaping up to be one of the most important years for the energy sector in modern history, there is no better time to become an Oilprice.com premium member. Sign up today to get breaking news, expert analysis, and trading tips.Friday, January 15th, 2021Oil prices fell back on Friday over demand concerns. News that China has reported its highest Covid-19 case count in months weighed on market sentiment.OPEC |
| Tesla May Be Readying Model S And Model X UpdateTesla is clearing all inventory of Model S and Model X across stores and showrooms, multiple reports say, suggesting that the electric vehicle maker is preparing design refresh of the two models. Tesla has told employees to clear all inventories of Model S and Model X in all markets by the end of the month, Electrek reported on Friday, citing sources with knowledge of the plans. It is not typical for Tesla to clear inventory at the start of a new quarter, which, Electreks Fred Lambert argues, could indeed mean that a design refresh for Model |
| OPEC Oil Revenues Could Slump To 18-Year LowOPECs crude oil export revenues for 2020 could decline to $323 billion, the U.S. Energy Information Administration said in a new report, noting that this would be the lowest revenue level in 18 years. This would compare to $595 billion in oil revenues for 2019, the authority added. Unsurprisingly, the biggest chunk of OPECs collective oil revenues for 2020 will be for Saudi Arabia as the biggest exporter in the cartel. For 2019, Saudi Arabias oil revenues totaled $202 billionmore than a third of the totalbut last |
| U.S. Rig Count Jumps Again As Oil Prices StabilizeThe U.S. oil rig count increased for the eigth consecutive week as drillers capitalize on higher oil prices Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 13 to 373. The oil and gas rig count has risen for eight weeks in a row for a total gain of 63. The oil rig count increased by 12 this week, while the number of gas rigs increased by 1. The number of miscellaneous rigs was unchanged. Total oil and gas rigs in the United States are now down by 386 compared to this time last year, just a handful |
| Oil Prices Under Fire As Traders Cite Demand ConcernsOil prices dropped early on Friday, as expanding lockdowns in China weighed on market sentiment about immediate global oil demand, while a stronger U.S. dollar also dragged crude futures down. As of 9:47 a.m. ET on Friday, WTI Crude prices were down by 1.34 percent at $52.89 and Brent Crude was trading down 1.49 percent at $55.58. Brent prices were headed for their first weekly loss in three weeks, while the U.S. benchmark was poised for a tiny weekly gain early on Friday. According to Bloomberg estimates, WTI Crude was set for a weekly gain in |
| WHO says Covid vaccines aren’t ‘silver bullets’ and relying entirely on them has hurt nationsWith global deaths reaching 2 million and new strains of the virus appearing, world leaders need to do all they can to curb infections, the WHO said. |
| New Covid variant first found in UK could become dominant strain in U.S. by March, CDC says“The modeled trajectory of this variant in the U.S. exhibits rapid growth in early 2021, becoming the predominant variant in March,” a new CDC study says. |
| Main Street welcomes added aid in Biden’s Covid relief plan as PPP funding sees demand from micro businessesBiden’s American Rescue Plan includes $15 billion in small business grants and $35 billion for small business financing programs. |
| The 2020 box office was ruled by old movies, early blockbuster successStudios that were able to release films before the pandemic shut down cinemas in March held onto their box-office gains and remained top earners for the year. |
| GM may expand Corvette lineup to include a crossover SUVGM is weighing whether to expand its Corvette lineup ” currently a two-seat sports car ” to add its first-ever crossover SUV. |
| Brooklyn Nets star Kyrie Irving will forgo over $800,000 for violating NBA Covid-19 rulesBrooklyn Nets stars Kyrie Irving has been fined $50,000 for violating Covid-19 protocols and will forfeit two game checks worth more than $400,000 each. |
| Walmart’s e-commerce chief Marc Lore to leave after jump-starting retailer’s digital businessLore joined Walmart in 2016 when the retailer acquired the start-up he co-founded, Jet.com, for $3.3 billion. |
| Coca-Cola and Pepsi won’t be advertising their namesake sodas during the Super BowlCoca-Cola and PepsiCo will not be advertising their namesake sodas with Super Bowl commercials this year. |
| Palm Beach County looks to end Trump golf course lease after U.S. Capitol riotPalm Beach County this week began seeking a way to terminate a contract with Trump’s prized International Golf Club. |
| Holiday sales rose stronger-than-expected 8.3% as consumers bought gifts to lighten mood during pandemicThe major retail trade group predicted in November that 2020 holiday sales would rise between 3.6% and 5.2% year over year. |
| Pfizer to temporarily reduce Covid vaccine deliveries to EuropePfizer will temporarily reduce the number of doses of its coronavirus vaccine being delivered to Europe. |
| GitLab CEO weighing options for going public after employee share sale valued company at $6 billionGitLab CEO Sid Sijbrandij confirmed CNBC’s reporting from November of an employee share sale and said the company topped $150 million in annual revenue. |
| Gamma-geddon Sparks Stocks’ Biggest Weekly Loss Since HalloweenGamma-geddon Sparks Stocks’ Biggest Weekly Loss Since Halloween Complacency is extreme. With the put-call ratio near record lows…
Source: Bloomberg One measure of risk in the options market is flashing the reddest of red lights possible, as dealer’s gamma exposure reaches a record high…
Source: Bloomberg |
| Friday Humor: Here Is The Democrats’ Complete Legislative Agenda For The Next 2 YearsFriday Humor: Here Is The Democrats’ Complete Legislative Agenda For The Next 2 Years Satirically written by The Babylon Bee, WASHINGTON, D.C. – Nancy Pelosi and the Democrats have released a complete list of all their legislative goals for the next 2 years, and it’s worse than we imagined. America may not survive.
Brace yourself and read through this confirmed list which we got straight from the Speaker’s office, and may God help us all.Â
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| “Serious Consequences” – Norway Sounds Alarm After 23 Die Following Pfizer Vaccine“Serious Consequences” – Norway Sounds Alarm After 23 Die Following Pfizer Vaccine Norway health authorities are reporting COVID-19 vaccine news of monumental importance at a moment the US is rushing to get an initial some 30 million doses into the arms of the elderly and those with chronic health conditions: sick patients over 80 are particularly at risk for devastating side effects. Thus for this vulnerable demographic which is currently first in line in North America, the “cure” could be worse than the disease. Bloomberg notes that it’s “the most cautious statement yet from a European health authority” regarding potential adverse vaccine health risks.
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| The Latest COVID Absurdity: Walking With Hot BeveragesThe Latest COVID Absurdity: Walking With Hot Beverages Authored by Simon Black via SovereignMan.com, Are you ready for this week’s absurdity? Here’s our Friday roll-up of the most ridiculous stories from around the world that are threats to your liberty, risks to your prosperity ¦ and on occasion, inspiring poetic justice.
Women Surrounded by British Police for Taking a Walk You’re allowed to exercise outside of your home under the UK’s current COVID lockdown. But the rule states vaguely that you must stay in your œlocal area. So when two women drove five miles from their homes to take a secluded walk in nature, they were immediately surrounded by police and issued £200 fines each. The officers used their own discretion to decide that driving to a nearby park for a walk was not in the spirit of the lockdown. The officers also decided that, since the women both had beverages, their ‘walk’ was really just a picnic in disguis … |
| Scottish fishermen ‘sailing to Denmark to land catch’Red tape plus a “poor” Brexit deal mean fishermen fear for the future, says an industry body. |
| Insurers must pay many small firms for Covid lockdown lossesA Supreme Court ruling provides a lifeline for many firms that had business interruption insurance. |
| WhatsApp extends ‘confusing’ update deadlineThe Facebook-owned platform still says its users must accept the update or stop using the service. |
| IRFC raises Rs 1,390 crore from 31 anchor investors ahead of IPOFor the first time, the state owned company has made provisions for allotment to anchor investors to help garner more value for the IPO. |
| Why HCL Tech will remain on investors’ radarThe company increased the operating margin guidance for FY21 to 21-21.5% from the earlier 20-21%. |
| Bitcoin ends a choppy week of trading with prices below $40,000After starting the year with a surge that took Wall Street by surprise, the volatile cryptocurrency has been range bound in recent days. Bitcoin was trading around $38,280 as of 11:45 a.m. in London, set for a 4.4% drop on the week, the biggest since November. |
| 08 January 2021 ECRI’s WLI Growth Rate Marginally Improved
ECRI’s WLI Growth Index which forecasts economic growth six months forward improved and continues well into expansion. |
| Bond Report: U.S. Treasury yields slip after weak data underlines consumer weaknessU.S. Treasury yields fall Friday as data from December points to continuing economic pain in the U.S. economy, following renewed lockdown measures by some states to fight an intensifying COVID-19 pandemic. |
| TaxWatch: This tax season will be ‘one of the nation’s most important’ ever, the IRS says. Here are the key dates to know.The IRS will start accepting returns a little later than usual, on Feb. 12. |
| The Moneyist: My wife has a degenerative neurological disease. My father-in-law wants to put her in a facility ” and take over our finances‘My father-in-law now seems obsessed with moving my wife out of our home to some sort of group home/facility. The mere thought of this seems abhorrent and barbaric.’ |
Via AP
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