Written by Gary
US oil benchmark falls back below $60 a barrel as Texas freeze loosens its grip (SPY +0.4%). Biggest premarket movers: Deere, Dropbox, Novavax.
Here is the current market situation from CNN Money | |
 | European markets are mixed today. The DAX is up 0.74% while the FTSE 100 gains 0.17%. The CAC 40 is off 0.65%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Oil Is Hot Again, But For How Long?From the pariah of industries last year, energy has become a Wall Street darling once again. In the year to date, energy has gained 17 percent on the S&P 500. Thanks to a rally in oil prices and expectations of an economic recovery from the pandemic, it is the S&P 500’s best-performing sector. The catastrophic events in Texas this week lent a hand to the rally as the deep freeze in the state led to a national oil production slump of 30 percent, sending WTI above $61 a barrel. By Thursday, the slump in production had reached 40 percent, |
| What The #%@$ Is Happening In Texas?The narrative this week has quickly shifted from stimulus hopes, vaccines, and virus mutations to what is now known as the Texas Freeze–and the energy market has been turned upside down as these low temperatures continue to rock the Lone Star State that is woefully underprepared for such a rare event. And everyone–particularly those suffering the effects of the catastrophic freezing temperatures–understandably wants to know who to blame, aside from Mother Nature. Temperatures in Dallas, Texas, have sunk to below zero. While typical |
| Mexico Overhauls Its Huge Oil HedgeMexicos billion-dollar oil hedge to protect next years revenues against oil price volatility is getting an upgradeand the new Hacienda Hedge 2.0 is getting more than just a facelift. Instead of buying put options all at once, which gives Mexico the option to sell its oil at a specific locked-in price (but not the obligation to), Mexico may purchase put options in smaller batches throughout the year. It is a strategy that airlines already use, according to Bloomberg, and it is a big shift in strategy. This trickle-in strategy |
| Iran Plans Petrochemical Boom Despite U.S. SanctionsGiven the extreme unlikelihood of the U.S. returning to the currently structured Joint Comprehensive Plan of Action (JCPOA), and Irans unwillingness to renegotiate the deal any time soon, the Islamic Republic remains focused on three key areas where it can make money despite ongoing sanctions form Washington. Alongside the continued development of its huge West Karoun oil fields, the completion of the supergiant South Pars non-associated gas offshore sector (including the implementation of Phase 11 operations), and the finalisation of the |
| Tesla Model 3 Is Consumer Reports Top Pick For Electric CarTesla Model 3 is the Top Pick in the electric car category of the annual Best Cars of the Year report of Consumer Reports released on Thursday. In The 10 Top Picks of 2021, Tesla Model 3 is also labeled as green choice by Consumer Reports. The Model 3 delivers an otherworldly driving experience, Consumer Reports says, adding, This uncanny performance is matched with sharp handling and precise steering befitting a sports sedan. Another notable Tesla advantage is being able |
| Why Tanzanias Oil And Gas Boom Isnt Taking OffMozambiques failure to provide sufficient security to the operators of Mozambique and Rovuma LNG has triggered ample speculation in oil and gas market lobbies as potential investors assess the risks of East Africa degenerating into long-standing conflict. Although Maputo has suffered a lot more than any other adjacent country and still struggles to control the province of Cabo Delgado, the revival of Christina-Muslim tensions in Mozambiques most oil-prolific territories also bodes well for Tanzania just across the border. To be fair, |
| Crowdfunding drives are raising millions for charity. Here’s how to give without getting scammedThinking of giving money to a charity crowdfunding campaign? Here is how to make sure your money is going where you think it is. |
| The second dose of Covid vaccine is needed for complete immunity, infectious disease specialist Dr. Paul Offit saysThe second dose of Covid-19 vaccine is crucial in creating longer and complete immunity as well as preventing variants of the virus, according to Dr. Paul Offit. |
| Even the well-traveled rarely know these beautiful remote islands in AsiaBatanes is an underrated, remote region in the northern Philippines with pastoral emerald hills, rugged landscapes and few tourists. |
| Athletes Unlimited signs Gatorade, Hyperice as sponsors and remains bullish on women’s sports leaguesAthletes Unlimited is a sports firm that creates and operates women’s sports leagues. |
| UK PM Boris Johnson to call on G-7 support for 100-day target to develop new vaccinesU.K. Prime Minister Boris Johnson will call on leaders of the world’s largest economies to support efforts to speed up the development of new vaccines. |
| Online shipping costs expected to increase further into the pandemicDelivery costs have been rising across the country and are expected to continue as pandemic drags on, according to a report by Jefferies. |
| Why Walmart’s CEO says Americans urgently need another stimulus checkWalmart CEO Doug McMillon said more customers spent their recent stimulus checks on necessities, such as groceries. |
| Texas grid failure ignites feud over Republican oversight of the energy industryThe Texas grid failure that’s left millions without power has fueled outrage over Republicans’ decades-long oversight of the state’s energy industry. |
| Dr. Fauci says winter storm in Texas is a ‘significant’ problem for Covid vaccine distributionThe winter storm and power outages across the state of Texas pose a “significant” problem for Covid-19 vaccine distribution, Dr. Anthony Fauci warned. |
| Why an emboldened Walmart is looking to beyond retail for future growthThe retail giant wants to build an ecosystem of services, from offering financial products to delivering groceries to customers’ fridges. |
| American, JetBlue start jointly selling tickets under new partnershipAmerican and JetBlue launched a partnership to better compete in the Northeast that allows them to sell tickets on each other’s flights |
| 5 things to know before the stock market opens FridayU.S. stock futures rose Friday after the Dow, S&P 500 and Nasdaq suffered their biggest one-day losses in February. |
| Biden to pledge billions in aid toward global Covid vaccination effortsThe Covid pandemic “is not going to end unless we end it globally,” a Biden official said, adding that vaccinating Americans remains the “highest priority.” |
| Schiff: This Whole Market Is Built On A Foundation Of Cheap MoneySchiff: This Whole Market Is Built On A Foundation Of Cheap Money Via SchiffGold.com, The bond market is getting clobbered. Long-term interest rates are rising and that is putting significant pressure on gold. Peter Schiff talked about rising rates and the gold market in a recent podcast. He said the rise in long-term yields is a function of inflation and people seem to forget that inflation is good for gold.
On Tuesday, the yield on the 10-year Treasury was just under 1.3%. It was just last month that the yield hit 1% for the first time since COVID. In other words, the 10-year yield is up 30% in just one month. That is a huge move in the world of bonds. Meanwhile, the yield on the 30-year Treasury hit 2.09%. It just eclipsed 2% on Friday. But even with this big rise in interest rates, the only markets that seem to be feeling the effects are gold an … |
| Futures Rebound As Yields Stabilize, Overheating Fears FadeFutures Rebound As Yields Stabilize, Overheating Fears Fade US equity futures faded yesterday’s weakness and rebounded from overnight lows, as European stocks snapped their longest streak of losses since October as 10Y yields steadied and attention shifted to corporate earnings and economic data away from reflation fears. Global shares edged up on Friday, reversing three days of losses, as investors clung to hopes of economic recovery ahead, even as German and British 10-year bond yields touched multi-month highs, spurred by bets of global reflation. Oil added to recent losses while the dollar slumped even as sentiment out of China remained muted after another day of liquidity drains from the PBOC.
The MSCI world equity benchmark was 0.2% stronger. On Thursday, Wall Street logged its biggest daily drop in nearly three weeks on a slide in technology-related firms, ahead of today’s PMI report. At 715 a.m. ET, Dow e-minis were up 52 points, or 0.172%, S&P 500 e-minis were up 13.5 points, or 0.35%, and Nasdaq 100 e-minis were up 57.25.75 points, or 0.42%. Some of the not … |
| “Pandemic Precautions” Left Some Texas Shelters Closed As Homeless Froze To Death“Pandemic Precautions” Left Some Texas Shelters Closed As Homeless Froze To Death “For over six hours, a long line of people in search of shelter stood huddled together waiting for the doors of the George R. Brown convention center to open,” local Houston media reported of the chaos that unfolded earlier this week as Texas temperatures plunged to deadly levels. The homeless in Houston as well as in other states hit by the monstrous winter storm and polar vortex which pummeled up to two-thirds of the nation this week in many cases barely escaped the streets in time to avoid exposure, also as social services and charitable centers themselves struggled to stay properly staffed or even open given the widespread power outages and water infrastructure problems. But a number of homeless also died in circumstances that could have likely been easily averted. |
| ‘No Lockdown’-Sweden Sees COVID Deaths Plummet Quicker Than ‘Fully-Locked-Down’ UK‘No Lockdown’-Sweden Sees COVID Deaths Plummet Quicker Than ‘Fully-Locked-Down’ UK Authored by Paul Joseph Watson via Summit News, While the media in the UK is asserting lockdown measures caused COVID-19 deaths and cases to plummet, Sweden saw an even greater drop off in deaths despite enforcing comparatively minor restrictions.
This morning, UK broadcaster Sky News declared œLockdown is working! COVID-19 infection rate plummets in England.
The report claims that vaccines aren’t a factor in the reduction in deaths and cases because they are observed across all age groups. However, as Dr. Eli David highlighted, COVID deaths in Sweden began dropping off even so … |
| Uber drivers are workers not self-employed, Supreme Court rulesThe decision could mean thousands of Uber drivers are set to receive minimum wage and holiday pay. |
| UK finances see first January deficit in 10 yearsGovernment borrowing hit £8.8bn last month, the highest January figure since records began in 1993. |
| ‘We can’t get a refund for our flights’Holidaymakers prevented from flying by travel restrictions or lockdowns may not be entitled to a refund. |
| Bitcoin soars to new high, eyes $53,000 as Elon Musk backs crypto over cashœWhen fiat currency has a negative real interest, only a fool wouldn’t look elsewhere, Musk said in a reference to the sub-zero returns on cash caused by negative-yielding debt. The comments pushed Bitcoin to a record on Friday, with prices climbing above $52,000. |
| Market Movers: Private banks continue to weaken; 46 stocks give buy signalThe selling in the market was broad-based as even the midcaps and smallcaps corrected despite showing resilience in the previous few sessions. |
| Heranba Industries IPO to open on Tuesday: Here’s all you need to knowThe quota for retail investors in Heranba Industries IPO is fixed at 35 per cent of the net offer. QIB quota is fixed at 50 per cent, while the NII at 15 per cent. |
| Rail Week Ending 13 February 2021 – Growth Rate Slows This WeekWritten by Steven Hansen Week 6 of 2021 shows the same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is slowly recovering from the coronavirus pandemic.
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| Futures Movers: U.S. oil benchmark falls back below $60 a barrel as Texas freeze loosens its gripOil futures trade lower Friday, with the U.S. benchmark pulling back below the $60-a-barrel level, on expectations output shut down by winter storms in Texas will soon be restored. |
| : Uber loses key legal fight, which could hurt its business model in the U.K. and hit gig-economy companiesUber lost a key court ruling on Friday, which could hurt its business model in one of its biggest international markets. |
| Cannabis Watch: If you want to get rich with marijuana stocks, you need to know the crucial difference between U.S. and Canadian companiesU.S. companies are overlooked by many investors. But any state and federal legalization favors them over Canadian rivals, fund managers say. |
Record low temperatures this week in Oklahoma Cit …
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