03Mar2021 Pre-Market Commentary: Oil Rally Stumbles On OPEC+ Uncertainty, WTI Crude Steady At 60.31, DOW Down -18 Points, Nasdaq Down -0.5%, Bitcoin Up At 51,500

Written by Gary

Market rollercoaster continues as global markets rebound from Tuesday rout (SPY -0.2%).

Here is the current market situation from CNN Money
	European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.58% while Germany’s DAX is up 0.55% and France’s CAC 40 is up 0.29%.

What Is Moving the Markets

Here are the headlines moving the markets.
	Oil Rally Stumbles On OPEC+ Uncertainty A rally that pushed oil prices higher than they were immediately before the pandemic struck has faltered on uncertainty around OPEC+ and a stronger dollar. Hedge fund oil buying reflected the changing fortunes of oil, turning from net buyers to net sellers in the six most popular oil and fuel contracts, Reuters’ John Kemp reported in his latest weekly column. That put an end to 15 straight weeks of buying, Kemp noted. Besides the obvious factors that affect oil prices, such as the upcoming OPEC+ meeting that could result in an agreement to boost
	Iran To Join LNG Race In Asia With Huge North Pars Development With Asian spot liquefied natural gas (LNG) prices having risen to unprecedented levels in January and the outlook remaining extremely robust Iran believes now is the time to move full ahead with its long-term strategy to become a leading global LNG supplier. A key focus for this will be the North Pars non-associated natural gas field that was the largest gas reservoir in Iran before the discovery of supergiant South Pars field in 1990. Propitiously for the speed of development of North Pars, not only are the spot prices of LNG set to remain at
	Australia Boosts LNG Spending To Compete With Qatar Australias LNG operators are set to approve gas drilling and LNG infill projects worth more than US$10 billion this year in a bid to stay competitive in a very dynamic global marketplace Australian liquefied natural gas (LNG) developers look ready to shrug off a difficult 2020 by significantly boosting spending on major new projects this year. Following slashed capital expenditure and deferred gas project sanctioning last year, Australias LNG operators are set to approve gas drilling and LNG infill projects worth more than US$10 billion
	Bloombergs Hottest Energy Picks For 2021 Bloomberg Intelligence has announced its 50 companies to watch 2021 and several energy firms from different backgrounds and power sources made the cut. NextEra, Repsol, Sunpower, Energy Transfer, and Petrobras are the five energy companies highlighted by Bloomberg for their potential over the coming year. The analysis takes into consideration factors such as growth opportunities, management changes, scheduled releases of noteworthy products and services, and the impact of the Covid-19 pandemic in their potential in 2021. The companies
	Huge Gasoline, Distillate Draws Outweigh Crude Oil Build The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 7.356 million barrels for the week ending February 26. Analysts had predicted an inventory draw of 928,000 barrels for the week. In the previous week, the API reported a build in oil inventories of 1.026-million barrels after analysts had predicted a draw of 5.190-million barrels. Oil prices slumped on Tuesday ahead of the data release as the oil markets fear that OPEC+ may loosen its supply restrictions at a time when Chinas thirst for oil imports
	What To Expect From The Upcoming OPEC+ Meeting After breaking the $50 barrier last year, oil prices are currently trading above $60. The major drivers behind this rally include the rise in vaccination rates and the 1 million bpd new year surprise cut from Saudi Arabia, in addition to continued high compliance from OPEC+. Other factors include a slowdown in US oil production, with the number of oil rigs in the US remaining at least 50% below its 2019 levels at 309 rigs, indicating a potential flat production for 2021. The current strategy of the US shale industry is to focus on stable returns
	A guide on how not to embarrass yourself while traveling in Japan Travelers often research hotels and attractions, but what about etiquette? Here’s a guide on the social customs Japan wants travelers to know before they arrive.
	Texas, Mississippi lift Covid restrictions and mask mandates, despite CDC warnings While daily new cases have been falling rapidly since the peak in January, the decline appears to be levelling off at a worryingly high rate of infection.
	Nordstrom shares fall as shipping delays boost retailer’s inventory heading into 2021 Nordstrom’s fourth-quarter results topped analysts’ estimates, but the company warned that it is still working through impacts from delayed holiday shipments.
	New planes, training and hiring: Airlines are planning for a rebound after dismal pandemic year Airlines are starting to position themselves for a revival in air travel demand, hiring employees, buying new planes and training pilots.
	Detroit expands Covid vaccine eligibility to autoworkers Autoworkers in Detroit are now eligible to receive the Covid-19 vaccine without any restrictions such as age or proof of preexisting conditions.
	In the UK, scientists are using drones to pick the best spots for tidal power installations There is excitement around the potential of tidal power, but work needs to be done to ramp up capacity.
	One e-commerce stock has another 52% upside ahead, chart watcher says E-commerce has been the golden ticket for retailers. Todd Gordon of TradingAnalysis.com and Nancy Tengler of Laffer Tengler Investments give their top picks.
	5 things to know before the stock market opens Wednesday The Dow is set to drop at Wednesday’s open, with futures erasing earlier gains of 200 points.
	Jeff Bezos would pay over $5 billion a year under Warren’s wealth tax Sen. Elizabeth Warren said the tax is even more urgent during the Covid crisis, as the pandemic has exposed and accelerated America’s wealth gap.
	NIH halts trial of Covid plasma treatment after researchers found no benefit The NIH halted a trial testing convalescent plasma in patients with mild-to-moderate Covid-19 symptoms after an independent group concluded it was unlikely to be beneficial.
	Gov. Andrew Cuomo’s ‘casual sexism’ hinders equality for everyone, author says Author Joanne Lipman said that Gov. Andrew Cuomo’s recent reported behavior toward women feeds into institutional sexism.
	Stocks are trading on reopening optimism but risks remain, Jim Cramer says “They’re betting we’ll soon be able to rip our masks off and go back to normal, and that’s the crux of this market right now,” the “Mad Money” host said.
	Canopy leveraging Constellation relationship to bring CBD-infused drink to U.S. stores Canopy Growth announced it will begin selling Quatreau sparkling water online in the U.S. It plans to put the drinks on store shelves later this year.
	Rand Paul: Democrat “Class-Warfare Wealth-Tax Will Destroy Our Country” Rand Paul: Democrat “Class-Warfare Wealth-Tax Will Destroy Our Country” Authored by Steve Watson via Summit News, Senator Rand Paul has warned that a Democrat proposed ‘wealth tax’ is fundamentally œun-American and will kill off entrepreneurship. Appearing on Fox Business, Paul spoke about the ‘extreme’ plan being pushed by Sen.Â Elizabeth Warren, urging that œA wealth tax will destroy our country. Watch: œIt’s not good for our country, Paul said explaining that œThis class warfare, punitive stuff that some of these Democrats want ” it’s un-American. œIt’s bad for business and i …
	Goods-Sector Jobs Tumble Most Since April As ADP Employment Gains Slow In February Goods-Sector Jobs Tumble Most Since April As ADP Employment Gains Slow In February Despite the ongoing weakness signaled in initial (and pandemic emergency) claims data, ADP signaled stronger than expected January gain and analysts expected an even stronger February. However, it wasn’t with ADP reporting just 117k jobs added in February (well below the 205k expectation). January was revised up from 174k to 195k. Source: Bloomberg For context, payrolls expectations – for Friday – are at 210k. The good sector saw jobs decline 13.9 in Feb – the biggest monthly decline since April
	Market Rollercoaster Continues As Global Markets Rebound From Tuesday Rout Market Rollercoaster Continues As Global Markets Rebound From Tuesday Rout Once again market sentiment has reversed violently – or rather the opposite – overnight, with yesterday’s late day spoo slump inspired by the short squeeze in Rocket Mortgage – which forced hedge funds to liquidate their best positions – being faded and on Wednesday Emini futures jumped 0.6%, global shares gained with European indexes echoed positive moves in Asia, as a recent retreat in Treasury yields fuelled demand for riskier assets… even though the 10Y has rebounded 5bps to 1.45% overnight as focus again turned back to the stimulus-fueled recovery from the pandemic. The MSCI world equity index gained 0.4% while oil halted its longest losing streak since December. At 0730 a.m. EST, Dow E-minis were up 202 points, or 0.64% and S&P 500 E-minis were up 21.5 points, or 0.56%. Small caps were sharply higher with Russell 2000 futures up 1.1% while Nasdaq 100 E-minis were up 86.5 points, or 0.65% as a swift global roll out of vaccines and a new round of stimulus bolstered bets on a quick economic rebou …
	Sands Sells Las Vegas Resorts To Apollo And Vici As It Pivots To Asia Sands Sells Las Vegas Resorts To Apollo And Vici As It Pivots To Asia Las Vegas Sands shares jumped more than 3% in premarket following news the company has reached “definitive agreements” to sell its Las VegasÂ property and operations (including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, “The Venetian”)) for approximately $6.25 billion, aÂ company press releaseÂ read. LVS shares rose 3% in premarket on the news, up around the 66-handle. Shares in the company have surged this year on vaccine hopes and Vegas reopening.Â
	Budget 2021: Rishi Sunak hails ‘swifter and more sustained’ recovery However, the chancellor says repairing the long-term economic damage from Covid “will take time”.
	Budget 2021: 10 ways Rishi Sunak’s speech affects you Chancellor Rishi Sunak’s Budget is packed with policies that will affect your finances. Here is a guide.
	Budget 2021: Business rates holiday extended to June The chancellor’s business rates holiday for England will run for another three months.
	Indian companies make a killing in overseas bond market, and how! The quantum of bond sales, coinciding with a global effort to clamber out of the Covid sinkhole, underscores the undiminished allure of overseas markets for fundraising despite record low interest rates at home.
	Premiums of MTAR Tech, Heranba, Easy Trip rise further in grey market Analysts who track grey market trends said that Easy Trip, which announced its Rs 510 crore IPO today, is also picking up the momentum in the grey market. This IPO would hit the primary market on March 8.
	Will a halt to bull run end brokers’ honeymoon with retail investors? CDSL, which provides depository services, added over 1 crore investors in the last one year.
	Need to Know: Here’s the problem the Fed is fueling ” and it’s not inflation, strategist says One strategist says the Fed’s determination to keep interest rates low through quantitative easing is fueling another problem ” it’s limiting bank lending.
	Outside the Box: Congress should provide automatic, recurring COVID-19 relief checks until the jobs market recovers from the pandemic As long as unemployment is high, all Americans should keep getting the help they need.
	The Ratings Game: Kohl’s says it added 2 million new customers in 2020 due to the Amazon returns program Kohl’s CEO Michelle Gass called the coming Sephora launch ‘a game changer.’