Written by Gary
GM shares hit new record on plans for electric Chevy Silverado pickup (SPY -0.1%). Hospitalizations among seniors are declining. IMF forecasts stronger recovery for world economy.
The Market in Perspective
Here are the headlines moving the markets. | |
Qatar Looks To Dominate This Very-Fast Growing Gas MarketQatar Petroleum found itself in the limelight of the LNG scene in 2021, having clinched two major deals with Pakistan and China. All the while media buzz around the supply deal with Sinopec has created ripples in the news, the contract with the Pakistan State Oil Company (PSOC) was absorbed by the media community as if that were the natural state of things. The Qatar Petroleum-PSOC deal is in many ways logical the two sides already had a 15-year supply deal, as a consequence of which Qatar has catapulted itself into the position of leading | |
Hedge Funds Capitalized On Oil Price PullbackMoney managers continued to take profits in petroleum futures last week, after oil prices sharply pulled back in the second half of March, halting the nearly three-month-long gradual rise in oil prices. According to data from exchanges compiled by Reuters columnist John Kemp, hedge funds and other portfolio managers changed little their overall position in the six most-traded oil-linked futures and options contracts, and were small buyers of a net equivalent of 10 million barrels in those contracts. Brent and WTI contracts saw some light buying | |
Demand Concerns Continue To Plague Oil MarketsHave you already subscribed to the Oilprice.com youtube channel? If not, sign up today to make sure you don’t miss out on any of the breaking news and educational videos produced every week.Chart of the Week- U.S. energy consumption declined by 93 quadrillion BTUs in 2020, a 7% decline from the year before. That is the largest annual decline since EIA data collection began back in 1949.- By comparison, U.S. energy consumption declined by 5% from the global financial crisis in 2008-2009.- Unsurprisingly, | |
Russia Slashes 2021-2022 Oil Production ForecastsRussia is slashing its estimates for domestic crude oil, gas, and coal production for 2021 and 2022, according to the latest amendments in the governments program for energy development. As per the latest forecasts from the Russian government, oil production this year is set to stand at 517 million tons, down from a previous estimate of 560 million tons. The projection for Russias oil output in 2022 was also reduced, to 548 million tons, down from earlier estimates of production of 558 million tons, TASS news agency reports. The estimates | |
Canadas Green Shift Could Displace Three-Quarters Of Oil WorkersCanadas climate strategy to significantly cut emissions and become a net-zero emissions economy by 2050 will create a seismic shift in the large oil and gas sector, where up to three-quarters of the workers, or up to 450,000 people, are at risk of displacement, TD Bank said in a new report on Tuesday. Canada aims to become a net-zero emissions economy within three decades, and to cut emissions by between 32 percent and 40 percent by 2030. While those commitments could be critical to staving off the worst effects of global warming, Canada | |
OPEC Is Betting Big On Robust Oil Demand RecoveryLast weeks surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery in the second quarter. Yet, recent demand concerns suggest the alliances supply management policies could once again be more in the realm of guestimates. The easing of the collective cuts by over 1 million bpd over the next three months, plus Saudi Arabia reversing gradually its extra 1 million bpd cut signal that OPEC+ expects demand to rebound strongly and | |
GM shares hit new record on plans for electric Chevy Silverado pickupGM’s stock was up as much as 3.9% Tuesday and have risen by about 50% so far this year. | |
‘Buzzy’ films will grab audiences in theaters and at home, ‘Godzilla vs. Kong’ producer saysThe movie industry is seeing a revival with ‘Godzilla vs. Kong’ shattering expectations as people are feeling more safe to go out. | |
Op-Ed: Employers’ diversity and equity efforts often overlook people with disabilitiesThe conversation around diversity, equity and inclusion overlooks the most underemployed segment of our population ” people with disabilities. | |
California plans to lift most Covid restrictions June 15, keep mask mandateNewsom’s announcement comes a little more than a year after California shut down its economy due to the unfolding health pandemic. | |
GM confirms electric Chevrolet Silverado pickup to follow Hummer EVThe new Chevy Silverado EV is part of a $2.2 billion investment in a Detroit plant to produce an array of vehicles beginning later this year with a Hummer EV. | |
MLB confirms it’s moving All-Star Game to Denver after it pulled out of Atlanta over voting lawMLB will relocate the All-Star Game to Coors Field in Denver. The decision comes just days after it pulled out of Atlanta over a new voting law. | |
Medical students haven’t been deterred by the stress of Covid on hospitals and staff ” they are eager to helpCollege Voices: Medical students haven’t been deterred by the stress of the coronavirus pandemic on hospitals and staff ” applications to med schools are up. | |
CDC director says hospitalizations among seniors are declining as more than half of the age group is fully vaccinatedMore than half of Americans 65 and older are fully vaccinated, and emergency department visits and hospitalizations associated with that age group are falling. | |
Starbucks will discontinue disposable cups in South Korea by 2025Starbucks has pledged to discontinue disposable cups in South Korea by 2025 as it aims to cut its global landfill waste in half by the end of the decade. | |
Biden to move deadline for states to open Covid vaccines to all U.S. adults to April 19Biden is expected to announce the new deadline for states later Tuesday following his visit to a vaccination site in Alexandria, Virginia. | |
United Airlines to open flight school later this year in hiring push, plans to increase diversityUnited started accepting applications for its flight-training academy and aims to train 5,000 pilots by 2030, half of them women or people of color. | |
Consumers spent $900 billion more online in 2020. Here’s who will keep the biggest gainsGrocery stores and discount stores will see the most dramatic and lasting shift to e-commerce beyond the pandemic, according to a report from Mastercard. | |
SpaceX does not plan to add ‘tiered pricing’ for Starlink satellite internet service, president saysSpaceX president Gwynne Shotwell does not think the company will add “tiered pricing” for its direct-to-consumer Starlink satellite internet service. | |
Bonds & Bullion Bid, Dollar Skids As Biden Bonanza Hopes FadeBonds & Bullion Bid, Dollar Skids As Biden Bonanza Hopes Fade Pushback from both sides of the aisle against the pork-laden pile of promises that is the ‘American Jobs act’ appeared to be a significant driver of markets today. A $2.25 trillion handout… as the first act before the “American Family Act”… appears to have “inconceivably” hit a wall as investors remember just how close we are to a ‘breaking point’… Rate-hike expectations are sliding as hopes of a $2-3 trillion barrel of pork from Washington fade (in a bipa … | |
Carnival: “We May Have No Choice” But To Move Cruise Ships Outside US To Resume OperationsCarnival: “We May Have No Choice” But To Move Cruise Ships Outside US To Resume Operations Following last month’s CDC announcement that its new “conditional sailing order” barred cruise ships from departing the US, or sailing through its waters through Nov. 1, Carnival Cruise Line released a press release around 1400 ET Tuesday, saying it may have no other choice but to move its cruise ships outside US homeports to resume operations. Christine Duffy, president of Carnival Cruise Line, said:Â
Duffy continued:Â
Carnival shares popped and dropped on the news. | |
US Sails Carrier Into South China Sea As Philippines Enraged Over China ‘Territory Grab’US Sails Carrier Into South China Sea As Philippines Enraged Over China ‘Territory Grab’ In the latest dispute over territory in the South China Sea, the Philippine government is denouncing Beijing for sending a “maritime militia” near the contested Whitsun Reef (alternately spelled Whitson Reef). China has responded by saying the ships are merely civilian fishing vessels, but the bellicose rhetoric has only grown between the two sides in the past days. And now amid the ratcheting tensions American warships led by the USS Theodore Roosevelt carrier have entered the waters. National Task Force-West Philippine Sea via AP: “Chinese vessels are pictured moored at Whitsun Reef, South China Sea, on March 27, 2021.” The US aircraft carrier strike group reportedly entered the region starting Sunday, according to the South China Sea Probing Initiative (SCSPI). Perhaps feeling further emboldened by the US strike group’s presence, the Rodrigo Duterte government is livid, denouncing the Chines … | |
Iranian Spy Vessel Hit By Naval Mine In Red Sea: ReportIranian Spy Vessel Hit By Naval Mine In Red Sea: Report Update (1557ET): Reuters’ Idrees Ali, who covers foreign policy at the Pentagon, reports US officials did not carry out the Iranian Saviz vessel’s attack earlier on Tuesday.Â
Fellow Elizabeth Tsurkov, of the Newlines Institute for Strategy and Policy, responded to Ali’s tweet by saying: “Israel did.”Â
Tsurkov’s theory is certainly interesting, considering The Wall Street Journal revealed last month that Israeli intelligence has been waging its own tanker sabotage campaign against the … | |
IMF forecasts stronger recovery for world economyThe IMF has upgraded both its UK and global forecasts compared with what it projected in January. | |
Virgin Money customers face digital banking faultThe bank’s app and online services have been inaccessible owing to the problem, prompting an apology. | |
Test travel regime must be easy and cheap, says PMIt comes after airlines criticised plans to make travellers pay for pre and post-travel testing. | |
Flipkart is said to aim for IPO in fourth quarter of 2021Parent Walmart Inc. has set up an internal IPO team for Flipkart and is leaning toward a traditional listing in the US. | |
RBI’s tone may get more accommodative as second wave burdens economyPost the Monetary Policy Committee’s February meeting, the debate among economists was whether or not it’s time for the central bank to start guiding the market about its intention to eventually roll back the extraordinarily loose policy steps taken in the middle of the pandemic in 2020. | |
Macrotech IPO opens on Wednesday: Should you subscribe?The promoter group will dilute 11.5% stake through the current offering, which means it will have to offload more shares in the future to reduce its stake to 75% or below to abide by the regulatory requirement. Given these factors, the IPO looks more suitable for investors with a high risk appetite. | |
Outside the Box: A powerful way to keep retirees out of poverty is to tackle this workplace problemAbout 50% of workers over the age of 55 will be poor or near-poor adults when they reach 65. | |
: Goldman Sachs waves white flag on its short U.S. dollar recommendationGoldman Sachs strategists marked to reality their bearish stance on the U.S. dollar, as they ended a recommendation to bet against the world’s reserve currency in the face of surprising strength. | |
: AstraZeneca vaccine linked to rare blood clots, EMA official tells newspaperThere is a link between the AstraZeneca vaccine and rare blood clots, according to a senior official at the European Medicines Agency. |
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