13Apr2021 Midday Update: Big Oils Dwindling Reserves Are A Major Problem, WTI Crude Up Fractionally 60.31, DOW Down 145 Points At 1230 ET, Nasdaq Up 0.6%, Bitcoin Rises 63300, SP 500 Sets New Record High

Here is the current market situation from CNN Money

North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively.

Chinas Oil Imports Surge Ahead Of Refinery Maintenance Season

China imported 11.69 million barrels of crude oil daily last month, up by 21 percent on the year, Reuters has reported, citing official customs data. Earlier this month, energy analytics services provider OilX calculated Chinas March oil imports at 11.26 million bpd, noting, however, that these calculations did not include Iranian oil, which China has been buying in ever greater amounts. Despite being 21 percent higher on the year, the March average was lower than the average for February, which came in at 11.73 million barrels daily, Reuters

Pro-Business Conservative Wins Presidential Election In Oil Producer Ecuador

Conservative candidate Guillermo Lasso, 65, won the presidential election in South American oil producer Ecuador, and said he would propose new oil deals to private oil companies. Lasso won the run-off against Andres Arauz, 36, who was running on a socialist platform for more social spending. Arauz, a socialist economist and protg of former left-wing president Rafael Correa, conceded defeat on Monday with more than 95 percent of the votes counted. Pro-business and free-market proponent Lasso won the presidency in his third time

China’s Clampdown On Small Refiners Could Impact Oil Demand

In a bid to reduce refining overcapacity, China is stepping up pressure on independent refiners to uproot illegal tax practices and check if outdated facilities have been closed as required, Bloomberg reported on Tuesday, quoting sources with knowledge of the plans. Chinas National Development and Reform Commission (NDRC) is launching this week inspections and audits at more than 50 private oil refiners, most of which are located in the Shandong province in the eastthe home of the independent refiners often referred to as teapots.

Japan To Pour 1 Million Tons Of Contaminated Fukushima Water Into Ocean

Japan will release some 1 million tons of contaminated water from the Fukushima nuclear power plant into the ocean, the country’s government said amid strong opposition from Japan’s neighbors. The move, according to them, was “extremely irresponsible”, Reuters reports, adding that Japan’s Prime Minister responded with “Releasing the … treated water is an unavoidable task to decommission the Fukushima Daiichi Nuclear Power Plant and reconstruct the Fukushima area.” Media reported last October about the plans for the radioactive water from

Rising Middle East Production May Trigger A New Oil Price War

Rising Middle Eastern oil production is making the commodity that comes out of this region cheaper compared to Brent-linked grades, which may lead to a price war, Bloomberg has reported, citing an FGE analyst. Theres much cheaper crude, and a lot of it coming from the Middle East, Grayson Lim, a senior oil analyst at the energy consultancy, told Bloomberg. Those Brent-linked cargoes will need to be offered at a huge discount for buyers in the [Asia] region to snap up the barrels, he explained. But if theyre

Big Oils Dwindling Reserves Are A Major Problem

In the coming years, the power structure of global oil markets is set for a major shakeup if the reserve life of International Oil Companies (IOCs) continues to decline. The dwindling of investments, caused by a very tough economic environment and the growth of activist investing, has resulted in a major decline in new projects and the underdevelopment of existing or prospective opportunities. Citibank warned in a recent research note that IOCs, such as Shell, Exxon, and Chevron, are looking at a major decline of reserve/production life spans.According

Hit series ‘Bridgerton’ renewed for season 3 and 4 on Netflix

The news comes a week after the formal announcement that leading man Rege-Jean Page would not return to reprise his role as Simon Basset, the Duke of Hastings.

GM shortens downtime at Tennessee plant as chip supply improves

GM’s Spring Hill Assembly will return to regular production on April 19 after only a week of downtime instead of two weeks.

Boeing’s sales again outpace cancellations, jetliner deliveries pick up

Boeing posted net positive sales of 40 aircraft last month as more customers ordered Max jets.

CVS, Walgreens, grocers halt Johnson & Johnson vaccines, scramble to reschedule appointments

Drugstores and grocers, who play a crucial role in the vaccine’s administration, are now having to decide how to proceed after the FDA request on Tuesday.

NFT sales top $2 billion in first quarter, with twice as many buyers as sellers

Despite recent data showing a big drop in average prices from February, sales of NFTs at the start of the year showed an explosion of interest and buying.

Crumpled clothes and bare shelves: As retailers like Walmart, Macy’s woo customers back, some have to clean up shop

For some retailers in a digital age, a store’s appearance has become an afterthought. But that won’t cut it when consumers return to shops in droves.

States rush to replace J&J vaccine appointments after FDA recommends pause

The FDA and CDC recommended a pause in the use of J&J’s vaccine after six women developed a rare blood clotting disorder.

Covid cases are rising in more than half of U.S. states, despite ramp up in vaccinations

As U.S. Covid cases rise, the country is also administering vaccine shots aimed at preventing the spread of the virus at a faster pace than ever.

Airline, travel stocks slip after U.S. recommends pause in J&J Covid vaccine

Airline and travel stocks fell on concerns the J&J vaccine issues would affect bookings.

Live: FDA and CDC hold press briefing after pausing use of J&J Covid vaccine

The FDA and CDC are holding a joint press briefing on the J&J vaccine.

Executives call on Biden to slash greenhouse gas emissions to curb climate change

The call by executives to curb emissions comes ahead of the global climate summit the Biden administration is hosting April 22.

Don’t ‘overinterpret’ decision to pause J&J Covid vaccine over rare clotting issue, Dr. Scott Gottlieb says

Gottlieb predicted that the move will nonetheless “fuel the hesitancy” from some people to get a Covid vaccine.

Taco Bell to open first digital-only U.S. location in Times Square

Taco Bell will open its first digital-only U.S. restaurant on Wednesday in New York’s Times Square.

“This Is A Fatal Event”: China’s Bond Market Hammered After Huarong Bankruptcy Rumors

“This Is A Fatal Event”: China’s Bond Market Hammered After Huarong Bankruptcy Rumors

The last time we looked at Huarong, China’s largest state-controlled bad-debt asset manager and one of the most recognizable financial firms in the country, its former chairman Lai Xiaomin was sentenced to death after he was convicted for stealing 1.8BN yuan (roughly $277M) from the company.

And while we don’t know if Lai is still with us, his former employer probably wishes the money he embezzled was still around, because over the past few days Huarong has emerged as the latest a ‘weakest link’ in China’s financial system, one which is sending shockwaves across all of China’s capital markets.

As Bloomberg reports, growing panic over the financial health of one of China’s largest bad-debt managers spilled into the broader market, as traders circulated a Caixin report that openly considered the worst-case scenario for the company. Specifically, in a commentary dated Monday, Ling Huawei, managing editor of Caixin Media and Caixin Weekly, discussed the possibility of a China Huarong bankruptcy.

Not helping was the latest pileup by rating agencies, with both Moody’s and Fitch saying Tuesday they will review their ratings of Huarong – an investment grade credit for now – for a potential downgrade, following a similar announcement from rival S&P Global Ratings last week.

This led to a record plunge in China Huarong Asset Management’s $300 million 3.375% bond due May 2022, which tumbled 13.1 cents on the dollar to 76.1 cents, while a 5% bond …

Trump Blames “FDA’s Love For Pfizer” For Biden Admin Decision To Halt J&J Jabs

Trump Blames “FDA’s Love For Pfizer” For Biden Admin Decision To Halt J&J Jabs

President Trump has just unleashed an angry and pointed statement raging at the decision to pause Johnson & Johnson vaccinations due a one-in-a-million blood clot issue. If you thought last night’s attack on Biden and the Supreme Court-packing debacle was strong, wait til you read this one…

Statement by Donald J. Trump, 45th President of the United States of America

(emphasis ours)

The Biden Administration did a terrible disservice to people throughout the world by allowing the FDA and CDC to call a pause in the use of the Johnson & Johnson COVID-19 vaccine.

The results of this vaccine have been extraordinary but now it’s reputation will be permanently challenged.

The people who have already taken the vaccine will be up in arms, and perhaps all of this was done for politics or perhaps it’s the FDA’s love for Pfizer.< …

KKR Sparks Bidding War For Toshiba Amid “Civil War” Among Tech Giant’s Board Members

KKR Sparks Bidding War For Toshiba Amid “Civil War” Among Tech Giant’s Board Members

A week after Toshiba ADRs soared 22% following a Nikkei report that private equity giant CVC Capital Partners has offered to acquire Toshiba through a tender offer that is expected to be worth more than $20 billion, The Financial Times reports that that CVC rival KKR is planning to outbid as “civil war” broke out among board members of the Japanese conglomerate, reportedly preparing to launch a coup to oust the chief executive.

At least two of Toshiba’s biggest shareholders have called upon the Toshiba board to seriously consider any bids from private equity-led consortiums, which would be likely to include a significant Japanese presence to satisfy regulatory sensitivity over a company deeply involved in the nuclear and defence industries.

The headline pushed Toshiba ADRs up another 10%…

A Toshiba board meeting on Wednesday is …

‘Squad’ Democrat Rep. Tlaib Demands “No More Policing”, Declares Wright Shooting “Wasn’t An Accident”

‘Squad’ Democrat Rep. Tlaib Demands “No More Policing”, Declares Wright Shooting “Wasn’t An Accident”

Authored by Jonathan Turley,

Michigan Rep. Rashida Tlaib wasted no time in declaring that the shooting of Daunte Wright was a racist shooting and no accident. The long advocate for defunding police has declared that she is done with œgovernment funded murder. I have a column this morning in the Hill discussing how such comments can prejudice not only the case against any officer in the Wright case but the ongoing trial of former officer Derek Chauvin.

There is evidence suggesting that the shooting may have been accidental. In the videotape, the officer is heard yelling œtaser, taser, taser before he exclaims œHoly S**t, I just shot him. There remain serious questions about the stop and execution of the arrest. However, Tlaib clearly is not willing to wait for those facts to be established.

UK exports to EU rebound partially after January’s slump

Despite the improvement, exports still remain below 2020 levels, the UK statistics body says.

Grab set for $40bn valuation in US share listing

The Singapore-based firm started as a ride-hailing company and has since expanded.

Liberty Steel: Kwarteng defends rejecting request for £170m bailout

The business secretary says the government had to ensure that any money provided would stay in the UK.

OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report. That is up 70,000 bpd from last month.

Acuità sets up India’s first ESG rating company

Christened as ESG Risk AI, it is supposed to be India’s first ESG rating company. It will cover a company’s ESG performance across three categories.

IMF offers rosier view on Asia, warns of Fed fallout on markets

While Asia is rebounding from last year’s slump caused by the COVID-19 pandemic, there is a divergence between nations benefitting from surging global demand and those reliant on tourism, said Jonathan Ostry, deputy director of the IMF’s Asia and Pacific Department.

March 2021 CPI: Year-over-Year Inflation Rate Rises To 2.6%

Written by Steven Hansen

According to the BLS, the Consumer Price Index (CPI-U) year-over-year inflation rate was 2.6 % year-over-year (up from the reported 1.7 % last month). The year-over-year core inflation (excludes energy and food) rate grew from 1.3 % to 1.6 %.

: This long-held economic theory on real-estate prices has been upended by COVID-19

How to predict the future of rents in major cities? Start by looking at what share of employees can work remotely.

NewsWatch: These stocks let you tap into the hot housing market

Many home builders’ valuations are still low, while their implied upside potential is in the double digits.

Market Snapshot: Stocks trade mixed, Dow under pressure as U.S. pauses Johnson & Johnson COVID vaccine rollout

U.S. stocks trade mixed Tuesday at midday after U.S. public-health agencies requested a temporary halt in the use of Johnson & Johnson’s one-shot COVID vaccine out of œan abundance of caution due to extremely rare blood-clotting issues.