Written by Gary
Covid infection rate is approaching highest level ever SPY +0.3%). Trannies rally to longest weekly win-streak in history, bonds best week since June.
The Market in Perspective
Here are the headlines moving the markets. | |
Texas Freeze Led To 10.6% Higher Natural Gas WithdrawalsDue to the winter storms in February, net natural gas withdrawals from storage this heating season exceeded the five-year average by 10.6 percent, the Energy Information Administration (EIA) said on Friday. The first few months of the 2020/2021 winter heating seasons saw milder temperatures than normal, but the cold snap in February resulted in record demand for heating, while wellheads froze and reduced natural gas production in the United States. As a result, working natural gas in storage in the Lower 48 states as of March 31, 2021the | |
Oil Demand Is Finally Bouncing BackOil demand is finally bouncing back despite the fact that Covid cases are rising and additional travel restrictions have been put in place.For more great energy content, make sure you subscribe to the Oilprice youtube channel for breaking news and analysis.Friday, April 16th, 2021Oil prices moved higher this week after the demand outlook improved. While Covid cases are up significantly from a few weeks ago, and travel restrictions have proliferated, demand still looks strong and on the rise.IEA raises oil demand forecast. The IEA raised its | |
U.S. Rig Count Increases As Oil Prices Hold Above $60Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 7 this week, bringing the total rig count to 439. Last week, the U.S. oil and gas rig count increased by 2. The total number of active oil and gas drilling rigs in the U.S. is now just 90 fewer than this time last year. The oil rig count increased by 7 this week, bringing the total oil rig count to 344 this week. The number of gas rigs increased by 1 to 94. The number of miscellaneous rigs fell by 1. The EIAs estimate for oil production | |
Russia: OPEC+ To Gradually Ease Production Cuts In May-JulyThe OPEC+ alliance will gradually ease the collective production cuts between May and July, as the ministers agreed earlier this month, Russias Deputy Prime Minister Alexander Novak told reporters on Friday. The decision was taken by OPEC+, and the gradual reversal of part of the cuts will take place between May and July, Novak said, as carried by the Russian news agency Interfax. Russia, the key partner of OPEC in the OPEC+ group, decided together with its allies led by Saudi Arabia to ease the collective production cuts by over 1 million | |
U.S. Oil Bankruptcies Shoot Up In Q1 2021The number of North American producers that filed for bankruptcy protection in the first quarter of 2021 reached the highest number for a first quarter since 2016, yet the wave of bankruptcies has significantly slowed since the peaks in the second and third quarter of 2020, law firm Haynes and Boone said in its latest tally to March 31. The Oil Patch Bankruptcy Monitor showed that eight producers filed for bankruptcy this past quarter, which was the highest Q1 total since 2016 when 17 oil producers in North America sought protection from creditors. | |
Chinese Refineries Processed 20% More Crude In MarchThe throughput of Chinese refineries last month averaged 14.08 million bpd last month, up by 19.7 percent on the year thanks to the recovery in demand for fuels and Chinas stocking up on finished products before maintenance season begins. Reuters reports the total amount of crude that passed through Chinese refineries during March was 59.79 million tons, and while a substantial increase on the year, it was lower than the throughput of Chinese refiners during the first two months of the year. The total refinery throughput for the first quarter | |
More young people are getting hospitalized as Covid variants spread. Here’s what we knowCDC Director Dr. Rochelle Walensky said earlier this month hospitals are seeing more younger adults admitted with Covid-19 as more contagious variants spread. | |
Here’s how new voting laws across the nation sparked a major corporate backlashRepublican state legislators across the country pushed for new voting laws that caused a corporate uproar. | |
SpaceX reportedly beats Bezos’ Blue Origin in NASA contest to build astronaut lunar landerElon Musk’s SpaceX beat Jeff Bezos’ Blue Origin and Dynetics to win nearly $3 billion to build NASA’s lunar lander, The Washington Post reported. | |
Car shoppers should expect high prices and limited inventory this springConsumer demand and manufacturing snags ” a shortage of microchips ” have led to an inventory squeeze in both the new- and used-car markets. | |
NBA legend Dwyane Wade buys ownership stake in Utah JazzNBA legend Dwyane Wade buys ownership stake in Utah Jazz | |
GM and LG to spend $2.3 billion on second EV battery plant in U.S.The facility will support production of GM’s upcoming Cadillac Lyriq crossover and other future EVs at a nearby assembly plant. | |
Biden administration is planning for possible Covid vaccine booster shotsThe Biden administration is preparing for the potential need for Covid-19 vaccine booster shots, though nothing is certain, a top U.S. official said. | |
Vaccinations in the U.S. are surging with many states nearing half of residents jabbedThe rate of daily U.S. vaccine doses reported administered held above 3 million Thursday, and in many states, nearly 50% of residents have gotten inoculations. | |
‘One-thirtieth’ of the way back: Small businesses see theme park reopenings jump-starting California’s recoveryWith Universal Studios reopening Friday and Disneyland set to open its gates on April 30, local businesses in California are starting to rebound. | |
Covid infection rate is approaching highest level ever, WHO chief warnsThe number of new cases per week has nearly doubled over the past two months, WHO Director-General Tedros Adhanom Ghebreyesus said. | |
Dr. Scott Gottlieb explains why he believes Covid won’t be eradicated in U.S. like smallpoxAmericans do not “seem to be prepared” to do what’s necessary to stamp out Covid, former FDA chief Dr. Scott Gottlieb told CNBC. | |
Cruise line CEOs met with White House Covid team, pressed for U.S. sailings to resume, sources sayThe cruise CEOs made their case in this week’s meeting to replace the government’s phased-in approach to sailings from U.S. ports, sources told CNBC. | |
Trannies Rally To Longest Weekly Win-Streak In History, Bonds Best Week Since JuneTrannies Rally To Longest Weekly Win-Streak In History, Bonds Best Week Since June Dow Transports managed – by the smallest possible margin – to rise again this week… …equaling its all-time record 11th straight week… Since 1900, Dow Transports has only ever once before seen an 11-week winning streak – in February 1989… Â | |
Why These Black Leaders Support Voter ID LawsWhy These Black Leaders Support Voter ID Laws Via RealClearPolitics.com, America is a country of over 300 million people. We are comprised of every shape, size, nationality, and opinion. This diversity has proven to be one of our greatest strengths. However, if you listened to largely white liberal media personalities and elite CEOs, you wouldn’t know this. According to liberal orthodoxy, all Blacks think alike, and all Blacks support Black Lives Matter, and all Blacks oppose the recently enacted Georgia Election Integrity Act. To the contrary, a recent Rasmussen Reports poll found that 69% of Blacks and 82% of nonwhite minorities support voter ID. Another poll taken even more recently by the Atlanta Journal-Constitution found that a full two-thirds of Blacks in Georgia support voter ID. The data seems clear: A majority of Black Americans support voter ID laws. This shouldn’t be surprising. Blacks know the value of the right to vote. We struggled to win that right in a country that for too long treated us as second-class citizens. We shed our blood so we could partake in American elections just like every other American citizen. We want to make sure that sacred right to vote, and the inte … | |
76% Rise In Stocks Since The March Low Is The 3rd Largest Jump In 100 Years… What Happens Next76% Rise In Stocks Since The March Low Is The 3rd Largest Jump In 100 Years… What Happens Next For his weekly Flow Show report, BofA’s Michael Hartnett picked a remarkable front cover chart, one showing that the 76% jump in US stocks from Mar’20 lows is now the 3rd largest YoY move in the past 100 years. Among the factors making this possible was the return of the record stock market mania, which in the last week manifested itself in another round of huge inflows into stocks ($25.6bn) bonds, ($17.9bn), all funded by an even bigger ($47.3bn) outflow from of cash, the largest in 4 months. Among the “flows to know” according to Hartnett, there were strong inflows to IG bonds ($9.8bn) & EM equities ($5.1bn), plus tech inflows resume ($1.6bn); inflow to global stocks past 5 months ($602bn) exceeds inflow in prior 12 years ($452bn) ¦note US corporate buybacks ($6.3tn over past 12 years). | |
Does The FOMC Even Believe What It’s Saying?Does The FOMC Even Believe What It’s Saying? Authored by Robert Aro via The Mises Institute, The latest Federal Open Market Committee (FOMC) meeting minutes shows a series of questionable ideas. Other than the people in the closed door meeting, it’s difficult to know whether they believe what they discuss, or just go through the motions, attempting to stave off economic collapse for as long as possible. With just a few quotes, the direction the Fed/US Government is taking us becomes clear:
GDP also looks to be on the rise:
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Hammerson: Shopping centre giant slashes rents in revival bidHammerson, whose centres include the Bullring and Brent Cross, is “resetting rents to more affordable levels”. | |
Ocado in self-driving vans push with £10m stake in OxboticaThe online grocery retailer has teamed up with Oxford self-driving firm Oxbotica. | |
Archegos collapse costs Morgan Stanley $911mUS investment bank Morgan Stanley’s lending to the collapsed hedge fund cost it nearly $1bn. | |
Should traders avoid soybean as prices go through the roof?Analysts say building up of fresh positions by speculators is pushing the rates to unprecedented levels and some volatility can be expected in the near term. | |
Morgan Stanley reveals $911 million Archegos loss as profit jumpsMorgan Stanley lost $644 million by selling stocks it held related to Archegos’ positions, and another $267 million trying to “derisk” them, Morgan Stanley Chief Executive James Gorman said on a call with analysts. | |
New corporate strategy credit neutral for Airtel: Ind-RaœWhile BAL has a strong track record of building the businesses and monetising the same, Ind-Ra will access the evolution of digital business and any monetisation of the same on case-by-case basis, the ratings firm said in a note. | |
Preliminary April 2021 Michigan Consumer Sentiment ImprovesWritten by Steven Hansen The preliminary University of Michigan Consumer Sentiment for April came in at 86.5, up from March’s 84.9, up from February’s 76.8, and up from January’s 79.0. | |
09 April 2021 ECRI’s WLI Growth Rate Little ChangedWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward was little changed and remains well into expansion. | |
Bond Report: 10-year Treasury yield posts largest weekly decline in about 10 monthsThe 10-year Treasury note faced some selling pressure on Friday but that didn’t stop long-dated U.S. government debt from logging their sharpest yield declines in weeks. | |
Capitol Report: After year of pandemic, Capitol Hill slowly sees signs of return to normalcyCongress, like many other areas of American life, is slowly but surely beginning to return to normal as more lawmakers and staff get vaccinated and the level of coronavirus worry ebbs. Lawmakers say there’s still a long ways to go yet, though. | |
: China posts record growth on-year in Q1 but recovery seen as slowingThe Chinese economy grew by a record 18.3% in the first quarter of the year compared with the same period of 2020, when it had shrunk for the first time in decades due to the COVID-19 pandemic. |
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