Written by Gary
US cancels all Q2 oil, gas lease sales (SPY +0.2%). March 2021 CFNAI Super Index Moving Average Index improved.
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. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Iran Exports 500,000 Bpd Despite SanctionsIrans crude oil exports since the start of the month have averaged around 500,000 bpd, according to a Reuters report that cites estimates from tanker tracking companies. This is lower than March levels but much higher than a year ago, the report noted. Exports have continued at these elevated levels longer than we expected, Reuters quoted the CEO of Petro-Logistics, Daniel Gerber, as saying. And with constructive talks occurring in Vienna, we may never see a return to the 2020 lows. Calculating Iranian crude oil |
| Aramco May Sell Stakes In ‘Non-Strategic’ Oil FieldsSaudi Aramco, which operates all upstream oil and gas assets in Saudi Arabia under a multi-decade concession deal with the Kingdom, is reviewing its upstream business and could decide to sell stakes in some not-so-strategic fields to external investors, Bloomberg reported on Thursday, quoting sources familiar with the matter. Aramco is currently reviewing its upstream business, and when the review is completed, it could decide to sell stakes in oilfields or enter into partnerships or joint venture agreements to develop and operate new natural gas |
| Mexico Congress Passes Controversial Pro-Pemex BillThe lower house of the Mexican parliament has passed a controversial bill that will give state-owned oil major Pemex more sway over the Mexican fuel market. Bloomberg reports that the house voted 301 in favor and 147 against the proposal, which will remove a stipulation from an earlier law that requires the state energy market regulator CRE to prioritize fuel sales from private companies as a way of leveling their playing field with Pemex. According to the backers of the change, the field is level enough for the state-help provision to be removed. |
| Libya’s Oil Production Slides Below 1 Million BpdLibyas crude oil production fell further this week after a second company said it would have to reduce output by 100,000 bpd, just days after another company shut down production at some fields in response to the closure of the export terminal of Hariga. Bloomberg reports that Sirte Oil Co., a subsidiary of the National Oil Corporation, told its parent today that it would have to slash production within 72 hoursbut not because of the port of Hariga closure. Sirte Oil Co. wrote that the reason was its very critical financial |
| Could Iraq Really Become OPECs Largest Oil Producer?Iraqs Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current production of around 3.8 million bpd that factors in OPEC-mandated cuts. Based on its vast oil resources there is no insurmountable reason why this output level should not be attained by that time or indeed even the 9 million bpd or 11 million bpd that were posited by the International Energy Agency in its 2012 production scenario analysis for Iraq. Even |
| U.S. Cancels All Q2 Oil, Gas Lease SalesThe United States Department of the Interior will cancel all oil and gas lease sales from public lands through the end of June, according to a Bureau of Land Management press release issued on Wednesday. On the very day President Biden was inaugurated, the DoI pulled back the reins on issuing permits for oil and gas exploration on federal lands and in federal waters. It did this not by banning permits outright but by limiting which Interior employees could approve permits. The number of employees to approve permits has dwindled significantly to |
| Planning a trip? Last year’s travel voucher could be about to expireIf you were issued a voucher or credit for canceled plans during the pandemic, remember to use them before it’s too late. |
| Here’s how much money you’d have if you bought $1,000 worth of Netflix stock in 2011Netflix’s stock growth over the past decade has outpaced Apple’s and more than doubled Google parent Alphabet. |
| ‘World’s most powerful tidal turbine’ gears up for operationÂTurbine will now be towed to the Orkney Islands, an archipelago north of mainland Scotland, for commissioning. |
| European Super League: Real Madrid president Florentino Perez says plans are not ‘dead’ despite withdrawalsReal Madrid president Florentino Perez insists the European Super League is not “dead.” |
| Biden administration to use celebrities, athletes in campaign to combat Covid vaccine hesitancyThe Biden administration is launching a massive campaign to persuade more Americans to take the Covid-19 vaccines, administration officials told NBC News. |
| Nikola shares surge on hydrogen fuel station plans and battery truck productionThe plans include installing hydrogen fueling stations for heavy-duty trucks at two sites in California as “a first step” in exploring a nationwide network. |
| Jaguar Land Rover, Daimler production scaled back due to global chip shortageThe global chip shortage is continuing to wreak havoc at some of the world’s biggest carmakers including Jaguar Land Rover, Mercedes, and Renault. |
| Rich countries are refusing to waive the rights on Covid vaccines as global cases hit record levelsThe landmark proposal, which was jointly submitted by India and South Africa in October, has been backed by more than 100 mostly developing countries |
| Biden hits 100-day vaccine goal as case counts in Michigan, U.S. show signs of slowingPresident Joe Biden announced Wednesday that his administration had reached its goal of 200 million vaccine shots given during his first 100 days in office. |
| Zack Snyder’s ‘Justice League’ cut did little to boost HBO Max subscriptionsZack Snyder’s cut of “Justice League” may have been a hit with fans, but it did little to move the needle for HBO Max subscriptions. |
| American and Southwest report stronger bookings, ramp up schedulesAmerican and Southwest say leisure travel is on the rise, and they are preparing to fly more this summer. |
| As women directors enter the Oscar spotlight, here are 13 filmmakers to watchThe historic nomination of two female directors signals that Hollywood is changing. A look at 13 women who are making waves in the film industry. |
| Department stores like Nordstrom and Macy’s are still Americans’ favorite place to buy shoesIn a new AlixPartners survey, consumers were asked were they’ve been buying shoes during the pandemic, and overwhelmingly the answer was department stores. |
| 50+ Crewmembers Likely Doomed As Missing Indonesian Submarine Feared Too Deep To Retrieve50+ Crewmembers Likely Doomed As Missing Indonesian Submarine Feared Too Deep To Retrieve It looks like the Indonesian Navy submarine that disappeared yesterday during routine naval exercises has fallen too deep to retrieve, meaning the 53 crewmembers onboard are likely doomed – if they’re not dead already. Authorities said oxygen in the submarine would run out by early Saturday.
He said rescuers found an unidentified object with high magnetism in the area and that officials hope it’s the submarine. The diesel-powered KRI Nanggala 402 was participating in a training exercise Wednesday when it missed a scheduled reporting call. Officials reported an oil slick and the smell of diesel fuel near the starting position of its last dive, about 96 kilometers (60 miles) north of the resort island of Bali, though there’s no evidence conclusively linking this to the sub, many took it as a disturbing sign that something went wrong. |
| George Floyd Autonomous Zone Issues “Rules For White People”George Floyd Autonomous Zone Issues “Rules For White People” Authored by Paul Joseph Watson via Summit News, The ‘George Floyd Autonomous Zone’ in Minneapolis has issued a list of ‘rules for white people’ that they have to abide by in order to enter the area.
The zone has popped up around the area that Floyd died and has come to resemble something akin to a religious cult encampment. Apparently, baptisms, miracles and other spiritual events can be witnessed on a regular basis.
However, entering the area as a white person comes with potential risks if you make the mistake … |
| Biden About To Declare US Recognition Of Armenian Genocide, Enraging TurkeyBiden About To Declare US Recognition Of Armenian Genocide, Enraging Turkey It’s long been a Turkish ‘red line’ for which all the country’s recent modern leaders have reacted fiercely at the mere suggestion, and which only thirty countries in the world officially acknowledge. It’s being widely reported that President Joe Biden is preparing to declare the formal US recognition of the Armenian genocide, which was the mass systematic killing of over one million Armenians in Asia Minor from 1915-1917 at the end of the Ottoman Empire. Hundreds of thousands of Greek and Assyrian Christians were also slaughtered in the name of achieving ‘Turkification’. According to CNN on Thursday, “Two people familiar with the decision said the President was expected to make the declaration as part of an official statement on Remembrance Day, which falls on Saturday. Both said it was possible he would change his mind before then, and issue a statement merely recognizing the event without describing it as genocide.” |
| Are You Playing Roulette With Your Retirement?Are You Playing Roulette With Your Retirement? Authored by Michael Lebowitz via RealInvestmentAdvice.com, Would you hire a money manager that manages your wealth on false assumptions?  It seems like a bad idea, but many people unknowingly opt for such a management style in their retirement plans. Target Maturity Funds are one of the fastest-growing mutual fund sectors of the last decade. These passive strategies are most popular in 401k and other retirement plans with limited options and long investment time horizons. Wall Street nicknames them œset ’em and forget ’em funds because their strategy purportedly adjusts risk lower as you age. At first blush, such a strategy makes sense as risk tolerance is often a function of age. However, the purveyors of these funds fail to disclose that measuring risk is a function of the prices and valuations of assets. Changing asset allocations based solely on the calendar is playing roulette with your financial well-being. What Are Target Funds Target Funds are passive mutual funds run by basic algorithms. The funds slowly allocate away from stocks and toward bonds based on a target future date. For example, a fund with a 2050 target date will initially invest heavily in stocks, with the remainder in fixed income assets. As the fund ages, it reduces equity exposure leaning more toward fixed income. The table below shows how the Vanguard family of Target funds transition from 90/10 allocation of stocks to fixed income to 50/50 as t … |
| Jaguar Land Rover to suspend output due to chip shortageBritain’s biggest carmaker to suspend output at two factories because of global semiconductor shortage. |
| E.On compensates customers after Christmas blunderThe energy firm will pay more than £650,000 after taking payments on Christmas Eve instead of January. |
| Greensill lender Credit Suisse suffers ‘unacceptable’ lossCredit Suisse raises $2bn to shore up its finances as regulators widen a probe into the Swiss bank. |
| HCL Tech Q4 preview: Consolidated PAT likely to fall 21% QoQ, all eyes on FY22 guidanceThe IT company’s operating performance in the quarter is likely to be underwhelming as analysts expect consolidated operating margin to shrink 430-470 basis points on a sequential basis because of wage hikes undertaken by the company. |
| Can Swaraj Engines continue to shine post robust Q4 results?The good show is likely to continue given the forecast of a normal monsoon and higher food grain production for FY22. |
| Subhash Chandra says no stake in Dish TV, confident of returning pledged shares to brotherFormer ZEE chairman said Goel had given him equity in Dish TV as security for the credit facilities availed by Subhash Chandra Group. |
| March 2021 CFNAI Super Index Moving Average Index ImprovedWritten by Steven Hansen The economy’s rate of growth improved based on the Chicago Fed National Activity Index (CFNAI) 3 month moving (3MA) average – and the economy is slightly above the historical trend rate of growth.
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| : China’s Xi says world’s largest polluter will phase down coal consumptionChina vows to start phasing down coal consumption from the 2026-2030 period as part of its efforts to reduce greenhouse gas emissions, President Xi Jinping told the U.S.-led Climate Leaders’ Summit Thursday. |
| Commodities Corner: Global silver demand poised to rise this year; prices could jump more than 30%: reportGlobal silver demand suffered a decline last year on the back of pandemic-related restrictions to economic activity, but is expected to climb this year, contributing to a rise in prices for the metal that may top 30%, according to a report from The Silver Institute released Thursday. |
| ETF Wrap: ETF Wrap: Let’s get away from it allETF Wrap is a briefing of what investors need to know about the exchange-traded fund sector, including exclusive commentary and interviews on the industry from MarketWatch |
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