Written by Gary
DOW closes more than 300 points lower after Biden eyes capital gains tax hike (SPY -0.9%). The US is running out of people to vaccinate. Pfizer: People will need 3rd COVID-19 shot, yearly doses.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | The Future For Oil Producer Romania Looks BleakEuropes upstream segment has two main challenges environment-related long-term objectives that gradually narrow down oil companies maneuvering ability in terms of where/what they can drill and deficit-ridden governments trying to squeeze as much out of their domestic production as it can get. Whilst most of Western Europe, with its shale drilling bans and forced production phase-outs, gradually started to tilt towards the first variant, Romania is one of the rare examples for the latter option. It would seem that with its |
| Africas Largest Oil Producer Loses $29B Per Year On Power OutagesBusinesses in Nigeria are losing each year around US$29 billion because of the unreliable power supply, the World Bank said in an estimate about the OPEC country, which is the largest oil producer in Africa. Businesses in Nigeria lose about $29bn annually because of unreliable electricity. Nigerian utilities get paid for only a half of electricity they receive, the World Bank said in a presentation at a virtual meeting with journalists this week, Nigerian outlet Punch reported. Distribution power companies lose |
| How Accurate Are Peak Oil Demand Projections?Jet fuel and petrochemicals are expected to fuel crude demand this decade, while oil demand in the transport sector is set to peak by 2026, one year earlier than originally anticipated. Goldman Sachs believes oil demand will peak in 2026, while BP Plc believes the highest global demand growth is already over, and International Energy Agency (IEA) thinks the peak could come later, in 2030. However its framed, it is clear that the oil and gas industry is facing a turbulent future. The adoption of electric vehicles (EV) is expected |
| Natural Gas Prices Jump On Smaller-Than-Expected U.S. Inventory BuildThe U.S. benchmark natural gas price reversed losses from earlier on Thursday and turned higher after the Energy Information Administration reported a smaller-than-forecast injection into storage. As of 11:30 a.m. on Thursday, the price of natural gas at Henry Hub was up by 2.34 percent at $2.754/ MMBtu. At the start of trading on Thursday, the price was at $2.688/ MMBtu, down from Wednesdays close at $2.776/ MMBtu. The EIAs weekly natural gas storage report showed today that working gas in storage was 1,883 billion cubic feet (Bcf) |
| Bidens Aggressive Emissions Target Could Have A Major Impact On U.S. OilU.S. President Joe Biden unveiled on Thursday a new emissions-reduction target aiming to cut greenhouse gas emissions by 50-52 percent from 2005 levels in 2030 in an announcement that could have repercussions on Americas oil and gas industry. As part of the new U.S. Nationally Determined Contribution (NDC) for the Paris Agreement, which President Biden re-joined on his first day in office, the U.S. will now target to achieve a 50-52 percent reduction from 2005 levels in economy-wide net greenhouse gas pollution in 2030. The Administration |
| Energy Sector Sees Blowout QuarterAfter three abysmal quarters in 2020 due to the triple whammy of an oil price war between Saudi Arabia and Russia, demand destruction as a result of the Covid-19 pandemic, and perceptions that oil is giving up its dominance to renewable energy and electric vehicles the energy sector has dramatically picked up over the past two quarters. The energy sector grossly outpacing the other S&P 500 sectors in Q4 2020, and the sector started off 2021 the way it ended last year. The Energy Select Sector SPDR ETF tracks an index of energy |
| Fauci says people who get Covid between vaccine shots can get second dose soon after recoveryPeople who get infected with the coronavirus between Covid-19 vaccine shots can get their second dose after they’ve recovered, Dr. Anthony Fauci said Thursday. |
| Red hot real estate markets have turned surprising profits for unintentional property flippersReal estate brokers are seeing a rising number of unintentional real estate flippers as wealthy buyers find luxury properties are scarce. |
| New York Comic Con will be hosted in person in 2021 with limited capacityNew York Comic Con will be hosted in person Oct. 7-10 at the Javits Center in New York City at reduced capacity. |
| SpaceX will launch astronauts with a reused rocket and spacecraft: Here’s what you should knowSpaceX is set to make history once again, as Elon Musk’s space company prepares to launch the Crew-2 mission for NASA on Friday morning. |
| New Covid variant detected at Texas A&M lab shows signs of antibody resistance and more severe illness in young peopleScientists at Texas A&M say they’ve detected a new Covid-19 variant that shows signs of causing more severe illness and appears to be resistant to antibodies. |
| 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 |
| “Way To Go Joe!” – Bonds Bid As Biden Tax Plan Tanks Stocks“Way To Go Joe!” – Bonds Bid As Biden Tax Plan Tanks Stocks A Bloomberg report suggesting Biden will pay for some of his “infrastructure” bill by doubling the capital gains tax for high income Americans sparked some brief unrest in US equity markets today…Nasdaq was the hardest hit on the day but we note that Small Caps were sold most after the Biden headline…
Notably, Small Caps briefly got green for the week (after being down over 4% on Tuesday) before Biden buggered it all up…
This is in line to be the worst week for stocks since mid-Feb. White … |
| Norfolk Police Officer Fired For Making Anonymous Donation To Kyle RittenhouseNorfolk Police Officer Fired For Making Anonymous Donation To Kyle Rittenhouse Authored by Jonathan Turley, Sgt. William Kelly, the second highest-ranking official in the Norfolk Police Department’s internal affairs division, has been fired for making an anonymous donation to the defense fund for Kyle Rittenhouse. The donation (revealed after a security breach of the Christian crowdfunding site GiveSendGo) was accompanied by a note saying that Rittenhouse did œnothing wrong. Despite the obvious attack on free speech and associational rights, there has been little concern raised in the media or by legal experts. Two days ago, a reporter in Utah went to the home of a paramedic to confront him on why he made a $10 donation of Rittenhouse, who is accused of killing two people during violent protests last summer in Wisconsin. |
| US States Close Mass Vaccination Centers Due To Falling DemandUS States Close Mass Vaccination Centers Due To Falling Demand As we noted a few weeks ago, America has smashed President Biden’s revised target of 200M COVID-19 jabs in arms by the end of his first 100 days in office while moving up his target for having the entire adult population vaccinated. According to data from the CDC, the US has easily surpassed 200M jabs-in-arms. But as the COVID-19 cases climb, the world is beginning to rethink expectations surrounding herd immunity, while also questioning the efficacy of vaccines as some patients are reinfected by “mutant” COVID-19 strains, or – even more rarely – fall victim to strange side-effects (like cerebral blood clots).
But while Biden’s Dr. Fauci-led White House advisory team refuses to acknowledge this reality, Dr. Scott Gottlieb pointed out a few weeks back that he expected demand for vaccines to dampen as more young people refuse shots on the belief that they are … |
| Peter Schiff: America’s Consumption Economy Is A Bubble EconomyPeter Schiff: America’s Consumption Economy Is A Bubble Economy Via SchiffGold.com, America has turned into a consumption economy. The problem is, economies can’t run on consumption…
Peter Schiff explains in this clip from a recent interview.
A vibrant, healthy economy needs production.
The question … |
| Coronavirus: ‘We want to get home, but there aren’t any tickets’Demand for flights from India to the UK has soared as travellers rush to beat Friday’s quarantine deadline. |
| Foxtons to review boss’s pay after shareholder revoltA significant number of shareholders voted against chief executive Nick Budden’s pay package. |
| Greensill: Emails reveal Cameron’s lobbying of Bank of EnglandMore details emerge about the former PM’s work for now-failed failed finance firm Greensill Capital. |
| What Elon Musk and Dorsey are missing about Bitcoin and green energyThe cost of renewable power is plummeting and an increasing share of energy is being supplied by electricity. There are so many existing incentives that the International Energy Agency expects wind and solar to account for around 12% of electricity demand by 2030, up from 5% in 2019. |
| Premji Invest-backed Gold Plus Glass to raise up to Rs 2,400 cr to fund expansionThe local manufacturer is looking to raise about Rs 600 crore via equity dilution to any institutional investor, two people with knowledge of the matter told ET. While most of the corpus would be raised via debt ” loan or bonds, some internal accruals are likely to be tapped for the same. |
| Mentha oil may be warming up for a breakoutWith the harvesting season just 3-4 weeks away, there seems to be no major reason for a sudden spike in mentha oil, added Katariya, who expects the spot price to remain in the Rs 950-1,200 range for next three months. |
| : How tiny ‘beach huts’ became the hottest commodity in British real estateThe cost of renting a beachside cabana is now more expensive than leasing a home in one of London’s most exclusive neighborhoods. |
| : Amazon’s newest project is ¦ a hair salon? Here’s whyThe salon will feature augmented reality technology, which allows customers to experiment with different virtual hair colors |
| : Invest in electric-vehicle batteries, water tech and crypto applications to ride the green wave, says UBSAn œenvironmental credit crunch is set to challenge current levels of unsustainable consumption, ratcheting up the pressure on companies to innovate in solving climate-related problems and providing opportunities for investors, said UBS. |
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