30Apr2021 Market Close: Oil Prices Pull Back After A Big Week, Rig Count Increases To 440 Rigs, WTI Crude Settles At 63.50, DOW Down 186 Points, Nasdaq Down -0.9%, Bitcoin Steady At 57100

Written by Gary

ECRI’s WLI growth rate again marginally declines and Michigan Consumer Sentiment improves (SPY -0.7%). SP 500 index closes lower Friday but notches 5% monthly gain.

The Market in Perspective

Here are the headlines moving the markets.
	Oil Prices Pull Back After A Big Week It was a big week for oil markets as demand optimism sent oil prices beyond $65 and oil majors reported promising earnings, but prices pulled back on Friday morning as covid concerns in India grew.For more great energy content, make sure you subscribe to the Oilprice youtube channel for breaking news and analysis.Friday, April 30th, 2021Oil prices posted gains for much of this week but traded down on Friday. A bit of profit-taking after strong gains, combined with concerns about the worsening outlook in India, likely contributed to the move down.Exxon
	Scientists: Bacteria Could Be Used To Source Copper US and Brazil-based researchers have published a new study where they outline what they deem a more efficient and safer alternative to sourcing copper via bacteria.Thepaperwas published in the journalScience Advancesand in their discussion, the scientists provide conclusive evidence of how a copper-resistant bacterium found in a copper mine in Brazil transforms copper sulfate (CuSO4) ions into zero-valent Cu or metallic copper. By putting the bacteria inside an electronic microscope, we were able
	U.S. Rig Count Increases To 440 Rigs Baker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 440. In the week prior, the U.S. oil and gas rig count decreased by 1. The total number of active oil and gas drilling rigs in the U.S. is now 32 more than this time last year. The oil rig count decreased by 1 this week, bringing the total oil rig count to 342 this week. The number of gas rigs increased by 2 to 96. The number of miscellaneous rigs increased by 1. The EIAs estimate for oil production
	M&A Activity In Oil And Gas Drops In March Mergers and acquisitions in U.S. oil and gas fell by 1.49 percent below the 12-month average last month, according to GlobalData. The biggest deal by far for the month was Chevrons acquisition of Noble Midstream Partners, which fetched $1.32 billion. The Noble Midstream Partners deal represented about a fifth of the total value of March deals, Offshore Technology reports, citing GlobalData figures, with the total standing at $5.14 billion across 66 deals. The number of deals in March was in line with the 12-month average, which stood at
	Oil Trading Giant Looks To Enter The Permian Through Major Asset Sale Commodity trading major Vitol is reportedly negotiating a deal to acquire the oil wells of Hunt Oil Co. in the Permian Basin. According to Bloomberg, which cited unnamed sources, this would be the biggest foray of an independent oil trader into the upstream. The report notes that the Swiss-based commodity trader last year set up a limited liability company called Vencer Energy in Texas. The purpose of the company was to buy oil and gas production assets as the United States returned to the oil-exporting world in 2015. Few details about the deal
	Oil Slips On Profit Taking, Stronger U.S. Dollar Oil prices dropped early on Friday as profit-taking and a strengthening U.S. dollar put a stop to this weeks rally that saw prices hitting a six-week high on Thursday. As of 10:14 a.m. EDT on Friday, WTI Crude was trading down below $64 a barrel, at $63.43, down by 2.32 percent. Brent Crude prices were down by 1.87 percent on the day at $67.26. On Thursday, oil prices had jumped to their highest levels in six weeks as a brighter outlook on the American economy and oil demand offset bearish demand prospects from the COVID crisis in India.
	New York City indoor dining capacity to increase to 75% in May as Covid restrictions ease Cuomo announced Friday that indoor dining capacity in New York City will be increased to 75% on May 7.
	Face mask requirement for planes, buses and trains extended through mid-September in U.S. The Transportation Security Administration on Friday extended a federal requirement that travelers on buses, trains, commercial flights and at airports wear face masks.
	Vanessa Bryant, Kobe’s widow, to launch Mambacita clothing line The widow of Kobe Bryant announced on Friday that she will be launching the Mambacita clothing line on May 1, the birthday of her late daughter Gigi.
	U.S. to restrict travel from India effective May 4 amid massive Covid surge The Biden administration will restrict travel from India as that country grapples with a surge in coronavirus cases, White House press secretary Jen Psaki said.
	Here’s why Amazon is moving its annual Prime Day shopping event earlier in the summer Amazon has confirmed that its annual Prime Day deals event will be held earlier in the summer.
	Fauci urges Americans against skipping second Covid vaccine dose, says it provides dramatic benefits Dr. Anthony Fauci urged Americans to make sure they receive their second dose of the Covid-19 vaccines, saying the second shot provides “dramatic” benefits.
	Tiffany is selling men’s engagement rings for the first time Tiffany & Co. announced the debut of its first-ever men’s engagement ring.
	As more retailers turn to tech, Macy’s store employees score victory in challenging self-checkout in mobile app A union scored a victory in challenging Macy’s self-checkout, as an arbitrator ruled the retailer must find a way to credit store employees who get commissions.
	Canadian Covid outbreaks challenge Tim Hortons’ turnaround and may hide its progress Canada’s worsening wave of Covid-19 cases is putting pressure on Tim Hortons, the country’s iconic coffee chain.
	BioNTech expects Covid vaccine data on kids ages 5 to 11 as early as end of summer Young children could get vaccinated by the end of the year, BioNTech co-founder and chief medical officer Dr. Ozlem Tureci told CNBC.
	Covid vaccinations are slowing in the U.S. as supply outstrips demand. How states are targeting who’s left Meeting existing vaccine demand is no longer the main challenge, and states are employing strategies to address access and hesitancy barriers.
	A major chlorine shortage is set to spoil summertime fun in the swimming pool The worst chlorine shortage the country has ever seen is set to rock this summer’s pool season.
	Trevor Lawrence reaches multiyear deal with Fanatics over memorabilia rights The e-commerce giant reached the deal after Trevor Lawrence was selected first in the 2021 NFL Draft.
	Dollar Dumps In April As S&P Does Something It’s Never Done Before Dollar Dumps In April As S&P Does Something It’s Never Done Before April saw gold, bonds, and stocks (The Dow) all rise around 2% while the dollar fell around 2% against its fiat peers… Source: Bloomberg All major US equity indices ended April higher with Nasdaq 100 leading the way and Small Caps lagging… Source: Bloomberg And while the 5%-ish gain for the month in S&P is notable, during 18 sessions this month through trading on Thursday, 95% or more of the index’s members traded above their 200-day moving average.
	Majority Of US Companies Will Require Workers To Provide Proof Of Vaccination Majority Of US Companies Will Require Workers To Provide Proof Of Vaccination It looks like American colleges won’t be alone in making vaccination mandatory for any students who want to return to campus next semester. Despite the White House’s determination that vaccination shouldn’t be mandatory by law, more than 60% of American companies are reportedly leaning toward requiring proof of vaccination from their employees. According to a new survey from the Rockefeller Foundation, 65% of businesses will offer some kind of incentive for employees to get vaccinated, while 63% said they will require proof of vaccination before workers can return to the office. Another 35% said disciplinary actions are on the table, including the possibility of termination, for those who refuse vaccines. The survey, released Thursday, represents the responses of 957 businesses across 24 industries. Most of the respondents were US businesses with 250 employees or more. Even after employees have returned to the office, testing will remain a critical piece of the safety plan provided by most employers. Looking ahead, roughly two-thirds of employers are planning to allow …
	America Runs Low On Chicken. Blame Surging Demand And Labor ShortagesÂ America Runs Low On Chicken. Blame Surging Demand And Labor ShortagesÂ By now, Americans are pretty used to living in a third-world country where supply chain disruptions have produced soaring prices for certain foods or even created shortages. It seems like every week, another company is complaining about surging prices for raw materials or shortages. So far, consumers have yet to lash out, but the next nationwide shortage materializing could do just that.Â BloombergÂ reports a massive chicken shortage could be developing as fast-food chains have already reported shortages. KFC says it’s struggling to keep up with soaring demand as supplies are tightening. At 750 Bojangles locations, the chain is suffering aÂ “system-wide shortage” of chicken.Â The most popular meat in the US was broiler chicken, at about 96.4 pounds per capita in 2020. So any shortage and or price surge would easily upset tens of millions of Americans.Â COVID has resulted in a demand surge for chicken. McDonald’s Corp. and KFC, owned by Yum! Brands Inc. reported this week that fried chicken products were selling like hotcakes. There is no direct evidence why chicken demand at fast-food shops is soaring – but one can assume that with millions of Americans still out of work and can barely afford to eat, they’re going buck wild with their stimulus checks at cheap fast food joints.Â “Demand for the new sandwich has been so strong that, coupled with general tightening in domestic chicken supply, …
	Biden Bans Travel From India Amid COVID Crisis As Vaccine Supplies Run Dry Biden Bans Travel From India Amid COVID Crisis As Vaccine Supplies Run Dry The COVID-19 situation in India has continued to worsen late this week as the country reported another daily record of nearly 400K (386.6K) newly confirmed COVID-19 cases on Friday, while more than 3K new deaths were recorded. And while multiple Indian states close vaccination sites due to shortages of supplies, Reuters reports that President Joe Biden is expected to impose ne …
	Eurozone suffers double-dip recession as pandemic impact continues Activity in the bloc has been hit by a renewed surge in infections this year and Covid-related restrictions.
	Banks fail in bid to share cost of refunding scam victims Negotiations between banks to create a permanent, central pot of money to refund scam victims have collapsed.
	UK housing market ‘on the boil’ as prices rise UK house prices rose by 7.1% compared with a year ago, the Nationwide says, amid high demand from buyers.
	Nazara and Metropolis release revenue numbers before board approval The move has raises eyebrows among some market participants, who allege the companies may have violated rules.
	RIL Q4 takeaways: Jio key metrics improve; Covid 2.0 weighs on retail, refining biz The commentary by the company suggested that some businesses have already started to feel the impact of renewed lockdowns across several major states over the past month, raising concerns over the June quarter earnings.
	Jio Platforms Q4 results: Net profit zooms 47.5% to Rs 3,508 crore Its revenue from operations came in at Rs 18,278 crore, a growth of about 19 per cent compared to the corresponding period of the previous year.
	23 April 2021 ECRI’s WLI Growth Rate Again Marginally Declines Written by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward was little changed and remains well into expansion.
	Final April 2021 Michigan Consumer Sentiment Improves Written by Steven Hansen The final University of Michigan Consumer Sentiment for April came in at 88.3, up from the preliminary of 86.5, up from March’s 84.9, up from February’s 76.8.
	Your Digital Self: Mercedes’ new electric vehicles are loaded with luxury and technology Mercedes-Benz is late to the electric-vehicle game, but its two new models are packed with high-end design and innovation.
	: ‘Drugs from bugs’ ” biotech companies are mining the gut microbiome to treat difficult diseases The body’s so-called germ squad in the gut can be tweaked, treating diseases including autism and Parkinson’s disease.
	: Here’s what analysts are saying about Amazon tripling profits Swiss Bank UBS raises its price target as the COVID-19 pandemic caused a boom in demand for home deliveries, helping Amazon triple first-quarter profits.