Written by Gary
Home prices are soaring fast and negating the benefits of low mortgage rates (SPY +1.5%). Michigan Consumer Sentiment significantly declined. U.S. Oil Rig Count Soars.
U.S. Oil Rig Count Soars As WTI Recovers
The Market in Perspective
Here are the headlines moving the markets. | |
UK Climate Boss: World Must End Coal To Save PlanetThe world needs to ditch coal in order to tackle climate change and save the planet, former UK business secretary Alok Sharma, who is now president for this years global climate summit COP26, said on Friday. In a speech in Glasgow, the city that will host the 26th United Nations Climate Change Conference in November, Sharma stressed the need to end coal power to tackle climate change and noted that the summit is the worlds best chance of limiting rising global temperatures to 1.5 degrees Celsius. COP26 will bring together | |
Oil Prices Rebound As Global Oil Glut DrainsOil prices rebounded on Friday morning as inflation fears fade and the global supply glut slowly drains, although the IEA did revise its demand projection downward.For more great energy content, make sure you subscribe to the Oilprice youtube channel for breaking news and analysis.Friday, May 14th, 2021Oil prices rebounded on Friday after a midweek selloff. Neither the bullish nor bearish narratives are taking hold at the moment, and Brent crude is trading in the upper-$60s.Colonial pipeline restarts. The Colonial Pipeline restarted product | |
China Cracks Down On Tax Loopholes In Blending Fuels ImportsChinese authorities are looking to ease the domestic fuel glut and reducing pollution by heavily taxing as of June the imports of several kinds of blending fuels which are being used by refiners to produce lower-quality fuels. As of June 12, China will impose a consumption tax on imported light cycle oil (LCO), mixed aromatics, and diluted bitumen, seeking to close a tax loophole that refiners have so far used to import cheap blending fuels for making gasoline and other fuels. A small number of companies have imported record amounts | |
Russia Has Oil Reserves At Least Until 2080Russias oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week. Russia also has natural gas reserves for another 103 years of annual production at current output levels, the minister said. Russias actual oil and gas reserves could even rise if it steps up exploration in hard-to-drill areas, the minister added, noting that Russia needs to develop exploration, including in hard-to-reach areas. Last month, Evgeny Kiselev, | |
U.S. Oil Rig Count Soars As WTI RecoversBaker Hughes reported on Friday that the number of oil and gas rigs in the United States increased by 5 this week, bringing the total rig count to 453. In the week prior, the U.S. oil and gas rig count increased by 8. The total number of active oil and gas drilling rigs in the U.S. is now 114 more than this time last year. The oil rig count increased by 8 this week, bringing the total oil rig count to 352 this week. The number of gas rigs decreased by 3 to 100. The number of miscellaneous rigs stayed the same. The EIAs estimate for oil production | |
Rosneft Swings BackTo Profit In Q1 2021Rosneft reported a net profit of $2 billion (149 billion rubles) for the first quarter of the year, up from a loss of $2.11 billion (156 billion rubles) for the first quarter of 2020, also boasting increased free cash flow and lower debt. Free cash flow, the company said, rose 2.6-fold from the final quarter of 2020 to $2.57 billion (190 billion rubles), and debt fell to $2.9 billion. Upstream operating costs were reduced to a minimum of $2.6 per barrel of oil equivalent, Rosneft also said. Rosneft continued to work on the | |
New Jersey will still require masks indoors despite new CDC guidelinesNew Jersey will keep its indoor mask mandate in place, despite newly relaxed CDC guidelines for fully vaccinated people. | |
Many Americans can’t afford an emergency expense. Some are calling for employers to help with thatStudies show that just one unexpected expense could set many Americans back. Now, some are calling for employers to help encourage emergency savings. | |
Covid variant from India more transmissible and threatens England lockdown easing, Boris Johnson saysU.K. Prime Minister Boris Johnson warned Friday that the coronavirus variant first discovered in India has the potential to derail the lockdown easing currently underway in the country. | |
Here’s what experts say about attending sporting events under CDC’s new guidelinesDuring the pandemic, pro leagues have advised clubs to follow local government mask and distancing policies, which are likely to remain after new CDC guidance. | |
Shoppers and diners, here’s why you shouldn’t expect masking rules to change overnightRetailers and restaurants will take time to unwind Covid pandemic precautions, as they navigate different state and local rules and try to keep workers safe. | |
CDC cheered and criticized for new mask guidance; retail workers don’t want to be vaccine ‘police’The CDC came under sharp criticism for its quick turnabout. Just six weeks ago, Director Dr. Rochelle Walensky was warning of “impending doom” in the U.S. | |
Stocks making the biggest moves midday: Disney, Snowflake, DoorDash and moreThese are the stocks posting the largest moves in midday trading. | |
Target takes trading cards off shelves temporarily after violent incident involving a gunTarget temporarily takes MLB, NFL, NBA and Pokemon trading cards off shelves after surge in demand leads to violent incident in store parking lot. | |
New CDC mask guidance may spur more Americans to get Covid vaccine, says Dr. Scott GottliebFormer FDA chief Dr. Scott Gottlieb told CNBC more Americans may go get vaccinated due to the CDC’s relaxed mask guidance. | |
Wynn says vaccinated workers and guests can ditch masks in Nevada casinosThe change was made possible because the Nevada Gaming Control Board, which sets the rules for casinos, reacted quickly to update its rules. | |
How a chip shortage is battering the automotive industryA shortage of semiconductors is inflicting pain on the automotive industry, forcing companies to cut production and leaving dealers with reduced inventory. | |
India reports more than 343,000 new cases as one professor claims infection may have peakedGovernment data released Friday showed there were 343,144 new reported cases over a 24-hour period, where at least 4,000 people died. | |
COP26 president says ‘coal must go’ if planet is to meet climate targetsThe U.K. is set to host the major climate summit in November. | |
Commodities, Cryptos, & Crappy Stocks Crumble As Stagflation Signals Soar This WeekCommodities, Cryptos, & Crappy Stocks Crumble As Stagflation Signals Soar This Week So, the last week has flashed the ‘reddest’ of red flags that Stagflation is upon us: Payrolls disappoint… Retail Sales disappoint… Inflation hotter than expected… Sentiment far worse than expected… Source: Bloomberg Ignore all that… everything is fine… Crappy Stocks (money-losing tech companies) dropped for the 3rd straight week… | |
China May Attempt To Land Mars Rover TodayChina May Attempt To Land Mars Rover Today From currency war, to trade war, to tech war, to climate war, and now to space war, the superpower rivalry between the US and China continues to flare up with Beijing expected to land its rover on the red planet today. CNET reports that the China National Space Administration’s (CNSA) spacecraft, which has been orbiting Mars since February, is expected to enter the Martian atmosphere at 7:11 p.m. ET. CNET cites multiple Twitter accounts that monitor China’s space programs, though we must point out CNSA has yet to confirm the timing. The spacecraft is expected to descend into the atmosphere for approximately seven minutes. Then deploy a parachute with a lander and rover. The rover, called Zhurong, will be China’s first attempt to probe the surface of the Red Planet in an ambitious mission called “Tianwen-1” which was first launched in July 2020. | |
Autopilot Was Engaged In Fatal SoCal Tesla Wreck Earlier This Month, Authorities RevealAutopilot Was Engaged In Fatal SoCal Tesla Wreck Earlier This Month, Authorities Reveal A Tesla that was involved in a fatal crash in Southern California last week was operating on Autopilot at the time, it has been revealed. The crash is still is under investigation by the National Highway Traffic Safety Administration, a report from ABC noted on Friday. The crash, which took place on May 5 in Fontana, killed the 35 year old driver after his Model 3 hit an overturned semi on the freeway. A second person was seriously injured after the Model 3 hit him, while he was trying to help the driver of the overturned semi. On Thursday of this week, the California Highway Patrol announced that the car was operating on Autopilot, which has been no stranger to controversy involving fatal Tesla wrecks. This wreck marks at least the fourth death in the U.S. involving Autopilot. The information was so important, the CHP felt, that they shared it despite the ongoing investigation, stating: œWhile the CHP does not normally comment on ongoing investigations, the Department recognizes the high level of interest centered around crashes involving Tesla vehicles. We felt this information provides an opportunity to remind the public that driving is a complex task that requires a driver’s full attention. | |
Home Prices Are Soaring So Fast, They Are Negating The Benefits Of Low Mortgage RatesHome Prices Are Soaring So Fast, They Are Negating The Benefits Of Low Mortgage Rates A recent report in the Wall Street Journal that cited data from the National Association of Realtors and Fannie Mae caught our eye by highlighting an unfortunate reality of low interest rates: while they initially help even the playing field and make homes more affordable for more Americans, after a while, price appreciation will ultimately make housing less accessible for middle- and working-class Americans. Using data combined with anecdotes from home buyers, WSJ illustrated how the rapid pace of price appreciation over the last year is affecting the outlook for the housing market, as high prices negate the impact of mortgage rates that are still near record lows.
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Portugal to allow UK tourists from MondayThe government in Lisbon says anyone arriving will need to take a negative PCR test before departure. | |
Gupta empire facing UK fraud probe over GreensillThe group run by Liberty Steel owner Sanjeev Gupta is under investigation by the Serious Fraud Office. | |
Cleared postmaster hid conviction from his familyThe convictions of two more former Post Office branch managers – wrongly accused of theft – have been quashed. | |
Amid Covid gloom, India’s largest infra firm projects exciting future for itselfLarsen & Toubro’s optimism flows from its expectations that notwithstanding the second wave, the country’s thrust on infrastructure in the Budget would see the company take in several large orders over the coming years. | |
Sovereign gold bond opens May 17; issue price fixed at Rs 4,777/gmThe government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode. | |
How murky legal rules allow Tesla’s Elon Musk to keep moving marketsThe celebrity CEO, who boasts more than 54 million Twitter followers and has a devoted constituency on Reddit, has whipsawed the cryptocurrency market and sent some stocks soaring this year with a series of tweets and business announcements. | |
07 May 2021 ECRI’s WLI Growth Rate Marginally DeclinesWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward was little changed and remains well into expansion. | |
Preliminary May 2021 Michigan Consumer Sentiment Significantly DeclinedWritten by Steven Hansen The preliminary University of Michigan Consumer Sentiment for May came in at 82.8, down from April’s 88.3, down from March’s 84.9, but up from February’s 76.8. | |
: Meme stocks take eerily similar journeys leaving retail traders to wonder why and whoDespite differing outcomes, shares of GameStop and AMC Entertainment were moving in almost perfect sync on Friday as the two most popular meme stocks experienced very similar choppy trading one day after both experienced major surges. | |
: AMC Entertainment stock surges to longest win streak in nearly 2 yearsShares of AMC Entertainment Holdings Inc. surged Friday to a sixth straight gain, which is the longest win streak in nearly two years, as Wall Street’s lone bull got a little more bullish after the movie theater operator completed its latest stock sale program. | |
Outside the Box: The bears control the market now but it will be hard for them to hold itThis S&P 500 pullback is unlikely to be very deep. |
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