26May2021 Midday Update: Oil Prices Bounce Back On Bullish Inventory Data, WTI Higher At 66.04, US Dollar Hits 90 Again, DOW Up 70 Points, Nasdaq Up 0.6%, Bitcoin Slips 38900

Here is the current market situation from CNN Money

Nissan May Build Huge Battery Plant In The UK

Car giant Nissan is said to be in advanced negotiations with the UK government to build a huge electric car battery plant as part of an official push to make Britain the companys largest electric vehicles (EVs) production hub outside Japan. The Yokohama-based automaker would not confirmaFinancial Timesstoryabout plans for a gigafactory, but pointed to its Sunderland plants crucial role in producing EVs. We will continue to electrify our line-up as part of our global journey towards carbon neutrality.

Nigeria Inks Massive Oil Deal With Supermajors

Nigerias National Petroleum Corporation this week signed a deal with Shell, Exxon, Total, and Eni to develop an offshore oil block that includes the deepwater Bonga field, the NNPC said in a series of tweets. The NNPC noted the deal marks a historic moment as it settles long-running disputes between the Nigerian government and international oil companies. According to the company, the deal could unlock up to $10 billion in new investments in Nigerias oil industry. It could also add 150,000 bpd to the countrys oil production,

Ford Confirms That 4 Out Of 10 Cars It Sells In 2030 Will Be Electric

Ford’s hopes to follow in Tesla’s and GM’s footsteps and piggyback on the EV/ESG bandwagon will be tested this morning, with Ford stock spiking then sliding in jittery trade afterFord confirmedyesterday’s Reuters rumor that the company would boost spending on electric vehicles by at least 36% to $30 billion and said that 40% of Ford global vehicle volume to be all-electric by 2030; Ford also said it is creating a commercial vehicles service and distribution business to be known as FordPro to generate a recurring revenue stream. Moving

Oil Prices Bounce Back On Bullish Inventory Data

A day after the American Petroleum Institute reported a minor crude draw that nevertheless strengthened prices, the Energy Information Administration confirmed a draw, at 1.7 million barrels for the week to May 21. At 484.3 million barrels, the EIA said, crude oil inventories are below the five-year seasonal average. Analysts had expected the EIA to report an inventory decline of 1.279 million barrels for the period after it reported a build of 1.3 million barrels for the previous week. In gasoline, the authority estimated an inventory draw of

Analyst: Irans Oil To Return To Market In August At The Earliest

If the ongoing talks about the U.S. and Iran returning to the nuclear deal result in an agreement, it will be in August at the earliest that Iranian barrels will hit the market free of American sanctions, Amrita Sen, head of research at Energy Aspects, told Bloomberg Television in an interview on Wednesday. Iran, the U.S., and the remaining participants in the Joint Comprehensive Plan of Action (JCPOA) started on Tuesday the fifth, and what Russia hopes will be the last, round of talks. According to Energy Aspects Sen, both the United States

Russia: Current Oil Market Deficit Is 1 Million Bpd

Russia estimates that the global oil market is currently in a deficit of around 1 million barrels per day (bpd), Deputy Prime Minister Alexander Novak said on Wednesday. There is a deficit on the market of around 1 million bpd and we need to consider how we can meet the growth in demand, Novak told reporters in Russia, as carried by news agency TASS. Last week, Novak said that the oil market was fairly balanced, with demand slightly exceeding supply. There is definitely a deficit on the market, thats why oil stocks from

Lockheed Martin and GM partner to develop new moon buggy for NASA astronauts and cargo

Lockheed Martin and General Motors are partnering to develop a new lunar vehicle for NASA’s upcoming astronaut missions to the moon.

CVS, Walgreens shares fall on report that Amazon may open brick-and-mortar pharmacies

The report said the online retail giant may open stand-alone retail pharmacies or add them to Whole Foods grocery stores.

European energy giants team up to develop large-scale offshore wind project in North Sea

Equinor, RWE and Hydro REIN will work together on submitting proposal to authorities in Norway.

CDC director urges caution over Memorial Day weekend for those not vaccinated as U.S. Covid cases, deaths fall

CDC Director Dr. Rochelle Walensky urged caution over the upcoming Memorial Day holiday for those not vaccinated against Covid-19.

Watch live: CDC director testifies before House lawmakers on agency’s budget

CDC Director Dr. Rochelle Walensky is testifying before Congress Wednesday on the agency’s annual budget.

Cathie Wood’s space exploration ETF sells its last few shares of Virgin Galactic

Ark Invest’s space exploration ETF sold its last remaining shares of Virgin Galactic.

Marilyn Manson wanted on arrest warrant in New Hampshire for alleged 2019 assault

The Gilford Police Department said Marilyn Manson is wanted in connection to a misdemeanor assault that allegedly took place in 2019.

Ford ups EV investments, targets 40% electric car sales by 2030 under latest turnaround plan

Ford announced the plans less than two hours ahead of its first investor day under CEO Jim Farley.

Dick’s Sporting Goods earnings crush estimates as kids head back to team sports, retailer raises forecast

Dick’s Sporting Goods cited a boost from more kids returning to team sports for its sales and earnings beat during the fiscal first quarter.

With Art Basel Hong Kong and Eurovision in the same weekend, the global arts scene signals a return

With two major events in the same weekend, the international arts scene signaled it has no intention of letting yet another year get canceled by Covid. Â

Fanatics opens first LA store exclusive to Paris Saint-Germain soccer club

The PSG store in Westfield Century City Mall in Los Angeles is the first retail location in North America for the France-based club.

Guy Fieri is on a mission to help save restaurants hit by pandemic

Food Network star and restaurateur Guy Fieri raised $21 million for restaurant workers. Now, he’s distributing $300,000 in grants to owners.

Amazon to buy MGM Studios for $8.45 billion

The deal emphasizes Amazon’s willingness to spend deeply to remain competitive in a crowded streaming market.

Jeffrey Epstein’s Alleged Co-Conspirators To Testify Against Ghislaine Maxwell: Court Filing

Jeffrey Epstein’s Alleged Co-Conspirators To Testify Against Ghislaine Maxwell: Court Filing

Several of Jeffrey Epstein’s alleged co-conspirators, including recruiters, sexual partners and friends are set to drop the dime on Ghislaine Maxwell at her trial later this year, according to recent court filings analyzed by the Daily Mail.

Prosecutors announced in the filing that materials presented at trial will include ‘any co-conspirator statements,’ which the Mail says is a “major sign that one of Epstein’s inner circle has turned state’s witness.” What’s more, they agreed to turn over ‘the identity of any unindicted co-conspirator’ nine weeks before the trial, which is set to begin in November.

Housing Prices Skyrocketed In March, Increasing Pressure For Fed Tapering

Housing Prices Skyrocketed In March, Increasing Pressure For Fed Tapering

Via Christophe-Barraud.com,

In March, housing prices growth accelerated, rising at the fastest pace since at least 2013. The trend is likely to remain strong in the coming months raising pressure on Fed to taper MBS purchases in the second half of the year.

Housing Prices Growth Kept Accelerating In March ¦

In March, a measure of housing prices in 20 cities rose at the fastest pace since December 2013, boosted by low mortgage rates and limited inventory. As I expected, on a YoY basis, the S&P CoreLogic Case-Shiller index (20-City Composite) surprised upward and rose 13.27% in …

Nomura: US Stock Markets Are “Stuffed To Death On Options Gamma”

Nomura: US Stock Markets Are “Stuffed To Death On Options Gamma”

It may not feel like it, but the market is pretty much dead: as we noted last night, Tuesday’s consolidated volume just tumbled to the lowest of 2021, while total options volume yesterday was 540,000, which was less than Christmas Eve and also the lowest volume of 2021.

What’s going on here?

Well, according to Nomura’s Charlie McElligott, the “chokeheld” market is acting frozen because it is “stuffed to death on options Gamma”, with a ton of vol selling seen so far this week particularly in single names, whether via covered call overwriting and put underwriting, as well as due to “perpetual SPX strangle selling”, coupled with the ongoing slow bleed of of VIX ETN longs monetization into the latest œinflation scare vol spike. Some more details:

SPX gamma is $7.4BBN, which ranks 52nd %ile, while $Delta is +$264.8B, or 78%ile; Gamma vs Spot flips down at 4,103 vs 4,199 ref so we have a ways to go before we go negative gamma

“This Is A Completely Dysfunctional Economy” – Peter Schiff Fears Dollar Crisis “Close At Hand”

“This Is A Completely Dysfunctional Economy” – Peter Schiff Fears Dollar Crisis “Close At Hand”

Via Greg Hunter’s USAWatchdog.com,

Money manager and economist Peter Schiff says all the debt and money printing by the Fed will, ultimately, get down to one thing and that is the U.S. dollar.Â

The Fed has been getting away with this turbocharged money creation policy since the last financial meltdown in 2008. In 2021, the consequences of œmoney for nothing are finally kicking in. Schiff explains,

œThe inflation crisis and the dollar crisis . . . are a much bigger economic event that will have a much greater impact than the 2008 financial crisis.  I have been warning about the consequences of all this money printing for years and years. Now, finally, you are really starting to see that. The government has been able to bury the amount of inflation they have been creating because of the CPI (Consumer Price Index). The CPI d …

Nissan ‘in talks to build huge UK battery factory’

The Japanese car giant is reportedly in advanced talks to build a gigafactory in Sunderland.

Holiday islands considered for green list

Islands such as the Canary Islands and Majorca may be put on the UK’s green list of holiday destinations.

Amazon buys Hollywood studio MGM for $8.45bn

The move gives the US tech giant the chance to expand the library of movies available on its streaming service.

Happy 125th Birthday, Dow Jones! It’s been a great journey this far

In the index’s 125-year history, it has survived two ghastly World Wars, two damaging pandemics, 23 US presidencies and countless recessions and remained the icon of capitalism alongwith the city of New York, where it is homed.

Trade setup: Rollover-centric activities to dominate Nifty; may witness profit taking at higher levels

While the highest Put OI stands at 15,200, maximum Call OI concentration was seen at 15,500 levels. This defines 15,200-15,300 as a broad range for the Nifty for expiry day.

High dividend paying stocks outperform Nifty amid higher market volatility

The Nifty dividend opportunity 50 index, which is composed of high dividend paying stocks, has delivered an annual return of 11.3% compared with 8.9% return of the Nifty 50 based on the total return (including capital gains and dividend) since October 2007, the data from Bloomberg shows.

: Popular golf event ‘The Match’ will return with Phil Mickelson-Tom Brady and DeChambeau-Rodgers pairings

The head-to-head golf event will return on July 6 with a pair of elite golfers and Super Bowl-winning quarterbacks, Turner Sports announced.

: Noodles & Co. launches its first ghost kitchen in Chicago

Noodles & Co.’s first-quarter earnings missed, but revenue beat expectations.

IPO Report: Paymentus stock surges nearly 40% in IPO debut

Shares of Paymentus Holdings Inc. are heading higher in the company’s stock-market debut as investors bet on a company hoping to modernize the most archaic aspects of consumer bill payments.