07Jun2021 Market Close: DOW, SP 500 Start Week Modestly Lower As Nasdaq +0.2%, DOW -126 Points, WTI Settles Below 70 At 69.22, Gold Above 1900, Silver Higher 27.91

BP CEO: Strong Oil Demand Growth Is Here To Stay

Global oil demand is set to rebound and remain robust for some time, BPs chief executive Bernard Looney told Bloomberg News on the sidelines of an economic forum in Russia, reiterating views expressed by most forecasters and analysts. There is a lot of evidence that suggests that demand will be strong, and the shale seems to be remaining disciplined, Looney told Bloomberg News at the St. Petersburg International Economic Forum. I think that the situation were in at the moment could last like this for a while,

Is The Golden Age Of Natural Gas Really Over?

Two years ago the world noted growth in energy demand by 2.3 percent. It was primarily met by natural gas followed by renewables, oil, coal, nuclear, and others. The exploding demand for natural gas together with the proliferation of LNG and the fracking revolution was the reason for IEAs chief Fatih Birol to conclude the coming of a golden age for gas. Just two years later, the IEA in its latest report has reversed its prediction. How much room for interpretation is there and in which context should it be seen? The IEAs

OPEC Head: Global Oil Inventories Will Continue To Draw Down

Oil inventories in developed nations have declined by 160 million barrels since this time last year and will continue to drop in the near term, OPEC Secretary General Mohammad Barkindo said in a bullish outlook on the oil market at an online petroleum industry summit on Monday. In April alone, oil stocks in OECD countries went down by 6.9 million barrels, Barkindo said at the Nigeria International Petroleum Summit, as carried by Reuters. We expect to see further drawdowns in the months ahead, OPECs head said. Barkindo also

Will Electric Vehicles Really Cut CO2 Emissions?

Are the carbon footprints of EVsreallyas drastically lower than that of internal combustion engine vehicles? When considering the amount of carbon and CO2 created from assembling lithium ion batteries, one firm thinks the difference could be “negligible”. Such was the topic of a new blog post by natural resource investorsGoehring & Rozencwajg (G&R), a “fundamental research firm focused exclusively on contrarian natural resource investments with a team with over 30 years of dedicated resource experience.” The firm, established

Energy Secretary Warns Cyberattack Could Shut Down U.S. Power Grid

There are malign cyber actors capable of shutting down the U.S. power grid or parts of it, U.S. Secretary of Energy Jennifer Granholm said this weekend, calling for increased public-private cooperation in fending off cyberattacks. I think that there are very malign actors who are trying, Secretary Granholm said on CNN and NBC on Sunday. Even as we speak, there are thousands of attacks on all aspects of the energy sector and the private sector generally, she added. When asked if American adversaries have the capability

The Age Of Oil Isnt Over

Growing demand in Asia means that the age of oil isnt over yet, although consumption in developed western economies has trended lower over the past decade, according to Karin Kneissl, a newly appointed director on the board of Russias oil giant Rosneft. Ive always underlined that its the East that plays the decisive role, not the West. And the energy market is more dynamically developing in the East. And you shouldnt also discount the African continent, said Kneissl, who was Austrias foreign

Biogen CEO says $56,000 annually for Alzheimer’s drug is ‘fair,’ promises not to hike price for at least 4 years

Biogen CEO Michel Vounatsos told CNBC that the list price of $56,000 per year for the company’s FDA-approved Alzheimer’s disease drug aducanumab is “fair.”

NBCUniversal will air more than 7,000 hours of Olympics coverage on TV and streaming video

The media company will use two broadcast networks, six cable networks and multiple streaming platforms to show the global games in Tokyo.

AMC’s aggressive post-pandemic strategy could pay off as moviegoers flock back to cinemas

AMC’s plans to pick up empty theater locations could pay off as moviegoers return in record numbers.

U.S. reports fewer than 15,000 Covid cases per day, averaging about 1 million daily vaccinations

The U.S. is reporting an average of about 14,500 daily infections over the past week, as average daily cases have held below 15,000 for three days straight.

Biogen shares surge 38% after FDA approves Alzheimer’s drug, the first new therapy for the disease in nearly two decades

The drug, which is marketed under the name Aduhelm, is expected to generate billions of dollars in revenue for the company.

Interactive Brokers founder: Don’t short AMC, meme stocks ” they can soar to ‘unimaginable highs’

“These prices can go to unimaginable highs before they settle down to a reasonable valuation,” Interactive Brokers’ Thomas Peterffy told CNBC on Monday.

Dr. Gottlieb: Fully vaccinated people should feel safe this summer but fall booster may be needed

Former FDA chief Dr. Scott Gottlieb told CNBC that vulnerable Americans, in particular, could need an additional Covid shot this fall.

Major Chinese city battles Delta Covid variant first detected in India with lockdowns, mass testing

Authorities in Guangzhou have carried out more than 16 million coronavirus tests and locked down certain parts of the city to control a flare up of cases.

Why you may want to use your airline points sooner rather than later

Frequent flyers should redeem their reward miles before airlines devalue their loyalty programs, a new report suggests.

Amazon health-care threat? Teladoc CEO says it’s ‘overrated,’ but he should be worried

Amazon has big health care ambitions, yet the CEO of virtual medicine Teladoc, which has seen its booming share price halved, isn’t worried. Should he be?

World Bank says critical measures are needed to return women to the workforce after the pandemic

Even before the pandemic, the World Bank estimated it could take 150 years for women to achieve gender equality. The crisis has likely extended that timeline.

Biotechs Burst Higher But Bonds, Bitcoin, & The Buck Breakdown

Biotechs Burst Higher But Bonds, Bitcoin, & The Buck Breakdown

Biotechs stole the headlines today after Biogen’s Alzheimer’s Drug was approved by the FDA…

Source: Bloomberg

And Biogen screamed up over 50% at one point…

Source: Bloomberg

Hopefully a real breakthrough… and think of what’s possible next?

“Let’s Find A Person We Can Trust”: House GOP Leader Says Fauci Needs To Go

“Let’s Find A Person We Can Trust”: House GOP Leader Says Fauci Needs To Go

Authored by Jack Phillips via The Epoch Times,

House Minority Leader Kevin McCarthy (R-Calif.) called for Dr. Anthony Fauci to resign from his position as head of the National Institute of Allergy and Infectious Diseases (NIAID) following the publication of a trove of hundreds of emails.

McCarthy, speaking to Breitbart News over the past weekend, said that the American public has lost trust in Fauci after emails released last week raised questions about how Fauci handled the COVID-19 pandemic and his messaging to media outlets. Fa …

Consumer Credit Hits New Record Despite Unexpected Decline In Credit Card Usage

Consumer Credit Hits New Record Despite Unexpected Decline In Credit Card Usage

After several months of blowout consumer credit prints, including two consecutive months in which revolving (i.e., credit card) debt, rose after shrinking 10 of the previous 11 months, America’s credit-funded spending spree abruptly slowed in April, when total consumer credit rose by $18.6BN, down from $25.8BN in March (since revised conveniently to $18.6BN), and missing expectations of $20.5BN. Overall, total consumer credit rose at a 5.3% annual rate in April to a new all time high of $4.238 trillion.

What was most notable about the April data, however, is that revolving credit actually declined by $1.96 billion to $964 billion, well below the record high of $1.094 trillion reached in December 2019.

This however was more than offset by yet another burst higher in nonrevolving credit (auto and student loans), which rose $20.6BN to $3.274TN, a new all time high.

Watch Live: DOJ Targets Crypto Crooks As Ransomware Investigations Elevated To Same Level As Terrorism

Watch Live: DOJ Targets Crypto Crooks As Ransomware Investigations Elevated To Same Level As Terrorism

The Department of Justice announced on Monday that they’ve recovered some $4.4 million dollars worth of Bitcoin paid in ransom to hackers who prompted the shutdown of the Colonial Pipeline, according to CNN, which notes that “The ransom recovery is a rare outcome for a company that has fallen victim to a debilitating cyberattack in the booming criminal business of ransomware.”

Colonial Pipeline Co. CEO Joseph Blount told The Wall Street Journal In an interview published last month that the company complied with the $4.4 million ransom demand because officials didn’t know the extent of the intrusion by hackers and how long it would take to restore operations.

• But behind the scenes, the company had taken early steps to notify the FBI and followed instructions that helped investigators track the payment to a cryptocurrency wallet used by the hackers, believed to be based in Russia. US officials have linked the Colonial attack to a criminal hacking group known as Darkside that is said to share its malware …

Airline bosses demand UK-US travel corridor

Ahead of the G7 meeting in Cornwall, aviation bosses want trans-Atlantic travel routes reopened.

Google fined ‚¬220m in France over advertising abuse

Technology giant Google was fined by France’s competition watchdog for abusing its market position.

Klarna insists buy-now-pay-later better than credit cards

The buy-now-pay-later company claims its products stop people getting into steep debt.

Profit or power? How will investors value IPOs of loss-making ventures

The valuations seem incomprehensible and suddenly all the learnings from the pages of fundamental corporate finance valuations appear to have been thrown out of the window.

Spandana Sphoorty rises 29% in 3 days on buzz Axis Bank may buy stake

Axis Bank is looking to strengthen its reach in the rural areas and acquiring a microfinance lender with greater range in rural areas is seen as a suitable acquisition.

DHFL shares may get delisted after acquisition by Piramal

Shares of DHFL closed nearly 10 per cent higher at Rs 20.80 on the BSE on Monday.

Dispatches from a Pandemic: Matt Landau wanted to find a rental car at a reasonable price ” it was cheaper for him to rent a U-Haul truck

Welcome to America in 2021 when prices for the most unexpected items have soared.

: Bitcoin faces fresh scrutiny as police call for new powers to freeze crypto assets in the U.K.

The U.K.’s largest police force called for new powers to freeze crypto assets just days after the financial watchdog said many crypto businesses weren’t meeting anti-money-laundering standards.

: COVID-19 problems haven’t left the building. World’s biggest office-workspace group warns on profits.

IWG said it expects underlying earnings to be “well below” those posted in 2020, as the recovery takes longer than expected.