09Jun2021 Midday Update: Oil Prices Fall Following Large Fuel Inventory Build, WTI Crude 69.71, DOW At 1 ET Down 54 Points, Nasdaq Up 0.3%, Bitcoin Rises To 36500

Here is the current market situation from CNN Money

North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively.

Shell Looks To Accelerate Emission Cuts After Court Ruling

Shell is looking at ways to cut emissions by more than it has planned, although it disagrees with the recent Dutch court ruling and plans to appeal, chief executive officer Ben van Beurden said on Wednesday. Two weeks ago, the District Court in The Hague ordered the oil supermajor to slash its carbon emissions by 45 percent by 2030 in a landmark ruling in a climate case brought by environmentalists that could set precedents for other oil companies. The court orderedShell to slash net carbon emissions by 45 percent within ten years and start

Israeli Minister Calls For Scrapping UAE Oil Pipeline Deal

Israeli Minister of Environmental Protection Gila Gamliel is looking to have the recent oil pipeline deal between Israel and the United Arab Emirates (UAE) scrapped because of security and environmental concerns, Israeli daily Haaretz reported. Last October, Israel and the UAE signed a preliminary agreement under which crude oil from OPEC’s third-largest producer could be shipped to European markets via an oil pipeline in Israel connecting the Red Sea with the Mediterranean. This was one of the first major energy deals after Israel and the UAEagreed

Oil Prices Fall Following Large Fuel Inventory Build

Crude oil prices fell slightly today after the Energy Information Administration reported an inventory decline of 5.2 million barrels for the week to June 4. A day earlier, the American Petroleum Institute had reported an inventory draw of over 2.1 million barrels for the period. Analysts had expected the EIA to report an inventory draw of 3.576 million barrels, after last week the EIA estimated inventories had shrunk by over 5 million barrels for the last full week of May. Oil has been trending higher again this week, with Brent returning to over

Aramco Begins Marketing First Dollar Bond

Saudi Aramco has started marketing its first dollar-denominated bond to investors. The Islamic bond is divided into three portions, maturing in three, five, and ten years, respectively, according to a Bloomberg report that cited unnamed sources familiar with the move. Media reported earlier this month Aramco was planning to raise $5 billion from a bond sale to fund its dividend of $75 billion. Saudi Arabia, like its fellow Gulf oil producers, has taken to raising debt to weather the effects of two oil price crises in the past ten yearsthe

This EV Startup May Be About To Collapse

EV startup Lordstown warned it may have to shut down its business before this years end as its funds run out. The Wall Street Journal reported the company had said it did not have enough cash to start the commercial production of its electric pickup truck, which was initially scheduled for this fall. In an update last November, Lordstown said it had received 50,000 non-binding reservations from commercial fleets for the Lordstown Endurance truck, with the average order at 500 vehicles. Plans were to start commercial production at limited

The Permian Has Solved Its Natural Gas Pipeline Shortage

More natural gas pipelines have entered into service in recent months to carry gas from the Permian basin to Mexico, boosting U.S. gas exports to Americas neighbor to the south and reducing the wide discount at which gas traded at the Waha Hub in Texas. Two natural gas pipelines have been completed in Texas since October 2020 and two others in Mexico, increasing the connectivity between natural gas producers in the Permian basin and the main markets for natural gas in the area and in Mexico, the U.S. Energy Information Administration

Stocks making the biggest moves midday: Clean Energy Fuels, Lordstown Motors, Campbell Soup Company and more

These are the stocks posting the largest moves in midday trading.

MLB working to combat cheating after sticky baseballs become a concern

MLB officials plan to empower umpires to enforce rules about players using sticky substances on baseballs, and the league could explore increasing suspensions.

College interrupted: Many students chose to take time off instead of remote learning during the coronavirus pandemic

When college campuses closed due to the coronavirus pandemic, many students chose gap semesters or even gap years instead of remote learning. This is part of CNBC’s College Voices series

Top international health officials worry about new Covid variants that may be able to evade vaccines

“The speed at which these viruses overtake the existing viruses is amazing,” said Dr. John Nkengasong, director of Africa’s CDC.

Cramer says meme stocks ‘should be offered at the casino,’ not on Wall Street

CNBC’s Jim Cramer said he wants young investors to make money in the stock market, but they must know “it’s not a game.”

J&J CEO says people will likely need Covid vaccine with annual flu shot for next several years as variants spread

J&J CEO Alex Gorsky reiterated Wednesday that people will likely need to receive Covid vaccine doses alongside the flu shot for the next “several years.”

Morgan Stanley has a new pipeline into college athlete compensation

Morgan Stanley will provide financial resources in an agreement with Altius Sports as the firms position for upcoming NIL legislation on the collegiate level.

Dr. Scott Gottlieb says ‘more dangerous’ Covid variant unlikely a major risk to U.S. until fall

Dr. Scott Gottlieb told CNBC on Wednesday he believes enough Americans are fully vaccinated to delay the risk presented by the Delta Covid variant.

Swarm of cicadas ground White House press corps charter, delaying flight to Europe

The chartered Delta Air Lines Airbus 330-300 was set to take off around 9 p.m. ET from Washington Dulles International Airport, before the horde arrived.

Start-up Kepler raises $60 million to expand in-space data communications network, add US office

Kepler Communications, a start-up that is building a satellite internet network for service outside of the Earth, raised $60 million.

Almost half of Americans are willing to take on debt in a post-pandemic spending splurge, survey finds

Millennials and Gen Zers are more likely than their older counterparts to incur debt in order to treat themselves, according to a Bankrate survey.

Best Buy says stores will close Thanksgiving Day, to offer Black Friday deals online

The consumer electronics retailer was among those that offered more deals online last holiday season.

“It’s Coming!”

“It’s Coming!”

Authored by Sven Henrich via NorthmanTrader.com,

Bored by the benign chop in markets drifting ever closer to all time highs again? With almost programmed certainty new highs are coming every month after all. New highs Fed balance sheet, new highs $SPX. Every month since November. Tit for tat.

While volatility is found in the chase of meme stocks from $CME, to $AMC to now Clover Health the broader market is barely moving intra-day and the occasional dips are ferociously saved and bought followed by hours of tight range chop action:

Anatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stonks

Anatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stonks

In the ‘old normal’ – when dinosaurs roamed the earth – history suggested that when retail investors piled into stocks with both hands and feet, a major top in prices was usually not far behind.

But, in the ‘new normal’ of Reddit Rebels and Meme Stock Manias, it is the ‘little guy’ that is making the “Smart” money look “Dumb” as stock after stock is lifted out of obscurity – or from the brink of bankruptcy – by a wave of WSB-buyers, crushing the well-reasoned theses of asset-gatherers and commission-takers everywhere as ‘worthless’ stonks go to the moon.

Retail piling in…

…and hedgies hammered…

Accelerating Wages Early In The Upturn Resemble The ’70s Business Cycles

Accelerating Wages Early In The Upturn Resemble The ’70s Business Cycles

Authored by Joe Carson via TheCarsonReport.com,

Investors and businesses viewed the recent jobs and wage data differently. Investors saw the below-consensus gain in employment as friendly to risk-based assets. Companies would counter, saying it took three times the consensus gain (0.6%) in average hourly earnings, and probably other compensation-sweeteners, to attract the 559,000 workers in May.

Rising wages so early in a business cycle resemble the US economy of the 1970s, not the one investors and policymakers have seen since 1980. Rising labor costs will continue to put downward pressure on firms operating margins, which have already declined for the past two quarters, and add to general inflation pressures that policymakers would soon discover are not “transitory.” Investors and policymakers forewarned.

Evidence of A Fast Wage Cycle

In May, average hourly earnings for private-sector workers, excluding supervisory staff, rose 0.6%, three faster than consensus estimates. That comes on the heels of an even more significant 0.8% increase in April. That two-month increase is the fastest in this wage series since 1983 (excluding the wage distortions during the pandemic).

With Fed’s Reverse Repo Hitting Half A Trillion, Wall Street Scrambles To Figure Out What Comes Next

With Fed’s Reverse Repo Hitting Half A Trillion, Wall Street Scrambles To Figure Out What Comes Next

With usage of the Fed’s overnight reverse repo facility again hitting a new record high on Tuesday, rising to an all-time high of $497.4 billion…

… rates traders are trying to decide if the Fed will tweak the rate on either the IOER (Interest on Excess Reserves) or the Reverse Repo Facility, collectively the Fed’s “administered rates” in order to ease the liquidity congestion that has parked half a trillion dollars at the Fed where it is sitting inert, doing nothing.

One strategist who believes there is a “small chance” the Fed will adjust its IOER/RRP rate is Deutsche Bank’s Steven Zeng, who also cited concern about the quarter-end balance sheet squeeze, which is less than the futures market is currently pricing.

As a reminder, the Fed’s ongoing $120BN in monthly QE and Treasury’s continued drawdown of its cash balance, create permanent reserves that are sitting on bank balance sheets.

‘We will lose £1,300 unless we get flight refund’

Customers react as watchdog investigates whether Ryanair and BA broke law in refusing Covid refunds.

Covid: What do we know about global youth unemployment?

Young people have suffered from the economic consequences of Covid.

Donald Trump-era ban on TikTok dropped by Joe Biden

The delayed ban on TikTok and WeChat will now not happen – instead apps from China will face reviews.

ICICI Pru’s S Naren bets big on cyclicals; select lenders, telco and utility stocks top picks

With India sticking to localized curbs instead of a nationwide lockdown amid the deadlier second coronavirus wave recently, the impact on economic activity and businesses has been much lower, according to Sankaran Naren, chief investment officer at ICICI Prudential Asset Management Co.

Higher aftermarket focus, rising exports improve performance of Minda Corp

Minda Corporation stock has gained 18.5 per cent since its fourth quarter result on May 18. A sustained business momentum may help the company reduce its valuation gap with other auto ancillary companies.

Commodity boom helps metal companies strengthen balance sheets

Total net debt of the top six metal companies including Tata Steel, JSW Steel, Vedanta, Hindalco, Jindal Steel and Power and SAIL fell by Rs 80,000 core year-on-year to Rs 2.5 lakh crore in FY21.

: Netflix investors ‘losing patience,’ say company ignores them on governance

A majority of Netflix Inc. shareholders rejected two board directors and passed two out of three shareholder proposals this year, the latest signs that investors are growing increasingly dissatisfied with the company.

: ‘Baywatch’ star David Hasselhoff has come to the rescue ¦to save Germany from COVID-19 in vaccine drive

The actor has been recruited by German health authorities to encourage citizens to get vaccinated.

Coronavirus Update: New daily COVID-19 cases and deaths rise again as concerns over delta variant and Biden vaccination target for July 4 increase

The number of new daily COVID-19 cases and deaths rose for a second straight day, as concerns over the more easily transmissible delta variant increase, and as continued vaccination hesitancy puts meeting President Biden’s goal at risk.