Written by Gary
China About To Become Top LNG Importer This Year (SPY +0.4%). Exxon Strikes More Oil Offshore Guyana.
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. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
China About To Become Top LNG Importer This YearChina will this year overtake Japan as the worlds largest importer of liquefied natural gas, ICIS Edge, a service of market intelligence provider ICIS, said this week, as quoted by Reuters. The forecast is based on Chinas rapid economic recovery, its efforts to reduce pollution, and the cold start of the year. China is already catching up with Japan in terms of LNG imports: Japan imported 76.32 million tons of LNG between June 2020 and May this year. Chinas imports hit 76.27 million tons during the same period. These import | |
Exxon Strikes More Oil Offshore GuyanaExxon has made yet another in a long string of discoveries offshore Guyana in the Stabroek block, the company said this week. Longtail-3, combined with our recent discovery at Uaru-2, has the potential to increase our resource estimate within the Stabroek block, demonstrating further growth of this world-class resource and our high-potential development opportunities offshore Guyana, said Mike Cousins, Exxons senior VP of exploration and new ventures. The new discovery, at the Longtail-3 well, follows another recent one, from | |
NNPC: Lack Of Investment Could Push Oil To $200Crude oil prices could rise to $200 per barrel as international oil companies curb their investments in new exploration and production, the Nigerian National Oil Corporation said this week. The effect of investment decisions being made now will be felt in about five years, NNPCs Group General Manager for National Petroleum Investment Management Services, Bala Wunti, said at the Nigeria International Petroleum Summit as quoted by This Day. I was talking to one of my senior colleagues yesterday, and he said, well, it is time for someone | |
The Fuel Of The Future Thats 9 Times More Efficient Than LithiumThe worldwide shift toward cleaner, greener energy sources once again appears to be picking up speed. While the worlds focus on climate change understandably took a backseat to the Covid-19 pandemic for most of the past 18 months, that focus on climate change has started to return in a powerful way. In fact, our transition into a post-pandemic environment is triggering a number of significant opportunities in the green energy space. Much of the early attention of the clean energy movement was focused on lithium thanks to the heavy attention | |
Canadas Oil Industry Optimistic As Prices ReboundCanadas oil and gas sector is growing increasingly optimistic about its near-term future as economies recover and oil prices rally. Yet, the industry faces growing challenges in the medium and long term, mainly in the form of the neverending battle over pipeline takeaway capacity and the environmental and activist shareholder urgency to hold the oil industry accountable for climate change. With the U.S. benchmark WTI price rallying this year, Canadas largest oil companies expect stronger cash flow generation, which would | |
These EV Stocks Could Explode Higher This SummerIt doesnt matter how you look at it, the electric vehicle revolution is only going to continue in 2021. President Biden has already committed to spending $174 billion on boosting the electric vehicle market. Every major car company on earth is now pursuing its own EV project. And demand for electric vehicles is soaring around the globe as governments race to reduce emissions. In the last year alone: Teslas stock price soared by 256%… Chinese EV giant NIO handed investors an incredible 816% return… And GM saw its stock price jump | |
‘In the Heights’ is a must-see summer blockbuster that celebrates love, life and community, critics say“In the Heights” arrives in theaters and on HBO Max on Thursday. Here’s what critics are saying about the musical adaptation. | |
As vaccination rates fizzle nationwide, states hope free joints, a spin around a NASCAR track and other perks will spark interestAs vaccination rates plateau, public and private groups are devising incentives to spur immunizations. In Washington, residents can now get “Joints for Jabs.” | |
CDC says heart inflammation cases were higher than expected in 16- to 24-year-olds after second Covid vaccine shotThe number of cases of a heart inflammation condition in 16- to 24-year-olds was higher than expected after they received their second dose, the CDC said. | |
Second UAW president sentenced to 28 months in prison in union corruption probeHe is one of 15 people to have been charged, including three Fiat Chrysler executives and his predecessor, who was sentenced last month to 21 months in prison. | |
Millennial millionaires have a large share of their wealth in crypto, CNBC survey saysNearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies, according to the CNBC Millionaire Survey. | |
Back-to-school spending likely to top pre-pandemic levels as parents and kids seek a fresh startBack-to-school sales in the U.S. are expected to grow 5.5% year over year, according to a forecast by Mastercard SpendingPulse. | |
EU and U.S. to call for a deeper probe into Covid originsThe EU and the U.S. will call for more progress on an investigation into the origins of Covid-19, according to a draft EU document. | |
Watch live: FDA advisory panel meets to discuss Covid vaccines in infants and childrenA key Food and Drug Administration panel is holding a meeting Thursday to discuss the use of Covid-19 vaccines in children. | |
Moderna asks FDA to clear Covid vaccine for adolescents 12 to 17If approved, it would likely dramatically expand the number of Covid vaccine shots available to middle and high school students ahead of the next school year. | |
After a dramatic seven-year renovation, an $87 million mansion hits the market in Bel-AirThe Bel-Air mansion’s makeover was nearly a total teardown, its owner said. Only one wall from the old house is still standing. | |
India reports more than 6,000 daily Covid deaths ” highest ever in the worldHealth ministry data showed 6,148 deaths were recorded over a 24-hour period, as daily reported cases remained below 100,000 for the third consecutive day. | |
Wind turbine giant Siemens Gamesa lays out plan to drive down cost of ‘green’ hydrogenHydrogen can be produced in a number of ways, including using renewable energy. | |
Here Is The Heatmap From Today’s Red Hot CPI ReportHere Is The Heatmap From Today’s Red Hot CPI Report After the “eye-popping” April CPI report, expectations were for another big increase in consumer prices in May and boy, did the data not disappoint with core CPI surging another 0.7% (0.74% unrounded), which boosted the % yoy rate to 3.8% (3.80% unrounded) from 3.0% previously. This was the highest % yoy rate since 1992. One big similarity with April was continued outsized strength in used cars inflation, which rose another 7.3% mom in May. Used car prices are now up 16.6% year-to-date (ytd) and according to the Mannheim Used Car Index which is up 26% YTD and 48% Y/Y, it’s set to keep rising. | |
Illegal Border Crossings Keep Climbing; 180,000 In MayIllegal Border Crossings Keep Climbing; 180,000 In May Authored by Charlotte Cuthbertson via The Epoch Times, Customs and Border Protection apprehended 180,034 individuals illegally entering the United States in May, the highest month in 21 years. The agency said the majority, more than 112,000, were expelled under the Title 42 emergency health provision. Former President Donald Trump implemented Title 42 in March 2020, which effectively closed the border to nonessential travel in attempts to mitigate the spread of COVID-19. It allowed for Border Patrol to turn back illegal border crossers almost immediately, rather than for them to be placed in Immigration and Customs Enforcement (ICE) custody for a more protracted process through deportation proceedings under Title 8. A group of Venezuelans wait to be picked up by Border Patrol after illegally crossing the Rio G … | |
Half Of Pandemic Unemployment Funds May Have Been Stolen: AxiosHalf Of Pandemic Unemployment Funds May Have Been Stolen: Axios As much as half of the unemployment benefits paid by the US government over the past year may have been stolen through fraud, with the bulk ultimately ending up outside the country – likely into the hands of foreign crime syndicates in China, Nigeria, Russia and elsewhere, according to Axios’ Felix Salmon. According to some estimates, unemployment fraud during the pandemic could ‘easily reach $400 billion,’ as states weren’t prepared for the unprecedented wave of unemployment claims Source: Bloomberg, April 09, 2020 States knew that fraud was inevitable, but opted to rush money out to people with minimal oversight, as opposed to laboriously vetting each application. … | |
Markets Have Bought The Fed’s “Transitory” Narrative Hook, Line, & SinkerMarkets Have Bought The Fed’s “Transitory” Narrative Hook, Line, & Sinker Authored by Jesse Felder via TheFelderReport.com, April’s inflation figures came in hotter than expected and [today’s hotter than expected CPI] only adds to that trend. As a result, you might think that markets may begin to price in an inflationary consensus. You would be wrong. As Nordea’s Mikael Sarwe tweeted last week:
For those unaware, core inflation is double the figure historically associated with the current level of interest rates. Essentially, the bond market is betting inflation pressures will soon recede as the Fed would like us to believe. Similarly, Michael Ashton tweeted:
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Morrisons boss suffers huge revolt over £1.7m bonusMore than 70% of shareholders reject a bonus plan that will give David Potts up to £1.7m. | |
Oatly sues UK oat milk maker over trademarkOatly takes Cambridgeshire’s Glebe Family Farm to court in a bid to stop it selling the PureOaty drink. | |
Ex-Brewdog staff allege culture of fear at brewerFormer employees allege “cult of personality” in firm and claim “toxic attitude” to junior staff. | |
A $43 billion jump in Adani’s fortune is fraught with many risksThe analysis underscores the vulnerability of the rapid wealth surge Adani has seen in 2021, beating the gains for Warren Buffett and his compatriot Mukesh Ambani. | |
US to remain world’s ultra-rich hot spot even as China, India surgeThe number of ultra-high-net-worth individuals in the US will increase 36 per cent to about 28,000 in 2025 compared with last year, the firm said in its 2021 Global Wealth Report released Thursday. | |
Are you averse to booking losses in stocks? It’s best time to remove the weedsA typical retail investor portfolio is likely to have many low-grade stocks and even penny stocks. Bull market presents opportunities to get out of the low-grade stocks and to invest the proceeds in quality stocks. | |
: Amazon may face $425 million fine over alleged EU privacy violations: reportThe data protection commission for Luxembourg, the CNPD, has proposed that Amazon receive what would amount to the largest-ever fine under European Union privacy law, the Wall Street Journal reported on Thursday. | |
Howard Gold’s No-Nonsense Investing: Inflation is here to stay and may top 4% this year, says professor with a peerless record of predictionsCampbell Harvey of Duke University says “what we’re seeing today is a readjustment of longer-term expectations” as higher housing costs and salaries won’t return to pre-pandemic levels. | |
: City leaders still need Washington help for infrastructure, budget-balancing2021 looks likely to be œan inflection point in the pandemic, and local leaders are most concerned about infrastructure, their budgets, and public safety, according to the State of the Cities 2021 report from the National League of Cities. |
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