15Jun2021 Pre-Market Commentary: Wall Street Futures Trade Flat As Investors Digest Retail Sales, Inflation Data, DOW Down 6 Points, Nasdaq Up 0.07%, WTI Cruded Higher 71.72, Bitcoin At 40000

Written by Gary

Futures, rates calm ahead of FOMC, record rise in workers on payrolls in May, producer prices climb 6.6% (SPY +0.03%). US Retail Sales plunged in May.

Here is the current market situation from CNN Money
	European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.
	U.S. Shale Oil Production Set To Grow By 38,000 Bpd Next Month United States shale output from the seven most prolific shale basins is set to grow by 38,000 bpd, the U.S. Energy Information Administration said on Monday. Crude oil production from the seven major basins, according to the EIAs Drilling Productivity Report, is set to increase to 7.803 million bpd in Julythe highest output level since November of last year. Most of the increase is set to come from the largest basin, the Permian, which is expected to see an increase in output by 56,000 bpd to 4.663 million bpdthe highest rate
	Could Energy Ties Bring Saudi Arabia’s Conflict With Iran To An End? The relationship between the two great indigenous powers in the Middle East Saudi Arabia and Iran has become significantly more nuanced in the past few weeks than the pure enmity between the two countries that prevailed before. On the Saudi side, Crown Prince Mohammed bin Salman stated only recently that he seeks a good and special relationship with IranWe do not want Irans situation to be difficult, on the contrary, we want Iran to grow and to push the region and the world towards prosperity.
	Texas Faces Another Power Crisis Amid Heat Wave The Electric Reliability Council of Texas (ERCOT) has asked Texans to reduce power consumption through Friday of this week, according to an ERCOT press release issued on Monday. ERCOT cited potential record power consumption for June and forced generation outages as the reason for the request. Todays peak load forecast is 73,000MW, compared to the highest ever peak demand in the month of June of 69,123MW. In Texas, generator owners have reported 11,000 MW of generation currently on forced outages due to repairs, ERCOT said, adding that typical
	BP Plans To Spin Off Its Iraqi Oil Assets Into Separate Company BP is considering spinning off its oil assets in Iraq, including its holding in the worlds third-largest oilfield, into a company separate from the supermajor, which has set its sights on investing more in clean energy in coming years, sources with knowledge of the plan told The Wall Street Journal. BP is reportedly working on the plan to create the new company together with China National Petroleum Corporation (CNPC), the owner of PetroChina, which is BPs partner in the field alongside the Iraqi state-owned Basra Oil Company (BOC),
	Two Top Commodity Traders Bet Big On The Future Of Oil Two commodity trading giants are betting big on a Russian oil project in a rare move that could make or break the oil traders fates – and oil market observers should be paying close attention. When commodity trading major Trafigura bought a 10-percent stake in Rosnefts Vostok Oil project, oil prices were trading below $50 per barrel. There were also forecasts that oil demand may never recover to pre-pandemic levels and that oil, in general, was on its way out. Now, Trafiguras peer Vitol has joined the company in its bet on
	Supreme Court Tosses Big Oil Appeal To Move Climate Lawsuit To Federal Court The U.S. Supreme Court has tossed the appeal of five international oil giants to have the lawsuits against them filed by San Francisco and Oakland in California courts to be moved to a federal court. The two cities in California have been suing the oil supermajors ExxonMobil, Chevron, ConocoPhillips, BP, and Shell since 2018, alleging that the carbon emissions from their fossil fuel production had created an unlawful public nuisance. The companies have produced and promoted the use of massive amounts of fossil fuels,
	Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record Retail sales were expected to decline by 0.6% in May, while producer prices were estimated to rise by 0.5%, according to economists surveyed by Dow Jones.
	Does Biden tax plan affect those with income below $400,000? It depends on your frame of reference President Joe Biden pledged to raise taxes just on those with income over $400,000. Some observers think one-time windfalls test the spirit of that promise.
	5 things to know before the stock market opens Tuesday U.S. stock futures were flat Tuesday ahead of a key government report on wholesale prices that could stoke or tamp down inflation fears.
	Rocket Lab wins NASA contract for Mars spacecraft as interplanetary missions become less costly Rocket Lab on Tuesday announced it won an early NASA contract to send two of its Photon spacecraft on a mission to Mars in 2024.
	Ford begins shipping new Bronco SUVs for consumers The Bronco is viewed as one of the most critical nonelectric product launches for Ford in years.
	Hydrogen planes, electric propulsion and new regulations: Aviation is changingÂ Sustainable design, innovation and legislation will all be important in the future.
	Jaguar Land Rover is developing a hydrogen-powered vehicle and plans to test it out this year Company describes fuel cell electric vehicles as being “complimentary to battery electric vehicles.”
	China’s electric car leaders predict new energy vehicles will dominate the local market by 2030 BYD founder Wang Chuanfu said he expects Chinese car brands will account for 60% of the local new energy vehicle market by 2030.
	‘Lethal’ and ‘highly contagious’ second Covid wave is now under control, Nepal’s prime minister says Nepal’s second wave of Covid infections is tapering off ” but the country needs more vaccines, Prime Minister Khadga Prasad Sharma OliÂ said.
	Another shipping crisis looms on Covid fears in southern China Guangdong, a major shipping hub, accounts for about 24% of China’s total exports and is home to the Shenzhen port and the Guangzhou port.Â
	American Express CEO says U.S. travel, dining spending is nearing full recovery American Express CEO Steve Squeri told CNBC’s Jim Cramer that he expects domestic travel spending to recover fully by the end of 2021.
	Cramer says a ‘late-June swoon’ could create opportunities in stocks CNBC’s Jim Cramer flagged a seasonal traded from noted technician Larry Williams, who is forecasting a decline in the S&P 500 at the end of the month.
	Pittsburgh Steelers star JuJu Smith-Schuster joins Wasserman agency after leaving Jay-Z’s Roc Nation Sports Chafie Fields of Wasserman Sports will now represent the NFL star as he looks to sign a lucrative deal next offseason.
	‘Gonna Need More Stimmies’ – US Retail Sales Plunged In May ‘Gonna Need More Stimmies’ – US Retail Sales Plunged In May With a lack of stimmies to keep the spending dream alive, analysts expected a 0.8% MoM plunge in retail sales (confirming BofA’s recent perfect streak of predictions), but the data was even worse, tumbling 1.3% MoM… Source: Bloomberg Given the expected impact of autos from the chip shortage, a “cleaner” number of the Ex-Autos print which was also a disaster, tumbling 0.7% MoM (much worse than the 0.4% improvement expected)
	Watch: Roger Waters Tells “Little Prk” Zuckerberg To “Fk Off” Following Request To Use Iconic Pink Floyd Song For Ad Watch: Roger Waters Tells “Little Prk” Zuckerberg To “Fk Off” Following Request To Use Iconic Pink Floyd Song For Ad Authored by Steve Watson via Summit News, Pink Floyd song writer Roger Waters slammed Mark Zuckerberg during a press conference recently, announcing that the Facebook owner had offered a œhuge, huge amount of money to use the iconic songÂ Another Brick In The Wall Part IIÂ in an advert for Instagram. Speaking at an event to raise awareness about imprisoned WikiLeaks founder Julian Assange, Waters noted the deep deep irony of Facebook wanting to buy and use a song that rails against ‘thought control’ and mindless conformity. Waters described the development as part of Zuckerberg’s œinsidious movement ¦ to take over absolutely everything. Waters read out Facebook’s request, which noted œWe want to thank you f …
	Futures, Rates Calm Ahead Of FOMC As Copper Crumbles Futures, Rates Calm Ahead Of FOMC As Copper Crumbles World stocks and S&P futures hit another record high on Tuesday, with European stocks poised for their longest record streak since 1999 as investors bet likely œtransitory inflation pressures will stay the U.S. Federal Reserve’s hand from signalling a shift in policy settings. After a powerful ramp in the last 30 minutes of Monday trading, pushing them to new all time highs, S&P 500 futures pared an early gain and were up 0.1% last at 4,250 while as European equities were led higher by chemical firms, despite a sharp drop for European miners after copper touched the lowest level in seven weeks over concerns over U.S. monetary tightening and a pull-back in Chinese demand. The 10-year Treasury yield pulled back under 1.5%, nd the dollar was steady and bitcoin traded just over $40,000. At 730 a.m. ET, Dow e-minis were flat, S&P 500 e-minis were up 4.50 points, or 0.11%, and Nasdaq 100 e-minis were up 22.75 points, or 0.16%. The S&P 500 , the Dow Jones and the Nasdaq have gained 13.3%, 12.3% and 10%, respectively so fa …
	Jon Stewart Hijacks Colbert Show With Lab-Leak Rant, Liberal Twitter Explodes Jon Stewart Hijacks Colbert Show With Lab-Leak Rant, Liberal Twitter Explodes Comedian Jon Stewart overpowered Stephen Colbert’s ability to shill on Monday, hijacking the Late Show’s return to a live (and fully vaccinated) audience with an epic rant on the COVID-19 lab-leak theory. “I think we owe a great debt of gratitude to science. Science has, in many ways, helped ease the suffering of this pandemic, which was more than likely caused by science,” Stewart said after Colbert asked how he was feeling about the scientific response to COVID-19. “Do you mean perhaps there’s a chance that this was created in a lab?” asked Colbert, adding “There’s an investigation.” “A chance?” shot back Stewart – kicking the door open. “Oh my god, there’s a novel respiratory coronavirus overtaking Wuhan, China, what do we do? Oh, you know who we could ask? The Wuhan novel respiratory coronavirus lab. The disease is the same name as the lab. That’s just a little too weird, don’t you think? And then they asked those scientist …
	UK and Australia in first post-Brexit trade deal The pact – the first built from scratch since leaving the EU – includes Scotch whisky and biscuits.
	Boeing-Airbus trade row set to end after 17 years The agreement, after 17 years, means taxes on $11.5bn of goods will be removed for five years.
	Record rise in workers on payrolls in May The number of people in payrolled jobs jumped by almost 200,000 in May as the jobs market continued to recover.
	Ruchi Soya acquires biscuits, noodles business of Patanjali ahead of FPO Ruchi Soya said that it has acquired the biscuits business from Patanjali for Rs 60 crore and under the agreement.
	Barred or not? Adani investors fret over three Mauritius funds Some of Adani group’s listed stocks have soared more than six-fold in value since the start of 2020 on bets Adani’s massive push into infrastructure will pay off as India looks to revive the virus-ravaged economy.
	SAT reduces Sebi’s penalty on CARE Ratings to Rs 10 lakh in RCom case The tribunal has affirmed the regulator’s order with regard to the violation by CARE Ratings under the provisions of the Sebi Act and the CRA (Credit Rating Agency) rule.
	: ‘It’s a fight you don’t want’: Will Texas court ruling requiring employees to get the COVID-19 vaccine unleash more cases? Just 3% of companies as of May had a vaccination mandate, according to one recent survey
	Economic Report: New York manufacturing activity cools a bit in June The New York Fed’s Empire State business conditions index fell 6.9 points to 17.4 in June, the regional Fed bank said Tuesday
	Futures Movers: Oil pushes higher on demand optimism as traders watch Iran talks Oil futures rise Tuesday, finding support on continued optimism over a revival in demand and doubts that the U.S. would rejoin the Iran nuclear deal ahead of that country’s presidential election at the end of the week.