Written by Gary
Saudi Arabia to boost oil production to 10 million Bpd as prices rise (SPY -0.2%). May 2021 Headline Industrial Production Improves.
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. | |
| The Worst Setback For The Solar Boom In A DecadeAs the International Energy Agency (IEA) pushes countries and energy firms away from traditional energy and towards renewables, solar energy production has hit a major hurdle as project prices soar. A surge in costs for components, labor, and freight for solar developments across the globe, as prices begin to stabilize following a year of pandemic-driven economic instability, has caused many companies to halt operations on their solar projects. While the IEA and governments around the world are fighting for the development of cleaner |
| Are U.S. Refiners Ramping Up Fuel Production Too Early?Refiners in the United States may be boosting fuel production too early, Bloomberg has reported, citing the latest data on refinery runs and utilization rates. Refinery runs in the week to June 4 stood at 15.9 million bpd, according to the latest weekly report from the Energy Information Administration. Capacity utilization rose to 91.3 percent. According to Bloomberg, the refinery run figure is the highest since February last year, before the pandemic wreaked havoc on transport and fuel demand. The capacity utilization rate, for its part, is the |
| Saudi Arabia To Boost Oil Production To 10 Million Bpd As Prices RiseSaudi Arabia is expected to hike its crude oil production to 10 million barrels per day (bpd) by the end of 2021, up by 1.5 million bpd from May, due to rising global oil demand, Goldman Sachs said on Tuesday. Farouk Soussa, Middle East and North Africa (MENA) economist at Goldman, raised his forecasts for Saudi Arabias oil production by 500,000 bpd from previous estimates, according to a note carried by Bloomberg. We see risks to the oil sector as being significantly skewed to the upside, Soussa wrote in the note. Goldman |
| LNG Emissions Are On The Rise In AfricaThe biggest oil and gas corporations must do more to reduce their emissions from assets in Africa, with moves to address gas flaring and to cut emissions from planned and future LNG projects, Wood Mackenzie said in a report carried by Bloomberg. Africa hosts some of the most polluting assets because of a lack of infrastructure to solve the gas flaring problem, Bloomberg notes. Reducing emissions and considering new energy diversification is really unavoidable, WoodMac said in the report. As investors want proof of solid efforts for |
| Investors Are Buying Bitcoin In A Bear Market But Ignoring Oil In A Bull MarketWhile thousands of retail investors crowd the bitcoin space, many are missing out on some substantial gains from oil, investment celebrity Richard Bernstein has warned, as quoted by CNBC. Bitcoin has been in a bear market, and everybody loves the asset. And, oil has been in a bull market, and its basically, you never hear anything about it. People dont care, Bernstein told CNBCs Trading Nation this week. Weve got this major bull market going on in commodities, and all people are saying is that it |
| U.S. Shale Oil Production Set To Grow By 38,000 Bpd Next MonthUnited 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 |
| Price outweighs pandemic fears as Americans look to book travel againCost and flexibility are most important for Americans planning to travel soon, and credit cards and contactless payment are the preferred methods. |
| Best Buy will sell luggage, grills as it seeks to capitalize on reopening economy, housing marketOther retailers have also expanded into adjacent categories to expand their reach and grow online sales. |
| GM-backed Cruise secures $5 billion credit line as it prepares to launch self-driving robotaxisThe new credit is being provided by GM’s automotive financing arm to use for the purchase of Cruise’s self-driving Origin shuttles. |
| Express, Urban Outfitters and J. Crew open websites to third-party sellers, hoping to win new shoppersExpress, Urban Outfitters and J. Crew are offering products from third-party sellers to boost traffic and revenue in attempt to drive traffic away from Amazon. |
| Cramer warns stock market could sink if Fed chief Powell ‘slips up’ during ‘endless heckling’CNBC’s Jim Cramer said Jerome Powell’s upcoming news conference could hit the market if the Fed chief “slips up” when facing persistent inflation questions. |
| Airbus hints at a freighter version of its A350 to tap into hot cargo marketAirbus says it is considering a freighter version of its wide-body A350 aircraft. |
| GM partnering with Wabtec on electric freight locomotives for rail industryThe companies have signed a nonbinding memorandum of understanding for GM to engineer and supply its battery and fuel cell systems for Wabtec locomotives. |
| Why the toy boom has been good for Monopoly maker HasbroHasbro, one of the biggest toymakers, is benefiting as Americans stuck at home play more games. |
| Ford begins shipping new Bronco SUVs for consumersThe Bronco is viewed as one of the most critical nonelectric product launches for Ford in years. |
| Another shipping crisis looms on Covid fears in southern ChinaGuangdong, a major shipping hub, accounts for about 24% of China’s total exports and is home to the Shenzhen port and the Guangzhou port. |
| Hydrogen planes, electric propulsion and new regulations: Aviation is changingÂSustainable 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 yearCompany describes fuel cell electric vehicles as being “complimentary to battery electric vehicles.” |
| ‘Lethal’ and ‘highly contagious’ second Covid wave is now under control, Nepal’s prime minister saysNepal’s second wave of Covid infections is tapering off ” but the country needs more vaccines, Prime Minister Khadga Prasad Sharma Oli said. |
| Buchanan: All Is Hype For The Biden-Putin SummitBuchanan: All Is Hype For The Biden-Putin Summit Authored by Pat Buchanan, History repeats itself, first as tragedy, then as farce. Karl Marx’s comment came to mind as President Joe Biden and Prime Minister Boris Johnson sought to equate their tete-a-tete at the G7 confab in Cornwall, England, to the Atlantic Charter conference of 80 years ago. Those were historic days, to which these days cannot compare. In August 1941, Prime Minister Winston Churchill and President Franklin D. Roosevelt met secretly on warships off Newfoundland to confer and commit to a set of principles that were to govern the world after the defeat of a then-triumphant Nazism. Aboard HMS Prince of Wales, the battleship that brought Churchill across the Atlantic, Americans and British sang together, defiantly and movingly, an old and venerable hymn.
Four months later, hours after the attack on Pearl Harbor, Prince of Wales would be sunk by Japanese fighter-bombers along with its sister ship, the battlecruiser Repulse, in the South China Sea. When Churchill arrived in Placentia Bay off the Canadian coast, the Battle of Britain had been won, Adolf Hitler had turned on his former ally Joseph Stalin, and German armies were advancing from victory to victory in the USSR. The danger then was that the Nazis might win the war. And what did Biden, landing at Royal … |
| Hunter Biden Invested Millions In Chinese Nuclear Plant Operator That Vented Dangerous Buildup Of GassesHunter Biden Invested Millions In Chinese Nuclear Plant Operator That Vented Dangerous Buildup Of Gasses Hunter Biden’s private equity firm invested millions of dollars in a Chinese state-owned nuclear power plant operator whose French partner warned the White House that the Taishan Nuclear Power Plant in Guangdong province was in danger of an “imminent radiological threat” due to a build-up of noble gasses in the cooling system of one of the facility’s two reactors, according to the National Pulse.
The incident has been downplayed by the Biden administration, which told CNN that the facility is not yet at a “crisis level,” and does not pose a severe safety threat to workers at the plant or Chinese public. But is there more to it? As the |
| Georgia To Investigate After Fulton County Official Says Election Forms Are ‘Missing’Georgia To Investigate After Fulton County Official Says Election Forms Are ‘Missing’ Authored by Zachary Stieber via The Epoch Times (emphasis ours), Georgia’s secretary of state said Monday that his office will probe Fulton County after an election official there said forms verifying the chain of custody for some mail-in ballots went missing.
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| Michael “Big Short” Burry: This Is The Greatest Bubble Of All Time In All Things “By Two Orders Of Magnitude”Michael “Big Short” Burry: This Is The Greatest Bubble Of All Time In All Things “By Two Orders Of Magnitude” Earlier this year, none other than Michael ‘Big Short’ Burry confirmed BofA’s greatest fears, as he picked up on the theme of Weimar Germany and specifically its hyperinflation, as the blueprint for what comes next in a lengthy tweetstorm cribbing generously from Parsson’s seminal work, warning that: “The US government is inviting inflation with its MMT-tinged policies. Brisk Debt/GDP, M2 increases while retail sales, PMI stage V recovery. Trillions more stimulus & re-opening to boost demand as employee and supply chain costs skyrocket.”
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| ‘If you can eat out, you can go to the office’, says bank bossMorgan Stanley’s chief executive said New York-based employees should be ready to return to the workplace. |
| Australia trade deal will not hit UK farmers, says Liz TrussThe trade secretary denies Australian beef imports will flood the UK and says export markets will grow. |
| Boeing-Airbus trade row set to end after 17 yearsThe agreement, after 17 years, means taxes on $11.5bn of goods will be removed for five years. |
| Fed poised to crawl onto ‘knife edge’ to limit record bond purchasesFed officials have said they want to see œsubstantial further progress toward their goals of maximum employment and average 2 per cent inflation before reducing current asset purchases of $120 billion per month. None are suggesting that they’re close to achieving that. |
| LIC Housing Finance Q4 results: Net profit falls due to higher provisionsTotal provisions rose close to 40 times to Rs 977 crore from Rs 27 crore a year ago and higher than the Rs 181 crore reported in the quarter ended December 2020. |
| Trade setup: Nifty has very limited upside left; take some money off the tableWednesday may again see a quiet start to the day. The levels of 15,930 and 15,980 will act as resistance points. Support will come in much lower at 15,780 and 15,690 levels. |
| May 2021 Headline Industrial Production ImprovesWritten by Steven Hansen The headlines say seasonally adjusted Industrial Production (IP) improved month-over-month – and remains in expansion year-over-year due to comparison to the recession period one year ago. Our analysis shows the three-month rolling average improved.
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| The New York Post: Morgan Stanley chief to bankers: If you want NYC salary, you need to be in NYCMorgan Stanley’s chief executive said he expects all New York City employees to be back at their desks by Labor Day ” or they will face salary cuts. |
| Next Avenue: ‘It’s such a brave act to jump into small-business ownership’ “what the new SBA administrator is doing for older entrepreneursIsabella Casillas Guzman says she is focusing on the critical need for capital to make it easier for small businesses to launch. |
| : Nearly one in four teachers say they may quit by the end of the school year ” here’s whyStress levels for U.S. teachers were high before the pandemic, and have only gotten worse. |
An election worker processes absentee …
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