Written by Gary
Dow down 1.57%, NASDAQ down 0.93%, and S&P down 1.31%. Gold at $1770, Bitcoin $35,614, and WTI at $68.97. The talking heads blame the fall on worries the Federal Reserve might be raising rates sooner than later.
The Market in Perspective
Here are the headlines moving the markets. | |
Venezuelas Maduro Pleads For Deal With U.S. AdministrationVenezuelas Nicolas Maduro has been waiting for the Biden Administration to negotiate a deal that would bring relief to the U.S. sanctions on the country holding the worlds largest oil reserves, he told Bloomberg Television in an interview. Venezuelas oil industry has crumbled in recent years due to the domestic crisis and the American sanctions. The U.S. maximum pressure campaign on Maduros sources of incomeoil being the primary such sourcebegan to cripple Venezuelan oil exports in early 2019. | |
Canada Oil Pipeline Companies Throw Money At Energy TransitionCanadian pipeline operators have just announced plans to develop a massive carbon transportation and sequestration system, weeks after the largest oil sands producers formed a collaboration initiative to achieve net-zero emissions from operations by 2050. These plans are just the start of an upcoming massive allocation of capital and planning in the efforts to reduce emissions from one of the worlds most carbon-intensive ways to pump oil, officials in Alberta say. On Thursday, TC Energywhich definitively canceled the Keystone XL pipeline | |
Rising Demand Closes The Gap Between WTI And Brent PricesRising oil demand in the United States and flat domestic production in recent months have boosted the price of the U.S. oil benchmark WTI Crude, which has significantly narrowed the discount to Brent Crude in recent weeks. According to GasBuddy data, weekly U.S. gasoline demand for the week to June 13 rose for the fourth consecutive week to a new pandemic high, and was up by 0.8 percent from the prior week. U.S. gasoline and distillates production is also rising, with gasoline production averaging 9.9 million barrels per day (bpd) in the week to | |
U.S. Rig Count Jumps As Oil Prices Hold Above $70Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose this week, bringing the total rig count to 470 as U.S. drillers boast more than 100 additional rigs this year. In the week prior, the U.S. oil and gas rig count increased by 5. The total number of active oil and gas drilling rigs in the U.S. is now 204 more than this time last year. The oil rig count rose by 8 this week to 373. The number of gas rigs increased by 1 and now sits at 97. The number of miscellaneous rigs stayed the same. The EIAs estimate | |
China Looks To Crack Down On Speculation As Coal Prices Break RecordsChina is looking to put soaring coal prices under control by starting an investigation into the market and coal prices to prevent speculation and hoarding of supply. Chinese state planner, the National Development and Reform Commission (NDRC), and the state market regulator have announced a probe into the coal prices in the worlds largest energy consumer, according to a statement from NDRC carried by Reuters. The Chinese authorities will check abnormal trading and speculation, as well as crack down on hoarding and driving up prices, | |
Is The Oil Rally Nearing Its End?After a momentous rally this year, it looks like oil prices are finally coming under pressure – with the threat of inflation dampening oil market optimism.Friday, June 18th, 2021The months-long oil price rally hit the pause button this week, following a shift in outlook from the U.S. Federal Reserve. Inflation is your friend until it isnt, Louise Dickson of Rystad Energy said in a statement. The oil market is re-learning this lesson in the past two trading days after the US central bank hinted at potential interest rate | |
Biden says delta Covid variant is ‘particularly dangerous’ for young people“The data is clear: If you are unvaccinated, you’re at risk of getting seriously ill or dying or spreading it,” Biden said from the White House. | |
New Jersey has fully vaccinated 4.7 million people, a goal it met two weeks early, Gov. Murphy saysNew Jersey met its goal of fully vaccinating more than 4.7 million people two weeks early, Gov. Phil Murphy said Friday. | |
Toy companies are keeping an eye on China shipping delays as key holiday season nearsShipping delays in China are forcing toymakers to face tough decisions ahead of the industry’s most important sales season. | |
WHO says delta is becoming the dominant Covid variant globallyCovid-19 variant delta, first identified in India, is becoming the dominant variant of the disease worldwide, the WHO’s chief scientist said Friday. | |
Americans are heading back to gyms as interest in at-home workouts wanes, Jefferies saysAs Covid restrictions ease across the country, more people are heading back to the gym, new research shows. | |
As e-commerce sales proliferate, Amazon holds on to top online retail spotAs Amazon prepares for its annual Prime Day megasale, its reign as the biggest online retailer in the country is eye-popping. | |
Five years before a vaccine can ‘hold the line’ against Covid variants, England’s medical chief saysEngland’s top medical officer has warned that the coming winter will continue to be difficult for the country’s health system. | |
Peter Thiel-backed psychedelic start-up’s shares pop in Wall Street debutThe German biotech’s initial public offering was priced Thursday night at $15 per share, the high end of the expected range. | |
Siemens Gamesa to supply ‘typhoon-proof turbines’ for major Japanese wind projectThe project will be located on the island of Hokkaido, the firm said. | |
Amazon Prime Day starts soon. These are the top deals so farAmazon’s two-day shopping event is set to start on June 21. Here are some of the best deals so far, and they’re not all from the retail giant. | |
Stocks making the biggest moves midday: Nvidia, Lennar, Adobe and moreThese are the stocks posting the largest moves in midday trading. | |
LeBron James is upset about the way the NBA treated players during the pandemic — but the money matters too muchNBA star players suffered numerous tissue-related injuries this season but the league needed to save upcoming media rights. | |
With car prices surging, yours is a prime target for thievesThe pandemic has helped fuel the biggest jump in auto thefts in more than a decade, experts say. | |
Wuhan’s Bat Lady Found ‘All Genes’ Required To Genetically Engineer SARS-Like Coronavirus: 2017 ReportWuhan’s Bat Lady Found ‘All Genes’ Required To Genetically Engineer SARS-Like Coronavirus: 2017 Report Yet another piece of the pandemic puzzle has fallen into place – after being hidden in plain sight until it was wiped from the Wuhan Institute of Virology’s (WIV) website. Unearthed by The National Pulse’s Natalie Winters, a Nov. 2017 report titled (no really): “Bats in China carry all the ingredients to make a new SARS virus,” describes how researchers at the WIV had identified ‘all the genes to make a SARS coronavirus similar to the epidemic strain,’ among 11 new strains of viruses collected in horseshoe bats. Zhengli “bat lady” Shi … | |
Renewed Temple Mount Clashes Spark Fears Of Fresh Israel-Gaza EscalationRenewed Temple Mount Clashes Spark Fears Of Fresh Israel-Gaza Escalation This week witnessed the first Israeli airstrikes on Gaza since the May truce struck with Hamas after 11 days of fighting and exchange of thousands of rockets and airstrikes. The past days have witnessed incendiary balloons sent from Hamas to southern Israel, for which Tel Aviv has responded by ordering limited airstrikes on the strip. Al Jazeera reports that the potential for full-blown war is once again on the horizon:Â
| |
“Your Show’s F*cking Terrible!”: Joe Rogan Destroys CNN’s Brian Stelter In Podcast Rant“Your Show’s F*cking Terrible!”: Joe Rogan Destroys CNN’s Brian Stelter In Podcast Rant No sooner did we note the absolute collapse in ratings for Brian Stelter’s CNN show Reliable Sources, which has lost 72% of his viewers since hitting its highest level of the year on January 10 – than popular podcaster Joe Rogan added insult to injury. Rogan took exception with Stelter being incensed that more people were watching shows on YouTube than watching his show, according to Fox News. œThey didn’t even understand the way they were describing it. They were describing it as if they’re entitled to viewers,” Rogan ranted. “They were saying, “There are people on YouTube right now that get more views than this show. This is because the market has spoken and your show’s f***in terrible. Well, Brian Stelter’s show keeps slipping and slipping and slipping in the ratings.” “How about Brian … | |
Will Senate Democrats Now Apologize To Justice Barrett?Will Senate Democrats Now Apologize To Justice Barrett? Authored by Jonathan Turley, During the confirmation hearings of now Justice Amy Coney Barrett, I repeatedly objected to the clearly false narrative that she was nominated to vote to strike down the Affordable Care Act in the pending case of California v. Texas. The case was highly unlikely to result in such a decision and the Democrats knew it. The case was a focused on a highly technical and limited issues of severability. It would either be resolved on that limited basis or dismissed for standing. While Barrett might view the ACA as unconstitutional (as many do), I noted that she was more likely to dismiss the challenge or sever the individual mandate than to strike down the Act in the case. That is what she did in joined the 7-2 decision to dismiss the case. | |
‘We can’t go on our much-needed cruise’Passengers react after MSC Cruises overbooks trips ahead of postponed Covid restriction lift. | |
Coronavirus: Setback for EU in legal fight with AstraZenecaBut the drug-maker faces hefty fines if it fails to supply doses of Covid-19 vaccine over the summer. | |
Bloomsbury staff must be vaccinated before office returnThe Harry Potter publisher will require all staff to be vaccinated before they return to offices. | |
Forex reserves rise $3.07 bn to lifetime high of $608.08 bnIn the reporting week ended June 11, the rise in reserves was on account of an increase in foreign currency assets (FCA), a major component of the overall reserves, the RBI’s weekly data showed. | |
Gold heads for worst week in 9 months after Fed blowSpot gold edged 0.2% down to $1,770.60 per ounce by 10:28 a.m. EDT (1428 GMT), stalling an initial uptick on some bargain buying. Prices were down 4.5% for the week, having slid over 2% on Thursday. | |
Fed’s ‘hawkish’ shift a natural response to stronger inflation, growth: James BullardIn an interview, Bullard said he was among the seven Fed policymakers who expect the most aggressive steps, with rate increases beginning next year, to contain inflation that he thinks will prove more persistent than his colleagues. | |
18Jun2021 Midday Update: Commodities See Worst Week Since Start Of Pandemic, Gold Sinks 1772, Silver Below 26, DOW Down 460 Points At 1 ET, Bitcoin Slips To 36600Written by Gary With car prices surging, yours is a prime target for thieves (SPY -1.0%).The biggest midday movers: Nvidia, Lennar, Adobe on quad witching Friday. | |
11 June 2021 ECRI’s WLI Growth Rate Continues to SlowWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward was marginally declined and remains well into expansion. ECRI also released their coincident and lagging indicators this week. | |
The Tell: Markets are sending peculiar signals as Fed tune changes here’s what they meanThe dollar jumps as long-term bond yields fall and growth stocks outperform — here’s one way to tie it all together. | |
The Fed: Fed’s Bullard says he expects first rate hike late next yearSt. Louis Fed President James Bullard on Friday said he expects the first interest rate hike to come late in 2022. | |
The Fed: Fed’s Kashkari says he doesn’t want any rate hikes through 2023Minneapolis Fed President Neel Kashkari said in an interview with Reuters on Friday that he opposes any rate hikes through the end of 2023 at least |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated: