Written by Gary
Energy stocks back in vogue amid rising crude prices (SPY -0.1%). Bitcoin falls again, breaking below key $30,000 level that traders for the first time since January.
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. | |
 | Decade Of Chaos Could Send Oil To $130 Per BarrelFrom $35 per barrel to $130 per barrelthis is the range for oil prices in the next few years that we could see, according to a commodity trading group. And it will all depend on what peaks first: demand or investment in new production. “You could see spikes to even higher than $100 a barrel, even $130, and you could also see it go down to $35 a barrel for periods of time going forward,” William Reed II, chief executive of Castleton Commodities International, said at the FT Global Commodities Summit this week, as quoted by Reuters. “The question |
| Meet The Man Behind The World’s Most Exciting Oil PlayThis is the story about an oil play that so far has lived up to its promiseNamibia is the settingAnd a little-known Canadian explorer is the protagonist.It was the speculative investment of 2020But now we think its being de-risked following two successful drill resultsAnd its stock price has been flying as a result. The first interview we had with the founder Craig Steinke was very well received by our readers who were very impressed with what Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF) had accomplished |
| The Real Reason Big Oil Is Giving Up On IraqNews last week that U.K. oil super-major, BP, is working on a plan to spin off its operations in Iraqs supergiant Rumaila oil field into a stand-alone company had an extremely familiar ring about it to those who have been in the oil markets business for a while. It was exceptionally reminiscent of the withdrawal of the U.K.-Dutch oil super-major, Royal Dutch Shell (Shell), from Iraqs supergiant Majnoon oil field in 2017 and also of its withdrawal from Iraqs supergiant West Qurna 1 oil field in 2018. Each of these announcements |
| Indias Largest Utility Provider Sets Ambitious Renewable Energy GoalNTPC Limited, the biggest utility in India which generates much of the power from coal, is almost doubling its target for installed renewables capacity by 2032, the company said at a conference call this weekend. NTPC aims to have as much as 60 gigawatts (GW) of installed renewable energy capacity by 2032, up from a previous target of 32 GW, finance director A.K. Gautam said on the call, as carried by Bloomberg. The largest Indian utility, however, is still reviewing how the new ambitious renewable energy goal would change its previous plans for |
| Why U.S. Shale Wont Derail The Oil RallyFor the first time in nearly a decade, OPEC has solid reasons to believe that its control over the global oil supply will not be ruined by a surge in U.S. crude oil production. The ongoing restraint in drilling activity in the shale patch would make the efforts of OPEC and its allies in the OPEC+ group to manage supply to the market this year a much easier task. Last week, OPEC+ was reportedly told by major international forecastersincluding the Energy Information Administration (EIA), the International Energy Agency (IEA), Wood |
| Oilfield Services Companies Are Making A Full ComebackOil futures are not exactly immune to a commodity rout. Oil prices have been pulling back over the past few days, with July WTI crude (CL1:COM) down 2.3% to $70.44/bbl after closing last Wednesday at the highest level since October 2018 while August Brent crude (CO1:COM) has slipped by a similar margin to $72.67/bbl from the highest close in more than two-and-a-half years thanks to the Federal Reserve’s hawkish shift in tone. On Wednesday, Fed Chairman Jerome Powell said during his post-decision press conference that rising inflation is due to |
| Chipotle tweaks its loyalty program to offer more redemption optionsSince Chipotle Rewards debuted two years ago, it has added 22.9 million consumers to its ranks. |
| How the Olympics became multibillion-dollar infrastructure investmentAccording to the Council on Foreign Relations, every city hosting the Olympics since 1960 incurred cost overruns, sometimes by tens of billions of dollars. |
| Peloton sees the office as a new way to grow subscribers as people head back to their desksPeloton is launching a corporate wellness program as it aims to reach new users and grow its membership base. |
| 5 things to know before the stock market opens TuesdayU.S. stock futures rose modestly Tuesday, one day after the Dow recovered a big chunk of last week’s plunge. |
| Target unveils sustainability goals, pledging to keep its products out of landfills, create net-zero emissions by 2040Target said it is responding to growing consumer demand for more sustainable products and practices from companies. |
| Covid boosters in the fall? As calls grow for third shots, here’s what you need to knowCoronavirus vaccine booster shots will likely be needed in the fall, according to experts. Here’s what we know so far. |
| Victoria’s Secret reportedly borrows $500 million to finance split from Bath & Body WorksLingerie retailer Victoria’s Secret is taking out a $500 million loan to finance its split from Bath & Body Works, Bloomberg reported Monday. |
| Vivendi shareholders back spin-off of flagship Universal Music GroupVivendi holders approved the French media group’s proposed spin-off of the iconic Universal Music Group. |
| Chicken giant Sanderson Farms reportedly exploring a potential saleSanderson Farms is exploring a potential sale of the company as prices of poultry continue to rise due to increased demand, the Wall Street Journal reports. |
| Some destinations are shutting out unvaccinated travelers. Here are a fewTravel options for the unimmunized are starting to dwindle as nations prioritize safety and simplified entrance requirements over open-door policies for all. |
| Louis Vuitton-owner LVMH believes the future of retail will be mostly in-storeFrench luxury goods giant LVMH has no doubt about how the future of retail will look like. |
| Delta plans to hire more than 1,000 pilots by next summer as travel demand returnsDelta plans to hire more than 1,000 pilots by next summer as travel demand returns |
| Ecocide: How a fast-growing movement plans to put environmental destruction on a par with war crimesEcocide is an umbrella term for all forms of the mass damage of ecosystems, from industrial pollution to the release of micro plastics into the oceans. |
| Bitcoin Tumbles Below $30,000 For First Time Since JanuaryBitcoin Tumbles Below $30,000 For First Time Since January As the flow of headlines proclaiming “China cracking down on crypto” for the n’th time continue to flow, uncertainty has sparked more selling. Bitcoin has dropped below $30,000 for the first time since January
Source: Bloomberg This follows Bitcoin’s death cross yesterday…
Source: Bloomberg Ethereum is also ugly this morning, breaking below $2000… |
| Lordstown President Sold Stock Ahead Of “Disastrous” Earnings Report To “Expand His Turkey Hunting Farm”Lordstown President Sold Stock Ahead Of “Disastrous” Earnings Report To “Expand His Turkey Hunting Farm” Nothing says “we have a revolutionary technology coming that’ll change the world” more than selling your stock in your embattled pre-revenue company to expand your turkey hunting farm. That’s exactly what the President of Lordstown Motors apparently did in mid-February, just weeks before a “disastrous March earnings report” crushed the company’s stock, according to Yahoo Finance. He was part of several top executives who sold off “chunks of stock” ahead of reporting the results, the Wall Street Journal first reported. “Securities lawyers and accountants say such trades raise questions about the company’s internal controls,” the report says. Five executives in total, also including the company’s former CFO, sold more than $8 million in stock over three days in February. Chuan œJohn Vo, who oversees the company’s propulsion division, sold 99.3% of his vested equity. He reaped proceeds of $2.5 million while keeping just 717 shares of stock. President Rich Schmidt sold 39% of his vested equity over two days in February for $4.6 million, the Journal notes. He used some of those proceeds to expand “a turkey-hunting farm in Tennessee”, a company spokesman said. |
| Futures Steady Ahead Of Powell TestimonyFutures Steady Ahead Of Powell Testimony U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects for post-pandemic economic growth, putting fears of a hawkish Fed in the rearview mirror even as they awaited Fed Chair Jerome Powell’s testimony before Congress. Nasdaq 100 futures extend increase to as much as 0.3%, the highest for Tuesday’s session, with contracts on the S&P 500 rising 0.1% as of 7:15am in New York.
In premarket trading, meme stock Torchlight Energy Resources jumped 10.5% on heavy volume following a 58% surge to a record on Monday, as the company upsized its stock offering after its shares doubled in value last week on interest from individual traders. Other meme stocks trade mostly higher with ContextLogic (WISH) rising 3.3% and Clover Health (CLOV) gaining 1.9%. Here are some other notable premarket movers: Adial Pharmaceuticals (ADIL) surges 28% in premarket trading after a positive mentio … |
| Fauci Pal Daszak Finally Fired From Commission Investigating COVID OriginsFauci Pal Daszak Finally Fired From Commission Investigating COVID Origins Authored by Steve Watson via Summit News The scientist who funded the Wuhan Institute of Virology’s ‘gain of function’ research on coronaviruses, which many now believe to be the source of the pandemic, has finally been removed from a position of investigative authority. As we previously reported, Peter Daszak – a noted friend and colleague of Dr. Anthony Fauci – was tapped to head up The Lancet’s UN backed commission to investigate the origins of the coronavirus that caused a global pandemic.
The British scientist was picked despite the fact that he was intimately associated with the Wuhan lab, had repeatedly dismisse … |
| Bumble closes to give ‘burnt-out’ staff a week’s breakA senior employee wrote on Twitter that the extra holiday was to deal with “collective burnout”. |
| Government borrowing eases in MayDespite a fall, borrowing was still the second-highest on record for May as Covid spending continues. |
| Aston Martin sues car dealer in cash wrangleThe luxury carmaker accuses a Swiss dealership of not handing over deposits for its £2.5m Valkyrie model. |
| Energy stocks back in vogue amid rising crude pricesThe Nifty Oil & Gas index has delivered 28% return since the beginning of 2021 thereby outperforming the benchmark Nifty 50 by 15%. |
| Rising competition may affect operating margins of construction companiesAnalysts foresee a situation similar to that between 2009 and 2011 when a large number of companies with unrelated business participated in bidding for road projects. |
| What analysts are saying about Info Edge post Q4 earningsMaintaining ‘sell’ rating on Info Edge, Kotak Institutional Equities said optimism on Info Edge’s long term growth prospects is more than priced in. |
| What’s Worth Streaming: Here’s what’s coming to Hulu in July 2021, and what’s leavingHighlights include the music documentaries ‘McCartney 3,2,1’ and ‘Summer of Soul.’ |
| What’s Worth Streaming: Here’s everything coming to Amazon Prime Video in July 2021Chris Pratt tries to save the world in ‘The Tomorrow War,’ while Tim Gunn and Heidi Klum return to find the next great fashion designer |
| The Moneyist: My parents want to build a $100K ‘granny flat’ on my property. Their accountant says it should come out of my inheritance‘This unit is unlikely to increase my property value by $100K. I will have to pay additional property taxes on the unit even after they move out.’ |
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