Written by Gary
Oil prices set to head even higher as market tightens (SPY +0.6%). House committee passes ‘big tech’ antitrust package despite lobbying onslaught.
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. | |
Analysts Expect OPEC+ To Raise Oil Supply From AugustThe OPEC+ alliance is widely expected to decide next week to further ease the collective production cuts, but the additional supply from August will likely still be less than the supply deficit on the market, analysts and traders told Bloomberg in a survey. The ministers of OPEC+ meet on July 1 to decide how to proceed with the management of oil supply to the market in the first meeting since April, which analysts expect with more noise than in the past three months when the group was meeting just to confirm plans it had made for easing the cuts | |
Battery Industry Could Boost Australias Economy By $5.6 BillionAustralia has a chance to boost its economy by US$5.6 billion (AUS$7.4 billion) and become a leading player in battery chemistry and technology if it expands its raw materials-focused industry into a diversified sector encompassing the entire battery cell value chain, a new report showed on Thursday. If Australia, a major provider of critical energy transition metals, builds on its currently mining-focused industry to include raw materials processing and battery manufacturing, it could nearly double the value of the battery industry for its economy | |
Fracking Pioneer Hamm: $100 Oil Sure Is Possible$100 a barrel oil sure is possible, Harold Hamm, executive chairman at Continental Resources, told FOX Business on Thursday, commenting on oil prices and supply and demand on the oil market. Oil prices are coming back where they were pre-pandemic, Hamm said, noting that commodity prices, including crude and natural gas, have returned to sustainable levels following last years crisis. Asked to comment on the rising price of WTI Crude, which hit $73 per barrel this week, Hamm said that the U.S. Administrations moratorium | |
New Mexico Oil Output Recovers To Pre-Pandemic LevelsNew Mexico has become the first major oil-producing state to see its production rate rebound to pre-pandemic levels, but according to legislative analysts cited by the AP, the situation remains volatile. The report cited a briefing by the states Legislative Finance Committee, in which the committee reported that oil and gas production in New Mexico had hit a record high in March, at 36 million barrels of oil and 188 trillion cu ft of natural gas. In further good news for the industry, a consulting company present at the briefing said President | |
U.S. Denies Agreement With Iran To Lift Oil SanctionsThe U.S. State Department has refuted a statement made by a senior Iranian official that the country had agreed to lift all sanctions on Iran’s oil and shipping industry. “During negotiations of this complexity, negotiators try to draft text that capture the main issues, but again, nothing is agreed until everything is agreed,”a State Department spokesman told Reuters. The statement, made on condition of anonymity, came in response to another one, made by the chief of staff of Iran’s President earlier this week. “An agreement has been reached | |
Oil Prices Set To Head Even Higher As Market TightensSolid oil demand is driving up the spot crude prices in every part of the world. This is a clear indication that the physical oil market is finally catching up with the recent rally in the paper market. The strengthening appetite for crude in Asia and tightening regional markets due to changed differentials between regional benchmarks are, in turn, supportive of the oil futures rally, analysts and traders tell Reuters. The surging premium of Brent over the Middle Eastern benchmark Dubai now makes shipping crude grades from the | |
Vegas welcomes its newest casino as recovery from pandemic takes holdThe Las Vegas Strip is getting its first new-construction casino in more than a decade just as Covid-era restrictions end. | |
Ford loses chief technology officer to Amazon in industry battle over talentFord is losing its chief technology officer to Amazon, marking an ongoing talent battle between the automotive and technology industries. | |
‘F9’ is a ‘wild ride’ but far from the franchise’s best showing“F9” has raised the bar on ridiculous action sequences and “soap opera drama,” critics say. | |
Darden Restaurants CEO says speculation is driving up real estate pricesDarden Restaurants CEO Gene Lee said that speculation is driving up real estate prices. | |
China is actually ‘all in’ on crypto ” but only a brand it can control, Andreessen Horowitz partner says“China is actually all in on crypto. Make no mistake about that,” Andreessen Horowitz crypto co-lead Katie Haun told CNBC on Thursday. | |
Luminar’s shares pop after Volvo says it will use start-up’s lidar technology as standard equipment on new EVVolvo and is integrating start-up Luminar Technologies Iris lidar system as standard equipiment on the automaker’s upcoming electric flagship SUV. | |
Millions could be suffering from long Covid, British study suggestsA study in England looking at persistent Covid-19 symptoms suggests that around 2 million people in the country may have had the condition known as “long Covid.” | |
Brooklyn Nets owners will use character, not credit scores, for $2.5 million loan program that helps Black businessesNBA owners Joe and Clara Wu Tsai will use money from the $50 million Social Justice Fund that was established in 2020. | |
Delta Covid variant has a new mutation called ‘delta plus’: Here’s what you need to knowA mutation of the delta variant has emerged, it’s called “delta plus.” | |
OIive Garden parent’s same-store sales near pre-pandemic levels as Covid restrictions easeDarden Restaurants on Thursday reported that its fiscal fourth quarter same-store sales nearly returned to 2019 levels. | |
Norway’s Statkraft lined up to provide green hydrogen for 88-meter long, zero-emission shipThe idea is for the ship, which will also have two rotor sails, to carry grain and gravel. | |
Singapore to expand its vaccination campaign to everyone 12 and older on July 2Singapore said Thursday that some permanent residents and long-term pass holders can begin booking appointments on July 2. | |
“They’re Losing Control Of Everything” – Michael Pento Warns “The Fed Will Kill The Economy”“They’re Losing Control Of Everything” – Michael Pento Warns “The Fed Will Kill The Economy” Via Greg Hunter’s USAWatchdog.com, Money manager and economist Michael Pento warns to keep your eyes on the Fed. It will be responsible for the next market crash coming this year or next. Just look what happened after the most recent Fed meeting last week. Pento says, œAfter the June FOMC meeting, the Fed talking about tapering sent stock prices skidding…”
The Fed has been propping up the markets with massive amounts of printed money since the financial meltdown of 2008. Something has changed, and Pento points out, œNow, the inflation has become such a problem that even the Fed can no longer ignore it. … | |
Watch Live: Is This The Next Gamma Squeeze?Watch Live: Is This The Next Gamma Squeeze? “Gamma Squeeze” has been the word of the year so far for many freshly-minted equity-trading gurus (as they watched their AMC, GME, and other meme stocks momentum ignited “to the moon” time and again in the first half of 2021).
However, it is notable that while the most recent examples of gamma squeezes have been exemplified by these explosive moves to the upside, historically speaking, gamma squeezes have been primarily associated with markets dr … | |
Giuliani Suspended From Practicing Law In New YorkGiuliani Suspended From Practicing Law In New York A New York appellate court suspended Trump attorney Rudy Giuliani’s law license on Thursday following a decision by a disciplinary panel that he made “demonstrably false and misleading” statements about Trump’s 2020 election loss. In a 33-page decision, the court wrote that Giuliani’s conduct threatened “the public interest and warrants interim suspension from the practice of law,” according to the New York Times. “We conclude that there is uncontroverted evidence that respondent communicated demonstrably false and misleading statements to courts, lawmakers and the public at large in his capacity as lawyer for former President Donald J. Trump and the Trump campaign in connection with Trump’s failed effort at reelection in 2020,” reads the decision.
| |
House Committee Passes ‘Big Tech’ Antitrust Package Despite Lobbying OnslaughtHouse Committee Passes ‘Big Tech’ Antitrust Package Despite Lobbying Onslaught As the DoJ and FTC pursue civil antitrust litigation against some of America’s largest tech firms, a House Committee has approved legislation to curb the market dominance of many of these same firms, including Google-owner Alphabet and Facebook. However, according to a report from WSJ, the tech firms targeted by the legislation are ramping up their lobbying efforts, precipitating a pitched battle over the legislation in the Senate. At the core of the six-bill raft of legislation is a measure to bar big tech firms from favoring their own products on their platforms. It was approved by the House committee early Thursday by a vote of 24 to 20. The NYT reported that Apple and other tech giants engaged in aggressive lobbying against the six-bill package, with Apple CEO Tim Cook going so far as to call Speaker Nancy Pelosi and other top lawmakers to warn them against supporting the legislation. Per the NYT, the calls from Cook were “part of a forceful and wide-ranging pushback by the tech industry since the proposals were announced this month. Executives, lobbyists, and more than a dozen think tanks and advocacy groups paid by tech companies have swarmed Capitol offices, called and emailed lawmakers and their staff members, and written letters arguing there will be dire consequences for the industry and the country if the ideas become law.” Mirroring the o … | |
U-turn over Premium Bond prizes paid by chequeNS&I scraps plans that would have seen an end to prizes being posted to winners. | |
Poundland says 10% of its products are not a poundOne in ten Poundland products no longer a pound, the discount retailer says. | |
Canada Goose to end the use of all fur on coatsThe Humane Society calls the decision a “momentous step in the demise of cruel fur fashion”. | |
What Covid taught me to do with my money as a stock investorThe fact that the portfolio holds high quality companies will provide investors the confidence that the stock would recover quickly when the trajectory of the economy changes. | |
Ambani to follow in Musk, Adani footsteps, enter green energy businessReliance will invest Rs 60,000 crore in building four gigafactories at Jamnagar Gigacomplex. An overall investment of Rs 75,000 crore in new green energy business will be made over the next three years. RIL said it will establish and enable at least 100 GW of solar energy by 2030. | |
Dolly Khanna buys stake in Deepak SpinnersShares of the textile company, however, ended 10.5 per cent lower at Rs 168.25. | |
The Moneyist: ‘Marriage sure does make love suck’: My fiancà e wants a big, expensive wedding ” I want to a downpayment for a house‘I thought we were on the same page ” small wedding, no engagement photos, save the money and get a house. Why go into marriage in debt?’ | |
The Moneyist: ‘I am not a loan shark’: I loaned my sister $20K and she repaid me after two years with insane interest: 30%. What do I do?‘She argues that it is not too much because it took her over two years to repay the loan.’ | |
NewsWatch: U.S. economy grew at unrevised 6.4% annual rate in first quarterThe U.S. economy grew at an unrevised 6.4% annual rate in the first quarter, the Commerce Department said Thursday. |
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: