Written by Gary
Number Of U.S. Drilled But Uncompleted Wells Drops 27% In A Year (SPY +0.2%). The Covid delta variant has ‘exploded’ in the UK and it could be a blueprint for the U.S.
The Market in Perspective
|Here are the headlines moving the markets.|
For the past couple months there’s been persisting reports and rumors thatSaudi Arabia is preparing to restore diplomatic ties and normalized relations with the Syrian governmentunder Bashar al-Assad, coming off a decade of war in which the Saudis spearheaded efforts alongside the US and other allies to topple him. Aswe detailed in early Maythefirst major step toward detente came when Saudi Arabia’s powerful intelligence chief, Gen Khalid Humaidan, traveled to Damascus to meet with his Syrian counterpart. The two sides
One of the worlds largest liquefied natural gas (LNG) exporters, Qatar, expects global natural gas demand to peak at some point around 2040, Bloomberg reported on Monday, quoting a bond prospectus of Qatar Petroleum it had seen. According to Qatars state-owned giant, worldwide natural gas demand still has two decades to grow, unlike the International Energy Agency (IEA), which warned in its Net Zero by 2050 report last month that in a scenario of net-zero emissions by 2050, the world doesnt need any new oil and gas field developments
Latin Americas largest oil producer Brazil is one of the worst affected countries globally by the COVID-19 pandemic. According to the World Health Organization, Brazil is the third ranked country by volume of cases and second by deaths. There were fears earlier this year that the rapid spread of the virus would derail Brazils offshore oil boom, particularly with a surge in cases among energy sector workers. By March 2021 petroleum and natural gas production was in decline with total hydrocarbon output falling by nearly 3% year over
Despite expectations that the OPEC+ group could raise overall supply in the coming months, the Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) plans to significantly reduce term supplies of its crude oil grades for loading in September. ADNOC has already informed buyers it would be cutting the September-loading term supply of its crude by 15 percent, Argus reported on Monday. Separately, four sources with direct knowledge of ADNOCs plans told Reuters that the UAEs state-held oil giant would cut crude oil supply
Announcements of large new electrolyser projects, and the formation of consortia to build them, are appearing in the news almost daily. What began as a few announcements a year ago is now reaching a crescendo. The growing number of projects would indicate that capacity to produce green hydrogen will increase sharply in the next few years. Indeed, according to recent report of the International Renewable Energy Agency (IRENA), entitled Green Hydrogen Supply, A Guide to Policy Making, electrolyser manufacturing capacity worldwide
The number of drilled but uncompleted wells (DUCs) in the U.S. shale patch has declined by 27 percent since the peak in June 2020, the Energy Information Administration (EIA) has estimated. DUCs allow exploration and production companies to pump crude oil and natural gas at a lower cost, so its no surprise that the number of DUCs has dropped since the peak in June 2020. Back then, operators shut in production because of the low oil and natural gas prices and the crash in global oil demand in the pandemic. E&P firms have tightened spending
High earners in high tax states cheered the news that relief from the state and local tax cap was being considered, but income thresholds will limit its scope.
Travelers eager to bust out of their homes for vacation are facing longer security lines, hourslong hold times and fewer food options at the airport.
Juul Labs has agreed to pay North Carolina $40 million and change its business practices in the state.
Mixing and matching Covid vaccines made by Pfizer-BioNTech and AstraZeneca-Oxford generates a “robust” immune response, a study led by Oxford University found.
Shares of Electric Last Mile began trading Monday on the Nasdaq, adding to a growing list of speculative SPAC-backed electric-vehicle start-up companies.
“We’re always going to have some level of spread,” the former FDA chief told CNBC on Monday. “We’re not going to try to get this down to zero cases a day.”
Porsche is one of the most legendary names in sports cars. Purists were skeptical about its move toward SUVs, but it proved successful. Can it repeat with EVs?
The more the virus spreads, the greater the risk of new Covid variants that can evade current vaccine protection, says Vanderbilt professor William Schaffner.
From vaccines to variants, the U.K.’s experience of Covid-19 has often been a harbinger of things to come for other countries.
Automaker is not unique in focusing on the production of batteries for electric vehicles.
These are the stocks posting the largest moves in midday trading.
“The reason that we picked a SPAC is because it’s a transaction as opposed to a process” like an IPO, co-founder and CEO Peter Weinberg told CNBC on Monday.
You may be ready to spend more money, but will it bring you joy? Researcher Elizabeth Dunn details five happy spending strategies.
Dow Dumps, Nasdaq Jumps As Bonds & Bitcoin Bounce-Back
After Friday’s last-second chaotic moves in Russell 2000 and 1000 on the rebalance, today was clear: Panic Buy Growth, Sell Value… as bond yields plunged.
And that meant dump The Dow and Small Caps and BTFD in Nasdaq. S&P ended marginally higher (helped by tech)…
That is a record close for the S&P and Nasdaq
Never mind the chaos under the surface (and the weake …
Syria’s Largest US-Occupied Oil Field Comes Under Missile & Mortar Attack
A US military base at Syria’s occupied Omar oil field in Deir Ezzor province has come under attack by unknown groupsÂ following last night’s Biden-ordered airstrike on militia bases along the Syria-Iraq border. Western sources are reporting it as “revenge” by “Iran-backed militias” for theÂ Sunday nightÂ US military action against pro-Iranian encampments along Syria’s eastern border, which left multiple militia members dead.
Syrian state news agency SANA has confirmed that US forces at the oil field have come under attack by “unknown” militants, further as Kurdistan media source Rudaw NewsÂ has cited US-backed SDF sources which have also confirmed a mortar attack.
An unconfirmed social media video appears to also show a missile launched in the direction of al-Om …
Google Tumbles As Biden Revives Trump-Era Antritrust Probe Into Display-Ad Business
Minutes after news that a judge had dismiss an FTC anti-monopoly lawsuit against Facebook sent the social-media giant’s market capitalization past the $1 trillion mark, Google has just been hit by some disappointing news on the anti-trust front.
Google shares tumbled heading into the close on reports that the Biden Administration was planning to revive a Trump-era investigation into Google’s display ad business.
While a judge has granted some relief for Facebook, potentially taking it out of the sights of the FTC, which is now being led by anti-monopoly pioneer Lina Khan, it’s clear the Biden Administration hasn’t given up on scrutinizing American Big Tech.
According to Bloomberg, which broke the news Monday afternoon, antitrust investigators at the DoJ have stepped up scrutiny of Google’s digital advertising practices in recent month …
Tropical Storm Danny Forms Off South Carolina Coast, Landfall ImminentÂ
Update (1530ET): The National Hurricane Center (NHC) and preliminary Air Force reconnaissance data indicate that the tropical depression off the coast of South Carolina this morning has been upgraded to Tropical Storm Danny with maximum sustained winds of 40 mph.
As of 1400 ET, the tropical storm was about 55 miles east-southeast of Charleston, moving west-northwest at 16 mph, with sustained winds of 40 mph or higher.Â
Landfall is expected Monday evening.
The vape pen maker has settled a lawsuit with North Carolina and will change its marketing in-state.
UK travellers will have to prove they have been fully vaccinated against coronavirus on arrival.
The carmaker is set to announce a major expansion of battery production in Sunderland.
Binance has been targeted by regulators across the world in recent months.
Most analysts had advised subscribing to the issue for listing gains as well as for the long term, but with a strong start in the secondary market, some of them say investors should book profits.
The KIMS stock made a debut on the bourses with a 22 per cent gain from the issue price of Rs 825 but closed the day 2 per cent lower.
Crypto: Tom Brady’s bitcoin play has been a bust, despite his ‘laser eyes’ offensive ¦Now the 7-time Super Bowl Champ is taking advice
Tom Brady thought bitcoin was going to go deep, but it appears that the world’s No. 1 crypto asset isn’t using the same playbook as the seven-time Super Bowl champion quarterback.
A federal court on Monday dismissed the Federal Trade Commission’s antitrust lawsuit against Facebook Inc. that would have split up the social-networking giant.
Didi’s public offering could give it a market valuation of about $70 billion, which would be considerably less than that of Uber, the rival it pushed out of China.
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