Written by Gary
Brace for shock at the pump as OPEC+ raises output less than expected (SPY +0.2%). Futures start second half hovering at all-time highs as oil jumps.
Here is the current market situation from CNN Money | |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Whats Behind The Massive Fluctuation In Natural Gas Prices?The Texas Freeze was one of those unprecedented events that have the potential to upend the way things are done, in this case, in power utilities. The crisis, which saw natural gas prices rise from two-figure to four-figure numbers, prompted an in-depth look at Texass grid and electricity market, and measures to ensure it never happened again. Now, gas prices are on the rise again, and many of the February bills have not been paid yet. Disgruntlement is building up across the swathe of states affected by the freezing cold spell in February. | |
Iraq Uses Controversial Oil Deal To Secure Funding From WashingtonAt Junes G7 meeting, U.S. President, Joe Biden, received the backing of the worlds seven largest advanced economies (comprised of the U.S., the U.K., Germany, France, Italy, Canada, and Japan) to set up an alternative to Chinas One Belt, One Road (OBOR) initiative as part of a broad push back against Beijings increasing influence around the globe. Although much of the official comments surrounding the announcement consisted of vague and fluffy statements about human rights, Joe Bidens previous comments | |
The Best Energy Dividend Stocks Of 2021As OPEC+ gets ready for its next meeting to discuss easing its oil output restrictions, both the WTI and Brent benchmarks were trading down nearly 2% on Monday as a cross-section of health experts warned that the new Delta variant of the coronavirus could cause “dense” outbreaks in U.S. states with low vaccination rates. Fears over the spread of the highly infectious Delta variant are causing jitters at a time when the markets are on edge after the Fed jolted traders with a hawkish tilt earlier this month. In Europe, Portugal, Spain, and Germany | |
OPEC+ May Discuss Extending Oil Production Pact Beyond April 2022The OPEC+ alliance could discuss on Thursday extending the current oil production pact beyond its original end date, April 2022, Reuters reported on Wednesday, quoting two OPEC+ sources. The ministers of the OPEC+ producers meet on July 1 to decide how to proceed with the easing of the oil production cuts from August, when the group will have returned around 2 million barrels per day (bpd) from its oil output on the market. However, OPEC+ still keeps some 5.7 million bpd off the market, and analysts and traders expect the groups decision | |
Can The U.S. And China Compromise On Climate Change?Following a joint statement with China addressing the climate crisis on April 17th, the US submitted a new nationally determined contribution (NDC) at the virtual summit led by Biden on April 22nd and 23rd, increasing their climate commitment, while Xi Jinping and China chose only to reiterate their pledge to be carbon neutral by 2060. The US pledged a new target to achieve a 50-52 percent reduction below 2005 levels in economy-wide net greenhouse gas pollution in 2030. The summit, in spite of some technical issues, has been hailed | |
Biden Administration Backs Maine Town To Ban Oil Pipeline From CanadaThe U.S. Administration is supporting a city in Maine that has prohibited storage and handling of crude oil that would be shipped via a pipeline from Canada in a court brief that environmentalists hope would be similar to how the federal government could react to the Enbridge-Michigan saga. The city of South Portland, Maine, has issued an ordinance that bans the handling and storage of crude that would be imported via a pipeline project, Portland Pipe Line Corporation, operated by Suncor. The Canada-based company has sought to reverse the flow | |
Trump Organization CFO Allen Weisselberg surrenders to Manhattan District Attorney office on indictmentThe Trump Organization, the company of former President Donald Trump, and its CFO Allen Weisselberg face an indictment in Manhattan court. | |
5 things to know before the stock market opens ThursdayU.S. stock futures were higher on the first day of the third quarter. Investors hope the second half of 2021 remains as strong as the first half. | |
Electric vehicle SPACs try to prove their worth to Wall Street as shares fallCanoo and Lordstown Motors recently held in-person investor days to tout their technology following executive shake-ups, inquires by the SEC and share drops. | |
Walgreens swings to a profit, raises forecast as it looks to accelerate growth under new CEOWalgreens Boots Alliance raised its outlook for the year and unveiled its turnaround plans on Thursday, after a stronger than expected fiscal third-quarter. | |
CureVac to ‘plow forward’ with Covid vaccine despite disappointing results          ÂCureVac plans to continue work on its Covid-19 vaccine despite disappointing clinical trial results that showed the shot is just 48% effective. | |
Automakers report 2Q vehicle sales today. Here’s what investors should expectAnalysts estimate automakers sold about 4.5 million vehicles in the U.S. in the second quarter ” a 52% to 53% increase compared with a year ago. | |
Australia’s mixed messages on Covid vaccines sow confusionAustralia’s vaccine rollout has been slow and chaotic, as government leaders and health advisors send out mixed messages. | |
Nio shakes off chip shortage with more than 8,000 deliveries in JuneChinese electric car start-up Nio said Thursday it delivered more than 8,000 cars in one month for the first time. | |
The party island of Phuket opens to those willing to follow its many rulesThailand’s largest island is now open to vaccinated travelers who are willing to abide by a laundry list of rules designed to safely restart tourism. | |
Parts of Indonesia are running out of hospital beds as delta variant surges, health minister saysCovid infections are increasing much more quickly than before, said Indonesia’s health minister, Budi Gunadi Sadikin. | |
Credit Suisse CEO says sustainable investing no longer means lower returnsThomas Gottstein describes the sustainability and ESG movement as a “global” one. | |
Rise in online payments spurs questions over cybersecurity and privacyThe latest Mastercard new payments index survey conducted across 18 markets globally, showed a majority of consumers are willing to try new payment methods. | |
U.S. surgeon general says Johnson & Johnson Covid vaccine may protect people against delta variantDr. Vivek Murthy said there is reason to be hopeful that people who received the Johnson & Johnson Covid-19 vaccine may be protected against the delta variant. | |
Xi Gives Blistering Taiwan “Reunification” Speech, Vowing Foreign Meddlers Will “Get Their Heads Bashed”Xi Gives Blistering Taiwan “Reunification” Speech, Vowing Foreign Meddlers Will “Get Their Heads Bashed” China’s President Xi Jinping issued a blistering “warning” to the West in a Thursday speech marking the occasion of the 100th anniversary of the Chinese Communist Party. The most provocative part of the roughly hour-long address given from Tiananmen Square focused on Taiwan and thwarting foreign forces’ efforts at “meddling” in China’s affairs and in the region (read: American and its allies). The gray Mao suit clad Chinese leader said the nation is committed to the “reunification” of Taiwan and ensuring continued “stability” in Hong Kong, vowing that any outside “bullying” powers will inevitably “get their heads bashed”. Screengrab from Thursday’s major address at Tiananmen Square. The ceremony was a huge affair complete with flyovers of warplanes which included J-20 stealth jets and helicopters carry large nati … | |
Brace For Shock At The Pump: WTI Surges Above $75 As OPEC+ Raises Output Less Than ExpectedBrace For Shock At The Pump: WTI Surges Above $75 As OPEC+ Raises Output Less Than Expected Brace for shock at the pump. WTI crude prices surged by over $2, rising more than 3% to $75.8/bbl… … the highest since 2018… … amid reports that ahead of the conclusion of today’s OPEC, JMMC and OPEC+ meetings, Saudi Arabia and Russia have agreed on a preliminary deal regarding raising oil output, one which will include a monthly oil output … | |
Futures Start Second Half Hovering At All Time Highs As Oil JumpsFutures Start Second Half Hovering At All Time Highs As Oil Jumps S&P futures were flat, hovering near all time highs, after earlier briefly rising above 4,300 – Goldman’s year-end price target – before dipping back to the unchanged line as European stocks faded gains of as much as 1% as gains in cyclical shares offset declines in technology firms. Asian shares dipped as Covid-19 flareups threaten to hamper the recovery there. Dow e-minis were up 20 points, or 0.06%, S&P 500 e-minis were up 1 point, or 0.03%, and Nasdaq 100 e-minis were down 25.5 points, or 0.28%. The dollar rose while Treasuries dipped. WTI crude surged almost 3%, rising above $75 a barrel, for the first time since 2018, as the market awaited a decision from OPEC+ on production levels for the coming months. OPEC+’s de facto leaders, Saudi Arabia and Russia, have a tentative agreement to increase output gradually, but are still negotiating a deal, delegates said as ministers gathered online on Thursday. The proposal under discussion would add about 2 million barrels a day to the cartel’s output between … | |
Trump Organization CFO Alan Weisselberg Surrenders After IndictmentTrump Organization CFO Alan Weisselberg Surrenders After Indictment After the (still-sealed) indictment was handed down by Manhattan prosecutor Cyrus Vance Jr. last night, long-serving Trump Organizatoin CFO Allen Weisselberg surrendered to the district attorney’s office on Thursday morning. While no photos of Weisselberg surrendering were released to the press, it’s likely the public will get its first look at the senior Trump Organization executive when Weisselberg and the Trump Organization (which has also been criminally charged as a corporation and will be represented in court by a company lawyer) are arraigned by a state judge Thursday afternoon. The tax-related charges brought against Weisselberg haven’t yet been made public, and will be revealed later on Thursday. The 73-year-old Weisselberg will be arraigned alongside the Trump Organization. Accordng to the NYT | |
Nissan announces major UK electric car expansionThe carmaker will build its new all-electric model in Sunderland, alongside a massive electric battery plant. | |
Bank governor warns against over-reaction to higher inflationBank of England governor says a rise will be “temporary” after a warning by the former chief economist. | |
Plan for law to protect neighbourhood cash accessThe Treasury says people should not have to travel beyond a reasonable distance to withdraw or deposit cash. | |
After 2,100% surge in 15 months, Adani stock heads for a crash. Analysts press exit buttonICICI Securities has a price target of Rs 1,085 on the stock, which suggests limited upside from its current level of Rs 1,019. The stock has hit lower circuit filters back to back in the past six days. | |
Auditor doubts Voda Idea’s ability to remain a ‘going concern’; analysts see 48% drop in stockThe streak of losses made the auditor of the telecom operator raise concerns over the telco’s ability to remain a ‘going concern’. Analysts have set price targets as low as Rs 5 on the stock, suggesting a potential 48 per cent plunge. | |
Indian crypto exchanges scramble to secure viable payment solutions as banks cut ties after RBI frownThe exchanges are struggling to cope after the central bank, the Reserve Bank of India (RBI), which has said it does not favour digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear. | |
: Full FDA approval of Pfizer’s and Moderna’s COVID-19 shots would reinvigorate the U.S. vaccination push ” but it could still be months awayThe “full” approval of Pfizer and Moderna’s COVID-19 vaccines sometime this year could boost sagging vaccination rates in the U.S., though the Food and Drug Administration’s decision may not happen until the end of the year. | |
IPO Report: Didi, the biggest IPO of a monster week, sees stock struggle slightly in debutShares of Didi, which one analyst said “is just as unprofitable as Uber and Lyft,” started their U.S. public market debut with a nearly 20% pop but ended regular trading just 1% higher. | |
: Tesla is expected to deliver more than 200,000 vehicles in the second quarterTesla Inc. readies a sales update amid ongoing concern about its sales in China. |
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