Written by Gary
Oil prices mark the first loss in 3 sessions as worries about the spread of the COVID variant intensify (SPY +0.4%). U.S. gasoline demand in 2021 may have peaked already.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | U.S. Gasoline Demand In 2021 May Have Peaked AlreadyThe United States may have seen 2021 gasoline demand peak around the July 4 holiday, but increased airline traffic at domestic airports bodes well for the overall recovery in oil demand. Gasoline demand in the United States may have peaked around July 4 for this year, and it is unlikely that the country could exceed it, Patrick De Haan, head of petroleum analysis for GasBuddy, tweeted on Monday. As a result, I’m feeling more like a peak in gas prices may be sooner than late July/early Aug, De Haan added. U.S. gasoline |
| U.S. Oil Industry Sees More M&A Dealmaking As Prices RiseThe strong rally in commodity prices and the recovery in share prices in the second quarter of 2021 marked the return of many energy mergers and acquisitions in the U.S. upstream segment, with quarterly value sitting at its highest since the second quarter of 2019, energy data analytics company Enverus said on Monday. Following a timid start to 2021 in the first quarter, the pace of U.S. oil and gas deals surged in the second quarter. More than 40 deals were announced between April and June, for a combined total value of $33 billion, Enverus |
| Spreads And Inventory Levels Suggest Oil Prices Will Go Even HigherOil prices have continued to rally this year as economies recover from impaired pandemic levels, however, calendar spreads have been unable to realize their bullish intent. In fact, calendar spread structures have continued to disappoint into expiration.In some respects, this is less about a failure of the front-month contract heading into expiration and more about a handing-off of strength to the next contract, which narrows the front spread into expiration.The close-knit nature of 1-month spreads relative to moves in flat price may not reveal |
| Colombia Looks Offshore To Revitalize Its Oil IndustryAfter an exceptionally tough 2020 and poor start to 2021 for Colombias oil industry, the countrys energy ministry is betting on an offshore oil exploration boom to revive the economically crucial hydrocarbon sectors fortunes. A lack of major hydrocarbon discoveries for more than two-decades, coupled with a lack of proved petroleum reserves, are weighing heavily on Colombias economy. Those issues are exacerbated by an emerging domestic security crisis, heightened political turmoil, nationwide anti-government protests |
| Private Investors Shun Indias Coal ProjectsIndias Coal Ministry has received bids from private investors for just 19 out of the 67 coal mines it had put up for an auction to private investors, the ministry of one of the worlds largest coal consumers has said. India, which continues to plan future coal capacity despite the global push against the dirtiest fossil fuel, received a total of 34 bids for 19 coal mines, including 10 fully explored and nine partially explored mines, the ministry added. Of the 19 mines that attracted interest, four are coking coal mines, and the other |
| Paid To Poop: How Feces Is Creating Clean EnergyA university in South Korea has designed an eco-friendly toilet that turns waste into energy and cryptocurrency, which university students can use to buy food and coffee on campus. The BeeVi toilet was created by urban and environmental engineering professor Cho Jae-weon, who teaches at the Ulsan National Institute of Science and Technology (UNIST). If we think out of the box, feces has precious value to make energy and manure. I have put this value into ecological circulation, Cho said, as carried by Reuters. The innovative |
| Most fully vaccinated people who get Covid delta infections are asymptomatic, WHO saysCovid hospitalizations are rising in some parts of the world, mostly where vaccination rates are low and the highly contagious delta variant is spreading. |
| FDA to announce new warning on J&J Covid vaccine related to a rare autoimmune disorder, report saysThe FDA is expected to announce a new warning for the J&J vaccine, saying the shot has been linked to a serious but rare autoimmune disorder. |
| Allyson Felix strives for Olympic gold and equality for mothers ” ‘There is still a really long way to go’Olympic runner Allyson Felix tells CNBC what drives her to be an advocate for mother athletes and why child care is so important for them. |
| Pfizer to press its case to U.S. officials Monday on need for Covid vaccine booster shotsPfizer is meeting with federal health officials Monday to discuss if and when Americans need Covid vaccine booster shots as it prepares to seek authorization. |
| Imax CEO says partner AMC’s stock surge has helped his business as well“AMC is our partner, not our competitor,” Imax CEO Richard Gelfond told CNBC on Monday “Their liquidity is good for us.” |
| NASA chief says Richard Branson’s flight was a great milestone in human space exploration“We put up Alan Shepard and Gus Grissom into suborbit 60 years ago, and now we’ve come to this,” NASA Administrator Bill Nelson told CNBC on Monday. |
| UK wealth gap widens as richest households gain over $70,000 during Covid pandemic, report saysThe pandemic has further widened the U.K.’s wealth gap, with the richest 10% of households seeing an average gain of £51,238 ($70,977) during the crisis. |
| Child tax credit payments could act as stimulus for retailers as soon as this monthThe enhanced child tax credits, which begin Thursday, will be the latest government-funded cash infusion. |
| GM ‘looks much more appealing than Ford’ here, trader says of 2021 underdogGeneral Motors’ technical setup looks more promising than Ford’s, says Mark Newton, president and founder of Newton Advisors. |
| From Aerie to Zara, retailers are turning viral TikTok moments into sales goldWhen a Lululemon skort went viral across TikTok earlier this summer, 16-year-old Kylie knew she had to get her hands on it. |
| Rare case shows it’s possible to have two Covid variants at the same time, experts sayIt is possible to be infected with two different strains of the coronavirus at the same time, experts say. |
| Nordstrom buys stake in four apparel brands owned by UK fashion house Asos, in bid for younger shoppersNordstrom President Pete Nordstrom said the collaboration could redefine the way a department store operator works with brands. |
| The world must start preparing for the next pandemic, Singapore’s senior minister says“We don’t have the luxury of waiting for Covid to be over,” said Singapore’s Senior Minister Tharman Shanmugaratnam. |
| Big-Tech Bid, Bitcoin Bust As Bonds & The Buck Go NowhereBig-Tech Bid, Bitcoin Bust As Bonds & The Buck Go Nowhere Chinese tech stocks dead-cat-bounce is over after more DIDI headlines and more restrictions over the weekend…
Source: Bloomberg Overall almost $1 trillion of market value has been wiped out in the latest sell off in China Tech…
But US Stocks managed gains after last week’s mixed bag with Small Caps showing the biggest swings intraday (and managing to scramble and hold on to green)… |
| Peter Schiff: The Fed Is Like The Boy Who Cried WolfPeter Schiff: The Fed Is Like The Boy Who Cried Wolf Via SchiffGold.com, There has been a growing sentiment in the markets that inflation isn’t transitory and the Fed is going to eventually have to tighten monetary policy to deal with it. The International Monetary Fund fed the narrative last week when Managing Director Kristalina Georgieva warned of a œsustained inflation rise in the United States. This comes after a June Federal Reserve meeting that many perceived as a turn toward hawkishness. But in his podcast, Peter Schiff said the Fed is like the boy who cried wolf when it comes to fighting inflation and the markets are bracing for the wrong impact.
There was a pivot to safe havens last week. Peter thinks this grow … |
| Live Updates: Elon Musk Testifies Over Solar City AcquisitionLive Updates: Elon Musk Testifies Over Solar City Acquisition We will be updating this post with Musk’s testimony as the day progresses: 1534 EST: Delaware Online’s Isabel Hughes writes: œDispatch from the Elon Musk trial thus far ” not a whole lot of the nitty-gritty (legal) arguments in here because they’ve barely touched on the issues and instead have focused on sparring, including why Musk doesn’t like the plaintiff’s attorney. 1510 EST: Musk’s testimony may run into tomorrow, depending on how questioning goes for the rest of the day today. 1454 EST: Musk is repeatedly rebuffing questions about what he knew about SolarCity’s cash crunch by saying that “he made it clear that the company needed to raise money or be acquired,” according to Bloomberg. 1431 EST: Bloomberg reports that “Musk returned to the stand after a lunch break to questions about SolarCity’s efforts to raise funds to offset a cash crunch in 2015. He said he disagreed that there was œsignificant evidence the company was œseriously struggling with its cash management at the time and downplayed the impact of fluctuations in the company’s cash on its business, saying that is common for high-growth industries — noting Amazon had negative cash flow œfor many years. “ 1422 EST: Baron has reportedly put up a slide that shows he’s “determined to use to trip Musk up,” Bloomberg says. The slide reportedly “shows SolarCity’s sharp underperformance, again to suggest that Musk sold the solar company to Tesla … |
| Goldman Admits There’s No Value In The Junkiest Debt, Pushes ‘Investors’ To Add More ComplexityGoldman Admits There’s No Value In The Junkiest Debt, Pushes ‘Investors’ To Add More Complexity In the latest Macro Credit note from Goldman Sachs’ Credit Strategy Research group, Lofti Karoui admits that the Fed’s shift coupled with thin spread valuations most likely puts the trough in USD spreads behind us, as risk premia continue to adjust to the prospects of slower growth and a gradual tightening of policy. In fact, they admit, there has been an almost record erosion of the excess premium in the low end of the USD bond market’s rating spectrum, now trading at their richest since right before completely collapsing in 2008…
But, rather than cash-in your chips and wait for better opportunities (because how is a lowly i-bank gonna earn the spread and the commish if you don’t trade), Karoui and his credit group suggest you ‘rotate’ from simple (extremely rich) credit exposure to more complex (and slightly less expensive) credit assets. The exact wording could not be more ‘doublespeak’ a … |
| Nightclubs and large events advised to ask for Covid passesThose attending clubs and other large events should be asked for proof they have had their jabs, says health secretary. |
| Virgin Galactic may sell $500m of shares after space successThe company filed to sell up to $500m (£360m) in stock the day after its founder reached the edge of space. |
| Truck driver visa options under discussionThe government mulls how to deal with a lack of drivers amid warnings of food supply problems. |
| Trade setup: Profit taking to continue, Nifty’s key resistance at 15,800 levelNifty’s technical picture remains evidently weak. Strike prices 15,700 and 15,800 saw significant Call writing during the day. The 15,800 level continued to hold maximum Call Open Interest. The index has seen the resistance level shift lower from 16,000 to 15,800 levels. |
| Damani flagship D’Mart doubled profit in Q1. Should you buy or sell?The D’Mart operator’s numbers showed the impact of a strong second wave of Covid, as the hit from the lockdown was greater compared with last year. |
| Gautam Adani clarifies on confusion over Mauritius fundsCalling reports of freeze “reckless and irresponsible”, he said it caused unexpected fluctuations in the market prices of Adani stocks. “Unfortunately, some of our small investors were affected by this twisted narrative which seemed to imply that companies have regulatory powers over their shareholders and that companies can compel disclosure,” he said. |
| : Here’s how much money the 2021 MLB draft picks will makeThe first overall selection in the MLB draft, Henry Davis, could earn over $8 million from the Pittsburgh Pirates. |
| TaxWatch: Enhanced Child Tax Credits of up to $3,600 per child will begin this week: ‘I’m going to be able to do a lot’The advance payments on the expanded tax credit are being distributed through direct deposits and paper checks. |
| Futures Movers: Oil prices mark first loss in 3 sessions as worries about spread of COVID variant intensifyOil futures on Monday mark their first loss in three sessions, with prices succumbing to growing concerns about the spread of the delta variant of the coronavirus that could hobble appetite for crude in parts of the world. |
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:
