Written by Gary
Used cars and food push US prices higher (SPY -0.3%). China oil imports fall to lowest in 2021 and scorching inflation report overshadows strong earnings.
The Market in Perspective
Here are the headlines moving the markets. | |
Worlds Recoverable Oil Resources Shrinks By 9%Every year and following the publication of the BP Statistical Review, Rystad Energy releases its own assessment to provide an independent, solid and clear comparison of how the worlds energy landscape changed last year. Our 2021 review deals a major blow for the size of the worlds remaining recoverable oil resources but it also shows that oil production and consumption can align with climate goals. Rystad Energy now estimates total recoverable oil resources at 1,725 billion barrels, a significant reduction of last years | |
The Worlds First Small Nuclear Reactor Is Now Under ConstructionChina National Nuclear Corporation (CNNC) launched on Tuesday the construction of the first onshore small nuclear reactor in the world, in its efforts to gain a leading position in the modular reactors market. Construction began on the demonstration project at the Changjiang Nuclear Power Plant in the Hainan province in southern China, local publication Global Times reports. The start of the construction for the Linglong One small nuclear reactor comes four years later than initially planned, due to delays in regulatory clearances, | |
Oil Price Volatility Spikes On OPEC+ UncertaintyGrowing uncertainty over the OPEC+ agreement and warnings from the IEA of another oil price war has caused volatility in oil markets to spike. Chart of the Week- Rystad Energy sees U.S. crude production closing this year at 11.62 mbpd, with September-October output dropping back from the summer months.- Despite the overall beneficial pricing environment, 2021 production is hindered by the fact that some 35-40% of shale operators have hedged their output, i.e. producing more would trigger financial losses.- US oil production, | |
Oil & Gas Share Of Russias GDP Dropped To 15% In 2020The share of the oil and gas industry in Russias economy declined to 15 percent in 2020, down from 19.2 percent in 2019, according to a first such assessment published by the Russian statistics agency Rosstat. Back in 2018, this share was even higher than in 2019, at 21.1 percent, according to the statistics, which analysts say is generally in line with what they were estimating before the publication of the official Rosstat data this week. In 2020, oil and gas generated US$219 billion (16.3 trillion Russian rubles) of Russias gross | |
A Zero-Cost Solution For The Oil Industrys Methane ProblemAs the spread of the novel coronavirus disrupted industries around the world, the rate of global greenhouse gas emissions took a big dip. BPs annual Statistical Review of World Energy, released Thursday, compiles data showing that the 2020 global health crisis resulted in falling rates of primary energy and carbon emissions at levels unseen since World War II. World energy demand plummeted by an estimated 4.5 percent and global carbon emissions resulting from energy use dropped by 6.3 percent — historically massive contractions. But the | |
China Oil Imports Fall To Lowest In 2021Chinas crude oil imports fell to some 9.77 million barrels daily last month, down 2 percent on May and the lowest monthly level since the start of the year, Reuters reported, citing customs data. Over the first half of the year, China imported 260.66 million tons of crude, down 3 percent on the first half of 2020. The first-half figure was boosted by increased imports by independent refiners, commonly called teapots. Since the first quarter, however, Beijing has begun cracking down on the teapots, as production of fuels both at independent | |
MLB has big plans for Shohei Ohtani, a ‘once in a century’ playerTwo-way player Shohei Ohtani is currently baseball’s biggest attraction and MLB wants to transform him into a superstar that can grow its sport. | |
10 snubs and surprises from this year’s Emmy nominationsWhile “The Crown,” “The Mandalorian” and “WandaVision” secured Emmy nominations on Tuesday, there were quite a few shows that didn’t make the cut. | |
Panda Express adds Beyond Meat orange chicken to its menu in select restaurantsPanda Express announced it will add a Beyond Meat plant-based chicken item to menus at select locations in New York and Southern California for a limited time. | |
Here’s a map showing where low vaccination rates meet high case counts as U.S. Covid infections surgeA CNBC analysis of vaccination rates and Covid cases shows there are 463 counties across the U.S. with high rates of infection ” more than twice the U.S. rate. | |
Child tax credit payments are an ‘underappreciated stimulus,’ Cowen saysChild tax credit payments, which start Thursday, could lift sales across the retail, restaurant and travel industries, a research note by Cowen analysts says. | |
Israel is offering a third Pfizer shot amid spiking cases, even as the U.S. says it’s not yet neededPfizer says its booster vaccine “has the potential to preserve the highest levels of protective efficacy against all currently known variants including Delta.” | |
This 30-year-old quit his job to work on his side hustle. Now he’s on track to make $200,000 in sales this yearJake Kenyon started selling hand-dyed yarn as a side hustle and hobby. But as the pandemic popularized crafts like knitting and crocheting, sales jumped from $33,000 in 2019 to $125,000 in 2020. So in January, he quit his job to focus on his side hustle. Here’s what he learned from turning his passion into a full-time job. | |
Pop star Olivia Rodrigo to meet with Biden, Fauci as part of White House Covid vaccine pushOlivia Rodrigo will meet with President Joe Biden and chief White House medical advisor Dr. Anthony Fauci on Wednesday. | |
Dr. Anthony Fauci says talk of Covid booster shots doesn’t mean vaccines aren’t workingDr. Anthony Fauci told CNBC on Tuesday that the discussion around Covid boosters “has absolutely nothing to do with the effectiveness of the vaccine.” | |
Emmys 2021: ‘The Crown,’ ‘The Mandalorian’ lead nominationsThe complete list of nominees for the 73rd Primetime Emmy Awards. | |
PepsiCo and Conagra plan to battle rising costs with higher pricesPepsiCo and Conagra Brands said Tuesday they plan to pass along higher input costs to customers as inflation accelerates. | |
Music fans pushed sales of vinyl albums higher, outpacing CDs, even as pandemic sidelined stadium toursIn the first six months of 2021, 19.2 million vinyl albums were sold, outpacing CD volume of 18.9 million, according to analytics firm MRC Data. | |
Raging Inflation Sparks Bond Bloodbath, Slams Stocks As Dollar SpikesRaging Inflation Sparks Bond Bloodbath, Slams Stocks As Dollar Spikes The highest Core CPI in 30 years stole all the headlines today, prompting a significantly hawkish shift in Fed rate-change expectations… Source: Bloomberg While most will reflect on the soaring inflation print as driving bonds bloodbathery today, it was actually a shitty 30Y auction that really triggered the selling… Source: Bloomberg 30Y pushed above 2.00%, stalling at the short-squeeze ledge from last Tuesday… | |
South Africa’s Largest Oil Refinery Shutters Operations Amid Ongoing ViolenceÂSouth Africa’s Largest Oil Refinery Shutters Operations Amid Ongoing Violence Update (1548ET): As the worst violence in years plagues South Africa, the country’s largest oil refinery, Sapref, has shuttered operations “due to the civil unrest in the country and disruption of supply routes in and out of Kwazulu-Natal,” the company said.Â
Here’s the complete statement:Â Here’s an image of the large refinery. | |
“It Needs To Be Hard For People To Remain Unvaccinated”: Making The Case For COVID Challenges“It Needs To Be Hard For People To Remain Unvaccinated”: Making The Case For COVID Challenges Authored by Jonathan Turley, Dr. Leana Wen, CNN analyst and Distinguished Fellow at the Fitzhugh Mullan Institute of Health Workforce Equity at George Washington University, has caused a stir due to her recent declaration on CNN that œit needs to be hard for people to remain unvaccinated. With France implementing a mandatory œhealth pass and private companies like Morgan Stanley requiring vaccinations for employees to return to work, we can expect more protests and challenges around the world. Those cases are likely to focus on whether mandatory requirements are based on medical or political imperatives. Wen’s comment is likely to be repeated in many filings as another case of œsaying the quiet part out loud. She appears to advocate measures defined to coerce people to take vaccinations due to the continuing refusal of a sizable number of people. | |
AstraZeneca, J&J Working On ‘Modifications’ To Eliminate Potentially Deadly Side EffectsAstraZeneca, J&J Working On ‘Modifications’ To Eliminate Potentially Deadly Side Effects Yesterday, the FDA confirmed that the Johnson & Johnson jab may be linked to rare side effects consistent with a neurological condition known as Guillain-Barrà . The news was only the latest revelation of a rare but potentially life-threatening side effect caused by the vaccines. Both AstraZeneca and J&J have been linked to cerebral blood clots, while the Pfizer and Moderna jabs (which use a new technology known as mRNA) have been linked to heart inflammation in a small number of patients. Unsurprisingly, the media hasn’t devoted much attention to covering these defects. Authorities like the CDC insist that the benefits of the jabs far outweigh the risks, while Dr. Fauci took to CNBC Tuesday morning to offer reassurances about J&J’s new warning label while suggesting that private companies do more to coerce Americans to get vaccinated. Fortunately for the small number of patients who are potentially at risk of developi … | |
Firms don’t plan to rush back to offices on MondayBusinesses to keep a cautious approach to bringing staff back as Covid restrictions are lifted in England. | |
Covid passes for nightclubs branded unworkableThe government is passing the buck by not making the policy mandatory, say nightclub operators. | |
Inflation: Used cars and food push US prices higherConsumer prices in the US rose 5.4% in the 12 months ending in June, official data show. | |
Zomato raises Rs 4,197 crore from 186 anchor investorsThe funds raised through anchor investors are almost 45 per cent of the total issue size. | |
Mindtree Q1 results: Net profit rises 8% QoQ to Rs 343 cr, beats estimates; firm sees record deal winsThe company’s consolidated revenues in the quarter grew 8.6 per cent sequentially to Rs 2,291.7 crore for the reported quarter, slightly ahead of analysts’ expectations. | |
As Zomato hogs limelight on D-Street, should you sell shares of Domino’s operator?Zomato is also being compared with Jubilant Foodworks, the operator of Domino’s Pizza chain in India. Jubilant is a profitable company with an established track record and has been able to fight off the rise of Zomato and Swiggy successfully. | |
: Why vegetarians are winning the inflation battleIn June, Americans paid 4.5% more versus May for beef and veal and 3.1% more for pork, while canned and frozen vegetables saw price cuts. | |
: Popeyes chicken nuggets to launch on July 27Popeyes, famous for its chicken sandwich, is adding nuggets and dipping sauces to the lineup. | |
Economic Report: The cost of living posts biggest surge since 2008, U.S. CPI shows, as inflation spreads through economyThe cost of living leaped in June by the largest amount since 2008 as inflation spread more broadly through the U.S. economy, raising fresh questions about whether the spike in prices will subside as quickly as the Federal Reserve predicts. |
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