Written by Gary
Oil prices recover after manic Monday – US rig count climbs as oil prices recoup losses (SPY +1.0%). Israel says Pfizer Covid vaccine is just 39% effective as delta spreads, but still prevents severe illness.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Oil Prices Recover After Manic MondayDespite a major oil price crash on Monday, oil prices are now on course to close out the week more or less unchanged.Friday, July 23rd, 2021The news of OPEC+ bringing back withheld production in August 2021, following through with 400kbpd monthly increments over the remainder of this year, triggered a spectacular tumble in oil prices earlier this week. Despite pandemic-related risks surging in Southeast Asia and U.S. crude inventories rising for the first time since May, the second half of the week saw a surprising rebound as the market has grown |
| Biden Administration Earmarks Funds For Coal CommunitiesThe Biden Administration is committing $300 million to invest in the economic development of coal and coal power plant-affected communities as part of a $3-billion funding for investment in Americas communities, U.S. Secretary of Commerce Gina Raimondo said. We believe that this $300 million investment in coal communities is the largest economic development that EDA has ever made in coal communities. And we know that it will enable these communities to recover, diversify their economies, and grow, Secretary Raimondo said |
| U.S. Rig Count Climbs As Oil Prices Recoup LossesThe number of oil and gas rigs in the United States is up 7 this week, according toBaker Hughes, which pegged the total rig count at 491, up 240 from the same time last year. The U.S. oil rig count rose by 7 this week to 387. The number of gas rigs stayed the same at 104. The number of miscellaneous rigs also stayed the same. The EIAs estimate for oil production in the United States for the week ending July 16 stayed the same at an average of11.4 million barrelsper day. Production is still well below the 13.1 million bpd |
| Clash Of the Energy Titans: Oil vs. SolarThe war between the oil and gas industry and renewables has been raging for yearsbut this time the battle is a literal one, over land. This particular dispute is between Midway Solarwhich has leased hundreds of acres of land in Pecos County, Texasand two people who own the mineral rights to that land. But the dispute is merely a precursor to future battles between sprawling solar arrays and what lies beneath. According to the Houston Chronicle, this case could end up in the top court in Texas, setting a precedent for any future |
| India’s Largest Refiner Plans To Ramp Up Capacity This DecadeIndian Oil Corporation (IOC), the largest oil refiner in the country, looks to boost its crude oil refining capacity by one-third over the next half-decade as it believes gasoline and diesel demand will continue to rise in India, IOCs chairman Shrikant Madhav Vaidya told Bloomberg. I firmly believe all forms of fuel will have a place to stay — fossil fuels will be there, Vaidya told Bloomberg in an interview published on Friday. Consumption is going from leaps and bounds and energy security is the primary concern for |
| Deadly Typhoon Threatens Strategic Chinese Oil HubThe In-fa typhoon, which caused devastating flooding in parts of China this weekclaiming at least 33 livesis expected to make landfall this weekend in a key area hosting some of the largest Chinese refineries and oil storage tanks. In-fa caused torrential rains and floods in the Chinese province of Henan earlier this week. Subway cars were flooded in flash floods in the capital city of the province, Zhengzhou. Twelve people were killed in a flooded subway line after being trapped for hours. Thousands of people in Henan, one of the |
| Former Virgin Galactic CEO to launch on the company’s next spaceflight testGeorge Whitesides, the former CEO of Virgin Galactic, will fly on the company’s next spaceflight test, CNBC has learned. |
| National ballet company predicts largest audiences in years for their return after Covid halt“I think that the audiences are ready, they’ve missed us, and they’re eager to come back,” ABT Executive Director Kara Medoff Barnett told CNBC on Friday. |
| How a Walmart worker with Down syndrome ” and her sister ” fought and beat the giant retailer after getting firedThe former Walmart employee’s sister says she hasn’t stopped fighting and wants to make sure no other employees with disabilities wrongfully lose their jobs. |
| Sweltering temperatures expected across U.S. next week as heat dome descends on Midwest, Great PlainsHigh temperatures next week will be the result of a heat dome, a strong high pressure system of air that descends from the atmosphere and heats up near land. |
| ‘Snake Eyes’ is a boring, joyless slog of a film, critics sayParamount’s “Snake Eyes” arrives in theaters on Friday with a 41% “Rotten” score from Rotten Tomatoes, the aggregate of 70 reviews. |
| Israel says Pfizer Covid vaccine is just 39% effective as delta spreads, but still prevents severe illnessPfizer and BioNTech’s Covid-19 vaccine is just 39% effective against delta in Israel, but still provides strong protection against severe illness and hospitalization. |
| Ponzi schemer Madoff earned $710 for almost 3,000 hours of prison work, got ‘not very dependable’ reviewBernie Madoff died in prison, where he was serving a 150-year sentence for running the largest Ponzi scheme in history, swindling thousands of victims. |
| The drought-stricken Western U.S. braces for ‘water wars’The Western U.S. is facing drought conditions that are straining water resources, hurting agriculture and providing a fertile ground for wildfires. |
| Tuition insurance may help cover costs if a student withdraws from collegeThe possibility of more campus closures has sparked renewed interest in college refund policies and tuition insurance. |
| Covid cases are rising again in all 50 states across U.S. as delta variant tightens its gripLouisiana, Arkansas, Missouri, Florida and Nevada are reporting the highest daily average of new cases per capita over the past week. |
| Work flexibility ‘here to stay’ in post-Covid world, says director at three Fortune 500 companies“I believe there’s going to continue to be hybrid offerings,’ said Shellye Archambeau, a director at Verizon, Nordstrom and Roper Technologies. |
| Trump friend Tom Barrack ordered released on $250 million bond, his SPAC pulls SEC registration, IPO planThomas Barrack, a close friend of Donald Trump, is accused of illegally lobbying for the United Arab Emirates during Trump’s campaign and presidency. |
| Stocks Surge After Monday Mayhem; Bonds, Bullion, Bitcoin, & Black Gold FlatStocks Surge After Monday Mayhem; Bonds, Bullion, Bitcoin, & Black Gold Flat After an ugly Delta-driven growth scare plunge at the open on Monday, “Get Out & Party” stocks soared this week. The Nasdaq outperformed and Dow lagged on the week as Small Caps gave back their mid-week panic-buying (swinging from down over 2.5% to up over 3.5% to end the week up 2%)…
And the S&P is hitting all time highs because yeah fun-durr-mentals…
“Everything is awes … |
| How Much Of A Risk Is The Coming Debt LimitHow Much Of A Risk Is The Coming Debt Limit With Bloomberg headlines hitting moments ago and reminding us that it’s time for the periodic debt ceiling drama, as Janet Yellen said in a letter to Congress leadership that the Treasury will start special measures due to debt limit, and warning that the now familiar special steps could run out soon after Congress recess ends, it’s time to remind readers what all the drama is (or rather will be) about, while also reminding that total US debt will hit $30 trillion in about six months.
With the now mandatory late November “kink” starting to emerge in T-Bills as some in the market try to arb out the risk – modest as it may be – of a technical US default… |
| Massive Immigrant-Led Protest Shuts Down Manhattan BridgeMassive Immigrant-Led Protest Shuts Down Manhattan Bridge At least “1,000 immigrant NYers just shut down the Manhattan Bridge” as they demand “citizenship for essential workers,” tweeted Make the Road New York, a progressive grassroots immigrant-led organization.Â
“Immigrants are here to stay and we’re marching across the Manhattan Bridge to demand inclusion in the federal budget reconciliation process,” the progressive organization said.Â
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| “This Is Strange”: Goldman’s Risk Appetite Indicator Crashes Just As Stocks Explode To Record High“This Is Strange”: Goldman’s Risk Appetite Indicator Crashes Just As Stocks Explode To Record High Something strange is going on in the market: after a brief but sharp 3.5% 3-day selloff into Monday, stocks have erupted higher on a frenzy of short covering (even if institutional buying is strangely absent). What we find more surprising is that whereas in the past, the largest US banks would be generously encouraging US retail investors to pile into sto(n)ks, this time we are seeing the opposite as both Goldman and Morgan Stanley are warning that we are months if not weeks away from (at least) a 10% correction. But what is most surprising of all, is that it’s not just a “one and done” bearish slam from the likes of Goldman – the bank has been publishing a stock market hitpiece virtually every day, similar to what JPM has been doing to bitcoin for the past six months. Take the latest Global Markets Daily note from Goldman’s closely followed head of global market strategy, Christian Mueller-Glissman who today writes that Goldman’s Risk Appetite Indicator (RAI) – which just a few weeks ago hit an all time high – has tumbled since mid-June as markets have moved from ‘Reflation Moderation’ to ‘Reflation Capitulation’ ” and is now back below zero and at levels from before the US electio … |
| Covid: New testing plan will not work, says CBIThe industry body criticises government plans that allow some key staff to bypass the NHS Covid app. |
| Rail services face cuts as staff self-isolateOperators say they may have to run fewer trains as more employees are hit by the “pingdemic”. |
| Covid: Food exemption scheme delayed until MondayIceland warns the move will not solve the issue of staff shortages in supermarkets themselves. |
| Jio Platforms Q1 results: Net profit rises 45% YoY to Rs 3,651 cr; Arpu flat at Rs 138.4For the fiscal first quarter, JPL’s consolidated net profit stood at Rs 3,651 crore compared with Rs 3510 crore at March-end, and Rs 2,519 crore a year ago, the company said in a release on Friday. |
| Nifty may get its first internet stock soon. No, it is not ZomatoBased on data till July 19, ICICI Securities finds Info Edge to be among the closest contenders to replace IOC in Nifty50 on September 29. |
| Market Movers: ITC’s once-in-a-blue-moon move brings more joy than Zomato listingITC shares surged 2.5 per cent in today’s trade, which was apparently enough to overshadow 65 per cent listing day gains seen by Zomato, if ITC shareholders are to be believed. The last time the stock moved more than 2.5 per cent on a single day was on May 14. |
| Documentary Of The Week: Socialism Or Capitalism?Written by John Lounsbury The question of which economic system is best for the 21st century has come more to the fore with the rise of political forces such as Democratic Socialism in the US with the emergence of leaders such as Bernie Sanders and Alexandria Ocasio-Cortez (AOC) and the increase in socialistic programs in many European countries over the years since World War II.
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| Realtor.com: You Can Rent Scottie Pippen’s Chicago-Area Home on Airbnb During the OlympicsThe legendary NBA star Scottie Pippen was a Hall of Famer on the court. His contributions alongside the superstar Michael Jordan were one of the highlights of last year’s fascinating documentary on their team, the Chicago Bulls, in the 1990s, œThe Last Dance. |
| Bond Report: Treasury yields edge higher, with 10-year briefly breaching 1.30%Long-dated U.S. Treasury yields rise Friday, with the 10-year hovering not far from 1.30% as data shows business activity cooling in July. |
| : The Senate’s new retirement proposal could get you more money in your 401(k)‘The Encouraging Americans to Save Act’ would give eligible workers a credit to their retirement accounts |
Summary of Economic Releases this Week
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