12 hours Tanker Rates Surge After U.S. Fuel Pipeline Outage 13 hours Jet Fuel Demand Rebound Needs Return Of International Flights 15 hours Nuclear Reactions At Chernobyl “Cause for Concern” 16 hours Mexico s New Fuel Nationalization Law Hits Another Wall 17 hours PDVSA Reveals How Much Cash It Would Take To Fully Restore Oil Industry 1 day How Long Will The Colonial Pipeline Outage Last? 1 day Texas Freeze Led To Biggest Monthly Drop In U.S. Natural Gas Output 2 days South Africa’s Emergency LNG-To-Power Deals Land In Hot Water 2 days Traders Scramble To Buy Gasoline From Europe After U.S. Pipeline Outage 2 days European Oil Imports Surge In April
15 hours $150 Billion In Stolen Oil Money Smuggled Out Of Iraq 16 hours EU Looks To Tax Jet Fuel In Push To Cut Emissions 17 hours People Protest Over Lack Of Jobs In Gulf Oil Producer Oman 19 hours Rising Saudi Exports Drive OPEC Shipments Increase In May 20 hours Dakota Access To Remain In Operation, Judge Rules 21 hours High Profile Merger Creates A New $17 Billion Shale Giant 4 days North Dakota Supreme Court Decides In Favor Of Oil Firms In Royalties Case 4 days Gasoline Shortages Still Lingering Post-Colonial Pipeline Hack 4 days California Requires Most Uber And Lyft Trips To Be Electric By 2030 4 days China Bans Teslas At Government Compounds
Authored by Charles Hugh Smith via OfTwoMinds blog,
But weirdly, and irrationally, bubbles pop anyway.
At long last, the moment you ve been hoping for has arrived: you re pitching your screenplay to a producer. Your agent is cautious but you re confident nobody else has concocted a story as outlandish as yours. Your agent gives you the nod and you re off and running:
Writer: Two guys start a cryptocurrency as a joke to parody the crypto craze, and they name it KittyCoin. It goes nowhere but then the greatest speculative bubble of all time takes off, it s the dot-com and housing bubble times 100 but in everything, and within a couple months the entire economy is dependent on this bubble, and the bubble is dependent on KittyCoin, which has shot up 15,000 percent in a few weeks. A celebrity CEO who s been promoting KittyCoin is invited to host a failing TV variety show, and now the whole economy depends on KittyCoin soaring even higher.
2 days China Cracks Down On Tax Loopholes In Blending Fuels Imports 2 days Rosneft Swings BackTo Profit In Q1 2021 2 days Louisiana s Democrat Governor Urges Washington To Resume Oil Leases 2 days Valero Receives Waiver To Ship Oil And Fuels To U.S. East Coast 3 days Senator Introduces Bill To Compensate Oil-States During Energy Transition 3 days BP Shareholders Reject Emission-Cutting Resolution 3 days Tesla Stops Accepting Bitcoin As Payment 3 days Chevron Halts Gas Field Off Israel As Violence Flares Up 3 days Oil & Gas Deals In Middle East And Africa Slump By 33% In Q1 3 days Colonial Pipeline Paid Hackers Nearly $5 Million In Ransom After Attack
Gasoline futures jump to highest in nearly 3 years on pipeline cyberattack (SPY +0.1%). U.S. Covid cases down 30% over past two weeks and the dollar is sliding after the horrible April jobs report.
Here is the current market situation from CNN Money
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively.
What Is Moving the Markets
Here are the headlines moving the markets.
The Future Of U.S. LNG: Only The Biggest Will Survive Liquefied natural gas was a big thing a couple of years ago in the United States. With so much cheap gas coming out of the ground thanks to hydraulic fracturing, the U.S. had more than enough not just for its domestic needs but also for gas-thirsty neighbors and far-off buyers such s China and South Korea. LNG was to be one of the weapons of U.S. energy dominance during the Trump administration, and indeed, Washington d