Here are the headlines moving the markets.
Some Of Texas Biggest Refineries Could Take Weeks To Restart Some of the largest oil refineries in Texas could take weeks to restart as they would need to repair the damages from the big Texas freeze, Bloomberg reports, citing sources with knowledge of the situation. The Baytown and Beaumont refineries of ExxonMobil, Marathon Petroleums Galveston Refinery in Texas City, and the Port Arthur refinery operated by Total are expected to be down for at least several weeks as the winter storm caused damage to the facilities. Those four refineries have a combined refining capacity of 1.76 million barrels
Hopefully this is a sign of improvement in supply and potentially the end of the horrors in Texas (and more broadly).
NatGas prices tumbled today.
Oil prices also fell, despite a big inventory draw as fears over the shut-ins lasting a long time appeared to abate.
And gasoline prices also slid lower.
Deutsche Bank employees just can t catch a break.
For years, workers at Germany s largest (and according to many, most insolvent) bank were told they won t get a bonus and they should be happy that they have a job. Then, last year, things finally looked up when the bank whose stock price trades not too far from its all time lows, finally resumed the practice of paid out a modest bonus pool of ‚¬1.52 billion for 2019, which is a small fraction compared to what other bank workers get. Excitement then started to pick up in December, when reports circulated that Deutsche Bank was considering raising bonuses for traders by 10%, and peaked in outright euphoria a few weeks ago when Bloo
American, JetBlue start jointly selling tickets under new partnership American and JetBlue launched a partnership to better compete in the Northeast that allows them to sell tickets on each other s flights
Biden to pledge billions in aid toward global Covid vaccination efforts The Covid pandemic is not going to end unless we end it globally, a Biden official said, adding that vaccinating Americans remains the highest priority.
Via SchiffGold.com,
The bond market is getting clobbered. Long-term interest rates are rising and that is putting significant pressure on gold. Peter Schiff talked about rising rates and the gold market in a recent podcast. He said the rise in long-term yields is a function of inflation and people seem to forget that inflation is good for gold.
Mortgage rates soar to highest level in months amid inflation concerns (SPY +0.1%). Biggest midday movers: Palantir, Applied Materials, Deere.
Here is the current market situation from CNN Money
North and South American markets are mixed today. The IPC is up 0.55% while the S&P 500 gains 0.23%. The Bovespa is off 0.45%.
What Is Moving the Markets
Here are the headlines moving the markets.
Big Oil To See Production Peak In 2028 The pandemic shock to demand and the energy transition strategies are set to bring peak crude and natural gas production for Big Oil in 2028, at a lower volume and earlier than previously expected, Rystad Energy said in an analysis this week. The five integrated supermajors ExxonMobil, Chevron, BP, Shell, and Total will see their combined crude oil and natural gas production peak at 18 million barrels of oil equivalent per day (boepd) in 2028, compared to projections from before COVID-19 that had expected the combined production
Texas freeze causes largest ever US production decline (SPY -0.8%). Lumber futures hit record high $1000. Biggest movers: Walmart, Hormel Foods, Marriott.
Here is the current market situation from CNN Money
North and South American markets are mixed. The Bovespa is higher by 0.03%, while the S&P 500 is leading the IPC lower. They are down 0.88% and 0.74% respectively.
What Is Moving the Markets
Here are the headlines moving the markets.
Texas Governor Bans Natural Gas Exports Texas Governor Greg Abbott has banned the exports of natural gas until normal power supply is restored, Reuters reports, citing a statement by the governor. The export ban is in effect until Sunday, with Abbott noting, That will also increase the power thats going to be produced and sent to homes here in Texas. What social media users are calling the Texas freeze wreaked havoc on the Texas grid and its energy industry as wellheads and production pads have not been insulated against freezing temperature