Apr 5, 2021 12:34 PM EDT
When a deadly winter storm this February left more than four million people in Texas without power, nearly 15 million without clean water, and 111 people killed, Secunda Joseph sought refuge in her cousin’s Houston home. Joseph was unable to make phone calls, but was still receiving text messages from community members reaching out to the community-organized hotline she helps manage, for assistance.
Emergency services were overwhelmed. So were grocery stories and gas stations if people could actually reach them. Home and utility damage was rampant, and estimates for repairs stretched out months. Joseph wanted to help, but her car had been frozen over in the storm and wouldn’t start. Wasting no time, fellow organizer Josie Pickens picked her up so they could drive to distribution sites around the city to get a sense of what resources were available and how many people were in need of aid.
U.S. Oil Production Is About To Climb By Tsvetana Paraskova - Apr 04, 2021, 2:00 PM CDT
Over the past quarter, U.S. oil producers have turned much more optimistic about oil prices and demand and have already increased drilling activity from last year’s trough.
Crude oil production has stabilized at around 11.1 million barrels per day (bpd) in December 2020 and January 2021, while current oil prices at over $60 per barrel WTI and rising numbers of oil-directed rigs point to monthly rises in output later this year.
Considering that there is a lag of several months before drilling activity begins to reflect higher oil prices and another six-month lag between drilling activity trends and changes in oil production, the U.S. is about to start seeing increased output as early as this quarter, Reuters columnist John Kemp says.
March 2021 ISM and Markit Manufacturing surveys improve (SPY +1.1%). U.S. stocks close sharply higher to cap holiday-shortened week.
The Market in Perspective
Here are the headlines moving the markets.
Saudi Aramco s Falling Profits Put Vision 2030 In Jeopardy Saudi Aramcos profits fell by nearly 50% in 2020 as the pandemic battered oil markets and an oil price war between Russia and Saudi Arabia sent oil prices to record lows. Not even the worlds largest oil company could escape the devastation, although it did manage to remain profitable unlike many of its competitors. For Saudi Arabia, a country whose entire economy is virtually monopolized by the state-owned oil company, Aramcos 44.4% drop in profits meant a whopping 30.7% decline in oil revenues for the Saudi government.
Bastrop County school districts assess damage following Winter Storm Uri statesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from statesman.com Daily Mail and Mail on Sunday newspapers.