12 hours Smaller Oil Tanker Rates Recover After OPEC+ Agrees To Ease Cuts 13 hours U.S. LNG Exports Fall From Record Highs 17 hours Oman s State-owned Oil Company QQ Mulls IPO 18 hours Biden’s Plan Looks To Eliminate $35 Billion Fossil Fuel Subsidies 19 hours M&A In U.S. Oil And Gas To Hit $3.4 Billion In Q1 2021 20 hours U.S. Shale Giant Thanks OPEC+ For ‘Brilliant’ Market Rebalancing Efforts 2 days China Started More Coal Plants Than The Entire World Retired In 2020 2 days China s Official Oil Imports Drop As It Buys More Iranian Crude 2 days U.S. Jobs In Nuclear And Oil Sectors Pay More Than Renewables
Friday, January 8th, 2021
Brent topped $55 per barrel at the end of the week, as the pledge from Saudi Arabia to cut deeper has built a solid rally. Other forces are at play as well, including monetary stimulus, the prospects of deeper fiscal stimulus in the U.S., and vaccine optimism. “The past 10 weeks of trading have seen only one weekly decline, which was comparatively small,” said Carsten Fritsch, an analyst at Commerzbank AG. “This is testimony to the strength of the oil market in the last 2 1/2 months.”
Cold winter rallies coal and gas. Thermal coal prices in China are shooting up, and JKM prices for LNG are skyrocketing. Spot prices for liquefied natural gas (LNG) delivery in Asia jumped to a six-year high. A cold winter across the northern hemisphere is contributing to price gains. Javier Blas of Bloomberg notes that at least one LNG spot cargo was sold for $33-$36/MMBtu, which would be a historically high price.
2 days How Fintech Will Get Skeptics Into Crypto 3 days Monday Markets Rise On Stellar Jobs Report 6 days Not Even Bribery Allegations Can Crush Cannabis Boom 11 days Canada May Become Leader In Booming Battery Market 12 days Nearly 42% Of All Amazon Reviews Are Fake 13 days Kidnapping Is Big Business In Nigeria 14 days COVID Fraud Amounts To Nearly $570M 16 days Art Is Now An Algorithm 17 days TikTok Threatens America, Tesla Threatens China 18 days Small-Cap Energy Sectors With Big Upside 21 days Coinbase Valued At $68 Billion Ahead Of IPO 23 days 3 Stocks To Watch Amid AstraZeneca Covid Vaccine Snafu 24 days Get Ready For First Tax Hike Since 1993
Oil Rally Unravels On New COVID-19 Lockdowns Oil prices lost gains early this week after a new strain of Covid-19 is threatening the global demand recovery.
Demand for transportation fuels (gasoline, distillates, and jet fuel) was down 11% during the Thanksgiving holiday compared to the holiday week a year earlier.
Jet fuel, however, was down by nearly half, or a decline of about 0.9 mb/d.
There were about 107,000 flights during the week of Thanksgiving, down about 45% from 2019 levels.
Market Movers
ConocoPhillips (NYSE: COP) announced a significant oil discovery in the Norwegian Sea.
Diamondback Energy (NASDAQ: FANG) announced a double deal to buy two rivals for a combined $3.2 billion. It will purchase QEP Resources (NYSE: QEP) and also Guidon Operating LLC. Enverus analyst said it is “a realization among small producers how difficult it is to deliver on returns expectations.”
The Trillion Dollar Tech Boom Being Fueled By Electric Vehicle Hype
By now, you probably already know that electric vehicles were one of the hottest markets, if not the single hottest market in 2020. You might also already know that Tesla soared 592%, and that its Chinese counterparts NIO, Xpeng, and Li Automobile soared 1411%, 105%, and 106% respectively. But what you may not yet know is that there’s another opportunity emerging in EV markets. Some of the biggest opportunities in the exploding EV space aren’t to be found only in stocks of EV makers, instead, they could be made in companies that are setting up the entire ecosystem that supports the entire industry.