China dramatically increases ethanol purchases from the US (SPY +0.6%). BTFD buyers were out in full force DOW ends at record above 32,000 as bond yields fall.
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China Dramatically Increases Ethanol Purchases From The U.S. ThreeReuterssources said Monday that Beijing made massive purchases of US energy products. The sources said, three ships carrying ethanol were heading to China from the US Gulf Coast. They said it s a sign that ethanol exports from the United States to the country are increasing drastically. The purchases are so big that they re expected to surpass the total amount of US ethanol that China imported last year, said Reuters. Each vessel is carrying 30,000 tons or about 240,000 barrels of ethanol, the sources said. It
On the heels of Biden s big blowout, the dollar is tumbling.(biggest 3-day slump since the election/vaccines in early Nov).
Source: Bloomberg
And bitcoin surged back up near $58,000, erasing the losses from its record highs in mid-Feb.
Source: Bloomberg
Did Washington just cut the rope from reality?
On Thursday China s parliament approved a resolution to impose sweeping changes on Hong Kong s electoral system which is ultimately aimed to ensure that mainland loyalists are in firm control of running the city.
The new requirement of patriotism to run for Hong Kong s legislature means the likelihood that future elections will merely be a competition among candidates over who is more loyal to Beijing, rather than running based on bettering the city.
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European markets are mixed today. The DAX is up 0.38% while the CAC 40 gains 0.37%. The FTSE 100 is off 0.25%.
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Bidens Policies Unlikely To Cause Crash In U.S. Oil Production U.S. President Joe Biden has put the oil industry and oil-producing states on edge with his plans to reform oil and gas permitting and leasing practices on federal land and in federal waters. Currently, the Administration is pausing new oil and natural gas leases pending completion of a review for potential changes to the regulations. Although it is not clear yet how restrictive those changes would be, the industry and analysts are trying to quantify how much U.S. oil production would suffer in the medium and long term. Immediate impacts will likely
Boeing monthly aircraft orders outpace cancellations for first time since 2019 (SPY +1.8%). Tech comeback rally gains steam as Tesla up 10%.
Here is the current market situation from CNN Money
North and South American markets are sharply higher today with shares in U.S. leading the region. The S&P 500 is up 1.87% while Mexico s IPC is up 1.58% and Brazil s Bovespa is up 1.01%.
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China Carbon Market Set For Explosive Growth Chinas carbon emissions market is set to expand 30 times over the next ten years, reaching $25 billion by 2030, Bloomberg reports, citing an analysis by Citi. The Chinese national ETS [emissions trading system] as currently rolled out should play a limited role in reducing emissions at first, Citi analyst Tracy Liao said, as quoted by Bloomberg. We expect a series of developments to transform Chinas ETS into the worlds largest effective carbon trading scheme and a key building block of t
Dick s Sporting Goods shares fall as retailer predicts slowing sales in year ahead (SPY +1.4%). Nvidia stock leads chip rally as tech shares bounce back.
The Market in Perspective
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How Oil Could Go To $100 Per Barrel In its February Short Term Energy Outlook (STEO), the EIA forecasts this month s world oil consumption at 96.7 million barrels per day (mbpd). The oil supply, however, is much lower, only 93.6 mbpd, with the difference of 3.1 mbpd of necessity being drawn from crude oil and refined product inventories. By historical standards, a sustained draw of 3 mbpd is large, and we would expect prices to be rising under such circumstances. The EIA sees demand continuing to recover at a good pace to mid-year, with July world oil consumption forecast at 98.2