17Dec2021 Market Close: Wall Street Closed Mixed – Blame Quadruple Witching

Are Oil Markets Already Oversupplied?

It appears that oil market oversupply may already be upon us, with demand being hit hard by Omicron and by China cracking down on its independent refiners.Friday, December 17th, 2021Oversupply has been one of the main talking points in oil markets in recent months, and now it seems that it will soon be upon us. The softening of Asian oil demand, triggered by Chinas zero-COVID measures and Beijings continued clampdown on independent refiners in Shandong, has curbed the enthusiasm of market bulls while Brent is now flirting

Read more at: https://oilprice.com/Energy/Energy-General/Are-Oil-Markets-Already-Oversupplied.html

Russian Lawmaker: Nord Stream 2 Could Become Operational Next Month

The Russia-led Nord Stream 2 pipeline could start shipping natural gas to Germany as early as next month, as Europe would not want to drag its feet with the certification process with storage levels so low, a top Russian lawmaker said on Friday. “I can say with a high degree of certainty that the first gas via Nord Stream 2 will go in January,” Pavel Zavalny, chairman of the energy committee at Russia’s lower house of Parliament, told a conference online, as carried by Reuters.Just yesterday, the German regulator reviewing the certification of

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Lawmaker-Nord-Stream-2-Could-Become-Operational-Next-Month.html

Europes Gas Prices Plunge As Russia Signals More Supply Is Coming

The European natural gas benchmark prices tumbled by 15% early on Friday after Russias gas giant Gazprom booked last-minute capacity on a pipeline to ship extra gas to Germany via Poland in the coming days. The benchmark price for Europe at the Dutch Title Transfer Facility (TTF) has seen some wild swings this week, most of which as a result of news and reports about current and expected Russian gas supply to Europe. This highlights the sensitivity of European gas prices to Russian gas shipments amid the lowest levels of gas in European

Read more at: https://oilprice.com/Energy/Gas-Prices/Europes-Gas-Prices-Plunge-As-Russia-Signals-More-Supply-Is-Coming.html

Oil Rig Count Rises Despite Omicron Uncertainty

The number of active drilling rigs in the United States this week rose by 3, according toBaker Hughes. The total rig count rose to 579a figure that is 233 up from this time last year. Active rigs are still hundreds less than the 790 active rigs drilling prior to the pandemic. The U.S. oil rig count rose by 4 to 475 while gas rigs fell by 1 to 104. Miscellaneous rigs held at zero. The EIA’s estimate for oil production in the United States for the week ending December 10, the last week for which there is data, held at 11.7 million

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Rig-Count-Rises-Despite-Omicron-Uncertainty.html

A Perfect Contrarian Trade For Christmas

There is very little I love more than a contrarian trade with a great risk/reward ratio. There is something satisfying about opposing conventional wisdom and being right, and when you can do so while risking minimal losses, it always grabs my attention. That is why I am looking at a trade in the ever so unpopular, beaten-down lithium industry. The long-term case for lithium stocks is obvious and hard to refute. Lithium-ion batteries have emerged as the clear winners in the battle to power EVs and, with that market set to explode before too long,

Read more at: https://oilprice.com/Energy/Energy-General/A-Perfect-Contrarian-Trade-For-Christmas.html

Surge In Omicron Cases Spooks Oil Traders

U.S. West Texas Intermediate crude oil futures are edging lower on Friday, putting the market in a position to post a slightly lower close for the week. Although the market put in a mixed performance throughout the week, a bearish consensus seems to be developing as surging cases of the Omicron coronavirus variant raised fears that new curbs may lead to demand destruction. This weeks inside trade on the chart suggests investor indecision and impending volatility. The indecision is being fueled by mixed outlooks for supply/demand and the

Read more at: https://oilprice.com/Energy/Energy-General/Surge-In-Omicron-Cases-Spooks-Oil-Traders.html

Lost work due to omicron? What to know about unemployment benefits

The omicron Covid variant is pushing up virus cases and causing workers in areas like New York to lose work shifts. Some may qualify for unemployment benefits.

Read more at: https://www.cnbc.com/2021/12/17/omicron-covid-and-unemployment-benefits-what-to-know.html

NFL will postpone some games over Covid surge, sources say

The expected move by the NFL comes as the NHL has said it will postpone the games of several hockey teams due to a rise in Covid cases.

Read more at: https://www.cnbc.com/2021/12/17/nfl-will-postpone-some-games-over-covid-surge-source-says.html

Why Harley-Davidson’s EV motorcycle effort is getting its own stock to trade on

Harley Davidson’s LiveWire electric motorcycle unit spinoff fits a trend among legacy market leaders seeking new ways to create value aligned with the future.

Read more at: https://www.cnbc.com/2021/12/17/harley-bets-on-a-future-in-which-ev-may-be-bigger-than-hog.html

Southwest CEO tests positive for Covid days after unmasked Senate hearing with other airline chiefs

The Senate hearing lasted more than three hours and witnessnes and lawmakers weren’t wearing masks.

Read more at: https://www.cnbc.com/2021/12/17/southwest-ceo-tests-positive-for-covid-after-unmasked-senate-hearing-with-other-airline-chiefs.html

CDC Director Dr. Walensky says any vaccine is better than none in recommending J&J’s Covid shots

The CDC confirmed 54 cases of mostly younger women who developed blood clots with low blood platelet levels after receiving J&J’s shots.

Read more at: https://www.cnbc.com/2021/12/17/cdc-director-says-any-vaccine-is-better-than-none-in-recommending-jj-covid-shots.html

Pfizer executives say Covid could become endemic by 2024

Endemic means the coronavirus will not disappear but rather will become a constant presence like the flu.

Read more at: https://www.cnbc.com/2021/12/17/pfizer-executives-say-covid-could-become-endemic-by-2024.html

From the Rockettes to Broadway, Covid cases are shutting down live performances

A number of Broadway performances have been canceled in recent weeks because of breakthrough Covid cases.

Read more at: https://www.cnbc.com/2021/12/17/from-the-rockettes-to-broadway-covid-cases-are-shutting-down-live-performances-.html

Many Americans feel less financial stress thanks to pandemic-era government programs. Yet there are still signs of strain

A government report shows that while many Americans had more cash to work with thanks to stimulus efforts, debts are still a struggle for many.

Read more at: https://www.cnbc.com/2021/12/17/pandemic-relief-has-helped-americans-yet-there-are-signs-of-strain.html

No evidence that Covid omicron variant is less severe than delta, UK study says

The study estimates that the risk of reinfection with the omicron variant is 5.4 times greater than that of the delta variant.

Read more at: https://www.cnbc.com/2021/12/17/no-evidence-that-covid-omicron-variant-less-severe-than-delta-uk-study.html

Dr. Fauci says U.S. faces oncoming Covid omicron surge as it grapples with jump in delta cases

A surge of the Covid omicron variant is coming in the U.S. as cases of the delta strain spread, White House chief medical advisor Dr. Anthony Fauci said Friday.

Read more at: https://www.cnbc.com/2021/12/17/fauci-says-us-faces-oncoming-omicron-surge-as-it-grapples-with-delta.html

Sears plans to sell or redevelop its massive corporate-office park in the Chicago suburbs

Sears is considering a sale or a redevelopment of its massive corporate headquarters in suburban Chicago, as its retail footprint keeps dwindling.

Read more at: https://www.cnbc.com/2021/12/17/sears-to-sell-or-redevelop-its-massive-corporate-office-in-chicago.html

‘Spider-Man: No Way Home’ snares $50 million in Thursday previews, sets sights on $200 million opening weekend

“Spider-Man: No Way Home” scored $50 million in ticket sales from Thursday previews.

Read more at: https://www.cnbc.com/2021/12/17/spider-man-no-way-home-snares-50-million-in-thursday-previews.html

Here’s what Dr. Fauci thinks about flying and going to holiday parties as omicron spikes

The White House chief medical advisor says he would get on a plane and suggested holiday gatherings among vaccinated people at home are fairly low risk.

Read more at: https://www.cnbc.com/2021/12/17/dr-anthony-fauci-on-flying-holiday-parities-as-covid-omicron-spikes.html

Barclays Among Investment Banks Set To Boost Bonuses Between 25% And 50%

Barclays Among Investment Banks Set To Boost Bonuses Between 25% And 50%Barlcay’s is joining the long list of investment banks ramping up pay for its employees. The bank is expected to boost its bonuses by more than 25% this year after record results and in a global competition to retain talent in the industry.

The boosts in pay are a stark delta from 2020, when pay rose about 10%, Bloomberg reported this week. But with “deal making at record levels” in 2021 and profits “surging”, banks have made the decision to bump bonus pay for employees higher.

Barclay’s Chief Executive Officer Jes Staley said in October: “Variable compensation, or the bonus pool, that’s very much tied to the performance of the corporate and the investment bank and I think you’ll see variable compensation higher this year given that they’ve generated record profits.”

Deutsche Bank is also reportedly considering a similar move, mulling boosting bonuses for its dealmaking and underwriting units by 20%, the report says. The bank’s head of investment banking, Mark Fedorcik told Bloomberg that compensation in his unit would be “commensurate with performance and market” and that “demand for talent is the highest [he had] ever seen.”

Goldman and JP Morgan are also likely to follow suit, considering “boosting bonus pools for their underwriting and deal advisory units by 50% and 40%, respectively.”

The 25% number is still “preliminary and a final decision hasn’t been taken yet,” the report noted.

Read more at: https://www.zerohedge.com/markets/barclays-among-other-investment-banks-set-boost-bonuses-workers-between-25-and-50

Hard Questions Raised On Jan 6 Panel’s Legality In Meadows Contempt Vote

Hard Questions Raised On Jan 6 Panel’s Legality In Meadows Contempt VoteAuthored by Mark Tapscott via The Epoch Times,

A serious challenge to the House Select Committee on the January 6 Attack on the United States Capitol is growing via former White House Chief of Staff Mark Meadows’ suit against subpoenas for information he claims the panel has no legal authority to seek.

In his suit filed Dec. 8 in the U.S. District Court for the District of Columbia, Meadows asks for “declaratory and injunctive relief to invalidate and prohibit the enforcement of two overly broad and unduly burdensome subpoenas from a select committee of the U.S. House of Representatives (the ‘Select Committee’) issued in whole or part without legal authority in violation of the Constitution and laws of the United States.”

Read more at: https://www.zerohedge.com/political/hard-questions-raised-jan-6-panels-legality-meadows-contempt-vote

NFL To Postpone Several Games Over COVID Spread

NFL To Postpone Several Games Over COVID SpreadUpdate (1530ET): The National Football League has released a press release explaining the game changes due to the COVID-19 threat.

The Las Vegas Raiders-Cleveland Browns game scheduled for Saturday, December 18 has been moved to Monday, December 20 at 5 p.m. ET on NFL Network.

The Washington Football Team-Philadelphia Eagles game and Seattle Seahawks-Los Angeles Rams game scheduled for Sunday, December 19, have been moved to Tuesday, December 21. Washington-Philadelphia and Seattle-Los Angeles Rams will both kick off at 7 p.m. ET on FOX and also will be available on NFL Sunday Ticket.

We have made these schedule changes based on medical advice and after discussion with the NFLPA as we are seeing a new, highly transmissible form of the virus this week resulting in a substantial increase in cases across the league.

We continue to make decisions in consultation with medical experts to ensure the health and safety of the NFL community.

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Read more at: https://www.zerohedge.com/covid-19/nfl-postpone-several-games-over-covid-spread

Los Angeles Import Volume Sinks As Shipping Traffic Jam Worsens

Los Angeles Import Volume Sinks As Shipping Traffic Jam WorsensBy Greg Miller of FreightWaves

Despite America’s epic consumer boom, containerized imports to the Port of Los Angeles dropped to 403,569 twenty-foot equivalent units in November, down 14% from October and down 13.2% year on year. For the second month in a row, Los Angeles’ containerized imports have fallen below levels in the same months in 2018.

On one hand, the Port of Los Angeles will boast record full-year throughput in 2021, including loaded imports, loaded exports and empty containers. Business is booming. Executive Director Gene Seroka said during a press conference Wednesday that the port was on track for 5.5 million TEUs of total throughput this year, 13% above the 2018 peak.

On the other hand, import volumes in Los Angeles were front-loaded in the first half when congestion, while significant, was less severe than it is now. The last time mont …

Read more at: https://www.zerohedge.com/markets/los-angeles-import-volume-sinks-shipping-traffic-jam-worsens

Rail fares to rise at fastest pace for nine years

Regulated rail fares in England, which include season tickets, will rise by 3.8% in March.

Read more at: https://www.bbc.co.uk/news/business-59698733?at_medium=RSS&at_campaign=KARANGA

Travellers ‘devastated’ over French restrictions

Holidaymakers and hoteliers share the impact of travel rules set to come into force on Saturday.

Read more at: https://www.bbc.co.uk/news/business-59681828?at_medium=RSS&at_campaign=KARANGA

Christmas food orders in doubt as Farmdrop closes

The online firm, which delivers farm produce, told customers it could ‘no longer serve’ them.

Read more at: https://www.bbc.co.uk/news/uk-england-london-59695244?at_medium=RSS&at_campaign=KARANGA

25 chemical stocks have fallen from multibagger zone to bear territory. Time to buy or sell?

Valiant Organics, Balaji Amines, Camlin Fine Sciences, DCW, Chemcon Speciality Chemicals, Sigachi Industries, Laxmi Organic Industries, Alkyl Amines Chemicals, Chemplast Sanmar, Thirumalai Chemicals, Oriental Aromatics and IG Petrochemicals are among those stocks that are down 30-50 per cent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/25-chemical-stocks-have-fallen-from-multibagger-zone-to-bear-territory-time-to-buy-or-sell/articleshow/88333034.cms

Why IT stocks are standing out like a beacon of hope now

While the BSE Sensex was down over 250 points in early trade on Friday, Infosys, HCL Tech, TCS and Tech Mahindra gained up to 3 per cent and were among the only five index stocks that were in the green.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/accentures-guidance-upgrade-hints-at-strong-growth-for-it-firms-in-fy23/articleshow/88334044.cms

ZEE, Vedanta, Adani Ports among 50 stocks sending ‘sell’ signals on MACD

The momentum indicator has signalled bearish crossovers on these stocks — a sign of bearish undertone — hinting at possible downsides in the days ahead. The list includes Suzlon Energy, Union Bank of India, India Overseas Bank, Redington India, United Spirits, MOIL and PNB Housing Finance.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/zee-vedanta-adani-ports-among-50-stocks-sending-sell-signals-on-macd/articleshow/88335644.cms

: 3 ways to protect yourself against omicron this holiday season: ‘If you are fully vaccinated, get your booster shot’

Whether you’re worried about delta or omicron or both, COVID-19 does not rest because you deserve a night out.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77C9-2E671C6A0777%7D&siteid=rss&rss=1

: Queen Elizabeth is canceling her Christmas party at Windsor Castle due to omicron. Should you do the same?

Important questions need to be asked before RSVP-ing to that end of year invitation.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77CF-87B262C6C57A%7D&siteid=rss&rss=1

Futures Movers: Oil prices suffer a weekly loss as omicron continues to spread

Oil futures fall on Friday to suffer their seventh weekly loss in eight weeks, with losses tied to worries about the spread of the omicron variant and its potential impact on fuel demand.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77FC-C7C4C2A048C8%7D&siteid=rss&rss=1