23Dec2021 Market Close: Merry Christmas, Wall Street! U.S. Oil Rig Count Jumps Along With Crude Prices

Tight Crude Inventories Push Oil Prices Back To Mid-$70s

Oil prices have risen back to the mid-$70s this week as a result of tighter U.S. crude inventories and a force majeure on Libyan crude oil exports.Friday, December 23rd, 2021The interdependence of oil prices and Omicron news updates has subsided somewhat this week as the overall decline in US crude stocks and the Libyan supply disruption have been moving prices upwards. Despite US crude supply hovering around 11.6-11.7 million b/d, robust demand triggered another week-on-week decline in inventories at a whopping 4.7 million barrels. Libya

Read more at: https://oilprice.com/Energy/Energy-General/Tight-Crude-Inventories-Push-Oil-Prices-Back-To-Mid-70s.html

U.S. Oil Rig Count Jumps Along With Crude Prices

The number of active drilling rigs in the United States last week rose by 7, bringing the total to 586 as oil prices remain relatively strong despite the fresh wave of Covid-19 cases brought by the new variant of the coronavirus. Last weeks count compared with a rig count rise of 3 for the previous week, which brought the total to 579. Baker Hughes reported the total active rig figure was 238 rigs higher than the rig count this time last year when the oil industry was just beginning to recover from the worst blows of the pandemic. Yet it

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Rig-Count-Jumps-Along-With-Crude-Prices.html

Commodity Traders Find Huge Arbitrage Opportunity As LNG Ships Head For Europe

A breakneck rally in European natural gas prices continued Tuesday, catapulting the benchmark to a new record high with premiums above Asia and the U.S. and creating massive arbitrage opportunities for U.S. liquefied natural gas (LNG) traders. Commodity traders with uncommitted LNG cargos from the Atlantic basin headed to Asia via LNG carriers are changing their routes to supply European customers willing to pay a hefty premium. Dutch front-month futures gained 33.55 euros/MMBtu over the prior day to close at 182.30 euros, a new

Read more at: https://oilprice.com/Energy/Energy-General/Commodity-Traders-Find-Huge-Arbitrage-Opportunity-As-LNG-Ships-Head-For-Europe.html

South Korea To Release 3 Million Barrels Of Oil Reserves In Early 2022

South Korea will release 3.17 million barrels of its oil reserves in the first quarter of 2022 as part of the U.S.-led global effort by major oil-consuming nations to lower prices. The volume to be released between January and March accounts for 3.3 percent of South Koreas state oil reserves of 97 million barrels, according to the ministry of trade, industry and energy (Motie) cited by Argus. Just over 2 million barrels of the release will be crude and will go to local refiners via loan agreements, and the other 1.09 million barrels

Read more at: https://oilprice.com/Energy/Crude-Oil/South-Korea-To-Release-3-Million-Barrels-Of-Oil-Reserves-In-Early-2022.html

Fire Injures Four At Exxon Refinery

A fire broke out early today at the Baytown refinery operated by Exxon, injuring four people. Law enforcement has called the fire a major industrial incident, the Wall Street Journal reported. No fatalities were reported at the 561,000-bpd complex. ExxonMobilsemergency response teams continue to work to extinguish the fire that occurred in a hydrodesulfurization unit at our Baytown Refinery this morning around 1 a.m. Central Time, the supermajor said in a statement emailed to the WSJ. We are saddened to inform

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Fire-Injures-Four-At-Exxon-Refinery.html

U.S. LNG Cargoes Flock To Europe Amid Record-High Gas Prices

At least 30 tankers with liquefied natural gas from the United States are headed to Europe, where the gas and energy crisis has pushed regional LNG prices way above the Asian LNG benchmark and 14 times higher than the U.S. Henry Hub price, according to shipping data compiled by Bloomberg. Ten LNG tankers from the U.S. have already declared Europe as their destination while another 20 cargoes appear to be crossing the Atlantic en route to Europe, the shipping data showed. At least another ten LNG cargoes have been diverted from Asia to Europe as

Read more at: https://oilprice.com/Energy/Natural-Gas/US-LNG-Cargoes-Flock-To-Europe-Amid-Record-High-Gas-Prices.html

Crocs CEO defends $2.5 billion Hey Dude acquisition as shares tumble

On Thursday morning, Crocs announced its plans to acquire the privately held footwear label Hey Dude for $2.5 billion, in a cash-and-stock deal.

Read more at: https://www.cnbc.com/2021/12/23/crocs-ceo-defends-2point5-billion-hey-dude-acquisition-as-shares-tumble-.html

Biden says he wishes he thought about ordering 500 million at-home Covid tests 2 months ago

President Joe Biden said that he wishes he had ordered 500 million free, at-home Covid tests two months ago.

Read more at: https://www.cnbc.com/2021/12/23/biden-wishes-he-thought-about-ordering-500-million-at-home-covid-tests-2-months-ago.html

For holiday travelers going by car, there are ways to cut how much you spend on gas

Roughly 100 million people are planning to travel by car to destinations more than 50 miles away during the holidays. Here’s how to save at the pump.

Read more at: https://www.cnbc.com/2021/12/23/for-holiday-travelers-going-by-car-how-to-cut-what-you-spend-on-gas.html

Lightsource bp to partner with Dourogas on green hydrogen projects in Portugal

There is excitement in some quarters about the potential of green hydrogen, but challenges remain.

Read more at: https://www.cnbc.com/2021/12/23/lightsource-bp-to-partner-with-dourogs-on-green-hydrogen-projects.html

5 things to know before the stock market opens Thursday

U.S. stock futures on Thursday pointed to a third straight session of gains in what would be a continuation of Wall Street’s recent rebound.

Read more at: https://www.cnbc.com/2021/12/23/5-things-to-know-before-the-stock-market-opens-thursday-dec-23.html

U.S. schools struggle with omicron Covid surge as officials push for in-person learning after winter break

School administrators, teachers, staff, students and their families are facing a resurgence of Covid cases as the omicron variant spreads rapidly.

Read more at: https://www.cnbc.com/2021/12/23/omicron-schools-struggle-as-officials-push-for-in-person-learning-after-winter-break.html

Stocks making the biggest moves premarket: Novavax, Tesla, JD.com Nikola and others

These are the stocks posting the largest moves before the bell.

Read more at: https://www.cnbc.com/2021/12/23/stocks-making-the-biggest-moves-premarket-novavax-tesla-jdcom-nikola-and-others.html

Store closures slowed after a pandemic shakeout. Now Dollar General, Warby Parker and others see new value in stores

In 2021, store openings may top store closures for the first time in five years, according to a tracking by Coresight Research.

Read more at: https://www.cnbc.com/2021/12/23/store-closures-slowed-in-2021-as-retailers-got-creative-seized-cheaper-rents.html

Huawei enters China’s electric car race in competition with Tesla

The first car with Huawei’s HarmonyOS operating system will be the Aito M5, a car that runs on both electricity and fuel, Huawei announced Thursday.

Read more at: https://www.cnbc.com/2021/12/23/huawei-joins-chinas-electric-car-race-in-competition-with-tesla.html

Traumatized and exhausted hospital staff face new wave of Covid cases as omicron rips through U.S.

The highly contagious omicron variant can more easily infect vaccinated staff than previous strains, threatening to further exacerbate the worker shortage.

Read more at: https://www.cnbc.com/2021/12/23/omicron-traumatized-and-exhausted-hospital-staff-face-new-wave-of-covid-cases.html

Huge floating wind farms are being planned off the coast of Australia

The proposed facilities are located in waters off the coast of New South Wales and Victoria.

Read more at: https://www.cnbc.com/2021/12/23/huge-floating-wind-farms-are-being-planned-off-the-coast-of-australia.html

Three new studies suggest omicron has lower hospitalization risk and is milder than other variants

“The current studies indicate something really good,” Ralf Reintjes, professor of epidemiology at Hamburg University of Applied Sciences, told CNBC Thursday.

Read more at: https://www.cnbc.com/2021/12/23/omicron-variant-has-lower-risk-of-hospitalization-studies-suggest.html

Germany’s Christmas markets hit once again by Covid restrictions and closures

For the second year in a row, the Covid-19 pandemic has cast a pall over Germany’s Christmas markets.

Read more at: https://www.cnbc.com/2021/12/23/german-christmas-markets-see-another-year-of-uncertainty-and-closures.html

Trump Asks Supreme Court To Block Release Of White House Documents

Trump Asks Supreme Court To Block Release Of White House DocumentsAuthored by Jack Phillips via The Epoch Times,

Former President Donald Trump asked the Supreme Court to block the release of White House records that are being sought by the House Jan. 6 select committee.

The request from the House Select Committee, which is led by Reps. Bennie Thompson (D-Miss.) and Liz Cheney (R-Wyo.), is “exceedingly broad” and an “unprecedented encroachment on executive privilege,” Trump’s lawyers argued on Thursday. President Joe Biden previously declined to invoke executive …

Read more at: https://www.zerohedge.com/political/trump-asks-supreme-court-block-release-white-house-documents

Stocks & Crypto Soar In Shortened Week As Rate-Hike Odds Surge

Stocks & Crypto Soar In Shortened Week As Rate-Hike Odds SurgeAfter Sen. Manchin stole the jam out of the progressives’ donut over the weekend, sending stocks slumping, it appears investors have BTFD ahead of the Santa Claus rally…

Let’s hope they are not disappointed…

Because, as Tom McClellan points out, it’s not a lock…

Read more at: https://www.zerohedge.com/markets/stocks-crypto-soar-shortened-week-rate-hike-odds-surge

Sen. Paul Details $52 Billion Federal “Waste” In Annual ‘Festivus Report’

Sen. Paul Details $52 Billion Federal “Waste” In Annual ‘Festivus Report’Authored by Joseph Lord via The Epoch Times,

Sen. Rand Paul (R-Ky.) has unveiled his annual “Festivus Report,” which tracks what he sees as “waste” spending by the federal government. According to the libertarian-leaning Kentuckian, that waste topped over $52 billion in 2021.

Since arriving in the Senate amid the Tea Party wave of 2010, Paul had made the federal budget one of his foremost concerns.

Like his father, 2008 and 2012 presidential candidate and former U.S. Rep. Ron Paul (R-Texas), the younger Paul has decried U.S. military adventurism, the excesses of the post-9/11 surveillance state, and the perpetually unbalanced budget of the federal governm …

Read more at: https://www.zerohedge.com/political/sen-paul-details-52-billion-federal-wasten-annual-festivus-report

Amazon’s Only Warehouse In NYC Launches Plan To Unionize All Amazon Workers Everywhere

Amazon’s Only Warehouse In NYC Launches Plan To Unionize All Amazon Workers EverywhereProgressives like AOC already succeeded in stopping Amazon from opening one of 2 new coastal “HQs” in Queens, mostly because the company retaliated against New York politicians who backed her push to cancel billions in Amazon tax credits with blatant misinformation like claiming the company was essentially being subsidized by state tax revenues (that’s not how tax incentives work).

But where are all the city’s champaigne socialists now that workers at a Staten Island Amazon distribution hub, the company’s only one in NYC, are organizing the latest attempt to unionize an Amazon warehouse, while workers in Bessemer Alabama are gearing up for a re-vote now that  one has been approved by the NLRB?

To wit, the NYT reported Thursday that 2,500 workers at JFK8, the Staten Island facility, had signed a petition to unionize, and filed it with the NLRB.

And instead of joining the Teamsters, like the workers in Bessemer are try …

Read more at: https://www.zerohedge.com/technology/amazons-only-warehouse-nyc-launches-plan-unionize-all-amazon-workers-everywhere

Energy bills to soar 50% unless government intervenes, industry warns

Households face another sharp rise unless the government intervenes to ease the impact of gas prices.

Read more at: https://www.bbc.co.uk/news/business-59760331?at_medium=RSS&at_campaign=KARANGA

Covid: £10m Bounce Back Loan fraudsters jailed

Two men are jailed for a total of 33 years for laundering £70m, of which £10m came from Covid loans.

Read more at: https://www.bbc.co.uk/news/business-59761294?at_medium=RSS&at_campaign=KARANGA

Christmas travel in full swing despite disruption

Almost half of Britons are to travel to visit loved ones, but caution about Omicron is widespread.

Read more at: https://www.bbc.co.uk/news/business-59766418?at_medium=RSS&at_campaign=KARANGA

Four attractive investment options in a high interest rate scenario

One of the sensible things to do in a rising interest rate scenario is to invest in high accrual funds. High accrual will enable the portfolio to overcome the depreciation on account of rising yields to a large extent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/four-attractive-investment-options-in-a-high-interest-rate-scenario/articleshow/88459255.cms

Credit Suisse sees ROE growth in 38 Nifty firms, bets on these stocks

On midcaps, the brokerage said it would continue to maintain a moderate overweight position as several structural themes are emerging, which it believes should offer better alpha-generation opportunities relative to their large-cap peers.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/credit-suisse-sees-roe-growth-in-38-nifty-firms-bets-on-these-stocks/articleshow/88451081.cms

Highest-ranked ESG fund in the UK is betting big on India

The Stewart Investors India Subcontinent Sustainability fund returned 31.2% in the year through November according to Morningstar Inc. data. That’s better than any other UK fund using environmental, social and governance investing strategies over the same period.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/highest-ranked-esg-fund-in-the-uk-is-betting-big-on-india/articleshow/88453745.cms

The Moneyist: My son had no real direction. At 31, he moved in with us and now earns $40,000 a year. What type of savings should be his No. 1 priority?

‘I am sure that after this COVID-19 pause, there are quite a few individuals his age who share his circumstances.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77FE-5E622E7AF9B6%7D&siteid=rss&rss=1

Market Snapshot: S&P 500 sweeps to record close, stocks end higher for 3rd day in final session before Christmas

U.S. stocks book a third straight gain Thursday, with the S&P 500 ending at its 68th record close this year, on optimism that the omicron variant of COVID won’t derail global economies.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7814-E74CAD06DE8C%7D&siteid=rss&rss=1

The Moneyist: ‘My wife is really cheap, which I adore’: We have $3M in investments, but I paid the bills while she worked as a teacher. How should we split our expenses in retirement?

‘My wife continues to play an aggressive 80% stock strategy.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7804-E2C31558A2A5%7D&siteid=rss&rss=1