19Apr2022 Market Close & Major Financial Headlines: Markets Generally Up Today

Oilfield Service Stocks Expected To Post Blowout Earnings

For much of the ongoing oil rally that’s now lasted almost two years, oilfield services companies have lagged. That has been the case because the bulk of each new dollar earned from drilling has gone to producers. Thankfully, the balance appears to be now shifting, with E&P economics favoring oilfield services companies. You can tell that from the performance of the sector, both on a shareholder returns basis and financials. The sector’s popular benchmark, the VanEck Vectors Oil Services ETF (NYSEARCA:OIH), is up 57.2% in the year-to-date,

Read more at: https://oilprice.com/Energy/Energy-General/Oilfield-Service-Stocks-Expected-To-Post-Blowout-Earnings.html

Unexpected Crude Draw Fails To Move Oil Prices

The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 4.496 million barrels, compared to analyst predictions of a 2.533 million barrel build. U.S. crude inventories have shed some 76 million barrels since the start of 2021 and about 19 million barrels since the start of 2020. In the week prior, the API reported a build in crude oil inventories of 7.757 million barrels after analysts had predicted a much smaller build of 1.367 million barrels. Oil prices were trading down on Tuesday as Shanghai prepared to reopen

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Unexpected-Crude-Draw-Fails-To-Move-Oil-Prices.html

Saudi Economic Growth To Double This Year On High Oil Prices

High oil prices will push Saudi Arabias economy into high-growth mode, more than doubling this year, according to the International Monetary Fund (IMF), which raised its growth forecast for the Kingdom on Tuesday. The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%. While much of this was attributed to multi-year-high oil prices, the IMF has also noted growth and expected further growth in non-oil revenues. We raised our estimates of the growth rate of the Saudi economy

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Economic-Growth-To-Double-This-Year-On-High-Oil-Prices.html

Demand Destruction Fears Drag Oil And Gas Prices Lower

Reader Update:Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up forGlobal Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, and all for less than a cup of coffee per week.Chart of the Week- US cash natural gas prices for next-day deliveries have soared this week, with many locations trading above $7 per mmBtu for the first time since the Big Freeze in February 2021.- The Henry Hub May 22 contract has been

Read more at: https://oilprice.com/Energy/Energy-General/Demand-Destruction-Fears-Drag-Oil-And-Gas-Prices-Lower.html

Russia Clears Up Confusion Over Rubles For Gas Scheme

Russias Foreign Minister Sergey Lavrov has issued a statement to India Today clarifying the rubles for gas mandate that has created confusion among Russias gas buyers, RT has reported on Tuesday. Buyers purchasing Russias gas will have to pay Gazprombank, an independent institution. They will no longer be able to pay for gas using Gazproms bank accounts abroadprecisely because those funds could then be frozen by sanctions. According to Lavrov, Russias demands to change the payment method for nat gas exports

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Clears-Up-Confusion-Over-Rubles-For-Gas-Scheme.html

Oil Dips As IMF Slashes Economic Growth Forecasts

As Shanghai prepares to reopen factories amid a strict COVID-19 lockdown that had driven oil prices lower last week, the IMF has cut its global economic growth forecasts tempering oil prices. Brent crude was trading $107, down over 5% on Tuesday after the IMF cut its global economic growth forecast by almost 1%, citing Russias war on Ukraine and the primary uncertainty. The IMF has also sounded warning bells over Chinas economy, slashing Chinas GDP growth estimate for 2022 to 4.4%, down from its 4.8% estimate in

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Dips-As-IMF-Slashes-Economic-Growth-Forecasts.html

Netflix estimates 100 million households are sharing passwords and suggests a global crackdown is coming

Netflix has been willing to turn a blind eye toward password sharing when it was growing subscribers, but losing customers can change behavior quickly.

Read more at: https://www.cnbc.com/2022/04/19/netflix-warns-password-sharing-crackdown-is-coming.html

Netflix shares crater 25% after company reports it lost subscribers for the first time in more than 10 years

It’s the first time the streamer has reported a subscriber loss in more than a decade.

Read more at: https://www.cnbc.com/2022/04/19/netflix-nflx-earnings-q1-2022.html

Distressed sales and 9-figure discounts: Hard-to-sell mega-mansions find a last resort at real estate auction

An auction can act as a metaphorical real-estate guillotine, slicing inflated asking prices in half or worse, according to a CNBC review of recent sales.

Read more at: https://www.cnbc.com/2022/04/19/mega-mansions-suffer-massive-price-cuts-at-real-estate-auctions.html

A $1 million winning Powerball ticket will expire soon. Here’s how much lottery players leave on the table

Whether due to losing a ticket, not checking it closely or some other mishap, lottery winners have left millions of dollars unclaimed over the years.

Read more at: https://www.cnbc.com/2022/04/19/a-1-million-powerball-ticket-expires-soon-many-prizes-go-unclaimed.html

Stocks making the biggest moves midday: Twitter, Johnson & Johnson, WeWork and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2022/04/19/stocks-making-the-biggest-moves-midday-twitter-johnson-johnson-wework-and-more.html

Dr. Oz has close ties to the wealthy du Pont family heirs, and they’re backing his GOP bid for Pennsylvania’s Senate seat

Pennsylvania Senate candidate Dr. Mehmet Oz has an alliance with members of the wealthy du Pont family.

Read more at: https://www.cnbc.com/2022/04/19/2022-elections-dr-oz-has-close-ties-to-the-du-pont-family-heirs-and-theyre-backing-his-senate-run.html

CEO of online grocer Boxed says if gas prices stay high, so will grocery bills

The online grocery company said fresh foods, such as beef, have been hit particularly hard by inflation.

Read more at: https://www.cnbc.com/2022/04/19/gas-prices-drive-grocery-bills-higher-says-online-grocer-boxed-ceo.html

Moderna says redesigned Covid vaccine produced stronger immunity against omicron than current shots

A 50-microgram dose of Moderna’s new vaccine doubled the antibodies against the omicron variant six months after administration.

Read more at: https://www.cnbc.com/2022/04/19/moderna-redesigned-covid-vaccine-produced-stronger-immunity-against-omicron-than-current-shots.html

Natural gas drops as much as 11%, pulls back from more than 13-year high

Natural gas’ roller-coaster ride continued Tuesday, with futures sliding one day after rising to the highest level since 2008.

Read more at: https://www.cnbc.com/2022/04/19/natural-gas-drops-10percent-pulls-back-from-more-than-13-year-high.html

Be courteous — wear a mask if you’re sick and must travel, flight attendant union chief says

“This is not about extending this mask policy. It’s more about how we’re recognizing that we’re looking out for each other,” union leader Sara Nelson told CNBC.

Read more at: https://www.cnbc.com/2022/04/19/wear-a-mask-if-youre-sick-and-must-travel-flight-attendant-union-chief-says.html

How an Etsy founder turned ice cream maker feels about the e-commerce giant today

As Etsy faces a sellers’ strike in response to its latest fee hike, a founder of the e-commerce retail giant reflects on the company’s growth, and its costs.

Read more at: https://www.cnbc.com/2022/04/19/how-etsy-founder-feels-about-the-e-commerce-platform-as-sellers-strike.html

BP deal sends Nasdaq-listed EV charging stock Tritium surging

BP is not alone in its attempt to carve out a position in the electric vehicle charging market.

Read more at: https://www.cnbc.com/2022/04/19/bp-deal-sends-nasdaq-listed-ev-charging-stock-tritium-surging.html

Gold House launches $30 million fund to invest in entrepreneurs of Asian descent

Gold House Ventures aims to boost API leadership in the corporate world by promoting Asian entrepreneurs.

Read more at: https://www.cnbc.com/2022/04/19/gold-house-launches-30-million-fund-to-invest-in-entrepreneurs-of-asian-descent.html

Buchanan: ‘Open Borders’ Biden Is Remaking America

Buchanan: ‘Open Borders’ Biden Is Remaking AmericaAuthored by Pat Buchanan,

“The United States shall guarantee to every State in this Union a Republican Form of Government, and shall protect each of them against Invasion.”

So reads Article IV, Section 4 of the Constitution.

Historically, that constitutional duty — to protect America’s states against invasion — has been the province of the president of the United States, the chief executive, who today is Joe Biden.

How did Biden’s predecessors do in discharging their duty to secure America’s borders?

During the War of 1812, President James Madison assigned the defense of New Orleans against an invading British army that had just burned the Capitol and White House to Gen. Andrew Jackson.

On Jan. 8, 1815, Jackson crushed the battle-hardened and numerically superior British force that had invaded our country.

Read more at: https://www.zerohedge.com/political/buchanan-open-borders-biden-remaking-america

Russia Tells Azov Fighters Trapped In Giant ‘Fortress’ Steel Plant: “Lay Down Arms Or We’ll Level Everything”

Russia Tells Azov Fighters Trapped In Giant ‘Fortress’ Steel Plant: “Lay Down Arms Or We’ll Level Everything”While the major southeast Ukraine port city of Mariupol has already for weeks been effectively under total siege by Russian forces, a European official cited in The Hill on Tuesday has said “Mariupol will be controlled in the coming days” by the Russian military. It’s believed that Vladimir Putin also wants to see a major victory over the Donbas region by the time of Russia’s Victory Day holiday on May 9.

And Western officials are already alleging that Bucha-style mass killings will take place after President Zelensky said Monday that Russia is seeking to “wipe out” Mariupol. It’s being commonly estimated that there could still be as many as 100,000 civilians trapped in the city. “The Russians will continue to use artillery and bombings, and at the same time they will push civilians out of the city. So at the end of the day, we do expect a complete destruction of the city and many civilian casualties in Mariupol,” the European official added. “My fear is that it’s going to be worse than Bucha.”

Read more at: https://www.zerohedge.com/military/russia-tells-azov-fighters-trapped-giant-fortress-steel-plant-lay-down-arms-or-well-level

Get Ready For The Next Supply Chain Shockwave

Get Ready For The Next Supply Chain ShockwaveBy Eric Kulisch of FreightWaves

Concern is growing that the spread of COVID cases and city lockdowns in China will have massive downstream effects for global supply chains that could dwarf previous disruptions since the start of the pandemic.

The Yangshan Container Terminal in Shanghai. Import cargo is piling up with shuttle trucks restricted from pick ups by a strict COVID lockdown.Last May, the huge Yantian container terminal at the Port of Shenzhen throttled down to 30% of normal productivity for a month to stamp out a handful of positive cases there. Hundreds of thousands of shipments that couldn’t enter the port accumulated in factories and warehouses, and many vessels skipped the port to avoid waiting seven days or more at anchor. It took weeks after the port reopened to clear the cargo backlog. The effects cascaded to the U.S. and Europe, resul …

Read more at: https://www.zerohedge.com/markets/get-ready-next-supply-chain-shockwave

WTI Maintains Losses Despite Unexpected Crude Inventory Draw

WTI Maintains Losses Despite Unexpected Crude Inventory DrawOil prices tumbled today after The IMF slashed global growth estimates (following The World Bank yesterday) and wasn’t helped by Jim Bullard’s hawkish comments or China’s health officials saying that the Covid Zero approach will continue, with the country deploying strict lock downs that are snarling up the world’s second-largest economy.

“It’s a fairly supplied market for now and one which doesn’t look like we’re in crisis mode at this point, but one where we do need to get more production,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

Still, production issues in Libya are providing a bullish element to the market, and EU’s plan to halt all Russian oil flows likely won’t help bring prices down at all.

API

Crude -4.496mm (+2.533mm exp)

Cushing +93k

Gasoline +2.933mm

Distillates -1.652mm

After last week’s huge build, API reports a sizable 4.496mm crude inventory draw (very different from the 2.533mm build expected). Gasoline stocks saw a sizable build last week…

Read more at: https://www.zerohedge.com/energy/wti-maintains-losses-despite-unexpected-crude-inventory-draw

Netflix loses subscribers for first time in more than 10 years

The firm lost 200,000 members in the first three months of the year.

Read more at: https://www.bbc.co.uk/news/business-61153252?at_medium=RSS&at_campaign=KARANGA

Fake reviews to be illegal under new rules

The government has also announced people will be able to opt out of subscriptions more easily.

Read more at: https://www.bbc.co.uk/news/business-61154748?at_medium=RSS&at_campaign=KARANGA

UK set for slowest growth in G7 as Ukraine war hits global economy

The Ukraine war will “severely set back” global growth with the UK hit harder than most, the IMF says.

Read more at: https://www.bbc.co.uk/news/business-61142906?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 breaks below key support; trend turns decisively negative

To be sure, Nifty50 had made a ‘Death Cross’ in the previous session, which was a negative development. To add to that the index could not respect a key support of 17,000 level on Tuesday, which intensified the selling pressure. Analysts said more downside is likely for the index.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-breaks-below-key-support-trend-turns-decisively-negative/articleshow/90937067.cms

2 smallcap-heavy PMS portfolios more than double investor money in FY22

Counter Cyclical Investment’s Long Term Value Investment strategy came in second to deliver 121 per cent return. The fund holds 49 stocks, all smallcaps, in the portfolio. Its top five holdings are Ambika Cotton Mills, Orient Bell, Allcargo Logistics, Garware Hi-Tech Films and Apollo Sindoori Hotels.

Read more at: https://economictimes.indiatimes.com/markets/bonds/2-smallcap-heavy-pms-portfolios-more-than-double-investor-money-in-fy22/articleshow/90932908.cms

Mukul Agrawal added these 5 multibagger stocks to his portfolio in Q4

Seasoned investor Mukul Agrawal was quite busy shopping on Dalal Street during March 2022 quarter as he added at least five new stocks in his portfolio, while increasing stakes in five others. However, he kept his holding intact in about two dozen companies.On the contrary, Agrawal exited three companies including Dynamatic Technologies, GM Breweries and Paras Defence, whereas cut his stake in three others. Let’s have a look at the new additions in his Rs 2,555 crore portfolio during January-March 2022 period:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/mukul-agrawal-added-these-5-multibagger-stocks-in-his-portfolio-in-q4/portfolio-rejig/articleshow/90931461.cms

MarketWatch First Take: Are you sharing a Netflix password? Not for long …

As Netflix searches for new subscribers amid a big downturn, the streaming giant is looking to end password sharing.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7C21-F9027400476A%7D&siteid=rss&rss=1

The Moneyist: ‘We believe his ex-wife put her up to this’: My husband’s daughter asked me why I am the beneficiary of her dad’s life insurance instead of her. How do I respond?

‘She said that she feels he doesn’t love her.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7C16-FE57F97E32ED%7D&siteid=rss&rss=1

‘The equivalent of a plane’s worth of people still die every day’: If you wear a mask on a train or plane, while others don’t, will it protect you from COVID-19?

A Trump-appointed federal judge says CDC overreached its authority, failed to justify its decision.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7C1B-752F4EEC5FBF%7D&siteid=rss&rss=1