13May2022 Market Close & Major Financial Headlines: Wall Street Closed Higher In A Comeback Rally, But Nasdaq Composite Posts A 2.8% Weekly Drop

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Oil Prices Climb Despite Demand Destruction Claims

Despite reports from the IEA and OPEC that emphasized a decline in oil demand, oil prices jumped on Friday due to fears of Europe implementing a Russian oil ban. Oilprice Alert: This week’s Global Energy Alert breaks down Russia’s latest strategy in Ukraine – namely its attempt to replicate its annexation of Crimea. Also, if you join Global Energy Alert today you will receive our 20-page research report ”5 Ways To Play The 2022 Oil BoomFriday, May 13th, 2022Falling demand has been the news of the week for oil markets,

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Climb-Despite-Demand-Destruction-Claims.html

Russia To Halt Electricity Exports To Finland On Saturday

Following Thursday’s report that Russia threatened to cut the flow of gas to Finland, Russia through its entity RAO, will suspend imports of electricity to Finland as of 1:00 a.m. on Saturday, May 14, Fingrid said on Friday in a statement on its website. The Finnish transmission system operator, Fingrid, claims that the security of Finland’s power supply is not under threat, with 10% of its electricity consumption imported from Russia. Reima Paivinen, Senior VP of Power System Operations at Fingrid, said that whatever electricity

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-To-Halt-Electricity-Exports-To-Finland-On-Saturday.html

European Drivers Face Further Gasoline Squeeze

European drivers who are already experiencing substantial pain at the pump are about to get even more unhappy as the market for naphtha, a key ingredient in gasoline, tightens amid EU sanctions on Russia. According to a Bloomberg report, as a result of the sanctions, exports of naphtha from Russia to Europe have shrunk considerably since the start of the year, while demand is expected to increase as summer season begins and petrochemical plants restart after seasonal maintenance. Ultimately, there is some risk from a Russian shortfall in

Read more at: https://oilprice.com/Energy/Crude-Oil/European-Drivers-Face-Further-Gasoline-Squeeze.html

Germany Moves To Expropriate Energy Firms In Case Of Emergency

The lower house of the German Parliament approved a bill on Thursday that could allow the government to place energy firms under trusteeship if the security of supply in Germany is threatened. Europes largest economy, Germany, is a major buyer of Russian natural gas and oil and has been preparing for two months for the possibility that fossil fuel supplies from Russia could be disrupted either because of sanctions or retaliatory moves from Moscow to cut or cut off the supply of oil and/or natural gas. Now the German lawmakers

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Moves-To-Expropriate-Energy-Firms-In-Case-Of-Emergency.html

U.S. Rig Count Continues To Rise As WTI Hits $110

The number of total active drilling rigs in the United States rose by 9 this week, on top of the 7 rig increase in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 714 this week261 rigs higher than the rig count this time in 2021 and the highest count since April 2020. Drilling has picked up substantially since the Russia invasion, adding 64 rigs within that timeframe. Oil rigs in the United States rose this week by 6 rigs to 563, while gas rigs rose by 3 to 149. Miscellaneous

Read more at: https://oilprice.com/Energy/Energy-General/US-Rig-Count-Continues-To-Rise-As-WTI-Hits-110.html

Soaring Costs Set To Hurt U.S. Shale Production

1. Soaring Production Costs Stoke Fears of US Shale Slowdown- Just as US shale producers were poised to capitalize on high crude prices and bring new production to the markets, Texas drillers have been confronted with soaring production costs. – According to Continental and Coterra, drilling and production costs in average shale plays were up by some 20%. It isn’t only that rigs and workers are in short supply, the doubling of fracking sand and diesel prices have also added to the inflationary pressure. – The lead time between order and delivery

Read more at: https://oilprice.com/Energy/Energy-General/Soaring-Costs-Set-To-Hurt-US-Shale-Production.html

‘U.S. consumer is alive and well’ — Affirm CEO says market turbulence has no impact on business

Americans are shopping and buying and “they’re paying their loans, at least to Affirm quite well,” Affirm’s Max Levchin said Thursday evening.

Read more at: https://www.cnbc.com/2022/05/13/us-consumer-is-alive-and-well-affirm-ceo-says-market-turbulence-has-no-impact-on-business.html

Leading House Democrat Bill Pascrell demands Biden replace IRS chief over tax document destruction ‘scandal’

IRS boss Charles Rettig is under fire over the destruction of data related to millions of tax returns. President Joe Biden is being asked to replace him.

Read more at: https://www.cnbc.com/2022/05/13/joe-biden-asked-to-replace-irs-chief-charles-rettig-over-tax-document-destruction.html

Here’s why inflation may be less costly for some retirees

Annual inflation grew by 8.3% in April, but some retirees may be shielded from certain swelling costs, according to a J.P. Morgan report.

Read more at: https://www.cnbc.com/2022/05/13/heres-why-inflation-may-be-less-costly-for-some-retirees.html

IRS insists destruction of 30 million files of taxpayer data won’t affect payers

Filers won’t be affected by the IRS decision to destroy 30 million so-called paper information returns, the agency said.

Read more at: https://www.cnbc.com/2022/05/13/irs-insists-destruction-of-taxpayer-data-wont-affect-payers-.html

Prices for NFL tickets are topping pre-Covid levels, secondary market vendor says

SeatGeek says NFL tickets on the secondary market are selling for more than they did before the Covid pandemic.

Read more at: https://www.cnbc.com/2022/05/13/prices-for-nfl-tickets-are-topping-pre-covid-levels-secondary-market-vendor-says.html

Buy now, pay later is not a boom, it’s a bubble, Harvard researcher says

Since the start of the coronavirus pandemic, installment payments have exploded in popularity along with a general surge in online shopping.

Read more at: https://www.cnbc.com/2022/05/13/buy-now-pay-later-is-not-a-boom-its-a-bubble-harvard-fellow-says-.html

United reaches new contract deal with pilots’ union, the first of the major airlines in pandemic

United is the first major U.S. airline to reach an agreement with its pilots.

Read more at: https://www.cnbc.com/2022/05/13/united-airlines-pilots-union-reach-contract-agreement.html

Novavax confident Covid vaccine will receive FDA authorization in June after delays

If the FDA committee endorses Novavax’s shot, the drug regulator is almost certain to rapidly authorize it for use in the U.S.

Read more at: https://www.cnbc.com/2022/05/13/novavax-confident-covid-vaccine-will-receive-fda-authorization-in-june-after-delays.html

With floods and electricity shortages, South Africa’s economy is threatening to go into reverse

South Africa’s economy picked up momentum in the first quarter of the year, but flooding in a key province and power cuts are putting the brakes on its recovery.

Read more at: https://www.cnbc.com/2022/05/13/floods-and-electricity-shortages-south-africas-economy-threatening-downturn.html

Cramer’s lightning round: I’m going to pass on Harley-Davidson

“Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

Read more at: https://www.cnbc.com/2022/05/12/cramers-lightning-round-im-going-to-pass-on-harley-davidson.html

Want to travel to space? In 2024, balloons might take you part of the way there

Space tourism companies such as Blue Origin, Virgin Galactic and SpaceX rely on rockets. Others plan to use balloons to take travelers into the stratosphere.

Read more at: https://www.cnbc.com/2022/05/13/space-tourism-firms-plan-to-use-balloons-to-go-to-space-in-2024.html

“Terrible Week” Ends With Strong Dead Cat Bounce As Bear Market Marches On

“Terrible Week” Ends With Strong Dead Cat Bounce As Bear Market Marches On

Wall Street is ready to close the books on yet another ugly, chaotic week, the sixth week in a row that has seen the S&P slide – in fact, the S&P has seen weekly gains in just 4 of the past 14 weeks.

Granted today’s relief rally means that we narrowly avoided the worst week for stocks since Jan 21, but it was touch and go there for a whil …

Read more at: https://www.zerohedge.com/markets/terrible-week-ends-strong-dead-cat-bounce-bear-market-marches

Superyacht Owned By Russian Billionaire ‘Goes Dark’ In Caribbean

Superyacht Owned By Russian Billionaire ‘Goes Dark’ In CaribbeanA superyacht owned by Russia’s second-richest citizen, whose oil/gas company has been a target of Western sanctions, has gone dark in the Caribbean.

According to Bloomberg data, the 85-meter (279 feet) long Pacific, owned by Leonid Mikhelson, turned off its automatic identification system, or AIS, in the Caribbean Sea on May 8.

Pacific’s true destination is unknown. There aren’t many countries in the Caribbean that are friendly to Russians except for Cuba or Venezuela.

“It’s inconceivable that Russian oligarchs would consider the Bahamas a safe jurisdiction given its close ties to the United States — not just in terms of location but in terms of its law enforcement cooperation.

“It’s very puzzling that a vessel likely to experience sanctions enforcement would risk turning up in the Bahamas, but it’s more lik …

Read more at: https://www.zerohedge.com/geopolitical/russian-billionaires-superyacht-goes-dark-caribbean-sea

Twitter CEO “Expects Deal To Close” After Musk Chaos

Twitter CEO “Expects Deal To Close” After Musk ChaosUpdate (1550ET): Late in the US cash session, Twitter shares have recovered some losses after tumbling as much as 21% in premarket after growing speculation that Elon Musk might walk away from the deal to purchase the social media company. Musk later clarified that the deal saga isn’t over yet and he’s “still committed to the acquisition.” At 1515 ET, shares are down 9.5% around the $40.80 mark.

At 1510 ET, Twitter CEO Parag Agrawal tweeted a series of updates about what had happened over the past weeks.

“We announced changes to our leadership team and operations yesterday. Changes impacting people are always hard. And some have been asking why a “lame-duck” CEO would make these changes if we’re getting acquired anyway,” Agrawal said.

He said the short answer is very clear:

*While I expect the deal to close, we need to be prepared for all scenarios and always do wh …

Read more at: https://www.zerohedge.com/markets/musk-threatens-walk-away-twitter-deal

Diesel Rationing Could Hit East Coast This Summer, Refinery Owner Says

Diesel Rationing Could Hit East Coast This Summer, Refinery Owner SaysBy Alyssa Sporrer of FreightWaves,

The East Coast of the U.S. could face a worsening diesel shortage this summer, John Catsimatidis, CEO of United Refining Co., said in an interview with Bloomberg. United produces some 70,000 barrels of petroleum products each day and sells gasoline throughout western New York and northwestern Pennsylvania, according to the company’s website.

“I wouldn’t be surprised to see diesel being rationed on the East Coast this summer,” Catsimatidis told Bloomberg’s Lucia Kassai.

“Right now inventories are low, and we may see a shortage in coming months.”

Read more at: https://www.zerohedge.com/commodities/diesel-rationing-could-hit-east-coast-summer-refinery-owner-says

Elon Musk puts Twitter deal on hold over fake account details

The billionaire wants more data on fake accounts, prompting speculation over the deal’s future.

Read more at: https://www.bbc.co.uk/news/business-61433724?at_medium=RSS&at_campaign=KARANGA

Ethnic pay gap: MPs criticise government’s ‘lack of care’

A government decision not to extend pay gap reporting to racial disparities has been criticised by MPs.

Read more at: https://www.bbc.co.uk/news/business-61443538?at_medium=RSS&at_campaign=KARANGA

Drivers cut back on journeys as fuel costs bite

One UK petrol station operator tells the BBC motorists are making fuel “last a little bit longer”.

Read more at: https://www.bbc.co.uk/news/business-61433722?at_medium=RSS&at_campaign=KARANGA

Cryptocurrencies melt down in a ‘perfect storm’ of fear and panic

Cryptocurrency prices reached a peak late last year and have since slid as fears over the economy grew.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/cryptocurrencies-melt-down-in-a-perfect-storm-of-fear-and-panic/articleshow/91542324.cms

Market movers: Matrimony shares spike 15%; Patel Engineering gets big order

Patel Engineering announced that it has bagged a Rs 2,461 crore contract for the works of “construction of diversion tunnel, concrete gravity dam, intake, pressure shafts, underground Power House & Tailrace Tunnel (Lot 1) for Kwar HE Projects in District Kishtwar, Jammu & Kashmir.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-matrimony-shares-spike-15-patel-engineering-gets-big-order/articleshow/91545795.cms

Tech View: Bulls lack strength; Nifty may break below 15,670 next week

Nifty50 gave up around 300 points from the intraday high of 16,083, which hints at a lack of conviction on the part of bulls about the sustainability of upmove at higher levels, said Mazhar Mohammad of Chartviewindia.in.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-bulls-lack-strength-nifty-may-break-below-15670-next-week/articleshow/91542959.cms

Bond Report: 2- and 10-year Treasury yields post biggest weekly declines since March to end a week of choppy trade

Treasury yields bounced back on Friday, though fell short of finishing the week higher, as traders closed out a choppy week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D3F-760123EAE47E%7D&siteid=rss&rss=1

Market Snapshot: Stocks trade sharply higher as S&P 500 fights off bear-market slide; Twitter drops after Musk tweet

U.S. stocks trade sharply higher Friday afternoon, bouncing at the end of a volatile week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D3E-72310F85AF49%7D&siteid=rss&rss=1

Crypto: Here’s how much money you would’ve lost if you bought crypto during Matt Damon’s ‘Fortune Favors the Brave’ commercial

The Matt Damon ‘Fortune Favors the Brave” commercial has been viewed over 28 million times on Twitter and YouTube

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D30-A1212DF746B6%7D&siteid=rss&rss=1