Closing Wall Street Comments For December 02, 2021

The DOW closed up 618 points as market volatility from omicron continues but remains down 1175 points from the November 26 Omicron scare selloff. Today’s green volume is higher than yesterday appearing some BTFDer are buying making it difficult to determine if the selloff has finished or a bit more to go. WTI crude settled at 66.82 remaining far below the 85 plus high of several sessions ago. The selloff volume seen on the 26th. was not nearly as high as it could have been indicating much of the selling was from Robinhood-type investors.

The Market in Perspective

Here are the headlines moving the markets.
	This Could Mean The End To Cambo Oil Field Development Shell announced on Thursday that it would no longer proceed with its investment in the Cambo oil field. Shell had a 30% stake in the Cambo oilfield, in the UKs North Sea, with Siccar Point Energy holding the remaining 70% stake. Siccar expressed its disappointment in Shells exit, and said it would need to review its options for Cambo. For Shell, the reason to exit the project was the potential for delay as well as a lack of strength of economics. Cambo was estimated to be capable of producing 175 million barrels of oil in its first
	Republican States Could Pull $600B From Anti-Fossil Fuel Banks A coalition of 15 Republican State Treasurers, Auditors, and Comptrollers of states representing over $600 billion in public assets have recently said their states could potentially reduce future business with banks that cut off financing for oil, gas, and coal, West Virginia State Treasurer Riley Moore says. The coalition will begin considering whether financial institutions are engaged in boycotts of Americas traditional energy industries when awarding state banking contracts, Moore said, announcing that the state
	LNG Suppliers Are Very Confident In Asia’s Strong Gas Demand Liquefied natural gas (LNG) suppliers are confident that strong gas demand growth in Asia in the coming decades will underpin the development of more projects this decade. Asias LNG demand has been growing by a whopping 21 Mt this yeara strong rebound from last years pandemic-driven impact, Gavin Thompson, Vice Chairman, EnergyAsia Pacific, at Wood Mackenzie, wrote on Thursday. The latest LNG project to get the go-ahead was Woodsides US$12-billion Scarborough and Pluto Train 2 developments sanctioned at
	European Oil Majors Doubled Spending On Low-Carbon Energy Sources In just two years, Europes oil and gas majors have doubled their planned spending on low-carbon energyfrom 10 percent of capex in 2019 to 25 percent of overall spending per current expenditure plans, Wood Mackenzie said on Thursday. In 2019, the European majors were targeting on average $2 billion each per year invested in alternative energy sources, or 10 percent of capex. In 2021, those companies now shoot for $4 billion annual investment on average in clean energy, or 25 percent of capex on average. Spains Repsol
	Could Suriname Become The Next Oil Hotspot In Latin America? The deeply impoverished South American country of Suriname, which has been sharply impacted by the COVID-19 pandemic, is hoping to replicate the hydrocarbon success being enjoyed by neighboring Guyana. While Surinames economy shrank by 16% during 2020 because of the fallout from the pandemic, Guyanas gross domestic product soared by a massive 43.5% and the unwelcome news does not stop there. For 2021, the former Dutch colonys GDP is only expected, by the IMF, to expand by a paltry 0.7%, likely the worst performance in South
	What Will Happen To Oil And Gas Workers After The Energy Transition? The Covid-19 pandemic led to hundreds of thousands of job losses in the global energy sector following months of restrictions that hindered people from getting to work and led to the bankruptcy of many oil and gas firms around the world. However, as the IEA and several governments push for a green energy transition, this could be the tip of the iceberg when it comes to job losses. If that is the case, then the industry desperately needs clear policies to be put in place to ensure job creation and training for the millions that stand to lose their
	Kroger CEO Rodney McMullen says new cooking skills, bigger holiday gatherings are lifting grocery sales Kroger shares jumped 11% Thursday, after the company’s strong sales numbers indicated that stay-at-home food trends are sticking.
	Tesla says it needs graphite from China for batteries, requests tariff waiver Tesla filed three public comments on Wednesday supporting waivers for tariffs on graphite, which is used in the lithium-ion batteries in its cars.
	NASA awards Blue Origin, Northrop Grumman and Nanoracks with contracts to build private space stations NASA awarded a trio of companies with contracts to develop private space stations, as the agency prepares for the retirement of the International Space Station.
	Biden says he doesn’t want lockdowns and won’t expand vaccine mandates to fight Covid this winter President Joe Biden said on Thursday his plan to fight Covid during the winter doesn’t include shutdowns or lockdowns.
	Covid omicron variant expected to hit New York in ‘coming days,’ NY health commissioner says The new, highly mutated Covid omicron variant is expected to hit New York state in the “coming days,” the state’s health commissioner said.
	Stocks making the biggest moves midday: Kroger, Boeing, Dollar General and more These are the stocks posting the largest moves in midday trading.
	Here are some money-saving tips for re-stocking your wardrobe as you head back to the office As more employees are expected back to the office after nearly two years of remote work, many need to replenish those closets. Here’s how to do it on a budget.
	Ford pickup remains America’s top-selling truck for 45th year, automaker says While the pickup has topped U.S. sales for decades, retaining the titles this year was particularly notable given an ongoing shortage of semiconductor chips.
	Enron turned obscure businesspeople into household names. Here’s where they are now Twenty years later, the last of the Enron defendants have completed their prison sentences and have sought to move on with their lives.
	Omicron Covid variant now detected in three U.S. states after Minnesota and Colorado officials confirm new cases All three patients in California, Minnesota and Colorado were fully vaccinated but hadn’t yet received their booster shots.
	Covid hospitalizations from delta variant creep up again across America as omicron lands in U.S. About 56,000 Americans are hospitalized with Covid as of Wednesday, up 8% from last week and 20% from the most recent low point on Nov. 10.
	Scientists identify reaction that may cause rare blood clots after AstraZeneca Covid vaccine Scientists claim to have discovered a “potential mechanism” that triggers blood clots in some people who receive the Oxford-AstraZeneca Covid vaccine.
	Rocket Lab gives first look at plans for bigger, reusable Neutron rocket as it takes on SpaceX Rocket Lab on Thursday unveiled more about the larger, reusable Neutron rocket it is developing.
	Why Is Omicron Being Treated Like Ebola? Why Is Omicron Being Treated Like Ebola? Authored by Professor Angus Dalgleish, op-ed via The Daily Mail, As I listened to ministers react nervously in recent days to the new Omicron Covid variant, I began to experience an all-too-familiar sinking feeling. Shall I put it into words? Here we go again, I thought. Mask mandates have been reimposed in shops, schools and hairdressers, and new swingeing £200 fines will be levied on those who dare to break the rules. Meanwhile, the inevitable chorus of gloomy voices has begun to sing again: that unholy alliance of scientific ‘experts’ who have been given blanket coverage by the BBC and Left-wing media so often during this pandemic. The Government has used these voices as justification to impose fresh restrictions on our lives — as well as to threaten more in future.
	Colorado Confirms 3rd US Omicron Case, New York Counts Most New COVID Cases Since January Colorado Confirms 3rd US Omicron Case, New York Counts Most New COVID Cases Since January Update (1600ET): Just hours after officials in Minnesota confirmed the second case of omicron in the US, a local ABC affiliate reports that a third case of the omicron variant has been identified in Colorado. Colorado Gov. Jared Polis announced Thursday that a case of the omicron variant of the coronavirus has been documented in his state. “Just moments ago, Colorado Department of Public Health and Environment confirmed the first Colorado case of the omicron variant,” Polis said in a press conference. “It is somebody who just traveled to southern Africa and returned.” More details about the patient will likely be widely disseminated in the press. Despite all the hype around the third confirmed case, Omicron is still a novelty, and few would deny that it’s a long way from taking over (although, as we have previously explained, speculation that omicron is more mild than delta might mean that an omicron takeover would ultimately benefit the economy and markets). But whether it’s being driven by omicron or not, it appears the winter surge that scientists have been bracing for since…last year’s seasonal surge appears to have officially arrived. To wit: New York state on Thursday reported the largest number of daily new cases since January. The Empire State counted 11,300 new COVID cases, the most since January, as dozens of hospitals report nearing capacity once again. Total patients hospitalized for the virus in New York has increased by more than 1K in the span of a month, reaching 3.093K on Wednesday.
	Over 42,000 Adverse Reaction Reports Revealed In First Batch Of Pfizer Vax Docs Over 42,000 Adverse Reaction Reports Revealed In First Batch Of Pfizer Vax Docs The FDA’s excruciatingly slow release of data related to Pfizer’s COVID-19 vaccine has already borne fruit, and it’s damning despite a trickle of just 500 pages per month out of 329,000 pages – which will take until 2076 to complete. As first reported by Kyle Becker, there were a total of 42,086 case reports for adverse reactions (25,379 medically confirmed, 16,707 non-medically confirmed), spanning 158,893 total events. More than 25,000 of the events were classified as “Nervous system disorders.” Another table of the 1st batch of 55 on Pfizer’s adverse events data: No wonder th …
	Markets Turmoil As Easing Omicron Anxiety Battles Surge In ‘Technical Default’ Fear Markets Turmoil As Easing Omicron Anxiety Battles Surge In ‘Technical Default’ Fear Markets… everywhere… are turmoiling. Volatilities across every asset-class are spiking higher as the Powell-Put gets restruck lower… Source: Bloomberg You can’t un-cut the rope Jay!! A very technical buying panic to start the day but news that a second Omicron variant carrier had been found in the US (Minnesota, but traveled to NYC) initially sent stocks lower but once again he was said to have had only mild symptoms and was fully recovered. That sparked a serious relief rally (back above the technical levels). Late in the day a third Omicron case was reported in Colorado, stonks didn’t care until the last 5 minutes. This was Russell 2000’s best day since March until that last few minutes…
	Countries reach ‘landmark deal’ to cut trade costs Members of the World Trade Organization agree to cut red tape to boost trade in services.
	Covid: Omicron fears cause wave of hotel cancellations Best Western is one hotel group that has seen many customers scrapping Christmas bookings.
	Virgin Media outage hits UK TV viewers The firm apologises after some customers are left with no access to TV services for more than 10 hours.
	India’s growth is still on a modest recovery path Domestic absorption — including private consumption and fixed investments — remains on a rather modest recovery path. Private consumption was up 8.6 per cent YoY versus 19.3 per cent in the previous quarter; fixed capital formation decelerated to 11 per cent from 55.3 per cent in 1Q FY22.
	Mind-boggling rally! Shiba Inu’s euro version jumps 25,000% in a day Euro Shiba Inu (ESHIB) has hit a high of $0.000000000076 from $0.000000000003 on Thursday. However, the token gave up the majority of its gains by 1.20 pm IST.
	Multibagger tracker: Up 270% YTD, this stock just got 50% upside target The brokerage said the stock is trading at a reasonable P/E multiple of 20 times FY24 compared with 42.1 times for Navin Fluorine and 27.5 times for SRF.
	The Ratings Game: Snowflake stock surges to best day in a year after ‘phenomenal’ earnings Shares of Snowflake Inc. sported their best performance in a year after the software company’s latest earnings report was met with a flurry of praise.
	Market Snapshot: Dow books 618-point rise, clinches best point gain in a year, as investors attempt to shake off omicron-sparked jitters U.S. stocks snap a 2-day skid Thursday, with the Dow producing its best percentage gain since early March, as investors looked past the spread of coronavirus.
	: Visa stock notches best day in a year as company sees travel-related spending improve Visa Inc. shares had their best trading day in more than a year after the company said that it saw improved cross-border spending trends now that more countries have relaxed travel-related restrictions.

The Market in Perspective

This Could Mean The End To Cambo Oil Field Development

Republican States Could Pull $600B From Anti-Fossil Fuel Banks

LNG Suppliers Are Very Confident In Asia’s Strong Gas Demand

European Oil Majors Doubled Spending On Low-Carbon Energy Sources

Could Suriname Become The Next Oil Hotspot In Latin America?

What Will Happen To Oil And Gas Workers After The Energy Transition?

Kroger CEO Rodney McMullen says new cooking skills, bigger holiday gatherings are lifting grocery sales

Tesla says it needs graphite from China for batteries, requests tariff waiver

NASA awards Blue Origin, Northrop Grumman and Nanoracks with contracts to build private space stations

Biden says he doesn’t want lockdowns and won’t expand vaccine mandates to fight Covid this winter

Covid omicron variant expected to hit New York in ‘coming days,’ NY health commissioner says

Stocks making the biggest moves midday: Kroger, Boeing, Dollar General and more

Here are some money-saving tips for re-stocking your wardrobe as you head back to the office

Ford pickup remains America’s top-selling truck for 45th year, automaker says

Enron turned obscure businesspeople into household names. Here’s where they are now

Omicron Covid variant now detected in three U.S. states after Minnesota and Colorado officials confirm new cases

Covid hospitalizations from delta variant creep up again across America as omicron lands in U.S.

Scientists identify reaction that may cause rare blood clots after AstraZeneca Covid vaccine

Rocket Lab gives first look at plans for bigger, reusable Neutron rocket as it takes on SpaceX

Why Is Omicron Being Treated Like Ebola?

Colorado Confirms 3rd US Omicron Case, New York Counts Most New COVID Cases Since January

Over 42,000 Adverse Reaction Reports Revealed In First Batch Of Pfizer Vax Docs

Markets Turmoil As Easing Omicron Anxiety Battles Surge In ‘Technical Default’ Fear

Countries reach ‘landmark deal’ to cut trade costs

Covid: Omicron fears cause wave of hotel cancellations

Virgin Media outage hits UK TV viewers

India’s growth is still on a modest recovery path

Mind-boggling rally! Shiba Inu’s euro version jumps 25,000% in a day

Multibagger tracker: Up 270% YTD, this stock just got 50% upside target

The Ratings Game: Snowflake stock surges to best day in a year after ‘phenomenal’ earnings

Market Snapshot: Dow books 618-point rise, clinches best point gain in a year, as investors attempt to shake off omicron-sparked jitters

: Visa stock notches best day in a year as company sees travel-related spending improve

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