Trading Ideas

Russia’s Sokol crude, which yields more middle distillates like jet fuel and gasoil from refining, has slumped to a record spot discount in the Asia market, two trade sources said on Monday, as fuel demand takes a hit from the coronavirus pandemic. Indian oil explorer ONGC Videsh sold one 700,000-barrel cargo of Russian Sokol crude for loading between June 2-8 at a discount of around $8 a barrel to Dubai quotes via a spot tender that was closed and awarded last Friday, likely to a trader, the sources said. In comparison, last month ONGC sold a Sokol crude …read more […]

(Bloomberg) — Tesla Inc. engineers showed footage of a prototype ventilator the company is trying to make with auto parts amid a shortage of the machines for coronavirus patients.According to the video on Tesla’s YouTube channel, the design includes a touch screen, computer and control system from a Model 3 electric car. Tesla is taking advantage of components that are familiar, reliable and available, an engineer says in the video.Click here to see the videoNew York Governor Andrew Cuomo, among those urgently trying to source more ventilators, said Sunday that supply-chain disruption is the biggest hurdle for every manufacturer, including …read more […]

Apr.05 — Japanese Prime Minister Shinzo Abe is set to declare a state of emergency within days, after coronavirus cases in Tokyo jumped over the weekend to top 1,000 for the first time and raised worries of a more explosive surge, media reports said. Meanwhile, the government will release an economic stimulus package in response to the pandemic in two phases, according to a government document obtained by Bloomberg. Stephen Engle reports on “Bloomberg Markets.” …read more […]

The $350 billion loan program, which launched on Friday, will provide low-interest loans to help small businesses cover payroll and other fixed costs such as rent, mortgages and utilities over the next eight weeks. “While we are actively working to create balance sheet capacity to lend, we are limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit,” Chief Executive Charlie Scharf said in a statement. The Federal Reserve in early 2018 ordered Wells Fargo to keep its assets below $1.95 trillion, until it had improved its governance and risk controls …read more […]

(Bloomberg) — Wells Fargo & Co. said it can’t fully meet demand from small businesses rushing to participate in a U.S. relief program because of constraints imposed by the Federal Reserve on the bank’s growth.The company has capacity to lend $10 billion to small-business clients under the $349 billion U.S. program, but customers already have expressed more interest than that, Wells Fargo said in a statement late Sunday. The firm will therefore focus on helping nonprofits and businesses with fewer than 50 employees.“While we are actively working to create balance sheet capacity to lend, we are limited in our ongoing …read more […]

Between April 9 and May 6, American will operate a total of 13 daily flights from New York’s JFK and LaGuardia airports and New Jersey’s Newark, it said, down from an average of 271 daily flights across all three airports in April 2019. David Seymour, American’s senior vice president of Operations, told employees that demand for flights to the New York area “is rapidly evaporating” following an increase in COVID-19 cases and a recent advisory from the Centers for Disease Control and Prevention warning against all non-essential travel to and from New York, Connecticut and New Jersey. …read more […]

Coronavirus is probably the 1 concern in investors’ minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […] …read more […]

Oil prices slipped more than $1 a barrel on Monday, after the world’s top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand. Brent crude slipped close to $30 a barrel in early trade and was at $32.82 by 0203 GMT, down $1.29, or 3.8%. West Texas Intermediate (WTI) crude fell $1.66, or 5.9%, to $26.68 a barrel, after earlier touching a low of $25.28. …read more […]

Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases. In currency markets, sterling fell after British Prime Minister was admitted to hospital following persistent coronavirus symptoms as the pandemic rapidly spreads. Brent crude fell as much as $3 in early Asian trading after Saudi Arabia and Russia postponed a meeting over a potential pact to cut production to Thursday. …read more […]

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(Bloomberg) — At the outset of a month promising extreme earnings volatility, American equity futures advanced after President Donald Trump and Vice President Mike Pence said they see signs the U.S. coronavirus outbreak is beginning to level off or stabilize.Contracts on the S&P 500 added 2.8% at 9 p.m. in New York, after declining 2.1% over the previous five sessions. The daily toll in some of the world’s outbreak epicenters was lower Sunday. New York State fatalities fell for the first time. Italy had the fewest deaths in more than two weeks. France reported the lowest number in five days. …read more […]

Coronavirus is probably the 1 concern in investors’ minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […] …read more […]

(Bloomberg) — President Donald Trump said he doesn’t think he’ll have to impose tariffs on imported oil to blunt the impact of a price war between Russia and Saudi Arabia, but held out the option to protect U.S. oil producers.“I would use tariffs if I have to,” he said at a White House news conference on Sunday, restating his position from Saturday’s briefing. “I don’t think I’m going to have to.”The U.S. has been in talks with Russia and Saudi Arabia about cutting excess production that’s cratered global oil prices, including calls between Trump and the leaders of both nations. …read more […]

Oil prices skidded on Monday after Saudi-Russian output discussions showed no immediate signs of progress while U.S. stock futures jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases. Sterling fell after British Prime Minister was admitted to hospital following persistent coronavirus symptoms as the pandemic rapidly spreads. Brent crude fell as much as $3 in early Asian trading after Saudi Arabia and Russia postponed a meeting over a potential pact to cut production to Thursday. …read more […]

Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases. In currency markets, sterling fell after British Prime Minister was admitted to hospital following persistent coronavirus symptoms as the pandemic rapidly spreads. Brent crude fell as much as $3 in early Asian trading after Saudi Arabia and Russia postponed a meeting over a potential pact to cut production to Thursday. …read more […]