Wall Street Today | OPEC's Barkindo says there's 'no physical shortage' of oil
Stocks, futures stabilize as traders mull oil jump
Asian shares and U.S. equity futures stabilized as investors took stock of the U.S. and U.K. ban on Russian oil, which bolstered the rally in crude. Inflation risks put sovereign bonds on the back foot.
Shares rose in Japan and Australia, while European contracts climbed and those for the U.S. fluctuated. Volatility was again the dominant theme in the U.S. as the $S&P 500 Index(.SPX.US$ lurched lower at the close after earlier rising almost 2%.
OPEC's Barkindo says there's 'no physical shortage' of oil
The outgoing general secretary of OPEC, Mohammad Barkindo, said that while oil prices in the futures markets have risen more than 30% since Russia invaded Ukraine, there's "no physical shortage of oil, as of this morning.”
The futures markets are "paper barrels," but in the physical market supplies are guaranteed, Barkindo said in an interview to Bloomberg TV. OPEC and its allies will continue to guarantee supplies to the market.
Nickel's price surge could threaten automakers' ambitious electric-vehicle plans
In an unusual step, the London Metal Exchange suspended nickel trading on Tuesday morning after three-month contract prices more than doubled to over $100,000 per ton.
Nickel is a critical ingredient in the lithium-ion battery cells used in most electric vehicles sold in — and planned for — the U.S. market. Its abrupt price surge has analysts and investors raising hard questions about automakers' ambitious electric-vehicle programs.
Australia consumer sentiment declines on war, floods, inflation
The consumer confidence index dropped 4.2% to 96.6 points in March, $Westpac Banking(WBK.US$ said in a statement Wednesday. That's the weakest result since September 2020.
"The war in Ukraine; the floods in southeast Queensland and northern NSW; ongoing concerns about inflation and higher interest rates were all likely to impact confidence, although the size of the decline is still notable," Westpac Chief Economist Bill Evans said.
Shell to stop all Russian oil and gas purchases, apologizes for buying shipment after Ukraine invasion
Oil major $Shell PLC(SHEL.US$ on Tuesday apologized for a buying a heavily discounted consignment of Russian oil and announced it was withdrawing from its involvement in all Russian hydrocarbons.
"As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels and lubricants operations in Russia," it said in a statement.
McDonald's, Coca-Cola hit pause on Russia amid rising backlash
$McDonald's(MCD.US$, $Coca-Cola(KO.US$ and $Starbucks(SBUX.US$ are temporarily halting business operations in Russia amid an intensifying backlash since the invasion of Ukraine started nearly two weeks ago. $PepsiCo(PEP.US$ said it would suspend soft drink sales in Russia but would continue to sell daily essentials such as milk and baby formula.
Lululemon launches into footwear as it seeks to take on industry giants like Nike, Adidas
$Lululemon Athletica(LULU.US$ is venturing into footwear, marking a new product category for the maker of leggings and sports bras and deepening its rivalry with giants like $Nike(NKE.US$ and Nike and $adidas AG(ADDYY.US$.
The company's first-ever running shoe for women, called Blissfeel, will be available to purchase starting March 22 in select markets across North America, Mainland China and the United Kingdom. The running shoes will retail for $148.
Amazon launches live audio app that makes DJs of users' own radio shows
$Amazon(AMZN.US$ on Tuesday unveiled Amp, a new app that makes DJs of users' own radio shows, as a growing number of companies jump into the live audio space. The company said in a blog post Amp gives users the chance to “reimagine radio.”
Amp allows users to launch their own live show, where callers can join and request to speak. Hosts can play music in real time with their audience, as well as preplan and schedule their shows. DJs can choose from a library of millions of songs licensed by Amazon.
Source: Bloomberg, CNBC
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72767288 :
CrazyEnuff : hahah OPEC.... why would they lie
Mr Trecherous CrazyEnuff:
starr67 Mr Trecherous: no shortage? should get out or hold I'm currently in two.
lightfoot : no shortage just like early 70's under Carter. Congress and presidents are stupid or lying in bed with oil oligarchs US. Boy are we gullible. price gouging. we should pick a day and all stay home. make the inventory rise. then N abundance reduces prices. never trust a corporate officer. they must fill the bellies of special interest and fat cat board members. laughing all the way to the bank.
老Uncle : ops no more wild fire?
Jay-Jay :
102568460 : Oil, similar to most commodities, supply is built on future supply and demand. It is generally not based on current time/period or spot unless there is a sudden drop on demand, resulting in its release to the market physically.
Countries will usually stock pile oil as it is strategic and buffer against short term shortages and/or sudden price movements.
So when producers announce there is sufficient quantities available, 2 things might be true; existing stockpiles are released in sufficient quantities to met any short term supply/demand gap or production rate is ramped up to cover future demand. The question is … which situation is being referred to ?…