OklahomaMinerals.com

Snippets

• OPEC+ extends oil cuts despite US growth slowdown
  The US continues to lead non-OPEC+ oil production growth, but leading...
  The US continues to lead non-OPEC+ oil production growth, but leading forecasts indicate a slowdown from last year's more than one million barrels per day growth rate to between 270,000 bpd and 640,000 bpd. Despite the US' smaller contribution to global supply due to restrained spending by domestic producers, OPEC+ members announced on Sunday an extension of their collective oil production cuts, totaling 2.2 million bpd, through 2025.
  Read More
• ☕️ What Else Is Brewing Monday Morning
  🇲🇽 Mexico elects its first female president. Claudia...
  🇲🇽 Mexico elects its first female president. Claudia Sheinbaum, a climate scientist and the former mayor of Mexico City, will become the first woman to lead Mexico in its 200-year history as a republic following a landslide victory in elections yesterday. She’s also the first woman to win a general election in the US, Mexico, or Canada. During her presidency, Sheinbaum will aim to expand upon the social welfare policies of her mentor, outgoing President Andrés Manuel López Obrador, while tackling the surging problem of organized crime. Thirty-eight candidates were murdered during this election cycle, making it the most violent in Mexico’s modern history.
  
  🚀 Boeing halts Starliner launch…again. With less than four minutes before blastoff for its rocket, Boeing was forced to scrub its latest attempt at a first crewed mission when an automated computer system was slow to come online. Last month, a previously scheduled mission was also canceled due to technical issues. The next attempt could happen this week, possibly Wednesday or Thursday. But it wasn’t all bad news in the space industry this weekend: China landed a spacecraft on the far side of the moon in an attempt to be the first to collect samples from the area and bring them back to Earth.
  
  🎟 Ticketmaster was hacked. Live Nation confirmed in an SEC filing that it was investigating a data breach that affected 560 million Ticketmaster customers. According to Cyber Daily, the hacking group ShinyHunters claimed responsibility and is selling the data for $500,000 (no word on if this includes additional fees and surcharges). The information for sale contains credit card numbers and ticket purchase history but likely does not include passwords, per the NYT. Security experts are investigating whether the Ticketmaster hack and another recent data breach against the bank Santander are linked to Snowflake, the cloud hosting provider.
  

  
  
  • The African National Congress is no longer the ruling party in South Africa. The ANC received a little more than 40% of the vote, marking the first time since apartheid ended 30 years ago that the party will not have a majority.
  
  
  • An aide to Israeli Prime Minister Benjamin Netanyahu said the government has agreed to a proposal for ending the war laid out by US President Biden, but described it as “not a good deal.”
  
  
  • Former President Trump joined TikTok and posted from a UFC fight he attended in New Jersey.
  
  
  • Real Madrid won a record 15th Champions League title by defeating Borussia Dortmund 2–0. A 16th title could be inevitable with Kylian Mbappe joining the club.
  
  
  • Media mogul Rupert Murdoch got married for the fifth time.
  
  
  • Lego released a 4,383-piece set of the Notre Dame Cathedral, the company’s first religious structure.
  
  
  Read More
• The Brew: Market Highlights
  ISS became the second leading proxy advisor service to encourage Tesla shareholders to vote against...
  ISS became the second leading proxy advisor service to encourage Tesla shareholders to vote against the re-approval of CEO Elon Musk’s $56 billion pay package.
  
  Saudi Aramco, the state-owned oil giant, plans to offer $12 billion worth of shares on Sunday. The money will be used to fund struggling projects that diversify the kingdom’s economy.
  
  Oh, Canada: The country’s economy grew at a less-than-expected 1.7% annualized rate in the first quarter.
  
  Nvidia is closing in on Apple to become the world’s second-largest company.
  
  Investors are bracing for some volatility: The VIX has gained 11% over the past week. “Earnings season is an opportunity for investors to marry macro data and micro data, so they're able to be a little bit less reactive to each economic data point. So once we move out of earnings season, it creates a void for several weeks,” Shannon Saccocia, Chief Investment Officer of NB Private Wealth, told Brew Markets.
  
  Oil fell 6% in May—its worst month since last November—on inflationary pressure and weaker demand. Investors are awaiting the upcoming OPEC meeting, which will take place virtually this Sunday. Leading members including Saudi Arabia and Russia are expected to maintain production cuts.
  
  
  Read More
• US drillers cuts most oil and gas rigs in a month since August
  U.S. energy firms this month cut the most oil and natural...

  U.S. energy firms this month cut the most oil and natural gas operating since August, even as the rig count remained unchanged this week, energy services firm Baker Hughes said in its closely followed report on Friday.

  
  

  The total oil and gas rig count, an early indicator of future output, held steady at 600 in the week to May 31, 96 rigs, or 14%, below this time last year.

  
  

  Oil rigs fell by one to 496, while gas rigs rose by one to 100.

  
  

  In May, the total number of oil and gas rigs fell for the third month in a row, dropping by 13, the most in a month since August.

  
  

  The number of oil rigs active in May fell by 10, its first monthly decline since January and the biggest monthly cut since September.

  
  

  The number of gas rigs operating in May declined by five, the first time it has fallen in three months since July 2020.

  Read More
• Joint British-US airstrikes in Yemen kill at least 16 people
  The airstrikes were targeting Yemen's Houthi rebels and wounded at least...
  The airstrikes were targeting Yemen's Houthi rebels and wounded at least 42 others. The strikes were carried out in response to attacks on shipping vessels in the Red Sea by Iran-backed militant groups protesting the Israel-Hamas war. Iran has funded Houthi rebels in Yemen, Hamas in Gaza, Hezbollah in Lebanon, and other groups in Iraq and Syria. Separately, President Joe Biden endorsed an Israeli-led cease-fire proposal; Hamas has not responded as of this writing. 
  Read More

• Prev
• Next