A recession and a credit crunch could spark $1 trillion of corporate debt defaults, according...
A recession and a credit crunch could spark $1 trillion of corporate debt defaults, according to Bank of America. They added that even if a full-blown downturn doesn't hit in the coming years, a credit crunch would only be delayed, not averted. Read more.
Markets are growing jittery over the prospect of a future downturn, with the New York Fed's US Recession Probability Index predicting a 68% chance that a recession will arrive by April 2024. The risk stems from the Fed aggressively raising interest rates over the past year to tame inflation.
North Dakota oil, natural gas production 'mixed bag'
Oil production in North Dakota, the US's third-largest oil-producing state, dropped 3% to 1.12 million...
Oil production in North Dakota, the US's third-largest oil-producing state, dropped 3% to 1.12 million barrels daily in March, while natural gas production held steady. There are 39 drill rigs in the state, down from 46 in February, and 17,650 active oil wells.
Oil prices were stable during earlier trading this morning, with...
Oil prices were stable during earlier trading this morning, with WTI trading at $69.34 per barrel and Brent Crude at $73.91 per barrel, as supply constraints were offset by worries over falling demand."With the uneven re-opening in China and concerns that the US is facing a growth slowdown at a time when the X-date for the debt ceiling is rapidly approaching, topped off by a rally in the US dollar, market sentiment towards crude oil will remain tepid at best," says IG analyst Tony Sycamore.
US crude exports hit a record 4.5 million barrels per day...
US crude exports hit a record 4.5 million barrels per day in March, with pipelines from the Permian basin in West Texas to Corpus Christi operating at over 90% capacity and positioning Houston to play a major role in moving the increased production. The uptick in activity has been driven by escalating Chinese demand and sanctions on Russian crude prompting European customers to seek alternative supply sources.
Five years ago yesterday, the Supreme Court lifted a federal ban on sports gambling in the US, spawning a multibillion-dollar industry that’s transformed how Americans watch, talk about, and experience sports.
$95 billion:That’s how much Americans bet on sports in legal jurisdictions with consumer protections last year, Sportico reported. It’s more money than the amount spent on ride-sharing, coffee, or streaming.
71%: Two sports betting companies, DraftKings and FanDuel, control more than 70% of the US market, per gambling analytics firm Eilers & Krejcik. But despite taking in ~10% of wagers, these companies have struggled to turn a profit. FanDuel recorded its first quarterly profit last year, and DraftKings has yet to report a profitable quarter.
33:That’s the number of states that currently have legal sports betting (Washington, DC, has it too). Another four states have legalized sports wagering, but don’t have any sportsbooks operating yet.
3:The three most-populous US states—California, Texas, and Florida—have not legalized sports gambling. They account for 26% of all teams in the major North American pro leagues, according to Axios.
