Ecuador could stop pumping oil within 48 hours due to protests
Ecuador could suspend oil production completely within 48 hours over "acts of vandalism, taking...
Ecuador could suspend oil production completely within 48 hours over "acts of vandalism, taking over wells and closing roads", the Energy Ministry said on Sunday, amid anti-government protests in which at least six people have died.
The former OPEC country, which was pumping around 520,000 barrels per day before the protests, may halt oil operations as "it has not been possible to transport the supplies and diesel necessary to maintain operations," the ministry said in a statement.
Ecuador has been embroiled in mass anti-government protests since June 13, with calls for lower prices for fuel, food and other basics, which have led to its oil production falling by more than half.
Ukrainian missiles struck 3 gas platforms in the Black Sea that Russia had converted into 'small garrisons'
Ukraine has launched missile strikes against three Russian gas rigs in the Black Sea. Seven people were...
Ukraine has launched missile strikes against three Russian gas rigs in the Black Sea.
Seven people were missing and three injured after one of the attacks, according to a Telegram post from Sergey Aksyonov, the governor of Russian-controlled Crimea.
A Ukrainian official confirmed one of the attacks, claiming on Tuesday that Russian troops were using the platform as a military installation, The Moscow Times reported.
A short week of trading maybe did the trick as the major indexes closed much higher on the week. The...
A short week of trading maybe did the trick as the major indexes closed much higher on the week. The Dow, Nasdaq and S&P 500 are still below their 50-day and 200-day moving averages but may have broken their downtrend. How stocks will react this week is anyone’s guess. The S&P 500 gapped above its resistance level around 3,800, so if it can at least hold that level or move higher this week, a non-bearish market outlook may be justified going forward. Several growth stocks that had been beaten down for quite some time have recently showed some bullish life too. As you might imagine with stocks moving higher last week, implied volatility levels and option prices decreased.
Looking ahead to this week, there are several economic reports worth noting listed below including the latest GDP revision and consumer confidence. The June unemployment numbers will not be released until the following Friday, July 8. At the time of this writing, there were no significant speeches planned by any of the Federal Reserve members. Quarterly earnings continue to be extremely slow.
Jun 27: Durable Goods
Jun 27: Pending Home Sales
Jun 28: Advance Trade in Goods
Jun 28: Consumer Confidence
Jun 29: GDP
Jun 30: Jobless Claims
Jun 30: Personal Income and Spending
Jun 30: Chicago PMI
Jul 1: Construction Spending
Gas tax holiday relief will likely be mild, short. Americans should brace for higher prices
It’s unlikely Americans will feel any significant or lasting relief from...
It’s unlikely Americans will feel any significant or lasting relief from President Joe Biden's proposal Wednesday for a three-month federal gas tax holiday.
The average national gas price fell this week for the first time in nine weeks, slipping below the key $5 per gallon for regular unleaded, according to GasBuddy. The decline was in line with a tumble in oil prices to about $110 per barrel, from $122, on fears the global economy is slowing and may fall into recession, AAA said.
But an easing in gas prices last week doesn’t mean the coast is clear. The world still has lower-than-usual stockpiles of oil and gas and stretched refining capacity to transform the oil into consumer products, and consumption remains strong. AAA predicts car travel will set a record with 42 million people hitting the road this July 4th weekend despite historically high gas prices.
