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.
BP Pays Britain $127 Million in Taxes for North Sea Production
BP Plc paid $127.3 million in taxes and fees to the British government in 2021 for its oil and...
BP Plc paid $127.3 million in taxes and fees to the British government in 2021 for its oil and gas production in the North Sea, according to a company report.
The figure compares with a net tax refund of $42.3 million the previous year, according to figures released in BP's annual report on payments to governments.
The payments only relate to BP’s upstream operations in the country and do not include other corporate taxes such as its retail business.
U.S. drillers add oil and gas rigs for a record 23 months
U.S. energy firms this week added...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row, in a record 23-month streak of increases, as high crude prices and prodding by the government prompted drillers to return to the wellpad.
The total oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week to June 24, its highest since March 2020.
U.S. oil rigs rose 10 to 594 this week, their highest since March 2020, while gas rigs gained three to 157, their highest since September 2019.
That put the overall oil and gas rig countup for a record 23 months in a row, gaining 26 in June. It also put the count up for seven quarters in a row, the longest streak of gains since 2011.
