Goldman
lists 5 reasons traders should load up on energy stocks following oil’s
historic plunge
Matthew Fox, Market Insider, April 28, 2020
Goldman Sachs thinks now is the time for investors to add exposure to energy stocks following oil’s historic plunge into negative territory last week. The investment bank gave five reasons in a note published Monday night. Goldman thinks energy fundamentals have bottomed and sees potential for a lasting recovery in energy stocks depending on the pace of the rebound in demand for oil
Oil
moves mixed on easing lockdowns, looming storage shortage
Reuters, April 28, 2020
Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand.
GAS
Russia’s
Novatek registers new Arctic LNG licence
Mirza Duran, Offshore Energy, April 28, 2020
Russian independent LNG export player Novatek has registered a new licence to underpin its liquefied natural gas expansion activities in the Arctic. Novatek’s unit Arctic LNG 1 registered licence number SLH 16637 NR for geological survey, exploration and production at the Bukharinskiy licence area on the Gydan peninsula. Novatek operates the giant Yamal LNG project but is also building its second export project in the Arctic on the Gydan peninsula across the straight from the LNG plant on the Yamal peninsula. Novatek is also looking to build more LNG export facilities in the area.
POLITICS
Russian envoy to Denmark says US undermines Arctic peace
Reuters, April 27, 2020
Russia’s ambassador to Denmark has accused Washington of provoking confrontation in the Arctic in order to achieve dominance in a region where Moscow has invested heavily. The accusation came after the United States last week announced $12.1 million in economic aid to Greenland, a semi-autonomous part of the Kingdom of Denmark, to strengthen ties and boost the country’s hunt for mineral resources.
COVID 19
Mnuchin
says no bailout for states with badly managed budgets
Saleha Mohsin, Bloomberg, April 28, 2017
Treasury Secretary Steven Mnuchin said states that had poorly managed budgets before the Covid-19 outbreak sent their economies reeling should not be rescued by the federal government. “This isn’t just going to be a federal bailout of the states,” Mnuchin said early Tuesday on CNBC. “States that had specifically large expenses because of the coronavirus, like New York and New Jersey, it was the right thing that the federal government gave them money.” He said he approves of local governments using coronavirus funding to enforce public safety through law enforcement, but not for revenue lost because of the economic shutdown or “states that were mismanaged” before the pandemic hit.
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