Markets News Oil Stocks 

Global oil supply surplus may soon become a shortage

“Oil prices have rallied so far this year, as OPEC-led efforts have helped erase a big global surplus, but the market may soon suffer from a new dilemma: a shortage of crude supplies that would support further price gains” writes Markets Commodities Reporter for marketwatch.com. For the past couple of months, the IEA has underestimated global demand, with its first-quarter 2018 estimate at 98.1 million barrels a day–which is likely about 0.3 million barrels a day short of true global demand, according to Parry.When OPEC reached an agreement in late…

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Merlin, Beggars Group, [PIAS] & Ingrooves Sign Licensing Deals With Facebook

“Following deals with major labels Warner Music Group and Universal Music Group, Facebook has turned its attention to the indies and on Friday (April 20) announced new deals with Merlin, Beggars Group, [PIAS] & Ingrooves that will make their catalogs available users on the social media network” writes Colin Stutz for billboard.com. “We are excited to partner with the thousands of global labels represented by Merlin, Beggars, [PIAS] and Ingrooves,” said Facebook independent label business development lead Jeremy Sirota in a statement. Source: billboard.com Share This:

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Markets News 

The DeanBeat: Tencent leads China’s domination of the global games business

“Within games, Tencent is viewed as an operator with a shrewd understanding of the game business” writes Dean Takahashi for venturebeat.com. If you follow the $116 billion game business, you may know that China has become the world’s biggest game market, and that Tencent is the world’s biggest game company. Source: venturebeat.com Share This:

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GBP News 

Brexit could further dent UK credit rating, Fitch analyst says

“Brexit uncertainty could further damage the U.K.’s credit rating as it remains one of the few countries on a negative outlook, an analyst said Friday” writes Shafi Musaddique for cnbc.com. However, McCormack hinted that Fitch could change the U.K’s credit rating as government borrowing returned to pre-2008 financial crisis levels this year.James McCormack, global head of sovereigns at Fitch Ratings, told CNBC’s Joumanna Bercetche that “risks related to Brexit” and uncertainty on what a post-Brexit U.K. would look like mean a gloomy assessment is set to continue. Source: cnbc.com Share This:

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Futures News Oil 

Trump rails against high oil prices, OPEC pushes back

“The U.S. government cannot legally influence oil prices other than through releasing oil from its strategic reserves which it does occasionally” reports businessinsider.com. Earlier this week, three officials from the country, the world’s leading oil exporter, told Reuters they would be happy to see oil hit $80 or $100 a barrel.WASHINGTON/DUBAI (Reuters) – U.S. President Donald Trump accused OPEC on Friday of “artificially” boosting oil prices after a year-plus pact that has slashed global crude inventories, drawing rebukes from oil-producing countries as prices dipped following his remarks.Since then, oil prices…

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News Oil 

Asian oil demand to hit record, but industry can’t take eyes off Middle East

“Worries about “trade wars and fears that higher oil prices will start to weigh on demand growth … are overdone,” it said” reports businessinsider.com. Several traders said more such outages are due in May and June, likely reducing China’s crude imports in coming months.Suresh Sivanandam of energy consultancy Wood Mackenzie said he expected China’s overall oil demand to grow by 370,000 bpd this year to 12.78 million bpd.The record comes despite maintenance season, which usually dents imports at this time of year, and indicates that China’s oil requirement is bigger…

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Protectionism is a ‘historical mistake,’ Spain’s new finance minister says

“Spain joined several other countries in voicing its opposition against rising trade tariffs and other protectionist attitudes” writes Angel Navarrete for cnbc.com. His comments come after tensions over global trade rose in the aftermath of President Donald Trump’s decision to increase duties on metals in early March.Since then, there has been additional tariffs also imposed on China, sparking fears of a global trade war.Speaking to CNBC Thursday, Roman Escolano, the recently appointed finance minister of Spain, said that Madrid is not enjoying some decisions that are destabilizing global free trade. Source:…

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Futures News Oil 

China could do one thing to help internationalize the yuan — but it probably won’t

“Rather than act a kick-starter, therefore, RMB oil futures look to be a non-starter” writes Benn Steil for businessinsider.com. So for the time being, at least, expect more capital markets window-dressing—like RMB oil futures.What could China do to boost global RMB use, then?.  Source: businessinsider.com Share This:

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News 

Jim Bridenstine Approved as 13th NASA Administrator

“Jim Bridenstine has been approved by the Senate to become NASA’s 13th Administrator, ending the longest period the agency has been without a permanent director in the agency’s history” writes David Grossman for popularmechanics.com. But he refused to admit the scientific consensus that humanity is the primary cause of global warming.During Senate hearings, Bridenstine called NASA “the only agency in the world that can do” the type of science needed to better understanding global warming.Encouraging further study of global warming while denying the current consensus is part of a pattern…

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Fairness of trade is a key focus, World Bank chief says

“World Bank Chief Executive Kristalina Georgieva said Wednesday that “fairness of trade” has become a key issue for her organization” writes David Reid for cnbc.com. Georgieva said that the World Bank did not want to see a reversal of the global growth that free trade has provided during recent years.”So fairness of trade, the benefits of trade, is something that the bank is now a very, very important topic of discussion,” she added.President Donald Trump has repeatedly suggested that the U.S. is not getting a fair deal when it comes…

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