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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 366.61+2.6%Oct 3 4:00 PM EDT

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Global oil prices have fully recovered from the pandemic
Julia Horowitz byline
By Julia Horowitz, CNN Business

Updated 10:46 AM ET, Mon February 8, 2021
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)

Oil prices went negative. Here's why
Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by David McNew/AFP/Getty Images)
US oil prices fall below zero for the first time ever
The sun sets behind an idle pump jack near Karnes City, Texas, Wednesday, April 8, 2020. Demand for oil continues to fall due to the new coronavirus outbreak. (AP Photo/Eric Gay)
Global oil crisis: Bottom of the barrel is still unclear

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Why natural gas has a role in the energy transition

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378796 09: A pipeline carries oil September 20, 2000 at the Federal Strategic Petroleum Reserve facility known as Big Hill near Beaumont, Texas. It is one of four crude oil storage sites run by the U.S. government that could be tapped to ease the oil crisis. The Big Hill facility has 14 underground solution-mined storage caverns that have a combined storage capacity of 160 million barrels. The site has demonstrated the capability to deliver crude at 930,000 barrels per day. The Big Hill site is connected via a 25-mile, 36-inch pipeline to the Sun Marine Terminal and the Unocal Marine Terminal at Nederland, Texas. The pipeline also interconnects with the Texaco 20-inch pipeline system in Port Arthur, Texas. The reserve, created in 1975 after the Arab oil embargo, is intended to provide a stopgap in case of disruptions in oil imports. It has been used only once, during the Gulf War in 1991. (Photo by Joe Raedle/Newsmakers)
Why the US has a huge stash of emergency oil
An oil tanker is on fire in the sea of Oman, Thursday, June 13, 2019. Two oil tankers near the strategic Strait of Hormuz were reportedly attacked on Thursday, an assault that left one ablaze and adrift as sailors were evacuated from both vessels and the U.S. Navy rushed to assist amid heightened tensions between Washington and Tehran. (AP Photo/ISNA)
Why the Strait of Hormuz is so important for oil
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
Biden revokes Keystone XL pipeline permit
HUAINAN, CHINA - JUNE 15: A Chinese farmer works his field next to a state owned coal fired power plant near the site of a large floating solar farm project under construction by the Sungrow Power Supply Company on a lake caused by a collapsed and flooded coal mine on June 15, 2017 in Huainan, Anhui province, China. The floating solar field, billed as the largest in the world, is built on a part of the collapsed Panji No.1 coal mine that flooded over a decade ago due to over-mining, a common occurence in deep-well mining in China's coal heartland. When finished, the solar farm will be made up of more than 166,000 solar panels which convert sunlight to energy, and the site could potentially produce enough energy to power a city in Anhui province, regarded as one of the country's coal centers. Local officials say they are planning more projects like it, marking a significant shift in an area where long-term intensive coal mining has led to large areas of subsidence and environmental degradation. However, the energy transition has its challenges, primarily competitive pressure from the deeply-established coal industry that has at times led to delays in connecting solar projects to the state grid. China's government says it will spend over US $360 billion on clean energy projects by 2020 to help shift the country away from a dependence on fossil fuels, and earlier this year, Beijing canceled plans to build more than 100 coal-fired plants in a bid to ease overcapacity and limit carbon emissions. Already, China is the leading producer of solar energy, but it also remains the planet's top emitter of greenhouse gases and accounts for about half of the world's total coal consumption. (Photo by Kevin Frayer/Getty Images)
The Rockefeller Foundation -- founded on oil money -- is dropping fossil fuels

OPEC and Russia agree to boost oil output
A 2x2 grid split screen showing Donald Trump and Joe Biden and energy industry equipment.
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DETROIT, MI - SEPTEMBER 18: Billionaire investor Warren Buffett speaks at a "Detroit Homecoming" event September 18, 2014 in Detroit, Michigan. The purpose of the invitation-only event of Detroit expatriats is to give the group a chance to reconnect, reinvest and reinvent with their hometown. The topic of Buffet's conversation was, "Why I'm Bullish on Detroit." (Photo by Bill Pugliano/Getty Images)
Warren Buffett's Berkshire Hathaway buying natural gas assets

Renewable energy growth stalled by coronavirus

Oil prices went negative. Here's why
Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California, on March 9, 2020. - Global stocks and oil prices rebounded on March 10, 2020 on hopes of US economic stimulus efforts as the coronavirus rages, one day after suffering their biggest losses in more than a decade. Trading is exceptionally volatile as investors attempt to get a grip on a rapidly changing news flow, with positive reports of progress in China on the virus clashing with a Saudi decision to increase oil output in an already over-supplied market. (Photo by David McNew/AFP/Getty Images)
US oil prices fall below zero for the first time ever
The sun sets behind an idle pump jack near Karnes City, Texas, Wednesday, April 8, 2020. Demand for oil continues to fall due to the new coronavirus outbreak. (AP Photo/Eric Gay)
Global oil crisis: Bottom of the barrel is still unclear

What is carbon capture?
natural gas energy gec_00010408.jpg
Why natural gas has a role in the energy transition

This energy startup has made a solar breakthrough
378796 09: A pipeline carries oil September 20, 2000 at the Federal Strategic Petroleum Reserve facility known as Big Hill near Beaumont, Texas. It is one of four crude oil storage sites run by the U.S. government that could be tapped to ease the oil crisis. The Big Hill facility has 14 underground solution-mined storage caverns that have a combined storage capacity of 160 million barrels. The site has demonstrated the capability to deliver crude at 930,000 barrels per day. The Big Hill site is connected via a 25-mile, 36-inch pipeline to the Sun Marine Terminal and the Unocal Marine Terminal at Nederland, Texas. The pipeline also interconnects with the Texaco 20-inch pipeline system in Port Arthur, Texas. The reserve, created in 1975 after the Arab oil embargo, is intended to provide a stopgap in case of disruptions in oil imports. It has been used only once, during the Gulf War in 1991. (Photo by Joe Raedle/Newsmakers)
Why the US has a huge stash of emergency oil
An oil tanker is on fire in the sea of Oman, Thursday, June 13, 2019. Two oil tankers near the strategic Strait of Hormuz were reportedly attacked on Thursday, an assault that left one ablaze and adrift as sailors were evacuated from both vessels and the U.S. Navy rushed to assist amid heightened tensions between Washington and Tehran. (AP Photo/ISNA)
Why the Strait of Hormuz is so important for oil
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
Biden revokes Keystone XL pipeline permit
HUAINAN, CHINA - JUNE 15: A Chinese farmer works his field next to a state owned coal fired power plant near the site of a large floating solar farm project under construction by the Sungrow Power Supply Company on a lake caused by a collapsed and flooded coal mine on June 15, 2017 in Huainan, Anhui province, China. The floating solar field, billed as the largest in the world, is built on a part of the collapsed Panji No.1 coal mine that flooded over a decade ago due to over-mining, a common occurence in deep-well mining in China's coal heartland. When finished, the solar farm will be made up of more than 166,000 solar panels which convert sunlight to energy, and the site could potentially produce enough energy to power a city in Anhui province, regarded as one of the country's coal centers. Local officials say they are planning more projects like it, marking a significant shift in an area where long-term intensive coal mining has led to large areas of subsidence and environmental degradation. However, the energy transition has its challenges, primarily competitive pressure from the deeply-established coal industry that has at times led to delays in connecting solar projects to the state grid. China's government says it will spend over US $360 billion on clean energy projects by 2020 to help shift the country away from a dependence on fossil fuels, and earlier this year, Beijing canceled plans to build more than 100 coal-fired plants in a bid to ease overcapacity and limit carbon emissions. Already, China is the leading producer of solar energy, but it also remains the planet's top emitter of greenhouse gases and accounts for about half of the world's total coal consumption. (Photo by Kevin Frayer/Getty Images)
The Rockefeller Foundation -- founded on oil money -- is dropping fossil fuels

OPEC and Russia agree to boost oil output
A 2x2 grid split screen showing Donald Trump and Joe Biden and energy industry equipment.
The future of renewable energy could look very different under Biden

Inside the US shale crisis
DETROIT, MI - SEPTEMBER 18: Billionaire investor Warren Buffett speaks at a "Detroit Homecoming" event September 18, 2014 in Detroit, Michigan. The purpose of the invitation-only event of Detroit expatriats is to give the group a chance to reconnect, reinvest and reinvent with their hometown. The topic of Buffet's conversation was, "Why I'm Bullish on Detroit." (Photo by Bill Pugliano/Getty Images)
Warren Buffett's Berkshire Hathaway buying natural gas assets

Renewable energy growth stalled by coronavirus

Oil prices went negative. Here's why
A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here.
London (CNN Business)After a rocky 12 months, oil prices — which got crushed when Covid-19 slashed demand for energy around the world — are roaring back.

What's happening: Brent crude futures, the global benchmark, have breached $60 per barrel, their highest level since January 2020.
The immediate catalyst appeared to be weekend remarks from President Joe Biden that the United States will not lift sanctions on Iran to get the country back to the negotiating table. But oil prices have been on the upswing for months thanks to optimism that coronavirus vaccines will unleash demand while producers avoid flooding the market with supply.

"With Covid-19 cases now declining in certain regions, including the US and the UK, there will be a glimmer of hope that the worst is now behind us, particularly as the rolling out of vaccinations picks up," ING commodities strategists Warren Patterson and Wenyu Yao said in a recent note to clients.
There are also meaningful signs of demand recovery in high-growth economies such as China, India and Brazil, UBS oil analyst Giovanni Staunovo told me.
The demand trajectory is definitely "pointing upwards," he said.
Meanwhile, producers are working hard to keep supply in check so there can continue to be a meaningful drawdown in inventories, which filled up last year.
The Organization of the Petroleum Exporting Countries and allies agreed to keep production broadly steady in February and March, while Saudi Arabia said it would voluntarily cut its production by 1 million barrels per day from January's levels.
Producers in the United States, for their part, are expected to need longer to get back up to speed.
"Investment activity has been relatively muted, and it will still take time to see a bigger impact," Staunovo said.
Taken together, this is good news for prices. The trend has supported the shares of oil companies like Exxon and Chevron since November.
That said: Such stocks remain well below where they were before the pandemic hit, underscoring the long road ahead.
If investors become worried that asset prices have moved too high, too fast, both stocks and oil prices could be put under pressure. And the demand forecast remains murky, especially as new coronavirus variants complicate back-to-normal timelines.
AstraZeneca said over the weekend that its Covid-19 vaccine showed limited protection against the variant first identified in South Africa. It's working to develop a new version that it could deploy this fall.
Remember: The International Energy Agency last month revised its forecast for 2021 global oil demand lower, citing "renewed lockdowns in a number of countries" that would weigh on fuel sales. Oil companies are also locked in a serious debate about whether demand can ever fully bounce back. Looking ahead to the next 12 months, the picture looks brighter, but with many unknowns.
Hyundai and Kia: We're not talking to Apple about a car deal
Shares of Hyundai (HYMTF) and Kia plunged Monday after the South Korean automakers said they were not in talks with Apple to develop self-driving cars, closing the door on weeks of speculation.
Hyundai and Kia say they are not talking to Apple about self-driving cars
Hyundai and Kia say they are not talking to Apple about self-driving cars
"We are not having talks with Apple about developing self-driving cars," Hyundai said in a statement.
The statement added that Hyundai has received requests from "numerous companies" about developing self-driving electric cars, but that "no decision has been made as we are in the beginning stage." Apple declined to comment, my CNN Business colleagues Jill Disis and Gawon Bae report.
The announcement jolted investors who had been betting on some kind of tie-up between the companies following news reports. Kia's stock plummeted nearly 15%, its worst day since at least 2001, according to data provider Refinitiv. The fall wiped $5.4 billion off its market value.
Hyundai's stock fell more than 6%, losing about $2.8 billion in market value.
Interest from Apple in South Korea's automakers made sense. Analysts have pointed out that Hyundai has been open to joining forces with tech firms. It already has partnerships with with Chinese search giant Baidu and US chipmaker Nvidia on autonomous driving, for example.
The big question: If Apple moves ahead with its car, prevailing wisdom is that it would opt to work with an experienced manufacturer. But who? Analysts have also floated Honda and Volkswagen as possible options, and attention may now turn in that direction.
Despite huge losses, US airlines are rolling in cash
The US airline industry just closed the books on the worst year in its history. But carriers still ended 2020 awash in cash, my CNN Business colleague Chris Isidore reports.
The nation's four largest airlines — American, Delta, United and Southwest — closed out last year with a collective $31.5 billion in cash on their balance sheets. That's up from $13 billion one year earlier, before the pandemic hit.
What gives: Though these airlines blew through $115 million a day over the course of the final nine months of 2020, easy borrowing has allowed them to shore up their finances.
Like a struggling family flooded with credit card offers, airlines have plenty of people on Wall Street eager to lend them money or help them raise funds from investors. Rock-bottom interest rates play a big role.
"The liquidity is at record levels," said Philip Baggaley, chief credit analyst for the airline industry at Standard & Poor's. "That's good, and it's one of the few strong points they have at this point."
In addition to selling bonds and taking out loans, airlines have mortgaged their planes, frequent flyer programs and other assets, and even sold additional shares of stock, an unusual move for an industry in crisis. Meanwhile, they've made deep cost cuts.
"I think the general feeling is they're wounded but they're going to make it," Baggaley said.
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