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US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2  

US Crude Oil Production Plunged Most Ever, Natural Gas Followed: The Great American Oil & Gas Bust, Phase 2  

US crude oil production in May plunged by 1.99 million barrels per day, from 12 million b/d in April to 10 million b/d, the largest monthly drop since at least 1980, and the sixth monthly drop in a row, .This comes after the – especially gasoline and jet fuel – that started in March and exacerbated the oil glut and a downward spiral of the already depressed prices for crude oil. Amid a , drillers cut drilling activity and production. This trend restarted last year, after having subsided somewhat following phase 1 of the Great American Oil Bust in 2015-2016, but took on record proportions...

wolfstreet.com
6d ago
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Rents Swoon in San Francisco, Other Expensive Cities, TX-OK Oil Patch Y/Y. But 23 Cities with Double-Digit Rent Increases

Rents Swoon in San Francisco, Other Expensive Cities, TX-OK Oil Patch Y/Y. But 23 Cities with Double-Digit Rent Increases

Rental markets in the US are shifting in a massive way, with some of the most expensive cities, cities across the oil patch, college-focused cities, and tech and education hubs such as Boston booking sharp year-over-year rent declines. But 60 of the top 100 rental markets booked rent increases, and 23 of them booked double-digit increases.The median asking rent in San Francisco for one-bedroom apartments dropped again 2.4% in July from June, to $3,200. This brings the two-month decline to 4.8% and the 12-month decline to 11.8%. From the peak in June 2019 – which had barely eked past the...

wolfstreet.com
Aug 3
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A Vaccine for Retail? My View from the Trenches

A Vaccine for Retail? My View from the Trenches

Retail has the virus. Just as with people, different retailers are reacting to this infection very differently. Ailing merchants with comorbidities are suffering — or dying — while those without long-term illnesses are asymptomatic, even healthy.Excess capacity — too many stores — has been American retail’s primary chronic condition for decades. In 2017, Forbes noted, “Since 1995, the number of shopping centers in the U.S. has grown by more than 23% and the total gross leasable area by almost 30%, while the population has grown by less than 14%.”According to Forbes, America has roughly 50...

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Aug 2
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Average Age of Cars & Trucks on the Road Sets Record, Will Jump During Pandemic as New-Vehicle Sales Plunge to 1970s Level

Average Age of Cars & Trucks on the Road Sets Record, Will Jump During Pandemic as New-Vehicle Sales Plunge to 1970s Level

The average age of passenger cars and trucks on the road in the US – light “vehicles in operation” or VIO – rose to another record of 11.9 years in 2020, according to . But this doesn’t yet include the effects of the Pandemic on the auto industry. We’ll get to that in a moment:The rising average age of VIO is a mix of factors. One factor is that vehicles are lasting longer, and consumers feel less urge to replace them. Finicky, astute, and demanding customers relentlessly pressure automakers to out-do each other in order to survive and thrive in an ultra-competitive market that has been a...

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Aug 1
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Coal Consumption Plunged to Lowest Since at Least 1973. Why There’s No Hope for Coal

Coal Consumption Plunged to Lowest Since at Least 1973. Why There’s No Hope for Coal

Consumption of coal by US power plants in April plunged 30% from April last year, to the lowest level in the monthly data going back to 1973, the today. This was down 19% from April 1973.A process of many years: Peak monthly consumption of coal by US power plants occurred from 2003 through 2008 when during the hot summer months (air conditioning) caused coal consumption to rise to 95-99 million short tons. In 2019, the peak month was July, when coal consumption by power plants was down to 56 million short tons. And this year, given the relentless trend over the past 12 years, July...

wolfstreet.com
Jul 28
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No, GDP Didn’t Plunge “32.9%” in Q2, it Plunged a Still Terrible 9.5%: Time to Kill “Annual Rates”

No, GDP Didn’t Plunge “32.9%” in Q2, it Plunged a Still Terrible 9.5%: Time to Kill “Annual Rates”

This morning, we were confronted with horrible news, which we’ve been expecting all along, but this news, though truly horrible, was also a result of something called “annual rate.” What we saw in the headlines was that GDP, adjusted for inflation, collapsed by “32.9%” in Q2.That should have been reported as “32.9% Annualized.” It was an “annual rate,” meaning that the Q2 drop was essentially multiplied by 4 (with adjustments) to obtain a theoretical figure that shows what GDP for the whole year would look like if it kept plunging like this for four quarters in a row. But that is unlikely....

wolfstreet.com
Jul 30
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Work-from-Home Unleashes Nightmare for Office Landlords & Surrounding Businesses. Global Banks at the Forefront

Work-from-Home Unleashes Nightmare for Office Landlords & Surrounding Businesses. Global Banks at the Forefront

This appears to be an increasingly global phenomenon. Roughly 60% of bank executives in the US said they don’t expect all of their employees to return to the office. And over 40% said they plan to reduce their real estate footprint in response to the coronavirus pandemic, according to a of US bank executives by Accenture Plc.Some banks are already making long-term changes. In Midtown Manhattan, French megabank BNP Paribas renewed its lease at the 787 Seventh Avenue tower. But it shrank its footprint by 38%: According to the , instead of renewing the lease for the 454,200 it currently...

wolfstreet.com
Jul 23
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Boeing Crashes: $43 Billion in Share Buybacks Turn into Existential Threat

Boeing Crashes: $43 Billion in Share Buybacks Turn into Existential Threat

Boeing’s shares [] came unglued, plunging 18.1% today, after having already plunged over the past four weeks. Since February 12, shares have crashed 46%, and since the peak on March 1, 2019, 57%:Today’s plunge came after a flurry of disclosures and leaks in the morning about Boeing, including:Of immediate concern is how much cash Boeing is burning to deal with the 737 MAX fiasco, and how much cash it can pile up to avoid a liquidity crisis.Back in October 2019, Boeing obtained a new credit line of $9.5 billion, which about doubled the size of its existing credit line. Credit lines serve as...

wolfstreet.com
Mar 12
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