LiveWire

Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley. Prices have rallied to pre-virus levels, while U.S. production has taken a hit from freezing storms. Talk swirls of market supercycles, and even the return of $100 oil. Source: Bloomberg

Global benchmark Brent crude has soared over 26% so far this year, bringing the price back to pre-pandemic levels. OPEC members and a group of large producers outside the cartel led by Russia have largely maintained the production cuts that were put in place to reduce supply and support prices while the pandemic crushed energy demand. In December, they agreed to a very moderate increase of half a million barrels a day. Source: WSJ

The correlation of Bitcoin with other asset classes has increased in recent years.

The energy company recorded a $338 million loss, compared with a $20 million loss in the same period a year ago. It had a loss of 43 cents a share, compared with 3 cents in the year-earlier period. On an adjusted basis, losses were 12 cents a share. Analysts surveyed by FactSet expected a loss of 20 cents a share. Total revenue and other income fell to $830 million from $1.22 billion a year earlier. Analysts expected $849.5 million. Marathon Oil cut costs and expenses by 5.4% from the year earlier to $1.08 billion. Source: WSJ

Retailers like Home Depot, Walmart and Amazon.com got a boost when shoppers redirected travel and entertainment spending due to the COVID-19 pandemic. Now they must quickly replenish supplies to sate consumer demand. Like other U.S. importers, they are rushing in products from China, Vietnam and other Asian countries - swamping U.S. seaports and spawning delays and disruptions that ripple across the globe. Home Depot struggled to keep enough products on shelves during the fourth quarter, when strong sales required it to bring in more inventory than a year earlier. Source: Yahoo