there's the move on crude. $68 on wti, and $71 handle on brent. $71.04, up 0.2%.: let's get right to it. this conversation is too important. janine -- jeanine wai is out of barclays. i have to focus on the responsiveness in dynamics of oil price to, say, exxon mobil's free cash flow. his ex on a real oil company now , or -- is exxon a real oil company now, or is it a bank that just happens to own oil? jeanine: that is a very interesting question. we do think they are a real company. at $70 a barrel, there are a lot of options. but i think the main drivers of major stock performance recently has been twofold, dividend sanctity and timing of cash return to shareholders. so at $70, we think is a matter of when and not if that exxon starts returning incremental cash to shareholders. we think that could 20 happen in because22 -- that could happen in 2022. tom: their 10 year return is a tragedy. it is how ceos get fired. what is the new religion at exxon mobil? sam: there has been -- jeanine: there has been a paradigm shift in energy broadly. there's a focus on go forwa

opec-plus on wti up about 2.7% on the session. tom: there's a lot going on in the markets.ptimism as well. staggering through the weekend in a four-day workweek, bloomberg editor-at-large. it is sort of an arcane topic but there it is. over the weekend, texas democrats waltzed on the legislature, the republicans are stymied. it is a battle brewing in 2022. how does washington affect states -- state decisions on voting rights. >> the issue who is eligible to vote is a statewide issue. if washington wants to inject itself into the debate it will be rancorous to say the least. the washington establishment tries to enforce voting rights on the states. it will probably end up in the courts. and then it will just be a basic states rights issue. who decides who gets to vote in national elections. lisa: as we talk about voting rights, as we talk about what's going on in washington, d.c., we also talk about what happened in china. i wonder what the international implications are president biden doubling down on investigating the theory this could have initiated from the wuhan lab, t

just to round things out, holding onto a 68 handle on wti, we are higher, stronger, traveling north on. tom: $71 on brent crude. have to really see how that sustained through the day. pick 1, 37. really turning. bitcoin, 37,000, really churning. this horrific pandemic, let's go detailed with lauren sauer, professor of emergency medicine. doctor, we all have our ways of looking. i looked at my phone and a given website and it is all good news there as well. what do people like you do when we have a day in america were nobody died? : we celebrate just like you. it is a huge accomplishment to get there. the hope is we can continue to keep fighting the pandemic both here and globally so we can continue to see more and more days like that. tom: are we ready to shift to a global solution, for america to ship countries or do you have a since we have to stay on america and then make the shift? >> i don't think they are mutually exclusive. i think we can do a lot to support the global response, especially in places where they are not seeing the downward trend yet. we can do that by sharing vacc

$73 on wti, up 0.75% on crude. lisa: we talk about inflation.hat inflation are we talking about, when you see commodity prices this high? restaurant prices have actually increased the most since 2009. a bloomberg story out about this. and people are paying it, going out and spending. tom: stop the show. lisa, nine dollars for a cup of coffee? i saw that yesterday. jonathan: where did you go? tom: -- place, keeper of the a mex. nine dollars for a cup of coffee. continue. lisa: maybe we will get a comment from the host of fed speakers we have today. adding to the incredible rounds of fed speak we have gotten this week. there has been a bifurcation on the federal reserve the ones that matter, and perhaps the one that matter most are jay powell and the likes of john williams, taking a very patient and transitory approach to the inflation we are seeing in tom keene's nine dollar coffee. 10:00 a.m., we get u.s.-made new home sales. new home sales have been doing very well. the only question here is what kind of supply is there in terms of lumber price

dollar showing a bit of strength, and crude is still positive, advancing one points in -- advancing 1% on wti i would note for the first time this morning, green across the screen on the spx, the dow, and the russell. five or six things we can talk about here. benjamin bain joins us from washington. on china, it is a decidedly bipartisan washington. where are the points of disagreement between republicans and democrats as they look to beijing? ben: good morning. you are right, it is a decidedly bipartisan washington. it started really during the trump administration. what we saw was a really get tough on china approach. we saw bills passed through congress. we saw the trumpet ministry should take a tougher line on everything from chinese companies listing on u.s. stock exchanges and not complying with accounting rules all the way across the board to trade and some of the other issues now coming up with the biden white house. i think the points we are maybe going to see some fracturing on our when we talk about some of the issues that are very import president biden. so climate policy, for exa

we will deal with that. 72.73 on wti. euro-dollar 1.1930. lisa: you think i will let that go? send some people might have missed out if they were in triple leveraged. some people might not have gotten these massive rallies. today if you get the entry point in the housing market, will be getting the u.s. april house price index data. the expectation is new record highs on house prices. the question is the deceleration and the pace of purchases. we will not get that, but getting a sense of how much momentum is behind these price increases will be interesting. 10:00 we get the u.s. june consumer confidence reading. the more interesting aspect is under the headlines. taking a look at the confidence of being able to get a job. confidence you will see the wages increase. confidence around the margins that is as of yet unproven. at 2:00 president biden will be in wisconsin talking about infrastructure. it will be interesting to see whether he parses out the concept of reconciliation act and how this plans to develop in tandem with a bipartisan bill. a lot of pushback, a lot of confus

we are down on wti. stop mover of the morning, i know -- stock mover of the morning, virgin galactic in the premarket up almost 15%. virgin galactic getting the faa approval to fly customers into space. taylor: this is unbelievable, this is the stock of the day. how does this speak to the ingenuity of science and of how animated people can be? perhaps the first -- of how innovative people can be? happy first spaceflight for customers. blue origin auctioning off a seat for $28 million. the space race continues. lisa: i love that taylor is so glass half-full and i am thinking what is the faa for going into space? do they have the same protocol for going into an airplane? do you have to have air masks for reaching a certain level? taylor: i hear the first class seats are better. lisa: thanks. jonathan: [laughter] real value to this conversation, i hope we can add value to the banks in the premarket. off the back of the potential to see $140 billion returned to shareholders, bank of america of 9/10 of 1%. jp

see the oil price catching up with brent, pulling back in the recent moves. 69.11 is where we trade on wtis look at some of the events we will be watching out for this week. tuesday, the wto meets to discuss expanding the production of covid vaccine facilities. the eu is expected to stop short of supporting a u.s. led proposal to suspend intellectual property rights. thursday, the ecb releases its rate decision, followed by a press conference with president christine lagarde. thursday, i iran nuclear deal talks resume. we got a little on the timeline impacts. uscp i will provide insights. friday, the highly anticipated g7 leaders summit starts in the southwest of england. joe biden will be there, his first visit to the u.k. as u.s. president. coming up here on this program, we look at your socks to watch, including the u.k. travel and leisure structure. it might have impact on to leisure businesses domestically rather than travel. this is bloomberg. ♪ anna: welcome back to the european market open. nine minutes until the start of cash equity trading for another week. we have futures pointi

a little more bearish on this outlook, saying you will see low $70 coming through for wti but it won'tuch higher on a sustained basic. saying because the current capacity will get redeployed and i ran increasing output as well. that's a similar line that will are getting from bloomberg intelligence saying perhaps the market has already matched bullishness and wti may have little room above $70 a barrel. manus: thank you very much. good to have you with me this morning. do you think we're seeing bullishness? >> our view is the long-run price for oil is about 60 four or 65, a marginal cost for producers to make a decent return. we are five or six dollars above that today which is a little high, but frankly the comment you were making there suggests, and i totally agree, we will get inventory draws in the second quarter and second half, or quarter, fourth quarter. we will most likely see $80 oil by the end of the year. it's not that expensive in people's pockets, if you take the biggest market, the united states, gasoline is 1.5% of disposable income. i remember 2007-2008 when it was 4% o

we took out $70 a little earlier on this month on wti's, didn't we?s direction of travel over the last few months was going back to the autumn of last year and seems to be broadly positive. what are you watching when it comes to this oil price as we tick higher and higher? mark: i think it's amazing how strong the recent trend in oil prices has been with so little commentary so we are seeing oil prices up at the highest level since 2018 and within spitting distance of breaking that six year high in wti futures. it's really impressive how strong it has been. yet we have been focusing elsewhere. we have been talking about the metals move out of china, which is where the volatility is, but oil is still the most important commodity in the world. we are moving towards a greener world but it is a slow, long term thing. the world needs energy to function, oil prices to function, so there's two things to draw attention to. we are seeing the spread between wti and brent crude narrow significantly and goldman have come out and said that that may be an indicator

switching out the boards, focusing on commodities with the inflation trade debate going on, wti holding below $72 but on the front foot this morning. $1500 oil on travel demand. gold holding losses as we saw the fed double down on the transitory inflation message. we saw a muted reaction in treasuries with some deepening action on the u.s. yield curve and the offshore yuan holding steady after an eight day drop, looking to test its 100 day moving average as we are seeing some dollar bears head for the exit in the wake of the fed. shery. shery: let's talk a little bit about inflation. policymakers at the fed are betting the recent price surge will be temporary. bloomberg local economics -- global economics and policy editor kathleen hays joins us now. what was chair powell's argument on why these will be short-lived? kathleen: it is a good argument. the u.s. economy has reopened. there bottlenecks, lots of pent-up demand. all the stimulus checks that got saved, people are spending that money now. this into what he told the house select committee on the impact of the virus on the economy

now earlier today wti hit the highest level since october of 2018 but the weekly inventory report september prices tumbling crude stocks declined by 5.1 million barrels last week. but onp side gasoline stockpiles unexpectedly jumped still after strong gains in the last few sessions wti on track for the fifth positive week in six. back to you. >> thank you very much. >>> now the bond market and rick santelli is tracking the action for us this week rick >> historic day. look at a chart of the service sector as envisioned by ism going back to 1997 when the series of data started and won't find a higher number than today's 64 that and a strong jobs report just shy of 1 million and both initial and continuing claims making postcovid gains lowest levels all good things so look what the 10-year note yield did. it continued to move higher with parts of the equity markets and looking at 10s and bunds it started to narrow. it's starting to turn again and all about the usa. if you look at a two week of the dollar index it is starting to pop here short covering big movers against the dollar/yen up to one month it's a three-week high close. back to you. >> thank you. >>> the cloth

i will finish on the commodity market. wti and brent, breaking 75 again.10 of 1%, taking another bite out of stockpiles. tom: that trend is extraordinary. i did the plot from $60 a barrel. it is linear. there is just no end in sight. a real persistency. jonathan: and we caught up with francisco from bank of america who teed up the idea that maybe these numbers right here have an extra digit. triple digit crude by next year. tom: $100 a barrel, $110 was roughly the average any number of years ago. i should point out, he looks for supply to come in after a year or two and then we pulled back to $65 a barrel. that is -- and then we pull back to $65 a barrel. -- wildly eclectic and controversial. a new addition of foreign affairs magazine. can china keep rising? george marshall is with us this morning with an absolute tour de force. i pick up the magazine and like everybody else, i read the commercials, the advertisements and then i go to the table of contents. this is wildly eclectic. i want you to inform our audience about the adversarial environment of -- w

jet fuel cannot go up on its own without wti. you need gold. t on gold is we need to create inflationary concerns and then we see the upside. alix: before i let you go, this is little out of left field. we did have the news there were some meat plants heard by cyberattacks, then we had the cyberattack with the pipeline. i'm wondering how you think of this increasing cyberattack when it comes to the world of commodities and what that means first for futures -- what that means for future supply and how you manage it? jeff: the cyberattacks have a much larger impact on bitcoin and its ability to transact freely. when we think about how does bitcoin line up with the rest of the commodity complex we view it as being a risk on asset, not a risk off asset like gold. the key is how much is it cannibalizing from the market. it is definitely happening, but as regulators start to get concerned about these type of attacks, particularly the colonial pipeline ransom was paid and it was paid in bitcoin. that increases the probability of clampdown's for other r

on oil as well. we are back above the 70 do dollars -- the $72 a barrel level. wti something to keep an eye on. guy: let's get to one of those main stories. as you mentioned, the putin-biden summit is underway. we are going to get a press conference a little later on. president biden and vladimir putin starting their meeting a couple of hours ago. we are into the second part of the session now. maria tadeo is here to help us manage expectations. walk us through how it is going to work, and talk about what looked like a fairly feisty press gathering just before the event kicked off. maria: it really was a clash of different cultures represented. going back to the actual meeting happening in the location you see behind us, the meeting has entered its second hour. there was almost a premeeting happening between joe biden, vladimir putin, antony blinken, and sergei lavrov. now we are moving into the second part of that meeting, expecting a bigger delegation to join president biden, but also vladimir putin on the russian side. to answer your question on that aggressive media scrum we saw, this was r

checking on oil, wti holding above the $70 per barrel mark, brent opening above $72. >> our next guestly every asset is vulnerable to hawkish central banks. joining us now is michael jones. great to have you. i want to get to our markets live blog question of the day, asking to what extent are inflation risks already priced in across fx? we are expecting china factory prices the highest since 2008. when you look at five year breakevens, they peaked back in mid-may. is there a sense some part of the market is starting to come to more reality of where inflation that is not transitory grows from here? >> you never want to bet against the bond market when it comes to forecasting inflation. with moves in the 10 year treasury and so forth, bond markets all over the world are saying whatever happens in the headline inflation numbers, central banks are very comfortable that this inflation surge we are seeing is going to be transitory, central banks are going to continue being accommodative, continuing buying out on the long end of the curve. whether it is bonds or stocks, history says markets

on those meme stocks and biotech names. take a look at what we are seeing in the commodities space. wtiat a bit of pressure but still a love this -- above the $70 a barrel level, especially after we saw u.s. stockpiles declining for a third consecutive week. we have seen a lot of strength in commodities. this is where we continue to see a difficult weather condition for growing crops and the usda also coming out and saying they will be investing $4 billion to boost supply chains in order to help the industry. copper futures continue to be under pressure as we see these concerns over production. mining wage talks continue and jeffries saying that if you see the leftist presidential candidate in peru win the presidential elections, you could see some risk premium being added and those miners really -- foreign miners not too keen in producing copper out of that country. iron ore prices above that $200 level so we are continuing to follow these iron ore moves as australia is saying above $150, that will bring in $12 billion to the budget in the australian government. we will have plenty mor

checking on commodities, wti staying above 71, brent above 73 as markets weigh the inflation above the it comes to inflation, we are seeing signs concerns could be peaking. copper prices continue to fall, easing further from all-time highs. soft commodities under pressure, corn and wheat futures extending losses. corn futures trending near a mid april low. there is a prospect of debtor crop -- better crop weather in the u.s. kathleen: the yuan weekend passed the 20 day moving average for the first time since april. u.s. treasury yields climbed ahead of the u.s. fed meeting wednesday. our next guest says the weaker dollar creates a good environment for bremen be appreciation -- for renminbi appreciation. thomas, i am thinking about the relationship between the dollar, the renminbi. i want to throw up a chart that looks at how the dollar has flattened out right now and u.s. real rates have flattened as well. the big question is, for a lot of investors, if the fed is dovish, nothing changes. if the fed suggests we are looking at tapering bond purchases, what that might do to the dollar, t

crude started high and those gains quickly faded after a disappointing inventory report check on the prices here wtin at $69.86. brent crude dipping to $72.14. crude stocks declined last week for the third straight week. falling 5.2 million barrels. but on the flip side a surge in gasoline and disty lats offset that and memorial day weekend didn't provide the surge in demand that traders had been expecting. refinery rates at the highest levels since before the pandemic began. back to you. >> i missed the bookcases but you look great there in front of our tiles. we love having you in the house. >> great to be here. >> to the bond market we go and rick santelli has no bookcases but the cme. watching i'm told the cpi tomorrow for a clue on the inflation transitory or not. explain. >> it is very interesting because if you look at a chart of cpi year over year from the last look a month ago you will see that up 4.2 the high esz level since september of '08 and year over year core 3% why the highest since 1996 but something's going to change tomorrow let's go to the white board. here's a consumer price in

. >> weighing on the overall market, wti crude futures down at $71.03 well off the lows of the session john killduff saying this is all about the dollar today's weak ps follows the wti hitting a new high so among those saying that the pullback is warranted. >> 14 straight sessions. thank you. >>> let's get to the bond market rick santelli tracking the action at the cme. rates, dollars tie it altogether for us. >> there's everything. starting with the fed yesterday pulling the rate increases closer but the real thing is the technical ajustments reverse repo facility from zero to 5 basis points and will put the floosh in the effect of the controlling game and ceiling raised the interest rates on reserves to 15 basis points. but that parking lot look at the way it's grown from 520 million to 755 billion. all time record as you see on the screen and it doesn't end there. interest rates, 5s are down 30 the 5s and 30 spread flattened about a dozen basis points look at it there at 1.20 and on the dollar when commodity prices move lower the dollar tends to strengthen. when the fed pulls the do

pulling up a chart on the terminal, wti topping 67. brent going towards 70. goldman raising its ban given that opec-plus remains in control. the market seeing brent at 75. morgan stanley listing the crude prize outlook. this on intensifying pressure for big oil to reduce carbon emissions. haidi: the opec-plus alliance expects demand to recover in the second half. officials want concrete evidence before hiking production. >> we will not leave this market exposed to any lack of attendance. haidi: bloomberg intelligence commodities strategist joins us from now. we are seeing some of the heaviest travel driving, flying activities since pre-pandemic times. all of this is adding up to a bullish outlook. >> it is picking up from the lows. the problem is it is not getting to where was before covid. before covid, the average consumption of unlettered yes was just over 9 million barrels a day and maybe gets close to eight and a half. that was from 2019. that is the problem. flat consumption well before covid for many years. with the market is doing is pushing up prices.

on the downside. quick look at the commodities complex. u.s. dollar with gains much stable appearing seeing oil holding. wti on 71 bucks a barrel. the demand as the world comes out of the covid 19. also the vaccines underpin an improved demand. bitcoin is slightly lower with some substantial gains. elon musk saying that at one stage of the other he will be accepting bitcoin in return for cars. that would be when mining of the crypto becomes clean. haslinda: let's get back to that g7 meeting. leaders presented a united front in china, up behind the scenes they debated to win influence around the world and rebuke it over alleged forced labor practices. president biden and prime minister johnson took a hawkish stance while some leaders were wary of the risks for an empty china block. president biden: i think you will see straightforward dealing with china. and again, as i've told xi jinping myself, i am not looking for conflict. where we cooperate, we will cooperate. where we disagree i will stated frankly. there is plenty of action on china and there is always something that my colleagues think they can improve. but i am satisfied

because right now the structure -- the plan is more focused on bridges and roads. jonathan: wtialmost $.10. all-time close for the thursday session. this friday morning, we follow-up. posited by was 1/10 of 1%. yields unchanged at 148.84. your fx market, euro-dollar, 11942. a lot to discuss in this market, particularly for the bond market. what is not happening is a selloff on the back of a few trillion agreed in d.c.. i know it targeted investment. lisa: you said not happening, nothing is happening. jonathan: lisa abramowicz, taylor riggs, jonathan ferro, this is bloomberg. ♪ >> you will see prices continue to move up and it will be on things we consume. >> the economy is overheating. >> it thing to pay attention to is the chairman. >> powell is optimistic we will get a robust labor market recovery, that inflation will be contained. >> he has been saying to wait, look, and we will respond if we need to. there ain't no it inflation problem. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa ab

this is the one part of it that's still super. will it hit $100, wti? is another one of those trades that is morphed for me. for me it was about the reopening trade and the fact it was a forgotten commodity in the beginning of the year so all of a sudden it started to catch up and another element that happened too is the rattling from the administration about different regulations is forcing the price of crude up as well so i think it could hit 100, i absolutely think that's possible my trade though has been for the 77-78 target which is a high from about 2018 but i absolutely, i mean if you think about it it's $100-barrel from 2011-2014, it played hop scotch with 1 is hundred dollars line for the whole three-year period so it's not out of the question it gets there but that's beyond my forecast right now. 78 is not. charles: yeah, i think 78, you take a chip bites right, then we can look at 100. before i let you go, 30 seconds, what's the biggest risk right now, jim? >> well, you know, we hear this talk about the delta variant and about perhaps in part

oil on the back for, wti heading toward $69 and imprint losing ground early, down -- and rent losing -- brent losing ground early. jp morgan staying overweight on cyclicals. shery: our next guest say he favors value and cyclical sectors and could be a good entrance point for em equities. great to have you with us. we continue to see the summer doldrums, not a lot of movement in the u.s. markets. what will be the next catalyst toward any sort of movement him and it seems the global economic recovery is priced in? >> i think it will largely be vaccination progress, particularly in the areas where you have seen it. economic activity, we seen indicators that eking could -- p eeking could -- peaking could continue. but i think we wille throw reopening of service sectors and travel, sectors that have been downbeat by lexa vaccination and consumer consciousness. shery: which regions are you talking about? in china, vaccinations not so much of an issue because infections are so low, as opposed to japan, where vaccination rollout has been really slow. alex: it is really an issue i think for t

. >>> on to oil. wtiive week in a re for the first time since december of 2020 bank of america says tight demand and supply balances could push it past $100 a barrel next creek. and magellan and enterprise teaching upg for a crude oil future contract. continental resources chairman harold hamm, good to have you back let's start with this intercontinental exchange for the new use in crude oil futures contract i know you were heavily involved with the creation of it. why? why the need >> well, we all saw the need the deflection point game in april u2020, you know, as curbig went negative, $37.63. so that was an inflection point. everyone realized that the market that we had land locked in curbing, oklahoma, wasn't sufficient for the future. most of the oil that's produced in the u.s. goes directly to the gulf coast it never sees curbing, oklahoma. so it was imperative that a new market be focused upon and created and i was glad to lead a best practices task force that helped in making this connection happen

on till oil. we have seen wti at 70.look at shale as well. 30% of the production costs, which means shale producers will be encouraged to produce even more. how will this play out? >> actually started to be very bullish after a debts course on may 26 found that shale is partially responsible for climate change in order the company to sharply reduce its carbon emissions. the climate change activists continue to succeed in forcing pre-oil to cut back on exploring, drilling, refracting and refining. this is a very bullish driver for oil. geopolitical side it's a bit worrying because you missed the balance of the power. we just reached in favor of opec plus countries. on the investor's point of view that will contribute to make the supply feature tighter than what is currently now. so i think that what happened in the holland is a representative game changer for oil, and that will pay the way to much more higher oil price in the future. haslinda: thank you so much for your time today. commodity managing director. still to co

jonathan: wti slightly negative. that's oneart of the commodity market that has remained pretty resilient given the run-up we saw elsewhere in lumber. take your pick and soft commodities. tom: our guests on radio and television speak to us and make us pause. the last time matt burrell was on, he stopped us in our tracks on the dynamics of supply and demand in the bond market. lisa, i'm going to have you asked first question, but it's got to be on the supply or so-called heirs of it coming up -- so-called dearth of its coming up. lisa: are they becoming more credit worthy and spreads? matt brill of invesco, do you think that is what is going on here, that they are actually becoming more creditworthy companies? matt: good morning, everybody. i do think you are seeing just the fundamentals get better and better with the u.s. economy, but you are also seen corporations really tried to figure out how to get rid of last year's debt, and last year's debt was all about survival. so we have seen at&t, ge, ups, all big names looking to p

wti futures up at $68.79 on track for the highest settle if two and a half year just brent crude advancing since may of 2019. the market signaling it likes what it heard yesterday from the opec plus meeting and hurdles of nuclear talks stoking optimism analysts are looking for a 3.3 million barrel drop. energy is once again the top performing s&p sector today rising 2%. oil field services companies are leading the gains. back to you. >> all right thank you. >>> bitcoin was red hot when crypto trading exchange coinbase opened with the drop is the stock price. so will trading pick up or are we headed for a crypto winter. joining us is dan do 4rof. good to have you >> not in the near term.er back? thank you for having me. the survey we did coincides with realtime data that we get about the actual trading volumes on coinbase and we are seeing following the peak in early may seeing a downward trend in volumes for crypto and specifically for bitcoin and reminds us of 2018 when we had that last big crypto winter when bitcoin sub 5,000 and that is what we are seeing now lack of interest in trading

on today's. >> oil continues the steady climb today, hitting another multiyear high wti crude futures ending upoil advancing to $74.03. all eyes are on tomorrow's inventory report, where crude stocks are expected to decline, but the more important figure to watch is gasoline and distillate stocks, which unexpectedly jumped last week, sparking some demand concerns. the sector is, by far, the top performing s&p group with a gain of more than 1%. exxon, diamondback and occidental are some of the names leading the way. >> pippa, thank you. >>> producer prices jumped over to the bond market now, it's all the talk these days rick has the latest for us. >> hi, kelly, yes, let's start with the ppi if you look at the year over year, final demand, you can see it's the highest with respect to retail sales, all i will say is this -- retail won't give you the information it once did. all the horsepower is going into the service sector what we're looking at is trying to guess where the hot part of the economy will be. so, the give back really on this one is that nobody is really buying cars. if we look at th

when you talk about advances wti on friday closed at the highest we have seen since october of 2018. lower this morning the highest trade we have seen since june looking at the numbers, aaa, a gallon of gas, andrew. how much do you think it is up from a year ago? >> on a percentage basis >> yes >> now we're in some places seeing close to $4. >> $3.04 is the national average. >> i must be going to the wrong gas station? >> upper west side >> $3.96 >> a headline of $7 i forget which state >> up 53% from a year ago on the national average the reason devon energy is here. it is the top performer in the s&p. it was up 19%. marathon oil up 16%. chevron was the second highest per former in the dow. second to goldman sachs. >> milk. >> oat milk? >> regular milk. down for the week to date last week there are commodities coming down in price. still up for the year to date by 9 9.5% >> from a lactating mammal unless it is coming from a lactating mammal >> you are still comfortable with that? the one time i threw my breast milk at you? >> why are you mentioning food or energy? >> average people

one specific name. devon energy now up 17% just in the last two weeks prompted by the out performance in oil wti crude up about 4% just this week the best performer on the s&p 500 right now is the gains of nearly 8% following news of acquisition of that london based gen z second hand fashion company for $1 billion you'll see stock is higher today but still down about 26% in the last three months. kelly, i don'know you'll talk at it on rapid fire today >> so many different things that are moving now i can rely keep up let's get to the biggest stock story which is amc sging to a new all time high. shares were up 93% at the high the company just aounced investor connect 's a new platform on its weite for retail investors the move is ghting up on reddit wall street you see more than 1600 mention all that said, today's top honor goes to blackberry with re than 210 mentions. all of these stock vs been on a tear this week. nel is vice share. she's also a movie critic serving as associateditor for roger ebert.com. let me start to -- i curious where your thinking here. >> i don't understand why retail investors w

on sort of a quiet riot here. >> you look at the disconnect between the price action of, say, wti and the actual performance of the securities, in spite of them being one of the best groups year to date, there's still a great valuation disparity between the two. so there's a lot of catch-up there. liz: yeah. john? >> i agree. there's a lot of hard work to do with energy. the every time it hits another resistance level, there's a line of sellers around the block. that's hard work. i like things hitting all-time highs, blue skies and easing pickings. and if you -- easy pickings. there's about four or five sectors that are in that space. it's easy money. i'll let somebody else duke it out with energy. liz: yeah. i like easy money too. who doesn't? [laughter] great to see you both, jason and john. we do have -- we're calling it a melt-up here at this hour. big moves in the markets and, of course, we're talking crypto too because there's major news here. bitcoin billionaire brock pierce took us behind the scenes on his move to help el salvador. now comes the hard part. up next, the ceo of strike is here. the company wo

will add or begin to add about 500,000 to 1 million barrels a day back on the market starting in august. more with lima kroft wtieconds, 73.30 the top corporate stories. things that are top of the headlines. we'll go to christina with more. >> good morning, brian 18 companies are set to go public this week including clear, sentinel and legal zoom and krispy kreme didi pricing its ipo at the top of the range at 14 bucks a share. a market cap of $67 billion. microsoft and google are ending a six-year truce to prevent open warfare. the two companies had signed a pact back in 2015 to end a drawn out legal battle according to the financial times, the two did not renew the deal hip-hop artist meagan t. stallion is teaming up with a cash app for financial literacy. in the video posted to youtube and instagram the 2021 b.e.t. best female hip-hop artist talks about the importance of buying stocks, averaging and diversification. >> buying stocks a little at a time on a regular schedule can help grow your investments while limiting how much you're exposed to it's called dollar cost averaging. >> riding the waves. this isn'

we are one week away from the big opec meeting next thursday wti crude continues to inch higher at 73.46 barrel. there is something to watch. a little wbi wonky but interesting. that is the huge spread and what we're showing you is this. it is the spread between oil contracts three months out and four months out and we're seeing that huge pop between the two. you're thinking, there's a lot of squiggly lines. what does that mean? well, what that means in the oil contract is some investors are making or thinking we're going to have ip ven tore ris that could tighten a lot. may be making big bets on that as well as, dare i say, higher prices again, oil already up. big bets in oil contracts signaling tighter inventories and maybe higher prices ahead. that opec meeting kicking off on july 1st a lot more to do there right now back to some of this morning's other top stories including sure to be controversial, one big bank taking new steps around vaccinations, mandated vaccinations for its workers christina is back with the details on this. you know this story is going to get a lot of attention

i think one should not underestimate the capacity of that shale production that has been shut in to come back, maybe not in the 60's, wtie 70's. haslinda: we talk about how iranian supply has been delayed, but when it does come back, what will it do for prices? where will prices be? guest: you have about 1.5 million barrels a day that could come from iran. another bullish factor in the recent days has been increasing discount to a deal being signed anytime soon between iran and the u.s.. early expectations were at might happen before the presidential elections, now we hear from the government spokesman that probably they are hoping for it to happen in august. the market has factored in a deal happening sometime this year, my personal feeling is that the u.s. will not want to remove all of the oil sanctions, want to keep that leverage to ensure iran lives up to any commitments under a fresh deal. when it comes back, i think it will be gradual. but there is capacity there, up to 1.5 million barrels a day that can come back into the market. haslinda: thank you so much for that. staying with commodities, goldman sachs say t

>> oil jumped to multi year highs today but couldn't hold on to the gains and finishing up the session in the red wtiown at $69.17 after hitting that key $70 level overnight for the first time october of 2018. brent crude down at $71.47 weakness in the broad market and china import data weighing on prices the country's may imports marked a low and down 15% year over year but coming off the fifth positive week in six and some traders say this is a momentarily dip rather than a reversal back to you. >> thank you. >>> the fda approving the alzheimer's drug of biogen rs the first in nearly two decades. the stock up 42% right now meg? >> kelly, thank you. michel vounatsos joins us now. this is huge the first alzheimer's drug approved in 18 years, the first ever to potentially slow the course of the week and this is a controversial decision how are you looking at this moment this historic moment for alzheimer's disease and the people saying this was the wrong decision by the fda and they need more data >> thank you, meg, for having me it is a historic day for the company. i want to applaud the amazing job

wti is the one that keeps moving oil prices continue to move on concerns about what happens with iran also reopening trade, as more and more people are getting back out there, businesses are reopening in a big way, wti after gaining said is up from 72 a barrel copper is, it's interesting to watch, 3.4 yesterday, down the worst performance for copper trading below an average since february 2nd if you're watching lumber, andrew, we've been talking about this a long time, sitting just at $1,000. that has pulled bag significantly. it was up yesterday. you're talking about a move of down 40% over the course of the last month that's going to be important for what we see what it means for housing and other places housing starts number is coming out at 8:30 this morning >>> all right. we've been talking about the federal reserve, they conclude the policy meeting today it's not expected to take any policy actions but it's likely to signal thinking about them. some economists expect the fed to mention tapering in its bond-buying program without committing to any time line. i think the fed could

one to the other. oil has a muted rally as we talk about inflation drivers. wti and brent both above $70 a barrel. global stocks not far from all-time highs. what do you see on the gmm? mark: it is a quiet day. most interesting are two names that are completely divergent and don't necessarily jell with each other. we are seeing bonds rallying. the top of the gmm, the australian two-year. obviously lower yields mean prices are rallying. we are seeing u.s. yields. everywhere around the world we are seeing yields come lower. the other big theme from the gmm's we are seeing commodity strength. commodity prices are right back at highs again generally strong across the board. maybe a slight difference from a couple months ago as we are not just walking to incredible gains on every commodity. it is mixed, but mixed with the backdrop of clear underlying strength. we keep nudging to fresh highs. normally higher commodity prices -- all the time, higher commodity prices means it is higher prices for manufacturers. that should feedthrough to consumers. that means higher inflation which would mean higher yields

for the first half, they are on pace for the best first half since 1997 the regional banks had the left day since january. this goes back to 2006 when they created the index. wti is down. gold on pace for the worst first half bitcoin was down another 8%. this morning, indicated down 3%. trading hit $31,530 right now. >> hold the line at 30,000 >> yes >> that's the question >> look at the chart if it goes below that. who knows? below that, it looks $20,000, $15,000 and then 8,000 gold, i don't understand i will say coming in and i saw what tepper said i am feeling half full i ate at waffle house too many times. on vacation, you do eat a lot. i'm feeling the half full. when the 10-year acts like that, we're going into a rebound that's unprecedented from the coronavirus. we're going to have gdp numbers that we never see in the country. we have the rip roaring rebound and no governor on the growth from rates moving up at this point. if inflation and lumber is down 50%, i don't know whether i'm starting to believe it is transitory it is hard to look at what's right in front of you and not say this is bullish for growth and stocks you have to wonder if the fed -- i

. >> hey, morgan oil ending the week on a high note here with the eighth positive session in the last ten. wtip at $69.58 brent at $71.85 for a gain of about .75 of a percent both contracts jumped to multi-year highs brent above 70 first time in 2 years and wti hit a session high bank of america is among those calling for even more upside the firm saying today oil can climb to $100 as the supply and demand imbalance skews to a tighter market still a far way to go before $100 a barrel. but certainly a trade to watch back to you. >> absolutely. been a big week for oil and energy stocks. thank you. >>> today's jobs report showing the economy added 559,000 in may, a big number. the economy is back on track but maybe not big enough as the economy is still facing a worker shortage today a report that the record number of small businesses can't fill job openings. how do we incentivize people mark is president and ceo of the national urban league and mayor morial joins us now. want to get your thoughts on the jobs report of this morning. from the market stand point seen as a goldilocks report the fact

on prices. that is kind of why we are seeing a jump in prices to 70 and wti still flirting with 70, because they taking up that oil in storage, getting rid of that, and it is helping balance out the market. opec has all of this dry powder, 6 million barrels of oil still held off of the market, they can bring back. they are in the driver's seat because they are the ones with the main amount of spare capacity they can put back into the market. manus: when it comes to, what is the dynamic keeping opec-plus in charge of the oil market? is it there is a reticence of banks to lend to the fractures? -- frakkers? morgan stanley said when you get into the 70's, you run the risk that shale comes back. anthony: that is the fine line opec is trying to thread here, keeping shale out of the market. the pandemic took shale out of the market, oil demand crumbled, producers stopped pumping. now that prices have recovered, they are making up ground to pay down debt, payback shareholders, conserve their cash. i think before those producers want to get in there, they want the price sustained high, and someone was s

one hour and 12 minutes away. your s&p 500, 4220, advancing a little more than 0.1%. wti crude with a $73 handle.had a little look at life north of $75 a barrel this morning, at $75.30. right now, $74.58. tom: it is the way it has gotten here, and this is all about the economics and the under of supply and demand. consistent in well-written thought is francisco blanch of bank of america securities, head of derivatives and commodity research. i want to go to it is less talked about, and that is the demand dynamic. what do you envision to be the then band -- the demand dynamic that gets you to your acclaimed $100 a barrel? francisco: thanks for having me. a few things are key here. first, people have been locked up with very little movement, whether it is business or personal. there's a huge amount of pent up demand we are already seeing in the u.s. the rest of the world is going to join soon. europe is maybe a couple of months behind. emerging markets are six to 12 months behind the u.s., but we think they are going to come back in a huge way as vaccines get distributed. the second reason is reall

they're the only one to be below the 500 day moving average it's been an incredible first half things have been weaker and you have to wonder if that's any indication of what's to come wti ahead of the opec meeting up another 1% ahead of the crucial summer driving season with the fourth of july holiday here. the highest prices we've been looking at at the pump on average in the last seven years. marathon oil, goldman sachs and moderna are the three we're looking at year to date, these are the winners. marathon is the best performer for the s&p 500. up 107%. goldman sachs, the best performer of the dow, up 370% and moderna up 126%. >>> meantime, chinese ride hailing company didi pricing at $14 a share. they sold more stock than planned. it raised $4.4 billion total giving it a market cap of more than $67 billion pricing coming just three days after it launched its road show making it one of the shortest investor pitches in memory with trading on the new york stock exchange today under the ticker symbol didi but you can also take a look at shares of uber because uber, if you remember, made a deal with didi to get out of the chinese market for a piece of the business that'

keeping an eye on gold above $1,900 an ounce. wti was high yesterday 1.6 gain higher this morning. the highest since october of 2018 sugar. 17.93 cents a pound. if you have sugar with your coffee, you will pay more for that churchill downs. bob baffert suspended after betamethazone was found for the second time. and there is another story today. >>> that is amc. shares up 3,000% so far this year nearly 200% so far this week yesterday, we talked about amc's ceo making another move to offer a discount of tickets and free popcorn. the stock this morning up close to 20% by the way, i think we explained yesterday, one reason he is doing that to connect with the retail investors so he can get them to vote in favor in the future of them being able to sell more shares to them which would dilute them to create more cash for the company by the way -- >> you have to connect to the retail investors it is a different group every day. 745 million shares traded yesterday. >> we are now a little over 57 times peak evida you thought it was a secular decline before i feel the show should be over to

right now, we are lower in negative territory wti crude is below $70 the morning crypto check bitcoin all over the place facing pressure on news of the crackdown in china we are looking at bitcoin at $36,131. up 1%. the meme stocks which got a lot of attention last week we are monitoring those names like amc which is up 5.6% in extended trade gamestop up 1.3% still seeing a lot of the names getting a lot of attention >>> around the world, stocks in asia india at a record high shanghai closing at 2.1% japanese nikkei is up as well. in india, the stocks are rising as the covid cases are easing off. bombay is up .50%. europe is getting started with trading. stocks trading in record high territory the last couple days in the green. >>> to the morning top story the g7, uk, germany, japan and jud u.s. are backing the 15% minimum corporate tax rate joumanna bercetche has more from london >> that is right the finance ministers backed a global minimum tax of 15%. it allows for companies to be taxed on sales, not just where they have a physical presence. that will have a huge implication for the big tech companies and multinational

wti crude is higher, $71 a barrel. bitcoin is higher as well, elon musk weighing in on the currency. that may be boosting sen. we are back above $40,000 for the first time since may. breaking news out of the u.k. as well related to vaccinations. two shots preventing most hospitalizations in a u.k. study. let's listen to prime minister boris johnson. >> when we set out on our roadmap to freedom a few months ago, we were determined to make progress that was cautious but irreversible. step-by-step, thanks to the enormous efforts of the british people and the spectacular vaccine rollout, we now have one of the most open economies and societies in europe. as we have always known, as the february roadmap expose it leap predicted, this opening up over the past three steps has inevitably been accompanied by more infection and more hospitalization. we must be clear, we cannot simply eliminate covid. we must learn to live with it. and with every day that goes by, we are better protected by the vaccines, and we are better able to live with the disease. vaccination greatly reduces transmission and two doses provides a hi

wti is rising. tenure government bonds still saw 150 but we made a whip around yesterday. third biggest onein 2021. i will show you what is going on in europe. european stocks are higher. the dollar is manning ching -- the dollar is managing. yesterday's move was one of the biggest weekly moves that we have seen in five years since brexit so there you go. bitcoin regains its footing. to the oil market, it hit $70 -- $75 a barrel amid signs of a rapidly tightening market. benchmark has rallied by more than 40% this year. a strong rebound from the pandemic in u.s., china, and europe. the market continues to firm. the time spread is the widest backwardation in seven years. let's take it to our guest. we have only seen this backwardation -- this is tight as she can be. we have only seen it twice. on each of those occasions, it made $100 oil. when will we hit $100 oil and is the market tight enough to achieve that? >> thank you for having me on. as you say, the current structure of the market is telling you that the market is hungry for oil. we have moved from a situation where the recovery was

on the other side is oil one of the surprise winners of the year surprise to many oil is higher once again 68 and change. for wti. and the elx energy etf. that is the longest winning streak in 11 years wow. talk about win streaks gold coming off its best month since july of 20 silver since december of last year both soaring in may 8% big moves for the metals and oil. >>> speaking of oil, we have a very important opec meeting happening in a few hours overall, the belief is the group is likely to stick to the current pace of gradually easing supply curbs throwing 350,000 barrels a day back on the market as they try to balance out the recovery and demand and against a possible push of increase in output primarily from iran. let's talk more about this may shakeout with our friend helima cr croft, head of rbc helima, how do you see it shaking out for opec today >> the expectation is going into the meeting that you likely will have incremental addition. opec putting on 350,000 more barrels of production. saudi arabia adding back 350,000. the total addition from the group to 700,000 the question mark is do they do more

nearly three years and a fifth straight week of gains wti crude futures up 0.9% at $73.98 brent crude rising about 0.7 and u.s. oil rigs declined by oneing the total to 376. and that's well below pre-pandemic levels. now all eyes are on next week's meeting between opec and its allies where they are expected to decide on august and beyond we are seeing some impact of higher oil prices at the pump. the national average for a gallon of gas is now nearly $3.09, which is up 5 cents in just the last month. back to you. >> pippa stevens, thank you very much ahead, the red-hot summer of reopening. we're taking a deep dive into the sectors benefiting from the travel takeoff setting our sights on the next tech frontier. we'll give you a peek at virtual networking when "power lunch" returns. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from