i'm brian sullivan

i am brian sullivan..g.i.f., the markets reflecting an economy and a health and population that is slowly starting to get a little bit better every single day. the dow ending its day up 704 points it is now up 10% in the month of april, but still, down 15% on the year the nasdaq and big technology once again, the big winner it gained 1.4% today, 6% from the nasdaq this week, and many of the most beaten-up names and some of the ones exposed to the consumer and a shutdown economy riding the most rising the most on this friday well come, everybody i am brian sullivan and we have the great trader line urp. guy adami, tim seymour, jeff mills will join us in moments. there is a lot to do, by the way and chew on from the macro standpoint, but we'll begin with a deep dive into one of the world's most owned if not the most-owned stock in the world and that is apple. goldman sachs on this friday says it is time to sell apple's stock. they believe that iphone demand will continue to fall as consumers dry up and also

. >> we're out of time, for sarah, mike, myself, stay healthy brian sullivan has "fast money." ♪ ♪ >>l right. welcome to cnbc's continued coverage of markets in turmoil, everybody. welcome to april, by the way i am brian sullivan still distancing hoping you and your family are well all over the world and the united states. april on the down side, the dow falling 973 point, but the real damage was done in the small caps which got a lot smaller today. the small cap indexes, you name it, you can throw a dart and hit one, it was down 7% to 8%. small caps on concern of the domestic economy taking it on the chin you also have to look at the big banks. big bank stocks also in the red. you heard the gang before just talking about it and also focus on boeing. boeing losing another 12+% today. another very difficult day for boeing and the airlines in general. just a reminder, we of course, at 5:00 will be monitoring that white house coronavirus press briefing when it occurs, if you have market-moving headlines or headlines that you need to know, we will bring you into that as always, waiting fo

i am brian sullivan and we are distancing from work and we are never far apart from the markets and the big stories are the growth of the coronavirus pandemic and the devaluation of the u.s. and global stock markets. we are all over both this hour long weekly the dow down 360 points, off just about 3% for the week and following the earlier gains that we had in the week. the last two days, the price of oil, up again today, the president wrapping up a meeting at the white house and there is a virtual opec meeting planned for monday and opec and oil both on the rise. small caps, though, they are going in the other direction a week to forget for small-cap investors losing another 5%, and this is a staggering stat which will show you just how bad things really are for the smaller cap stocks just ran the numbers before the show, 132 members of the s&p small cap index are down more than 20% this week we'll dig in more on that. plus the sba pay check protection act, the small business loan program, may be getting off to a rocky start two important guests for you on that the ceo of honeyfin bank

he is like we're calling on brian sullivan i wasn't patched in. i was eating a hot dog he has to change his name. >> so well said about oil and gas. reminds me of how we felt about silicon valley in some of those years, as well so nice to be something expanding like it was and will check back with you. when we we can to the energy secretary next year. ryan sitten is one of the three members on the texas railroad commission and only in favor of taking a vote today only cuts. ryan joins me now. it is good to see you, sir you're talking about how much you're 20% production cut for texas? >> that's what i believe we should do. tie it to other areas around the country and the world, yes. >> that's a big if if texas does it alone, you lose market share, right? >> how much market share is there? right? talking about the global demand for oil being 75 million barrels a day or less, no one's gaining market share if there's discussion, wait a minute, if texas cuts an i -- alone, do we lose market share maybe. now, that said, the reason that we should prorat

brian sullivan on the other side >>> and welcome, everybody i am brian sullivan, you are watching cnbc "fast money" where stocks are on the rise today. the dow finishing up nearly 500 points and it was on the back of energy energy had been taking the market down. today the complete opposite and the president saying he spoke to saudi arabia and russia saying they were talking about a 10 to 15 million barrel a day cut for oil production that sent oil spiking more than 20%, one of its best days ever in the market and that raised stocks altogether. well come, everybody i am brian sullivan and we have a full hour fo

as rahel just mentioned, crude is soaring right now, as we head into the close, let's bring in brian sullivan for the details hi, bri. >> i heard rahel set me up saying, brian's going to come on and tell you what's going on no, he's not i have no idea what's going on here's the thohonest truth everybody i talked to said it was a contract roll. you had some hedges, hedge funds. you had all of these sort of market tlechnical wonky things that sent it down. it's likely that's happening now on the reverse side. there are some headlines, but i don't think they're groundbreaking, guys i mean, algeria basically is out saying that opec plus, which has their virtual meeting tomorrow, should be able to get the 10 million barrel a day cut deal done does that include $10 million with the united states or without the united states? that's ultimately the question if the move is fundamental, it's because the market believes that it's opec plus ten and the u.s. would add on a few more. but demand is down 25 to 30 million barrels a day. if we goat a 10 to 12 million barrel a day cut equivalent, you're still l

thank you for joining us i'm brian sullivan here is how your money and investments look stock futures indicating some gains at the open we are keeping this retracement or bounce back rally on all of this coming on more gains. what is new continues to be the outperformer up. we had one of these for you at the top of the 5:00 a.m. hour. the s&p 500 has had as many 1% higher as 1% days lower this year the s&p has jumped 1% 22 trading days it has fallen 1% just 24 trading days of course, the drops have been larger why we are still down 9 #9% on the year. showing the bounce backs we've had. we'll talk more about that in a few minutes. let's talk about the world oil giant shell doing something today it has not done since world war ii plus what is lifelike on the other side of the pandemic lockdown? we'll get to julianna tatelbaum first in london with a no good, very bad story for shell >> bsolutely it is an historic move from royal dutch shell. first let me point out the broader session. it has been choppy the first few hours. household goods, telecoms. banks, we've seen negative earnings c

i'm brian sullivan welcome. i hope you are having a great tuesday. the stock futures looking like it is continuing off yesterday's decline for the dow futures in the red right now indicated down about 200 points yesterday, a rough day all but two dow names were down. each falling 6% in the red it has been the action in the global oil market that has really captivated the world's attention and the historic development around crude trading yesterday negative for the first time ever. that's right the may contract which expires today. at one point, this is not a miss print, trading at negative $40 a barrel the lowest on record not only zero, it is below zero. a lot of you question why would oil or any commodity trade in the red and go inverted? that is relatively simple, when you own that contract, you are obligated to take physical delivery in mind every contract we talk about is 1,000 barrels, 42,000 barrels. the problem is that there is nowhere to put that right now. you have to take delivery. every piece of storage right now is full. the concept is t

i'm brian sullivan it is early but looking like yesterday could be kind of a one and done for the equity markets. stock futures are flat to slightly down. that benchmark index still down 3% for the week. nasdaq down under 2% big tech has been outperforming as of late oil trying to stabilize after an incredibly volatile, record breaking week. we are at $15 and change on u.s. contract slightly under $22 on international internationalal trade. yesterday, the president warning any u.s. ships to destroy iranian vessels that come close to them at sea and a regular lator that will shut down an oil well is not at risk of losing that well long term that may lead to more shutdown and decrease of production we want to keep a close eye on the uso etf. it has been halted a numerous time over the last couple of days normally, this would just buy the last month oil contract, the front month as they would say and roll it into the end as oil went negative, the uso had to change that formula on the fly. now it keeps evolving buying different month contracts. you may not care but it is leading to concern o

brian sullivan on the other side >>> and welcome, everybody i am brian sullivan, you are watching cnbc and "fast money" where stocks are on the rise today. the dow finishing up nearly 500 points and it was on the back of energy energy had been taking the market down. today the complete opposite and the president saying he spoke to saudi arabia and russia saying they were talking about a 10 to 15 million barrel a day cut for oil production that sent oil spiking more than 20%, one of its best days ever in the market and that raised stocks altogether. well come, everybody i am brian sullivan and we have a full hour for you on fast money. all of the traders will be joining us momentarily and to open the show we have to get news that developed moments ago and that is the president invoking the defense production act to encourage or force some american companies to make ventilators. let's get more on that breaking news right now with kayla tausche in washington, d.c kayla? >> brian, president trump has done this just a handful of times during the coronavirus crisis, but this afternoon he iss

i'm brian sullivan hope you are having a good start.6th birthday to the world war ii monument in washington, d.c. hopefully soon all of us can go see it again in person good wish there. now let's get to your markets. stocks looking to continue the remarkable come back for lows indicating the jump at about 260 points oil remains one of the metrics to watch june delivery slightly higher around $14 a barrel. the july contract. it weakened late yesterday it is above that right now traders very worried about demand you heard our guests saying by mid-may, all of the storage in the world could be filled up >> you've got gdp numbers coming up backward looking. the market likely to pay more attention to the federal reserve. the interest rate decision expected there we are already at zero but they will listen closely to what fed chair jay powell has to say. going around the world on "worldwide exchange. earnings dominating here and in europe as well, which is where we find our julianna tatelbaum in london. >> good morning, brian absolutely fair t

picks it up here >>> i am brian sullivan, thank you for joining us what a market day. the dow serving 1600 plus points twoel pie two pieces of information. some people are starting to see around the corner. also janet yellin saying maybe the federal reserve should be allowed to buy equities directly maybe they should be able to we're going to talk about the markets all show long. and see if we're getting getting around this area we'll look at where we understand with the indications. and where we think we might be in flat thing that curve waiting on tim seymour as well, tony dwyer will join us too, it is a big market day. let's begin now with these markets. guy adami, i have a statistic for you that i think may move you given the kind of weeks we have had in the moveup, the qqq well talked about on this fine program, is it now higher year over year. >> i mean, some of the -- it's amazing what you can do with numbers, i didn't know that and thank you for sharing that, and happy monday to everybody. this is a good day, and listen i think you can take some glimmer of hope

i'm brian sullivan i'm glad to be with you during this troubled and turbulent times. coming off friday 700-point game gain for the dow futures are lower, indicating a drop of about 200 points for the dow, slightly less for the nasdaq 100 your big story right now is the price of oil and a new week bringing the same old story prices, they are falling in a big way. the may contract right now at an incredible $14 and change per barrel now down 22% overnight. the may contract, keep in mind, does expire tomorrow it's also important to look at other contracts. primarily the june or july contracts for oil. they are slightly less dire. the june contract at about 23 bucks. the problem with oil is very simple there is so much oil being produced around the world and so little demand right now for gasoline or jet fuel that unneeded and unused oil is simply piling up everywhere. many storage tanks and pipelines are full and the world is even running out of room on anchored ships that are being stored at sea. in some places in texas, north dakota and canada, you can get a barrel of

. >>> thank you for joining us i'm brian sullivan let's talk more about your market setup you have dow futures indicating a gain of about 100 plus points at the upside. 200, as a matter of fact, stock futures are well in the green despite the fact that oil has come down significantly. the price of oil down again right now. remember, we are in that june contract it is off about 13% this morning, down to under $15 and change so, watch oil. there is a story in the oil patch to pay attention to as well that is diamond offshore diamond offshore, a major oil-drilling contractor, obviously like the name immris, off the coast. an offshore company has, indeed, filed for chapter 11 bankruptcy protection the company simply not able to meet its obligations so diamond offshore has filed for bankruptcy protection. keep an eye there on that story as well. also you want to watch the stock of loews, ticker l, not the home improvement company. loews owns 50% of d.o., diamond offshore let's take a look at what we can at the global action in asian markets as well. global stocks here japan, the country's c

the may contract is collapsing it's below $2 a barrel brian sullivan rejoins us with john kilduff rejoins. mid land, you know, positive maybe around $8. cushing positive this is getting -- people say, hey, kelly, look, the may expiration i get that there's something historic taking place here. >> i just tweeted out that i think it was 1961 or '62 wilt chamberlain scored 100 points in a basketball game and the 100 points doesn't matter if he scored 99 it is still amazing but you wanted to tune in to see if he scored the 100 because it was kind of a round number thing. right? i feel like the may contract, that's what's happening right now. this could go negative, kelly. it could rebound tomorrow by the way. the may contract will still contract but not the front month contract it could soar tomorrow there are a lot of interesting things happening you have the uso etf maybe long pushes there. traders to push it down. might have the guy's point, a hedge fund blowing up needs to sell into this the value of a physical delivery of a barrel of crude oil is let's call it zero the fund and the may c

brian sullivan has you covered next. >>> welcome, everybody to cnbc's "fast money" and our continued coverage of markets in turmoil i am brian sullivan, thank you very much for joining us another big night and we gave back in the market everything we gained yesterday up one day, don the next the dow jones average falling 400 points and the nasdaq losing 1.5% today we have karen, guy, tim and dan. i also have a great guest for you, michael kolanovic, j.p. morgan, he thinks the bottom is in and he'll be here to explain why and we'll talk about what he's seeing and why he's studying coronavirus trends around the world to try to understand the stock market, netflix made a new high. bed, bath and beyond, that stock is up a little bit after hours and it's down about 80% over the past year. we got a triple whammy we have to start with the market bad data on retail and oil falling to 20-year lows and the banks continue to drop on their earnings concern guy adami, of those three because i would argue and i didn't think data mattered at all, of those three which one matters the most to you? >>

i am brian sullivan. thank you for joining us on what was an eventful, and it was a big wednesday. markets continuing to move higher there's a lot of reasons why and we will get into those in just a few minute, as well. of course, we have the ceo of tgi friday's and one of america's leading restaurant chains doing about the current situation and their employees. should they get more federal help there's a lot more to cover. welcome, everybody, and thank you very much for spending time for us here on this wednesday and a great trader panel for you tonight. we have got guy adami and we have tim seymour and steve grasso and brinmar trust jeff mills. guy, we're up 770 points on the dow and we have oil spiking, as well and banks participated and a lot of different sectors participated in this mini run or mini rally and whatever you want to call it is it because of fed help? is it because some of these coronavirus numbers came down, giving us a reason for optimism or was it something else >> yeah. typically it's all of the above and i'll have to reposition my camera in a second and i apo

brian sullivan has you covered next ♪ ♪ >>> thank you, wilf, sarah and mike welcome to cnbc's "fast money started red hot and ended ice cold the mood we saw yesterday could not be carried through and in fact, the market taking an 800-point, and when oil began to close at 230, stocks began to close and in fact the dow jones industrial average ended the day on the down side on its lows maybe not the best sign for tomorrow welcome, everybody i'm brian sullivan i have a full show for you as always, guy adami, tim seymour, dan nathan and karen finerman are your investment team today great to see everybody still social distancing here let's just right into this, guy adami, because it looked like we would carry through monday's momentum we did not do you have anything you can put your finger on to say this is why we rolled over >> yeah. pretty much everything we've been talking about for the last two weeks and i'm not trying to be a wise guy here, but since that low we made a few weeks ago and as it became somewhat clear the bounce was in play, we've been saying for quite some time that the logi

brian sullivan is with us as well brian, let me start with you there have been a lot of headlines this morning, but what do we actually know? >> okay, kelly hi, dan. i have just been going back and forth, minutes ago, literally, with somebody inside of aramco to talk about this a little bit. and it's very clear that -- and not taking anything away from the president's tweet, because he was on the call and he knows what they said and i'm sure dan would agree with this, 10 to 15 million barrel a day cut is simply not possible it's not mathematically possible the price of oil didn't go up 50%. they would still come out worse. and they said, this is what go it from somebody inside of aramco a few minutes ago any 10 million cut or more must include u.s. producers so know if they were saying mathematically it must, but here's the reality, you're not going to take half of saudi and russia production offline. no country could physically do that it would have to include u.s. producers. and my guess, tomorrow at the white house, there's going to be a, you know, you guys need to roll back your pr

let's bring in brian sullivan, who has more for us. bri? >> thank you very much, kelly. this all breaking right now and sources telling me that on friday, in person, i might add, ceos from at least seven companies will be meeting with the president at the white house to discuss energy policy a source tells me they are not looking for a bailout of any kind they want markets to work, but the ceos we have learned here at cnbc who will be attending at the white house, and again, in person, including the ceos from pretty much all the big names. exxonmobil, chevron, occidental, devon energy, phillips 66, energy transfer partners, run by kelsey warren, probably the richest man in texas, if not number two, and the former ceo of continental resources, harold hamm seven, at least, ceos will be going to the white house on friday, kelly and tyler, in person to discuss energy policy. >> brian sullivan, thank you very much. and from energy policy to automobile sales, toyota out with its numbers for march and they are pretty bleak. let's go to phil lebeau with the numbers. hi, phil >>

i am a slightly less weepy brian sullivan and i hope you're having as good of a friday as you can and most importantly, staying safe and at home we started off promising and ended the week down and the dow falling again today, 360 points and all in all, not that bad considering the massive unemployment number that we got yesterday and the monthly payroll numbers today, of course, the coronavirus, the pandemic and its impact on the economy and the markets on everybody watching cnbc's mind and that is why we are here and we have a great lineup for you mike khouw and cody zhang and carter worth let's talk about something that everybody wants to hear about. some kind of treatment or vaccine for covid-19, biotech companies scrambling everywhere to come up with something and let's get the var latest on where we stand and for that, who else, but meg tirell >> hi, brian the number of the companies working on this grows by the day. we got an update from moderna's chairman yesterday that, of course, is the lead program with the candidate vaccine already in human testing. he told us yesterday if

i am brian sullivan. we are keeping our physical distance but hope you are doing well despite 25 plus million people out of work and the steepest drop in retail sales in 30 years, the stock market looks forward and likes a bit of what it sees. futures are higher once again. the dow surged closing above the 24,000 mark for the first time since april 17th capping a four-session win streak. the dow industrial average is up 10% this month ahead of the open trying to break a three-month losing streak. a very different story on oil. crude oil is lower right now nearing an important level a couple of things wonky going on bare with me i know it is early you have to watch the oil level. we could see selling pressure accelerate because the chicago amerimercane exchange recently changed on that contract. there are 1,000 on the contract of you've effectively got a margin loan. if we break and fall below that, people who borrowed money to buy oil could be asked to repay that quickly which means they would have to sel

welcome wherever you may be watching i am brian sullivan. i think i speak for everybody when i say tgif. it has been a rough and wild week indicating we may not get another break today. lower now off about 100 points the index lower on the week with the dow, s&p losing between 2% and 3% that looks now to continue those losses today crude oil is down 30% since monday prices are lower now if we extend physical guidelines to summer, that could keep gasoline and jet fuels low. one of the biggest world storage producers will give us the story. that has certainly been a market mover. in asia, plenty of red across the board. japan down nearly 1% shanghai and kospi also down more than 1% to close out their week stocks in asia declining largely on report of doubts from treatment from gilead sciences to the trade in europe, early following the foot steps of asia markets there are sharply lower with major indices all down 1% or more. let us stay here at home and get the latest outbreak figures. the number of cases in the united states approaching 900,0

lets's bring in brian sullivan to explain, brian, what is going on in the oil market these days. >> i hope i can. because about 600 things going on, kelly. so the saudi/russia deal that the president referred to, 10 million barrels a day, the reality is those 2 countries alone are not going to go to 10 million barrels. almost impossible if not impossible any deal would have to include everybody. supposed to be, kelly, an opec plus plus virtual meeting today. we know that got moved my sources tell me likely to thursday there's reports about possible g20 action on friday the president now talking about potential tariffs on imported oil, as well there is a ton of things that are going on can opec get together on thursday if they do, can they agree on anything that's going to be big enough kelly, might have heard of opec plus which is russia anything we do will have to take in opec plus plus plus plus. we are talking about opec, russia, norway, mexico, canada and by the way, the 9,000 or so american producers if you don't get everybody on board, the saudis, they have told me over the week

i am brian sullivan.lecting an economy and a health and population that is slowly starting to get a little bit better every single day. the dow ending its day

brian sullivan joins us now with more about what we know, brian, about this meeting >> yeah. what we know, what we don't, thank you very much. a couple of things here, one of which is obvious, one less obvious. these oil executives, the ones we've talked to, that i've talk ed to off the record, said they're not looking for a bailout. they don't want any kand kind of a bailout. they're being requested to come white house, probably, everybody's suggesting, to get some kind of a deal that they're not going to destroy each other and there are some of the names. exxon, chevron, occidental, devin energy and others. they're not going to destroy each other remember there's an opec virtual meeting theoretically planned for monday trump's been talking with the saudis, so likely he's looking to round up the u.s. troops and say what's your status so he can go back to the saudis and maybe the russians and say u.s. producers agree maybe to cut back again, i'm speculating and we'll see. the other thing, guys, which is a little weird, is this idea of suspending the jones act, which requires

oil plunging this morning with that expiring may contract for wti below $11 a barrel right now brian sullivan has more. brian? >> morgan brennan, thank you very much. good to see you. i'm not going to say don't pay attention to the may contract but don't pay attention to the may contract entirely. i know the headline number is brutal going back to 1998 levels extrapolate that up, 1998 at $10 is probably $16 adjusted for inflation, we're at 30-year lows but you want to look at june and july and they're a slightly less grim number. why are we showing you the tanker stocks right now? because if you're looking for a potential winner in all of this, these are names that we've talked about going back to early january and late december. some of these tanker names we brought to you tk, nordic american tankers, scorpio tankers, diamond s shipping and others, why are they rising, guys? they're rising because if you have a bunch of oil and need a place to put it one good place might be on a ship anchored at sea. you're going to pay increasingly rising freight rates to that ship owner, the ship owner and

brian sullivan just spoke with saudi's oil minister brian? >> yeah.hank you very much, kelly we did a 20-minute or so interview with the saudi energy minister that was a welcomed treat. long ranging interview tried to get it up if we can on cnbc.com for you and the point he was hammering at the beginning is the deal for a cut is larger than the market believes it is obviously the headline number that everybody's talking about is opec plus after four days of intense negotiations cut 9.7 million barrels a die but the highness' view, no, higher than that because, remember, production was elevated at the beginning of april so he told us that the cut was actually closer to 12.5 million barrels a day. listen to a clip. >> the number is way much bigger it is 12.5 million barrels my calculation is as follows 9.7 is, too. we are doing 1.3 to bring us back to the 8.5. this is as a result of our high production and throughput. the uae is also coming by about a million and i believe kuwait made also another announcement of coming down by about half a million more

brian sullivan has you covered next. >>> welcome, everybody to cnbc's "fast money" and our continuedoverage of markets in turmoil i am brian sullivan, thank you very much for joining us another big night and we gave back in the market everything we gained yesterday up one day, don the next the dow jones average falling 400 points and the nasdaq losing 1.5% today we have karen, guy, tim and dan. i also

picks it up here >>> i am brian sullivan, thank you for joining us what a market day. dow serving 1600 plus points twoel pie two pieces of information. some people are starting to see around the corner.

for more on what's necessary for oil, i'm joined by dan pickering and brian sullivan with us, too. great to have you both brian, i want to start on what exxon announced, shares up nicely and people say, well, how much balance sheet support will they have to use for the dividend is that the right call >> the right call for opec, kelly. exxon is getting in line but i'll take a different side of the story which is what common is doing is what saudi arabia wants to see i mean, we have made it clear that opec is not going to do anything as a group, come back together, make a cut unless the u.s. is involved we don't have a national producer and like one company to shut off the switch but these kinds of capital spending cuts will result and dan would know more about the numbers than i do but result in a couple of months or quarters in a decline of oil, basically what i have seen so far from the cut that is we have had announced, kelly, i would say down million to 2 million barrels in u.s. production naturally by the end of the year. >> i'm so glad you said that because, brian, i was thinki

brian sullivan covering the historic opec deal its lack of impact on oil prices so far bob. >> and a great rally of last week, 12% on the s&p fizzled a little today, but no surprise. let me just show you today so banks we're going to get earnings tomorrow. no surprise ch banks usually wilt a little going into earnings season. we've seen home builders weak, airlines weak, industrials weak. all had a good week last week. caterpillar, downgrade at boeing, excuse me, bank of america. so deere, illinois, all the other big names dragged down a bit. you want to see how tough it is to figure out the guidance look at ford they're not going to report until april 24th, but $600 million of pre-tax loss. essentially no revenue from them didn't even provide estimate because it doesn't really matter that much. it's really b about survival here's the difficulty. illustration of how difficult it is to get on the earnings side of things here stay at home stocks doing great. netflix, new two year high froms amazon is closing in on an historic why i think back february 19 zoom and activision strong toda

our brian sullivan has more on that as we sees the president tweet, stories about texas regulators, more opec source stories on reuters, good morning to you >> is it a good morning, carl? throwing that out there. what a couple days oil prices are down. t you mentioned texas. with everything else going on, the texas railroad commission has their hearing right now that is basically going to vote later on today on whether or not to what they call pro rags or basically instill quotas on texas oil producers. that hearing was brought by scott sheffield of pioneer and parsley energy unbelievably it is number 309 on the agenda at the texas rail commission hearing today and last time i checked, they just got down with like number 25 i'm not joking so not sure when that vote will come down, but that's something to watch today look at the moves there. the may contract which got all the attention, actually, you know, we're seeing a positive number there, really some screwy stuff going on with trading yesterday, very thin volumes everybody i talked to last night and today is like people jammed that c

let's get to the very latest with brian sullivan. we've had headlines all day, brian, that sounded hugely promising. and now what >> i'm shocked that we get hugely promising opec headlines in the beginning and then as they all come into a room, things kind offall apart i'm shocked. it doesn't matter whether you're on a virtual meeting or a real meeting in vienna. listen, this is the way it goes. let's remember something we are not talking about oil i mean, we are, but we're not. we're talking about money. state revenues government revenues. this is all a conversation about cash flow, oil just happens to be the source of that. while is oil turned around well, listen, the longer these meetings go on and a flurry of headlines come out, you can be sure that people believe that the differences inside that virtual room may be greater than people think secretary mohammad out earlier today with the introductory speech some pretty dire stuff basically, this is more demand cut than in the great recession. the demand drop is, quote, unprecedente

>>> we mentioned them before but to get back to it, crude oil prices rebounding this morning brian sullivan has been following the wild price swings. he's going to join us now with more hey, brian. >> thank you it has more twists and turns than an episode of "tiger king" maybe i'll make a documentary about oil. let's talk about it. going to the numbers and the numbers are grim you referenced that eia data at the top of the show. let's dig in refinery reutilization refineries fell again 69 to 67%. 182 operating refineries in the united states that process 18 million barrels of crude oil a day. you're looking at 12.5 million barrels of crude a day we've basically gone down 6 million barrels a day of refinery needs, you're talking 180 million barrels a month effectively that are not used but still largely being produced that's what we have to remember. these opec plus cuts that were so famously made they don't start until may 1st. the texas rail commission yesterday, they punted on weather a decision to have quo quotas they said they didn't know if they had legal authority so now it all builds

. >> we're out of time, for sarah, mike, myself, stay healthy brian sullivan has "fast money." ♪ ♪ >>right. welcome to cnbc's continued coverage of markets in turmoil, everybody. welcome to april, by the way i am brian sullivan still distancing hoping you and your family are well all over the world and the united states. april on the down side, th

if i did the tariffs, that would help to save an industry >> for more on this let's get to brian sullivan who has a special guest this morning hey, brian >> good morning. we do. let's bring in harold hamm, the founder and executive chairman of continental resources at the meeting at the white house on friday harold, it's a pressure sure to speak to you again do you believe the president, he says he will do them, do you believe ultimately we will tariff imported oil into the united states? >> the president sure has that authority and a lot of authority. we'll just say in his toolbox, he can ban their oil there's a lot of things that the president could do certainly tariffs is one of those. he very well could use that. our industry had a double whammy first of all with their dumping their product at a very inopportune time how atrocious was that timing into the market just as this covid-19s is sweeping the globe. we've had covid-19 plus a dumping. the president has taken sure action on this and they promised it will stop and we'll see if they do it. >> the saudis have done something unusual

i am brian sullivan. thank you for joining us on what was an eventful, and it was a big wednesday.ts continuing to move higher there's a lot of reasons why and we will get into those in just a few minute, as well. of course, we have the ceo of tgi friday's and one of america's leading restaurant chains doing about the current situation and their employees. should they get more federal help there's a lot more to cover. welcome, everybody, an

e i am brian sullivan. your traders are guy adami, tim seymour, guy adami and karen finerman the stock hitting another all-time high that has aren't come too far too fast because everyone's buying the same thing and we'll dig into that and also ahead, the banks getting battered again one of the traders says this could be one of the better times to get into long-term investments and later on, a staggering stat that you've got to hear around netflix that stock continues to be bought as we all binge watch tv. we are going to get to all of that, but we've got to get to breaking news that is important on the virus, and it is also moving the market after hours. gilead sciences shares they are surging on some very promising drug news. let's get right now to meg tirrell with more on this big story. meg? >> hi, brian this is breaking news from stat news basically, they got a glimpse from one of the hospitals that's running remdesivir at the university of chicago. essentially what they saw in video communication with

. >> exactly sara, thanks for that and we'll hand it over to brian sullivan ♪ ♪ >>> thank you, wilfred sara. welcome, everybody, to cnbc's "fast money" on another big tuesday with the market moving higher we have a great investment committee lined up for you on this tuesday night, the names that you know and the names that you trust. there they are, guy, tim, steve and dan nathan, as well on a day when the dow went up 2.4%, 558 points, but that was not the story today. today instead it was all about big-cap technology the nasdaq kind of picking up where it left off about six weeks ago. look at that, the nasdaq up nearly 4% today, in fact, here's your stat of the day only one stock in the nasdaq 100, pfizer fell today, 99 out of a hundred in the nasdaq 100 are on the rise. big banks, a big story for earnings and the results, the stock's not doing so much and former fdic chair sheila bair is here with a new white house op ed and the new coronavirus briefing, we will be monitoring that in the last couple of days there has been more news and this one a little different. look at the locatio

companies two formerly big players in the market are now filing for bankruptcy let's bring in brian sullivann the phone for more on the significance of these moves today. >> yeah. kelly, i mean, listen. i wish we could say it was unexpected it is not. this is whiting and hornbeck not major players but not small either market caps are obviously minuscule but they used to not be one is an onshore company dealing in north dakota and two bankruptcies, hornbeck said it is going to file for bankruptcy. whiting did. they have filed. hornbeck will. these are two of the first and there are likely many more to come and spending the day talking to bankers and lawyers and people in the oil and gas markets and the first of many unfortunately. >> we are showing the five-year chart of whiting trading at $150 a share, brian you could go back to trading at almost $400 a share. there we go. back in 2014 this is a shocking, shocking decline. might not shock us today but looking at what's taken place over five years it's almost unfathomable. >> breaks my heart, too. i was up to willis, north dakota, many times

and i was watching -- you know what was the barometer watching brian sullivan. brian watches oil better than anyone on the network. near the end of the day i was thinking will you take the shoelaces away from that guy holy cow he was really showing it but this is a highly emotional moment oil down $37, that's not -- that's not supposed to happen. it happened. but it's painful for people. >> it was out of the world yesterday. we're watching the tanker companies. double digit gains the president did say up to 75 million barrels in the spr, considering banning imports from saudi. how much of a difference would those two things make? >> none. it's all covid i had rusty braziel on he's the best. last friday he said, jim, you have to knows there going to be armageddon on monday oh, okay you'll see eli lilly go from 150 to 145 no, armageddon that's armageddon. i think that you're not going to see anything that tells me that there's any real demand here that's the real problem. it's covid not a lot of people driving. the airlines couldn't use it the cruise ships, geez, d

building on yesterday's gains, and of course, america's fracking boom is beginning to collapse our brian sullivan has more on that this morning. hey, brian >> hey, carl good morning yeah, i mean, listen, it's funny we're talking about the price of oil soaring, but the price of oil still under $20 a barrel these times are pretty insane. and they are hitting the u.s. fracking industry. and really they're going to start the hit job market as well on a day with the unemployment number coming in the way it did. let's talk about the potential slide. that's the number of new major fracking wells it's the biggest month over month drop in the history of the data set those are new wells, and you can see a steep drop almost nobody is going to drill a new well now what about existing pruoduction u.s. production falling just about 900,000 barrels a day from last month still at 12.2 million barrels a day, much higher than a few years ago, but down nearly a million. you have rig counts off nearly 500 from last year and you have refineries running at 67% that's a double-edged sword, though, guys, because 67% mea

e i am brian sullivan. traders are guy adami, tim seymour, guy adami and karen finerman the stock hitting another all-time high that has aren't come too far too fast because everyone's buying the same thing and we'll dig into that and also ahead, the banks getting battered again one of the traders says this

prices plunging for the price of oil brian sullivan has more color on this massive drop we're seeing crude good morning, brian. >> good morning. well, it's rolled over a bit remember this may contract, i don't want to get wonky on the contract weeds, but the may contract is flipping over. on my screens i see $23. there's the current month contract again, it expires tomorrow 1090 down 40% there's funky stuff going on with heavy shorts. look at june, michael jordan not number ten it's 23. you got 28 for july as well. i'm not saying it's good nobody is. i will say this. if you put up the xop or big oil stocks they're down a couple percent, but they're not collapsing as i tweeted out, the action in oil stocks is not entirely horrible no new oil stocks are making multiyear lows or 52 -week lows. even with the contract down 40% there are zero lows being made a silver lining on a monday we all need, you could say the oil stocks are not collapsing like that front month contract. more oil is on the way from the middle east. we should be getting a few million more barrels by ship load in the ne

. >> brian sullivan. thank you. we're going to talk much more about the collapse in oil when we're joined in just a bit by citigroup head of research edward morse and tom kloza to help make sense of this ginormous move in oil prices today. >> lots more to discuss on that front and how it affects broader markets for which we can go to mike santoli, who is back with us mike, good to see you. what's the key factors to be watching out for today. >> you as well, will, good to see you. obviously in the near term contract as brian was talking about, massive dislocation there's a lot more oil traded in futures form and derivative forms than there is physically i don't think this was a relevant price for most of the physical oil in the world but it does show you obviously massively bearish fundamentals i think the way the stock market is treating it, there's not a lot of fresh information in this tremendous air pocket in the near term futures contract but there's a lot of information in $20 oil for june and the fact the enti

. >> exactly sara, thanks for that and we'll hand it over to brian sullivan ♪ ♪ >>> thank you, wilfrederybody, to cnbc's "fast money" on another big tuesday with the market moving higher we have a great investment committee lined up for you on this tuesday night, the names that you know and the names that you trust. there they are, guy, tim, steve and dan nathan, as well on a day when the dow went up 2.4%, 558 points, but that was not the story today. today instead it was all about big-cap technology the nasdaq kind of picking up where it left off about six weeks ago. look at that, the na

brian sullivan has you covered next ♪ ♪ >>> thank you, wilf, sarah and mike welcome to cnbc's "fast money cold the mood we saw yesterday could not be carried through and in fact, the market taking an 800-point, and when oil began to close at 230, stocks began to close an

. >> brian sullivan have been making the point that we have a may expiration coming up below 18 getsveryone's attention. i saw that earlier in the week, sara, we had another price target on tesla, 846 the street has not turned on it. we'll get to goldman's call on apple, which is calling for a much deeper reduction in iphone demand for the current quarter than the street does expect. >> yeah, certainly i was just looking at apple, and the tesla point. microsoft, apple, amazon, facebook continue to make up such a big concentration in the s&p 500 and in terms of the gains, also speaks to the nasdaq out performance so far this week i think jim cramer has been making the point all week long that it is big stocks that are thought to be fine through this crisis and will do okay potentially even better during this crisis. i want to hit p&g. the consumer giant reported earnings this morning. sales growth very strong the best in a decade that was expected. 6% organic revenue growth. it speaks to what p&g makes, charmin toilet paper, vick's vaporub, crest toothpaste, this is what americans and