i'm jackie deangelis. get all your business news on cnbc. >>> 5:47.f you are just getting up and thinking about heading out, don't worry, it won't last all day. not even all weekend. christy cli hrystakrystal klei . >> yeah, you look at this picture and think you'll stay indoors all day. but you don't have to. things will be better late morning hours. and on top of that, it will be kind of sunny in the afternoon. so this morning you need the umbrella early. but then later in the day sunglasses, sunscreen, light clothes and staying hydrated. because we'll start to see a mix of sun and clouds out there. let's talk about the rain that we have right now though. we have the line of heavy rain we've been tracking slicing right through bucks, montgomery county and on into chester county, but now some of it is creeping close to delaware county and then wilmington, philadelphia, trenton seeing that line. so it won't be long before we start to see it hitting our area. the yellows, oranges and reds stretch all the way down south through and past baltimore and d.

i'm jackie deangelis for "nightly business report." >>> ahead, unclear prognosis. why a cabdriver in little rock is watching washington closely. >>> new york city is the latest metropolitan area to cut ties with wells fargo. the mayor and the comptroller say they will vote to bar agencies from renewing or expanding contracts with the bank. they will also support the move to ends wells fargo's role in managing bond sales. new york city is one of the largest bond issuers in the country. the decision is in response to the bank's fake account scandal. >>> ohio's attorney general sued five drug companies today. the office is accusing them of misrepresenting the risks of prescription opioid painkillers. the companies are also being accused of committing medicaid fraud. this is the second suit of its kind brought by a state, after mississippi. it includes johnson & johnson, teva pharmaceuticals and allergan. purdue says it shares the attorney general's concerns. johnson & johnson called the allegations unfunded. >>> the maker of epipens may have overcharged the government

jackie deangelis. so, will the decline in crude put a number of big oil dividends in jeopardy?et's see if the options market is giving us a clue. mike, can you break it all down? >> so we often thank you about to the options market is implying for dividends, how do we do that? we have to calculate the forward price with the put and call of the same strike and expiration, for example, of a 50 strike, i take the price of the call. i add that to the strike. i take the price and deduct that. >> that gives me the forward price of the stock that options are implying. remember, stocks pay dividends, options don't. then i'm going to compare those two prices, i will take a look at the difference between the two of them. >> that will tell me essentially the carry cost or the interest rate and dividend impact. so let's take a look at some of the dividends, 77 cents for exxon, $1.o 5 for chevron. i want you to pay attention, slum berge, all service based, 55 cents t. options market is implying some pretty big cuts, about 20 cents each for former chevron and exxon. 30 cents for royal dutch,

jackie deangelis has more on what's driving those prices. jackie? >> that's exactly right. hovering near year-to-date low, the pressure is opec members may not be committed to production as they publicly stated. this comes as u.s. production continues to rise. the u.s. is pumping 9.3 million barrels per day, that's up 7% from a year ago. that number could continue to climb. this week, 11 more oil rigs were added in the u.s., that's 20 straight weeks of addition dating back to early january. is it a coincidence that rates haven't fallen once since opec started cutting? well, i will leave that to you. meantime the u.s. also exported a record amount of crude oil last week 1.3 million barrels a day. the opec deal is about a cut of 1.8 million barrels a day. so the u.s. exports almost canceling out of the opec cuts. with all of this coming as the trump administration pulled out of the paris accord, just the latest in a series of moves to repeal regulations that would increase domestic energy production. bottom line here, more supply means lower prices for oil, that helps explain

i'm jackie deangelis.et all your business news on cnbc. >> today on nbc 10 at issue, paying pennsylvania's bills and managing its money. pennsylvania's treasurer joins us to discuss new programs designed to save you money. plus, the death of otto warmbier, he came home in a coma after being jailed in north korea. find out why local experts say his death will likely not change american policy. >> plus, we talk to a young wife fighting to keep her husband from being deported. why she believers he deserves to stay in the u.s. >> we were already in the process of adjusting his status and working through the motions we needed to do to loweegalize . >> that's all this morning at 11:30 here on nbc 10. >>> another live camera shot, this one in eastern pennsylvania. gorgeous view outside. not a clud to look at. you see the bright sunlights that's lighting up the sky. you may see isolated showers in the afternoon, but otherwise, very enjoyable. a day you could be outside, because with the cold front yesterday, the h

jackie deangelis is in the newsroom with more. >> scott, good to see you, high end retailer rh plungingn after hours trading t. stock is on track to wipe out last month's gains, if it opens at these current levels tomorrow. shares are down after getting weak second quarter guidance. the company is saying it's taking a cautiously optimistic approach given certain macro-environments. shares are up 42% year-to-date. you had two different stocks, lululemon shares are up in after hours, taking a little more leg higher as the conference call is under way the company cfo saying this quarter's online sales are growing in the low to double digits, first quarter comps and forward guidance looking good as well. shares are down 13%, though, year-to-date. >> jackie, thank you so much. let's take this one first, that's lulu. cramer tweeted something earlier, sort of like looking at the stock move, i mean, they took their numbers down, then they beat their lower guidance. >> right. >> so should the stock be up 15% on that? >> look where it came down and they missed in march. so the water was pretty lo

jackie deangelis at the equity desk. >> we are lower this morning after that api data last night.at number ahead at 10:30. the api reported 3 million barrels in crude but an equal build in gasoline and a little bump in distill lates too. there's a bit of a cancellation effect there. the eai reporting that opec production is going up, stoking fears that compliance with the promised cut is going to fade away as time stretches on. 15 months all together. sustained cuts like that are challenging for some of the countries. we have producers like libya, pumping more and presumably the other ones too. dollar weakness, seven week low should be supportive. traders are looking at some of the other factors and shrugging off the dollar. we'll back at 10:30 with the important numbers. >> jackie, see you then. >>> when we come back the banking sector in negative territory for the year, pulling back from the post election rally. we'll talk to the ceo of kbw. >>> as we go to break, look at how the bonds are performing today. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways,

jackie deangelis has more. >> reporter: the oil cartel's monthly report confirms an increase of a little less than a half million barrels a day. libya, nigeria, iraq, all boosting output. opec is seeing an increasing in shale production, a little less than a million barrels per day. can demand increases absorb excess oil? not exactly. opec sees demand rising year over year but a million barrels a day is not a lot. >> i think prices will go lower, 45 is a critical level for crude soil. we tesd that this week. if we get below $45 a barrel, the market will say opec is not abiding by its own cuts. we see that everyby now looks to be cheating. it's tough to see how we don't revisit some of the more recent lows, say $40 a barrel. >> reporter: there's a reason opec didn't play all its cards at the last meeting. it could make deeper cuts from the more cash-rich countries like saudi arabia. the saudis said they'll hold back some additional exports to the u.s. and asia in july. that could help, but some argue it's not enough. >> i don't see any reason that the saudis are going to cut production. t

. >>> now over to january jackie deangelis for a news alert jackie. >> hi, there total is 758 up from28 a year ago. the stunning part of this is we're seeinging 28 straight increase intempts of an. the first loss sense the 19et 0s back over to you. >> thank you, jackie deangelis disney shares are, par on thefront second half of the year plus, it is friday orn up the news and dance like none is watching as this de's of power lawn rolls on with objectives like building capital for the future, managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. >>> disney might have lost some of its saassets will it stay frozen? bart, good to have you with us you look like you're ready for the weekend. >> you kwies caught me the first day of summer break with my kids, so, yes. >> in terms of disney, does it all stem from concerns about cord cutting a

. >> all right, now your weekly recount numbers with jackie deangelis. jackie, americans cannot stop putting oil rigs in the ground. they're addicted to oil. >>> 21 weeks of additions for the week ended june 9th, today. we added eight more oil rigs. we're now up to 741. that's up 413 from a year ago. now you can see oil prices are a little higher closer to $46 but, remember, we have that 5% slide this week getting very close to $45. bearish over the long run. producers trying to take advantage of what the opec folks are giving back. back over to you. >> and, jackie, i don't want our viewers to be surprised because i know you talked about it. i talked about it. two years ago all these ducs, wells that were sitting around. i heard you warn about it. i said it. now these are all coming online. it's exactly what people warned us about two years ago. >> they can bring them online quickly. they're looking at this now as an opportunity, brian. they don't want to sit back on their heels. the tricky part is if we go up too fast there could be more price destructio

for both the oil company and oil prices. >>> matt reed as written extensively about this, and jackie deangelis what do you make of this move today i think you need to look at this as a management a shake-up what you have going on here is a situation where they want to get their ducks in a row before they get this ipo out they are concerned oil prices are under 50 right now, you have tensions with qatar, with iran in the region, and they're wanting to instill this confidence in the international community and the markets to bring money in that ipo has to be a success >> what does this mean for the ipo? >> i hate to say it, because we're on a live broadcast right now and breaking news is by the minute, but i think the implication for the ipo really are negligible this is kind of a nonstory for the last two years, the saudi economy has the pet project of muhammad bin salman, who just got his promotion to crown prince there is no plan b you could say the reform project which the ipo was a huge part of is inch isally plan a, b and c the only question was how soon could they get everything out of th

let's get to jackie deangelis kat the commodities desk. >> the draw-down crude inventory was 6.4 millionrels. both numbers were steeper than expectations. the gasoline drawdown almost 3 million barrels. that's adding to the boost you're seeing as well. crew traders are watching for trump's announcement on climate change. maybe some of the regulations will roll back and it will be good for the drills are in the country. a little bit of mixed circumstances taking us higher today. >> big story to watch today. thank you, jackie. some of the top names in media taking the stage at code last night including sheri redstone and time warner's tom bewkes. take a listen. >> you have a joining set of b subscribers with different bundles. that's where we see it. we'll have to see how the new parts of the media or the video infrastructure, whether they mitigate the loss from the old infrastructure. >> and for more we are joined now by founder and chairman of the case foundation and krp eo of revolution, as well as the founder and former ceo of aol, steve case. steve, good to have you. >> good to be wit

jackie deangelis who covers commodities here with what we should expect what is behind this big selloffthat's the important part so let's break it down we had a few attempts to break 45 it did finally happen yesterday. crude closing at 44.73 after inventory numbers from the department of energy so the department of energy reported a draw in crude oil of less than 2 million barrels. that was a smaller draw than expected then combine that with a more than 2 million barrel build in gasoline inventories and overall this was a bearish report. we saw imports were down, refiner runs were up and crude was used to make product but that the product has been difficult to move. why? gasoline demand has not been as strong as it normally is this time of year, some are blaming the weather and less driving for that trend the iea out with a report suggesting the supply glut would continue through 2017. most analysts on wall street modeled some sort of supply demand rebalance to stabilize prices, curb volatility, making it easier for companies to do business the question is where do we go from here. trad

. >>> welcome back to "the halftime report" i'm jackie deangelis we're looking at weak futures as a concernt a crop is seeing a drought sweeping through north and south dakota have we finished the run >> it's important to know that there are three types of wheat there's kansas hard wheat, a moderate level of protein and minneapolis has the highest level of protein a double whammy here we're seeing the kansas crop have a low level of protein which is pushing the millers into the minneapolis yield on top of that, the last part of the double whammy, low levels due to the conditions that you just expressed >> jeff gave us the wheat education. what are the levels that you're watching >> i do not think it's important to know the difference between those kinds of wheat the down trend is broken to the upside i think it goes higher on the short term we tried to have a pull back at the end of last week and we've rejected that resoundingly and we're going for the stro ng today. >> today on the live show, former u.s. representative ron paul will share what he thinks is going to drive the next correctio

jackie deangelis is in the newsroom with more. >> hi, you attempt to close, crude falling after those enventory numbers this morning the department of energy drawing a little smaller draw combined with a more than 2 million barrel built-in gasoline inventory. overall, aofficially, imports were down, refinery runs were up that's telling us crude was being used to make product >> that product has been difficult to move. so gasoline demand not that strong right now as it normally is the time of year. some people are blaming the went and less driving for that trend. meantime the iea out with a report this morning suggesting the supply glut would continue through 2017 remember, most analysts on wall street have modelled some sort of supply/demand rebalance we would help stabilize prices and curve volatility where do we zpo from here? traders say 43.73 and 42 is not out of the question. >> all right, jackie, thank you. take a look at the xle, they attract the energy sector. that was down 2% today the worst performance sector of this year down 13% look at the dividend yields on some of the i

i'm jackie deangelis we are watching gold sliding for a fifth straight session brian, how do you thinkis going to move as the fed is expected to hike rates >> it hasn't been a great time for gold the last few days but i think every fed meeting we have it seems the fed comes out more dovish so they don't scare the market and basically yellen is dovish herself she wants to continue to see inflation north of 2%. she'll put that in the tone and i believe when she does that gold will start to reverse and we'll see $1,300 again it pushes gold higher. >> scott, you pointed out gold is stuck in a range. what are the levels? >> well, the low is $1,215 brian mentioned $1,300 we couldn't get through will earlier in the month i don't think it's any accident that $1,300 we saw recently which was a seven-week high was coincided with -- coincided with seven-week lows in rates it if we get higher rates tomorrow and going forward then gold will continue down below $1240 it's in trouble and will look for the $1,215 level. >> we're bringing you trade ideas for crude oil, s&p futures, and the ten-year not

i'm jackie deangelis crude oil edging higher as the u.s.is weakening a bit crude is tracking for its fourth straight week of losses. it's the longest weekly losing streak since august of 2015. jeff, should investors expect continued volatility in this space? >> we've seen an 8% drop in the vix, i do see continued volatility next week a lot of bearish data dating back to august 2015. look at the data we've had saudi arabia next week should have a chance to combat the rhetoric maybe they talk about their exports, the u.s. imports bring that number down to get it back into range we go higher as we're tethered to $45, jackie >> you have a chart that's showing why gasoline supply may be capping crude's gains that would be different than the seasonal trends. tell us why. >> yeah, jackie, when you look at this chart, first you must realize that every half of every barrel of crude oil is refined in it gasoline you see supplies are at a five-year high at least. demand for gasoline is down 5% so jeff talks about going higher for crude oil but it's no

. >> thank you, jackie deangelis at the commodity desk. let's look at how oil slid past stocks t. the day unchanged. it was around a percent or. so the integrated oil dipped around 1%. so with oil well below 50 and as she saidson some traders anticipating a drop to 42. >> the play all year has been to buy oil down at these levels the die namic you have, buy oil, they haven't done as well. but have you this dynamic where saudi arabia still has the saudi aramco ipo, that will be coming next year. they still have an incentive to keep things let's call it above $40. every time we get down that level, maybe it breaks this time. maybe what's going on in the middle east is difficult. i still think until proven otherwise, you buy these things. >> i think in the large cap integrated names, you go for the best balance sheets and the guys letting you know where and giving you projections, that's eog and pioneer. they're doing it with cash flow commensurate with $45 to $55 low. which is what these guys are doing. i agree, this is a move up or down over the last year. these are tradeable range

i'm jackie deangelis let's take a look at the u.s.lar today, trading near two-week lows, this as the euro rallies to ten-month highs against the dollar after ecb president mario draghi commented on month terry policy. what else is weighing on the dollar, scott nations? >> not only is it a two-week low shlg but the low from two weeks ago was the low of the year. it's no surprise the dollar's having a hard time because interest rates are also at lows for the year you mentioned new hawkishness from the ecb another problem is growth in the united states, or lack thereof the imf just lowered expectations for growth to 2.1%. we'll get the last look at q-1 gdp this week and that's the only hope the bulls have. >> all right, brian stutland, the dollar's lost about 5% this year so far. what would be the key levels investors would be watching now? >> well, i think in the short-term technicals, i'm looking for maybe a couple percent higher here, but ultimately, i think longer term by the end of the year, you're looking at low 90s in the dollar h

i'm jackie deangelis supplies still hover near all-time highs for gasoline.ve talked about this. twice in the past decade have we seen it that it was cheaper in june than in january why is it happening? >> jackie, it's actually a phenomenon that is hard to explain but i would attribute it to fracking. you're hitting cheap crude oil out of the ground. there are great margins and they are refining it into product they are making too much of it demand isn't there right now we are at record high near supplies i would expect cheap gasoline subpoena plays to continue through the summer. >> so what is the trade? >> if it settles above 1.46 today, i think it heads higher to 1.53. i think i'd rather be long than short. >> thanks, guys. meantime, catch our live show tomorrow at 1:00 p.m. eastern time "halftime" is back after this. >> announcer: miss the blitz, the call of the day or unusual activity with the najarian brothers no problem go to cnbc.com/halftime to see the moves, the trades, who is winning and who is losing. plus, breakingnasis t alyofhe top stories. cnb

. >> oil is below 43 now >>> let's get to jackie deangelis at the commodity desk. expiring at the close today. most volumes in august 43.04 trading on a percentage basis roughly down the same amount increased production in libya, iraq, nigeria, concerning tra r traders out there. if we keep moving up and the opec countries are not committed to this deal this market will get very concerned about it. also another build in crude and gasoline potentially tomorrow tleerks weeks in a row that is not seasonal this time of year. supplies going up and demand isn't moving up to meet it, there is a problem when it comes to pricing production in north america is on the rise. crude potentially seeing 10 million barrels a day. as far as this rebalance goes, some people are saying all bets are off and a three handle is possible back to you. >> jackie, thank you. >>> when we come back, we'll watch oil. also the road ahead for interest rates. steve liesman will sit down exclusively with chicago fed charles evans, a voting member welcome to holiday inn! ♪ ♪ whether for big meetings o

jackie deangelis, looks like yet again we can't help our self drill, baby, drill >> if it's friday it is time for the oil rig number from baker hughes we did get six more oil rigs put online for 747 up 410 from a year ago and this is 22 weeks of straight increases here production is rising, probably one of the biggest thorns in e opec's side right now. that's why oil is under $45 a barrel for the week down 2.5% michelle, i'll send it over to you in miami >> hey there, thanks very much minutes away from hearing president trump here in little havana outline his new policy towards cuba in the last five minutes the treasury released details confirming what we already know. they will make it more difficult for u.s. travelers to go to cuba with security agencies, et cetera, however, we got an important piece of clarity that is any company already doing business even if it's with the cuban military they will be grand fathered in and allowed to continue doing business. we won't see impact with the airlines, even with marriott which is operating a hotel owned by the cuban military. when it com

. >> lets get to jackie deangelis. >> consensus is there is too much oil out there and demand is nots the bigger disappointment. according to aaa, the price for a gallon of regular is $2.28 jackie, thank you. >>> what do millionaires think for the economy? it depends on who they voted for. healthcare stock is up nearly 5% this week. will they continue to rally? no matter what happens or does not happen with the senate/house 'ltaill. wel lk about that when pow "power lunch" returns right after this experience amazing. (large boat honking) ♪ i'm living that yacht life life life life ♪ top speed fifty knots life ♪ on the caribbean seas ♪ it's a champagne and models potpourri ♪ on my yacht made of cuban mahogany ♪ gany, gany, gany ♪ watch this >>> healthcare stocks have been broken out the past months can the realally keep ongoing or what stocks are best to bet? >>legentlemen, it is great to have you with us the extension of the rally is in part because of this healthcare bill that's been released of the draft, is that warranted is that the reason why these stocks are up today? >> i thin

jackie deangelis has more. >> oil prices has come down. this has so many intricate facets. qatar is an opec member but production is under a million barrels a day. it's one of the world's largest exporters with end markets like asia and india. crude and nat gas are calm as they watch this play out. if it becomes a wider spread severance of these ties there certainly could be an issue there, maybe its sanctions are imposed. it's expected they're the leaders, it looks like an effort to align on terror called qatar out and keep the oil prices supported. they want them around the $50 mark. of course there may be no moves off limits to help them do that. remember, possibly next year. issues run even deeper. when i lived in the region i felt a quiet power struggle. dubai had more prestige, a little bit more of an edge. they were both major air travel hubs but qatar wanted more power. they do have plans to host the world cup in 2022. this is no doubt a blow as to how they're perceived globally. >>> let's get more on the fallout with rbc capital markets. obviously it's a shaking of

. >> the latest results are in from cnbc cfo survey jackie deangelis has the results. >> great to seeestions but focus mostly on the stock market 60% of the respondents said the dow will cross 22,000 before it falls back to 20 k we'll go higher before we go lower. interesting where they think the market strength is going to come from 40% said technology will drive the market up. that was up from 20% last quarter. financials which was where they had placed their bet last quarter dropped to 2nd place but 50% still think that the banks are going to be a bright spot. when asked how they think the fed is going to act for the remainder of the year a little more than half said we got our two rate hikes and they're not going to see more this year. we also asked about economic stability. more globally speaking four regions were tagged as improving. asia pacific, china, japan, canada, the euro zone and the united states. now finally on president trump they're more pessimistic that he can pass key legislation in 2017 the probability of passing dropped in every crucial category to view the full r

. >>> there's been a shake-up in saudi arabia, jackie deangelis joins us with the details and how it ernoon, kelly the deputy crowned prince, mohamed being named crowned prince or successor to the current king his father nbs as they like to call him is seen as a visionary in the kingdom. just 31 years old, he's replacing his 57-year-old cousin representing a generational change here. and he's been the driving force behind the saudi vision for 2030 part of that includes an economic perform program that's going to help diversify revenues away from oil. he's been seen as more modern, more in touch than his predecessors, he's willing to talk to the media. this is a big opportunity for nbs. he'll potentially be able to rule for decades and affect real change he's also close to the new savvy energy minister and they have been shaping saudi's opec strategy as well the timing for the changing of the guard is not a coincidence here tensions are high, plans for ipo need to be executed flawlessly and oil prices have sunk under 50 it's very important for the kingdom to get the world, to get the m

. >> all right, let's get now jackie deangelis, the weekly counts are out. question not stop putting oil rigs in the ground, can we? >> we can't. and that's one of the reason that prices are lower today. this was a record 20 weeks in a row that we've been adding according to baker hughes and actually this week, we saw 11 new oil rigs come online. the total is 733, and that's up 408 from a year ago. back over to you. >> all right jackie, thank you very much. we're going to check on oil later on. big business versus the base. the president shunning the former in favor of the latter. did his decision to leave the paris climate accord. you might have heard something about this. the backlash from business sure to come up during today's press briefing. we're going to bring it to you live at about 1:30. >>> first the unemployment rate falling to a new 16 year low but hiring also slowing. the time for new thinking to create more new jobs? we have an idea, we'll debate it straight ahead. usaa gives me the peace of mind and the security just like the marines did. the

jackie deangelis has more. >> that's right.tory isn't necessarily about oil. any time you have strife in the region, traders will put up their hackles. with respect to commodities this is more of a natural gas story. qatar is the biggest exporter to places like asia and india. the market isn't getting overexcited because the countries cutting ties aren't the big consuming countries but you need this to be a bigger story. but with the rise of fracking here in the united states and our efforts to start exporting, less concern about natural gas supply. but the news with severed ties with qatar because of suspected terror activities it's a bold move. probably a saudi driven move to foster stronger relationships with the trump administration. it shows how fragmented the region is and how quickly they turn on each other, posing the question, perhaps pointing the finger at qatar takes the attention off ofs. why do this now? the saudis are master chess players, they have multiple reasons to keep u.s. relations strong. yes, this circles

jackie deangelis is at cnbc's commodities desk with that. jackie d.? >> hey, bill. crude oil breaking through some key technical levels today after a surprise build in inventories and products. about a 5% loss on the day. the close looked like it was just under $46 a barrel, but i don't have an official settle just yet. session low was $45.76, very much in the lower end of the recent range. but it's more than just the weekly data that's troubling traders, okay? think about some other factors. estimates from the eia showing that opec production rose in may. some of the member countries just can't take this kind of revenue. the libyans in particular, have been raising their output. then, of course, u.s. rig count rising 20 weeks in a row. our output is going up, as well. and it's also a falloff in demand. the industry counts on a demand boost this time of year. seasonally, it adds support and it's not materializing. so where do we go from here? well, now at the low end of the 50 plus or minus 5 range, 42 doesn't necessarily seem impossible, some say. opec likes that $

let's get to jackie deangelis. >> the natural gas prices are around the $3 market after we got a builded june 9th. let than expectations, less than the five year average. little bit higher than what we saw last year at this time but it's really about total stocks right now we're standing at about 2.7 trillion that's the total that's a little bit less than we saw last year at this time it was about 2. 9. that's what people are watching. expect the builds to keep contracting as we head into the hotter weather and people are using more air conditioning to cool their homes you will start to see the prices go up. but about the $3 range right now where we're trading traders tell me they feel comfortable with as this a fair value for this time of the year. back over to you. >> all right, jackie, thank you very much. >>> when we come back, we'll hear from the ceo of medtronics. the shares run 23% for the year. and we'll hear some sound from dj khaled this morning here he is on another tech company this morning >> i've got my mac book, apple, i love their technology. and not only that, the stor

jackie deangelis at the commodity desk with more on what's driving the mother lower and lower. >> reporter: good afternoon, guys an ugly july for crude oil increased downside pressure and both contracts, july and august, dipping under $43 a barrel intraday now, this is a three-part story the way i see it number one, production increases from opec countries like libya and nigeria, although small, are calling no question the commitment to it the opec cut. number two, demand is not rising to meet the excess supply, and it should be this time of year temperatures on the west coast over 100 degrees in some spots, and here still more rain finally, north american production, the u.s. and canada both forecasted to rise significantly. this is where people are starting to get near vows, and they are starting to call for the three handle and i urge you to look at the chart if we hit the three handle two weeks out from the fourth of july, what will happen in the fall >> okay, jackie, thank you very much. >> now we'll go back to contessa brewer for a cnbc news update. >> thank you here's what's happeni

over to jackie deangelis at the cnbc commodity tedesk. a wild ride today jnchtsd. >> a rough day. inventories and products, remember, not supposed to see that this time of year. prices dropped about 5% at the close. session low more troubling. $45.65. it's more than inventories, though. also the most recent data showing that opec production is rising. some of these countries just can't take the revenue loss from making these cuts. it's also that u.s. rig counts are up and output going up as well and falloff and demand is counted on this time of year to see seasonal support. today we saw prices closing around $45.85. back to you. >> all right. jackie, thank very much. >>> a big drop in the number of subprime auto loans written. could it hurt car sales? phil lebeau joins us now from chicago. phil? >> this is going to hurt car sales. looking at an industry slowing down overall for a creator of factors. data from the first quarter, show you from experian, a definite slowdown in the number of loans written for those with the poorest credit records. talking about subprime and deep subpr

jackety, thank you our jackie deangelis. >>> energy secretary rick perry at the white house earlier todayroduction. >> we talked about code a-- abot coal and the opportunity for american coal to be sold globally so the idea that we're going to be continuing to develop our -- that fossil fuel is -- that's a reality that's -- that's real. we're going to use coal as a producer of energy for years to come >> now to a company that might like hearing that. they moved quite a bit of coal ceo lance fritts joins us now. is this good news for you? >> could be. we would love to see coal being part of the industry mix for generating electricity so far it looks like it will be. i'm not sure i expect it to grow from where it is but taking a little bit of the pressure off is a good thing. >> stacked back in 2015. is that related to the commodity price developments that we've seen >> to some degree for sure related to the fact that several of our markets, coal specifically, international, intermodal, all got a little weaker over the course of the last couple of years that. affected our top line and, of c

crude, as you know by now, is falling more than 2.5% today let's bring in cnbc's jackie dead deangelisde oil falling to its lowest level since mid-november. this as we've got concerns from global oversupply. talking about libya and nigeria. you have both of the july and august contracts dipping under $43 a barrel griz where do we go from here >> you know, jackie, i actually think we're going to find a bottom right around this area right here we have expiration in the july contract today, and i'm sure that that's adding a little bit to the sell side, because nobody wants it there is an oversupply of the market right now, but i do expect demand to pick up we are expecting another building supplies when the numbers are released today, but we are in peak season right now. and it's tough to sell a market that's down 10% over the last few sessions >> jim, we had talked earlier about support levels at 42 do you still think that's a good level? >> i still think it is, but once you get around 43, if you've been short it this whole time, the risk/reward favors you no longer, obviously. but thetr

jackie deangelis joins us. >> good morning, andrew.t was crude's worst day in three months yesterday. the drop came on crude and r refined products. but the key could be gasoline demand. even with the holiday, it looks like it could be the weather. >> again, everybody blames the weather. >> everybody made fun of me when i reported that the models were calling for an el nino effect that would give as you coolers are rainier summer. well, it's been cold and rainy. crude has every reason to rally right now, summer driving, geo political tensions and here we are testing 45. where do we go? there's evidence that opec members are cheating. people are worried about that. the new numbers say -- there's limited down side here but energy stocks and ets could see more pain, too. >> and it has to be the u.s., our production. opec could be cheating but we're the big ones. >> estimates are suggest we go could go from 9 million barrels a day to 10 billion barrels a day. we could ramp it up quite quickly. >> thank you very much. when we return, the fi

jackie deangelis has the details. >> the head line is that opec is confirming what has been widely speculatedet production went up month on month. a little less than half a million barrels per day. not huge but we are supposed to be in a cutting period here. so the cheating has begun. the biggest offenders, not a surprise, libya, iraq, nigeria, and here in the u.s., it is also projected increase, a little less than a million barrels per day. that's also not surprising counts have been on the rise steadily since january and producers are taking advantage of the opec cut. here's where the numbers fall apart. on the demand side the projection is for a little more than a million barrels a day in growth from last year to the end of this year that's not enough to give the boost that we're seeing in production elsewhere that we just talked about. so remember, at the last opec meeting i said the saudis played it wisely by not delivering a steeper cut. they held the card back in case they need it later and they might the saudis just saying that they're making steeper cut in july, cutting some shipment

the latest results of the cfo survey are officially in jackie deangelis has the details. good morning >> good morning. almost officially putting the first half of the year to bed, so it was a great time to conduct the cnbc global cfo council quarterly survey to see where cfos stand on various positions and how their viewpoints changed we asked them what keeps them up at night what the biggest external risk factors are. consumer demand followed by cyberattacks and then u.s. trade policy speaking of trade policy there's some concern that trump's rhetoric towards germany would lead to a trade war with that country or possibly the entire eu just under 60% of respondents said they're some what concerned about both with respect to the global economy, the eurozone, which they said for the last three quarters was stable is now improving while the u.s. continued at improving status for the fourth quarter in a row. we also asked about the stock market, would the dow see 22,000 before it falls back below 20,000 60% said we will go up before we come down. an optimistic but cautious t

the market about to get more inventory data and the numbers have been driving the price action jackie deangelis >> good morning. this afternoon the api is going to set us up for the department of energy numbers tomorrow expecting a draw in crude of about 3.25 million barrels, and gasoline of almost a million that would be better than what we've seen the last few weeks but still not super steep especially when the peak of the driving season is only a week away and a 15%drop in crude prices over the last month as we head into one of the heaviest periods of demand is breaking from the norm what it's telling us is that production continues to rise at a greater rate than the market can absorb it. but should we worry so much about falling crude prices or is lower for longer okay for the economy and the stock market more experts are telling me that the crude drop is actually pretty healthy and oil is just recovering but that's okay gas prices have fallen twelve cents over the last month 2.25 is the national average, good for consumers. a 20% drop in oil is also good for any business that uses it as an

wrapping up energy week among the big themes america's road to becoming a net energy exporter jackie deangelisare. but it's closer than you think this is such a key takeaway. it seemed to fly under the radar. a declaration that the u.s. is on the brink of becoming a net energy exporter. the trump administration says the u.s. will export more than it imports as soon as 2020 that's less than three years ago and six years less than the eia's most recent forecast now president trump kicked off his term with some swift moves in the energy space. less regulation, more room for build-out, faster approval those watching the daily fluctuations in oil prices might say it's depressed prices a little bit but longer-term analysts say it's a really sound strategy for two reasons number one, domestic consumption may not be growing that quickly. but international consumption definitely is. there's no way that demand has peaked, especially with commodity prices so low. so there's definitely a market to serve globally. number two, what better way to tap countries that pose a threat and check them with revenue l

oil under $44 a barrel today today another report is very likely to be a market mover as well jackie deangeliss here she joins with more on what she should be watching >> good morning to you, becky. well we're just two weeks away from the fourth of july holiday. the peak of the summer driving season and crude yesterday fell under $43 a barrel very significant but it makes perfect sense west coast, temperatures close to 120 degrees in some places, east coast, rain, rain, rain, not today. but it's been like that. neither of these scenarios make you want to pile in the car and go anywhere. and gasoline demand is suffering as a result. so today we're going to get some inventory numbers that are probably going to confirm the trend. last night a small build from the api. this is a few weeks of the lows now. if crude oil drops into the 30s, as many say it will now, in july, it sets a bad tone for the future typically we see more pronounced drops in prices in the fall. and we talked about opec holding something back a card maybe to play possibly later. well with the u.s. now forecasting 10 million bar

led to weakness in the price jackie deangelis joins us with more >> good morning, michelle.n every once in awhile the api will throw a little bit of a curve ball ahead of the official report. we said yesterday the market was expecting draws in crude and gasoline more in line with seasonal trends then the api delivered these builds across the board. so, watch for that surprise possibly later when we started this summer, demand was in we but all indicators have shown that it's actually pretty robust the builds today would mean either demand is not as strong as analysts think or supply is incrementally that much stronger with the holiday weekend coming, aaa is looking for a record number of travelers, 44.2 million people 37.5 million expected to travel 50 miles or more on the road andrew is one of them. that's more than a million more -- >> and me. >> and becky, too. and almost 3.5 million people are expected to fly. also 3.25 million will take cruises, trains and buses to their final destinations the bottom line here, we saw steep drop in oil prices, then a little bit of a reb

back over to you >> thank you very much, jackie deage his. wh deangelis.ll talk to bill richardson, all things trump. back in a moment the power of a low volatility investing approach. the power of smart beta. power your client's portfolio with powershares. before investing, consider the fund's investment objectives, risks, charges and expenses. call 800-983-0903 for the prospectus containing this information. read it carefully. distributed by invesco distributors inc. containing this information. read it carefully. listen up, heart disease.) you too, unnecessary er visits. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies and data without insights. and fragmented care- stop getting in the way of patient recovery and pay attention. every single one of you is on our list. for those who won't rest until the world is healthier, neither will we. optum. how well gets done. >>> the tech sell-off goes global after apple's rotten day. what it means for valuations and will it continue ♪ when i'm not with you, i'm no