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Oil costs fall 4% on rising international Covid circumstances, persevering with slide following worst week since October

Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021.

Kyle Grillot | Bloomberg | Getty Images

Oil prices slid on Monday, building on last week’s steep losses, as rising Covid cases prompted fears of a demand slowdown.

West Texas Intermediate crude futures declined 3.6% to trade at $65.85 per barrel. The contract traded as low as $65.15 earlier in the session. International benchmark Brent crude declined 3.5% to $68.21 per barrel.

“The biggest challenge for oil markets remains the uncertainty around COVID as the ‘delta variant’ has made for the highest daily case counts since early 2021,” noted analysts at Bank of America.

Last week both contracts dipped more than 7% for their worst week since October. The slide came amid demand worries as well as a surprise build in U.S. crude inventory. The U.S. Energy Information Administration said Wednesday that crude stocks rose by 3.6 million barrels in the prior week, while analysts surveyed by FactSet were expecting a 2.9 million barrel draw. Gasoline stocks did, however, decline by a larger-than-expected 5.3 million barrels.

Data out of China also weighed on crude on Monday. The country’s export growth unexpectedly slowed in July, while imports rose 28.1% compared to a year earlier. This was below forecasts that called for a 33% increase.

China, which is the world’s second largest oil consumer, imported 9.7 million barrels per day in July, which was the fourth straight month below 10 million barrels per day, according to analysts Commerzbank.

“The price slide is continuing [Monday] amid growing concerns about demand again,” the firm wrote in a note to clients. “Market participants are watching the rising coronavirus figures in Asia with considerable alarm, as this could prompt the Chinese government to take drastic measures in line with its strict zero Covid strategy.”

A possible slowdown in demand as portions of the world reinstate lockdown measures follows OPEC and its allies further boosting production this month. In April 2020 the group implemented record production cuts of nearly 10 million barrels per day as the pandemic sapped demand for petroleum products.

Oil has slowly recovered and WTI is still up 40% for 2020. In July the contract traded as high as $76.98, a price not seen since 2014.

“The oil market is likely to remain rangebound here as the physical market is poised to remain in a deficit through the end of the year,” said Tom Essaye, editor of the Sevens Report.

– CNBC’s Michael Bloom contributed reporting.

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5 issues you need to know earlier than the inventory market opens on Monday August ninth

Here are the top news, trends, and analysis investors need to start their trading day:

1. Dow and S&P 500 will open lower earlier in the week

Traders works on the New York Stock Exchange (NYSE) on August 4th, 2021.

Andrew Kelly | Reuters

The Dow Jones Industrial Average and S&P 500 futures indicated a lower open for the benchmark indices earlier this week. Dow futures were down 81 points, or 0.2%, indicating a 83 point drop for the 30-stock index. S&P 500 futures lost 0.1%, indicating a slight opening loss. Nasdaq 100 futures indicated small gains for the tech-heavy benchmark. Wall Street ended last week on a good note when the Dow hit a record high on a stronger-than-expected US employment report. Certainly, signs of a rapid recovery in the economy could lead the Federal Reserve to taper its massive bond-buying program, which could put the market under pressure.

2. Judge Rules Norwegian Cruise Line may require Florida travelers to provide evidence of Covid vaccination

The ship Norwegian Cruise Line Holdings Ltd. Norwegian Bliss is docked at Ogden Point cruise terminal in British Columbia, Canada.

James MacDonald | Bloomberg | Getty Images

A federal judge issued an injunction to a law in Florida that prohibits companies from asking customers to provide proof of vaccination against Covid-19. The ruling allows Norwegian Cruise Line to require passengers to provide proof that they are fully vaccinated against the virus. The verdict comes as the Norwegian Gem Cruise is due to depart Miami on Sunday. It will be the company’s first trip to leave Florida since the pandemic began. New infections are increasing in the United States as the highly contagious Delta variant spreads across the country.

3. Berkshire Hathaway’s operating profit increases 21%

Warren Buffett at the Berkshire Hathaway Annual Meeting in Los Angeles, California. 05/01/2021.

Gerard Miller | CNBC

Warren Buffett’s Berkshire Hathaway posted operating income of $ 6.69 billion for the second quarter, up 21% from the same period last year. These results were driven in part by Berkshire’s rail, utilities and energy companies, which saw profits jump more than 27% to $ 2.26 billion. The conglomerate also saw improvements in other business areas, such as house construction. Of course, Berkshire acknowledged that its second quarter numbers look great as they rebound from a low base amid the pandemic. The company also said, “The extent of the long-term impact cannot be reasonably estimated at this time.”

4. Covid pandemic is far from over, says epidemiologist

Kim Dimaunahan, RN, left, and Courtney Herron, RN, right, work in the Covid unit at the Little Company of Mary Medical Center on Friday July 30, 2021 in Torrance, California.

Francine Orr | Los Angeles Times | Getty Images

The world still has a long way to go before the Covid pandemic is over as only a small portion of the world’s population has been vaccinated, said epidemiologist Dr. Larry Brilliant to CNBC to Squawk Box Asia. “I think we’re closer to the beginning than the end [of the pandemic]and it’s not because the variant we’re looking at will last that long, “said Brilliant, who was part of a World Health Organization team that helped eradicate smallpox.” Unless we all vaccinate in over 200 countries, there will be new variants. “Brilliant added that the Delta variant is potentially” the most contagious virus “of all time.

5. Lionel Messi has reportedly received a two-year deal offer from French club PSG

Lionel Messi holds an emotional press conference for FC Barcelona.

Albert Gea | REUTERS

Football superstar Lionel Messi has received a two-year contract offer from French team PSG, Sky Sports reported. The deal, under review by Messi’s warehouse, is said to be worth £ 25 million ($ 35 million) a year after taxes, the report said. Messi himself said on Sunday that “nothing is confirmed” but added that a deal with PSG is “a possibility”. Messi’s departure from Spanish club FC Barcelona was confirmed by the team on Thursday. Messi played on Barcelona’s top team for 17 years, scoring a record 474 goals in La Liga games. On Sunday, a tearful Messi said he didn’t want to leave the only team he played for as a professional.

– Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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Lionel Messi receives a proper PSG contract supply for 2 years after leaving Barcelona

BARCELONA, SPAIN – AUGUST 08: (Editor’s Note: Alternative Harvest) Lionel Messi of FC Barcelona faces the media during a press conference at Nou Camp on August 08, 2021 in Barcelona, Spain.

Eric Alonso | Getty Images Sports | Getty Images

Lionel Messi has received a formal two-year contract offer from Paris Saint-Germain.

The French club have offered Messi a first two-year deal, valued at £ 25m a year after tax, and the six-time Ballon d’Or winner and his agents are now scrutinizing and scrutinizing him.

Messi also has two other potential options following his Barcelona exit but PSG remain favorites to sign him.

Barcelona announced Messi will not stay at the club after failing to fulfill a new contract signed with the player due to “financial and structural obstacles”.

The Argentine international spoke directly to PSG head coach Mauricio Pochettino this week about the move to the French capital.

When asked if PSG will be his next move at their farewell press conference on Sunday, Messi said: “It’s one way to reach these heights.

“I haven’t confirmed anything with anyone. I’ve had a lot of calls, a lot of interested clubs. Nothing is closed at the moment, but we’re talking about a lot of things.”

Blueface approaches his artist Chrisean Rock to get one other tattoo of him

For some time now, people have been speculating that Chrisean Rock and Blueface were apparently together based on the perceived interactions between the two, and more specifically the tattoos she has tattooed of him on her body.

In a video, Blueface addresses Chrisean’s actions. While laughing throughout the conversation, Chrisean talks about her need to get Blueface tattooed.

At times, Blueface said, “It’s going to be a bad picture of me and people think I’m telling you girls to do this.” Chrisean continues to say that “he’s a great person” and she got the tattoos because of the love she has for the artist. “I did it because I love you.”

Blueface then asks, “We’re talking about the right kind of love, aren’t we? The kind of love you have for your father, not the love you have for your significant other? ”Then he asks,“ I adopted you? It’s the right kind of love, isn’t it? I will take care of you. I make sure you’re straight, right? I make a difference in your life right Then he asks her: “Yes or no? Yes or no?”

As previously reported, Chrisean posted her latest tattoo on social media. She announced to her followers that she had “Johnathan Jamall Porter” tattooed on her neck. That, of course, is the government name of Blueface, and she proudly wore the tattoo.

As we reported earlier, she actually showed the process earlier this year when she tattooed his name on the side of her face for the first time. Back then, when she talked about why she decided to tattoo his name, she simply said, “You know why I got this shit … I show up with a belly, what then?”

During this time, Blueface also shared a video recording Chrisean making it clear that he was telling her not to get a tattoo.

As many of you know, Chrisean was a contestant in Blueface’s inaugural season of his Blue Girls Club, and she became one of the standout contenders after losing a tooth while living with the group of girls in his house. She then became the first female artist on his record label Blueface LLC.

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Afghan struggle has entered ‘deadlier and extra harmful part,’ UN says

Taliban fighters with a vehicle on a highway in Afghanistan.

Saibal Das | The India Today Group | Getty Images

The U.N. special envoy for Afghanistan on Friday said the war in the country has entered a “deadlier and more destructive phase” and questioned the Taliban’s commitment to political settlement.

“A party that was genuinely committed to a negotiated settlement would not risk so many civilian casualties, because it would understand that the process of reconciliation will be more challenging, the more blood is shed,” Deborah Lyons told the U.N. Security Council on Friday.

This comes after Afghan civilian casualties climbed to more than 1,000 in the past month, and as the Taliban continues to achieve territorial gains in Afghanistan.

Fighting between the Taliban and Afghan security forces has raged since April when U.S. and coalition forces began their withdrawal from the country. The withdrawal is set to be completed later this month.

On Friday, the Taliban captured its first provincial capital, Zaranj of the Nimroz province, since launching its offensive.

The group also killed the Afghan government’s top media officer in Kabul on Friday, just days after attempting to assassinate the country’s acting defense minister, according to The Associated Press.

The Taliban is also in control of large rural areas of Afghanistan, and is now challenging Afghan security forces in several large cities, Lyons said. This includes Herat, near the western border with Iran, as well as Kandahar and Lashkar Gah in the south, which are “under significant pressure.”

“To attack urban areas is to knowingly inflict enormous harm and cause massive civilian casualties. Nonetheless, the threatening of large urban areas appears to be a strategic decision by the Taliban, who have accepted the likely carnage that will ensue,” she said.

Peace talks between the Afghan government and the Taliban that began last year have not made any substantive progress, Lyons said.

Lyons added that the U.N. expected a reduction in violence in Afghanistan after the U.S.-Taliban deal was signed in February. But instead, there was a 50% increase in civilian casualties in the country as more cities were attacked by the Taliban.

Afghan citizens “expect far greater engagement and visible support” from the U.N. Security Council, Lyons said. She urged the council to issue a statement that calls for an end to violence in the country, and to ensure “a meaningful peace process.”

White House press secretary Jen Psaki also addressed the recent attacks by the Taliban at a Friday press briefing, stating that their actions won’t help them gain international legitimacy.

“Our view is that, if the Taliban claim to want international legitimacy, these actions are not going to get them the legitimacy they seek,” Psaki said.

“They do not have to stay on this trajectory. They can choose to devote the same energy to the peace process as they are to their military campaign.”.

Past Meat says delta fears, labor woes immediate fewer restaurant orders

Ethan Brown, founder, president and CEO of Beyond Meat

Adam Jeffery | CNBC

The Covid delta variant and labor challenges are resulting in fewer orders of Beyond Meat products from restaurants.

CEO Ethan Brown told analysts on Thursday that independent restaurant operators stocked up on Beyond’s meat alternatives in the quarter ended July 3, helping U.S. food service revenue surge 269% from a year ago. However, the emergence of the delta variant as the dominant form of Covid in the United States has led some of them to lose their confidence, resulting in more conservative orders.

Brown also said that a shortage of willing workers led at least one food service launch to be delayed until early next year.

“So those two effects, the impact of labor and then the continued bit of cloudiness about the Delta variant, I think, is creating a little bit of a drag on food service at the moment,” Brown said. “And so for us, I think the main characteristic of the third quarter, and our guidance is, is simply lack of visibility.”

For the third quarter, Beyond is forecasting revenue of $120 million to $140 million, falling short of Wall Street’s estimates of $153.3 million.

While many restaurant companies say so far they haven’t seen a material impact to their sales stemming from the delta variant, some localities are beginning to impose restrictions. New York City, for example, will require proof of vaccination for some indoor activities, like eating inside, which could hurt restaurant sales.

The disappointing outlook, combined with a wider-than-expected loss during the second quarter, sent shares of Beyond down more than 5% in extended trading.

The White Home is pushing for youngsters 12 and over to obtain a Covid vaccine

The Biden government on Thursday announced efforts to ramp up Covid vaccinations for children 12 and older, as well as young adults returning to school this fall.

The plan sees more than 50 million students returning to K-12 school and 20 million returning to college within the next six weeks. It also comes amid a surge in cases of the highly communicable Delta-Covid variant, particularly in unvaccinated communities in the United States

As of last week, only 30% of 12-17 year olds were fully vaccinated, which is why leading US doctors worried that the Delta variant could spread to classrooms across the country if thousands of schools reopen.

President Joe Biden’s plan builds on a broader Return to School Roadmap released earlier this week designed to help students, schools and educators safely return to face-to-face learning in the face of these Delta Concerns.

“For young people, getting vaccinated right away is the best way back to the things they love – like exercising, graduating from college, and spending time with friends and loved ones,” a White House statement said.

More than a dozen sports and medical organizations, including the American Medical Society for Sports Medicine and the American Academy of Pediatrics, issued a statement urging all medical providers to inquire about Covid vaccination status during exercise and student status Informing athletes of where to get vaccinations, according to schedule.

The American Academy of Pediatrics (AAP) will also be releasing revised forms for doctors, parents, and students that contain information about Covid vaccinations. The organization estimates that around 60 to 70% of children in the United States participate in organized sports, making the fall physical exams a prime opportunity to promote youth vaccination.

“Vaccination prevents common diseases, hospitalizations and deaths from COVID-19 and will help keep students in the classroom, athletes in play and sports teams on the field while protecting our communities,” AAP said in the joint statement with eleven others Organizations.

As part of the plan, the National Parent Teacher Association (PTA) will also invite 22,000 local organizations to hold community talks with parents about vaccinating their children.

The PTA will work with AAP to bring local pediatricians to these interviews, as planned.

The Biden administration will also provide schools and colleges with resources to run pop-up vaccine clinics on campus. Last week, President Joe Biden directed school districts in the US to run at least one pop-up clinic in the coming weeks, in collaboration with pharmacies on the federal pharmacy program.

The government will also run a campaign to push youth vaccinations from August 7-15, the plan added. Second Gentleman Doug Emhoff and Secretary of Education Miguel Cardona will travel to Topeka, Kansas to attend a back-to-school vaccine clinic.

Emhoff and the director of the National Institute for Allergies and Infectious Diseases, Dr. Anthony Fauci, will also host a virtual discussion with youth leaders about youth vaccine access, according to the plan.

On Monday, the U.S. hit Biden’s May target of providing 70% of U.S. adults with at least one vaccination, about a month behind the original July target.

Overall, the US reported an average of about 677,000 daily vaccinations last week (as of August 4), up 11% from a week.

While Covid vaccinations are still limited for children under the age of 12, the FDA approved the use of the Pfizer-BioNTech Covid vaccine for children ages 12 to 15 in May.

Moderna’s vaccine will also be approved for children aged 12 and over. Moderna also plans to expand the scope of its clinical trials for its vaccine to children ages 5-11.

Epidemiologist Larry Sensible on delta variant, vaccinations

The pandemic is not coming to an end soon — given that only a small proportion of the world population has been vaccinated against Covid-19, a well-known epidemiologist told CNBC.

Dr. Larry Brilliant, an epidemiologist who was part of the World Health Organization’s team that helped eradicate smallpox, said the delta variant is “maybe the most contagious virus” ever.

In recent months, the U.S., India and China, as well as other countries in Europe, Africa and Asia have been grappling with a highly transmissible delta variant of the virus.

WHO declared Covid-19 a global pandemic last March — after the disease, which first emerged in China in late 2019, spread throughout the world.

The good news is that vaccines — particularly those using messenger RNA technology and the one by Johnson & Johnson — are holding up against the delta variant, Brilliant told CNBC’s “Squawk Box Asia” on Friday.

Unless we vaccinate everyone in 200 plus countries, there will still be new variants.

Larry Brilliant

Epidemiologist

Still, only 15% of the world population has been vaccinated and more than 100 countries have inoculated less than 5% of their people, noted Brilliant.

“I think we’re closer to the beginning than we are to the end [of the pandemic], and that’s not because the variant that we’re looking at right now is going to last that long,” said Brilliant, who is now the founder and CEO of a pandemic response consultancy, Pandefense Advisory.

“Unless we vaccinate everyone in 200 plus countries, there will still be new variants,” he said, predicting that the coronavirus will eventually become a “forever virus” like influenza.

Probability of ‘super variant’

Brilliant said his models on the Covid outbreak in San Francisco and New York predict an “inverted V-shape epidemic curve.” That implies that infections increase very quickly, but would also decline rapidly, he explained.

If the prediction turns out be true, it means that the delta variant spreads so quickly that “it basically runs out of candidates” to infect, explained Brilliant.

There appears to be a similar pattern in the U.K. and India, where the spread of the delta variant has receded from recent highs.

But I do caution people that this is the delta variant and we have not run out of Greek letters so there may be more to come.

Larry Brilliant

Epidemiologist

Daily reported cases in the U.K. — on a seven-day moving average basis — fell from a peak of around 47,700 cases on July 21 to around 26,000 cases on Thursday, according to statistics compiled by online database Our World in Data.

In India, the seven-day moving average of daily reported cases has stayed below 50,000 since late June — far below the peak of more than 390,000 a day in May, the data showed.

“That may mean that this is a six-month phenomenon in a country, rather than a two-year phenomenon. But I do caution people that this is the delta variant and we have not run out of Greek letters so there may be more to come,” he said.

The epidemiologist said there is a low probability that a “super variant” may emerge and vaccines don’t work against it. While it’s hard to predict these things, he added, it’s a non-zero probability, which means it cannot be ruled out.

“It’s such a catastrophic event should it occur, we have to do everything possible to prevent it,” said Brilliant. “And that means get everyone vaccinated — not just in your neighborhood, not just in your family, not just in your country but all over the world.”

Covid vaccine boosters

Some countries with relatively high vaccination rates such as the U.S. and Israel are planning booster shots for their population. Others, such as Haiti, only recently secured their first batch of vaccine doses.

WHO has called on wealthy countries to hold off on Covid vaccine boosters to give low-income countries a chance to vaccinate their people.

But in addition to boosting vaccination in countries with a low inoculation rate, Brilliant said one group of people needs a booster shot “right away” — those who are 65 years and above, and were fully vaccinated more than six months ago but have a weakened immune system.

“It is this category of people that we’ve seen create multiple mutations when the virus goes through their body,” said the epidemiologist.

“So those people, I would say, should be given a third dose, a booster right away — as quickly as moving the vaccines to those countries that haven’t had a very high chance to buy them or have access to them. I consider those two things about equal,” he added.

— CNBC’s Rich Mendez contributed to this report.

Brooks Laich Goes Instagram Official With Katrín Tanja Davíðsdóttir

Brooks Laich and Katrín Tanja Davíðsdóttir have found a way to make paradise even sweeter.

After they were spotted kissing earlier this month, the pair made their relationship Instagram official on Sunday, August 8, as both stars posted to Instagram about their romance.

Brooks’ post included a photo of himself walking toward the 28-year-old Icelandic CrossFit athlete alongside the pool during their stay at the Four Seasons Resort Hualalai on the Big Island of Hawaii.

“I’ll start walking your way, you start walking mine,” Brooks wrote, quoting from the 1991 country hit “Meet in the Middle” by Diamond Rio. The 38-year-old retired NHL player tagged Katrín in the caption.

For her part, Katrín shared a photo around the same time that showed the lovebirds both using straws to drink from coconuts in Hawaii. “Life is better with a couple coconuts & this favorite human of mine,” she wrote, tagging Brooks and adding coconut and heart emojis.