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The investment seeks to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the average of the prices of specified short-term futures contracts on light, sweet crude oil called the “Benchmark Oil Futures Contracts". The fund invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.

United States 12 Month Oil Fund LP *

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Oil prices are heating up, and so are the stocks of <a href="https://www.benzinga.com/topic/energy">major energy companies</a>. 
Shares of Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), and ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) were trading in the green at the last check on Friday. The rally follows a Reuters report suggesting the U.S. is preparing its most <a href="https://www.benzinga.com/etfs/sector-etfs/25/01/42919047/oil-nears-80-as-us-prepares-new-russia-sanctions">stringent sanctions yet</a> against Russian oil.
These sanctions, expected to target 180 vessels, major <a href="https://www.benzinga.com/topic/oil?_gl=1&#x2A;1aeuuae&#x2A;_gcl_au&#x2A;MTQ3Nzg4MTMxMi4xNzM1NTczMTA3&#x2A;_ga&#x2A;R1MxLjEuMTczNjUyMjc2NC4xLjEuMTczNjUyMjg4Ni4wLjAuMA..&#x2A;_ga_V7ZK73W7N0&#x2A;MTczNjUyMDk1NC40Ni4xLjE3MzY1MjY3NDYuMC4wLjA.">oil </a>companies, and top executives, have already pushed oil prices to $80 per barrel — a level not seen since October 2024. 
Traders are responding to the anticipated disruption in global oil supply, and some ETFs with oil and energy exposure stand to reap the benefits.
<h3 class="wp-block-heading">What This Means For ETFs</h3>
<ul>
<li>The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) was trading 3.73% higher as of 12.13 P.M. EST</li>
<li>The Invesco DB Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBO#NYSE">DBO</a>) rose about 3.84%. </li>
<li>The United States 12 Month Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USL#NYSE">USL</a>) posted a 2.21% gain.</li>
<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>), with an expense ratio of 0.09% and a 91.26% exposure to the Oil, Gas &amp; Consumable Fuels make it a good bet for investors of oil-focused ETFs. The portfolio includes Exxon Mobil, Chevron and ConocoPhillips.</li>
<li>Vanguard Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>) has an expense ratio of 0.10% and like XOP, Exxon Mobil, Chevron and ConocoPhillips enjoys significant weightage in the fund.</li>
</ul>
<h3 class="wp-block-heading">Geopolitics and Market Dynamics</h3>
Sanctions on Russia — one of the world's largest oil producers — are expected to tighten supply. Prices are expected to go higher. Ongoing reduction in U.S. crude stockpiles, particularly at the Cushing, Oklahoma hub, as reported by Reuters, adds to the pressure.
While tighter supplies drive prices upward, concerns about demand persist. China&#8217;s fuel oil imports are likely to fall early 2025 thanks to a hike in oil import tax from Jan. 1. 
Weaker demand from China, one of the biggest crude oil importers, could weigh on prices in the longer term. 
See Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42340255/opec-extends-oil-output-cuts-to-late-2026-what-it-means-for-markets">OPEC+ Extends Oil Output Cuts To Late 2026: What It Means For Markets</a></li>
</ul>
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Sector ETFs

ETFs

Oil Stocks Rally On Anticipation Of Stricter Russian Sanctions: Here's How ETFs Are Reacting

In a virtual meeting held on Thursday regarding the planned output increase for October, OPEC+ reportedly decided to postpone the increase to October and November, citing recent drops in crude prices to their lowest in nine months.
The group also indicated that it may further pause or reverse the output hikes if necessary, Reuters reports.
OPEC said, "The eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024,"
The news lifted oil prices by over $1 a barrel, with Brent futures briefly above $74 before retreating. Prices had hit their lowest of the year on Wednesday due to concerns over demand and <a target="_blank" href="https://www.benzinga.com/etfs/sector-etfs/24/09/40715953/oil-prices-retreat-as-opec-discusses-delay-in-production-hikes" rel="noreferrer noopener">production possibly coming back to Libya</a>.
OPEC+ had earlier planned a 180,000 bpd increase for October but is currently withholding 5.86 million bpd—about 5.7% of global demand—to stabilize the market amid demand uncertainty and rising external supply.
Last week, OPEC+ was prepared to proceed with the increase, but concerns about fragile oil market sentiment—due to potential additional supply from OPEC+ and resumed Libyan exports, along with a weakening demand outlook—prompted a reassessment.
As per the report, OPEC+ ministers will hold a full policy meeting on December 1, while the Joint Ministerial Monitoring Committee, which can suggest policy changes, will meet on October 2.
RBC Capital analyst Helima Croft suggested it might be wise for OPEC+ to delay returning extra barrels until December. The planned October increase was intended for the eight OPEC+ members who had agreed in June to begin unwinding the 2.2 million bpd cut—the group's most recent reduction—starting from October 2024 to September 2025.
The remaining OPEC+ cuts of 3.66 million bpd, established in previous agreements, will remain in effect until the end of 2025.
OPEC's statement on Thursday said that after the end of November, this cut will be gradually phased out on a monthly basis, starting on December 1 and continuing until November 2025, "with the flexibility to pause or reverse the adjustments as necessary."
On Wednesday,&nbsp;Citi stated that if OPEC+ doesn't cut production further, the average price of oil could fall to $60 per barrel in 2025, driven by reduced demand and increased <a target="_blank" href="https://benzinga.com/news/24/09/40736234/citi-says-oil-prices-could-plunge-below-60-amid-market-uncertainty" rel="noreferrer noopener">supply from non-OPEC countries</a>.
Nevertheless, Citi noted that while a technical rebound in oil prices is possible, the market may lose confidence in OPEC+ maintaining the $70 per barrel level if the group doesn't commit to extending current output cuts indefinitely.
Last week, Goldman Sachs revised its oil price forecasts, catching the market off guard during a surge in crude prices driven by rising geopolitical tensions&nbsp;in the Middle East. The 2025 average Brent price forecast has also been lowered to $77 per <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40576919/goldman-sachs-lowers-oil-price-forecasts-says-us-supply-beating-expectations-downpl" rel="noreferrer noopener">barrel from a previous estimate of $82</a>.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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OILK

OPEC+ To Delay Output Increase For 2 Months Till Prices Stabilize: Report

On Wednesday, Citi stated that if OPEC+ doesn&#8217;t cut production further, the average price of oil could fall to $60 per barrel in 2025, driven by reduced demand and increased supply from non-OPEC countries.
In particular, Citi analysts warned that if Brent prices drop into the $60s, financial flows could push them down further, potentially to $50 per barrel before any rebound, reported Reuters.
Nevertheless, Citi noted that while a technical rebound in oil prices is possible, the market may lose confidence in OPEC+ maintaining the $70 per barrel level if the group doesn&#8217;t commit to extending current output cuts indefinitely.
Citi adds that the market now realizes tensions don&#8217;t always result in reduced production or transit issues, turning rallies into selling opportunities. Libya&#8217;s recent production recovery and the expectation of a brief disruption, given the absence of continued hostilities, have prompted some market participants to resume shorting oil.
Consequently, Citi recommends selling into rallies when Brent nears $80, considering current market conditions.
As per the report, on August 1, OPEC+ confirmed a plan to begin unwinding the latest round of cuts—2.2 million barrels per day—starting in October, with the option to pause or reverse the plan if necessary. However, as oil prices hit a nine-month low, OPEC+ is now considering delaying the planned output increase next month, according to three sources from the producer group cited by Reuters.
Last month, Goldman Sachs trimmed Brent crude forecast by $5, setting a new range of $70-$85, citing higher OECD inventories and weaker China demand.
On Tuesday, Goldman Sachs reportedly stated AI could lower oil prices over the next decade by reducing costs and <a href="https://www.benzinga.com/news/24/09/40714152/ai-could-lower-oil-prices-via-improved-logistics-and-resource-allocation-goldman-sachs" target="_blank" rel="noreferrer noopener">increasing recoverable resources, boosting supply</a>.
The bank says that AI&#8217;s impact on energy and metals has largely centered on the demand side, anticipating a rise in power demand. However, a negative effect on oil prices could reduce the incomes of producers, including OPEC+ members.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image by Maxx-Studio via Shutterstock

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Trading Ideas

Citi Says Oil Prices Could Plunge Below $60 Amid Market Uncertainty

In a significant development in the energy sector, Iraq is set to reactivate a previously dormant pipeline to Turkey, which could substantially impact regional oil exports and negotiations.
What Happened: Iraq is reviving a pipeline to Turkey, potentially exporting 350,000 barrels per day by month&#8217;s end, Reuters reported on Sunday. This move comes amid stalled negotiations with the Kurdistan Regional Government (KRG).
The Kirkuk-Ceyhan pipeline, inactive for a decade, offers an alternative to the KRG&#8217;s pipeline, which has been closed for a year. Baghdad views the KRG&#8217;s oil deals with foreign companies as illegal and demands that companies negotiate with the federal government for oil sales through the revived pipeline.
Islamic State attacks halted the pipeline&#8217;s operations in 2014. It was responsible for about 0.5% of the world&#8217;s oil supply. 
&#8220;Major crude pumping station with storage facilities has been completed,&#8221; said Basim Mohammed,  Iraqi deputy oil minister for upstream affairs, indicating the pipeline&#8217;s readiness to restart flows soon.
After an arbitration court ruling last year, the KRG&#8217;s pipeline was shut down, citing treaty violations. Discussions to reopen it have been complicated by conflicting demands from Turkey, the KRG, and the federal government.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38104437/bitcoin-ethereum-dogecoin-surge-despite-hawkish-remarks-from-fed-president-analysts-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Surge Despite Hawkish Remarks From Fed President—Analysts Predict King Could Now Go Vertical With Several Critical Indicators In Alignment</a>
Despite the friction, the Kurds and Baghdad rely on each other politically and economically. Kurdish oil exports typically pass through a pipeline to Turkey. Early tests on the pipeline within Iraq revealed leaks, prompting accelerated repair efforts.
The current Iraq-Turkey oil pipeline agreement is set to expire in mid-2025, and the resumption of the old pipeline&#8217;s operations will be a key topic in the extension talks, according to a government energy adviser.
Why It Matters: As the global oil market grapples with tight supply and rising demand, the reactivation of the Kirkuk-Ceyhan pipeline by Iraq could have significant implications. Earlier this month, oil prices were <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38073267/crude-prices-could-hit-95-this-summer-oil-is-fighting-the-fed-again">expected to potentially hit $95 per barrel</a> this summer due to these market conditions, coupled with ongoing geopolitical tensions.
Moreover, the reestablishment of this route could alter the dynamics of regional oil politics, as Baghdad asserts its authority over oil exports, challenging the KRG&#8217;s independent oil deals.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38107547/hertzs-mega-tesla-gamble-backfired-due-to-sky-high-repair-costs-unusually-high-accident-rates-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hertz&#8217;s Mega Tesla Gamble Backfired Due To Sky-High Repair Costs, Unusually High Accident Rates And Customers&#8217; Charging Anxiety, Report Reveals</a>
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Iraq To Resume Oil Exports To Turkey Via Pipeline Shuttered A Decade Ago Amid Kurdish Negotiation Deadlock

Amid rising tensions in the Middle East, Helima Croft predicts &#8220;serious Iranian retaliation&#8221; that could lead to broader regional conflict.
What Happened: On Thursday, Croft, an analyst at RBC Capital Markets, expressed concerns over the potential repercussions of the recent escalation in the Middle East.
During CNBC &#8220;Last Call,&#8221; Croft warned, &#8220;We are bracing for serious Iranian retaliation.&#8221;
&#8220;You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region.&#8221;
Croft added that Iran has the potential to repeat its playbook from 2019 when it allegedly attacked oil tankers in the Strait of Hormuz, a critical waterway for oil import and export. She expressed that Iran only needs to launch attacks on a few oil tankers to push the oil prices higher. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"We are bracing for serious Iranian retaliation," says <a href="https://twitter.com/CroftHelima?ref_src=twsrc%5Etfw">@CroftHelima</a> as geopolitical tensions in the Middle East impact markets. "You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region." <a href="https://t.co/JusnMdXQ81">pic.twitter.com/JusnMdXQ81</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1776026486765424854?ref_src=twsrc%5Etfw">April 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38062930/ross-gerber-blames-elon-musks-toxic-behavior-for-ev-makers-crappy-q1-sales-calls-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;He Can't Even Tell He's An Idiot:&#8217; Elon Musk Furious As Ross Gerber Accuses Tesla CEO&#8217;s &#8216;Toxic&#8217; Behavior</a>
Why It Matters: The assassination of a top Iranian general by Israel has <a href="https://www.benzinga.com/24/04/38049998/israel-kills-top-iranian-general-oil-rises-not-great-for-stock-markets-no-inflation-story">led to a spike in oil prices</a> and is negatively affecting stock markets as investors worry about the potential for inflation. This event has heightened concerns of a broader conflict, which could have far-reaching consequences for global markets. The situation is particularly tense as Iran has vowed revenge against Israel, causing Israeli-related stocks and exchange-traded funds (ETFs) to suffer due to investor apprehension.
While large tech companies seem to be weathering the storm, the broader <a href="https://www.benzinga.com/markets/asia/24/04/38099623/irans-revenge-promise-against-israel-is-taking-down-its-stock-market-but-large-tech-companies-appear">Israeli market is facing downward pressure </a>as the threat of Iranian retaliation looms over the region.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38039504/solana-founder-announces-new-coin-as-april-fools-prank-and-a-mimic-token-surfaces-soaring-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Solana Founder Announces New Coin As April Fools&#8217; Prank—And A Mimic Token Surfaces, Soaring 4000%</a>
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Analyst Color

Analyst Warns Of 'Serious Escalatory Tit-For-Tat Cycle' If Iran Strikes Back, Raising Fears Of 'Wider War' In Middle East

European investigators probing the Nord Stream natural gas pipeline sabotage say that the Polish officials have been slow to share information and have withheld key evidence related to the movements of alleged&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/02/30840477/nord-stream-blast-european-investigators-trying-to-cover-up-says-russia" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">saboteurs on Polish soil</a>.
Officials investigating the attack, which occurred in&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/09/29046190/watch-nord-stream-leaks-cause-1-kilometer-of-gas-bubbles-in-the-baltic-sea" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">September 2022</a>, suspect the involvement of a Ukrainian crew, potentially operating through Poland.&nbsp;
However, the lack of complete cooperation from Polish authorities has hindered efforts to ascertain whether the attack had any connection with the former Polish government.
With a new government in office since December, senior European officials are considering contacting&nbsp;Donald Tusk, Poland&#39;s new prime minister, hoping for improved collaboration.
While investigators haven&#39;t directly linked the Polish government to the explosions, their obstruction has fueled suspicions, the Wall Street Journal&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/world/europe/nord-stream-probe-faces-resistance-from-poland-962aa5f9?mod=latest_headlines" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">noted</a>.&nbsp;
Most Western security officials believe a Ukrainian crew was involved, although both Ukraine and Russia have&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/02/30937747/russia-slams-us-for-nord-stream-pipelines-destruction-demands-proof-of-non-involvement" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">denied any participation</a>.
Citing European officials, the WSJ reported that while prosecutors and the border guard in Poland cooperated during the investigation, representatives from the internal security agency ABW and other branches avoided answering questions, provided confusing information, or gave conflicting details regarding the case.
The investigation revealed that a leisure yacht named Andromeda, with a crew suspected of involvement, made stops in several countries, including Poland.&nbsp;
However, Polish authorities delayed sharing vital information until pressed by German counterparts, creating further skepticism.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Nord Stream Sabotage Investigation: Polish Authorities' Accused Of Lack of Transparency

The International Energy Agency (IEA) has projected an enduring slowdown in oil demand until 2024, a viewpoint that starkly clashes with the optimistic forecasts of the Organization of the Petroleum Exporting Countries (OPEC).
What Happened: As <a href="https://www.cnbc.com/2023/12/14/iea-says-oil-demand-slowdown-to-persist-in-2024-amid-oversupply-fears.html">reported</a> by CNBC on Thursday, the IEA perceives a softening global oil demand, predicting this trend to persist into 2024. The stance is strikingly different from that of OPEC and its affiliates, collectively referred to as OPEC+.
The IEA has observed a &#8220;decidedly bearish&#8221; sentiment in the oil market in recent weeks, despite OPEC+&#8217;s November 30 announcement of voluntary production cuts in the first quarter of the upcoming year.
See Also: <a href="https://www.benzinga.com/markets/cannabis/23/12/36212369/30-40-times-higher-thc-levels-than-permitted-found-in-mississippi-weed-products-gop-rep-will-add?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">30-40 Times Higher THC Levels Than Permitted Found In Mississippi Weed Products, GOP Rep. Will Address Si</a>
In its latest monthly oil market report, the IEA anticipates global oil demand to increase by 2.3 million barrels per day to 101.7 million barrels per day in 2023. Nonetheless, it cautions that this forecast &#8220;masks the impact of a further weakening of the macroeconomic climate.&#8221; 
The IEA projects a halving of oil consumption growth next year, reducing to 1.1 million barrels per day as global economic growth remains subpar in major economies and Covid-19-related distortions diminish.
On the other hand, OPEC, in its most recent monthly report, expressed &#8220;cautious optimism&#8221; about oil market dynamics in 2024 and sustained its relatively high oil usage forecast for the coming year.
Why It Matters: The IEA&#8217;s warnings of a continual oil demand slowdown come on the heels of the <a href="https://www.benzinga.com/news/23/12/36215596/oil-prices-under-pressure-as-cop28-climate-summit-agrees-to-energy-transition">COP28 climate summit&#8217;s landmark agreement</a> to transition from fossil fuels and enhance commitments to renewable energy sources. The decision has placed oil prices under pressure.
On Wednesday, crude oil prices were trading under strain while the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), an ETF tracking the price of light sweet crude, was down 0.2% in pre-market trade following a 3.8% loss on Tuesday. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36170646/as-bitcoin-ethereum-correct-340m-in-long-positions-liquidated-peter-schiff-says-king-crypt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Bitcoin, Ethereum Correct, $340M In Long Positions Liquidated: Peter Schiff Says King Crypto &#8216;Getting A Bigger Beatdown Than The Eagles&#8217;</a>
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IEA Forecasts Slowdown In Oil Demand, Contrasts Positive Outlook By OPEC+

The COP28 Presidency released a proposed climate deal text on Wednesday, emphasizing a significant shift from fossil fuels to combat climate change. 
What Happened: Reuters reports that this development marks a first in the COP summit&#8217;s three-decade history, proposing &#8220;transitioning away from fossil fuels in energy systems&#8221; to achieve net zero by 2050, aligned with scientific recommendations. However, the deal has sparked controversy for insufficient financial and equity provisions for developing nations and resistance from major oil-producing countries, including OPEC members.
See Also: <a href="https://www.benzinga.com/news/23/12/36190857/12-year-old-climate-activist-storms-cop28-summit-in-dubai-demands-ending-fossil-fuel-usage">12-Year-Old Climate Activist Storms COP28 Summit In Dubai, Demands Ending Fossil Fuel Usage</a>
Why It Matters: The proposal&#8217;s significance lies in its potential to redefine global energy policies, despite facing opposition from oil producers and criticism for overlooking financial support for vulnerable nations. This echoes concerns <a href="https://www.benzinga.com/news/23/12/36192212/cop28-drafts-overlook-of-fossil-fuel-phaseout-sparks-international-outcry-there-are-elements-that-ar">raised at the summit</a>, where key stakeholders expressed disappointment over the previous draft&#8217;s failure to enforce fossil fuel phase-out. 
Sultan Al Jaber, COP28 President and CEO of the Abu Dhabi National Oil Company, has reiterated respect for scientific findings while seeking greater flexibility from participating nations. 
Read Next: <a href="https://www.benzinga.com/pressreleases/23/12/n36064820/cop28-the-rockefeller-foundation-acen-corporation-monetary-authority-of-singapore-partner-to-explo">COP28: The Rockefeller Foundation, Acen Corporation, Monetary Authority of Singapore Partner To Explore Green Finance Options</a>
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COP28 Draft Proposes Historic Shift From Fossil Fuels Amid Global Debate

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have collectively decided to implement an additional 1 million barrels a day of oil supply cuts, reinforcing Saudi Arabia&#39;s recent extension of its equivalent voluntary reduction.&nbsp;
Oil prices moved higher, with WTI trading at $77.82 and Brent crude oil moving around 83.90.
Citing&nbsp;UBS&nbsp;analyst Giovanni Staunovo, Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-11-30/opec-agrees-on-1-million-barrels-of-additional-oil-output-cuts?srnd=premium&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">noted</a>&nbsp;these developments&#39; potential significance, &quot;If those numbers get confirmed, it shows OPEC+ wants to keep their hands on the oil wheel.&quot;&nbsp;
He emphasized the alliance&#39;s proactive approach, especially in light of anticipated lower demand at the beginning of 2024.
As the meeting of the Joint Ministerial Monitoring Committee (JMMC) began today, Staunovo&nbsp;<a class="editor-rtfLink" href="https://twitter.com/staunovo/status/1730223137013281244" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">notes</a>&nbsp;that OPEC+ could be discussing deeper oil production cuts for the first quarter of 2024 and that total cuts could be close to 2 million barrels per day (bpd).
The decision stemmed from Saudi Arabia&#39;s move to enforce a voluntary extra cut of 1 million barrels per day since July.&nbsp;
Thursday, sources close to the Saudi delegation told the&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/b809994d-6a1b-40e0-b75c-a659c46ffedd" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Financial Times</a>&nbsp;that Saudi Arabia won provisional approval for additional cuts, to which other OPEC+ members will contribute, too.
The FT noted that Saudi Arabia warned other OPEC+ members that it could unwind its voluntary 1 million bpd cut if other producers don&#39;t agree to cut deeper.
Reuters, citing one source,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/markets/commodities/opec-ministers-meet-discuss-additional-oil-output-cuts-2023-11-30/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">noted</a>&nbsp;that Russia will cut 500,000 bpd, adding that Saudi&#39;s output of some 43 million bpd already reflects cuts of about 5 million bpd to support prices and stabilize the market.
The oil prospects have dimmed in the last couple of months due to abundant supplies and a worsening economic situation.
Prices may decline further next year, aligning with predictions from entities like the International Energy Agency, which foresee a significant deceleration in demand growth.

OPEC+ Approaches Preliminary Agreement For Deeper Oil Production Cuts In 2024

A subsea gas pipeline and a telecommunications cable connecting Finland and Estonia under the Baltic Sea have suffered damage in what appears to be a deliberate act, according to the Finnish government.&nbsp;
The Balticconnector gas pipeline was shut down due to concerns about gas leakage from a hole in the 77-kilometer pipeline, and it may take months to repair. Additionally, the damaged telecommunications cable raised concerns about connectivity in the region.
While Finnish Prime Minister&nbsp;Petteri Orpo&nbsp;described the damage as &quot;worrying,&quot; he assured Finland&#39;s energy supply remained stable. He also highlighted that it was premature to conclude the cause of the damage, and an investigation is underway.
European gas prices surged in response to the news, reaching a six-month high, Reuters noted, fueled by concerns over tensions in the Middle East and the belief that external activity may have caused the pipeline damage.&nbsp;
Despite the damage, the Balticconnector pipeline gas system operators do not foresee shortages, and Finland&#39;s alternative gas supply arrangements are expected to cover demand.
While the exact cause of the damage remains unclear, authorities are not ruling out the possibility of sabotage, drawing parallels with deliberate acts of sabotage on the Nord Stream gas pipelines in 2022. Finland has diversified its gas imports, primarily relying on liquefied natural gas (LNG) from the United States.
Finnish telecommunications operator Elisa confirmed that the damaged cable, primarily used for backup purposes, did not disrupt its services, providing a measure of continuity.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Suspected Deliberate Act Damages Subsea Gas Pipeline and Telecom Cable Linking Finland And Estonia

The U.S. Justice Department is intensifying its efforts to clamp down on violations of sanctions imposed on Russia&#39;s energy exports, with a particular focus on&nbsp;Murtaza Lakhani, the founder and CEO of&nbsp;Mercantile &amp; Maritime Group, an oil trading and shipping company headquartered in Bahrain and Singapore.&nbsp;
The ongoing investigation aims to determine if charges will be filed against Lakhani, WSJ&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/economy/trade/u-s-probe-of-russia-sanctions-busting-focuses-on-major-oil-trader-fac754da?mod=latest_headlines" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">notes</a>, whose company has a history of operating in complex regions, including Saddam Hussein-era Iraq, Iraqi Kurdistan, and Venezuela.&nbsp;
Lakhani&#39;s connection to&nbsp;Rosneft Oil, the Russian state-backed energy giant, is also under investigation, specifically examining his business relationship with Rosneft Chief Executive&nbsp;Igor Sechin, a close ally of Russian President Vladimir Putin, whom the U.S sanctions.
To reinforce oil sanctions against Russia, the U.S. government has established Task Force KleptoCapture, targeting entities involved in sanctions violations and asset seizures.&nbsp;
The surge in oil prices beyond the Western-imposed price cap has raised concerns about Russia&#39;s ability to profit from its oil sales, which prompted the Justice Department&#39;s renewed focus on enforcing these sanctions.
Although Western companies are legally permitted to trade and transport Russian petroleum if prices adhere to the $60 cap set by the G-7 countries, there are concerns about the reputational risks associated with financing Russia&#39;s activities.&nbsp;
The recent oil market price spikes have further complicated the situation, leading some major commodities traders to withdraw from Russia. Russian producers have turned to companies operating under opaque ownership structures in Dubai and Hong Kong to transport their oil, often called the &quot;shadow fleet.&quot;
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

US Authorities Probe Sanctions Enforcement in Russian Oil Trade

In response to rising gasoline price concerns,&nbsp;Tai Milder, the director of California&#39;s Division of Petroleum Market Oversight (DPMO), has&nbsp;<a class="editor-rtfLink" href="https://www.energy.ca.gov/news/2023-09/state-officials-provide-update-gas-prices-unusual-petroleum-market-transaction" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">sent</a>&nbsp;a four-page letter to Governor&nbsp;Gavin Newsom&nbsp;and legislative leaders in Sacramento.&nbsp;
Milder&#39;s division reviewed recent data, revealing that some refineries failed to maintain adequate gasoline levels or import enough fuel to compensate for production shortfalls during the summer.&nbsp;
These supply disruptions have contributed to the surge in prices and planned and unplanned refinery outages.&nbsp;
One specific event highlighted in the letter is an &quot;unusual transaction&quot; on the California spot market, where gas prices surged by 50 cents per gallon on September 15.
The rising cost of crude oil has driven up prices not just in California but across the world. For the last 18 months, Russia&#39;s invasion of Ukraine has caused crude oil prices to climb and remain&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/money/most-volatile-stocks/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">volatile</a>.&nbsp;
As of September 20, 2023, crude oil obtained by California refiners from a global market cost $2.27 per gallon, compared with $2.25 one week ago, $2.04 four weeks ago, and $2.18 one year ago.
DPMO contacted refineries to discuss plans for future maintenance and plans to backfill to maintain adequate statewide supply.

California Faces Rising Gasoline Prices, Division of Petroleum Market Oversight Raises Concerns

Saudi Arabia&#39;s&nbsp;plans to list more shares of&nbsp;Aramco, the world&#39;s most valuable oil company, have resurfaced.&nbsp;
The kingdom is reportedly considering selling up to $50 billion worth of shares, which could be the largest offering in capital market history.&nbsp;
Saudi Arabia has decided to host this offering on the Riyadh exchange to mitigate legal risks associated with international listings based on consultations with advisors.&nbsp;
The launch of these shares may occur before the year&#39;s end, Wall Street Journal&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/business/energy-oil/saudi-arabias-aramco-considers-selling-50-billion-in-shares-4d5e4dd1?mod=latest_headlines" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reported</a>, citing insiders.
Aramco has been in talks with potential investors, including multinational oil companies and sovereign-wealth funds.&nbsp;
In the past year, Aramco had considered additional share sales on the Riyadh stock exchange and secondary listings in locations like London or Singapore.&nbsp;
However, unfavorable market conditions led to the abandonment of those plans.
Achieving such a substantial offering could be challenging, considering that Aramco&#39;s previous record-setting&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/ipos" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">IPO</a>&nbsp;in 2019 raised $29.4 billion on the Saudi stock exchange.&nbsp;
The Ant Group&#39;s IPO exceeded that amount in 2020, raising over $34 billion.&nbsp;
It&#39;s important to note that the 2019 listing was a scaled-back version of Aramco&#39;s initial ambitions, which aimed to sell 5% of the company for as much as $100 billion, including on a major international exchange.&nbsp;
However, governance concerns and share pricing led to caution from international investors, resulting in a domestic-only IPO that listed only 1.5% of the company.
In May, Bloomberg reported Saudi Arabia&#39;s consideration of additional share sales, aligning with the kingdom&#39;s long-standing strategy to divest portions of the oil giant.&nbsp;
This strategy is part of Crown Prince Mohammed bin Salman&#39;s broader plan to capitalize on the nation&#39;s vast oil assets and reinvest the proceeds in non-oil industries.

Most Valuable Oil Company Aramco Considers Raising $50B Via Stock Sale

<ul>
<li>The Biden administration reversed a Trump administration plan that allowed the government to lease more than two-thirds of the country&rsquo;s largest swath of public land to oil and gas drilling,&nbsp;<a class="editor-rtfLink" href="https://www.cnbc.com/2022/04/25/biden-reverses-trump-move-to-open-up-more-oil-drilling-in-arctic.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">writes CNBC</a>.</li>
<li>The Bureau of Land Management&rsquo;s&nbsp;<a class="editor-rtfLink" href="https://eplanning.blm.gov/eplanning-ui/project/117408/510" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">decision</a>&nbsp;will shrink the amount of land available for lease in the National Petroleum Reserve in Alaska, a roughly 23 million-acre region.</li>
<li>The decision returns to an Obama administration plan that allows fossil fuel extraction in up to 52% of the reserve, compared to the Trump administration&rsquo;s effort to open up 82% of the land to drilling.&nbsp;</li>
<li>The move comes after the number of oil and gas permits approved by the Bureau of Land Management for drilling on public lands&nbsp;<a class="editor-rtfLink" href="https://www.eenews.net/articles/drilling-permits-spiked-then-plunged-under-biden/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">declined to its lowest number</a>&nbsp;under the Biden administration.</li>
<li>&ldquo;More Arctic drilling also means more oil spills, more polluted communities and more harm to polar bears and other vulnerable wildlife,&rdquo; Monsell said in a statement. &ldquo;Biden officials can and must use their power to help us avoid disastrous climate change and support the transition to a just, renewable economy.&rdquo;</li>
<li>Photo via Wikimedia Commons</li>
</ul>

OLEM

Biden Administration Reverses Trump's Effort To Open More Land For Oil Drilling In Arctic: CNBC

Crude prices and&nbsp;United States Oil Fund LP&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uso#NYSE">USO</a>) are rising after the Oil and Petroleum Exporting Countries and allies (OPEC+) agreed to taper production cuts in January 2021 gradually.
According to&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2020-12-03/oil-set-for-fifth-weekly-advance-after-opec-compromise-deal?srnd=markets-vp&amp;sref=TBDibEcD" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Bloomberg</a>, the group members will hold monthly discussions to decide the next course of action.
What Happened: After a week-long negotiation, OPEC+ arrived at a consensus to raise oil output by 500,000 barrels per day in Jan 2021, reducing the production cuts to 7.2 million from the previously decided 7.7 million barrels per day.
The increased supply could lead to a gradual and systematic price rise in 2021. OPEC+ is set to meet monthly to manage supply additions making the dependent on price-driven signals like time spreads, according to&nbsp;Goldman Sachs Group Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/gs#NYSE" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">GS</a>) analysts.
The discovery and distribution of the COVID-19 vaccine will also play a significant role in ensuring that demand levels revert to the pre-pandemic era.
S&amp;P Global Platts&nbsp;<a class="editor-rtfLink" href="https://www.spglobal.com/platts/en/market-insights/latest-news/oil/120320-sampp-global-platts-proposes-inclusion-of-wti-crude-in-dated-brent-benchmark?source=content_type%3areact%7cfirst_level_url%3anews%7csection%3amain_content%7cbutton%3abody_link" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">has also proposed</a>&nbsp;adding the US&#39; primary export-grade crude WTI Midland be included in its Dated Brent benchmark from March 2022.
Why Does It Matter: The revised production schedule accelerates the oil output goals by a quarter.
The&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/opec-allies-near-agreement-for-small-production-increase-11606987819" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Wall Street Journal</a>&nbsp;reports suggest that Asian markets&#39; oil demand is recovering. On the other hand, fresh waves of coronavirus infections and lockdown measures in Europe could drag down oil prices,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/opinion/articles/2020-11-08/coronavirus-lockdowns-oil-prices-are-only-going-in-one-direction" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Bloomberg</a>&nbsp;reports.
The production cuts announcement, which was expected earlier this week, was delayed over disagreements between key members, Saudi Arabia and the United Arab Emirates.
The addition of WTI crude to the Brent benchmark could also transform the oil price mechanism in many parts of the world.
Price Action:&nbsp;On the last check Friday, USO is trading higher by 1.12% at $31.60 in the pre-market session, Brent crude futures are trading higher by 1.38% to $49.38, and WTI crude futures are up by 1.37% to $46.26.

Global

Crude Futures Rise On OPEC+ Output Compromise, Potential Brent Oil Benchmark Addition

Crude oil prices have gained more than 11% during the week after news of Pfizer Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>)&nbsp;vaccine&#39;s efficacy on Monday. Rising COVID-19 cases have also raised hopes of the market with expectations of major oil producers holding off the planned crude oil supply increase until January,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/global-oil-int-idUSKBN27S064?taid=5facdb1e257e77000130d0ae&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Reuters</a>&nbsp;reports.
The WTI crude futures are trading higher by 0.53% to $41.67&nbsp;and the Brent oil futures have advanced by 0.52% to $44.03 on the last check Thursday.
Algeria&#39;s energy minister, Abdelmadjid Attar, said on Wednesday that the Organization of the Petroleum Exporting Countries and allies led by Russia (OPEC+) could extend oil production cuts into 2021 or deepen further if needed,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/article/us-oil-opec-algeria/opec-could-deepen-oil-cuts-if-needed-says-algerian-energy-minister-idUSKBN27R1Q5" style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; color: #4a6ee0;" target="_blank">Reuters</a>&nbsp;noted.
OPEC+ was due to reduce the current cut of 7.7 million barrels per day (BPD) by 2 million BPD in January. Attar said last week that the group is considering an extension until the end of March.
Saudi Arabia&#39;s energy minister said that the planned cuts deal could be &quot;tweaked&quot; if there is consensus among members.
OPEC+ trimmed its 2021 oil demand growth forecast, citing soaring COVID-19 cases.
Why It Matters:&nbsp;As oil prices rose during the week on positive vaccine news, the National Australia Bank&#39;s head of commodity research, Lachlan Shaw, said, &quot;it will take time for vaccines to be rolled out, and therefore it will take time for demand to be positively impacted by that.&quot;
According to Shaw, the fuel demand remains under pressure from surging infections in Europe, the United States, and Latin America.
OPEC+ had said that the demand in 2021 would rebound slower than thought previously.
Crue Oil ETFs to Watch: The United States Oil ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uso#NYSE">USO</a>), United States 12 Month Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usl#NYSE">USL</a>), United States Brent Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bno#NYSE">BNO</a>), Invesco DB Oil ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbo#NYSE">DBO</a>).

Oil Prices Rise On Hopes Of OPEC+ Extending Supply Curbs

<h3>The Past Week, In A Nutshell</h3>
What Happened: Last week ended positive alongside progress in stimulus talks.
Remember This: &ldquo;Very rarely in the last 10 years have we seen earnings estimates moving higher after a quarterly reporting season,&rdquo; <a href="https://www.reuters.com/article/usa-stocks-weekahead/wall-street-weekahead-u-s-earnings-improvement-expected-but-still-a-weak-quarter-idINKBN26U24G">said</a> Art Hogan, chief market strategist at National Securities in New York, in a conversation regarding third-quarter earnings.
&ldquo;That&rsquo;s a very good sign. It&rsquo;s a sign there&rsquo;s a strong possibility this quarterly earnings season is now going to be better than expected,&rdquo; he added. &ldquo;The only problem is, now that we&rsquo;ve entered the fourth quarter, a lot of the economic indicators are plateauing.&rdquo;
<img src="https://lh3.googleusercontent.com/wh2HhLDDQOGbnXsPwyFDRtCvNt7ta-CaquIlx7F91vByB5Yz0UUyrvYzQqPsUUYgC8UJUqqSbGeNrWo8tgVIjuhln1T9Pn2Hxae2id_qQrsZOdIFnzGUmlx5v1UTHddRDkFQ7RvE" style="height:364px; width:800px" />
Pictured: Profile chart of the Micro E-mini S&amp;P 500 Futures
<h3>Technical</h3>
Broad-market equity indices ended the week higher with S&amp;P 500 retracing more than 50% of its September sell-off.
During Last Week&rsquo;s Action: Alongside fiscal stimulus <a href="https://app.marketing.refinitiv.com/e/es?s=530566577&amp;e=1461706&amp;elqTrackId=34c8be5d271b46568f297d66fdf28191&amp;elq=4ce7889a2b064e3189c1b28a0c81da01&amp;elqaid=73954&amp;elqat=1">hopes</a>, U.S. index products initiated past and built value above a major high-volume concentration.
The movement out of balance provided initiative participants (i.e., those buying within or above prior value) with greater confidence to explore higher. In moving higher, however, the market left behind numerous poor structures, suggesting much of the activity was emotional.
The aforementioned short-term, momentum-driven activity is most attributable to the consensus there will be another round of stimulus. If talks were to fall apart or some other non-technical factor was introduced, there are good odds the market would endure a fast-moving correction of the poor structure.
Overall, the market has moved out of balance and is resolving to the upside. Outside of some exogenous event, it is likely that the market will continue exploring higher with the S&amp;P 500 trading up to the high-volume area at the $3,500 strike where the concentration of open interest in options is heavy.
Scroll to the bottom of this story to view non-profile charts.
<h3>Fundamental</h3>
According to Evan Karson and Bridget Ryan of Moody&rsquo;s Analytics, the economic recovery is <a href="https://bit.ly/30V0LAy">facing</a> two big downside risks.
<blockquote>&ldquo;Two major downside risks loom over the road to recovery that could determine which path the labor market will follow: a spike in COVID-19 cases or a fiscal policy blunder. A double-dip recession will be unavoidable if widespread contagion slows business activity materially or sparks another round of nonessential business closures. The risk of a surge is increasing as the weather gets colder and people begin to socialize inside.&rdquo;
</blockquote>
Adding, a failure to deliver another round of direct stimulus payments or expand unemployment benefits would fail to buoy household spending and hit consumer-driven industries hardest. The most significant gains, though, would occur if and when a vaccine is made available.
<h3>Key Events</h3>
<ul>
<li>Monday: No events.</li>
<li>Tuesday: Core Inflation Rate, Inflation Rate.</li>
<li>Wednesday: MBA Mortgage Applications, PPI MoM, Fed Clarida Speech, Fed Quarles Speech, Fed Kaplan Speech.</li>
<li>Thursday: Jobless Claims, Philadelphia Fed Manufacturing Index, EIA Cushing Crude Oil Stocks Change, EIA Distillate Stocks Change, Fed Quarles Speech, Fed Kashkari Speech.</li>
<li>Friday: Retail Sales, Industrial Production, Fed Williams Speech, University of Michigan Consumer Sentiment Preliminary, Business Inventories, Michigan Inflation Expectations Preliminary, Foreign Bond Investment, Overall Net Capital Flows.</li>
</ul>
<h3>Recent News</h3>
<ul>
<li>Hurricane Delta <a href="https://reut.rs/3lyE8tM">deals</a>&nbsp;the greatest blow to U.S. offshore energy production in 15 years.</li>
<li>Demand for steel is expected to <a href="https://bit.ly/2SMX4J4">grow</a> to meet rising social, economic welfare needs.</li>
<li>BlackRock Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) <a href="https://bit.ly/3jT3J03">sees</a>&nbsp;election playing&nbsp;out in asset classes and sectors.</li>
<li>Next administration to <a href="https://bit.ly/3nyyXf8">confront</a>&nbsp;policy challenges with wide-ranging credit impact.</li>
<li>White House <a href="https://reut.rs/3nIMPUq">urges</a> Congress for interim coronavirus relief as negotiations continue.</li>
<li>The pandemic economy <a href="https://on.wsj.com/30VoSPY">carved</a> up a deep divide between the haves and have-nots.</li>
<li>Biden win could mean stricter <a href="https://reut.rs/2SM0aNm">enforcement</a> for biggest four technology companies.</li>
<li>Nasdaq Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ndaq#NASDAQ">NDAQ</a>) may&nbsp;<a href="https://bit.ly/2SRvwC1">transfer</a> data centers to Texas, from New Jersey.</li>
<li>Markets are&nbsp;<a href="https://bit.ly/30V0LAy">sensing</a>&nbsp;an upturn despite pockets of profound depression-like&nbsp;misery.</li>
<li>International Business Machines Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ibm#NYSE">IBM</a>)&nbsp;<a href="https://reut.rs/30SPml6">splitting</a>&nbsp;into two companies.</li>
<li>Saudi Arabia is <a href="https://on.wsj.com/2GDLg9B">considering</a> cancelling plans for an oil output hike early next year.</li>
<li>Boeing Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) <a href="https://reut.rs/2Fl3ZWL">cut</a> its rolling 20-year forecast for airplane demand on virus.</li>
<li>AMC Entertainment Holdings Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amc#NYSE">AMC</a>) <a href="https://reut.rs/3nI9j7E">plans</a> to keep most theatres open.</li>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) may have a chance to&nbsp;<a href="https://reut.rs/33MvmlW">produce</a> 500,000 cars, Musk said.</li>
</ul>
<h3>Key Metrics</h3>
<ul>
<li><a href="https://bit.ly/330VhEp">Sentiment</a>: 34.7% Bullish, 26.3% Neutral, 39.0% Bearish as of 10/7/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Gamma Exposure</a>: (Trending Higher) 8,490,294,012 as of 10/9/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Dark Pool Index</a>: (Trending Neutral) 39.7% as of 10/9/2020.</li>
</ul>
<h3>Product Snapshot</h3>
S&amp;P 500 E-mini Futures (ES) | SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>)
<img src="https://lh6.googleusercontent.com/oAmCcnp4vXVT7Dq69glMJ5Hj0iKWNXYTey34d1Q418spT6dmwfXoHDkWrhCLIBKwkJRy95Se65ZYQ6TPah_vRiYTbN0TQpnBxVT0IE0YZXsSNGHmPubCDcLgrwFeaKJ5-0K-ccoT" style="height:364px; width:800px" />
Gold Futures (GC) | SPDR Gold Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gld#NYSE">GLD</a>)
<img src="https://lh3.googleusercontent.com/kh2EUGXp48pjQkGN2VgjQBGrua6tOLwde9DH6nXJEhXOrHuxh0zrf8beKXuwVq5utNe1lYukSOG0ShfXTbaMrul7iqyIZboOUDma9wuVjq_dg-nzLEMVy0p3AfftCWSsPunon66k" style="height:364px; width:800px" />
Crude Oil (CL) | United States Oil Fund LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uso#NYSE">USO</a>) | Invesco DB Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbo#NYSE">DBO</a>) | United States 12 Month Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usl#NYSE">USL</a>)
<img src="https://lh3.googleusercontent.com/vj5dCFRVmQmZ6rziJgi7Oi-rnZLc4UNT9CzS5AQq0I3s3Ti9MJSJmmi-kEkICLbUnRSaIjH-N9tXOTyzRdwa0Ij3iyss0KlLwEBKqo8Cu_Wd3OSXsRSRvkv1gzGBafZ29n5F-vo3" style="height:364px; width:800px" />
Treasury Bonds (ZB) | iShares 20+ Year Treasury Bond (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlt#NASDAQ">TLT</a>)
<img src="https://lh4.googleusercontent.com/iPw1kZMY_eQ7dMMUQKDcch9d5EpmxuE3R0vWwK0-y3zBPu_FNXKkUUA4fmEmxNZeR0qc0POwa99tdQyLVZjG62mSznYqckQfB7IqVCHDkjzLJSTxRucqMbIxOk7RAlpNjWxNMCUw" style="height:364px; width:800px" />
Photo by Karolina Grabowska from Pexels.

Earnings

Penny Stocks

Broad U.S. Equity ETFs

Futures

Previews

Retail Sales

Events

Econ #s

Federal Reserve

Tech

DJIA

NDAQ

iShares Trust Barclays 20+ Year Treasury Bond Fund

TSLA

'Better Than Expected': Stock Market Update For The Week Ahead

<h3>The Past Week, In A Nutshell</h3>
What Happened: Last week ended positive despite the uncertainty-driven news cycle.
Remember This: &ldquo;Market swings can be unsettling, and there&rsquo;s a lot to think about with today&rsquo;s headlines,&rdquo; <a href="https://www.ally.com/do-it-right/trends/market-volatility-alert-oct-2-2020/">noted</a> Lindsey Bell, chief investment strategist for Ally Inc-owned (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ally#NYSE">ALLY</a>) Ally Invest.
&ldquo;However, history has proven to us repeatedly that it&rsquo;s best to wait them out. The S&amp;P 500 has moved 2% or more in 42 trading days this year, the most since 2008, yet the index is still up year-to-date. We&rsquo;re also in the early innings of an economic recovery, so we believe stocks could run higher in the coming years. But investors need to be patient because it likely won&rsquo;t be a straight line up.&rdquo;
<img src="https://lh4.googleusercontent.com/fMPFsjr_rFM75URlcU0FwnfmJTNaeLoKTimctvzd4yvI3oYlRUcZIlPL5Upq_j9i4muU3fgWhKBsQlKOERgIxgm7H8cLRs5cCmVLdTr84VOK9YqbB3HjUnxb9IXL53ISR7gYO86-" style="height:503px; width:900px" />
Pictured: Profile chart of the Micro E-mini S&amp;P 500 Futures
<h3>Technical</h3>
Broad-market equity indices ended the week higher with the S&amp;P 500 retracing 50% of the September sell-off.
During Last Week&rsquo;s Action: Participants defended the low-volume area -- which denotes upside directional conviction -- below $3,320.
Most notable was what happened after Thursday&rsquo;s failure to extend past responsive selling at the $3,370 high-volume ledge. The lack of conviction resolved itself in Friday&#39;s overnight liquidation on <a href="https://app.marketing.refinitiv.com/e/es?s=530566577&amp;e=1452309&amp;elqTrackId=34c8be5d271b46568f297d66fdf28191&amp;elq=7683b132d298457081022078d57eeb18&amp;elqaid=73567&amp;elqat=1">news</a> that U.S. President Donald Trump contracted COVID-19, thus returning the market back into balance.
Defense of the low-volume area, alongside the development of low-excess highs during the U.S. cash session, suggests the potential for further upside. Auctioning through the low-volume area, however, may trigger downside follow-through, with the S&amp;P 500 moving as far as the $3,198 swing low.
Scroll to the bottom of this story to view non-profile charts.
<h3>Fundamental</h3>
ARK Invest CEO and CIO Catherine Wood <a href="https://ark-invest.com/video/october-2-2020-in-the-know-with-cathie-wood/">suggested</a> another stimulus bill could be released prior to the election, with airlines being one major beneficiary. One problem with such a bill, however,&nbsp;is that the economy has hit escape velocity and some of the stimulus included may not be necessary.
<blockquote>&ldquo;We also, in terms of fiscal policy, hope that these policies are not going to get in the way of so-called creative destruction,&quot; said Wood.&nbsp;&quot;What we mean by that is disruptive innovation tends to take off during difficult times. But, if companies and industries are being subsidized just to hang on a little longer, that&rsquo;s probably not good for anyone.&rdquo;
</blockquote>
Simply put, Wood theorizes the government&#39;s stimulus of dying industries is a disservice, as it diverts resources to less productive areas of the economy.
<h3>Key Events</h3>
<ul>
<li>Monday: Fed Barkin Speech, ISM Non-Manufacturing, Fed Evans Speech, Fed Bostic Speech.</li>
<li>Tuesday: Balance of Trade, Fed Chair Powell Speech, Fed Harker Speech, Fed Kaplan Speech.</li>
<li>Wednesday: MBA Mortgage Applications, Fed Barkin Speech, EIA Cushing Crude Oil Stocks Change, EIA Distillate Stocks Change, FOMC Minutes, Fed Williams Speech, Fed Kashkari Speech, Consumer Credit Change, Fed Williams Speech, Fed Evans Speech.</li>
<li>Thursday: Initial Claims, Continuing Claims, Fed Barkin Speech, Fed Kaplan Speech.</li>
<li>Friday: Wholesale Inventories.</li>
</ul>
<h3>Recent News</h3>
<ul>
<li>U.S. election to <a href="https://bit.ly/36xy1S3">supercharge</a> structural trends, increased focus on sustainability.</li>
<li>Azerbaijan (Turkey-backed) and Armenia (close to Russia, Iran) conflict <a href="https://bit.ly/30ww6JQ">flares</a>.</li>
<li>If the president <a href="https://bloom.bg/34lVPpv">holds</a> onto Florida, then the entire election grows far closer.</li>
<li>The Treasury market&rsquo;s size to <a href="https://bloom.bg/2GEpPVy">outstrip</a> dealer capacity to safely intermediate.</li>
<li>FAA Chief <a href="https://reut.rs/3njLoLA">conducts</a> two-hour evaluation of Boeing Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) 737 MAX.</li>
<li>Technology companies <a href="https://reut.rs/3ivyoik">cozy</a> up to Biden campaign with cash and connections.</li>
<li>U.S. auto sales stay on a <a href="https://reut.rs/2SmYzxe">path</a> to recovery despite the tighter inventories.</li>
<li>Boeing Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) to <a href="https://reut.rs/2EYgVl1">move</a> 787 production to South Carolina in 2021.</li>
<li>Fed&rsquo;s Kaplan <a href="https://reut.rs/3isBWlB">says</a> he wants to be careful about further quantitative easing.</li>
<li>U.S. job growth <a href="https://reut.rs/2Gfj7Wb">slows</a>; nearly 4 million Americans permanently unemployed.</li>
<li>Ford Motor Company&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) auto sales <a href="https://reut.rs/34DkztF">recover</a> on a demand pickup.</li>
<li>Uber Technologies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>) logistics division has <a href="https://reut.rs/3ldeACc">raised</a> $500M.</li>
<li>House Speaker Pelosi <a href="https://reut.rs/3lgQOW9">says</a> airline aid deal is near, asks for halt to job cuts.</li>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) <a href="https://reut.rs/3jy93Wo">reports</a> record deliveries, Model 3 underwhelms.</li>
<li>Lawmakers <a href="https://bit.ly/36wO1DS">pressure</a> U.S. trade representatives to strike Taiwan trade deal.</li>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) <a href="https://bloom.bg/36usfRc">cut</a> price on Chinese Model 3 with CATL battery.</li>
<li>Wall Street is <a href="https://bloom.bg/3nfGEXn">preparing</a> its systems for the election trading surge, volatility.</li>
<li>The COVID-19 vaccines further along in clinical trials are hardest to <a href="https://bit.ly/34s89Ey">deploy</a>.</li>
<li>China&rsquo;s support for infrastructure investment will <a href="https://bit.ly/3l4r678">aid</a> the economic recovery.</li>
<li>Structural shifts <a href="https://bit.ly/33s15Zm">triggered</a> by the pandemic to benefit a tech subsectors.</li>
<li>Senator McConnell <a href="https://on.mktw.net/34rMtst">cancels</a> scheduled senate floor votes for two weeks.</li>
<li>&lsquo;I wasn&rsquo;t feeling so well. I feel much better now&rsquo;: Trump&rsquo;s <a href="https://on.mktw.net/3ligtxL">address</a> to America.</li>
<li>China&rsquo;s economic recovery from the pandemic helps <a href="https://on.wsj.com/30yunDU">drive</a> its stocks higher.</li>
<li>COVID-19 will <a href="https://bit.ly/2F0bPVB">lead</a> to lasting behavioural changes in consumption and work.</li>
</ul>
<h3>Key Metrics</h3>
<ul>
<li><a href="https://bit.ly/330VhEp">Sentiment</a>: 26.2% Bullish, 30.7% Neutral, 43.1% Bearish as of 9/30/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Gamma Exposure</a>: (Trending Lower) 921,593,487 as of 10/2/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Dark Pool Index</a>: (Trending Higher) 44.7% as of 10/2/2020.</li>
</ul>
<h3>Product Snapshot</h3>
S&amp;P 500 E-mini Futures (ES) | SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>)
<img src="https://lh5.googleusercontent.com/MG9hSh-KgkhNQPUR6MqOEVixWB-lii4dXcMBie_AYlbi8MGtkwI8mPOTUPiR-8Y2tLa8G8tmc33hc5t5sLd9fb99d32dHzf4n0tGHq-uvQYdgip9w-siyDuTVx6eKeCBOkRE9XQx" style="height:349px; width:800px" />
Gold Futures (GC) | SPDR Gold Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gld#NYSE">GLD</a>)
<img src="https://lh4.googleusercontent.com/ilqx16PB_2IMIOrct4arUjS3evmSqjTVw39dg7s_DZVCVf9JtnRBirhjkPuMdbkVEh6mmI5aJ8O3eYA9hdhUsoNjtdN6kKVXoXEkD1Z6OcilZhK9QNeFcyy932XN_8uKbIDVeI5n" style="height:349px; width:800px" />
Crude Oil (CL) | United States Oil Fund LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uso#NYSE">USO</a>) | Invesco DB Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbo#NYSE">DBO</a>) | United States 12 Month Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usl#NYSE">USL</a>)
<img src="https://lh5.googleusercontent.com/jL9IJzMZZRmZ8bJ200UpbqPr0qzvqUQU0Op8oW55jChIi6RtpY6cy1L2H2RC-uaJSS2KlVL_8ZDUhf07LBsWQGcPjD_ZZEFkay3flTMtomqgvc6WHyDuI6ZKEIa5jqSehAEbubce" style="height:349px; width:800px" />
Treasury Bonds (ZB) | iShares 20+ Year Treasury Bond (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlt#NASDAQ">TLT</a>)
<img src="https://lh6.googleusercontent.com/zMEII9tNOzfEp-__y3NOM589PyaMFtfwXMFmv2hqVAckSCpbT3HEzSnjjGpal96JOxscous8cNCki93i6EwrhHqHVljcsCqU43fNS4bPm6hL6c-juSEmGyWrKy3HrEibmbW29Teq" style="height:349px; width:800px" />
Photo by Pixabay from Pexels.

Treasuries

ALLY

UBER

'Be Patient': Stock Market Update For The Week Ahead

<h3>The Past Week, In A Nutshell</h3>
What Happened: Last week ended negative with mega-cap and technology stocks regaining strength into week-end.
Remember This: &ldquo;Markets had embedded substantial optimism in early September, with the valuation of the S&amp;P 500 at the highest level in 20 years and sentiment at extreme highs, setting the stage for a natural period of consolidation,&rdquo; <a href="https://www.axios.com/coronavirus-stimulus-wall-street-outlook-d8f3e61c-0208-44bc-b091-50fdb9dd3e89.html">noted</a> Mark Hackett, chief of investment research for Nationwide.
&quot;Investors are now struggling to find a positive catalyst, as the prospect for fiscal stimulus fades, economic data begin to reflect rising coronavirus cases and earnings season remains a month away.&rdquo;
<img src="https://lh5.googleusercontent.com/21CKMly0RZmQ5oyGnm18X8qImyFId26OphSo6zEoNcK2YNm0P712uPRoRxp-vHnPFipAAMDi9QsFdqu0AZ2Y0QjVoDEKjlueJ9bwpvhe_djBTXMwIb_j4lljzeviSegAjSUaG2iV" style="height:365px; width:800px" />
Pictured: Profile chart of the Micro E-mini S&amp;P 500 Futures
<h3>Technical</h3>
Broad-market equity indices ended lower with the S&amp;P 500 correcting as low as $3,200.
Recapping Last Week&rsquo;s Action: Monday&#39;s test of the $3,200 high-volume area offered responsive buyers an opportunity to get in at favorable prices. Buying continued through Tuesday, before resisting an area of resting liquidity at $3,300.
After <a href="https://app.marketing.refinitiv.com/e/es?s=530566577&amp;e=1439735&amp;elqTrackId=34c8be5d271b46568f297d66fdf28191&amp;elq=a3b8dae5d62c46cd8be7cb7e98a5e7be&amp;elqaid=73064&amp;elqat=1">disappointments</a> in business activity data and stimulus talks, on heavy-volume and supportive delta, Wednesday&#39;s liquidation erased the entire week&rsquo;s gains. Alongside improvements in home sale <a href="https://app.marketing.refinitiv.com/e/es?s=530566577&amp;e=1441765&amp;elqTrackId=34c8be5d271b46568f297d66fdf28191&amp;elq=8fef24cff60b44bbb39e299fdc4043de&amp;elqaid=73140&amp;elqat=1">data</a>, buyers in mega-caps and technology led the market higher, through Friday&#39;s close, away from value.
Overall, in the bigger picture, the market is churning above $3,200, the site of a large high-volume area that denotes the market&rsquo;s recent perception of value. When prices trade to a high-volume area, on a swing-up auction, then trade should slow allowing responsive longs a good place to enter. Should prices trade and spend time below this area, then perceptions have changed and longs are no longer favorable, at least in the near term.
Scroll to the bottom&nbsp;for non-profile charts.
<h3>Fundamental</h3>
John Authers, a Bloomberg columnist, <a href="https://www.bloomberg.com/opinion/articles/2020-09-24/this-bout-of-stock-market-angst-looks-much-darker?sref=TBDibEcD">suggested</a> gold is falling due to a&nbsp;rise in real yields.
<blockquote>&ldquo;When real yields rise then gold, which pays no income, can be expected to fall. This is true even if real yields are rising from deeply negative territory. To explain the intuition behind this, gold is widely regarded as a hedge against central banking irresponsibility. Recent speculation is that the Fed may not print money and cut rates with quite the gay abandon that had been assumed. This may or may not be good news for the U.S. economy, but it raises real yields and for investors in gold and in risk assets, who might benefit from currency debasement, it is definitely bad news.&rdquo;
</blockquote>
Simply put, the theory that the Federal Reserve exhausted itself has buoyed real yields, which have an inverse relationship to metals.
<h3>Key Events</h3>
<ul>
<li>Monday: Fed Mester Speech.</li>
<li>Tuesday: Goods Trade Balance, Fed Williams Speech, Fed Harker Speech, CB Consumer Confidence, Fed Williams Speech, Presidential Debate.</li>
<li>Wednesday: MBA Mortgage Applications, ADP Employment Change, GDP Growth Rate, Core PCE Prices QoQ Final, Corporate Profits, GDP Price Index, PCE Prices QoQ Final, Pending Home Sales, EIA Cushing Crude Oil Stocks Change, EIA Distillate Stocks Change, Fed Kashkari Speech, Fed Kaplan Speech.</li>
<li>Thursday: Core PCE Price Index YoY, PCE Price Index YoY, Continuing Jobless Claims, Core PCE Price Index MoM, Initial Jobless Claims, Jobless Claims 4-Week Average, PCE Price Index MoM, Personal Income MoM, Personal Spending MoM, Markit Manufacturing PMI Final, ISM Manufacturing PMI, Construction Spending MoM, ISM Manufacturing Prices, Fed Williams Speech.</li>
<li>Friday: Non-Farm Payrolls, Unemployment Rate, Average Hourly Earnings MoM, Average Hourly Earnings YoY, Average Weekly Hours, Non-Farm Payrolls Private, Participation Rate, Fed Harker Speech, Michigan Consumer Sentiment Final, Factory Orders MoM, Michigan 5 Year Inflation Expectations Final, Michigan Inflation Expectations Final.</li>
</ul>
<h3>Recent News</h3>
<ul>
<li>Fed <a href="https://bit.ly/33NHNwn">publishes</a> scenarios for the second round of 2020 stress tests, a credit positive.</li>
<li>Sea level rise <a href="https://bit.ly/33NHNwn">increases</a> credit risk for U.S. coastal states and local governments.</li>
<li>Airlines are <a href="https://reut.rs/345lySS">calling</a> for COVID-19 coronavirus tests before all international flights.</li>
<li>Intel Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/intc#NASDAQ">INTC</a>) <a href="https://reut.rs/3kRkEA9">gets</a> U.S. licenses to supply to Huawei.</li>
<li>China air force video appears to <a href="https://reut.rs/3jlnMEl">show</a> a simulated attack on U.S. base in Guam.</li>
<li>How secular shifts will <a href="https://bit.ly/336w1hG">force</a> the U.S. commercial real estate market to adapt.</li>
<li>Government aid and stock gains <a href="https://reut.rs/3cBT5rM">pushed</a> U.S. wealth to pre-pandemic levels.</li>
<li>As U.S. business activity loses momentum, home price inflation <a href="https://reut.rs/2S5j15K">accelerates</a>.</li>
<li>JPMorgan Chase &amp; Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) to <a href="https://reut.rs/340YUel">pay</a> nearly $1 billion in spoofing penalty.</li>
<li><a href="https://bit.ly/3kSyK4e">Higher</a> inflation regime in medium term after decade of persistent undershooting.</li>
<li>A jump in U.S. coal railroad volumes, 2021 forecasts are <a href="http://https://bit.ly/342Pz5J">driving</a> up sentiment.</li>
<li>Global banks seek to <a href="https://reut.rs/2ECIAYB">contain</a> damage over $2 trillion of suspicious transfers.</li>
<li>Amazon Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) <a href="https://reut.rs/3mUyGmz">pushes</a> security with indoor drones, car alarms.</li>
<li>Crude, product prices <a href="https://bit.ly/2S2PFVt">diverge</a> as market looks to U.S. stimulus, COVID situation.</li>
<li>IEA <a href="https://bit.ly/2Hxz2PH">analysis</a> of innovation in batteries and electricity storage, based on patent data.</li>
<li>U.S. <a href="https://bit.ly/334LKxC">upgrades</a> accounted for three-fourths of affected debt in the latest period.</li>
<li>Hedge funds <a href="https://reut.rs/2G9oPbA">see</a> opportunity in the New York, San Francisco apartment markets.</li>
<li>Low interest rates <a href="https://bit.ly/2HBZaJp">create</a> pension and investment challenges but lower debt costs.</li>
<li>China is on <a href="https://reut.rs/340nGLP">course</a> for record LNG imports as industries recover and expand.</li>
<li>General Electric Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ge#NYSE">GE</a>) <a href="http://https://reut.rs/2S0ugfJ">plans</a> to stop making coal-fired power plants.</li>
<li>COVID &lsquo;firepower&rsquo;: Britain <a href="https://reut.rs/3cBg2LR">imposed</a> six month curbs against a second virus wave.</li>
<li>Microsoft Corporation&rsquo;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) <a href="https://bit.ly/336ZNCT">acquisition</a> of ZeniMax credit positive.</li>
<li>Bombardier Inc&rsquo;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bdrbf#OTC">BDRBF</a>) agreement to <a href="https://bit.ly/336ZNCT">sell</a> transport unit credit negative.</li>
<li>Coronavirus <a href="https://bit.ly/336ZNCT">resets</a> Latin American economies at lower base, driving asset risks.</li>
<li>California <a href="https://reut.rs/30bLTO2">banning</a> sale of new gasoline-powered passenger vehicles in 2035.</li>
<li>Data is <a href="https://bit.ly/2G71WpB">suggesting</a> that splits fundamentally change how stocks perform.</li>
<li>The corporate bond issuance boom may <a href="https://bit.ly/3cB8p7W">steady</a> credit quality, on balance.</li>
<li>Per earnings and interest rate forecasts, valuations not <a href="https://bit.ly/334LKxC">supported</a> fundamentally.</li>
<li>Data expected to <a href="https://bit.ly/334LKxC">confirm</a> sentiment eased across most European countries.</li>
<li>Wary buyers and softer foreign demand, likely <a href="https://bit.ly/334LKxC">raised</a> Japan&rsquo;s unemployment rate.</li>
<li>On balance, 2020&rsquo;s bond issuance boom <a href="http://https://bit.ly/334LKxC">enhanced</a> overall financial flexibility.</li>
<li>Demographics and the rising cost of funding retirement may <a href="https://bloom.bg/3mTw5sZ">affect</a> valuations.</li>
</ul>
<h3>Key Metrics</h3>
<ul>
<li><a href="https://bit.ly/330VhEp">Sentiment</a>: 24.9% Bullish, 29.1% Neutral, 46.0% Bearish as of 9/23/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Gamma Exposure</a>: (Trending Lower) 1,152,474,010 as of 9/25/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Dark Pool Index</a>: (Trending Higher) 42.2% as of 9/25/2020.</li>
</ul>
<h3>Product Snapshot</h3>
S&amp;P 500 E-mini Futures (ES) | SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>)
<img src="https://lh5.googleusercontent.com/Ebb53mJfPK6EiMNTmQQLaTiVQNoT7C_QloBd52NCKys5Al_2YEpmf3GCimFdKBsXlalC7XhJV4kx-CmO23wPqxtLPQAP7EnenvzGRuzgrD4KEh1pbhkXfM42GOL9dJG2LR_wq8to" style="height:351px; width:800px" />
Gold Futures (GC) | SPDR Gold Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gld#NYSE">GLD</a>)
<img src="https://lh6.googleusercontent.com/K9cDGXAdz4_WP90Aw74qJ9BqWo27C9tkCM_o1XPFNtZBY-DNEvZfsuxnaIJPuR_29C1t2ZWAL7dynCgH3ZOfnIYd5J6iZmHT_qjHFIl_oxEeG-a-GOKNZAVo2-tbKi-QoOCNzNYx" style="height:351px; width:800px" />
Crude Oil (CL) | United States Oil Fund LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uso#NYSE">USO</a>) | Invesco DB Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbo#NYSE">DBO</a>) | United States 12 Month Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usl#NYSE">USL</a>)
<img src="https://www.tradingview.com/x/uwZp31EA/" />
Treasury Bonds (ZB) | iShares 20+ Year Treasury Bond (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlt#NASDAQ">TLT</a>)
<img src="https://lh6.googleusercontent.com/6EiaN_uhEYAOwgZp15T1dMAcHiNN6AdGOGeR2PdOlbAsi6iLjD6J0DtYDzBABWZap9tQBpHaB4YVoL0a_Zd0tHQSFKhRz81dRjVxXdwYL7L7PTwU2vb_kOQLIspSUYTxBmKWY9Ao" style="height:351px; width:800px" />
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'Natural Period Of Consolidation': Stock Market Update For The Week Ahead

<h3>The Past Week, In A Nutshell</h3>
What Happened: Last week ended negative on relative weakness in the technology sector.
Remember This: &ldquo;While valuations have hinted to overstretched markets in the past, it&rsquo;s tough to say where stocks should be trading right now. We just witnessed the fastest bear market and one of the fastest recoveries on record. The Federal Reserve is more engaged in the markets than it has ever been, which has distorted reality with record-low Treasury yields.&rdquo; <a href="https://www.ally.com/do-it-right/trends/weekly-viewpoint-september-11-2020-fall-volatility/">said</a> Callie Cox, senior investment strategist for Ally Financial Inc-owned (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ally#NYSE">ALLY</a>) Ally Invest.
&ldquo;One thing is for sure: when investors&rsquo; expectations for the future rise, stocks tend to rise as well. High expectations can leave a lot of room for disappointment, and investors&rsquo; fortunes can turn quickly when markets stray too far from the economy and earnings. That&rsquo;s still a major risk here, but valuations alone aren&rsquo;t enough reason to expect another historic slide.&rdquo;
<img src="https://lh4.googleusercontent.com/haQYdFMzMu3zqCDt-HEujnDoUvAdHxaMgK_4GdDMCRgdfND1tXGZisNq_j8pN6LdrgRDyvHEwlsexSWa13qAAdNuKRkGB-7Sfzngjt69ozFjZryPjMzne1VEbaxvA7Kb6m9ncbh0" style="height:351px; width:800px" />
Pictured: Profile chart of the Micro E-mini S&amp;P 500 Futures
Technical: Broad-market equity indices ended the week lower with the S&amp;P 500 correcting to 3,300.
Recapping Last Week&rsquo;s Action:&nbsp;On Tuesday, alongside Brexit <a href="https://app.marketing.refinitiv.com/e/es?s=530566577&amp;e=1418923&amp;elqTrackId=34c8be5d271b46568f297d66fdf28191&amp;elq=b67821a71654450bb2d78d8ad1e2979c&amp;elqaid=72195&amp;elqat=1">news</a>, on a second attempt, the S&amp;P 500 broke through the 3,400 low-volume area, suggesting directional conviction changed. After spending much of the day trading neutral, the S&amp;P extended lower, in-line with delta and away from value.
On <a href="https://app.marketing.refinitiv.com/e/es?s=530566577&amp;e=1420927&amp;elqTrackId=34c8be5d271b46568f297d66fdf28191&amp;elq=0bb600e2e4794ca98f9f0f90c6ca7175&amp;elqaid=72258&amp;elqat=1">news</a> of AstraZeneca plc&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/azn#NYSE">AZN</a>) suspended COVID-19 trial, selling continued overnight into a base of liquidity in the 3,290 region before buyers regained control and one-time framed the market higher, to and through prior value and the low-volume area broken the day prior.
On Thursday&rsquo;s economic <a href="https://app.marketing.refinitiv.com/e/es?s=530566577&amp;e=1422994&amp;elqTrackId=34c8be5d271b46568f297d66fdf28191&amp;elq=9376bf81c21342a0812b262cca74afee&amp;elqaid=72327&amp;elqat=1">data</a>, the S&amp;P 500 liquidated after non-convicted buyers failed to take out the prior day&#39;s low-excess high. Selling intensified as the market ate into prior low-volume, before closing off on a weak low, in-line with the prior day&#39;s cash-session low. After tech shares led an overnight rally up to some low-volume areas from the prior day&#39;s session, machine-like selling appeared and pushed the market through the weak low&rsquo;s, before buyer&#39;s regained strength to finish Friday off in-range.
Overall, the recent mechanical activity to and from key technical levels denotes the non-presence of larger other time frame (OTF) participants and conviction. Heavily weighted index constituents are breaking trend while the broad market&rsquo;s failure to extend much lower into the poor structure below it, coupled with reduced volatility pressures, suggests immediate downside may be limited. As a result, it&rsquo;s time to temper expectations and look to reposition in line with emerging macro-economic and geopolitical themes.
Scroll to the bottom for non-profile charts.
Fundamental:&nbsp;ARK Invest analyst Sam Korus <a href="https://ark-invest.com/analyst-research/auto-loans-2/?utm_content=139768887&amp;utm_medium=social&amp;utm_source=twitter&amp;hss_channel=tw-2398137084">suggested</a> that the risks to auto loans, the securities supporting them, and underlying collateral may threaten the entire auto ecosystem.
<blockquote>&ldquo;The percent of auto loans delinquent by 90 days or more has been rising for almost four years and is approaching levels last seen during the Global Financial Crisis (GFC) in 2009, as shown below. During the GFC, most consumers and businesses prioritized the servicing of auto loans over their mortgages because, in the absence of ride-hailing, they relied on vehicles to keep their jobs and businesses going. Now working from home, they seem to be prioritizing mortgages and home equity (HE) loans over auto and credit card debt.&rdquo;
</blockquote>
Korus also noted delinquencies may double while the underlying collateral will likely see a depression in residual value due to the mobility revolution. As a result, consumers, lenders, dealerships, and auto manufacturers may suffer financial damage as secular risks rebound in the tail-end of the COVID-19 recovery.
<img src="https://lh3.googleusercontent.com/HfxKbvf8OrfPlVk5rMJG9iBtFIUAjxla8BsKki0eG1tMZtTdfj4EAr2BDWoHyo-IfOW1irlZUBrSBiyWWLTOqs6hLna5eRMIX0Jva9j1jnzF0HQFpNlErrXhBJdl4RElgO7jMCbv" style="height:443px; width:800px" />
Source: ARK Investment Management
Key Events:
<ul>
<li>Tuesday: Industrial Production.</li>
<li>Wednesday: MBA Mortgage Applications; Retail Sales; Business Inventories; NAHB Housing Market Index; EIA Stocks Change; FOMC Economic Projections; Fed Interest Rate Decision; Fed Press Conference; Foreign Bond Investment; Overall Net Capital Flows.</li>
<li>Thursday: Building Permits; Jobless Claims; Housing Starts; Philadelphia Fed Manufacturing Index.</li>
<li>Friday: Michigan Consumer Sentiment; CB Leading Index; Michigan Inflation Expectations.</li>
</ul>
Recent News:&nbsp;White House <a href="https://wapo.st/33kodrw">eyes</a> executive actions as virus-relief talks appear finished.
<ul>
<li>Weekly jobless claims <a href="https://reut.rs/3hlVt6I">flatten</a> as the labor market shows signs of fatigue.</li>
<li>Bank of Canada head <a href="https://reut.rs/33skh7Y">says</a> too soon for exit from stimulus, will adjust QE.</li>
<li>Forecasters <a href="https://bit.ly/35tQXkp">see</a> a 69% chance of an accessible vaccine by March 2021.</li>
<li>New York office glut <a href="https://reut.rs/2FCjoBx">signals</a> market downturn amid coronavirus recovery.</li>
<li>Used cars <a href="https://reut.rs/3kdAeWr">drive</a> U.S. consumer prices higher; inflation pressures firming.</li>
<li>NYSE <a href="https://reut.rs/2ZveIV9">indicates</a> that it will exit New Jersey if the state taxes stock trades.</li>
<li>Equity market turmoil seen <a href="https://reut.rs/3mhuWuS">unlikely</a> to provoke Federal Reserve response.</li>
<li>U.S. <a href="https://reut.rs/2FqYZj9">proposes</a> to waive minimum flight requirements for airlines until 2021.</li>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) <a href="https://reut.rs/2GY4E0L">launches</a> fast electric car charging in Berlin.</li>
<li>Pandemic e-commerce surge <a href="https://reut.rs/2GXQvAD">spurs</a> race for Tesla-like electric delivery vans.</li>
<li><a href="https://bloom.bg/3istaoA">Return</a> of rush hour traffic in Europe and Asia adds to mixed outlook for oil.</li>
<li>West Coast freight networks &lsquo;<a href="https://on.wsj.com/3miPdjS">bursting</a> at the seams&rsquo; with surging imports.</li>
<li>Equity funds have seen net <a href="https://bit.ly/33n0Ihr">outflows</a> every week for every month of 2020.</li>
<li>Purchasing managers&rsquo; indexes from ISM and IHS Markit show <a href="https://bit.ly/33n0Ihr">recovery</a>.</li>
<li>Production problems <a href="https://on.wsj.com/3bSupuG">spur</a> FAA review of Boeing Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) 787.</li>
<li>Copper on the cusp of a historic supply <a href="https://yhoo.it/2ZxIqZQ">squeeze</a> as China ups demand.</li>
<li>New set of digitally <a href="https://bit.ly/2E03CQK">influenced</a> norms and behaviors born among consumers.</li>
<li>Second wave of COVID-19 <a href="https://bit.ly/3iuYVNC">confronts</a> Western Europe, following a sharp fall.</li>
<li>Small businesses <a href="https://bit.ly/3is90Lr">exhausted</a> federal funding and started to lay off workers.</li>
<li>Equity market volatility <a href="https://bit.ly/2FyNLJ4">stemmed</a> from risk of new, different tax frameworks.</li>
<li>August jobs <a href="https://bit.ly/2FyNLJ4">stronger</a> than anticipated but did not meaningfully change outlook.</li>
<li>European recovery is <a href="https://bit.ly/2FyNLJ4">losing</a> momentum as demand is soft, uncertainty remains.</li>
<li>Japan&rsquo;s economy to <a href="https://bit.ly/2FyNLJ4">mark</a> sharp contraction as a second wave materializes.</li>
<li>Downtrend in credit quality <a href="https://bit.ly/2FyNLJ4">slowed</a> with upgrades outnumbering downgrades.</li>
<li>Simon Property, Brookfield Property to <a href="https://cnn.it/2RplOq1">buy</a> JCPenney Company Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/jcpnq#OTC">JCPNQ</a>).</li>
<li>Economic model reform hopes <a href="https://reut.rs/3mgx5Hp">rise</a> as China focuses on inward economic shifts.</li>
<li>Rise in remote, distributed workforces may <a href="https://bit.ly/2FxV7wJ">drive</a> new wave of venture deals.</li>
<li>World Agricultural Supply and Demand <a href="https://bit.ly/33q1UAH">Estimates</a> as of September 11, 2020.</li>
<li>The global energy transition is well under way and is <a href="https://reut.rs/3hmYZxz">accelerating</a> rapidly.</li>
<li>Walmart Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmt#NYSE">WMT</a>) to <a href="https://reut.rs/2ZtvUdV">test</a> drone delivery of grocery household items.</li>
<li>U.S. airlines <a href="https://reut.rs/2FgLh2x">warn</a> on travel recovery while awaiting fresh recovery aid.</li>
<li>U.S. utilities <a href="https://reut.rs/3ml2PuK">say</a> Biden plan to cut C02 hinges on breakthroughs in clean tech.</li>
</ul>
<h3>Key Metrics</h3>
<ul>
<li><a href="https://bit.ly/330VhEp">Sentiment</a>: 23.7% Bullish, 27.8% Neutral, 48.5% Bearish as of 9/9/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Gamma Exposure</a>: (Trending Lower) 1,970,983,599 as of 9/11/2020.</li>
<li><a href="https://bit.ly/2UpgtRE">Dark Pool Index</a>: (Trending Lower) 42.1% as of 9/11/2020.</li>
</ul>
<h3>Product Snapshot</h3>
S&amp;P 500 E-mini Futures (ES) | SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>)
<img src="https://lh4.googleusercontent.com/D9EU-uMC64QD4FNtGxkfdOT8Tm6SdounJbCoafLpBMLMrrAMKfik-SIgZq9fd7Jx8KKG9-5emmr76HUw29pfaBUyZ5QU3zC9rWS4H10Tex5XwxkFlVcw-fXTtzIL-zhw5q1_WPS_" style="height:351px; width:800px" />
Nasdaq-100 E-mini Futures (NQ) | PowerShares QQQ Trust (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>)
<img src="https://lh5.googleusercontent.com/BerYenVwotOiwvBbr6M5tmvWvCw-o3hMdt-eCNjFlXSz-ENc_dpYjuih1W2Vc7KfHkRduEoStX-DIqtV17_d5RQIwtUe90J6ibkbiI4qdtyQcqrDS0bN2Jm_bMY6MMwjwUNqkYQY" style="height:351px; width:800px" />
Russell 2000 E-mini Futures (RTY) | iShares Russell 2000 Index (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iwm#NYSE">IWM</a>)
<img src="https://lh5.googleusercontent.com/WQ6f1ho-f-hzM76vghnn6bRzcni4pWDJgQHLRsQeqregatg6znWHz62FJRAyvOcUgPb84VZKHAzxdqaTiMK-JHEunajdt6aC01Kc78f-3ilNMzHzCl2TzjrvTOpDslgaYiEywkYX" style="height:351px; width:800px" />
Gold Futures (GC) | SPDR Gold Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gld#NYSE">GLD</a>)
<img src="https://lh4.googleusercontent.com/t8l42cunArGeiNVMtWCTZi2-pJZrD_dffcCwmQszDgDbYH8s1NMXQd-7Q8UKWboQdezbxaTvCHeMK6x1wh0emQaoBFtbB4dv0LVQq2vnkNfm_OH9tEZQn6cbTkQzgFLrUfFLHq9U" style="height:351px; width:800px" />
Crude Oil (CL) | United States Oil Fund LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uso#NYSE">USO</a>) | Invesco DB Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbo#NYSE">DBO</a>) | United States 12 Month Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usl#NYSE">USL</a>)
<img src="https://lh4.googleusercontent.com/REPY2WqdJW-5G8YrPjX2U5eIz4vs7zART82t3qofxNsgPXo7qpM7-Fv3VQFgLAEkLNbN1HFxGXopp7JqxlodL1_Km93q_nLWCZGA4rTRlwGRWMe-AJSmiJ0tCnKrCwMEnCKDySEt" style="height:351px; width:800px" />
Treasury Bonds (ZB) | iShares 20+ Year Treasury Bond (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlt#NASDAQ">TLT</a>)
<img src="https://lh6.googleusercontent.com/GqtClvrB9pApP0LDWdvUOokwWKWUrHZH4oHyMix0flpiGGxv66iTUKMaWkPHRVes_NUAiO5Y0OAkPvbYBSWay3_uMXT4xlPUB-OBXaoNYciyDuL1QkYpRMoP4Fr4SU7plALVc7DK" style="height:351px; width:800px" />
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