10 things before the opening bell: April 21

Good Friday evening. Russian oil is on the move, but so is a record amount of US oil – and pressure is mounting on Moscow as the EU braces for potential new energy sanctions.

Buckle up.

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Canada, Alberta, Oil workers using oil rig.

Canada, Alberta, Oil workers using oil rig.

Tetra Images – Dan Bannister

1. Russia is rushing to sell its rough. State oil producer Rosneft is trying to get rid of as much of its oil as possible before Europe toughens its energy sanctions.

Importantly, the energy producer is offering to strike deals for barrels in a range of currencies, despite Putin’s recent call for ruble-only transactions. But this decision reveals the pressure that Russian exporters could face if Europe decides to implement an oil embargo.

Meanwhile, the United States just hit a record high for weekly oil exports. The total volume of U.S. oil and oil cargo reached 10.6 million barrels a day in the week to April 15, according to new data. Additionally, U.S. exports outpaced imports by the largest margin on record, according to Bloomberg.

The Kremlin is increasingly cut off from global financial markets and the United States is becoming an energy supplier of last resort as other countries slow their consumption of Russian oil.

Already, the United States has halted its own purchases of Russian oil, and a new round of European sanctions could spell trouble for Moscow, as an industry watchdog just saw their latest bond payment as a signal. of default.


Brandon Bell/Getty Images

In other news:

2. US futures are boosted by Tesla’s explosive earnings. Investors are now waiting to hear what Fed Chairman Jerome Powell said at the IMF meeting later today. Read the latest market news here.

3. Earnings on deck: AT&T, Danaher and Philip Morris all report.

4. Goldman Sachs said investors can prepare for positive earnings by buying options on troubled stocks. The options market, according to Goldman’s Vishal Vivek, can help traders get outsized profits on these 16 vastly undervalued stocks.

5. Tesla landed another record quarter. But not everything is simple. Boss Elon Musk says inflation is far more serious than official figures suggest and supply chain disruption is far from over. Learn more here.

6. Bill Ackman lost about $400 million in 3 months on his Netflix bet. Pershing Square sold its entire stake after the stock fell 35% after earnings on Wednesday. He said he lost confidence in his ability to predict the company’s future prospects.

7. The chaos in Chinese markets shows the yuan is not a threat to the dollar, a veteran economist told Insider. For Steven Blitz, China seems unwilling to take economic responsibility for having the world’s dominant currency – and explained how the US trade deficit plays a role.

8. Two crypto experts have explained why the SEC is likely to approve a spot bitcoin ETF this year. If this emerges, it could mean a big boost for the world’s biggest cryptocurrency. Industry veterans have explained why a race to launch short-term bitcoin ETFs is good for the industry.

9. A fund manager who has beaten 98% of his peers in the past five years has warned that investors are ill-prepared for a turning point in the market. The investing landscape is about to change as inflation and high interest rates take hold, explained Michael Cuggino. He shared three actions that can help buyers thrive in the new environment.

A map of the United States showing dropout rates for each state and DC as of February 2022

Madison Hoff/Insider, Bureau of Labor Statistics data

10. Americans continued to quit their jobs in February. North Carolina and Ohio saw their dropout rates increase by the highest margin, followed closely by Florida. Dig into the data with Insider’s interactive map.

Keep up to date with the latest market news throughout the day by checking out The Refresh from Insider, a dynamic brief audio from Insider’s newsroom. Listen now.

Organized by Phil Rosen in New York. (Comments or advice? prosen@insider.com or tweet @philrosenn.)

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