Negative prices. The total value of U.S. crude wiped out in a single session. Demand continuing to slow.
* * *
The price of West Texas Intermediate crude for May delivery traded below $0 for the first time ever — at -$37.63 on Monday. By Tuesday morning, it rebounded to – $7.
Essentially, that means producers are paying buyers to take supplies off their hands. That's because storage space is nearing capacity at the Cushing, Oklahoma, facility where WTI crude is delivered. Analysts expect storage tanks to be full within a matter of weeks.
Many things are taking place:
Venmo emoji use is changing in the coronavirus economy - Marketplace
Venmo is a payment app. But it’s also a form of social media, where users can send messages to each other when they send payments. Often those messages include emoji. And those emoji are usually a visual representation of the cause for payment. Paying a friend back for some fresh groceries? Send them lots of produce emoji in your message.
Most Venmo transactions are public by default, and Venmo publishes a set of those transactions on the platform, which provide a window into how users are spending their money. Daniel Wolfe, a reporter at Quartz, compared emoji use in March 2017 with that of March this year, and he spoke to “Marketplace” host Kai Ryssdal about what he saw. The trends the data revealed are highly reflective of broader trends visible in the economy right now, he explained.
Marketplace Model Debate May Resume
The debate over state marketplace laws may resume again, after the Uniform Law Commission (ULC) announced it has set up a committee to study whether to draft a uniform state law on online sales tax collection, focusing on marketplaces. The study committee is chaired by Utah Sen. Lyle Hillyard. The lead staffer ("reporter") will be Professor Adam Thimmesch of the University of Nebraska College of Law.
While ULC was successful at adopting the Uniform Commercial Code in the 1950s, its approach has proven less successful in recent state tax matters. ULC halted an effort to revise the Uniform Division of Income for Tax Purposes Act (UDITPA) in 2010 after state legislators expressed strong opposition. Its work on the Revised Uniform Unclaimed Property Act (RUUPA) has not been widely adopted and failed to account for many industry issues.
Why did restaurant chains like Shake Shack get small business aid? - Marketplace
The company is giving back the money after it was able to secure additional capital from other sources.
About $349 billion had been set aside for the program. According to eligibility requirements, companies with up to 500 employees were allowed to apply for up to $10 million of that money.
Shake Shack explained it was able to obtain that amount in the first place because restaurant businesses with no more than 500 employees per location were eligible. While Shake Shack as a whole employs nearly 8,000 people, it has roughly 45 employees per restaurant, according to the statement.
Quite a lot has been going on:
New Website is Virtual Marketplace Amid Coronavirus
TAMPA, Fla. - An effort is underway to help you shop locally even while social distancing, with the start of a new virtual marketplace for area artists.
The new website is called Buy Local, Tampa Bay and is a collaboration between LocalShops1 and Wanna Go Local , two organizations in support of local business growth.
"What we're trying to do is create enough variety in the same way you would have in a market," said Rob Sanchez, founder of Wanna Go Local. "Where you're walking around and seeing the really cool things that showcase the heart of the city."
Gainesville's GRACE Marketplace Trying To Find Housing For Homeless Residents To Dodge
In the time of global social distancing, thousands of people experiencing homelessness around the country have remained in crowded shelters.
To mitigate that problem locally, the GRACE Marketplace shelter has raised over $10,000 in an effort to help residents find housing.
"It’s a tough situation because we’ve got congregate shelters," GRACE executive director Jon DeCarmine said.
On March 20, the shelter announced a voluntary quarantine despite not having any confirmed cases of coronavirus. The shelter also stopped accepting new residents on the campus and the two campgrounds, including Dignity Village.
Coronavirus Fraud on Walmart Marketplace - Marketplace Pulse
Thousands of shoppers on Walmart were recently disappointed when shopping for face masks and other essential items. The Walmart marketplace is to blame. A few dozen fraudulent sellers used fake tracking numbers and other tricks to accept orders that never reached the consumers.
The number of daily negative experiences has increased four times since Christmas, the time when late shipping causes that figure to spike usually. Marketplace Pulse independently captures reviews for sellers on Walmart Marketplace, since shoppers do not have an option to leave a review on Walmart’s website. The company removed the functionality three years ago and since then has limited ways shoppers can alert both Walmart and other shoppers.
Why CDK Global Launched an API Marketplace for the Auto Industry
Most developers don't spend a ton of time worrying about how to find APIs. There are plenty of general and specialized API directories and marketplaces to thumb through, and when all else fails, there's always Google. But it's a different story for developers in industries that are still playing catch-up on the technology front.
Take car dealerships. According to Mahesh Shah, the chief product and technology officer at CDK Global, it's not that this segment of the automotive industry is underserved. The issue is that companies traditionally haven't given much thought as to how their technology communicates with technology built by their competitors.
Happening on Twitter
How much blood will be on the street b/c of Crude Oil? Bankrupt trading firms NYMEX -- margin calls not met Future… https://t.co/oGb0iNi9U8 PeterLBrandt (from CO, MN and AZ) Mon Apr 20 18:37:40 +0000 2020
Today, #WTI crashed from an open of $17.85/ barrel to a low of -$40.32/ barrel. What is going? Oil storage tanks… https://t.co/e7YaQaEtM0 steve_hanke (from Baltimore & Paris) Mon Apr 20 19:02:27 +0000 2020
While the fossil fuel industry is asking for your money to save their companies, oil prices are *literally* going b… https://t.co/x8U3poMU1i Greenpeace (from Global) Tue Apr 21 18:01:21 +0000 2020
The answer to why the oil market collapsed today is simple: Investors have found themselves with nowhere to stash t… https://t.co/jAzLC5XpyV thedailybeast (from New York, NY) Mon Apr 20 23:40:34 +0000 2020
No comments:
Post a Comment