Aterian Stock Surges 55%

Shares of Aterian, Inc. (ATER) surged over 55% on Monday morning. ATER is currently trading at $3.63, up $1.30 or 55.79%, on the Nasdaq, on a heavy volume of 71 million shares, compared to average volume of 3 million.

Aterian operates as a technology-enabled consumer products company in North America and internationally.

On Friday, Aterian announced that effective Cynthia Williams has joined the company’s Board of Directors.

Oil Prices Mixed After Truce In Yemen

Oil prices traded mixed on Monday amid signs that supply issues in the Middle East could abate.

Benchmark Brent crude futures were marginally lower at $104.34 a barrel, while U.S. West Texas Intermediate crude futures were up 0.4 percent at $99.62.

Geopolitical tensions continue to remain on investors’ radar, with the EU discussing a new round of sanctions on Russia in response to multiple reports that Russian troops executed unarmed civilians in Ukrainian towns.

The new restrictions could target individuals, but could also include a ban on Russian ships using EU ports.

The downward pressure comes from a two-month truce in Yemen, which could ease threats to supply in the Middle East.

The United Nations has brokered a two-month truce between a Saudi-led coalition and the Houthi group aligned with Iran for the first time in the seven-year conflict.

On the demand front, there are reasonable concerns over Chinese demand. The Shanghai lockdown has been extended indefinitely, casting further uncertainty over Chinese supply chains.

China’s transport ministry expects a 20 percent drop in road traffic and a 55 percent fall in flights during the three-day Qingming holiday that starts on Sunday.

Gold Edges Higher Amid Ukraine Woes

Gold edged higher on Monday as worries over the deepening crisis in Ukraine offset pressure from a stronger U.S. dollar and higher Treasury yields.

Spot gold edged up 0.2 percent to $1,929.63 a barrel, while U.S. gold futures were up 0.3 percent at $1,930.

Geopolitical tensions continue to remain on investors’ radar, with the EU discussing a new round of sanctions on Russia in response to multiple reports that Russian troops executed unarmed civilians in Ukrainian towns.

The new restrictions could target individuals, but could also include a ban on Russian ships using EU ports.

The dollar and Treasury yields advanced as a solid U.S. payrolls report raised expectations of aggressive rate hikes.

In economic releases, reports on service sector activity, the U.S. trade deficit and factory orders are likely to attract attention this week along with the minutes of the latest Federal Reserve meeting.

The Federal Open Market Committee will release the minutes from its March meeting on Wednesday.

New York Fed President John Williams on Saturday said a “sequence of steps” could get interest rates back to more normal levels.

San Francisco Fed President Mary Daly said in an interview published Sunday that rising inflation and a tight labor market strengthen the case for a half-point hike in May 2022.

Other Fed policymakers including Fed Governor Lael Brainard, Philadelphia Fed President Patrick Harker, St. Louis Fed’s James Bullard, Atlanta Fed’s Raphael Bostic and Chicago Fed’s Charles Evans will speak at separate events throughout the week.

Oil Futures Settle Sharply Higher Amid Calls For Sanctions On Russian Oil & Gas

Crude oil futures moved higher on Monday, rebounding from recent losses, as Western nations called for new sanctions against Russia after Ukraine said Russian troops carried out a “massacre” in the town of Bucha, killing hundreds of civilians. Western nations have called for a ban on imports of Russian oil and gas.

U.S. President Joe Biden has called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after reported atrocities in Ukraine.

Saudi Aramco’s decision to raise its official selling price for crude in May also contributed to the sharp increase in oil prices.

West Texas Intermediate Crude oil futures for May ended higher by $4.01 or about 4% at $103.28 a barrel.

Brent crude futures moved up $2.20 or about 2.1% to $106.59 a barrel.

Both WTI Crude futures and Brent Crude futures shed about 13% last week, weighed down by the U.S. decision to release oil from its Strategic Petroleum Reserve and concerns about the outlook for energy demand due to the imposition of lockdown measures in Shanghai.

Biden announced last week that up to 1 million barrels per day will be released from U.S.’ Strategic Petroleum Reserve for six months beginning May.

The Cocktail Bar Dead Rabbit Will Expand to New Orleans and Beyond

New locations of the Lower Manhattan bar are in the works, and a sister bar, Hazel and Apple, will open in Charleston, S.C., this year.

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By Robert Simonson

Callon Petroleum Shares Hit 52-Week High

Shares of Callon Petroleum Co. (CPE) reached a 52-week high of $66.47 Monday morning, and is currently trading at $65.39, up $2.97 or 4.76%, with trading volume of over 780K versus an average volume of 2.01 million shares.

There are no recent company-specific news that could be attributed to today’s stock movement.

European Economics Preview: Germany Foreign Trade Data Due

Foreign trade from Germany and investor confidence survey results from eurozone are due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s foreign trade data for February. Exports are forecast to climb 1.5 percent on month, reversing a 2.8 percent fall in January. Economists expect imports to grow 1.4 percent, in contrast to the 4.2 percent decline a month ago.

At 3.00 am ET, Spain’s unemployment data is due.

In the meantime, consumer and producer prices are due from Turkey. Economists expect inflation to surge to 61.6 percent in March from 54.4 percent in February.

At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The sentiment index is forecast to fall to -9.2 in April from -7.0 in March.