Oil Prices Little Changed After Strong Overnight Gains

Oil prices dipped slightly on Friday but were on track to end the week little changed amid expectations that the OPEC+ decision to increase crude oil production might not be enough to keep the oil market in balance.

Benchmark Brent crude futures were marginally lower at $73.77 a barrel, after having risen 2.2 percent on Thursday. U.S. West Texas Intermediate (WTI) futures were down 0.1 percent at $71.86 after a 2.3 percent gain in the previous session.

Oil futures plunged around 7 percent on Monday on concerns over the spread of the COVId-19 delta variant and worries about oversupply after OPEC and allied nations reached a tentative agreement to hike oil output.

Benchmark contracts recouped all of those losses and appear to end the week largely steady, underpinned by expectations that demand growth will outpace new supply, driven by the continued fall in oil stocks and rising rates of vaccinations.

Earlier this week, data from Energy Information Administration (EIA) showed that gasoline stockpiles dropped by 100,000 barrels last week, while distillate stockpiles declined by about 1.3 million barrels.

The EIA report also showed a drop in crude stockpiles at the storage hub in Cushing, Oklahoma, to the lowest level in about seven months.

Schlumberger Ltd. Q2 adjusted earnings Beat Estimates

Below are the earnings highlights for Schlumberger Ltd. (SLB):

-Earnings: $0.43 billion in Q2 vs. -$3.43 billion in the same period last year.
-EPS: $0.30 in Q2 vs. -$2.47 in the same period last year.
-Excluding items, Schlumberger Ltd. reported adjusted earnings of $431 million or $0.30 per share for the period.
-Analysts projected $0.26 per share
-Revenue: $5.63 billion in Q2 vs. $5.36 billion in the same period last year.

BRP Recalls Side-by-Side Vehicles For Fire Risk

Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission.

The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles.

The 82 HP engine vehicles were sold in various colors. The recalled vehicles are equipped with track kits, the Apache 360 LT and the Apache Backcountry track systems, sold separately by BRP.

The vehicles, manufactured in Mexico, were sold at Can-Am dealers nationwide from February 2019 through July 2021 for between $12,500 and $22,500 for the vehicles and between $4,700 and $4,900 for the track systems sold separately.

According to the agency, the stock CVT air intake can become completely obstructed with snow causing the drive belt to overheat and break, posing a fire hazard.

The recall was initiated after BRP received three reports of incidents involving fires. However, no injuries have been reported to date related to recalled vehicles.

Consumers are urged to stop using track kits on the recalled vehicles in snow conditions and contact a Can-Am dealer for a free repair.

In similar recalls, Polaris this week has recalled certain RZR Recreational Off-Road Vehicles for fire risk.

Gentex Trims FY21 Revenue Outlook – Quick Facts

While reporting financial results for the second quarter on Friday, automotive products firm Gentex Corp. (GNTX) trimmed its revenue guidance for the full-year 2021 to a range of $1.88 billion to $1.98 billion from the prior outlook range of $1.94 billion to $2.02 billion.

On average, ten analysts polled by Thomson Reuters expect the company to report revenues of $1.99 billion for the year.

The company also projects revenue of $970 million to $1.07 billion in the second half of fiscal 2021.

Looking ahead to fiscal 2022, Gentex said it now expects revenue to be 10 to 15 percent higher than the updated 2021 revenue estimates of $1.88 billion to $1.98 billion, up from the prior estimate for an 8 to 13 percent growth. The Street expects revenues of $2.21 billion for the year.

Critics slam Biden for 'sucking the blood out of kids' comment after town hall

Conservatives were left puzzled and slammed President Joe Biden after he quipped about Republicans allegedly believing Democrats are “sucking the blood out of kids” during an exchange with a reporter. 

“Are there people in the Republican Party who think we’re sucking the blood out of kids?” the president quipped Wednesday in response to a reporter asking him if there are any Democrats who want to defund the police. 

The president’s comment came after he made a similar remark about “sucking the blood of children” during a CNN town hall event hosted by Don Lemon, saying the country needs to “get beyond” such QAnon conspiracy theories. 

“But some of the stuff — I mean, Qanon, the idea that the Democrats or that Biden is hiding people and sucking the blood of children and — no, I’m serious. That’s — now you may not like me, and that’s your right. Look, it’s a simple thing. You can walk out and say, I just don’t like the way that guy wears his tie. I’m voting against him. You have a right to do that. You have a right to do that,” he said. 

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He added: “The kinds of things that are being said of late, I think you’re beginning to see some of the—and by Democrats as well—sort of the venom, sort of leak out of a lot. We’ve got to get beyond this.”

The town hall was overall panned by conservatives, with some describing it as a “train wreck” and others saying Lemon is “not a journalist,” but an “activist” for the Democratic Party. 

First BanCorp Q2 Profit Rises

First BanCorp. (FBP) reported that its second-quarter net income attributable to common stockholders rose to $69.89 million or $0.33 per share, from $20.59 million, or $0.09 per share for the second quarter of 2020.

Financial results for the second quarter of 2021 included a net benefit of $26.2 million recorded to the provision for credit losses, primarily due to continuing improvements in macroeconomic forecasts.

Adjusted net income was $78.2 million, or $0.36 per share, for the second quarter of 2021. Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts’ estimates typically exclude special items.

Net interest income after provision for credit losses grew to $210.94 million from $96.20 million in the prior year.

Total non-interest income was $29.88 million up from $20.89 million last year.