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Published by Capital Client Group, Inc. Good morning from the Financial Times.
Today is Wednesday, May 6th, and this is your FT News briefing.
All around the world, oil reserves are plummeting.
In corporate America, Mike Kiss quarterly reports goodbye.
Plus, HSBC's profits took a massive hit last quarter.
We'll tell you what happened.
I'm Mark Filippino, and here's the news you need to start your day.
The world is running low on easily accessible oil, and it's happening fast.
Global crude reserves dropped at a record pace in April, about 6.5 million barrels a day.
That's according to estimates from S&P Global Energy, which tracks commodity prices.
The U.S.-Iran war is no closer to a peace deal,
and that means oil shipments are still stalled out of the critical Strait of Hormuz.
It's been effectively closed since the war started two months ago.
Goldman Sachs is now warning that there are only 45 days of refined oil products left worldwide.
That includes things like gasoline, diesel, and jet fuel.
That's pretty bad timing, as the summer travel season is creeping up on us.
U.S.-listed companies might not need to report quarterly earnings soon.