“Odd” job numbers this morning for September but job market still strong
The economy added only 134,000 new jobs in September--probably a result of Hurricane Florence. But a huge revision to August and July job gains more than offset the weak current month. Economists surveyed surveyed by Briefing.com had projected the economy would add...
Watch out! Oil prices look to be running away from OPEC/Russia control
Russia and Saudi Arabia have opened the taps, pumping an extra 1 million barrels a day of oil, and the two countries are making a big show of saying that they could do even more. But the oil market doesn't seem to care and oil prices keep climbing. As of 11:30 a.m....
Oil surges on no action at OPEC meeting
Today oil prices breached levels that have oil traders talking about $100 a barrel oil again on OPEC's decision at its weekend meeting not to boost oil production. U.S. benchmark West Texas Intermediate climbed 2.15% as of noon today, September 24, to move solidly...
U.S. crude inventories fall again
U.S. crude inventories dropped by 2.06 million barrels last week, according to the U.S. Energy Information Administration. Normally, this "shoulder" period sees stockpiles climb as refineries undertake maintenance in the break between peak summer gasoline demand and...
Pioneer Natural Resources signs deal to cut fracking sand costs by 50%
It's always important to see who has the leverage--customers or suppliers--when costs start to rise. On the recent agreement between Pioneer Natural Resources (PXD), perhaps the dominant oil shale producer in the Permian Basin, and fracking sand producer U.S. Silica...
Oil climbs as Iranian exports plunge
West Texas Intermediate is up 1.32% to just below $70 a barrel ($69.82 at 3 p.m. New York time) today. International benchmark Brent crude is up 1.2% and is closing in on $80 a barrel ($78.99.) With almost 50 days to go before U.s. sanctions against Iran go into pull...
A slip in the dollar and a bounce in the euro
The dollar is down today against the euro and some emerging market currencies, such as the Turkish lira, are rallying. The news ostensibly behind the move is some data indicating that U.S. inflation slipped in August. The logic goes that with inflation sliding the...
Stocks rally on Wall Street Journal report that U.S. has proposed another round of trade talks with China
Pay close attention. The Wall Street Journal is reporting that the United States "is said" to propose another round of trade talks with China. Thats not "There will be trade talk" or "China has accepted a U.S. proposal" or even "The United States has proposed" new...
Tech stocks lead market higher on Apple effect
Apple (AAPL) shares are up strongly today--ahed 2.35% as of 2:30 p.m. New York time--in anticipation of the company's big product launch event tomorrow September 12. And Apple has taken the rest of the technology sector with it--helped by a bounce from the recent sell...
Oil market in deep confusion–any clues for the direction of global financial markets?
This morning the U.S. Energy Administration reported that U.S. crude inventories fell by 4.3 million barrels in the last week. But West Texas Intermediate fell 1.19% today to close at $67.90. International crude benchmark Brent crude dropped 0.82% to $76.64 a barrel....
IEA ups forecast of global oil demand
Today, August 10, the International Energy Agency raised its forecast for global oil demand growth for 2019 by 110,000 barrels a day for a total increase of 1.5 million barrels a day. In its monthly report, the oil market watchdog for the world's advanced economies...Jim’s Stock Alerts
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