Archives of “January 2021” month

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US weekly oil inventories 4352K vs +2425K expected

  
Analysis, Crude

Weekly US oil inventories

  • Prior was -3248K
  • Gasoline -259K vs +2425K
  • Distllates +457K vs +1800K exp
API data from Wednesday:
  • Oil +2500K
  • gasoline +1100K
  • Distillates +800K
  • Cushing -4300K
That was a larger build in oil and prices have ticked lower but the product data is bullish. WTI last prices down 76-cents to $52.29.
Earlier today it looked like crude might be falling below its recent range but it perked back up after the Markit PMI.
oil chart

Markets de-risking into the weekend?

  
  Analysis

Pause for thought

This week’s equity markets saw a classic ‘turnaround Tuesday’ as the sell the fact response from Biden’s stimulus package was erased. Today we are seeing some de-risking, possibly into the weekend after some strong gains in the US led by tech earnings.
Still a buy on any dips
 
Central banks have been slowly turning less dovish – The BoC, the ECB, the RBNZ, RBA and some Fed speakers have all been more on the ‘worst behind us’ footing over the last couple of weeks. This coupled with strong fiscal stimulus means that dip buying is still favoured.

US’ Fauci says it looks like COVID-19 might be plateauing

  
Analysis, COVID-19

US infectious disease expert Fauci says when you look at recent seven-day averages, it looks like covid might be plateauing

 

  • says mutant strains from UK are in about 20 plus states
  • says the coronavirus mutation in South Africa is a little bit more concerning
  • so far it does not appear the Sth Africa strain is in the US
  • “There are alternative plans if we ever have to modify the vaccine… but right now from the reports we have… it appears the vaccines will still be effective”
  • It’s quite a reasonable goal,” to get 100 million vaccinated in the US in 100 days
  • believes most Americans will be vaccinated by the middle of 2021
  • “If we get 75-80% of the country vaccinated by the summer, I believe that by the fall, we’ll be approaching a sense of normalcy.”

US infectious disease expert Fauci says when you look at recentseven-day averages, it looks like covid might be plateauing

US stocks close mixed. S&P and NASDAQ record closes. Dow down on the day

  
Analysis, US Market

Russell 2000 index also lower

The US stocks are closing mixed with the Dow down, the S&P near unchanged and the Nasdaq higher. The small cap Russel 2000 also closed lower on the day.

All indices closed at records yesterday. The close higher in the S&P and NASDAQ are therefore new record closes today.
The final numbers are showing:
  • S&P index up 1.22 points or 0.03% at 3853.07
  • NASDAQ index up 73.666 points or 0.55% at 13530.91
  • Dow down 12.37 points or -0.04% at 31176.01.
  • Russell 2000-11.96 points or -0.55% at 2148.66
Some big gainers today included:
  • Airbnb, up 11.54%
  • Intel, up 6.48%. They announced earnings before the close which was a surprise
  • Ford Motor +6.12%
  • First Solar, +5.58%
  • Nvidia, +3.7%
  • Apple, +3.68%.  Apple closed at a new all time record
  • Western Digital, +3.26%
  • AMD, +3.12%
  • Travelers, +2.61%
  • Boston Scientific, +2.37%
  • Corsair, +2.22%
  • Facebook, +2.03%
  • Micron, +1.81%
  • PayPal +1.78%
  • Good RX, +1.72%
  • Home Depot, +1.68%
some losers today included:
  • Alcoa, -12.41%
  • US steel, -7.12%
  • United Airlines, -5.73%
  • Schlumberger, -4.62%
  • DuPont, -3.89%
  • Chevron -3.56%
  • Square, -3.21%
  • Bristol-Myers Squibb, -3.11%
  • General Electric -2.72%
  • Worthington industry’s, -2.72%
  • Exxon Mobil, -2.57%
  • Nucor -2.39%
  • Bookings.com -2.31%
  • CROWDSTRIKE holdings, -2.3%
  • Delta Air Lines, -2.23%
  • Citigroup, -2.18%
  • Walgreens, -2.14%
  • AliBaba, -2.12%
  • American Airlines -2.04%
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