Archives of “June 3, 2021” dayrss
Oil data from the EIA
- Prior was -1662K
- Gasoline +1499K vs -1500K exp
- Distillates +3720K vs -1700K exp
- Refinery utilization +1.7% vs +0.7% exp
- Crude -5360K
- Gasoline +2510K
- Distillates +1585K
Latest data released by Eurostat – 3 June 2021
- Composite PMI 57.1 vs 56.9 prelim
“The eurozone’s vast service sector sprang back into life in May, commencing a solid recovery that looks likely to be sustained throughout the summer.
“Businesses reported the strongest surge in demand since the start of 2018 as covid restrictions were eased and vaccine progress boosted confidence.
“After covid fighting measures were tightened to the harshest for a year in April, restrictions eased considerably in May on average. These measures are on course to moderate further at least until the autumn, assuming further significant covid waves are avoided. This should facilitate the further return to more normal business conditions as the summer proceeds. Business optimism for the year ahead has consequently hit the highest for over 17 years.
“The service sector revival accompanies a booming manufacturing sector, meaning GDP should rise strongly in the second quarter. With a survey record build-up of work-in-hand to be followed by the further loosening of covid restrictions in the coming months, growth is likely to be even more impressive in the third quarter.
“A growing area of concern is capacity constraints, both in terms of supplier shortages and difficulties taking on new staff to meet the recent surge in demand. This is leading to a spike in price pressures, which should ease as supply conditions improve, but may remain an area of concern for so
Remarks by Russian energy minister, Alexander Novak
- Some Iranian oil may be on the market this summer but not certain
Major indices little changed
- The Dow industrial average has extended its winning streak to 5 trading days.
- The Dow is 2% from its all-time high
- The S&P is up 4 of the last 5 trading days.
- The S&P is less than 1% from the all-time high
- The up one day, down the next for the Nasdaq index is on day 10.Today was an up day (tomorrow lower?).
- Energy is a best-performing sector as crude oil rallies to the highest level in 2 1/2 years.
The Meme frenzy continued today with:
- AMC shares up 95% on the day
- Bed Bath & Beyond rose 62.11%
- Blackberry rose 31.92%
- GameStop up 13.34%
- S&P index rose 6.10 points or +0.15% at 4208.14
- NASDAQ index rose 19.85 points or 0.14% at 13756.33.
- Dow rose 25.07 points or 0.07% at 34600.38
- Russell 2000 rose 3.09 points or 0.13% at 2297.83
- The S&P was up 15.32 points and down -3.78 points
- The Nasdaq was up 39.41 points and down -46.74 points
- The Dow was up 131.34 points and down -29.35 points