This looks like a market that’s running out of steam. – Walter Zimmerman (subscription required), Technical Analyst, ICAP/United Energy Some more interesting action in the oil market today. The Energy Information Administration today announced an 8.8 million barrel decline in crude…
“Is $130 oil a bubble?”, CNN, Friday May 23 “The Short View: Commodity Speculation”, John Authers, Financial Times, Tuesday May 20 “Whither The Price of Oil?”, John Mauldin, Frontline Thoughts, Friday May 23 “High Oil Prices Spur Thoughts About Bubbles,…
In the past (Iran) would have put a little bullish impetus in these markets, but it isn’t today. Perhaps it’s telling. – Addison Armstrong (subscription required), Analyst, Tradition Energy The story in financial markets for the last bunch of days has…
The trading in the stock market the last few days has been all about oil. And the trading in oil has been all about speculative psychology. Yesterday, spurred by a surprise drawdown in oil inventories reported by the Energy Information…
Freeport McMoran (FCX), the largest publicly traded copper company, reported 1st quarter earnings this morning before the open. The numbers were good: revenues up 24%, operating income up 62% and net income up 81%. That’s no surprise as copper prices…
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The only sectors that have really performed well since the Jan 22-23 lows are energy and basic materials. Along the same lines, Brazil, an economy and stock market dominated by commodity producers (national oil company Petrobas and miner Compania Vale…
Today is one of those days where the market is higher but nobody seems to know why. So I did a little detective work. The first thing is that it’s only two groups that are really up big: basic materials…
“The stats are very bullish.” – Tony Rosado (subscription required), IAG Energy Brokers Oil closed today at an all time high around $80 a barrel. Despite OPEC deciding to raise production by 500,000 barrels a day yesterday, oil still managed…
On Monday we had a mid afternoon swoon as the impetus from the Fed move began to wear off. But markets recovered on news of a Tuesday morning meeting between Bernanke, Treasury Secretary Paulson and Senate Banking Committee Chairman Christopher Dodd….