The Energy And Market Page, T+268 -- October 16, 2017

Making America great again; economic survey surges. What was Obama doing for eight years (other than golfing every weekend)? This is simply quite incredible. Nearing the one-year mark since Donald Trump was elected president, another record is set, surging past economists' expectations. From The Financial Times:

The Empire State Manufacturing Survey rose to 30.2 in October, up from the 24.4 recorded the previous month, the New York Federal Reserve said on Monday. That handily beat economists’ expectations for a drop to 22 and is the strongest reading since September 2014. 

Although the new orders index fell to 18, compared to the 24.9 in September, the shipments index rose more than 11 points to 27.5 during the period.

However, having said that (asking what Obama was doing for eight years), it was a great opportunity for investors to bulk up their portfolios during that period when the market was down. It certainly appears Warren Buffett was doing that.

The Financial Times mentioned the effect the hurricanes might have had on the economy but did not mention President Trump. Hopefully he will tweet about the New York survey.

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The market: all three major indices are, again, in record-setting territory. The Dow 30 is surging, up almost 70 points in early morning trading. TSLA, interestingly, is showing some weakness, down almost 1.5%. Once TSLA starts falling, it could move quite quickly. Discord at a time when the company is trying to ramp up production is certainly not a good sign. Heatlhcare insurers are under a bit of pressure now that President Trump has stopped the bailout. Congress is very, very likely to re-instate them, getting enough GOP and Dem votes to over-ride any veto. WTI has slipped back to $52.05. CVX, after hitting a 52-week high last week, has hit another 52-week high already this morning; still pays almost 4%.

Yup, nailed it. Earler this morning I suggested it was the Iraqi-Kurdish dust-up that pushed oil higher. And now I see the article: oil prices spike on Middle East tensions. No link; not worth the time. Linked earlier.

From Twitter:

• some great Trump tweets
• record US oil exports set to surge further, Rigzone
• investors hit peak bullishness on oil: John Kemp
• VW fails to secure long-term cobalt supply for EVs from miners -- John Kemp 
• drill, drill, drill -- US crude oil production expected to increase through end of 2017, setting up record 2018 
• oil traders not concerned about recent Iraqi-Kurdish dust-up -- John Kemp