WTI: from a post early this morning --
Before the open, WTI was $58.44. Early after the opening, WTI jumped to $59.41, said to be due to a pipeline blast in Libya and the loss of Forties oil right now. My thoughts: the jump in price had little to do with the Forties pipeline or the Libyan story. The Forties pipeline story is not new; the pipeline has been repaired; and, already the pipeline is being tested for re-start in early January, just as the company said would happen. Libya? When do we not hear of a problem in Libya. Some might argue that WTI is headed toward $60 on a "no-news" story. [Later: on CNBC we now learn that the pipeline blast in Libya has resulted in 90,000 bopd -- that is so inconsequential as to be laughable as a cause for the jump in the price of oil.]API drawdown data: normally, the API reports API US crude oil inventories late in the afternoon on Tuesdays; normally I find those reports linked at this site; so far it's not on today's calendar, suggesting the report will be released tomorrow; it's my gut feeling that some folks know that data point before it's officially released and could affect the price of WTI; WTI was up significantly despite no "real" news -- a Libyan pipeline explosion removing 90,000 bopd isn't a big enough story to move the price of oil;
TSLA: earlier today, a reader sent me this link, suggesting that it will be years (decades?) before Tesla can possibly have a positive cash flow. Now this, the "death cross":
Market: whatever the reason for the jump in WTI (and Brent), the bigger story is the jump in share prices across the board in the oil sector. Whoo-hoo.
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NYSE, new highs and lows.
- new highs, 168: Arch Coal (!!); CA; CAT; CVX; DE; EOG; Marathon Petroleum; OXY; Phillips 66; Shell; Statoil; UNP;
- new lows, 19
- if you want to see another reason why Arch Coal might be doing better, see this post.
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- CEO/employees
- federal / non-federal worker
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