Updates
Later, 2:57 p.m. CT: WTI up 4.41%; up $2.38/bbls; trading at $56.32.
Later, 10:52 a.m. CT: WTI now up 4.15%; up $2.24/bbl; trading at $56.18. Hard to believe it has anything to do with Hurricane Dorian. No stories yet over at oilprice.
Later, 9:30 a.m. CT: WTI now up 3.43% today; up $.185/bbl; trading at $55.79. Oilprice still with no story why WTI is surging.
Original Post
Big energy story from yesterday. Just happened to catch it. Haven't seen it yet anywhere on the net (without googling). I'm going to wait an hour or so, and then if the story doesn't pop up I'll google it.
Even oilprice doesn't have the story yet.
If the story is bogus, I will delete this post.
Date-time stamp: 9:05 a.m., September 4, 2019.
Some say the story is the reason that WTI spiked today, up 3.2% today, and gasoline jumped 25 cents/gallon in north Texas overnight. I don't buy that -- that WTI spiked because of "this" news, but we'll see.
ha. they got it: https://oilprice.com/Energy/Oil-Prices/Oil-Jumps-4-On-Positive-Chinese-Economic-Data.html
ReplyDeleteisn't that the story you saw?
You are correct; that's the story that drove the price of oil up yesterday, but I have to admit, I was waiting for a different story based on a comment from someone else at Starbucks yesterday morning. Never saw that story. Had to do with IMO 2020 -- so I have egg on my face waiting for a story that may or may not exist. I will look for it today.
Deleteas usual, i was being a bit tongue in cheek...i found it pretty hard to believe that oil could rally more than 4% on the best Chinese services survey in 3 months...hard to believe oil traders were selling until they heard from the Chinese purchasing managers...
DeleteThank you. I thought that was a strange note coming from you, especially linking an "oilprice" story -- LOL.
DeleteBut I was in the process of getting Sophia her pancakes and getting her to school and really wasn't paying attention. LOL.
But I still would have missed your "tongue-in-cheek" note. I always take you too seriously, I guess.
My source at Starbucks yesterday referenced an IMO / court ruling yesterday that rejected any delay on IMO 2020 which my source at Starbucks said was the reason for the 4% surge in WTI. I have been unable to find the story.
why did the stock market rally? wasn't it something about a new US/China meeting? i'm not sure, but following stocks higher would have made for a more believable "reason" for oil to rally
Deletei missed the IMO 2020 story, so i'm not sure how much that could have influenced prices...seems a move that large would normally be driven by news that everyone knows about..
Agree completely on the IMO 2020 -- my Starbucks "source" is in the trucking business and is greatly concerned about shipping costs when IMO 2020 goes into effect. But it's not as if the shippers haven't known about this new regulation for the past three years.
Delete