It Doesn't Take Much To Move The Price Of Oil -- March 26, 2021

Link here.

WTI:

• trading up 3.8%
• trading up $2.21
• trading at $60.77

Brent: $64.41; UK says it is considering a re-look at drilling in the North Sea after first suggesting they were done with that.

OPEC basket: $61.63. Saudi Arabia can't "make it" on $60-oil. 

Egypt: Suez ship will be "freed" over the weekend, according to "Egypt." Link here. So, we have NASCAR, March Madness, PGA (golf), and now, the "ship." Time to run over to Tom Thumb (neighborhood grocer) to buy a 12-package box of movie butter popcorn.  

Global economy -- imagine when "everything" opens up. World trade volumes surged in January, 2021, up by almost 6% compared with the same month one year earlier, erasing losses during the pandemic and surpassing the previous peak in October, 2018, before the intensification of the US / China trade war.

Market today: Dow surged in last thirty minutes on a Friday afternoon. YOLO. But more: FOMO. Even AAPL, negative all day, turned positive at end of day, in the last half hour. Whoo-hoo.

Some initial thoughts:

• NASDAQ trading 8% below all-time high. We talked about this earlier.
• AAPL, for example, needs to gain 25 points to get back to its all-time high. From 120 (today) to 145, that would require a 21% jump from 120.

• The ViacomCBS/Discovery debacle today was a wake-up call for companies like Apple, Inc.
• NIO: will suspend production due to chip shortage; shares trade down 5%.
• UNP: hit a new all-time high; up 3.25%; up $7/share; and trading at $223. 
• QCOM: up 4.49%; up almost $6 / share; trading at $133.
  

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