Notes And Comment -- Early Morning Edition -- April 14, 2021

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US markets:

• Dow and S&P 500: new all-time record?

US markets:

• futures were relatively flat last evening;
• at 4:00 a.m. EDT this morning, futures began to move up; subtle but very noticeable;
• open: bank earnings "eye-popping"; across the board, well above analysts' expectations; as much as 80% above forecasts; most at 40 - 60% above forecasts
• at open, Dow surges, up 170 points;
• S&P 500: open up 7 points;
• NASDAQ: up 30 points
• WTI: over $61
• pipelines (reminder: Texas pipelines will struggle this summer -- source):
• OKE: up 1.4%; up 70 cents; trading at $51.78;
• ENB: up 0.5%; trading just under $37;
• EPD: up 0.65%; trading just over $23;
• ET, most exposure to bad news: trading just over $8;
• AAPL: surprisingly, after being up slightly before market open, drops back 0.6%; profit-taking;
• UNP: up 0.4%; trading just under $223;
• SRE: up a bit; trading at $135.45; several weeks ago, I considered this a $124-stock;
• MNRL: whoo-hoo! Up almost 4% today; up 61 cents; trading at $16.31;
• EOG: whoo-hoo! up over 5%; up $3.55; trading at $74
  

Total cost structure; E&Ps; from RBN Energy, back in early April, 2020, almost exactly one year ago.

From RBN Energy the other day:

Annotated: