Oil -- What Else Would I Be Talking About! June 3, 2022

Look at this, what a surprise!

• Brent: up 1%; up $1.19; trading at $118.80
  
• WTI: up 1.1%; up $1.30; trading at $118.20 (later: $118.90 -- will we go over $119 today?)

But did you notice this: the Brent-WTI spread is narrowing; now only sixty cents

• I have no idea why
• US dollar stronger; all things being equal, WTI should be down

Is WTI at $118 affecting the oil stocks?

• CVX: up a bit at $177, but still off its 52-week high of $181
• MNRL: $32 -- I had not been watching; apparently broke through $32 earlier this week or last
• DVN: up a bit, at $76.56 but off its 52-week high of $79

The EV companies:

• two best:
• TSLA: down $60; bad news outweighing the good news; not good
• RIVN: down 4% despite surging oils
• does this have anything to do with GM "slashing" Chevy Bolt prices?
• F: down 3.4%; 50% off it's 52-week high
• GM: down 3%
• holy mackerel:
• RIDE: down 7%
• NKLA: down 6.6%
  
• GOEV: down almost 6% 
• will ELMS run out of cash in June?
• ELMS: down almost 5% today, again, despite surging oil prices; down to 50 cents/share

Commentary:

• China opening up: good for EVs
• oil prices surging: good for EVs
• TSLA talking about a split: good for EVs
• windfall profits tax on oil: good for EVs
• ESG: good for EVs
• and, yet, EVs crashing today
• what's going on?
• I'm sure Jim Cramer has the answer but I don't watch CNBC any more and don't subscribe to his newsletter;
• the energy transition story losing its MOJO?
• investors want to see dividends?
• but something is obviously going on with EVs today.

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The Sports Page

Huge game last night. This is going to be a great NBA series: Boston Celtics vs Golden State Warriors. Boston vs California.

Apparently Stephen A. had some comments re: Michael Jordan.

I missed it. Hope to catch it again, later.

There might be a better video out there regarding Stephen A. and Michael Jordan but for now: https://www.youtube.com/watch?v=epOIZmKM8cs.