Pages

Wednesday, April 10, 2024

Market Today After CPI Comes In "Hot" -- Oil In Storage Surges -- April 10, 2024

Locator: 46971INVESTING.

The new question: did the Fed did not raise the rates high enough a year ago; is the Fed now losing credibility.

On a down day for the market, NVDA is up 2%? Up $15.38 / share.

Copper: prices climb to 2024 high; 

  • Citi: the second bull market for copper this century; link here.
  • be sure to read that third bullet:
    • copper prices with May delivery traded at $4.323 per pound in New York as of Wednesday morning, extending gains after settling at its highest level since June 2022 in the previous session.
    • three-month copper prices on the London Metal Exchange traded 0.6% higher at $9,477 per metric ton.
    • demand for copper is widely considered a proxy for economic health.

"Trump stock" plummets. Link here.

  • Trump himself will take most of the loss since he owns most of the stock.

Vibecession: see this note posted yesterday.

Weekly EIA petroleum report: link here.

  • crude oil in storage: jumps by a whopping 5.8 million bbls; still 2% below five-year average -- seems bullish for the economy
  • refiners: 88.3% capacity
  • propane glut
  • jet fuel supplied up an amazing 3.5% compared to same period last year -- seems bullish for the economy


I've been building a position in SCCO for decades. Always bought additional shares; never sold. For the longest time, DRIP'd.

2 comments:

  1. On the EIA report, note that exports (line 33 net imports) were higher last week vs. this week. The EIA report varies a lot from week to week, it's hard for me to tell actual inventory number on a weekly basis. EIA data implies that USA is refining a lot of crude into products that are exported, it's a challenge to track the inventory on a single week of data. A super tanker holds 2 million barrels, Suez max holds about 1 million barrels, so a couple of tankers being filled or emptied makes a noticeable difference of crude and product in stock.

    ReplyDelete
    Replies
    1. That caught my eye as well, these three data points:
      oil in storage surged;
      but still well below the five-year average; and,
      refiners only operating at 88% capacity.

      Suggesting refiners, even though operating well below their capacity, are meeting demand, and they must be keeping their storage tanks on site, full.

      But it is very, very hard to sort out on a weekly basis.

      Delete

Note: Only a member of this blog may post a comment.