Starting Last Day Of The Year On A Stronger Note
Energy and equity markets are starting the last day of the year on a stronger note, as optimism over a potential US/China trade deal seems to be encouraging traders to go bargain hunting after a rough December (and a rough year) for the bulls.
While energy futures have a normal session today, and are closed all day tomorrow, most US physical markets aren’t active either day, which means trading volume will be light today, and could create more volatility like we saw the day after Thanksgiving, and on Christmas eve.
The DOE report released Friday did not have much to stir markets with both Crude oil and distillate inventories essentially unchanged. The weekly status report will be delayed until Friday again this week due to the New Year’s holiday.
Baker Hughes reported 2 more oil rigs were put to work last week, putting the US oil rig total at 885, compared to 747 this time last year. A report from the Dallas FED last week mentioned how job growth in TX may be at risk if lower oil prices cause drilling activity to slow in 2019.
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Week 37 - US DOE Inventory Recap
Oil Pulls Back After Rally While Distillates Extend Gains