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Final answers to lingering questions shot markets up today - Oil markets hit an 8 month high and the stock market soared, with the Dow breaking 30,000 for the first time. Airlines, Cruise Lines, and Energy stocks all pushed up on continuing positive news regarding a COVID-19 vaccination.
Oil opened down 6% this morning, and has continued to slide. We are currently off ~7.9% at time of writing (10:30am)
Oil markets were tumbling well before the open today, and unfortunately we didn't see that turn around at all through the course of the official trading day.
Wild day on the markets today! Oil plummeted on news that the production cuts proposed at the OPEC+ meeting in Vienna were rejected by the "plus" contingent of the OPEC+ coalition - namely, Russia.
Yesterday we saw a somewhat unexpected rebound on oil prices and the stock market - but it all came crashing down today. Crude has officially closed out under $30 per barrel - settling at $29.42, the lowest it's been in 12 years. RBOB closed off almost 5 to settle at $1.0212 - dangerously close to the $1 threshold, and ULSD continued its slide down another .0465 to $0.9343.
WTI dropped 2.8% today to close out at $44.43 a barrel, while Brent closed out down 2.5% . On the refined products side of the NYMEX, ULSD and Gas both took a pummeling as well, with both down over 4 on the day. To be exact, ULSD closed out down (-.0453) to 1.4772 and RBOB closed down (-.0471) to 1.3488.
Stocks are getting pummeled today in anticipation of Fed Chair Janet Yellen's scheduled 5 o'clock speech on the economy and Fed policy re: rate hikes. (Deja vu anyone?).
CRUDE, ULSD, and RBOB are all trending downwards today in tandem with the Stock Market, after a less-than-robust Jobs Report out this morning. The report showed that the US added 173,000 jobs in August, a relatively far cry from the 220,000 anticipated (hoped for?) by the markets and economists.
Today we saw some reversals in the abject panic selloffs we saw Friday and especially Monday. (Click here to recap Friday)
WTI crashed below the $40 level this afternoon in trading, and clung right to the $40 line at the close, settling at $40.45. (ULSD was off -.0556 to $1.4624, and RBOB dropped -.0143 to $1.5449)