EU discussions around releasing diesel reserves have pressured oil prices lower in Friday’s early morning trade.
EU discussions around releasing diesel reserves have pressured oil prices lower in Friday’s early morning trade. WTI crude is down about $3 to $90/barrel. While lower oil is welcome news in most parts of the world, we haven’t solved the key issue. Getting supply out of the Persian Gulf is still a dangerously contorted and expensive proposition. Few will be surprised when crude prices rebound after this latest stopgap measure is fully digested. For the moment, though, the price relief and a slightly weaker than expected employment report are lending a boost to equity futures. The 10-year yield had slipped about 2 basis points to 5.22% before the jobs number, and it fell an additional 5 bp to 5.17% afterwards. Tech stocks (mainly chips) are taking heart.
As we anticipated yesterday morning, MU dip buyers materialized in Thursday’s afternoon session. The vanguard of the AI infrastructure earnings season has passed its test, boding well for other AI results to come over the next few weeks. Keep watch on our trading board for setups as they develop throughout the day.
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