Brent hasn’t cost this much since July 2015
The oil bull market keeps rollin’!!! Unfortunately for us little people, though, it’s been primarily for supply fears and not that people are getting richer and want more of the stuff. Still, there’s money to be made.
This Saturday Saudi Arabia became an arena of large-scale arrests among high-ranking members of the royal family on corruption charges. This way Crown Prince Salman’s hold to the heir of the throne is next to certain. And keep in mind he’s just 32…
Oil jumped 0.4% this morning, making this it’s third consecutive day of gains. So far it’s been traded at $55 for WTI and $62 for Brent – the highest in two years.
On the stocks side, the week kicked off fairly mundanely. In Japan the Nikkei inched an extra half pip to reach a 21-year old record.
The week as a whole isn’t as full of events as last week was. We have a few speeches by central banks, the most prominent being by retiring Fed New York President William Dudley. This is kinda big, as the Fed’s board was changed quite fast in a short period of time.
The big story to watch out for this week is oil. With the action there who knows how much money can be made…
Weird enough, precious metals are also up
Today’s been a good day for commodities. Oil went up 2% after fears about supply arose from the purge in the Saudi royal family. Guess that also got precious metals up as Trump blamed Iran for a rocket, that fell in Saudi. Boy, we’re in for a helluva geopolitical ride!
A bit further to the east, Trump started his press conference with Japanese president Shinzo Abe, where trade is on the books. We also got some inflation comments for BoJ governor Hirohiko Kuroda, which didn’t leave a particular effect on the yen.
Throughout this week we have earnings season continuing with Toyota, BMW, Walt Disney Adidas and Siemens announcing earnings tomorrow. OPEC releases its oil outlook a bit further down the road.
Friday we’re waiting for Michigan university’s consumer sentiment data being released. In the meantime Donald Trump keeps trumping through Asia with sec of state Tillerson and a couple of business leaders.