m'aider day
market vibes
May 1…)
in the news
Most European markets are closed for the Labor Day holiday. Even so The wheels of diplomacy have been turning and oil just dropped 5% but signals are negative. Trump and Rubio said the proposal from Iran delays the nuclear issue, which the U.S. wants addressed now (Al Jazeera, Axios, AP, Reuters).
Exxon and Chevron surprised with beats, but their earnings underperformed their peers, according to BBG.
Stocks are seasonally weak in May. Meta sold another $25 billion of investment-grade bonds, with nearly all portions priced at higher risk premiums than the company’s October sale… which is beginning to make equity investors nervous. META was down 57.21 (-8.55%).
Trump has approved permits for the 500,000 BPD Bridger pipeline, moving crude oil from Alberta through Montana to Wyoming. Interesting possibilities for PADD 4? (one of five Petroleum Administration for Defense Districts (PADDs) used by the EIA to track petroleum data. It covers Colorado, Idaho, Montana, Utah, and Wyoming.)
Chevron CEO Wirth: “China’s SPR is larger than the rest of the world combined.”
in the markets
WTI flat prices fell 5% on news of aproposal from Iran but responsive buying stopped the sell off when details appear to be a non-starter. Front spreads were down 20% and rallied about half way back. Iranians are foolish to keep offering the same deals. In trading that is considered an insult when the market isn’t moving.
Technically open interest has stalled its rise. Oscillators are pancaking. Volume is low.
