At 9:00 a.m. ET futures are modestly higher and the price of oil per barrel is now once again over $50. The market is poised to open modestly higher.
Two of the stronger influences that are affecting this morning's mood are more upcoming words from Janet Yellen and concerns over Thursday's Brexit vote. We could very easily see the market explode in the next day or two, or we could see it implode. A vote which would take Britain out of the E.U. would cost a very pretty penny to the global investment world.
CNN: Stocks: 4 things to know before the open by Alanna Petroff
Investors are waiting for another round of testimony from the head of the Federal Reserve, Janet Yellen. They're also pausing for breath before the U.K.'s historic referendum Thursday on whether to exit the European Union.
2 comments:
Oil back up to $60 before fall. Then the advent of the 200 mile a charge EVs starts. Keep in mind there is an inverse relationship with EVs and Oil. The reason is simple. Oil is primarily made into gas and diesel fuel ( 55% of it) for transport. So every new EV is another tens of thousands barrels of oil that doesn't need to be extracted. The downward price pressure on OIL will only grow going forward, in fact, higher OIL prices in the short term actually speeds the transition to electric vehicles and the research for the holy grail of batteries ( a 300+ mile battery for the average car.) All this is happening now. Add to all this that eventually some kind of CARBON fee, tax, levy whatever is going to be put on all FOSSIL energy sources. It's coming. The US will be in the end one of the lone hold outs. Won't make any difference, in the long run we'll switch to electrics as well over the next 20 yrs.
I hope you are right, I want an electric car.
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