At 9:20 a.m. ET futures are moderately higher and the price of oil per barrel is down. The market is poised to open moderately higher.
Notice that the indexes continue to rise building on record highs. Oil is now floating down towards the $40 per barrel area based on the continued over supply from the Saudis. Also, it is now expected that the Fed will raise the base interest rate in December, but given the remarkable way world events have been deviating from the predicted, who knows.
Reuters: Dow looks set to open at record high
The central bank is widely expected to raise interest rates at its December meeting, with traders pricing in an 81 percent chance...
1 comment:
Oddly Trumps win might not do for oil what they'd like. His program to drill baby drill will just add to the oversupply . The transition to EV's will be slowed by the removal of the subsidies or will it? Battery and materials advances are going to make these cars longer and longer distance capable and that will seal the fate of the internal combustion engine sooner or later. Unless, BIG Fossil can muscle the field and ban these cars a real possibility. These are a cynical evil bunch and they are not going to go into the night without a huge fight. For at least the next four yrs. I suspect they might not mind super cheap gas if it keeps the EV's at bay and gives then time to stop their advance. Even then it won't help as then the Chinese, Koreans , Japanese and the Europeans will simply take that market share. The US will then become a Fossil fuel ghetto like Saudi Arabia and Russia.
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