A key factor in the upper band of the benchmark crude oil trading ranges over the past weeks is market concern over a ban of Russian oil exports to the European Union (E.U.). Prior to the invasion of Ukraine, Europe was importing around 2.7 million barrels per day (bpd) of crude oil from Russia and another 1.5 million bpd of oil products, mostly diesel. This fear, though, is vastly overblown for several reasons analysed below. The removal of this particular fear factor in the oil price will allow oil prices to move back over the course of this year to the level they were before the Russia-Ukraine ‘war premium’ began to be priced in by the smart money in September 2021, which was around US$65 per barrel (pb) of Brent. The primary reason why a meaningful E.U. ban on Russian oil (or gas) will not occur is that it would … Read more
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Major Indices Finish Week in Red, Despite Jumps Friday
Stocks jumped Friday, as investors looked to steer the S&P 500 away from official bear market territory and bounce back from a week of sharp losses.
The Dow Jones Industrials climbed 466.36 points, or 1.5%, to finish Friday and the week at 32,196.66, breaking a six-day losing streak
The S&P 500 restocked 93.81 points, or 2.4%, to 4,023.89.
The NASDAQ Composite spiked 434.04 points, or 3.8%, to 11,805.
Despite those gains, the major averages were on track to post losses for the week. The Dow is down more than 2% and currently on pace for its first seven-week losing streak since 2001.
The S&P 500 has fallen 2.5% and is on course for its longest weekly losing streak since 2011, while the Nasdaq has slipped about 3% this week.
All the S&P 500 sectors moved higher on Friday led by gains in consumer discretionary and information technology. It was a … Read more
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Week Closes with Bang on Bay Street
All the news this week seemed to be bad on Bay Street, but equities found a way Friday out of the abyss and boasted serious gains by the final bell.
The S&P/TSX popped 400.76 points, or 2%, to end the week on an up note, at 20,099.81. Even so, on the week, the index was bruised 533 points, or 2.59%.
The Canadian dollar regained 0.59 cents at 77.37 cents U.S.
Tech issues were monarchs of the index, with Lightspeed Communications streaking $6.55, or 31.1%, to $27.59, while Dye & Durham leaped $2.13, or 14.2%, to $17.02.
Hopeful news also in the cannabis sector, where Aurora Cannabis acquired 50 cents, or 15.9%, to $3.65, while Canopy Growth moved up the chain 69 cents, or 9.9%, to $7.67.
In energy, Headwater Exploration hiked 72 cents, or 11.4%, to $7.05, while Nuvista zoomed 90 cents, or 8.2%, to $11.92.
Strategists are saying as … Read more