We have an app which allows us to survey various stock prices, T-bond yields, and just for fun, a petroleum commodity basket.
It was up sharply today, and we found a reason:
...The price of crude-oil grade WTI rose to $87.12 per barrel this morning, the highest all year, the highest since November 2022. From June, when WTI was $69 a barrel, the price has now jumped by 28%.
The jump today came after Saudi Arabia (from which the US buys little crude oil) said it would extend its July production cuts through December, as widely expected; and after Russia (from which the US, even before the bans, imported only minuscule amounts of crude oil and petroleum products) said that it would extend its output reduction through the end of the year....
Wolf Street also touts the 'refilling' of the Strategic Petroleum Reserve. Wolf is a Lefty apologist; it is true that Bai-Den is pumping some crude into that hole. But you can't find that contribution on a graph unless you apply a very powerful microscope.
Anyhow, be prepared.
P.S.: WTI was around $100 during Obama's 2nd term, then tailed off; during Trump's term it averaged around $50. Then came Bai-Den and it took off, moderating only when he drained half the SPR.
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