If your coffee isn’t giving you enough of a jolt this morning, just check out this chart.
If your coffee isn’t giving you enough of a jolt this morning, just check out this chart from Bank of America.
It shows how U.S. stockpiles of oil have collapsed. They are now a third below their long-term average levels and at the lowest levels since 1982.This is one reason why oil CL.1, +0.85% BRN00, +0.87% is now at a 10 month high.Meanwhile, “world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity,” reported the International Energy Agency.This comes at the end of the U.S.
But it leaves the economy at risk from an oil shock. Combined with record high house prices and rising interest rates, it means 2020 is looking a little more like early 2008 than investors might find comfortable. Predictably, big money managers were giving up on energy stocks in June and July, just around the time they… er… bottomed out. Since the start of July the SPDR Energy Select Sector ETF XLE, which tracks U.S. energy stocks, has earned you a storming 11%.By funny coincidence the market just passed the three-year anniversary of the day oil giant Exxon Mobil XOM, -0.49% was kicked out of the Dow Jones Industrial Average DJIA, to be replaced by cloud software company Salesforce CRM, +0.41%.
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