Split. Well tell you why invesetors ae piling in today. Energy companies have shut in production we have the latest on the impact of tropical storms marco and laura. Power lunch starts right now thank you, tyler as you mentioned its shaping up to be another record breaking week on wall street. That means even more evidence mounting that stocks are getting pretty expensive bob is following the markets for us bob. Yes it is. Right now we have very light summer volume. We have fairly narrow trading range today. I like what i see and i like what i see for one particular reason for once its not all about Technology Stock it started out that way at the open but it quickly changed and investers decided maybe the tech stocks are too pricey afterall today were seeing Energy Stocks bank stocks out performing, even industrials out performing the Technology Sec tore. Thats a big change of pace for the last couple of weeks i want to show you something to give you an example of how it changed. Apple
Oil hits two-year high above $72 on OPEC+ discipline, demand hopes
NEW YORK – Oil prices surged on Wednesday, hitting their highest in more than a year from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.
Source: Reuters
Brent rose $1.1, or 1.6%, to settle at $71.35 a barrel. It reached $71.48 a barrel, its highest since January 2020.
U.S. West Texas Intermediate (WTI) crude rose $1.11, or 1.6%, to settle at $68.83 a barrel. It hit $69.00 during the session, its highest since October 2018.
“The oil market welcomed the OPEC+ decision to stick with its existing production plan, and in conjunction with positive global demand indications, prices are gaining further today,” said Louise Dickson, Rystad Energy oil markets analyst.
OPEC+ to meet a day earlier, upbeat on demand
By Rania El Gamal and Olesya Astakhova
Reuters
DUBAI/MOSCOW (Reuters) - OPEC and its allies led by Russia will meet on Tuesday to discuss production policy amid upbeat forecasts for energy demand despite concerns about new coronavirus spikes in India, Brazil and Japan.
The group, known as OPEC+, will hold its joint ministerial monitoring committee (JMMC) meeting on April 27 instead of April 28 as planned earlier, according to a source and an OPEC+ document seen by Reuters.
On Monday, OPEC+ kept its forecast for global oil demand growth for this year unchanged, projecting it to rise by 6 million barrels per day (bpd) for 2021 after the biggest ever fall of 9.5 million bpd due to the pandemic.
OPEC+ sticks to plan to ease oil output cuts from May 1, sources say
By Rania El Gamal, Olesya Astakhova and Ahmad Ghaddar
Reuters
DUBAI/MOSCOW/LONDON (Reuters) - OPEC, Russia and their allies will stick to plans for a phased easing of oil production restrictions from May to July amid upbeat forecasts for a recovery in global demand and despite surging coronavirus cases in India, Brazil and Japan.
The group known as OPEC+ ditched plans to hold a ministerial meeting on Wednesday, four OPEC+ sources said, following Tuesday s meeting of ministers who are members of a market monitoring panel.
The panel decided to stick to policies broadly agreed at a previous April 1 meeting, the sources said.