(The US president) reportedly told Fox “News” that China's President Xi agreed to buy US oil, sent the Energies sector higher overnight.
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Meanwhile, Metals continued to collapse, led by a nearly 10% selloff in silver.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. The Grains sector was under pressure as well as new-crop markets possibly turn toward more favorable weather forecasts.
Morning Summary: One look at markets early Friday morning and my thoughts for what all this – Venezuela, Iran, Greenland, Canada – has been about were confirmed: The accumulation of other counties' oil. The lead headline screamed, “Oil prices jump are (the US president) says China agreed to buy U.S. crude following Xi talks”. Did you see what I saw? The one statement that colors the headline as nothing more than another play to trigger Watson? “The US president ‘says’…”. A quick check of the article and we find, “Oil prices rose after (the US president) told Fox News in a pre-recorded interview that China has agreed to buy U.S. oil…”. So, while I still see the various wars and takeover attempts by the current US administration as a way of paying off large political and business associates in the oil industry, I need to see something more substantial than a pre-recorded message to Fox News. As for markets, WTI crude oil (CLM26) rallied as much as $4.14 (4.1%) while diesel fuel (HOM26) jumped as much as 14.3 cents (3.7%). Meanwhile gold (GCM26) fell by as much as $149.90 (3.2%) and silver (SIN26) slid as far as $8.12 (9.5%) lower.
