Stocks today traded mostly flat to down before a late rally pushed the Dow to a 44 point gain at 16,943 on heavier volume. One area of strength in US markets are the pipeline companies which continued their recent run today and are making up for a brutal 2015. Tomorrow we will have the February jobs report.
Oklahoma continues to mourn the loss of Aubrey McClendon. One guy called Aubrey the “Steve Jobs of the energy business”. Wow! I wonder if they will make a movie of him.
The price of WTI crude fell slightly finishing at $34.70 per barrel off about a 20 cents a barrel. Ballooning U.S. crude inventories and a lack of new progress to temper supply capped bullish sentiment. Some oil gurus, like Vikas Dwivedi, of Macquarie Capital thinks that the recent rise in oil prices is a departure from reality given the supply figures. While Vikas could be right the prices are creeping higher as global unrest, possible dam failures and other issues continue to dominate the news.
Gold shot higher today jumping $21 an ounce to $1,263. While many see no reason why gold should move higher the trend of investors moving to US based assets and away from China and the emerging markets continues. This might have something to do with an uptick in gold demand.