Your Tuesday Blip 2/16/21

Your Tuesday Blip 2/16/21

Markets ended today’s trading on a mixed note with the Dow higher while the NASDAQ pulled back from record highs. At the close the Dow up 63 at 31,522 while the NASDAQ pulled back 47 at 14,047. Trading volume was higher across the board and both BTS and IBD indicators remain positive. Banks were clear leaders today along with energy companies.
A Valentine’s Day arctic blast plunged the US into a cold snap sending oil and natural gas prices surging. Wind turbines in Texas became caked in ice and natural gas power plants went offline as natural gas was prioritized for home heating instead of electric generation. The disruption and rolling power outages threw millions into the dark causing refineries and other industrial operations to shut down. WTI oil hit $60 per barrel and natural gas rose 6.3%. Natural gas pipelines reported capacity constraints and were taking measures to ensure adequate supply for retail customers. Utility stocks today traded lower while energy and pipeline stocks bolted higher.
The scout venture crew was canceled due to heavy snow in Seattle and snow along the whole route to the coast coupled with high winds and freezing rain. In talking to the head of the Westport Mafia he said calling the trip was smart since weather patterns along the coast were nasty with snow and then freezing rain stripping trees of branches and downing power lines. The crabbing fleet in the area had called in at least nine “maydays” as heavy ice covered crab pots creating dangerous unbalanced loads on the boats. One boat sank but thankfully no one lost their life.