Stocks were higher on reports that progress is being made in trade talks between China and the US. One report said that a trade deal is about 90% done. The Dow closed higher by 39 points at 25,219 on heavy trading volume.
Oil prices have been moving up as deeper cuts in Saudi production and declining output in Venezuela are offsetting record production in the US which is now cranking out an estimated 12.2 million barrels per day. Another factor in global energy prices is Iran which, while still exporting oil, is facing the full implementation of US sanctions on May 2nd. Back in November, the Trump administration granted a waiver to 8 countries who were buying Iranian oil until May 2nd to find new suppliers and so far, 3 of the 8 have done so with the rest working on it. WTI crude was priced at $62 per barrel today up from $49 at the beginning of the year.
Speaking of energy, Cleantechnica online magazine had an interesting take on trying to estimate Q1 Tesla sales in China. They are following a Tesla enthusiast by the name of “Vincent” who has taken to Twitter to document Tesla 3 deliveries in several big Chinese cities. Vincent speculates that Tesla delivered more Model 3’s in March than in the past 10 months combined and asserts that Chinese buyers are enthusiastic. He also notes that Tesla is working around the clock on the gigafactory 3 in China. Meanwhile Chinese EV maker Nio reported higher than expect deliveries of its ES8 Electric SUV. The company delivered 3,989 vehicles in the first quarter which was higher than the top end estimate calling for 3,800 deliveries.