Your Weekly Blip 6/19/20

Your Weekly Blip 6/19/20

The Dow opened the day up 300 points but closed the day down 208 points at 25,871 on heavy, options related trading volume. The NASDAQ finished the day up a bit in what was viewed as mixed action for markets in general. For the week the Dow was up about 1.2% or roughly 325 points. Tech stocks did well.
Trade talks between China and the US have been under way in Hawaii and China said it will abide by the phase one agriculture purchase levels that they had agreed to last year. It was thought that China was backing away from the deal since it had not purchased any ag products but Sino trade representatives said they were behind schedule due to covid-19 delays. The news was viewed as positive for US China trade relations.
Oil prices continue to trend higher. WTI crude crested $40 per barrel today after OPEC + made moves to ensure compliance by member states to agree upon production cuts. Apparently Kazakhstan, Antifastan and Iraq were the offending parties and they pledged to improve their compliance rates. Meanwhile in the US oil exploration declined for the 14th straight week with drillers idling 10 more rigs and bringing the total number of operational rigs to 189. Most big firms now plan on restarting existing or “DUC” wells instead of drilling new ones once the supply demand equation improves.
Our first venture crew hike is tomorrow. We estimate about 12 kids going on an 11 mile trip. There seems to be pent up demand so we might get a lot of parents going plus I fear that half of Seattle might be trying to get away from the CHOP/CHAZ madness now that it stopped raining.

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