Morning Minutes

Oil and Gas Rally as Investors Digest Economic Reports and High Temperatures




US index futures have returned to trading this morning in the Red with the three main contracts down 0.5%-0.6% so far. Over in Europe, the Dax and the FTSE are both down about 0.6%.

It appears that disappointing Service PMI reports out of Europe this morning combined with weaker than expected Manufacturing PMI reports from the US and Canada earlier this week have been weighing on sentiment. The only offsetting positive number over the extended North American holiday weekend was US Construction Spending. Today, US Factory Orders are due at 10:00 am EDT (street 0.8%).

There has been an unusually large divergence in Energy trading today with WTI Crude Oil up 2.2% and Natural Gas up 1.8% while Brent Crude is down 0.1%. With Copper down 1.3%, it would seem that today’s gains in North American energy prices are more related to expectations of higher demand for home cooling during a heat wave than global forces.

Confession season has been quiet so far around the holidays, but electric car producer Rivian is up 5.5% in premarket trading, adding to Mondays 17.4% rally that was ignited by better than expected deliveries.  

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.