A message from my Distant Cousin Dick, the Oil Trader
For 8 days in a row the price of oil has been falling not because there is less demand, but because of the dollar falling in the DXY index against most other major currencies, says Dick. The oil price is lower in other moneys because the Fed is taking money off the tandem after the US currency topped the Feb. hike.
But the fact that wholesale oil is now cheaper thanks also to more production from OPEC will not show up at the pumps for a while because delay is good for oil distributors. Demand is definitely down but price may take its time to reflect this.
I am focusing on other commodities right now: first cobalt from Albermarl, a Chilean company, and also base metal miner Glencore, both listed in London. I think copper prices will dip faster than oil. Vivian is into Antofagasta but I am not.
Fanuc, which was recommended by Abhimanyu Sisodia, has risen 2.52% today in Tokyo hitting Y23,205. It makes games.
Bavarian Nordic of Denmark has begun a phase II trial of its booster vaccine against covid-19 for people who were vaccinated people or had the disease.
Even more important, Astra Zeneca today here in the UK got approval for its antibody cocktail against the virus, a treatment and not an inoculation. It is AZD7442 and the stock of the drug maker has soared.
SSE which was tipped by Harry Geisel earlier today was rated bull by Investor's Intelligence here in the UK. We got in first.
Bitcoin today hit a 3 month high in European trading. I remain skeptical in part because it is so volatile. I also think that there is a steady ready move into drug stocks despite Cathie Wood exiting this sector. We are still a long way from safety.
My youngest grandchild, age 13 who was inoculated, came down with covid while visiting his other grandparents in Cape Cod and the whole family had to leave and quarantine themselves because there was an unvaccinated 3 year old cousin staying in the same house.
Now we await news of the hurricane hitting NYC. It has been down rated to a tropical storm but still threatens our Manhattan building facing the East River according to messages we get from the super.
We visited our new grandniece yesterday. She is lively and may not be scared of us the next time we get together.