The KUIK Morning Market Report for Monday, February 20:
Markets are closed in honor of Presidents Day, but here are some of the stories we’re following.
Crude oil is up. March crude is up 0.35% to $53.97 a barrel on the New York Merc. In a note to clients Commerzbank reports Saudi Arabia exported 8.01 million barrels of crude per day in December, which was 244,000 barrels per day less than in November, which was a record-high month. Global cuts are supporting crude prices, but there are signs of rising production in the U.S. Oil came under pressure over the weekend on reports the number of rigs drilling for oil in the U.S. rose by six to 597, the most since October 2015. Goldman Sachs said U.S. production will increase on average by 130,000 barrels a day, year-over-year, in 2017. The Department of Energy reported the U.S. produced 8.9 million barrels a day in 2016, expected to rise to 9.0 million barrels a day this year.
LA has been ranked the world’s most gridlocked city, topping #2Moscow and #3 New York City, but Thailand has been rated the most congested country. The rankings were released today by transportation analytics companyInrix. Colombia and Indonesia tied for second-worst traffic, while the U.S. and Russia tied for fourth. But also in the top ten worst cities worldwide was #4 San Francisco, #8 Atlanta, and #10 Miami.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
