Markets are expected to be quiet today while investors focus on tomorrow’s “Super Thursday” which includes testimony on alleged Russian interference in the 2016 U.S. presidential election from former Federal Bureau of Investigation Director James Comey, the U.K. general election where opinion polls mostly indicate a victory for Prime Minister Theresa May’s Conservative Party, and a meeting of the European Central Bank.
Oil prices are low, pushing energy-related shares into negative territory and cutting the market’s modest early climb. July crude is off 4.4% to $46.08 a barrel on the New York Merc, after the Energy Information Administration reported that crude-oil inventories climbed by 3.3 million barrels last week, larger than analysts’ expectations. It also said it expects American shale producers to produce 9.3 million barrels a day in 2017, a slight increase from its projections in May. It expects 2018 daily output to hit 10 million barrels, exceeding the previous record of 9.6 million barrels a day set in 1970.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
