Sunday, December 11, 2016

Sunday Night Futures: Oil Prices up Sharply

by Bill McBride on 12/11/2016 07:58:00 PM

From Bloomberg: Oil Surges as Saudis Eye Deeper Cuts While Non-OPEC Joins Deal

Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed while non-OPEC countries including Russia pledged to pump less next year, strengthening the coordinated commitment by the world’s largest producers to tighten supply.

Futures rose as much as 5.8 percent in New York and 6.6 percent in London.
Weekend:
Schedule for Week of Dec 11, 2016

Monday:
• No economic releases scheduled.

From CNBC: Pre-Market Data and Bloomberg futures: S&P futures are up 6, and DOW futures are up 75 (fair value).

Oil prices were up over the last week with WTI futures at $53.73 per barrel and Brent at $56.59 per barrel.  A year ago, WTI was at $36, and Brent was at $37 - so oil prices are up about 50% year-over-year!

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.21 per gallon - a year ago prices were at $2.01 per gallon - so gasoline prices are up about 20 cents per gallon year-over-year.