Daily Energy Market Update 1/22/2021

Published January 22, 2021 14 Views

Rumble Friday trading session ends with a lull as major indices retreat from all time highs. The broad equity benchmark dipped 0.3% to 3,841.47 after closing at a record in the previous session. The Nasdaq rose 0.1% to another record close of 13,543.06, supported by Big Tech. The Dow Jones Industrial Average slid 179.03 points, or 0.6%, to 30,996.98.

• S&P 500: -0.3%
• Nasdaq: 0.09%
• Dow Jones: -0.60%

“The political reality of Washington is starting to impact markets, and it’s becoming more unclear when Democrats’ ambitious stimulus goals will become law,” said Tom Essaye, founder of Sevens Report.

Crude Oil and Natural Gas News
Crude oil prices dip over 2.2% as crude stocks come at a 4.4 mm bbl build, higher than the API reported on Tuesday. That drove crude oil prices to $51.99. Natural as prices stumble again amid smaller than expected stock draw (-187 vs analysts predication of -197 bcf). Natural gas prices currently trading around $2.422

US Energy News
• US rigs counts +5
• Crude stocks rise 4.4 mm bbl
• NG stocks draw -187 bcf
• $SLB earnings

International Energy News
• Japan calls on oil to fight power crisis
• Iraq cuts crude oil supply for India
• China imports fudged
• Megabattery coming soon