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Daily Market Update December 21, 2020

Early Morning Update

The Jan21 natural gas contract is trading down $0.03 at $2.67. The Jan21 crude oil contract is down $2.10 at $47.00.

Summary

So much for a quiet weekend on the macroeconomic front. In the U.S., a $900 billion COVID aid agreement was reached by congressional leaders and poised to be signed into law by the end of the year. The package focuses on industries hit hardest by the pandemic, additional unemployment benefits, and direct stimulus checks to most Americans. Across the Atlantic, a new strain of the Coronavirus in the south of England has prompted an extension lockdown post the Christmas holiday and travel bans across Europe in response. The net result of the combined action is a strong selloff in equity markets, with the FTSE100 down 3% and U.S. exchanges tumbling 2% in overnight trading. Across the energy complex, crude oil futures have had the strongest response with a 6% drop, but NYMEX response has been muted with futures down only slightly. These stories remind us that despite the promising news on the vaccine front, until the pandemic is under control, a return to “normal” markets is likely still months away and staying abreast for buying opportunities is more important than ever.

 

Market Update 12 21 20

Market Settles 12 18 20

 

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