Sean Brodrick – Macro Banking Comments, China Reopening, Commodity Trading Outlooks
Sean Brodrick, Editor of Wealth Megatrends, and contributing analyst to Weiss Ratings Daily joins us to share his thoughts on the Silicon Valley Bank (SVB) collapse and what it means for the overall financial sector. We also tie in the inflation data (CPI) today that came in as expected.
In terms of markets Sean shares a bond trade he recently put on. We also move to a couple commodities including oil, natural gas and gold. It’s a messy market all around but this recent SVB collapse has everyone rethinking the outlook for Fed policy and markets.
Click here to visit the Weiss Ratings Daily website to follow along with Sean’s market outlook.
Crude Oil Inventories Build But Products Take A Tumble
By Julianne Geiger – OilPrice.com – Mar 14, 2023
“Crude oil inventories in the United States rose this week, with a 1.155 million barrel build, the American Petroleum Institute (API) data showed on Tuesday, bringing the total number of barrels gained so far this year to more than 56 million barrels.”
“This week, SPR inventory held steady for the ninth week in a row at 371.6 million barrels—the lowest amount of crude oil in the SPR since December 1983. Oil prices traded down on Tuesday in the run-up to the data release, with the collapse of Silicon Valley Bank spooking the markets.”
Oil Sinks As Moody’s Banking Downgrade Drops Another Shoe On Crisis
By Barani Krishnan – Investing.com – Mar 14, 2023
“The assurance of authorities that all’s well and dandy on the U.S. banking front hasn’t won the confidence of Moody’s, which downgraded the sector on Tuesday, sending crude prices down again on the notion that an economy in trouble won’t help oil.”
“New York-traded West Texas Intermediate, or WTI, crude was down $1.86, or 2.4%, to $72.98 per barrel by 12:55 ET. On Monday, it settled down more than 2%, hitting a two-month low of $72.33. London-traded Brent crude was down $1.85, or 2.3%, to $78.92. Like WTI, Brent hit a two-month low in the previous session, touching $78.35.”