Dan Celia: Oil and Stock Futures Recover Somewhat After Announcements on Oil Production and a Possible Payroll Tax Cut
Dan Celia Provides Voice of Reason as Hysteria Around Coronavirus Continues to Hit the Markets
March 10, 2020
PHILADELPHIA—In a very volatile time in the markets, nationally syndicated host and biblical investing authority Dan Celia is analyzing today’s moves and announcements that are having a positive impact.
“Oil jumped more than 7% following worst day since 1991,” Celia noted. “Oil prices are solidly higher this morning following reports that Saudi Aramco plans to produce more than 12 million barrels per day starting April 1. If the U.S can get the West Texas Intermediate (WTI) up to $40+ a barrel, with Saudi Arabia increasing production, the scheme by Russia to shut down the U.S oil fracking industry will very quickly blow up in its face. Let’s hope we can get it done.”
Celia has been discussing Russia and its impact on oil for the past week, and this morning CNBC reported the following:
“Russia has refused to rule out talks with OPEC to stabilize energy markets, according to reports, after oil prices registered their worst declines in almost 30 years on Monday. International benchmark Brent crude traded at $37.45 Tuesday morning, up over 8%, while U.S. WTI stood at $34.05, around 9% higher. It comes after Brent and WTI both dropped 24% on Monday, sinking to more than four-year lows. The moves follow a breakdown in talks between the kingpin of oil-producing group OPEC, Saudi Arabia and non-OPEC member Russia late last week. Markets had been hoping for an agreement by both countries, and other oil producers, to curb oil output in an effort to bolster prices; their failure to agree led oil prices to crash on Monday.”
Additionally, Celia said, better than anything the Federal Reserve could do, Dow futures pointed to an opening bounce of 1,000 points after President Donald Trump floated a payroll tax cut.
“Stock futures erased big losses in after-hours trading Monday and turned positive after President Trump floated the idea of ‘a payroll tax cut or relief’ to offset the negative impact from the coronavirus,” Celia continued. “The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
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