Energy News Beat: 1/5/2021 – Saudi saves the day

Markets rebound to set the first positive trading day of 2021, with the Dow Jones up over 200 pts as traders weigh COVID-19 and GA Senate election outcomes

  • S&P 500: 0.93%
  • Nasdaq: 0.76%
  • Dow Jones: 0.80%

“Today’s Georgia Senate runoff could have substantial implications for the markets if both Democrat candidates win,” wrote Tom Essaye, founder of The Sevens Report. “We don’t view a Democrat Senate as a bearish game changer in the short term because there would still be a lot of positives in this market. But it would be a new and unaccounted for initial head-wind on stocks.”

Crude Oil and Natural Gas News

HUGE news on OPEC+ front moves oil above $50 (PARTYYYYYYYY) as Saudi increase cuts to allow for other nations to slowly increase there production.  Traders rode this bullish news to fresh oil highs. Crude oil prices currently trading $49.97 at 12:30 PM MST.  Natural gas prices rise off EIA supply falls. According to data the EIA the average total supply of natural gas fell by 0.1% compared with the previous report week. Dry natural gas production grew by 0.5% compared with last week report. Natural gas pries currently trading at $2.694 AT 12:31 AM MST

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