Excerpt from MarketWatch quoting DataTrek’s Nick Colas and Jessica Rabe:
…. “Don’t let the green energy revolution fool you into thinking crude oil prices don’t have something to say about the economic outlook.
So cautions Nicholas Colas, co-founder of DataTrek Research, in a Tuesday note that takes a close look at oil market fluctuations and how they stack up versus past economic cycles.
Colas noted data from the U.S. Energy Information Administration showing that the world consumed an estimated 96 million barrels a day of petroleum and liquid fuels in November 2020. While that’s down 6 million barrels a day from November 2019, it’s up 2.5 million barrels a day from the third quarter of 2020.
“Energy demand is clearly coming back as global economies stabilize,” he said….
…..In the same note, DataTrek’s Jessica Rabe noted that just four names — Boeing Co. BA, -0.89%, Goldman Sachs Group Inc. GS, +2.02%, Walt Disney Co. DIS, +1.69% and Honeywell International Inc. HON, -0.05% — were responsible for the Dow Jones Industrial Average making new highs since breaking out in mid-November, reflecting investor confidence in a U.S. economic recovery”….
Read the full article here on MarketWatch!