by Matt Smith
Two hundred and three years after David Melville patented the gas streetlight, and oil prices are lit up once again today. Prices are rallying for a third consecutive day, and for a fifth consecutive week – the longest streak since last May. WTI has now leapt into forty-dollardom to boot, with an impending prompt month rollover to a higher level on Tuesday (contract expiry on Monday). Henceforth, here are six things to consider today:
1) There has been little in the way of economic data overnight to influence markets, with the Uni of Michigan sentiment data the main release of note in the U.S. today – all measures came in below expectations. We have several Federal Reserve FOMC speakers on deck – Dudley, Rosengren and Bullard – who all could all provide further insights into Fed policy going forward. This could filter through to our dearly beloved commodities via U.S. dollar oscillations.