The offshore drilling market is estimated to more than double in size by 2032, from $36.5 billion in 2023 to nearly $75 billion. Proponents of the technology, which involves subsea drilling for oil and gas, argue that it's cleaner than traditional extraction methods, due to lower emissions - while critics point to the potential for disaster, like the notorious Deepwater Horizon spill. Amidst the ongoing energy debate, TechnipFMC (FTI) stands out as one name in the group that's well-positioned for growth. The company's stock is up 33.6% year-to-date (YTD), and Barclays recently named FTI its to...
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The S&P 500 Index ($SPX) (SPY) Monday closed up +0.09%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.69%. US stock indexes Monday settled mixed, with the Nasdaq 100 posting a new record high. Strength in chip stocks supported the broader market and pushed the Nasdaq 100 to a new record high. Also, cruise line operators rallied Monday after Norwegian Cruise Line Holdings boosted its full-year adjusted EPS estimate. A -4% slump in JPMorgan Chase weighed on the Dow Jones Industrials. Also, hawkish Fed comments on Monday push...
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In a bold move, the Biden administration recently revealed its plans to double the import tax on Chinese solar cells, lifting it from 25% to 50%. This strategic decision is part of a broader package of tariff hikes the White House says will safeguard American industries from unfair competition and empower them to scale up their capacity, and it’s also the latest salvo in the increasingly chilly trade tensions between Washington and Beijing that have impacted industries from steel to semiconductors. With the increasing momentum behind solar energy, this major development has sparked notable inv...
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The dollar index (DXY00) Monday rose by +0.12%. Higher T-note yields Monday supported moderate gains in the dollar. Also, hawkish comments from several Fed presidents were bullish for the dollar. However, the upside in the dollar was contained as Monday’s rally in stocks curbed liquidity demand for the dollar. Cleveland Fed President Mester said she doesn't think inflation will come down quickly and doesn't believe three rate cuts in 2024 are still appropriate. San Francisco Fed President Daly said she's "not yet confident" inflation is coming down sustainably to 2%. Fed Vice Chair Jefferson s...
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June WTI crude oil (CLM24) on Monday closed down -0.26 (-0.32%), and June RBOB gasoline (RBM24) closed down -3.43 (-1.33%). Crude oil and gasoline on Monday gave up an early advance and posted moderate losses. A stronger dollar on Monday weighed on energy prices. Losses in crude Monday were limited by a rally in stocks, which shows confidence in the economic outlook that supports energy demand. An increase in crude oil in floating storage is bearish for prices. Monday's weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least...
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July NY world sugar #11 (SBN24) on Monday closed up +0.55 (+3.03%), and Aug London ICE white sugar #5 (SWQ24) closed up +16.10 (+3.01%). Sugar prices Monday closed sharply higher as strength in the Brazilian real sparked fund short covering in sugar futures. The real ([^USDBRL](https://www.barchart.com/forex/quotes/%5EUSDBRL/overview)) on Monday climbed to a 1-1/2 week high against the dollar, discouraging export sales from Brazil's sugar producers. An excessive short position by funds in NY sugar futures could exacerbate any short-covering rally. Last Friday's weekly Commitment of Traders (CO...
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July ICE NY cocoa (CCN24) on Monday closed down -132 (-1.80%), and July ICE London cocoa #7 (CAN24) closed down -133 (-2.17%). Cocoa prices on Monday extended their month-long slide to 2-1/2 month lows and fell by more than 44% from last month's record highs. Losses in cocoa accelerated Monday after prices dropped below the 100-day moving average, triggering technical selling. An easing of supply concerns is pressuring cocoa prices after deliveries for the expired May London cocoa contract came in at 53,100 MT. While that was lower than the 67,350 MT during the same period last year, it shows ...
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July arabica coffee (KCN24) on Monday closed up +0.10 (+0.05%), and July ICE robusta coffee (RMN24) closed down -19 (-0.54%). Coffee prices Monday fell back from 2-week highs and settled mixed. A rebound in ICE coffee inventories from historically low levels is undercutting prices. ICE-monitored robusta coffee inventories on February 21 fell to a record low of 1,958 lots, although they recovered to a 9-month high last Friday of 4,312 lots. Also, ICE-monitored arabica coffee inventories fell to a 24-year low of 224,066 bags on November 30, but they recovered to a 14-month high Monday of 767,388...
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The Dow Jones Industrials Average ($DOWI) is skyrocketing, surging past the 40,000 mark, driven by robust corporate returns and renewed speculation surrounding potential interest rate cuts. American Express Company (AXP), a key performer driving the Dow to unprecedented heights, is leading this charge. In today’s digital era, almost every penny moves through cyberspace, and integrated payment systems, like those of American Express (AmEx), play a crucial role in ensuring smooth financial operations, come rain or shine. AmEx has proven its ability to offer seamless payment systems, adapting pro...
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It took me quite a bit of time to pin down what I wanted to talk about in this week’s column, and to be completely honest, I’m still not sure as I begin writing that I truly know what shape this will take. I have several things I am watching and several thoughts running through my head as I work to help my growers plot out how they would like to market their crops in the upcoming months. Every year as the crop starts to get planted, I like to think back through all the growing seasons I have faced so far. I remember the challenges, the changes, the things I didn’t see coming, the mistakes. I t...
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