The oil market was bullish today on the back of Biden’s inauguration as the new administration plans to increase stimulus and enact policy to tighten crude supply. Both things should be very positive for oil prices. “I think the Biden administration on day one is making it clear that there’s a new sheriff in town and we’re going to go back to policies that are pro-green energy and anti-fossil fuels,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “It’s going to mean higher prices and the market is starting to price in that reality. Treasury Sec Nominee Yellen also reiterated her calls for more stimulus today saying we must “act big”. These comments of course had a negative effect on the dollar, which is also bullish for crude prices. WTI traded up $0.33 or 0.62% to close at $53.31. Brent traded up $0.18 or 0.32% to close at $56.08.
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Thanks to followers like you we were able to reach our goal of 1,000 LinkedIn followers. Since our last promotion was so successful we are going to do it each quarter! Help us reach 1,500 followers by Q2 and you will be put into our next raffle to win a PFLX railcar! All you need to do to qualify is Like and Share our latest Railcar Giveaway post on LinkedIn and follow our LinkedIn page! Once we hit our Quarterly goal our very own Lisa will draw a random name from a hat.
Disclaimer – Only one person will be selected at random to win per quarter. PFL must reach 1,500 total followers by the start of the Second Quarter. (As of writing this PFL is at 1,112 followers) To qualify you must like, share the post on LinkedIn and follow the PFL LinkedIn page. You must be 18+ and live within USA or Canada. See link below for the LinkedIn post. Redrawing will be held in the event the winner cannot be reached.