- Daily Market Update
- The Dow ended the day up 282.01 points or approximately 1.78%.
- The S&P 500 ended the day up 26.55 points or approximately 1.41%.
- The NASDAQ ended the day up 49.18 points or approximately 1.09%.
- Oil ended the day up $1.11 at $31.45 a barrel.
- Gold ended the day up $14.90 at $1,120.20.
API Weekly Report:
The American Petroleum Institute reported today that crude supplies increased by 11.4 million barrels for the week of January 22, 2016. Tomorrow the more significant EIA report will be released. Meanwhile, as shown above, the price of oil still ended the day up $1.11 a barrel.
China Oil Demand:
Today state-run China National Petroleum Corporation announced their forecast for China’s oil demand growth for 2016. The forecast cut demand growth from 4.8% last year to 4.3% for 2016. CNPC also forecasted China’s net crude imports to grow by 7.3% compared to last years growth of approximately 9%.
Conflict in the Middle East:
Today Syrian government forces recaptured a “strategically important” town in southern Syria. Syrian’s government forces have made significant gains during the recent weeks as Russian airstrikes continue to destroy their opposition. As President Assad’s government continues to further entrench itself with military victories and the West and its allies remain steadfast in their demands for President Assad to step down the future of Syria remains frighteningly in the shadows. For more information click here
Escalating US and Russian Tensions:
The Kremlin has officially demanded proof from the US Treasury after Adam Szubin, a US Treasury sanctions official, made an on the record comment to the BBC accusing Russian President Vladimir Putin of being corrupt. While the United States has put sanctions on a number of Russian officials in the past the United States government has never gone so far as to place sanctions on President Putin himself. For more information click here
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