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Dan Celia: Market Trends And Oil Output

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PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discussed the market trends of the week and the current issue with oil output.

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The Current Issue With Oil Output

Celia stated, “All the indices are in negative territory and the volatility index was down, but it really didn’t matter. Volatility index was down primarily because trading volume is down. It was very quiet—a passive day in trading. The Dow finished negative at about a quarter of 1%, and the S&P was down about an eighth of 1%. NASDAQ was down or over a half of 1%. The Russell 2000, the gauge of small cap stocks, was down the most, about 1.1%, which was very typical. We’ve seen great gains in small cap stocks. They were the first to go up, but unfortunately, they will be very volatile on the way down.

“One thing that we’ve got to continue to watch is oil. U.S. oil output is down after Hurricane Ida. Is that the real issue of concern? I don’t believe it is. The decline from the hurricane is over and it’s back online. Again, inventories will be bolstered by the end of this week and things are looking good. The output is the same output that we’ve had for a very, very long time. And there doesn’t seem to be any real indication that oil companies here in America are going to do anything to increase output, particularly after Biden went to OPEC desperate to make us dependent upon foreign oil. Again, he goes to OPEC before he went to U.S. oil producers.”

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Dan Celia
Editor
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