Daily Brief – Oil

Oil

Following the US Manhattan court blocking TT or Trump Tariffs deeming them illegal, that was enough for the oil market to outweigh the OPEC+ output increases pencilled in for July, while it remained wary on potential new US sanctions on Russian oil. The result was that oil prices rose yesterday despite POTUS letting it be known that he would appeal the court’s decision.

Brent USD 65.09.

British Pound

While Japanese Yen, Swiss Franc and the Euro all weakened on TT news, Sterling was a different story strengthening by half a cent versus USD. Sterling is enjoying its moment due to a confluence of positivity caused by the positive perception regarding the recent US trade deal, decent retail sales figures and the higher inflation numbers leading to the higher for longer interest rate scenario.

GBP/USD 1.3504.

Apple

This is the year that Apple CEO Tim Cook will earn his considerable compensation package. Unused to such a firestorm, Apple shareholders will be watching to see how TC deals with: a fall of 20% in the Apple share price, an antitrust lawsuit which claims Apple enjoys an illegal monopoly, POTUS threatening a 25% tariff on iPhones unless they are made in the USA and… all that before he boots up his Mac and does his day job.

EUR/USD 1.1350.

Reservoir Dogs

It will come as no surprise to the UK inured to the failures and mismanagement of the water companies that the UK will run out of drinking water in 10 years time. The answer is two new huge reservoirs which will be created in Cambridgeshire – The Fens – and in Lincolnshire – the Reservoir. No-one can accuse water companies of romanticising the names of the new reservoirs. Local objections abound, which is why Water Minister Emma Hardy will over ride them.

GBP/EUR 1.1896.

The Streak

This day in 1970 US singer Ray Stevens released his first whimsical hit Everything is Beautiful. Much more interestingly four years later his second song, The Streak was the one that took the airwaves by storm and prompted widespread spontaneous nudity around the world and especially when alcohol or cannabis had been taken. Boogity boogity.

(Reporter):
Hello, everybody, this is your action news reporter with all the news
that is news across the nation, on the scene at the supermarket. There
seems to have been some disturbance here. Pardon me, sir, did you see
what happened?

(Witness):
Yeah, I did. I’s standin’ overe there by the tomaters, and here he
come, running through the pole beans, through the fruits and vegetables,
nekkid as a jay bird. And I hollered over t’ Ethel, I said, “Don’t
look, Ethel!” But it’s too late, she’d already been incensed.

(Chorus)
Here he comes, boogity, boogity
There he goes, boogity, boogity
And he ain’t wearin’ no clothes

Oh, yes, they call him the Streak
Boogity, boogity
Fastest thing on two feet
Boogity, boogity
He’s just as proud as he can be
Of his anatomy
He goin’ give us a peek

Oh, yes, they call him the Streak
Boogity, boogity
He likes to show off his physique
Boogity, boogity
If there’s an audience to be found
He’ll be streakin’ around
Invitin’ public critique

Have a Great Weekend!

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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