Morning Brief – Oil

Humphrey Percy
Chairman and Founder
Wed 28 Feb 2024


With further Houthi attacks in the Red Sea and freight rates pushed higher by the continuing Israel-Hamas war, unsurprisingly oil prices having risen on Monday continued to push upwards yesterday. The only thing keeping them from rising further is the prospect of President Biden’s sponsored ceasefire rumoured to take effect next Monday.
Brent $ 82.70


It is not just Barcelona, Spain that is suffering badly from a lack of rainfall. Now it transpires that Tenerife has had one of its driest winters and also one of its warmest. The result is a severe lack of water. However at the north end of the island on the far side of Mount Teide while there is a shortage, it is still refreshingly wet.
EUR/USD 1.0850


Following the release of data reflecting higher than expected inflation in Japan, expectations for the Bank of Japan to abandon the present and long running interest rate policy grew with some predicting that the end of negative interest rates in Japan might be as near as April (2024). Meanwhile 2 year Japanese Government Bonds are now yielding 0.16% a high for the past 2 years. Small steps.
USD/JPY 150.60


A noun rather than a verb in this instance, and of course the title that master of the understatement, Elon Musk deservedly awarded himself at Tesla. While the use of the business card has diminished in recent years in large parts of the business world, the fashion for big titles has continued to grow apace. Google for example in line with its vision and ambition has a Captain of Moonshots. Underwear corporation Joe Boxer has somewhat inevitably in this day of big titles a Chief Underpants Officer. Now that would work well on an old school business card.
GBP/USD 1.2690

Still Crazy After All These Years

This day in 1976 the album Still Crazy after All These Years by Paul Simon won the best album category at the 18th Grammy Awards. In his acceptance speech Paul Simon struck the right chord with the audience by saying: “I’d like to thank Stevie Wonder for not releasing an album this year.”
I met my old lover on the street last night
She seemed so glad to see me, I just smiled
And we talked about some old times, and we drank ourselves some beers

Still crazy after all these years
Oh, still crazy after all these years

I’m not the kind of man who tends to socialize
I seem to lean on old familiar ways
And I ain’t no fool for love songs that whisper in my ears

Still crazy after all these years
Oh, still crazy after all these years

Four in the morning
Crapped out, yawning
Longing my life away
I’ll never worry
Why should I?
It’s all gonna fade

Now I sit by my window and I watch the cars
I fear I’ll do some damage one fine day
But I would not be convicted by a jury of my peers
Still crazy after all these years…

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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