Exhibiting all the frenzy of a meme stock, CL has soared over 10% in the last two sessions.Tomorrow’s OPEC+ plus meeting promises to be monumental. Most observers expect no change from the previously announced gradual output increases. But, oh, to be a fly on the wall…

continued for members…

I can only imagine the hand-wringing going on in the Saudi camp. They are obviously reaping the benefits of much higher oil prices, but will it cost them in the end?

Futures have regained nearly all of their overnight losses and are poised to turn green… …on the oil price increase as well as the usual VIX suppression.

Even though the euro is looking shaky versus the USD……the USDJPY refuses to break down...…leaving DXY basically stuck.Perhaps the most significant move in the markets in the last 24 hours is in BTC. It might be considered by some to be a safe haven, but it’s really a function of Russians trying to move money in the current environment.  BTC has soared back up to the neckline it had already backtested.

Reuters reported this morning:

Bitcoin trading denominated in the Russian rouble went into overdrive when the invasion began on Thursday, with daily volumes rising 259% from a day earlier to 1.3 billion rouble ($13.1 million), according to data from CryptoCompare.

It should be an excellent test of whether central banks (esp the Fed) have indeed taken the stance that BTC should fail (unless they figure out a reliable way to track and tax it.)

Speaking of the Fed, they are seeing their backup wish come true.  Rates are dropping sharply even as inflation soars and QE is going away. 

more later…