There is no OPEC deal but the Jedi wave of its hand is enough and off we go. The BHP re-rating mooted a month or so ago has blasted through the top of its bullish ascending triangle pattern by 4%, RIO has broken out as well up 2.8% and FMG is up 3% as Dalian adds another 2% to overnight gains:
It can be argued that oil boosts dirt prices owing to input costs for miners but only if they have the pricing power to pass them on! Otherwise it’s a margin crush, BHP being the exception given it’s an oil producer.
Big Gas is in ecstasy with WPL 6.3%, OSH 7.3%, ORG 8.6% and STO 7.9%:
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