E Tuesday Markets Review

The oil price did not fall as expected over the White House release of 50 mn bbls of oil because it included not just delivered barrels but also a great number (over a third) of swapped barrels that were not released from the national petroleum reserve. I really wish Pres. Biden would get some better advisors for his economic initiatives because I don't want to again have to deal with my zip code neighbor Donald whom I met when I voted in my local precinct.

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*The result was a nice price hike for the oil sector with Schlumberger Ltd (SLB) up 3.5%; Energy Fuels (UUUU) up 7.94% at the opening after it was also tipped by the Investor's Observer but now it is only up 4.8%; Earthstone Energy (ESTE) up 6.3%; RDS-B up 2.55%; BP up 2.77%. The trouble is that apart from the oil patch other shares were lower because of the oil swap.

*Alternative energy plays also rose: Cameco up 3.62%. CCJ.

*Cement maker CRH is up 3.6% on hopes for using carbon (combined with oxygen extracted from hydrogen) to cut its carbon footprint. While extracting hydrogen from water uses energy, the oxygen can make carbon dioxide which can be used in cement.

*Johnson Matthey got UK funding of pounds 12 mn for a new pounds 50 mn plant to make fuel cells for green hydrogen vehicles just a week after it. JMPLY.

Pharma

*A gainer today after weeklong drops was Zymeworks of British Columbia, up 2.5%. . ZYME.

*The German Merck won FDA approval for a cancer drug. It is totally independent from our US Merck which did not get approval today. MRK.

*Pfizer lost traction after its CEO claimed that its lightspeed work on a covid-19 medication could be copied for up to 10 more approvals in the next 18 months. PFE.

*The standout riser today is Novocure, up 7.6%.  (NVCR).

*Aurinia (AUPH) fell for a second day after its CEO claimed that its extensive $250 mn fundraising was in the interest of existing shareholders. It's not but he also hinted that the drugmaker which has a drug for lupus is being viewed for takeover by majors. It's also unlikely that he is telling us something new.

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