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Crude oil daily RSI now over 70

Remember last week's large ship stall in the China seas, ships coming from Australia and the like ? Frozen fish shipments were stalled at ports in China as inspections of covid in food slowed imports. The unfortunate timing of the spike in prices is due to the resurgence of the coronavirus, which China had thought contained, and a much chillier-than-usual winter. The combination of events is raising food costs and nudging up inflation just as households demand heaving tables for the new year festivities.

Siemens  Energy AG will cut roughly a sixth of workers from its gas and power division in the latest sign that the worldwide shift to green energy is upending the fossil-fuel businesses. The company will eliminate 7,800 jobs by the end of its 2025 financial year, including about 3,000 positions in Germany and 1,700 in the U.S. Roughly three-quarters of the reductions will be of management and sales roles. - Bloomberg

The company follows its peers BP Plc and Exxon Mobil Corp. with a set of results that show it’ll be a long road to recovery from the coronavirus pandemic for the oil and gas industry. Prices have recovered from last year’s lows, but continuing Covid-19 lockdowns in countries around the world are depressing fuel sales and refining margins. - Bloomberg

Rinehart, Australia’s richest person, is looking to gain exposure to the battery metal at a time when prices are starting to recover after a difficult 2020. China is leading a resurgence in demand for lithium as the global economy starts to recover from the coronavirus pandemic. Lithium carbonate prices surged 37% in January, the biggest monthly gain since December 2015, according to Asian Metal Inc. A raft of Australian miners are looking to boost their capacity in the battery minerals space. IGO Ltd in December agreed to buy a 49% stake in Tianqi Lithium Corp’s Greenbushes operation in Australia, the biggest lithium mine in the world.- Bloomberg