Jim Cramer is off this week, so I have brought on a very special guest to be my cohost for today. Don’t worry, Action Alerts PLUS members, I have spoken to Jeff Marks, senior portfolio analyst at Action Alerts PLUS, and he’ll be joining for the rest of the week. But, since it’s a short week, I figured why not bring on Mr. Florida himself?
If you haven’t figured it out yet, Mr. Florida refers to Kenny Polcari, managing partner at Kace Capital Advisors. He and I met on the floor of the New York Stock Exchange back in the day when we used to be able to socialize indoors outside of our bubbles and before Polcari left Wall Street to get his tan on in Florida.
There’s a range of topics driving the markets on Tuesday.
Watch Kenny Polcari and Katherine Ross break down the impact the Texas deep freeze is having on oil, energy stocks and the general market Tuesday in the video below:
First off, we have the Texas freeze which is impacting me, personally, as I am currently living in Austin. And let me tell you, even after living in New York for nearly seven years, I was not prepared for weather under 10 degrees!
So, with so many Texans without power and the freeze impacting cities from Dallas to Austin, what’s going to happen to oil?
Across the U.S., there are estimates that nearly five million people have lost power.
Motiva said it shut down the Port Arthur, Texas refinery–which is the largest oil refinery in the U.S.–due to “unprecedented” freezing conditions along the Gulf Coast.
The company said it was monitoring the weather and would resume operations “as soon as it is safe to do so,” the Associated Press reported.