Another weekly EIA report.
In a nutshell, Crude stocks fell -12.5M barrels; Distillates increased +3.5M Barrels; and Gasoline increased +2.7M barrels.
Gasoline consumption is slowing and after a slight rise a few weeks back... is resuming the downward trend. The price at the pump is also falling, although exports are keeping the prices from falling any faster. (See above chart for gasoline imports/exports)
I have been reading reports of the national average falling below $3 by Christmas. I can see an average of $3.15, but any more is doubtful, imo.
On the other hand, some hysteria over more potential OPEC+ cuts, a sudden drop in the dollar, and whatever the EU is about to do... will cause big problems in the energy market. Yet the futures seems to be holding steady.
My guess is hysterical headlines make for great click bait.
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