Analysts are concerned the U.S. faces severe supply-side constraints.
crude oil
The rumor mill and potential impacts from Hurricane Ida led to substantial prices swings in intraday trading.
Markets appear to be focused more on the pandemic and U.S. economic policy than typical indicators of supply and demand.
Markets seem focused on declining sentiment, with a bad apple in the latest release of federal data spoiling the bunch.
Demand indicators from the commodities sector show the U.S. remains resilient, though it’s clear the pandemic is not yet over.
Demand for refined petroleum products such as gasoline are still not yet at pre-pandemic levels.
As overseas countries move away from coal, American gas exporters are lowering costs.
The federal government showed a major drop in commercial crude oil inventories, but refined petroleum products show an increase.
Federal data released Thursday show gasoline demand is charting new heights, as oil prices step back from a 6-year-high.
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