The rumor mill and potential impacts from Hurricane Ida led to substantial prices swings in intraday trading.
EIA
Strong growth seen for vegetable-oil based fuel in face of soaring demand.
Demand indicators from the commodities sector show the U.S. remains resilient, though it’s clear the pandemic is not yet over.
The federal government showed a major drop in commercial crude oil inventories, but refined petroleum products show an increase.
While supply is finally catching up with demand for gas in the U.S., a shortage of truckers to move it is keeping prices sticky.
Should U.S. oil prices run too hot, they will approach global prices and diminish incentives to export.
Markets were volatile as the usual movers were overshadowed by the U.S. Federal Reserve.
Implied demand for this time of year is a bit lower than pre-pandemic levels.
Consumers hit with the highest gasoline prices since 2014 as they get ready for summer vacations.
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