But analysts note that lingering storm activity along the U.S. Gulf Coast could make for a bumpy ride.
oil
The rumor mill and potential impacts from Hurricane Ida led to substantial prices swings in intraday trading.
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.
Federal data released Thursday show gasoline demand is charting new heights, as oil prices step back from a 6-year-high.
A small dip in implied demand was attributed to inclement weather.
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.
Contrasting moves come within days of each other.
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