Analysts are concerned the U.S. faces severe supply-side constraints.
U.S. Energy Information Administration
The rumor mill and potential impacts from Hurricane Ida led to substantial prices swings in intraday trading.
California curtailments demonstrate need for better long-duration batteries.
Markets appear to be focused more on the pandemic and U.S. economic policy than typical indicators of supply and demand.
Though crude oil has experienced wild swings, the retail price for gasoline has barely moved over the past month.
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.
Demand for refined petroleum products such as gasoline are still not yet at pre-pandemic levels.
The federal government showed a major drop in commercial crude oil inventories, but refined petroleum products show an increase.