I think today’s EIA needs a strong product draw to cancel out almost certain crude oil build.
If we build across the board, WTI $Light Crude Oil - main 2208(CLmain)$ will drop below $90.
WTI is now down over 26% from it’s most recent high, it’s down for the 3rd straight month and 7 out of the last 9 weeks. Fun times
Gasoline demand continues to stay very weak.
Refinery throughput dropped yet again and was the lowest since May 6/22. And yet, we had a slight build in gasoline stocks. Demand is bad, there are no 2 ways about it.
Canadian Energy stock returns since Q2 earnings announcements. The average return after the best quarter ever (for most companies) is about 1.2%.
Energy earnings are a non-event.
The worst thing about today's sell-off is that S&P 500$S&P 500(.SPX)$ is up over 1.5%. Brutal.
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