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Valiant777
2021-07-17
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Valiant777
2021-07-14
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Apple And Amazon Are Leading The Stock Market To Extremely Overbought Levels
Valiant777
2021-07-14
sheessh
U.S. Oil Consumption Surging With Industry Firing at Full Blast
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17:09","market":"us","language":"en","title":"Apple And Amazon Are Leading The Stock Market To Extremely Overbought Levels","url":"https://stock-news.laohu8.com/highlight/detail?id=1160878205","media":"seekingalpha","summary":"Summary\n\nThe Nasdaq 100 is now in rarely seen overbought levels.\nThe majority of the time when the i","content":"<p><b>Summary</b></p>\n<ul>\n <li>The Nasdaq 100 is now in rarely seen overbought levels.</li>\n <li>The majority of the time when the index was this overbought a sharp correction followed.</li>\n <li>Apple and Amazon appear to be leading the charge on the latest price movement.</li>\n</ul>\n<p>The Invesco QQQ ETF (QQQ) (NASDAQ 100) and the technology sector, in general, have reached dangerously overbought levels. These levels are not all that dissimilar to what was witnessed in August and September of 2020. That period, of course, led to a period of strong volatility through the end of October and ultimately the group's underperformance vs. the S&P 500 for some time.</p>\n<p>Amazon (AMZN) and Apple (AAPL) are two of the stocks leading the charge, and they, too, just like the broader index, are now extremely overbought. This has nothing to do with their long-term fundamental prospect.</p>\n<p>It appears investors continue to dump thereflation tradeand are moving into the technology/growth names as interest rates have fallen. However, this has created severely overheated conditions, which can be seen through technical and options market analysis.</p>\n<p><b>Extremely Overbought</b></p>\n<p>The relative strength index on the NASDAQ 100 ETF is currently above 77. Levels this high on the RSI over time lead to rather steep declines in the NASDAQ 100 ETF. While that doesn't always have to be the case, on at least 4 of the past 6 occasions since 2017, the NASDAQ experienced a 10% pullback or more following the RSI getting to this level. The other two times saw flat price action or a drawdown of around 6%.</p>\n<p><img src=\"https://static.tigerbbs.com/62338c2b12bb90d24d73dd75e14fa44f\" tg-width=\"640\" tg-height=\"423\" referrerpolicy=\"no-referrer\"></p>\n<p>Additionally, there has been an increase in call buying activity in some of the biggest NASDAQ components, such as Apple and Amazon. Each of which has surged to an all-time high in recent days. This appears to have the marking of what is a gamma squeeze. This is when we see a lot of call buying forcing market makers to buy more of the underlying stock, which helps drive the stock price higher. It also results in the market maker raising the implied volatility levels, making buying a call more expensive. This is an effort for the market maker to offset the added risk they are taking; simultaneously, volume tends to slow because the calls become more expensive. Once the options volume slows enough, the market maker is overhedged and then turns around and starts selling the stock.</p>\n<p><b>Apple and Amazon</b></p>\n<p>Call volume has exploded in Apple since the beginning of July, which has helped push the stock price higher. Additionally, it is easy to see that implied volatility levels have been rising with the stock price. This has the characteristics of a gamma squeeze.</p>\n<p><img src=\"https://static.tigerbbs.com/736e128f7b131012600b11986c4b1470\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p>\n<p>This can also be witnessed by watching the CBOE VIX on Apple or Amazon. The two stocks have seen a visible rise in their respective VIX reading suggesting that volatility in both has risen sharply. The last time something similar happened was in late August and early September last year, and it marked the end of the two stocks' big moves higher.</p>\n<p><img src=\"https://static.tigerbbs.com/77a8d21628bbec14b39b3c2d316b1005\" tg-width=\"640\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p>\n<p>Like Apple, Amazon has also seen its call volume explode since the beginning of July.</p>\n<p><img src=\"https://static.tigerbbs.com/4cba6af1f06917c2355a4d09a94f0f03\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"></p>\n<p>Additionally, we have seen both Apple and Amazon reach very overbought levels in the short term. Apple's RSI has reached 81 in recent days, and while it doesn't always lead to a sharp decline in the stock, 4 out of the last 5 times it has gotten this high, it resulted in a decline of 10% or more.</p>\n<p><img src=\"https://static.tigerbbs.com/03e3483f4615a1b1dfb3bcc64256631d\" tg-width=\"640\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p>\n<p>Like Apple, Amazon has seen its RSI climb to over 77, and like Apple, it doesn't always result in the stock falling sharply. But at least 7 out of the last 8 times the stock's RSI has reached a level this extreme has resulted in a pullback of 10% or more.</p>\n<p><img src=\"https://static.tigerbbs.com/666382d7cd3012f5525983b62d9bf4fa\" tg-width=\"640\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p>\n<p>Of course, none of this happening is likely a coincidence; in fact, it is probably because this Friday marks the monthly expiration date. This means that the options market is holding the equity market in place right now and helps to offer support to it. Once the options market \"resets\" next week, things could change rather dramatically.</p>\n<p>None of this is to say the market will suffer a pullback immediately, but clearly, the odds appear to be starting to favor that time may be sooner rather than later.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple And Amazon Are Leading The Stock Market To Extremely Overbought Levels</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple And Amazon Are Leading The Stock Market To Extremely Overbought Levels\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 17:09 GMT+8 <a href=https://seekingalpha.com/article/4439049-apple-and-amazon-are-leading-the-stock-market-to-extremely-overbought-levels><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe Nasdaq 100 is now in rarely seen overbought levels.\nThe majority of the time when the index was this overbought a sharp correction followed.\nApple and Amazon appear to be leading the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4439049-apple-and-amazon-are-leading-the-stock-market-to-extremely-overbought-levels\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4439049-apple-and-amazon-are-leading-the-stock-market-to-extremely-overbought-levels","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1160878205","content_text":"Summary\n\nThe Nasdaq 100 is now in rarely seen overbought levels.\nThe majority of the time when the index was this overbought a sharp correction followed.\nApple and Amazon appear to be leading the charge on the latest price movement.\n\nThe Invesco QQQ ETF (QQQ) (NASDAQ 100) and the technology sector, in general, have reached dangerously overbought levels. These levels are not all that dissimilar to what was witnessed in August and September of 2020. That period, of course, led to a period of strong volatility through the end of October and ultimately the group's underperformance vs. the S&P 500 for some time.\nAmazon (AMZN) and Apple (AAPL) are two of the stocks leading the charge, and they, too, just like the broader index, are now extremely overbought. This has nothing to do with their long-term fundamental prospect.\nIt appears investors continue to dump thereflation tradeand are moving into the technology/growth names as interest rates have fallen. However, this has created severely overheated conditions, which can be seen through technical and options market analysis.\nExtremely Overbought\nThe relative strength index on the NASDAQ 100 ETF is currently above 77. Levels this high on the RSI over time lead to rather steep declines in the NASDAQ 100 ETF. While that doesn't always have to be the case, on at least 4 of the past 6 occasions since 2017, the NASDAQ experienced a 10% pullback or more following the RSI getting to this level. The other two times saw flat price action or a drawdown of around 6%.\n\nAdditionally, there has been an increase in call buying activity in some of the biggest NASDAQ components, such as Apple and Amazon. Each of which has surged to an all-time high in recent days. This appears to have the marking of what is a gamma squeeze. This is when we see a lot of call buying forcing market makers to buy more of the underlying stock, which helps drive the stock price higher. It also results in the market maker raising the implied volatility levels, making buying a call more expensive. This is an effort for the market maker to offset the added risk they are taking; simultaneously, volume tends to slow because the calls become more expensive. Once the options volume slows enough, the market maker is overhedged and then turns around and starts selling the stock.\nApple and Amazon\nCall volume has exploded in Apple since the beginning of July, which has helped push the stock price higher. Additionally, it is easy to see that implied volatility levels have been rising with the stock price. This has the characteristics of a gamma squeeze.\n\nThis can also be witnessed by watching the CBOE VIX on Apple or Amazon. The two stocks have seen a visible rise in their respective VIX reading suggesting that volatility in both has risen sharply. The last time something similar happened was in late August and early September last year, and it marked the end of the two stocks' big moves higher.\n\nLike Apple, Amazon has also seen its call volume explode since the beginning of July.\n\nAdditionally, we have seen both Apple and Amazon reach very overbought levels in the short term. Apple's RSI has reached 81 in recent days, and while it doesn't always lead to a sharp decline in the stock, 4 out of the last 5 times it has gotten this high, it resulted in a decline of 10% or more.\n\nLike Apple, Amazon has seen its RSI climb to over 77, and like Apple, it doesn't always result in the stock falling sharply. But at least 7 out of the last 8 times the stock's RSI has reached a level this extreme has resulted in a pullback of 10% or more.\n\nOf course, none of this happening is likely a coincidence; in fact, it is probably because this Friday marks the monthly expiration date. This means that the options market is holding the equity market in place right now and helps to offer support to it. Once the options market \"resets\" next week, things could change rather dramatically.\nNone of this is to say the market will suffer a pullback immediately, but clearly, the odds appear to be starting to favor that time may be sooner rather than later.","news_type":1},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144062085,"gmtCreate":1626254394547,"gmtModify":1703756418569,"author":{"id":"3582254756506480","authorId":"3582254756506480","name":"Valiant777","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582254756506480","authorIdStr":"3582254756506480"},"themes":[],"htmlText":"sheessh","listText":"sheessh","text":"sheessh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144062085","repostId":"1111797255","repostType":4,"repost":{"id":"1111797255","pubTimestamp":1626252953,"share":"https://ttm.financial/m/news/1111797255?lang=&edition=fundamental","pubTime":"2021-07-14 16:55","market":"fut","language":"en","title":"U.S. Oil Consumption Surging With Industry Firing at Full Blast","url":"https://stock-news.laohu8.com/highlight/detail?id=1111797255","media":"Bloomberg","summary":"America’s oil demand has soared to new heights in a remarkable turn around from just a year ago when","content":"<p>America’s oil demand has soared to new heights in a remarkable turn around from just a year ago when the pandemic sent the U.S. economy into a tailspin and decimated demand.</p>\n<p>A rolling average of U.S. total oil products supplied – an indicator of consumption – jumped to the highest seasonal level in government data going back three decades in the week ending July 2. While gasoline and diesel demand have returned to pre-pandemic levels, a surge in petroleum use for products such as plastic, asphalt, lubricants and other industrial needs is propelling the recovery.</p>\n<p>“A lot more industry is coming back online,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management, US. “As the economy gets humming, those other types as well as gasoline and diesel feed into it.”</p>\n<p>The comeback in U.S. consumption threatens to accelerate a global supply deficit, with the OPEC+ allianceunable to agreeon a deal to increase production and American shale producers favoring fiscaldisciplineover boosting output. The demand rebound comes with jet fuel use still 24% below July 2019, suggesting markets could tighten even further, and prices could climb higher, when air travel normalizes.</p>\n<p><img src=\"https://static.tigerbbs.com/756a015e5438bf5ac5223d71839ffffe\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>Petrochemical producers invested heavily in manufacturing in the U.S. in the decade after fracking technology led to a surge in oil and gas production as well as low-cost natural gas liquids. The result has been an onslaught of plastic manufacturing along the U.S. Gulf Coast in recent years.</p>\n<p>The plastic producers were well positioned at the start of the pandemic to take advantage of a need for more packaging with consumers ordering more products for delivery. There was also an urgent need to provide protective equipment to health-care workers.</p>\n<p>“We are hearing anecdotal stories of high petrochemical feedstock demand,” said Quinn Kiley, a portfolio manager at Tortoise, a firm that markets roughly $8 billion in energy-related assets. “If you think about increased demand for PPE (personal protective equipment) and one-touch plastics given pandemic-related issues, it makes sense.”</p>\n<p>Other gains in consumption aside from gasoline and diesel include more than a dozen products, including butane for gasoline blending and lubricants for heavy equipment. Propane demand has also surged with Americans stuck at home during the pandemic grilling more than ever.</p>\n<p>What Bloomberg Intelligence Says:</p>\n<blockquote>\n The surge in durable goods order has also been a key driver in the demand for lubricants and base oils. But inflation and a drop in disposable income, following the cuts to unemployment benefits, may derail the recent uptrend. -- Fernando Valle, oil analyst\n</blockquote>\n<p>The crude market will remain tight with U.S. weekly production hovering around 11 million barrels a day for months or about 2 million barrels less than where it was in early 2020, and OPEC+ not adding any output until August at the soonest.</p>\n<p>The U.S. supply situation is so strained that earlier this month West Texas Intermediate futures rose to their strongest level relative to international benchmark Brent since October. In fact, some refiners in the Rocky Mountain region arefinding it hardto secure barrels because production there has been the slowest to recover.</p>\n<p>Strong demand for crude has plunged inventories at Cushing, Oklahoma, the delivery point of the Nymex futures contract to the lowest level since March of 2020.</p>\n<p>The need for crude to keep up with demand should keep oil within the U.S. and attract imports, said Artem Abramov, partner and head of shale research at Rystad Energy AS.</p>\n<p>The jump in industrial use comes on top of a robust recovery for both gasoline and diesel, which still account for the majority of oil demand.</p>\n<p>U.S. Gasoline Demand Soars to Record on July 4 Travel Surge</p>\n<p>The week running up to the Independence Day holiday saw weekly gasoline supplied hit a fresh record in EIA data. The rolling average of diesel supplied, at 4.07 million barrels a day reached its highest for the week since 2017.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Oil Consumption Surging With Industry Firing at Full Blast</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Oil Consumption Surging With Industry Firing at Full Blast\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 16:55 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-07-13/u-s-oil-consumption-surging-with-industry-firing-at-full-blast><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>America’s oil demand has soared to new heights in a remarkable turn around from just a year ago when the pandemic sent the U.S. economy into a tailspin and decimated demand.\nA rolling average of U.S. ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-07-13/u-s-oil-consumption-surging-with-industry-firing-at-full-blast\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XOM":"埃克森美孚"},"source_url":"https://www.bloomberg.com/news/articles/2021-07-13/u-s-oil-consumption-surging-with-industry-firing-at-full-blast","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111797255","content_text":"America’s oil demand has soared to new heights in a remarkable turn around from just a year ago when the pandemic sent the U.S. economy into a tailspin and decimated demand.\nA rolling average of U.S. total oil products supplied – an indicator of consumption – jumped to the highest seasonal level in government data going back three decades in the week ending July 2. While gasoline and diesel demand have returned to pre-pandemic levels, a surge in petroleum use for products such as plastic, asphalt, lubricants and other industrial needs is propelling the recovery.\n“A lot more industry is coming back online,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management, US. “As the economy gets humming, those other types as well as gasoline and diesel feed into it.”\nThe comeback in U.S. consumption threatens to accelerate a global supply deficit, with the OPEC+ allianceunable to agreeon a deal to increase production and American shale producers favoring fiscaldisciplineover boosting output. The demand rebound comes with jet fuel use still 24% below July 2019, suggesting markets could tighten even further, and prices could climb higher, when air travel normalizes.\n\nPetrochemical producers invested heavily in manufacturing in the U.S. in the decade after fracking technology led to a surge in oil and gas production as well as low-cost natural gas liquids. The result has been an onslaught of plastic manufacturing along the U.S. Gulf Coast in recent years.\nThe plastic producers were well positioned at the start of the pandemic to take advantage of a need for more packaging with consumers ordering more products for delivery. There was also an urgent need to provide protective equipment to health-care workers.\n“We are hearing anecdotal stories of high petrochemical feedstock demand,” said Quinn Kiley, a portfolio manager at Tortoise, a firm that markets roughly $8 billion in energy-related assets. “If you think about increased demand for PPE (personal protective equipment) and one-touch plastics given pandemic-related issues, it makes sense.”\nOther gains in consumption aside from gasoline and diesel include more than a dozen products, including butane for gasoline blending and lubricants for heavy equipment. Propane demand has also surged with Americans stuck at home during the pandemic grilling more than ever.\nWhat Bloomberg Intelligence Says:\n\n The surge in durable goods order has also been a key driver in the demand for lubricants and base oils. But inflation and a drop in disposable income, following the cuts to unemployment benefits, may derail the recent uptrend. -- Fernando Valle, oil analyst\n\nThe crude market will remain tight with U.S. weekly production hovering around 11 million barrels a day for months or about 2 million barrels less than where it was in early 2020, and OPEC+ not adding any output until August at the soonest.\nThe U.S. supply situation is so strained that earlier this month West Texas Intermediate futures rose to their strongest level relative to international benchmark Brent since October. In fact, some refiners in the Rocky Mountain region arefinding it hardto secure barrels because production there has been the slowest to recover.\nStrong demand for crude has plunged inventories at Cushing, Oklahoma, the delivery point of the Nymex futures contract to the lowest level since March of 2020.\nThe need for crude to keep up with demand should keep oil within the U.S. and attract imports, said Artem Abramov, partner and head of shale research at Rystad Energy AS.\nThe jump in industrial use comes on top of a robust recovery for both gasoline and diesel, which still account for the majority of oil demand.\nU.S. Gasoline Demand Soars to Record on July 4 Travel Surge\nThe week running up to the Independence Day holiday saw weekly gasoline supplied hit a fresh record in EIA data. The rolling average of diesel supplied, at 4.07 million barrels a day reached its highest for the week since 2017.","news_type":1},"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
