Results

The Bears followed Wednesday’s price beatdown with a similar beatdown in the Fuels Markets on Thursday. Crude, Distillates and Gasoline all traded over 2% lower with Iran claiming sanctions will soon be lifted. This could bring an additional 2MM barrels per day of crude into the market. The weekly jobs report showed the smallest number of new unemployment claims in the US since Covid. The strong report brings fears of Fed intervention to keep the economy from overheating. In India, the virus still rages but new daily cases were 276K. While the number remains high, it is well below the peak daily counts of over 400K in early May.