Results

Closing prices were mixed in the Fuels Markets on Thursday. The EIA reported a large decline in Crude stocks as expected. However, both Gasoline and Distillates showed increases in inventories whereas most analysts had predicted a decline. On the jobs front, the number of new initial jobless claims was below 400K for the first time since March 2020. While this is good news for the economy on the surface, the jobs numbers again raise the specter of Fed intervention to keep the economy from overheating. Traders on Friday will be watching the Labor Department’s May jobs report. A strong jobs showing will fan fears of inflation fears and of a Fed response.