The Covid-19 pandemic caused a massive shift in many of the paradigms
The Bulls pressed forward in the Fuels Market on Thursday as the EIA released their inventory figures. The changes for Crude and Distillates were close to the S&P Platts survey estimates with Crude down 6.9MM barrels vs a 6.2MM estimate, and Distillates rising 1.6MM barrels vs a 1.4MM estimate. The big surprise was Gasoline where the actual decline of 6.1MM barrels was 3.5 times greater than the 1.7MM estimate. While Gasoline usage showed America’s willingness to drive, Covid continues to haunt the travel sector with the New York Stock Exchange’s ARCA Airline Index plunging as much as 3.2% Thursday because of Covid concerns.
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