Results

The Bears scored another blow in the Fuels Markets on Thursday. The decline is in part due to the EIA’s surprise builds in Gasoline and Distillates. Are the builds an anomaly or hints to trouble in demand? A second blow came from China’s reported smaller GDP growth. China is still growing but not as fast as projections thought. Supply chain disruptions continues to plague the market with GM idling two plants while they await computer chips. The delta variant continues to scare. In short, the demand side of the equation has suffered this week. Friday will see the release of the US Consumer sentiment index and Business inventories and possibly aid the Bulls.