Results

The Fuel Markets were mixed on Wednesday with a battle between What-Was and What-Might-Be. On the What-Was front, the EIA showed inventory declines more than forecasts. Crude levels are at their lowest point since January 2020. Implied Gasoline demand remains strong. On the What-Might-Be front, the delta variant persists. Traders worry demand may erode as cases continue to grow. Thursday’s unemployment statistics will be released at 8:30 EDT. But like the EIA stats, the unemployment figures reflect history and not the future. The EIA numbers today validated the concern over supply constraints. The Covid fears have not been validated in demand data to this point. Short of a surprise elsewhere, the advantage remains with the Bulls.