Results

The Bulls won the day in the Fuel Markets on Thursday with two key economic stats easing fears of Federal Reserve intervention. First, the US GDP rose 6.5% in the second quarter versus expectations of 8.4%. In addition, initial jobless claims rose unexpectedly to 419K filings versus guesses of 350K. These statistics lessen worry by the Fed of the economy overheating. Core inflation numbers release at 8:30 EDT on Friday so we will see if this inflation sentiment holds. Beyond inflation, Thursday saw a release of strong earnings reports, the US’ daily Covid rate dipped below 100K, and the dollar weakened. All in all, Thursday was an excellent day for Bullish fundamentals.