Resource Type
Market Brief

Market Brief: August 4, 2021

Covid concerns continued to push prices lower in the Fuel Markets on Tuesday. Outbreaks in China are leading to more lockdowns in the world’s second largest oil consuming nation and creating demand concerns. On the supply side, the API reported a curious mix of inventory data. Crude levels dropped again week over week but at much smaller quantities than expected. API showed a drop of 879K barrels whereas forecasts were anticipating a 4MM barrel decline. Forecasts for Gasoline were pointing to a 1MM barrel decline, but API showed a whopping 5.8MM drop. The EIA releases inventory data at 10:30 EDT Wednesday. Will inventory changes be a function of imports and production, or will demand be the leading variable?

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