Results

The Bears ruled again on Wednesday. The biggest driver was the EIA’s unexpected build in Crude inventories. Conversely, Gasoline stocks showed a surprisingly steep decline. Providing hope for the Bulls, the Institute for Supply Management (ISM) said its services index reached a new high in July, and Avis Budget Group pointed to strong Q3 bookings in their Q2 earnings call. However, the Bears countered with ADP’s National Employment Report showing half as many new jobs as expected. Initial jobless claims will be released at 8:30 EDT Thursday. Continued unemployment declines will strengthen the dollar and help pressure the Fuel Markets lower. A report mirroring the disappointment of the ADP survey will lower the dollar and help the Bulls.