Results

Covid’s impact was felt again on Monday in the Fuel Markets. A series of disappointing economic data points from China helped continue the Bear’s recent success. Retail had its weakest showing of the year. The growth in industrial production was the slowest in 11 months. News is also disappointing in the US airline sector. Last week, Southwest Airlines alerted investors about weakness in Q3 bookings. This week, the TSA’s daily travel count shows Sunday’s 7-day average traveler count is down 3% over the prior week. In early July, traveler throughput had edged to over 85% of the same time frame in 2019. That number has now dipped to 78.5%. For Tuesday, watch for the release of US retail sales and business inventories in the morning and the API’s inventory stats late in the day.