Market Brief: July 08, 2021

All Quiet on the Fuels Front on Monday with few news drivers. The Fuels markets closed slightly lower continuing a downward trend since last Wednesday’s EIA reported inventory build of refined products. On the supply side, Iranian Nuclear discussions will likely be in a holding pattern until the Iranian presidential elections are completed on Friday. On the demand side, Covid cases in the UK have increased to the point the country will extend restrictions rather than opening later this month as planned. Tuesday will bring several economic data releases including Retail sales, the Producer Price Index, and the Business inventories report.