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Market Brief

Market Brief: August 10, 2021

The Bears held their ground in the Fuel Markets on Monday. China’s covid struggles are creating demand concerns in the world’s second largest fuel consuming market. As an example, seat capacity for Chinese travelers has dropped 32% thanks to new restrictions. Both Goldman Sachs and JPMorgan Chase lowered their growth forecasts for the Chinese economy. In the US, the TSA reported 2.8% fewer travelers week-over-week. While the reduction is in part due to schools reopening, the decrease is larger than during the same period in 2019. The Bulls were aided with a series of storms forming in the Atlantic with one particularly concerning to Florida. Tuesday’s trading will be guided by the dollar’s continued strength from Friday’s jobs report and by storm path updates.

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