Reply To: Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied


Key factors:

Target (TGT) slumps 22% after huge Q1 earnings miss driven by inventory and freight and transportation costs
10-yr note yield climbs to 3.00% on festering inflation concerns
Worries about consumer spending activity weakening in the future
Goldman Sachs cuts 2022 China GDP growth forecast to 4.0% (prior 4.5%)
Japan’s Q1 GDP -1.0% yr/yr (expected -1.8%; prior +3.8%)
MBA Mortgage Applications -11.0% wk/wk (purchase apps -12.0% wk/wk and -15.0% yr/yr)
Lowe’s (LOW) down 3.6% after topping Q1 earnings estimates on soft sales