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

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  • 18 May '22 at 6:27 am #36937
    TradersCom
    Keymaster

    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

    18 May '22 at 8:30 am #36724
    TradersCom
    Keymaster

    The U.S. continues to drain it’s SPR which have not alleviated product shortages and the headline risk around the EU phasing out Russian oil by year e
    [See the full post at: Around The Barrel – Big Draws in U.S. Crude Oil and Gasoline as SPR Continues To be Emptied]

    19 May '22 at 12:48 pm #37020
    ThePitBoss
    Participant

    Crude Oil Brings the Bounce…
    July CL_F closed up $2.87 to $109.96
    The low $103.24 giving a $6.72 bounce, breaking a two-day decline
    WTI June contract expires tomorrow.

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