Bullet Points: Highlights and Announcements
By Mark O’Brien, Senior Broker
Energies: Heads up! As opposed to most weeks when they’re released on Wednesday and Thursday, this week’s Energy Information Agency reports on natural gas storage and crude oil storage will be released on the same day: this Thursday at 9:30 A.M. and 10:00 A.M., Central Time, respectively. The Labor Day holiday effected this schedule change.
Dec. crude oil continued its downward slide today, losing $5.01/barrel ( >5% ) to an intraday low of $81.02/barrel, almost $30/barrel off its mid-May highs. Dec. unleaded gas (RBOB) followed with its own ±10-cent/±4.6% decline to ±$2.22/gal. intraday, a 7-month low. Recession fears and related demand prospects overrode the OPEC+ decision to reduce output by 100,000 barrels per day next month. Over the last few days going back to last week, crude oil and its products as well as natural gas futures have exhibited lukewarm reactions to several bullish supply developments. If this theme persists, prices will remain vulnerable to further selling.
The US economy’s relative strength against other major economies is keeping the dollar strong and putting additional pressure on gold and silver.
The Japanese Yen slumped to a new 24-year low this morning.
ECB conference tomorrow as well as Fed’s Powell speaking.
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09-08-2022
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