Energy & precious metals - weekly review and outlook
The EIA’s reporting of weekly fuel stockpiles could be reason for this, with the agency citing agasoline stockpiles
“Everyone’s looking at the flat price of crude oil and saying gasoline and diesel prices will also go to the moon,” said John Kilduff, founding partner of New York-based energy hedge fund Again Capital. “But fuel uptake for this summer is still very much down to earth, higher than a year ago, yes, but still below pre-pandemic levels.”
But consumption is still well below pre-pandemic levels, with 9.777M barrels used daily for the comparative week to Aug 23, 2019. Ian was the sole storm that season to significantly disrupt offshore oil production in the Gulf of Mexico. About 11% of production in the Gulf was shut-in by September 27 in preparation for the storm, which hit the area as a category 4 hurricane.
“Momentum has reached a critical inflection point with limited room for further upside, which will have to retest the monthly middle Bollinger Band $86.80 as target,” said Dixit. “This is very likely to witness selling pressure as short-term price action reaches overbought conditions.”
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