Plunge in Gasoline Prices Setting Up Crude Oil for Steep Decline
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Plunge in Gasoline Prices Setting Up Crude Oil for Steep Decline
This guest article was written by James Hyerczyk, financial analyst at FX Empire.
September gasoline futures plunged last week to close at $1.3848, down $0.1352 or -8.89%. This was up from a low of $1.3672, which was its lowest level since April 7.
On Thursday, July 7, the market plunged 4.84% after the release of the U.S. Energy Information Administration’s weekly inventories report that was delayed one day because of the July 4 holiday.
According to the EIA, U.S. commercial crude stockpiles fell by 2.2 million barrels to a total of 524.4 million in the week through July 1. Traders ... (read more)
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