Plunge in Gasoline Prices Setting Up Crude Oil for Steep Decline
Posted: Sun Jul 10, 2016 10:34 am
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)