U.S. West Texas Intermediate and international-benchmark crude oil finished lower last week after reversing earlier gains that took prices inside the price gap formed in early March. Although technicians will argue that the gap stopped the rally and the momentum, most traders will agree that the threat of the second wave contagion of COVID-19 capped the bullish sentiment that we’ve been tracking for the last six to eight weeks.
Last week, August WTI crude oil settled at $38.49, down $1.34 or -3.36% and September Brent crude oil closed at $40.93, down $1.21 or -2.96%.
In addition to worries over the resurgence of the coronavirus pandemic, other factors capping the upside and encouraging investors to lighten up long positions were poor refining margins, high oil inventories and the resumption of U.S. production.
The API reported on Tuesday another build in crude oil inventories, this time of 1.749 million barrels for the week-ending June 19. Analysts were looking for a small inventory build of 299,000 barrels.
The API also reported a draw of 3.856 million barrels of gasoline for the week-ending June 19, compared to last week’s 4.267-barrel build. This week’s large draw compares to analyst expectations for a 1.304-million barrel draw for the week.
Distillate inventories were down by 2.605-million barrels for the week, compared to last week’s 919,000-barrel build, while Cushing inventories saw a draw of 325,000 barrels.
The EIA reported last Wednesday a 1.4-million-barrel increase in crude oil inventories for the week to June 19, with fuel inventories booking mixed results. Traders were looking for a build of 1.2-million-barrels.
The EIA also reported a draw of 1.7 million barrels of gasoline for the week-ended June 19, compared with a decline of the same size for the previous week. Gasoline production last week averaged 8.8 million barrels daily, up from 8.4 million barrels daily a week earlier.
In distillate fuels, where demand has been slower to recover than in gasoline, the EIA reported an inventory rise of 249,000 barrels for the week to June 19, up from a 1.4-million-barrel draw reported for the previous week. Production of distillates averaged 4.6 million bpd last week, compared with 4.5 million bpd a week earlier.
Refinery runs averaged 13.8 million bpd, up from 13.6 million bpd a week earlier.
Despite efforts by OPEC+ to reduce supplies, crude inventories in the United States, the world’s largest oil producer and consumer, have hit all-time highs. Conditions could worsen if a second-wave of COVID-19 causes more demand destruction.
Meanwhile, a new survey by the Dallas Federal Reserve Bank showed more than half of oil executives who cut production expect to resume some output by the end of July.
It looks like a perfect storm of bearish demand and supply factors are forming, which should at the very least put a lid on any rallies this week.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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Author: James Hyerczyk
NJ stops indoor dining restart, citing mask usage, distancing – The News Edge
ATLANTIC CITY, N.J. (AP)– New Jersey Gov. Phil Murphy on Monday delayed the resumption of indoor dining, and banned drinking and smoking at Atlantic City’s gambling establishments as they reopen today, triggering one casino to scrap plans to reopen anytime quickly.
Murphy said he acted since of an absence of compliance over making use of face masks and social distancing as the coronavirus break out continues to rage in many parts of the nation.
The choices had an instant impact: Atlantic City’s top-performing casino, the Borgata, dropped its plans to resume quickly. It had actually prepared to hold an invitation-only “soft opening” on Thursday and open its doors to the general public starting July 6.
Now, neither of those things is taking place for the instant future, and it was unclear late Monday whether the one-two punch of a smoking and drinking restriction would cause other gambling establishments to delay their reopenings.
” No cigarette smoking is very bad for casinos,” stated Steve Callender, head of the Tropicana casino and president of the Gambling establishment Association of New Jersey, told The Associated Press. Asked Monday night whether the cigarette smoking restriction might be a deal-breaker that might cause additional gambling establishments to select not to resume under such restrictions, Callender said, “I very well think it could.”
Murphy revealed the cigarette smoking restriction in a press release emailed to press reporters soon before 10 p.m. Monday. The release also verified spoken reports from earlier in the day that the administration was forbiding the serving of alcohol on the casino floor when gambling establishments resume.
In truth, the executive order was even more severe, prohibiting the serving of any drinks or the usage of any food inside the casino.
Atlantic City tried a cigarette smoking ban in 2008, however quickly dropped it after just 20 days when casino income plunged and bettors complained. Ever since, smoking cigarettes has been limited to no greater than 25%of the gambling establishment flooring.
The Borgata’s parent company, MGM Resorts International, said in a statement the conditions just aren’t right for them to resume.
” Our guests anticipate an unique experience when they come to our property and if we can not supply that level of hospitality, we feel it best that we remain closed till such time that the governor lets us understand it is safe to offer food and beverage,” the business said. “The health and wellness of our employees and visitors are at the center of all that we do, and we are sorry for that, at this time, we are not able to welcome back the thousands of workers who are nervous to go back to work. We anticipate a time when it is safe to invite everybody back.”
The Borgata was the very first gambling establishment to respond to Murphy’s cancellation of indoor dining, and the Ocean Casino Resort stated it prepared to adhere to its set up Thursday reopening. Executives at most other casinos stated they were awaiting extra info from the state prior to revealing whether their resuming plans would require to be changed.
Murphy pointed out the spike in other states along with reports in New Jersey of people not properly using, or stopping working to wear, deal with masks in addition to maintain distance.
” Unfortunately the nationwide scene compounded by circumstances of knucklehead behavior here at home are needing us to strike pause on the restart of indoor dining for the foreseeable future,” he stated. Inquired about an amount of time, he responded, “I do not think it’s a matter of days, however a matter of weeks. We have huge sympathy but the alternative here is even worse and unacceptable.”
New Jersey has been gradually reopening, and on Monday indoor shopping center were cleared to start service once again.
Indoor dining was to start again Thursday at 25?pability. Gambling establishments are also set to resume Thursday, likewise at 25?pability. Murphy stated that can go forward.
New Jersey has been amongst the hardest-hit states, which Murphy meant when rescinding the restaurant reopening.
” None people, none of us wish to return to that hell. We’ve worked too tough to get here,” he said.
New Jersey reported 156 new cases overnight for a total of 171,000, Murphy said. There were 18 new validated deaths given that Sunday, for a total of 13,138 confirmed COVID-19- related deaths. There are 1,854 presumed coronavirus-linked deaths.
The hold-up in resuming comes as the state progresses through Phase 2, of 3, of restarting. Far, indoor retail has reopened, along with hair salons, barber stores and massage parlors.
Likewise set to resume Thursday are amusement and water parks, play grounds, museums, aquariums and libraries.
For many people, the virus triggers mild or moderate symptoms. Older grownups and people with existing illness are at higher risk of more serious disease or death.
Follow AP coverage of the pandemic at https://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreak
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