Monthly Archives: June 2023

US oil prices fell for the third time in four weeks on weak European economic data after central banks in the UK and across the EU raised interest rates….after rising 2.3% to $71.78 a barrel last week after the Fed … Continue reading →

The only widely watched economic releases of the past week were the May report on New Residential Construction from the Census Bureau and the May report on existing home sales from the National Association of Realtors (NAR)….the week also saw … Continue reading →

SPR at a new 39½ year low, gasoline imports at a twelve month high;  global oil demand exceeded production by 600,000 barrels per day during May, OPEC production was 899,000 barrels per day below their ​lowered targets oil prices finished … Continue reading →

Major reports released during the past week included the May Consumer Price Index, the May Producer Price Index and the May Import-Export Price Index, all from the Bureau of Labor Statistics, the Retail Sales report for May and its companion … Continue reading →

oil prices fell for a second week on concerns about weakening demand, even as the Saudis committed to cutting their production by an additional million barrels per day, beginning in July….after falling 1.3% to $71.74 a barrel last week on … Continue reading →

Major reports released during the past week included the Commerce Dept’s report on our International Trade in Goods and Services for April, the Full Report on Manufacturers’ Shipments, Inventories and Orders for April, and the April report on Wholesale Trade, … Continue reading →

SPR at a new 39½ year low, exports of distillates at a 13 month high, lowest May gasoline supplies since 2014; biggest oil rig drop in three years oil prices fell for the first time in three weeks on recessionary … Continue reading →

Major economic releases this week included two of the monthly employment reports: Employment Situation Summary for May and the Job Openings and Labor Turnover Survey (JOLTS) for April, both from the Bureau of Labor Statistics; and the April report on … Continue reading →