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Some Thoughts On Move Lower In Crude

OIL

When it comes to the sizeable sell off in crude oil (WTI & Brent were down over $4/bbl at one point), we are not sure it can be linked to the incoming gasoline tax holiday in the U.S., although there hasn’t been much else cross the wires on the matter since the open of Asia-Pac dealing, so it presents an easy “explainer.”

  • Note that such a move had been flagged by admin officials previously, so it is hard to equate confirmation of the tax holiday as the main driver of the sell off (especially given the questions re: the ultimate efficacy of the move).
  • A quick reminder that U.S. Energy Secretary Granholm will be meeting with energy company executives on Thursday, but once again, this was known in NY hours.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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