Traders are now starting to worry more about demand destruction than about supply disruptions.
More Quotes from Rakesh Shankar:
Since these data are preliminary, it is quite possible that the Energy Information Administration data will also show gasoline demand fell in March and April when the revised monthly data are released.Rakesh Shankar
There are some fears now in the natural-gas market of a return to colder than average weather for the next few weeks.
Rakesh Shankar
The drawdown in crude inventories came at a time when refinery utilization remained low due to scheduled maintenance shutdowns.
Rakesh Shankar
This week essentially marks the death knell for winter.
Rakesh Shankar
This report marks a healthy start to the gasoline buildup for the summer driving season. A few more weeks of this kind of healthy build will help further assure the market that gasoline prices this summer will head south.
Rakesh Shankar
Sturdy product inventories should help to temper market fears of energy shortages, and should help cajole broader energy prices lower in the next few weeks.
Rakesh Shankar
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