Weekly Oil Data Paints Better Picture Of US Economy
Demand for refined petroleum products remains at or near pre-pandemic levels.
Demand for refined petroleum products remains at or near pre-pandemic levels.
Even with a bit of a dip lower, prices remain at levels not seen since late 2014.
Only low-wage workers seeing pay rise faster than rate of inflation
Analysts told Zenger that market players are looking for economic clues elsewhere.
And that’s precisely why the price at the pump continues to hold at multiyear highs.
But while commodity prices are plummeting, it may take a bit for consumers to notice because of supply chain issues.
Demand is at the very least holding near pre-pandemic levels despite looming concerns about inflation.
But it doesn’t have all that much to do with White House actions on the Strategic Petroleum Reserve.
The usual factors that would move the needle for crude oil prices midweek were overshadowed by other high-profile events.