• Supply
  • Social Media
VisitTAC - The Arnold Companies
Customer LOGIN
TACenergy
Customer
LOGIN

A Roller Coaster Start To July Trading

Wednesday, Jul 1 2020
Market Talk

It’s a roller-coaster start to July trading as strong overnight gains moved to early morning losses, then back to gains in just a couple of hours. This type of back and forth action is indicative of a market that’s struggling to find direction as good economic news is offset by more bad news on COVID-19 counts.

A large decline in oil inventories of more than eight million barrels reported by the API had oil prices rallying through the overnight session, with WTI trading north of $40 again, only to see those gains wiped out in the past hour. Refined products had a similar pattern, trading up three to four cents overnight only to see those gains wiped out this morning. The API showed gasoline stocks declined nearly 2.5 million barrels last week, while distillates grew by 2.6 million barrels. The EIA’s report is due out at its normal time this morning.

The bulk of the brief selloff in energy and equity futures followed closely behind the ADP payroll report that showed June private jobs increasing by 2.3 million, and May’s estimate seeing a huge revision from 2.7 million jobs lost to three million jobs gained. It seemed that there was an immediate widespread knee jerk reaction to that data – perhaps someone forgot to program their trading algorithm to deal with negative numbers again – that has since faded. While this morning’s swing may be a one-off event, it could also signal that we’re returning to a “bad news is good news” market, similar to what was experienced for several years following the 2008 financial crisis, as the market cheered anytime it looked like negative economic data would encourage more stimulus from the FED.

Click here to download a PDF of today's TACenergy Market Talk.

News & ViewsMarket Talk

News & Views
Latest Posts

KTBS 3 Spotlight on TACenergy Leadership COO Fred Sloan - Sharing Thoughts on Changes in the Gas Market
Go Rentals Opens 10 New Locations with Partner, TAC Air
Tac Air's new facility features B17-G model airplane, Military Situation Room
TAC Air B-17G Model Brings Nostalgia and Tears

News & Views
Archive

Market Talk
Latest Posts

Market Talk
Archive

TACenergy logo
Sales:  800-375-FUELSupply & Logistics:  800-808-6500

Get in Touch

Sign up to receive market talk updates in your inbox each day.
Establish a credit account.
Apply For Credit
Need to make a fuel order today?

Follow us

TACenergy
  • Supply
  • News & Views
  • Market Talk Updates
  • Social Media
  • Contact a Representative
  • Customer Login
  • Apply For Credit
Find Your Next Great Role With TACenergy.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
  • Sitemap
TACenergy, LLC © 2022. All Rights Reserved.