It is a mess in the West and rail traffic is getting impacted. In Oregon, 36 fires have charred 863,794 acres, according to state data Friday. Thousands have been evacuated from their homes and at least eight people have died since late August because of the fires.
Oil prices came back off today as there was a surprise build in inventories. Crude oil inventories increased by 2mm/bbls, compared to a forcasted draw of 1.3MM/bbls.
Oil prices collapsed today hitting their lowest levels since June as demand concerns persist. Saudi Arabia announced an October price cut for Asia and North America, effectively taking WTI off the market for Asian buyers.
The U.S. Labor Department stated on Thursday of last week that U.S. workers filed an additional 881,000 initial jobless claims, bringing the total initial claims since COVID-19 to nearly 59 million.
As of September 1st, the total number of railcars in storage was 476,572, accelerating the downtrend for a month over month decline of 27,451 still 128,972 higher than this time last year.
Prices were pressured by extended declines in the U.S. equities market and by a report showing U.S. job growth slowed further in August as financial assistance from the government ran out.
Crude oil prices came off today to one month lows amongst a selloff of risk assets across most financial markets. Prices are on track for their biggest drop since mid June as the dollar also continues to strengthen.
Crude stocks were drawn down by 9.36 MM/bbls, almost all of that attributed to the Gulf region where most production was shut
Oil prices rose today, reversing overnight losses as better-than-expected U.S. manufacturing activity data and a bullish equity market helped prices
Oil prices traded down today as cleanup from the storm continues. A weak dollar has supported oil prices even though crude and fuel demand has struggled to recover amid the pandemic.