Oil prices were mostly flat for the day. Recession fears have been impacting financial markets as of late and this has started to spill over into the energy complex. “There are black clouds gathering around the financial markets here and it has started to impact crude oil,” said Bob Yawger, director of energy futures at Mizuho. “The economic wellbeing of the global economy is questionable at this point,” he added. Gasoline demand is expected to remain high which has been supporting prices as we head into peak driving season. The White House is considering tapping the Northeast Home Heating Oil Reserve, although there is only a small amount of product (roughly 1 MM\/bbls diesel). WTI traded up $.01 to close at $110.29. Brent traded up $.87 or .07% to close at $113.42.<\/p>\n\n\n\n
Oil prices were mostly flat for the day. Recession fears have been impacting financial markets as of late and this has started to spill over into the energy complex. “There are black clouds gathering around the financial markets here and it has started to impact crude oil,” said Bob Yawger, director of energy futures at […]<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n