Go here: http://www.cmegroup.com/trading/energy/ ... crude.html
Click on the 2:40 video that CME put out after the close on Friday. It is on the lower right of the screen. They explain each day why commodity traders are taking crude oil higher or lower each day.
Everything now points to a BIG INCREASE in demand for gasoline in May and June. Plus, refiners are coming out of annual maintenance period and they will be sucking down already low crude oil inventories.
Why did crude oil move higher on Mar 16?
Why did crude oil move higher on Mar 16?
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Why did crude oil move higher on Mar 16?
By Matthew DiLallo Mar 17, 2018 at 2:03PM
Increasing adoption of electric vehicles and renewable-energy technologies has fueled worries that demand for oil may be nearing its peak. At the moment, however, the need for crude is stronger than it has ever been. In fact, instead of cooling off after a banner year, demand growth has come in hotter than expected so far in 2018, keeping the price of crude higher than many anticipated. If that trend continues, oil producers could reap a windfall of profits this year, and make their investors a lot of money.
Read: https://www.fool.com/investing/2018/03/ ... ake-2.aspx
Increasing adoption of electric vehicles and renewable-energy technologies has fueled worries that demand for oil may be nearing its peak. At the moment, however, the need for crude is stronger than it has ever been. In fact, instead of cooling off after a banner year, demand growth has come in hotter than expected so far in 2018, keeping the price of crude higher than many anticipated. If that trend continues, oil producers could reap a windfall of profits this year, and make their investors a lot of money.
Read: https://www.fool.com/investing/2018/03/ ... ake-2.aspx
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group