$2 Trillion Stimulus Package to Jolt Economy

By Published On: March 25, 2020Categories: Coronavirus, COVID-19, Crude, Daily Market News & Insights, Diesel, Gasoline

Yesterday, crude prices were up.  They were supported by actions taken by the US Federal Reserve to bolster the economy and the hopes for a coronavirus aid package from congress.

In the early hours of Wednesday morning the White House and Senate reached a historic $2 trillion stimulus deal amid growing coronavirus fears.  The over $2 Trillion-dollar package will provide a jolt to the struggling economy.  Details of the package have been agreed to and include $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies. A vote on these measures will happen later today and is expected to pass.

The API’s data last night:

API numbers showed a surprising draw in both products and crude. The API reported a surprise draw for crude of 1.2 MMbbls versus an expected build of 2.8 MMbbls.  The API reported that gasoline had a larger-than-expected draw and distillates had a draw in line with estimates.  The EIA will report numbers later this morning.

Crude prices are down this morning.  WTI Crude is trading at $23.44, a loss of 57 cents.

Fuel is mixed in early trading this morning.  Diesel is trading at $1.0761, a loss of 0.4 cents.  Gasoline is trading at $0.4685, a loss of 2.5 cents.

This article is part of Coronavirus

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