The Fed is ready to cut rates as needed

Crude prices are falling on inventory reports from the API this morning.  Crude is trading at $52.64, down 84 cents from yesterday’s close.

Fuels are also down this morning due to larger than expected builds reported by the API.  Diesel is trading at $1.7942, down 2.7 cents.  Gasoline is also lower, trading at $1.7020, a loss of 2.2 cents.

U.S. equities markets rose abruptly following news that Federal Reserve Chairman Jerome Powell said that the Fed is prepared to cut interest rates if the U.S.-China trade war starts to result in an economic slowdown.  The Dow was up 512 points and the S&P rose 58 points.  Equities pulled oil up from session lows to post a modest gain yesterday, but the market is giving back those gains and more in early trading this morning.

Crude is heading lower this morning on news of a surprise build as reported by the API.  A small draw on crude was expected, but the API reported a build of 3.6 mmbbls.  Reports by the API on distillates and gasoline showed larger than expected builds which are driving fuel prices lower this morning too.

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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