Malcolm Graham-Wood
Independent Analyst
If it wasnt already an element in the oil price then volatility in Chinese markets certainly is now, with commodity bears reading badly into recent data and thinking a hard landing scenario all over again. Yesterday might have been worse but for a weak dollar which saved a few blushes but as I write this morning crude prices are down again, WTI at $46.81 only $2.85 above the February low.
Tonight’s API release and tomorrow’s EIA stats will be equally as crucial, two bad numbers might push prices down again. And watch out for that product pull I have been talking about, retail prices have fallen again this week, gasoline at $2.745 a gallon is down 5.7 cents on the weak and diesel at $2.73 is off 5.9 cents.
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