Steep declines in energy futures contracts and spot market prices
- Energy futures contracts experiencing steep declines
- Weekly petroleum inventory report shows increases in gasoline and distillate supplies
- Gasoline and diesel fuel prices tumbling in spot markets
- U.S. crude contracts below $70/bbl mark
- Losses for refined products contracts
Energy futures contracts, including crude oil and ULSD, are seeing steep declines following the release of the weekly petroleum inventory and demand data from the U.S. Energy Information Administration. The report showed significant increases in U.S. gasoline and distillate supplies, leading to a drop in gasoline and diesel fuel prices in spot markets. U.S. crude contracts have fallen below the $70/bbl mark, marking the fifth-straight day of declines. Refined products contracts are also experiencing losses. Overall, the energy futures market is facing a downward trend due to the latest inventory report.
Public Companies:
Private Companies: undefined, undefined
Key People: Steve Cronin (Reporter), Michael Kelly (Editor)
Factuality Level: 8
Justification: The article provides specific information about the decline in energy futures contracts, the reasons behind the decline (increased gasoline and distillate supplies, completion of seasonal maintenance at refineries), and the impact on spot markets. The article also includes data from the U.S. Energy Information Administration to support the information provided. However, the article does not contain any sources or quotes from experts in the field, which could have added more credibility to the information presented.
Noise Level: 3
Justification: The article provides specific information about the decline in energy futures contracts, including crude oil and ULSD contracts. It also includes data from the U.S. Energy Information Administration’s weekly petroleum inventory and demand report. The article provides details about the reasons for the decline, such as increases in gasoline and distillate supplies and refinery activity. It also mentions the impact on spot markets and provides specific price changes. The article includes data on crude oil inventories, refinery utilization rates, and implied demand for gasoline and distillates. Overall, the article stays on topic, provides evidence and data to support its claims, and offers insights into the current state of the energy market.
Financial Relevance: Yes
Financial Markets Impacted: Energy markets, specifically crude oil and ULSD contracts
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the decline in energy futures contracts, specifically crude oil and ULSD contracts. It provides information on the factors contributing to the decline, such as increased gasoline and distillate supplies and refinery activity. However, there is no mention of an extreme event or its impact.
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