Crude Oil plummeted in New York and actually fell to a one-week low on speculation that increasing US fuel inventories will prompt refineries to reduce processing rates; US gasoline supplies rose to a four-month high in the week ended July 18 as use slipped, government data released July 23 show.
Now today U.S durable goods orders rebounded in June but they have also beaten the market forecasts pointing accordingly to momentum in the economy at the end of the second quarter.
If truth be told this week the US Commerce Department said revealed that durable goods orders increased 0.7 percent as demand increased from transportation to machinery and computers and electronic products.
Orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, were revised to show a slightly bigger 1.0 percent fall in May.
Plus non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rebounded 1.4 percent after downwardly revised 1.2 percent decline in May.
Otherwise this week’s EIA report showed that the US commercial crude oil inventories decreased by 4.0 million barrels from the previous week. At 371.1 million barrels while that the total motor gasoline inventories increased by 3.4 million barrels last week.
Plus finished gasoline inventories increased while blending components inventories both decreased last week and distillate fuel inventories increased by 1.6 million barrels last week and are near the lower limit of the average range for the time of the year.
Accordingly mixed sentiments are invading the energy market and crude is trading around $1021.30 a barrel recording a high of $102.20 a barrel and a low of $101.00 a barrel.