Earlier in the week the US came to the rescue of the dreadful picture posed by global PMI data. Just to
confirm that this is a one horse race in the 2023 economic Gold Cup, yesterday’s expected forecasts
for data were soundly beat.
We live in strange times and experience strange moves from markets. Yesterday the US Inventory report from the EIA were highlighted by builds.
The API data overnight included draws for all of the major components of the oil complex and comprised of Crude -2.7 million barrels, Gasoline -4.2 million barrels and Distillate -2.3 million barrels.
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