Recession Risk Emerges In FarEast Hits Oil, But Not Biofuel Costs
Today was an unusual session. Crude oil fell, gold fell, gasoil fell, and gasoline cracks improved. WTI July was down 3.33% at $88.26, Brent August was down 2.99% at $91.43, and ICE gasoil July was down 3.40% at $1,023.25/mt. Gold also fell 1.77% to $4,259.2. This is not the usual combination for a market trading pure geopolitical relief. It looks more like broad liquidation, helped by negotiation headlines, Saudi official selling price cuts, and visible signs of weaker refinery demand in Asia possibly raised by signs of weak consumer demand. Gasoil downtrend is visible having broken 20 day wdma but still much above 50 day and 200 day.
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