US Consumer Confidence Dipped Slightly in June
June 26, 2024
The API inventory report called crude oil stocks up 914,000 barrels, gasoline stocks up 3.843 million barrels, and distillates were down 1.178 million barrels.
The average estimates for the DOE report today from the Bloomberg survey are for crude stocks to be down 2.381 million barrels, gasoline inventories down 1.299 million barrels, and distillates down 620,000 barrels.
The average estimate for the propane inventory report today is for inventories to increase by 1.86 million barrels. On average over the last five-years propane inventory has increased by 1.902 million barrels for this reporting week.
US consumer confidence fell slightly in June amid worries about the economic outlook. The Conference Board said that its consumer confidence index fell to 100.4 in June from a downwardly revised 101.3 in May.
Reuters reported Tuesday that according to its calculations Russian’s oil and gas revenues in June are set to rise by more than 50% year on year to 9.4 billion, after a decrease in subsidies to refineries as well as Russia’s ability to limit the impact of sanctions.
Federal Reserve Governor Michelle Bowman stated yesterday that the central bank is not yet ready to lower rates and remains open to further hikes if inflation remains high. The market is currently pricing in a cut in September. The market continues to be optimistic about demand, but this week’s inflation report due out Friday could dampen that outlook if inflation remains high.