Prices Are Drifting Lower
Prices are drifting lower again this morning, with HO futures leading the way for a second day in a row, trading down over 2 cents representing just over 1% loss so far in pre-session trading. American gasoline and crude oil benchmarks are trailing behind trading lower by a muted .2%-.4% so far this morning.
A smorgasbord of data reports are due out today with the Consumer Price Index being the one to watch for broad market movement potential. Energy markets will have to wait until tomorrow for its weekly trendsetter, delayed a day by Veterans Day.
For some that may have skipped class that day and have been too afraid to ask since, the EIA has published a concise explanation of how the Renewable Fuel Standard works. If nothing else, the note is a good reminder of what its sundry acronyms stand.
New concerns over a potential US-China trade agreement along with uncertainty surrounding further OPEC production cuts seem to be taking the blame for the slight selling pressure felt this morning. Although doubtful, it will be interesting to see if the White House’s latest heavy handed negotiation tactic will be effective despite data supporting a shift in positions of strength.