Brent falls on weak U.S. demand


Brent crude fell for a ninth straight session this morning following weak gasoline demand in the U.S. The drop marks its longest losing streak in four years, falling 14 cents to $108.14 a barrel at 3:45 GMT.

U.S. crude tumbled for a tenth consecutive session, down 48 cents below Wednesday's close at $101.81 a barrel. The front-month price is on track to display its longest stretch of losses since July 1984.

Fuel demand in the U.S. has been decreasing despite being the peak of summer driving season. So far, gasoline demand has not exceeded late May or early June levels.

ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI

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Comments (6)
  • DeepValueLover
    , contributor
    Comments (11071) | Send Message
     
    Recession on the horizon?
    10 Jul 2014, 05:08 AM Reply Like
  • Captain Pike
    , contributor
    Comments (890) | Send Message
     
    NOPE, much better efficiency in the car fleet, shopping on the internet (killing the malls), and a smaller middle class (decades long trend) not driving to yellowstone.

     

    Wait till Tesla gets it's 3rd gen BEV in the market! We will be exporting a lot of oil products as it slowly gets phased out. Good news for everyone.
    10 Jul 2014, 07:32 AM Reply Like
  • chopchop0
    , contributor
    Comments (5077) | Send Message
     
    Some would question whether we really ever left the last one....
    10 Jul 2014, 08:54 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (11071) | Send Message
     
    So Tesla is part of the reason why there is weak U.S. petroleum demand?

     

    Do you really believe that?
    10 Jul 2014, 09:12 AM Reply Like
  • BruceInKY
    , contributor
    Comments (444) | Send Message
     
    Recovery Summer 5 is apparently bipedal.
    10 Jul 2014, 07:21 AM Reply Like
  • yalcocer
    , contributor
    Comments (17) | Send Message
     
    Particularly, I don't see that Tesla is driving current US oil demand.

     

    I think the answer is more on the current economic trend (more in line with chopchop0) and increasing international oil supply.

     

    http://bloom.bg/TViSAS
    10 Jul 2014, 01:38 PM Reply Like
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