Seeking Alpha

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 (9550) | Send Message
     
    Recession on the horizon?
    10 Jul 2014, 05:08 AM Reply Like
  • Captain Pike
    , contributor
    Comments (786) | 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 (3846) | Send Message
     
    Some would question whether we really ever left the last one....
    10 Jul 2014, 08:54 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (9550) | 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 (437) | Send Message
     
    Recovery Summer 5 is apparently bipedal.
    10 Jul 2014, 07:21 AM Reply Like
  • yalcocer
    , contributor
    Comments (16) | 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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