Energy Information Agency heading into the Labor Day holiday weekend, U.S. retail gasoline prices fell three in a row with an average price of $2.68 per gallon which was the lowest level of the 2010 peak summer driving season and the second lowest price at this point in the past five summers.
Still not even that may save the demand side of the equation. With storms battering up and down the East Coast, demand for gasoline was most likely impacted negatively. We are in the heart of the shoulder season and demand will continue to be very weak. We still maintain a bearish bias but still recommend playing the ranges.
The storms in the Atlantic never seem to end. There are 3 tropical waves that currently have about a 30% chance of becoming a tropical cyclone. At this time the storms do not seem to be a threat still they will bear watching.
What the bears really need to do is watch the me on the Fox Business Network and the bulls should join in too. If you don’t get it you need too!
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