A rare warning strikes the gasoline market in another confirmation of economic weakness, one primary factor which forced OPEC this past weekend to extend its production restrictions. On top of those, big changes to US income estimates further corroborating the deterioration, as did a surprise drop in one of the more critical sentiment signals.
Eurodollar University's Money & Macro Analysis
Reuters Weak US gasoline demand compounds pressure on oil ahead of OPEC+ meet
https://www.reuters.com/business/energy/weak-us-gasoline-demand-compounds-pressure-oil-ahead-opec-meet-2024-05-31/
Nikkei OPEC+ extends deep oil production cuts into 2025
https://asia.nikkei.com/Business/Energy/OPEC-extends-deep-oil-production-cuts-into-2025
ISM Manufacturing May 2024
https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/may/
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.