Energy

The Yield curve un-inverted and with strong U.S. economic data, oil and oil products are making a strong comeback. Oil, instead of worrying about a recession a year or two or 5 years from now, will have to find an answer for strong U.S. oil demand.
Real data that showed U.S. gasoline demand at a record high and U.S. road traffic volume that was up +1.1% in the three months Apr-Jun compared with the same period a year earlier. 
Yesterday, WTI futures rallied up 4% on positive trade war news, then overnight futures went back in the hole -3.2%.
The oil market was able to withstand mounting economic headwinds as it prepares for what should be a big drop in U.S. crude supply and the fact that Saudi Arabia is already reducing allocations.
Crude oil gave in to the Monday blues after holding steady most of the night before going south.
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The Tokyo Commodity Exchange announced today regulatory approval for electricity futures.
Even a bullish American Petroleum Institute (API) report initially did not show oil bulls any love until the rate-cutting craze swept the globe. Oil seems to be ignoring a dramatic tightening of the U.S. oil supply.
Brent crude took a larger hit than the WTI futures partly because of new North Sea production but also because of fears of a trade war and a “hard” Brexit will hurt European demand more than US demand. 
A trade war tit for tat is overshadowing bullish fundamentals for the oil market and even with the fact that Iran detained another oil tanker over the weekend.