There used to be a time when we would draw down crude in December. Well there also used to be a time when we saw a draw of crude when we ran refineries over 16M b/d. Alas, those days are behind us and this is the time of more.
Crude oil and natural gas prices plummeted as glut concerns overwhelmed concerns of cutbacks in energy investment. Natural gas fell below 2.0 per million Metric British thermal Units (MMBTU) for the first time in three years.
U.S. consumer spending appeared to grow at a fairly healthy pace halfway through the third quarter, pointing to solid domestic demand that could persuade a cautious Federal Reserve to hike interest rates on Thursday.