Energy

Oil prices can’t shake the virus. Reports that U.S. Covid-19 cases jumped over 45,000 in one day in the U.S., and deaths reached 900 turned slightly optimistic market sentiment into a more negative mood. 
Oil prices need a shot of something. The Federal Reserve wants it to be another shot of stimulus and perhaps a shot of a Covid-19 vaccine.
Rallying from a 7-week low in the prior session, natural gas futures rose more than 15% on Wednesday afternoon as the demand outlook for natural gas improves.
It might be the storm or rising demand or refiners not procuring gasoline. Whatever it is, the API reported a stunning 7.735 million barrel drop in gasoline supply making it the darling of the sector as we are in winter blends category.
Oil prices are lower on turmoil, whether it be from mother nature or politics. Fears of more Covid-19 shutdowns weigh on prices and fears that increasing political divides after the death of Supreme Court Justice Ruth Bader Ginsburg reduces the odds that the U.S. will get much-needed coronavirus relief.
The oil market is saying sayonara to summer, jumping into shoulder season as refiners remain shut down. It didn’t help oil when the Saudis cut the selling price for some grades of crude oil, suggesting weak demand and a sense that it isn't going to get better until the snow starts to fly.
The breakdown in the broken-down oil market on Wednesday was a precursor to the breakdown in global stock markets. As the techs dropped, energy stocks tried to creep back. 
Hurricane Laura did its last blast of damage to oil and product prices as a drop in demand overshadowed massive reductions in supply, causing the trade to go into shoulder season mode and take cover ahead of the Labor Day holiday weekend.
Oil prices rallied after touching multi-decade lows in April, but they have been stuck in a narrow trade band for 2 months now as the pent-up U.S. demand rebound in June has fizzled out with flattening fuel consumption that continues to struggle to reach pre-pandemic levels.
A market profile poor high indicates that a market has been forcibly prevented from moving higher and that the auctioning process hasn’t been completed. This has recently happened in WTI Crude Oil futures, specifically within the price range of $43.22-$43.28.