Between September and October, refineries shift from summertime gasoline output to winter fuels production.
“Going into the fourth quarter, energy is generally weaker,” Rich Ilczyszyn, chief market strategist and founder of Iitrader.com, said in the article. “We know there is plenty of supply, so on the supply side the market will remain bearish.”
Additionally, crude inventories were at 360.5 million barrels for the week ended August 22, near their highest level for this period of the year since 1990.
United States Oil Fund
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Max Chen contributed to this article.