Read between the lines is an old stratagem worth remembering here.
This is an administration that has gerrymandered numbers and lied repeatedly since taking office.
One of the major drawbacks here, however, according to recent reports, few American males versus American females read much at all. In fact, American readers in general, male and female, were well below other countries and that most likely rules out much critical reading in a soundbite world.
“Oil futures declined on Wednesday for a third-straight session, with prices falling to their lowest in about two weeks as U.S. government data revealed a fourth consecutive weekly climb in commercial crude inventories.
“Traders were said to be responding to a period of calm in the Middle East with the U.S. and its allies reportedly looking to cool tensions in the Middle East as the region waits to see what Israel will do next.
“U.S. commercial crude inventories rose for a fourth week in a row, with the Energy Information Administration reporting on Wednesday a climb of 2.7 million barrels for the week ended April 12.
“On average, analysts forecast an increase of 2.9 million barrels, according to a poll conducted by S&P Global Commodity Insights. Late Tuesday, the American Petroleum Institute reported a crude inventory rise of 4.1 million barrels, according to a source citing the data.
“The EIA report also showed weekly supply declines of 1.2 million barrels for gasoline and 2.8 million barrels for distillates. The S&P Global Commodity Insights survey called for inventory decreases of 900,000 barrels for gasoline and 1.1 million barrels for distillates.
“U.S. oil production was unchanged at 13.1 million barrels per day in the latest week, the EIA said, while crude stocks at the Cushing, Okla., Nymex delivery hub were also unchanged at 33 million barrels.
“Motor gasoline product supplied, a proxy for demand, averaged 8.8 million barrels a day for the four weeks ending April 12, the EIA said. That’s down 1.9% from the same period last year.
“The situation in Gaza is already frustrating the supporters of Biden, with rising tensions in the Middle East on top of it — which would result in higher energy prices — “will be offering the presidency on a silver plate to Donald Trump,” she said. “Therefore, the Biden administration has all the interest in the world to cool tensions.”
“Still, risks “remain tilted to the upside for oil prices,” with any escalation with Iran having the potential to send U.S. crude past $90 a barrel, said Ozkardeskaya,
Meanwhile, traders have shifted some of their focus to the latest economic data out of China, according to one analyst. Source
“Worries over the global demand outlook have resurfaced, thanks to the weakness of several recent economic data releases from China,” said David Morrison, senior market analyst at Trade Nation, in a note.
“According to a batch of official data released earlier this week, the Chinese economy grew by 5.3% during the first quarter, while industrial production grew by a weaker-than-expected 4.5% in March.”