The Energy Report for Wednesday

By Phil Flynn
15 July 2009 @ 09:12 am EDT

If gas prices are the main reason that retail sales and the Producer Price index were up, then we may have bigger oil price deflationary fears than previously thought. Gas prices that were rising are now falling, unmasking the stronger than expected boost in retail sales as well as a bigger jump in producer prices. Despite an early pop in oil prices, the market shook off an early rally closing lower as weakening demand fears still permeate the energy complex. Even as oil gets a boost overnight trying to feed off some better than expected earnings from Intel and a resurgent big banking sector, the truth about the economy and the overwhelming supply still is sobering for this battered oil market. Demand seems to be getting worse not better.

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