An uncertain market is pulling down petroleum prices as fears of Britain voting to exit the European Union. Fears of uncertainty, and economic distress are weighing heavy on the market and the future expected demand for fuel in Europe.
Fed chair Yellen decided to keep interest rates the same Wednesday. This weakened the dollar and continues to help push down the prices of fuel. Yellen had envisioned raising rates twice during 2016, however we have yet to see any increases. Speculators are thinking September and December are the last opportunities she may have to raise them a quarter of a percent. Raising interest rates would make borrowing money more expensive and certainly help pump up petroleum prices.
The EIA Petroleum Inventory numbers out Wednesday morning and a majority of the inventories fell less than expected prompting uncertainties of an oversupplied market. Total US crude stocks decreased only 933bbls. The lowest since early April. Propane has a slight 1057bbls to 78,351bbls.
As of this morning at 9 am WTI Crude futures are down 1.73% to $47.18/bbl. Gas is up .01 cents to 1.5015 / gal and Diesel(HO) is Down 2.15 cents to $1.4563/ gal.
