Energy Minute 08/02/2019

Energy New: Texas
David Blackmon In The Oil Patch Featured

In The Oil Patch Radio Show is proud to bring you today’s Energy Minute, produced by shalemag.com

Oil prices cratered on Thursday, with WTI falling by 10% in early trading before recovering slightly late in the day. Despite an array of bullish price signals, including a large inventory drawdown for the second straight week, speculators reacted negatively early in the morning to the Federal Reserve Board’s announcement of a 25 basis point reduction in interest rates, with no indication of future cuts down the road.

The market also had a negative reaction early in the afternoon after President Trump announced that, effective September 1, the U.S. would implement new, 10% tariffs on an additional $300 billion of Chinese imports into the U.S. The President issued that announcement after a meeting with Trade Representative Robert Lighthiser.

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