You would never think from looking at the WTI and RBOB charts that there’s an energy crisis of any kind.
CL has now spent a month below its 200-day moving average, failing for the 8th time to retake the important resistance.
And, RB has broken below its October highs and isn’t far from its May 2018 highs – as in when a gallon of gas ran $2.80.
These drops will obviously play into CPI data for August. But, it won’t be enough to satisfy the Fed’s inflation goals.
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