# Weekly Energy Market Situation—July 31, 2023 - Fuels Market News

> Petroleum product futures, including ULSD and RBOB, rose for a fifth straight week to breakouts above resistance. Drivers cited include a 100,000 barrel-per-day drop in US crude output, a net loss of supply from falling inventories, and expected Chinese stimulus. A further one million barrel-per-day Saudi cut is also cited.

- Date: 2023-07-31 · published 2023-07-31T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/35247-weekly-energy-market-situation-july-31-2023-fuels-market-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Tighter crude and diesel supplies raise fuel and freight costs for feed producers and push up prices for energy-linked inputs. Technical overbought signals suggest the rally could pause, but the fundamentals point to firm prices.

## Read by commodity

- WTI: bullish ▲
- DIESEL: bullish ▲

## Sources

- fuelsmarketnews.com: https://fuelsmarketnews.com/weekly-energy-market-situation-july-31-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.