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Energy stocks fell to a three-month low on October 4, 2023, as oil dropped about 5%. JPMorgan strategists said demand destruction had begun globally.
The EIA reported US gasoline demand fell 5% year over year in the four weeks ending that Friday.
Reports of demand destruction in gasoline point to weaker crude demand and lower energy prices. The impact on feed markets is indirect, mainly through diesel and freight costs.
forbes.comDerek SaulOct 4, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Notes the JPMorgan demand-destruction view and the 5% YoY drop in US gasoline demand coinciding with the oil crash.
JPMorgan's view that demand destruction had begun and a 5% fall in US gasoline demand reinforced the bearish demand narrative.
