Wall Street ends up, boosted by company results
October 20, 2021
Dow, S&P 500 trade near records, even as Fed’s Beige Book points to inflation, labor shortages
October 20, 2021WTI oil prices erase earlier declines and rise 0.6% to $83.45 a barrel after a weekly EIA report that was bullish compared to both forecasts and an earlier report from trade group API. EIA says US crude inventories fell by 431,000 barrels last week, which compares to API’s report 3.3M-barrel rise and to forecasts in a WSJ survey for a 700k-barrel increase. Fuel inventories also fell, US crude production bullishly slipped by 100k bpd to 11.3M bpd, and implied gasoline demand soared to 9.6M bpd. “The report negates the API data,” says Peter Cardillo at Spartan Capital. “Bottom Line: Bullish with $85 Spot Oil nearing.
