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Oil Futures Sell Off As White House Steps Backs From Support For US Oil Export Ban Lift

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NYMEX Light Sweet Crude Oil futures sold off 30 minutes ahead of the cash close at 230PM EDT. The commodity tagged $43.92 before rebound back above $43.31. The 3-2-1 Crack Spread, used as a proxy into refiner margins (higher number, better margins) has been falling apart since the second week of August.

House Majority Leader Kevin McCarthy announced he will schedule a vote on the Export-ban lifting bill in the last week of September.

NYMEX Light Sweet Crude (1min Increments)

 

321 Crack (4hr Increments)

Posted-In: News Commodities Markets

 

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