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