We mentioned that Kohl's y/o/y sales numbers are down, and that Kohl's had served as a bellwether of the economy for a number of years.
Seems that crude oil is echoing Kohl's:
Oil prices plunged to four-month lows (WTI with a $72 handle, Brent below $80), smashing through all key technical levels, as algos were shocked into full-send mode as OPEC+ unexpectedly signaled plans to return some supplies to the market later in the year....
The headline reason is that OPEC+ decided to pump more crude. But then there's this:
... The move has added to the gloomy sentiment in pockets of the physical market around the world that are flashing signs of weakness....
and this:
...API reports across the board inventory builds - with a big rise in crude and gasoline stocks - adding pressure to crude prices...
Reduced demand creates inventory builds. Just ask Kohl's.
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