PD
Moderator
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Message Posted: Nov 10, 2009 5:30:41 PM
If there's one thing that can influence gasoline prices more than good earnings reports, it's the report released by the University of Michigan on consumer confidence.
Traders believe there is a direct connection between consumer confidence and gasoline demand, so when confidence drops, they believe demand will follow. The latest report issued showed that consumers are still not ready to open their wallets and spend at rates seen before the recession. This means that along with less discretionary spending, consumers will not require as much fuel as they have in the past.
Before the report was released, oil and gasoline futures were trading higher but almost immediately after the report was issued, oil prices started to ...
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