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Industry News

Virus Update: U.S. Crude Glut Rises, Consumer Spending Levels to Remain Low

U.S. Crude Glut Rises (July 8, 4:00 p.m. ET)

U.S. crude stockpiles rose by 5.65 million barrels last week to near record-high inventories, Bloomberg reported.

While gasoline demand is improving — particularly on the East Coast, where coronavirus cases are slowing — seasonal consumption remains at a two-decade low.


Virus May Deal Lasting Blow to U.S. Consumer Spending (July 8, 1:00 p.m. ET)

American consumers may not be prepared to return to pre-pandemic spending levels. More than 40% of people who spent money on movies, event tickets or at bars before the pandemic now plan to spend less on those activities, according to a survey reported by Bloomberg.

Meanwhile, more than 60% of small businesses say they need spending to return to normal by the end of the year to stay open, according to American Express data.