Oil prices crashed at the start of the week, with fears about global oil demand and a weak stock market being the main catalysts. Chart of the Week – U.S. gasoline prices over Labor Day weekend averaged $2.22 per gallon nationwide, the lowest price for this time of year since 2004. – Gasoline consumption fell to 5.85 mb/d in April 2020 but rebounded to 90 percent of year-ago levels by the end of June. – However, demand has plateaued since then. Gasoline demand remains 9 percent below the five-year average. Market Movers – Hess (NYSE: HES) and ExxonMobil (NYSE: XOM) announced their 18th oil discovery in Guyana. – CNX Resources (NYSE: CNX) increased its free cash flow guidance from $300 million to $350 million for 2020. – Royal Dutch Shell (NYSE: RDS.A) restarted its Prelude LNG project, which has been offline since February due to technical issues. Tuesday, September […]