COM - Oil back below $100 as gasoline and diesel hit an all-time-high nationwide

Crude oil (CL1:COM) fell below $100 per barrel Tuesday, down ~3% on the day, and back to levels last seen in April. Since oil (NYSEARCA:USO) last traded below $100, a series of producers flagged sequentially falling Q2 production, including Conoco (COP), Chevron (CVX), BP (BP), Shell (SHEL), W&T (WTI), Pioneer (PXD), Diamondback (FANG) and the Hess (HES) US onshore business. OPEC+ missed production targets for April, but flagged accelerating production growth in June, a target the market may view as overly optimistic. However, a negative Q1 GDP print and broader economic weakness in the US and China have taken commodity prices and commodity-linked equities lower in recent weeks. The Atlanta Fed's GDP now forecasting tool still expects positive Q2 GDP growth; however, the tool points to results well consensus estimates:  Despite sideways-to-falling oil prices, gasoline and diesel prices hit an all-time-high Tuesday. Given reduced refining capacity globally (VLO) (MPC), it could

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Oil back below $100 as gasoline and diesel hit an all-time-high nationwide