by Calculated Risk on 8/09/2015 10:55:00 PM

From the WSJ: Oil Futures Signal Weak Prices Could Last Years

Benchmark U.S. oil futures for September delivery are nearing the six-year low hit in March. But contracts for delivery in later years have taken an even bigger hit, with prices for 2016 and 2017 already trading below their March lows.

That indicates that investors, traders and oil companies see the global glut of crude oil persisting beyond this year.

This would be good news for consumers (bad news for producers).

Weekend:
• Schedule for Week of August 9, 2015

Monday:
• At 10:00 AM ET, The Fed will release the monthly Labor Market Conditions Index (LMCI).

From CNBC: Pre-Market Data and Bloomberg futures: currently S&P futures are up 4 and DOW futures are up 20 (fair value).

Oil prices were down over the last week with WTI futures at $43.65 per barrel and Brent at $48.34 per barrel.  A year ago, WTI was at $97, and Brent was at $104 - so prices are down over 50% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.60 per gallon (down about $0.85 per gallon from a year ago).  Gasoline prices should follow oil prices down.