Heavy Selloff Ended On A Bounce
What looked like a heavy selloff yesterday ended on a bounce with RBOB futures adding .0129 on the day and HO losing just 55 points. Prices look similar this morning if a bit muted ahead of inventory data due out from the EIA at 9:30 CDT.
A good reminder as to why the market typically waits for the EIA data as some can’t seem to agree on the API’s crude oil inventory change last week:
Without choosing which number to believe, some are attributing the slight downward pressure felt this morning to US-China trade war resolution delays, which may not be ready to execute next month.
WTI futures held above a main resistance level at $55.50 yesterday after testing waters beneath it. A bearish EIA report could press the issue and cause crude prices to break out to the downside, possibly leading to the $54 level.
Click here to download a PDF of today's TACenergy Market Talk.
Latest Posts
Diesel Jumps As Tensions Rise And East Coast Demand Stays Hot
Oil Prices Slide as War Fears Fade and Supply Fears Grow
The Energy Complex Starts Wednesday Strong: Refined Products Outpace Crude Volatility
Week 6 - US DOE Inventory Recap
Refinery Outages, Regional Price Gaps, And The New Realities Of US Fuel Markets
Energy Markets Split As Labor Deals, Sanctions, And Speculation Reshape The Week
Social Media
News & Views
View All
Diesel Jumps As Tensions Rise And East Coast Demand Stays Hot
Oil Prices Slide as War Fears Fade and Supply Fears Grow