Dec WTI
The volume in oil trading has moved to the December contract, which is up $1.78 to $87.14 today.
It traded as high as $88.57 just a few hours ago before sinking to $86.25 at the lows. The market is volatile as it tries to figure out what is happening in the Middle East and how this conflict will end (or escalate).
The next hurdle for crude traders comes at the bottom of the hour with EIA inventory data. A huge 10.17m barrel build last week stung oil for a short time but it's since recovered.
Late yesterday, the API reported:
- Crude -4383K
- Gasoline -1578K
- Distillates -612K
- Cushing -10005K
The consensus for the upcoming report is:
- Crude -300K
- Gasoline -1097K
- Distillates -1360K
US (and global) distillate inventories are particularly tight so keep a close eye on that number.
