Catalysts have been very thin on the commodity side this morning, but WTI has given up all of it's Libya inspired gains from Monday.
We're currently trading back below the $75 and getting close to the 1-standard deviation implied volatility low for the day.
When something can't rally on good news or sustain a rally on good news I think that tells you a lot about the underlying sentiment. Price pushing lower despite the Libya situation and the draw of -3.4M in private inventory data overnight isn't a great sign.
Oil fails to sustain upside after Monday Libya news
