Not much is happening
The June oil contract rolls off today at the New York Mercantile Exchange and, needless to say, it's a much quieter time than it was a month ago when the May contract was winding down.
In fact, it's a remarkably dead day in the crude complex in June and beyond. After an early flourish to $32.91, the July contract is now virtually flat.
I think the oil market remains massively oversupplied but at this point, the momentum higher is as tough to fight as the momentum lower was a month ago. Looking at physical prices, they're in the $30-$32 range right across the continent.
Looking ahead, we get the contract close at 2:30 pm ET and then API private oil inventories at 4:30 pm ET. The consensus is for a 2 million barrel build.
