Pop and drop in crude
Weekly US petroleum inventory and production data gave a quick lift to crude prices but after rising for a few minutes, they dove right back down.
At the high, the best level was $65.13 and the low was $64.27, so it was an 84-cent swing.
The numbers were generally bullish with a smaller build in crude than API inventories showed yesterday.
It's impossible to look at oil right now without mentioning the broader market. It's extremely whippy at the moment as the quarter winds down and that extends to oil and even to FX to some extent.
I think there's a good case for bullish oil fundamentals but not until the quarter-end smoke clears.
