WTI struggled again today
Oil was higher early in trading today but eventually succumbed to worries about global demand after the covid case in Auckland and weak US retail sales. It ultimately held up ok, finishing down 51-cents to $66.78.
For the bulls though, it remains uncomfortably close to the July low of $65.21.
The near term risk is the private oil inventory data coming up at the bottom of the hour and tomorrow's official data; the consensus is as follows:
- Crude -1055K
- Gasoline -1671K
- Distillates +276K
- Refinery utilization +0.2%