Nice >2% intra-day spike off the low today!
10:30am Briefing.com: Inventories: At 320.6 million barrels, U.S. crude oil inventories are above the upper end of the average range for this time of year. Total motor gasoline inventories increased by 0.6 million barrels last week, and are well below the lower end of the average range. Finished gasoline fell last week while gasoline blending components rose. Distillate fuel inventories increased by 1.6 million barrels, and are in the upper half of the average range for this time of year.
Bloomberg TV: Phil Flynn, Alaron Energy, says to expect lots of volatility...good for "daytrading" he says jokingly. On Phil's blog he states "Are the bull’s fortunes about to change? As the storms of last weekend have passed have too the days of the straight up days of the oil bull market? After yesterday's sell-off it appears that the delayed seasonal top might start to finally be in place. Oil needs to hold $80.00 or we could see it drift back towards the 7650 to 7790 a barrel area. That by no means means that we won't see the gap left by the rollover of the October contract get filled but it just may come at a later time.
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