Oil stocks build as traders look for next price driver

Aerial view of oil storage tanks at a harbor. Aerial view of oil storage tanks at a harbor.

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Oil held small gains ahead of the weekly fundamental snapshots that began late Tuesday with the release of the API data. The trading session was relatively quiet on low volume activity with minimal macroeconomic data hitting the media airwaves. The market is currently looking for a strong catalyst for guidance for the next move. With geopolitics easing a tad the more normal price drivers have been moving back to the forefront. Today was a neutral to bearish side from the economic area.

Chart 1

Global equities drifted lower over the last 24 hours as shown in the EMI Global Equity Index table below. The Index lost about 0.2% narrowing the year to date gain to 13.5%. Most bourses moved lower but as we have seen so far this year all of the downside moves have been relatively shallow and of short duration. Equities were a slightly bearish price driver for the oil complex.

Chart 2

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