Today, the EIA will release their monthly Short Term Energy Outlook Report (STEO). The market will be very focused on the EIA’s new projection for U.S. crude production now that they are employing a new survey method for crude production.
While crude oil trader's talk about the current oil glut, oil and gas demand continues to surprise to the upside. The latest surprise comes from the latest International Energy Agency reports, which once again says that the agency is being caught by surprise by stronger than expected demand.
We have the "all clear" as Chinese authorities have told us their correction is over. Now we learn the Chinese central bank burned $93.9 billion in reserves last month, a record and double what they did in July.
Looking at the U.S. dollar side of the equation, upward pressure on the world’s reserve currency has been easing lately as traders have discounted the possibility of tighter interest rates in the United States this month.