crude oil

Crude Oil stocks build when the expectations were for a draw. Crude oil prices had rallied during the last several days as OPEC and Russia agreed on deeper cuts in production.
U.S and China trade relations are the underlying catalyst but there are a number of themes from Wednesday’s Fed meeting to economic data and drama in Washington that have kept Friday’s post-Nonfarm rally in check.
Yesterday was a bit of a disappointment for the oil futures bull camp as price action failed to achieve $60 and reversed all early gains. Stock index futures get non-farm payrolls.
Crude oil prices have rebounded as OPEC and Russia appear to be agreeing on deeper cuts in production Prices were future supported by the latest DOE report showing that crude oil stocks drew greater than expected. 
Risk-sentiment is snapping back this morning on trade hopes after Bloomberg reported the U.S and China as moving closer to agreeing on the amount of tariffs to roll back.
Bullish momentum from the U.S-China trade narrative, stronger than expected earnings and looser Federal Reserve policy has powered the S&P and NQ to a fresh record each day this week.
Considering the smoke in mirrors jawboning we’ve become accustomed to over these last two years of negotiations, although for face value China’s announcement is a considerable positive, we must still take it with a grain of salt until there is further proof.

The DOE reported Total Crude Oil Inventories increased by 1.4 million barrels to 450.4 million barrels for the week ending November 15, 2019, while the expectations average was for a 1.5 million ba

U.S futures benchmarks are experiencing the healthiest of healthy pullbacks. Price action slipped from record highs early yesterday in this low volume environment.
What a resilient market. From domestic drama in Washington to a dissipating interim “Phase One” trade deal and we still have a fresh record closing high on our hands.