Traders are understandably focused on digesting yesterday’s less-hawkish-than-expected FOMC meeting as well as today’s Eurogroup meeting, which has been billed as the “drop dead” date in Greece’s debt negotiations, but we’ve also seen a major shift from Norway’s Norges Bank in today’s European session.
After a mixed performance on Tuesday the crude oil complex is higher across the board after a larger than expected draw reported in total crude oil stocks by the API late yesterday afternoon. The API reported a 2.9 million bbl draw in crude oil along with a 2.9 million bbl draw in gasoline.
Crude oil prices are stronger after bullish data from the American Petroleum Institute and some support from tropical storm Bill. Still, the biggest event for oil today may be the Fed meeting and any developments out of Greece.
For now energies will focus on the immediate fundamentals with the afternoon API inventory report and possible inclement weather expected off the U.S. coast that could have an effect on the price of energies domestically.