Oil traders get ready for the meeting of the Joint Ministerial Monitoring Committee this week. The odds are that Prince Abdulaziz bin Salman will be working on Russia and other OPEC members to secure a big production cut to put a floor under oil once and for all.
Oil prices gave up some of its fundamental strength after a very bullish Energy Information Administration (EIA) supply report on fears that Hurricane Dorian will adversely impact oil demand as we head into refinery maintenance season.
Oil prices want to rally on scheduled U.S. China trade talks but are hesitant to add to yesterday’s gain after a bearish American Petroleum Institute (API) report. 
Oil prices got hammed as Hurricane Dorian is expected to destroy demand and wreak havoc with U.S. oil and product inventory data. Our prayers are with those in the Bahamas.
Hurricane Dorian may steal the thunder. Total petroleum demand on the U.S. system hit 30.541 million barrels a day, a record high, as gasoline demand hummed, hitting 9.9 million barrels a day, close to a record high.
Despite predictions of new supply overwhelming an oversupplied market, the reality may actually be the opposite. New supply has already been priced in with spreads and backwardation in the crude curve, suggesting a market that is tightening.
Oil prices are getting bounced around on conflicting reports about late-night Chinese phone calls and the possibility of talks with Iran.
China called; did you get the message? Did anything happen overnight? Let me get this straight. At first, we were tanking on reports that the U.S. was “isolated” at the G-7 summit on trade and the environment. Then China's plans for retaliatory tariffs on U.S. goods did not sit well with President Trump.
BREAKING NEWS: China is implementing a 10% tariff on U.S. Crude causing early market weakness - down -3%.
The Fed minutes show the Fed is all mixed up. Some Fed members wanted a 50-basis point rate cut. Other fed members wanted no cut at all, and still, other Fed members were in the middle. That lack of clear conviction is one reason oil can’t find a real direction.