From a technical perspective all of the commodities in the oil complex hit a top several days ago and have been drifting lower since peaking after a long run to the upside that began in early February.
It was so cold the politicians kept their hands in their own pockets. It was so cold the Kardasians put some clothes on. Yet where you really could tell it was cold was when you saw the Energy Information Administration petroleum and natural gas reports.
Crude oil futures are struggling to stay in positive territory after mixed API and EIA inventory reports. With crude oil builds likely to come across the month of January, the market is once again discounting most of the API draw in crude oil.