Mixed messages sent oil products higher, but oil continues to be grounded by an ever growing U.S. supply. While crude supply only increased by 40,000 barrels, overall supply at Cushing Oklahoma increased to a whopping 39.9 million barrels.
Who dares enter the long side of the energy complex? It's close to midnight and something's selling oil in the dark. Under the moonlight, you see a drop that almost stops your stop. You try to scream, but the market takes the trade before you make it.
The tale of two crudes this week with the spot WTI contract once again under strong selling pressure while the spot Brent contract is modestly higher. The Brent/WTI spread widened by more than 10% overnight.
The combo of a bearish U.S. crude oil inventory report on Monday followed by expectations for another large build in crude oil stocks in Wednesday’s EIA oil inventory report sent futures prices tumbling on expiration day for the November WTI contract.
The worldwide glut of copper supply is poised to almost triple in 2014, driving prices to the lowest in at least three years at a time when the International Monetary Fund says economic growth will be weaker than forecast.