For the most part, the price discovery in energies was muted by mixed data. The soft Euro Zone and Chinese data was joined by worse than expected U.S. retail sales, putting a negative spin on demand side pressure. This affect was offset in the energies by unexpected draws in the EIA report in WTI, gasoline and distillates.
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, indicating the jobs market was on solid footing even as the economy struggles to regain momentum after abruptly slowing in the first quarter.
The price war in crude oil is over if you want it to be! At least that is the talk in the energy complex where Saudi Arabia declared a price war against the shale producers at the November OPEC meeting.
Globally, there was a significant amount of data to be released featuring GDP readings from many Euro Zone nations, retail sales from China and the United States and then EIA inventories later today. These economic data points are important when considering the demand factor in the price discovery of energy products.