Today, the EIA will release their monthly Short Term Energy Outlook Report (STEO). The market will be very focused on the EIA’s new projection for U.S. crude production now that they are employing a new survey method for crude production.
One day after shocking the globe by devaluing its currency, the Chinese government is now trying to tell us not to worry; that the move is not a sustained devaluation even after China's Central Bank for the second day in a row cut the guiding rate for the Yuan.
A Greek deal and a possible Iran deal is giving crude oil mixed signals. On one hand, it seems that a deal in Greece will allow the market to focus on the more positive data that has been coming out of the Eurozone.
Oil prices fell more than 3% on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
After getting thwarted by the dollar, crude oil futures came roaring back on a mix of demand expectations and a slew of rumors. Traders had me look into rumors, like an early release of the American Petroleum Institue supply report, and talk that the Energy Information Administration was going to revise downward its crude oil inventories.
Oil prices fell more than 3 percent on Tuesday, with U.S. crude extending losses for a fifth straight day, as the dollar rallied amid evidence that the United States and top oil exporter Saudi Arabia were pumping more than the world needed.