Demand worries overshadowed a drop in crude stocks after the Energy Information Administration (EIA) seemed to suggest refiners going into maintenance and a weakening demand for gasoline helped send the market higher.
The Federal Reserve takes out its reference to "stabilizing oil prices" and the Saudi's are dropping hints of an oil production cut. This comes as U.S. oil production sputters and inventories falls. We may have just hit a bottom as crude oil companies quickly react and probably overreact regarding July's oil price crash.
President of the European Central Bank Mario Draghi says "buckle up" because volatility is back! Keep your hands and feet in the car because it is going to be a ride that may make the "Taper Tantrum" look tame.
Oil demand is surging and commodities are on a tear as Ben Bernanke helps add into a buying frenzy. Oil and gasoline have led the commodities market to an eight-day winning streak, the best since 2010.
Oil bulls were living in a Fed paradise. Somehow up until the Fed meeting the market must have believed that Fed Chairman Ben Bernanke wasn't serious about that taper thing, but they found out that he was serious, very serious.
Fed Chairman Ben Bernanke does his best impression of a one-handed economist. But while the market focuses of the possibility of softening demand because of the Fed and China there was one area where demand actually improved...