Crude oil prices led stocks lower yesterday, but today are rebounding. There’s talk of lower U.S. output, stronger than expected demand in Asia and short covering ahead of the weekly inventory reports.
A wildly bullish American Petroleum Institute report and reports of refinery issues as well as a blowout had crude go crazy late in the day. The bulls have gripped control as the market has gone out of control.
The day after a wildly bearish Energy Information Administration supply report showed that crude supplies are at the highest level for this time of year in 82 years, central banks and economic data in U.S. piled on to one of the most significant sell-off events this year.