Oil prices are continuing to trade sideways this morning, continuing a 12-day streak of days that have traded between $52-$53/bbl. Although movement higher seems unlikely due to overhanging inventories and rising COVID cases, market bulls continue buying any dips. Although plenty has happened over the past three weeks of trading days, the market has been unable to make a sizable break in either direction.
The API reported their inventory data last night, which showed a steep draw for crude inventories for the past week. Conversely, diesel and gasoline posted moderate builds, moderating the news. Oil markets seem to be taking the news in stride, waiting for the EIA news later this morning.
This morning, crude oil is trading at $52.51, down 10 cents from Tuesday’s closing level. Fuel prices are down moderately as well. Diesel is trading at $1.5926, down 0.6 cents. Gasoline is at $1.5742, a 0.7 cent loss.