Yesterday brought a steep sell-off in oil markets, with crude down almost $2/bbl from the previous day. The catalyst seems to be more technical than fundamental; while the EIA’s report was certainly bearish, it didn’t necessarily suggest any step-change from recent overall bullish trends. This morning crude oil is pausing from its decline, trading up 55 cents at $62.36.
Fuel prices are also trending moderately higher this morning. Diesel prices are trading at $2.0879, up a penny. Gasoline prices are trading at $2.0267, up 0.8 cents.
Oil news has been light heading into the weekend. While speculation continues regarding OPEC cuts, Venezuela outages and more, no material changes are pushing the markets one way or another this morning. Russian production data did show the country failing to achieve its planned cuts, coming in at just 80% compliance. The news contributed to yesterday’s selloff, though the EIA cuts were the larger contributor.