Crude oil market action is weak as the U.S. dollar continues to soar and oil is still waiting on OPEC, which is just 5 days away from the big meeting and it is still unclear whether the old cartel can get its act together.
In the meantime, weak data out of China is making the market look weak. So, we are in a wait and see mode until next week.
OPEC, of course, will be the big event. While the market looks toward this meeting with anticipation, there are still many doubts. Back in the United States, low oil prices continue to hurt U.S. energy companies that still struggle even with the recent rebound in price.
Oil did see a surprise drop in supply. The Energy Information Administration reported a big 90.8% jump in refinery runs that helped crude supply fall 1.3 million barrels. That though led to a 2.3-million-barrel build in gasoline supply. Distillates increased by a slight 300,000 barrels.
Natural gas supply fell by 2 bcf as demand is rising. Short report today for a short day! Have a great weekend all.