After moving sideways for several trading sessions the crude oil complex made a turn to the downside yesterday and continues on the defensive so far this morning. Since the uptrend started in mid-March the spot WTI contract has increased by about $13 per barrel before stabilizing and then turning lower.
The EIA released its latest Short Term Energy Outlook report. The forecast was overall supportive in that they increased their demand forecast while lowering their supply projections including the United States. Here are the highlights.