Soft data out of China and the United States have infused the overall market with a "bad news is good news" bid in the equity markets with relatively muddled responses from other market sectors including energies.
Globally, there was a significant amount of data to be released featuring GDP readings from many Euro Zone nations, retail sales from China and the United States and then EIA inventories later today. These economic data points are important when considering the demand factor in the price discovery of energy products.
Retail gasoline prices have hit their high for the year, but the news is not all bad. Despite the fact that AAA says prices have risen 17 cents a gallon, hitting $265 per gallon, prices are a lot lower than a year ago--and taking into consideration the fact that crude oil prices have soared, it could have been a lot worse.