The market looks poised to trade slightly lower after a soft overseas session that featured the re-open of Greek stocks getting beat down to the tune of over a 15% decline and another 2% down turn in China.
The Federal Reserve takes out its reference to "stabilizing oil prices" and the Saudi's are dropping hints of an oil production cut. This comes as U.S. oil production sputters and inventories falls. We may have just hit a bottom as crude oil companies quickly react and probably overreact regarding July's oil price crash.
We’re just past the halfway mark of the week and the year. Many will argue that the $50 per barrel level is the halfway point between the range that WTI belongs ($45 - $55). We’re at the halfway point for the hedges that most oil producers had on for 2015.
Crude prices are drifting lower ahead of this morning’s Energy Information Administration (EIA) oil inventory report after the API reported a modest draw in crude, but a significant build in distillate fuel.