Oil Traders Brace for Inventory Surprise (USO) (UCO) (SCO) (OIL)
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Oil traders are bracing for weekly inventory data out of the U.S. Energy Information Administration today. The data will be watched closely as traders try to get a sense for the supply and demand dynamics in the U.S. A Reuters poll forecasts a fall of 500K barrels. However, API data on Tuesday showed an unexpected rise of 507K barrels.
Given the current environment of high production and falling demand, and with overhangs from slowing global growth, traders are looking for reasons sell, and a build in inventory could trigger another leg lower.
WTI futures have been stuck trading below $80 all week, currently 79.50 and just off fresh lows at $77.60. Brent trades at $92.88. United States Oil Fund LP ETF (NYSE: USO) trades at 29.81.
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Given the current environment of high production and falling demand, and with overhangs from slowing global growth, traders are looking for reasons sell, and a build in inventory could trigger another leg lower.
WTI futures have been stuck trading below $80 all week, currently 79.50 and just off fresh lows at $77.60. Brent trades at $92.88. United States Oil Fund LP ETF (NYSE: USO) trades at 29.81.
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