What's Moving the Oil Markets?

What's Moving the Oil Markets?

•- Front-month ICE Brent futures fell through the important psychological level of $60/barrel Tuesday purely on technical reasons, continuing Monday's collapse. The market continued to ignore output cuts from Nigeria and Venezuela and has briefly started to look to Wednesday's US inventory data where builds in products are expected once again.

•- On Monday, the front-month ICE contract lost over $2/barrel as hedge funds who last week had pushed the market up around $2, squared their positions, during thin trading.

•- Traders noted that the next news item expected is Wednesday's US inventory reports by the American Petroleum Institute and Energy Information Administration. Early reports suggest builds in distillate stocks and gasoline, with a potential for distillate stocks to near an eight year high.

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