The market needs to glom onto what it can for direction and incite, and to a degree, it’s been commodities in general, and crude oil in particular. To that end, a larger-than-anticipated build in crude oil stopped a rally that was beginning to resemble a runway train.
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- Crude +3.1 million barrels to 461 million
- Gasoline build +1.9 million barrels
- Total Petroleum +2.3 million to 1.3 billion barrels
So West Texas Intermediate gets near $50.00 and tumbles- again.
Now we shift back to corporate earnings, which could be impressive despite a couple ugly warnings overnight. There haven’t been many warnings, and while it doesn’t ensure strong guidance, it hints at lots of earnings beats.
Now that the rally has faded, the market could finish this session anywhere. So we will watch to see how things go.
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