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API reported a build of 3.8 million barrels of crude $oil , which shouldn't come as a surprise given current prices levels. But we're not trading supply, we're trading off the Middle East. If EIA were to report an even larger build today, we would imagine it to be another excellent buying opportunity. We have to coax investors into selling somehow. We personally don't think we'll be seeing 2 digit oil again this year

As long as civil unrest continues in the $oil rich nations of the world energy markets will continue to build in an anxiety risk premium into the prices regardless of the underlying supply numbers. Note that while price of crude and gasoline continue to work higher, the market is paying holders of crude in the US $4.29 a barrel to store the stuff until December which is strange for a supply-demand driven bull market

$oil demand remains extremely robust as emerging markets grow rapidly & even developed market economies seem to be gaining their footing. But with energy costs to consumers now rising back toward their record levels of 2008 fuled by the unrest in Libya (an OPEC member with production of 1.55 million barrels/day, therefore significant to the oil market), the backlash will start to be felt; it’s just a matter of time

The Energy Department will release the weekly stocks $oil report on Wednesday & analysts are expecting an increase in both Crude Oil & gasoline supplies. The trade continues to watch the unfolding situation in the Middle-East & North Africa with great interest, but appear to have built in an adequate risk premium at this time. Prices will be quick to adjust should the unrest begin to hinder shipments & or production

Crude $oil (WTI) is testing support at the bottom of a major rising channel set from late August, now at $86.17, shrugging off Chinese rate hike. A break through this juncture would about to a significant bearish reversal, initially targeting the $85.00 figure but likely opening the door to longer-term selling. Near-term resistance lines up at $88.06, the 61.8% Fibonacci retracement of the rally from January’s low