WTI crude oil down 5%
Oil is in absolute freefall today, down 5% and on track for the worst daily decline since the rout in February.
Technically, oil looks like it's trying to form a top in the $46-$50 range. The chatter around oil has certainly ebbed.
Today's inventory data from Genscape showed an approx. 230K build at Cushing and the API inventory numbers are due tomorrow. The selling accelerated after the Genscape numbers hit with the sour mood in risk assets adding to the tone.
If $45.83 breaks, I think there's a great technical case for selling. I expect oil to fall back to $35/barrel.
