Logically oil prices fell early given the massive build in EIA Petroleum Inventories to 10.4 million bbls vs prior 3.5 million bbls. (And, by the way, there’s no place to put all this oil now.) But, oil prices surged thereafter as another short squeeze occurred based on weird logic as noted below:
Anthony Headrick, energy market analyst at CHS Hedging stated “It seems more likely that $26 is in the rear view mirror at the moment,” Headrick said.
“Fundamentals remain bearish but prospects of OPEC freeze and downward