Oil prices had a volatile session, yesterday, coming under pressure to start the day on bragging comments from Saudi Arabia’s Al-Naimi about the Kingdom’s 10.3 million bpd production rate, but rallying on the market’s flavor of the month, in terms of data point, Genscape’s peek at Cushing inventories. Right on schedule, at 10:00AM, Genscape data hit the tape and is indicating a drawdown of inventories at the futures’ delivery hub.
Energy Overview — TotalView™ of the Energy Markets