Eyes are on oil inventories today as chatter spreads about falling global stockpiles.
October WTI crude oil settled down 49-cents to $79.63 after trading as high as $80.37. Risk trades are broadly falling as Nasdaq gains fade ahead of Nvidia earnings tomorrow.
As for oil, Biden may meet Saudi Arabian leader Mohammed Bin-Salman at the upcoming G20 summit in September. That’s worth watching because there may be a deal to be made where the Saudis pump more in exchange for geopolitical favors.
For WTI crude oil inventories in the US, the consensus right now is for a 2.85m barrel draw but I’ve been hearing chatter closer to -6 million.