Oil prices plummeted overnight, after reversing early gains in yesterday’s session, ending lower on the day. The weekly inventory report was supportive with drawdowns on of crude oil and gasoline inventories that impressed, but it was a bit of the arcane that moved the markets lower. Saudi Arabia announced that it was discounting crude pricing to Asia by $1.00 per barrel. The import of that announcement undercut prices.
Energy Overview — TotalView™ of the Energy Markets