Well, here we are. The man of the hour, Jerome Powell, Federal Reserve Bank Chair, will climb the dais of monetary power later today at the Jackson Hole Symposium with the weight of the world's economic fortune on his shoulders. There probably has not been a more anticipated speech in the recent annals of central banking.
On Tuesday night the API laid down the foundation of a move higher and the EIA built on it. The latest set of US oil inventory data can be a viewed as a vote of confidence in the resilience of the US economy – there were drawdowns all around with products supplied by refiners, the proxy for demand, also encouraging.
Yesterday's turbulent price moves in the oil complex point to not only a thinned trading populace but one that is seeing faith drain from those that have remained loyal to the bullish cause. Crude futures have now lost around 5% of value in 3-trading sessions.
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