Oil Inventories Offer Market Surprise Amid Price Breakout

The video discusses the crude oil market, focusing on recent surprises in crude oil inventories and the price of WTI nearing $58. Bob Iaccino from Path Trading Partners explains the influence of refinery utilization on these surprises and analyzes the typical price action patterns of crude oil. The discussion highlights a breakout from sideways channels and a significant price jump following durable goods orders. The video also covers upcoming reports from the IEA and OPEC, noting that the OPEC report is more aggressive on demand, indicating a bullish outlook.

What factor contributed to the unexpected changes in crude oil inventories?

• Decreased oil production

• Higher consumer demand

• Lower import rates

• Increased refinery utilization

How does crude oil typically behave when it rallies?

• It falls consistently

• It goes sideways and then rallies

• It drops sharply

• It remains stable

What unusual market event occurred after the durable goods orders?

• A decrease in trading volume

• A stable price trend

• A large gap up in prices

• A significant price drop

Which report is considered more aggressive on the demand side?

• IEA report

• OPEC report

• EIA report

• Durable goods report

How does the IEA report's outlook differ from the OPEC report?

• It is less bullish

• It is more focused on supply

• It is more focused on geopolitical factors

• It is more bullish