Oil market action is weak as the US dollar continues to soar and oil is still waiting ion OPEC. It is just 5 days away from the big meeting and still it is unclear whiter the old cartel can get its act together. In the meantime, weak data out of China is making the market look weak. So, we are in a wait and see mode until next week.

OPEC of course, will be the big event.While the market looks towards this meeting eith anticipation there are still many doubts. Back in the US low oil prices continue to hurt US energy companies that still struggle even with the recent rebound in price. Oil did see a surprise drop in supply. The Energy Information Administration reported a big 90.8% jump in refinery runs that helped crude supply fall 1.3 million barrels. That though led to a 2.3-million-barrel build in gasoline supply. Distillates increased by a slight 300,000 barrels.

Nat gas supply fell by 2 bcf asdemand is rising.Short report today for a short day! Have a great weekend all.