U.S benchmarks are shaking off weaker than expected China GDP from last night, the worst in nearly 30 years. Coming in at 6.0% versus 6.1% expected, it’s an ever-present headline reminder of the deteriorating growth conditions around the world.
The U.S. refining system sunk deeper into hibernation as the Energy Information Administration reported that U.S. refineries fell to only 83.1% of their operable capacity last week, the lowest level since 2017.
The American Petroleum Institute (API) more than lived up to the whisper number on crude oil by reporting a massive 10.451-million-barrel increase in crude oil supply. Yet as impressive as the number night seem, it appears that it was mostly priced in causing only modest selling after its release.
 U.S benchmarks have been subdued just slightly from yesterday’s exuberance. Strong earnings, solid economic data and formidable Brexit framework all lifted the S&P by 1.1% and the NQ by 1.3%.
Slowing global economic concerns have OPEC already planning an additional production cut
Mood shifts in the oil market are becoming more violent and lacking any trend. Prices spiked to 63.89 on the Saudi attacks and broke down to 50.99 before recovering into what is now one of the wildest trading rages in recent memory.
U.S benchmarks are surging into U.S hours Friday in hopes of an interim trade deal. President Trump has lauded progress between high-level delegates and is set to meet Vice Premier Liu He today before the closing bell.
Geopolitical risk and oil prices are rising as President Trump says that Trade talks are “going really well” and reports of a missile attack on an Iranian oil tanker.
Oil futures prices on the opening of the electronic session tested the lower end of the trading range on a report from the Honk Kong Press that “US-China talks are expected to last for only one day! No progress made.”  
The crude oil market is still fixated on trade war news yet behind the scenes, there is a growing supply issue especially when it comes to distillate fuels. Oil prices sank as relations between the U.S. and China seemed to sour.