Welcome to the priced-in edition of Oil Markets Daily!
One thing we've learned (the hard way) in the oil market in the years we've closely analyzed it is that prices don't always react according to what fundamentals are doing "today".
Markets are discounting machines so just as the data starts to improve, don't be surprised to see oil prices sell off along with oil producers. Take for example today's EIA oil storage report, which was bullish on all fronts. Commercial crude storage actually showed a draw versus the consensus and our estimate of +4 mbbls.