WTI surged to it's highest price since May 2011 in overnight trade. Throughout Tuesday traders bought oil on rumors that a US led NATO attack on Syria could occur as early as Thursday. All that geopolitical handwringing weighed on the equities and made gold the flight to quality play.
10:30am ET EIA Crude Inventories Forecast +750k-1M barrels Prior -1.4
Last weeks smaller than expected drawdown was bearish but today the eyes are to the sky. Syria isn't really a major oil producer but it's the anxiety du jour. If the markets keep pricing in bombs falling on the Mediterranean seashore we'll have plenty to watch. Trade strong.