The Energy Information Agency released its inventory numbers, showing slew of increases across the board. Crude inventories increases 4.8million bbls driving the market down.
Today most likely marks the end of an era for interest rates. The Fed Chair is expected to raise interest rates in a meeting at 2pm, followed by a press conference at 2:30.
In the past Yellen has delayed interest rate change because of uncertainty in economic growth and stability. Traders across the board are expecting it today. Should Yellen not increase interest rates Traders will question is as the majority are expecting a raise.
The expected Fed decision has caused the front month crude to tick downward this morning down nearly $1.5/bbl by 1pm EST.
RBOB gas is 2 cents under yesterday’s close of 1.2444. Heating Oil is trending down .02 cents below its close yesterday of 1.1467.
