Diesel and Heating Oil Inventory Levels are precariously low (Source: Bloomberg)
US Strategic Petroleum Reserves continue to languish at 40-year lows
US West Texas Intermediate first continuous futures contract has traded exhibiting strong mean reversion for much of this year
US West Texas Intermediate second continuous futures contract has traded exhibiting strong mean reversion for much of this year
Cost of options expressed in implied volatilities have shot up for puts relative to calls pushing skews down (Source: CME CVOL)
Open Interest across the forward curve shows higher number of calls relative to puts (Source: CME QuikStrike)
Volatility has been on the rise amid the ongoing lack of co-operation within the OPEC cartel (Source: CME QuikStrike)