Hi Kid, not much, inventories are at such high levels right now that I don't think they make much difference beyond the initial knee-jerk reaction. Also hurricane season is coming to an end without any real interference. A group of businessmen announced that using a technique similar to the hydraulic fracturing in Natural Gas they can exploit economically shale reserves in the US. Iraq has declared they have much larger reserves than anticipated (Sadam's technology suffered during the embargo), surpassing Iran. All those fundamental factors seem bearish for oil, but on the other hand you have QE2 coming, Funds Gone Wild over gold & commodities, Forex Wars and the Pink Flamingo game, so... I'm just starting the session now, so I don't have a clue of what's going on intraday.
http://www.ft.com/cms/s/0/4f2cc0ce-cb1b-11df-95c0-00144feab49a.html also via: http://www.pfgbest.com/services/research/blogs/energy-report.asp Then, on the bullish side there's the shift of Al-Qaeda to attacks on oil tankers via Pakistan (but I don't think this is going anywhere). Anyway, it's all in the charts Edit: one last thing, it seems the US is becoming a net exporter of refined products due to the growth in South America, where they lack refining capacity (as say, Iran, which is an <i>importer</i> of gas despite being one of the largest producers of oil). So much information, so little money...