Oil was rising this morning ahead of the EIA inventory report's release. Analysts are expecting to see draws in both Crude and Gasoline. Crude is projected to drop between 1.7 and 1.8mmb. Supplies are still at historically high levels, but the drawbacks are a bearish signal for the market. Just prior to the reports release (10:30am) ULSD and RBOB have both jumped up over 5 cents (.0554 and .0526, respectively.)
Overnight trading was mixed on some fears about supply disruptions due to Tropical Storm Bill, as well as a stronger dollar.
The Fed concludes its two day Open Market Meeting today as well, and Fed Chairman Janet Yellen is slated to have a press conference at 2:30 this afternoon to discuss the meeting and give an indication on where the Fed stands on raising interest rates. Its unlikely they will raise them now, given some weaker economic data out over the past few weeks, but expect to see the stock market jump around, regardless.
Stay tuned for how the market reacts once the EIA eport is officially released.