Buying the Rumor, Selling the Fact

Depending upon which news outlet you subscribe to, we are either on the brink of WW3 or about to roast smores around a campfire.  Judging by the market direction the last two sessions, we will hope for the latter.  It appears now that Israel is willing to accept a 21 day ceasefire in its months long quest to destroy Hezbollah.  More importantly, Iran is backing off any rhetoric of direct retaliation towards Israel.  All good news for fuel prices and the world in general.  Inventories this week were pretty much tabled by most as storms both last week and this week have affected numbers.  Farther down the stream, demand on gasoline got a boost, again likely due to storm losses last week, but the thirst for diesel is lukewarm at best across the nation.  OPEC is trying its hardest to push pricing up publishing a report that it sees world demand increasing to 120mb per day by 2050.  If they can see that, I wonder if they can tell me who will win the Superbowl this year.  Buying the rumor, selling the fact, traders are more focused on the current lack of demand specifically towards China as reports showed the World's second largest economy still not consuming like it once did.  Look for the price range to be much tighter over the next week or so as we move into Q4.