Not A Banner Day For The Crude Market

Crude Oil Prices continue to be under pressure due to an unexpected build after the American Petroleum Institute surprised markets yesterday by reporting a build of 3.66 million barrels for the week ending August 10, the Energy Information Administration today confirmed a build, but reported that it had been significantly bigger at 6.8 million barrels.

Analysts polled by S&P Global Platts had forecast an inventory decline of 1.7 million barrels for the period.

What is bad for the Crude market can be great for the nimble options trader.  Take a look at how we approached Schlumberger (SLB) this morning.