Sentiment is cautious heading into weekly inventory data (8:30 a.m. Eastern time). A total of 15,000 Select Sector Energy Fund (XLE, news, chart) puts has traded, compared to 7,900 calls. Volume includes 11,191 of the XLE June 86 puts, with 98 percent trading on the offer side. Sentiment based on early order flow is 62 percent bearish. XLE sits unchanged at $88.35 as players await the latest stockpile info. Analysts expect crude to show a draw of 1,750K barrels for the week ended June 13th. Distillate fuels estimated to show a build of 1,800K and gasoline an increase of 850K. Crude oil is trading up 12 cents to $134.13 a barrel (30 min.) ahead of the report.
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.