While traders continue to stay focused on the “glut,” the futures markets are starting to signal a tighter market in the second half. The back end of the futures market is encouraging oil to be bought today and saved in storage for delivery down the road as the market must expect a dramatic tightening of supply. The speed to some of the back months is as high as $1.50 a barrel.
Before he was fired, former FBI Director James Comey has sought more resources for Russia probe. In a farewell letter to staff, Comey said the President had the full authority to fire him and would not dwell on the decision. Democrats called for an independent probe of the Russia issue.