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Oil Lots To Watch

Oil is lower as the market has a lot to watch as the seasonal summer peak demand time is here. Seasonal weakness in August seems to be overshadowing a jammed packed oil news day. OPEC meets about compliance as the US oil rig count slows. Storms in the Atlantic could impact shipping and Mexican oil production. Gas Buddy reports retail gas prices hit an 8- week high and the Venezuelan military puts down a coup. Hedge funds went long on oil, gas and heating oil for the first time in months according to CFTC data. There are a lot of things that could juice oil but for the moment, the market is taking it all in stride.

OPEC Is meeting in Abu Dhabi with Russia in attendance to try to get to the bottom of why some members are cheating on output. Even though OPEC compliance is better than it ever has been, they want to clamp down. The market also wants to see Nigeria and Libya finally agree to a quota that is the main reason why OPEC production has crept back to the highest levels since the production cuts have gone into effect. The Saudis want to make it clear that they intend to do whatever it takes to reduce the global oil supply overhang.

Venezuela said it put down an attempt by military group to take...