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Crude futures are heading south of their highly psychological $80/bbl level after failing to close back above yesterday. There's not much new news concerning crude besides Monday's MEND ceasefire and OPEC announcing a potential ceiling of $100/bbl before increasing production. Therefore, it seems crude is opting to follow the S&P futures lower and the Greenback higher. Investors have received a stream of negatively mixed U.S. econ data over the past 24 hours. Yesterday's negative CB Consumer Confidence reading further supports the belief that U.S. consumption is still in a funk, a negative sign regarding the outlook for aggregate demand for crude. Additionally, today's DGO data paints a mixed picture since the headline number came in two basis points below expectations. The low headline DGO reading implies auto purchases still have a hangover from the buying spree resulting from the U.S. government's 'cash-for-clunkers' program. Less autos on the road implies less consumption of crude, thereby serving as a negative catalyst for the price of crude.
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