There was a report of a 200k bpd outage in Libya today and some other issues in Nigeria but the market didn’t see enough demand in the weekly inventories reports to keep the bid alive for oil.

To be far, a correction is way overdue. Oil has risen for nine straight weeks. Lately there have been impressive late-day bids in the US in oil but that didn’t materialize today. Instead, WTI went into settlement down $1.99 to $82.66.

There have only been a handful of bad days for oil in this run that started Aug 20 and even those days weren’t particularly bad. Technically, though, you can see the momentum waning in the past week or so: