It looks like crude is taking a bit of a breather.

The market's recent rising pitch was a bit too fast, so it's logical that it takes a breather. But investors are still eager to buy on dips.

This place looks like hell,

Trends in January and February are notoriously bad at predicting upcoming activity. Is the market taking a breather? Or is it starting to tumble? It's impossible to say, there's nothing really ominous in the numbers, but we won't know for another couple of months.

The fact that we are in such good shape with storage is what the market is focused on now.

Even where cooling is above normal the weather is pretty mild. The market is extremely weak this morning.