Slower U.S. growth may reduce growth in oil demand in the second half of the year. We are seeing proof of reduced U.S. consumer confidence.

Slower growth in producer prices makes China's exports more competitive, which means the nominal exchange rate can be allowed to appreciate without hurting exporters.

The report was a big surprise. Crude oil seems very ample.

Right now the market supply for oil is tight.

Supplies of heating oil are very low compared to other supplies of energy commodities.

The seasonal effect of cold weather, stronger demand for heating oil, will pull higher the whole energy complex higher.