OIL

Falling Oil (/CL) prices certainly did not help stocks this past week. Crude finished down over 9% as inventories saw a massive build this past Wednesday. The 14.4 M Barrel build in inventories was the largest on record and the Rig count continued to increase according to Friday’s count. Despite the expected interest rate hike next month, Bond prices surged up this past week. The inverse benchmark 10-Year Yield fell 7 bps to 1.78% and also pushed the U.S. dollar lower. The Fed Funds market is currently pricing in a probability of 66.8% of a December rate, although it did fall after the Fed meeting.