Oil prices are softer as of Friday morning and are poised for their largest weekly decline since March as demand concerns come back to the forefront amid the spread of the delta variant. This is coupled with reports that global floating storage came in at four-month highs as well weaker Asian oil imports despite an uptick in Indian demand. Crude stocks registered inventory builds in two of the last three readings with a build of 3.627 million barrels with gasoline stocks posting a larger than expected draw of -5.291 million barrels along with a strong implied gasoline reading of 9.77 million barrels per day. Most importantly, oil volatility (OVX) has broken down below 40 with yet another episodic spike in volatility into options expiration as the market remains bullish trend with today’s range seen between 67.56 – 75.24.