OIL ETF USO is short from $11.31.  As of this writing it is trading at $10.87.

The EIA data was extremely bullish.  This contradicts API data mentioned in the Morning Capsule.  According to EIA,

  • Oil Inventories came at -2.5 million barrels vs. -500K consensus
  • Gasoline Inventories came at -2.7 million barrels vs. -1.7 million barrels consensus.
  • Distillate Inventories came at +1.9 million barrels vs. +1.7 million barrels consensus.

There is too much risk in holding a short position at this time.

Consider taking profits and exiting the entire remaining position in the zone of $10.65 to $10.95.