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.