A NEW IDEA ON OIL $USO $SCO $CL_F $DWTI $UWTI $XLE $OIH $UCO $XOP #OIL
This post was just published on ZYX Short Sell Change Alert. Oil moved up a lot first on API inventory draw (please see the Morning Capsule), then took a second leg up on EIA inventory draw. EIA draw came at -14.5 million barrels vs. consensus of a build of +0.5 million barrels. Less knowledgeable traders are buying on the headlines without looking below the surface. These are backward looking sets of data for a week when a significant amount of production in the Gulf of Mexico was shut down on the threat of a hurricane. All of the shut down production has been resumed