Yesterday the American Petroleum Institute reported a crude inventory build twice as large as what analysts expected, so I am shocked this morning to see the Energy Information Administration report an oil inventory draw of 1.7 million barrels. That's a huge difference from analyst expectations of an over 2 million barrel build, and it's an ever bigger difference from the API number of a 4.5 million barrel build. I suspect the inventory surprise will push oil above its recent range today. UWT is a great instrument to use to play a breakout, should one occur.
Comment:
There's the breakout.
Trade closed: target reached:
I scalped a nice 5% and exited at 11.19.
