WTI should be lower by 10% on these numbers. Look at them; they’re comical.
Crude oil inventories had a build of +9.357 mln (consensus called for a build of +2.5-2.7 mln)
I’m talking my book here, short XLE from $63+; but I cannot think of a better place to put assets than to be short oil stocks here.
Ultimately, all of the gains enjoyed by the new oil mavens will be rescinded and absconded with. There are dark days ahead for all energy longs.
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Not so fast Fly, gasoline under $1.75 will lead to a boom faster then you think but I agree good short term trade and great call for now. Good luck Dr!
Hedge Funds sold some crude to take profits. Showed up in USO share count.
Cushing inventory down and production down down.
Good short from 42, but I suggest taking short profits here and at 38 if you are so lucky.
Once the market discovers – again! – that all the talk of “agreements” among the OPEC producers is crap, back to the $20s, this time much faster.