DOE oil inventories are released today. We turn to yesterday's API to see a large build, which was broadly inline with expectations so it didn't move oil too much. The trade would be a surprise draw, just keep in mind that oil has been squeezing like crazy after DOE lately, sometimes nearly 100 ticks which is crazy (even for oil). Prices still seem to be beaten down from the Trump tweet, but with the situation in Venezuela, there isn't much to support any bearish outlook on oil prices.
The Kovach Momentum Indicators show a solid bull trend long term, broken only recently by Trump's recent tweet about oil prices. If we have a surprise build, this could give us a nice chance to enter a long trade, just watch the squeezes.
The Kovach Momentum Indicators show a solid bull trend long term, broken only recently by Trump's recent tweet about oil prices. If we have a surprise build, this could give us a nice chance to enter a long trade, just watch the squeezes.
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