Crude Oil Gets C- On Today’s Test

We were looking for better price action in crude oil after this morning’s EIA release, which did confirm last night’s  API monster draws in inventories and showed that Cushing inventories at their lowest levels since Nov 2015.   But U.S. production continues to ramp.

Very similar trading action to last week’s inventory data dump and about the only positive is it did close off the lows and held some of last night’s gain on the API data.   What a freaking  widow maker.

Crude_July12

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