Wednesday, October 28, 2009

EIA Crude Oil Inventory numbers

The past 2 weeks, the EIA crude oil inventory numbers have boosted crude oil to higher highs.  Tuesday afternoon, we received the API numbers, which usually gives  a good preview of the EIA numbers.  Crude jumped higher on the data, but then has been steadily going downhill in line with the weaker equity futures. It feels like oil speculators are waiting for the EIA data to sell the news expecting a spike higher.  I believe we'll sell off today in crude oil which should drag down the energy equities, one of the stalwarts during this selloff.

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