RE:API Expects a Draw Down... Perfect!!!Piperdown wrote:
Oil futures rose in electronic trading late Tuesday after the American Petroleum Institute reported that crude supplies fell 1.5 million barrels for the week ended May 1, according to sources. A Platts survey of analysts forecast a climb of 1 million barrels. "The draw in crude breaks the streak of builds and adds credence to the argument that U.S. output is peaking," said Phil Flynn, senior market analyst at Price Futures Group. "Demand also looks good." Following the data, June crude CLM5, +0.68% was at $60.77 a barrel in electronic trading, up from the $60.40 settlement on Nymex. The more closely watched Energy Information Administration report is due Wednesday.
I am going HOD first thing in the morning for a trade. If there is a build at all in the inventories, Oil could sell off rapidly from these lofty levels over $60.00.