Bears are hibernating todayYa, it came apparent that even with EIA and API showing surpluses that it came down to a weaker USD that rallied Oil. It was a krap shot thinking that Oil would sell off because 99% of the time when Oil shows a surplus that it sells off. It's great when Oil rallies higher when you expect just the opposite because nothing is better than making money on a bullish day. If tomorrow's GDP and Durable goods come in strong then Oil could punch its way through $90 continuing its bullish run and if the data comes in weaker it's hard to say what that might cause Oil to do. Next week will be a real test of what production cuts could do for Oil vs FED aggressive rate hikes. Below are the last readings for GDP and Durable Goods and one look shows a contracting economy. I'll call for lower Oil tomorrow that way it should rally.
US Durable Goods Order 
US GDP Growth 