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Oil Inventory Disparity Rules! EIA Report reverses API... Oil and ES Pivot Lower

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After the API Inventory drawdown, and the Iranian's apparently playing nice-- and agreeing to freeze output, albeit at high levels, it is interesting that this morning's EIA Oil Inventory build put the kabash on an otherwise constructive period for Oil prices (lower chart). While the oil weakness could be a function of a near-term overbought condition after the upmove from $26.14 to $31.98 or 22% since Feb 11, my sense is that traders also are in a "show me" frame of mind now. That is to say,

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