11am update - Oil to break higher

The latest EIA oil report is due at 11am. Last week the inventories increased by around 5 million barrels... yet Oil held up relatively well. From a pure price structure perspective, Oil is set to break higher across today and into the weekend. First target for WTIC is the $50 threshold, with USO back to $16 or so.


USO'60min

sp'60min

Summary

*I am long oil via USO, I'd consider an exit in the 15.20s or higher later today. A daily close >15.30 or so would clarify that 16s are due.. whether tomorrow.. or early next week.
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...so... I await the inventories.. or actually not.

Its sunny in the city, the warmest part of the day..  I want to catch some sunshine, and I'll be back in an hour.