Gasoline draw down, weak dollar and short squeeze. I don't know how anyone was caught off guard by this move.
I am amazed by all of your comments Small time traders/Demo traders saw Crude oil +2.8 and gasoline -1.6 and thought its mildly bearish On the other hand real traders saw Cushing Oil stocks -1.6 Gasoline -1.6 Distillate +0.3 Gasoline demand +0.3 Oil Imports -0.4 All overwhelmingly bullish numbers. Coupled with the failure to break $65 over the last couple of days it was a perfect moment for a rally.
So i'm small time because I was short 80-100 crude up 250+ on a bearish euro day, looking for only a 40-50cent pullback which I never got. We are traders here, not pussy quants.
P.S. made most of that back today. Short 50 CL average price 7090, covered 7000. Too bad I got rocked on that spike in the morning or I'd be doing good, was short about 60-80 up there and covered way too soon. CL is nutty.
Its really interesting that if someone is trading 80-100 CL lots he doesn't understands how to read a EIA report. Whats even more interesting is that he cant afford a $100 subscription to a decent news service, therefore all he sees is gasoline and crude oil inventories.
You have to understand largest lot traded here on ET is one lot of QM, except of course Uncle Ho flipping 50 lots of CL!