Im sure oil will sell off on the inventory report and the Dow will push thru resistance and make a new high. All you will here and read is DOW MAKES NEW RECORD HIGH!!!!
The trend is your friend. If the last inventory report showed a drop, then you can bet that the next one will show a drop as well. I have been saying this for over a month. Your friend is not RIMM or APPLE, but the micro and small cap oil related companies that will make a fortune off of the demand. Demand is not going away. As long as we have people who insist on breeding, demand only gets bigger. So where is that guy with the oil cartoons? We need to repost them here. King Oil is back and its here to stay. Bet the farm on USO. The party is just starting in the energy complex. Oil gains as crude supplies plummet Drop of 4.3 million barrels is far more than expected, could convince OPEC to hold off on production cut. December 13 2006: 10:44 AM EST NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday after the government said supplies of crude oil fell far more than expected. U.S. light crude for January delivery rose 68 cents to $61.70 a barrel on the New York Mercantile Exchange. Oil traded up 3 cents just prior to the report's release. In its weekly inventory report, the Energy Information Administration said crude stocks slid by 4.3 million barrels last week. Analysts were looking for a drop of 600,000 barrels, according to Reuters. Distillates, used to make heating oil and diesel fuel, fell by 500,000 barrels, while gasoline supplies slipped by 100,000 barrels. Analysts were looking for a 100,000-barrel decline in distillates supplies and a 1.2 million drop in gasoline stockpiles. Oil prices have fallen more than 25 percent from highs reached in July and have been range-bound near $60 for the past several weeks. Stocks of oil majors, including BP (Charts), ExxonMobil (Charts), ConocoPhillips (Charts), Chevron (Charts) and Royal Dutch Shell (Charts), stopped mirroring falling crude prices in mid-September and rebounded as traders bet on rising oil prices and looked for deals in a sector many saw as undervalued. But over recent weeks the traditional relationship, with oil stock prices tracking the cost of crude, has been re-established.