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The supply data and reaction may start to tell us how much of the OPEC failure to change production is priced in. It's not that they said they're going to increase production or cut back, but just keep it like it is. ADD If they get too greedy they'll kill the golden goose.

Good Morning :) EIA report at the bottom of the hour. We'll see what that does.

Certainly can get interesting in the last half hour and especially the last few minutes. :)

Wonder if that was a dead cat bounce out of 11 AM EST or if the market found a short term bottom. This is for the indices. As far as CL is concerned it does just seem range bound. But it did make some good moves up and then down and then up. I've had nothing but trouble with my internet...

Once it's aired they post it online. We'll have to post the link. Thanks for the heads up.

I was thinking maybe this would ramp up more due to the Yemen events. But that's been happening for a few days and may already be priced in. That may be what drove it up off the supply increase selloff on Thursday. ADD Hope everyone's having a nice weekend. It's been raining here since last...

That's funny you posted that IV. I just came here to post it myself. :) Really tired today so taking the day off mostly. Just did one trade earlier. Hope you all have done well. Was finishing watching the movie Ragtime. Really good. http://www.imdb.com/title/tt0082970/ Here's the whole...

I was looking at TF and when ES and NQ were breaking higher it was just sitting there. Knew it was poised to fall.

Wow. Was that selloff on news? I could feel it poised to fall but wasn't expecting that big of a selloff.

They threatened that before. They'll get it together. They have 'til August I believe.

It's flat for the day now despite the supplies data. Interesting. That would be bullish.

Also DX sold off on that last run up.

I guess you should have taken the profit that was there and reshorted. Oh, well. ADD And we all should have bought this at the bottom. Oh, well 2. CSW

Someone put their buying shoes on.

Here's DX today.

Shoulda reshorted the little tyke. Had a buy order in earlier @.43 to cover my short while I was tending to another trade and didn't get back to it in time to lower it. Oh, well. CSW = Coulda, shoulda, woulda. :)

So is Gaddafi. :)

June 2, 2011, 11:15 a.m. EDT Oil turns lower after EIA inventory report SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned red Thursday after an inventory report showed a higher-than-expected increase in oil supplies. Crude for July delivery (NEW:CLN11) declined 72 cents, or 0.8%, to...

That's a good idea. I just did a short at 100.05 and covered at 99.43. But holding that sounds good.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9 million barrels from the previous week.