Best thing to do is throw your bias out the window if you are daytrading. When oil hit the 89 high of the this year there was record inventories in the eia reports. Cushing has been adding more storage cause they were at full capacity. Eventually fundementals took over but it took 1.5months for them to finally catch (everyone saying there was not fundementals behind the rally). When prices did drop it was related to the Gulf diaster. What happend in the gulf should have been bullish for oil, actually that is when the producers started to cover there shorts then in turn the managed money dumped their longs and went short. From there they drove the front month down 20$ in 3weeks. If your not going to trade 95% technicals then best of luck to you.
Another example for you is take a look at what happend the day the s. Korea ship was sank by the north. March26
