CL Redux

the American Petroleum Institute reported oil inventories increased 4.27 million barrels to 375.8 million last week.

It appears refiners didn`t want any more crude this past week, products prices solid after report.
 
Gasoline stockpiles in the U.S. increased by 2.76 million barrels last week, the API data showed. They are forecast to rise by 2 million in the government report, according to the median estimate of 11 analysts in the Bloomberg News survey. Distillate inventories, a category that includes diesel and heating oil, rose by 2.24 million barrels compared with an estimate for the Energy Department data of 1.1 million.
 
They moved this up with Europe along with all risk assets, and since then 3 hours of botland, very weird price action, guess brent expiration, means bigshots just aren`t going to sell this off today, lots of reasons for a selloff, sure we will get some negative reaction on eia numbers, but price doesn`t feel like a major selloff today, maybe people want to be in for fc deal pop which seems close, but that is one nasty bear report if eia lives up to api:)
 
since it didn't tank overnight 87.40-60 looks like a good place for shorts to set up shop. That also happens to be where my strangle becomes neutral so I would either unwind it or lighten up on the outright short position. That is why I used 3 QM's for delta flexibility :p
 

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