The EIA Prints Massive Five Million Barrel Build on Commercial Inventory

EIA printed a massive five million barrel build on commercial inventories, but hold on a second. Another 2.4 million barrels was pilfered out of the strategic petroleum reserve this week. Tape action was up after inventory, despite the build, taking us above the short-term moving averages. My original forecast that oil prices ought to be rocketing much higher by now has clearly been proven wrong. But I haven't changed my view on the underlying reason for my premature call. And I still forecast that an explosive move higher in oil prices is coming eventually. With recession signals gaining traction and China's recovery not resulting in oil demand growing as quickly as expected, it's entirely possible that oil