Crude Oil Inventories 8-7-13

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EIA reported petroleum inventories for the week crude drawdown of 1.3 mm barrels, lower than expectation, API reported yesterday evening with -3.7 mm bbl.

WTI Crude Declines on Signs Fed to Curb Stimulus Read

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WTI Crude Oil Going To $87

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Taking a look at the NYMEX Crude Oil 8 hour chart. Looks like a Head & Shoulders pattern as well as a possible Bear Flag pattern. Watch the $92 area (neckline/support), a break below & a measured move towards $88/$87 is possible. Re-entering with a 1/2 position Proshares UltraShort Crude Oil (SCO) $39.30 and adding to position on a break below $92 post open, follow on Twitter.