That was my thinking as stated in the debrief thread, only I thought 60 million barrels was 16 hours' of usage. Spread over a month, that hardly seems to justify a 5% drop in oil prices. I realize there's more in play than that, of course, but it still seems like an overreaction to me. Of course the other side of the argument, which MJ probably would make, is that oil never should have been 5% higher anyway.
Thanks Haluk, but I'm not taking my victory lap yet. SCO bounced $2.00 away from my sell order, and now is a little more than $3 off. Not sure what to do really. My sell order would net me an almost 25% gain, but I can see oil going much lower. Guess I'll just keep watching the chart and doing what I do.
You know I've been expecting Obama to try manipulating the oil market for a long time. The only surprising part to me is that he waited this long.