EIA Petroleum Report

The report showed a decline across the board, which is bullish fro crude and USO's initial reaction has been favorable.

Here's the EIA figures:

Released on 11/9/2011 10:30:00 AM For wk11/4, 2011

Prior Actual Crude oil inventories (weekly change) 1.8 M barrels -1.4 M barrels Gasoline (weekly change) 1.4 M barrels -2.1 M barrels Distillates (weekly change) -3.6 M barrels -6.0 M barrels

Here's the initial reaction in USO...

There's been a bit of a pullback, but I wouldn't all it a reversal just yet. If USO can't hold $36.50 today on that report, something is not right with the stock and I would certainly consider an SCO long position.