Previewing & Trading Today's Oil Inventory Report

Today at 10:30 a.m., the Department of Energy will release its oil inventory report, and many people will be taking attention to this report closer than usual, as oil prices have dropped sharply from their highs on concerns that demand will not be as strong as previously thought. Economic data shows that the economy is weakening, and we have seen oil prices come almost $20 per barrel off their highs. Oil is higher today, up $2.09 to $99.00 per barrel, so if the inventory report is bullish for crude, we could see oil zoom even higher. ETFs to consider are the United States Oil Fund (NYSE:

) and United States 12 Month Oil Fund, LP (NYSE:

). The difference between the two is that the USO only tracks the front month contract, while USL tracks all 12 monthly contracts. You can also consider going long oil sensitive equities, such as Ocidental Petroleum (NYSE:

), Exxon Mobil (NYSE:

) and Chevron (NYSE:

).