On Wednesday, the Energy Information Administration reported U.S. crude oil stocks rose more than expected to the highest level in nearly 17 months.
On Thursday after OPEC said they may raise output in July if Venezuelan and Iranian supplies fall further and prices keep rallying. That news was enough to send oil price down a little over 1%.
Despite the news, that didn’t stop the Smart Money from gobbling up over 55,000 May $8 calls yesterday in Encana Corporation.
Encana Corporation, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company