What a morning for crude as the big inventory numbers caused a drop to 50.05...now at 50.48. MLPS again showing relative strength and after a brief mild selloff the index is up .30 being led by a strong fractional gain in Kinder Morgan Partners (KMP). Oneok LP is also up about 50 cents. Holly Partners (HEP) and Linn Energy (LINE) are also fractional winners.

Two big fractional losers are Energy Transfer Partners (ETP) and Natural Resource Partners (NRP). Otherwise most other losers are seeing drops of 25 cents or less.

Looks like the XOI has made its stand this morning at 1100 and is well off its low. Stock action could be telling us that 50 bucks on crude is about as low as we go.