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Oil Algos Gone Wild - WTI Futures Insta-Lift Over $58
The rally is continuing amid several low-volume stop-runs...
Desk chatter over the Libya port shutdown and force majeure is behind this but it seems unlikely enough to warrant any notable cupply cut.
As Bloomberg reports,
Libya’s National Oil Corp. declared force majeure at the ports of Es Sider and Ras Lanuf and will halt output at some oil fields because of fighting in the politically divided North African country.
Armed factions should spare energy infrastructure in Libya, the state-run producer said in a statement on its website. Force majeure is in place at Es Sider and Ras Lanuf, Libya’s largest and third-largest oil ports, with a combined capacity of 560,000 barrels a day. The measure is a legal status that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.
...
Force majeure has been declared at the two oil ports “because of the ongoing armed clashes in the area,” it said Dec. 13. NOC “is determined to protect the oil resources of the country in a way that protects the rights of the country and the partners in line with terms of the partnership agreements.”
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Well it wouldn't be the new normal financial markets if we didn't see some tom-foolery. At 2123ET, WTI Crude futures lurched through unchanged smashing $1 higher to over $58 on heavy volume... only to fall back rapidly...
WTI Crude futures insta-lift - on absolutely no news and heavy volume...
Tick-by-Tick, the algo lift is evident...
Because when it gets serious, you have to lie and manipulate...
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That's cause Libya has shut down 3 oil terminals.
We lied to and manipulated some folks.
Large cover with a Timer and or a TWAP condition attache to the cover..
http://hedgeaccordingly.com/2014/12/prime-minister-stephen-harper-new-oi...
It's going up to meet the trend line, where it will test it. This is a tradable and profitable move.
Oh this is good news! Or bad news?!?! What? I'm lost
Call it whatever you want, either way the e-minis are going higher so just close your eyes and buy them.
Ever seen the S&P go up 5% in a day? We are already up nearly a full percent in the past few hours.
Hold onto your butts!
Good call. Spot On.
Then the idiots realized that the 3 terminals only delivered 200,000 bpd, which still leaves an oversupply of 1.8 million bpd
Not until the 'idiots' squeezed the hell out of the off-side johnny-come-lately weak handed shorts
But wait, just 4 stories down, Tyler says oil's going to $40 and about 300 dumbfuck ZH readers are in agreement with him. The same story in which I commented that I thought oil was due to rally... And now what a shock! Oil is rallying and everybody commenting here saw it coming!
What a bunch of hypocritical bastards...
Did you also see my penis going into your mouth ?
Wow great call! You are so spot on everything you type! Can't wait to read your blog! Gotta be better than ZH!
Oh, you don't have one...you just criticize others from Mom's basement.
Those Islamists in Sydney have been HFTing from that coffee shop.
The eTrade baby is running the trades for them while they hold their guns on the hostages.
Now yer talking Tyler. Some "news" I can chew on.
P.S I love tHAT wtf CHART,
It makes perfect sense when "energy" is covering it's Blackstone hedge. HaHaHaHa/ Bitchez
Probably some bank playing fucky fuck with my deposits. Nothing to see here.
At this point, "WTF" is assumed for all ZH articles and comments until further notice.
Would also accept "OMG" as a preface.
FUBAR.
It's the new normal, everything's a OTC penny stock, subject to the same pump-and-dump bullshit.
As an example. The cable guy comes out to fix your problem.
The cable guy says he can't find the problem, and decides to lay " MOAR" cable.
Indeed... everything behaves like a penny stock when central bankers can buy and sell infinite amounts.
Saw two headline articles already about highschool kids making a few hundred thousand and another a few million trading stocks during lunch/recess/whatever.
Who trades stocks anymore? Buy and hold and let Yellen do her thang baby!
did you buy the dip? what will it take to get you to buy the fucking dip? huh? anyone home? shorting the dip? are you nucking futs? hopeless mutha fucker, ha...
Oil is Oversold, need a rebond for a week or two,
The rebound won't last that long. Remember the 2008 crash. It went straight from $140 to $35 in a matter of months.
And the stock market is over bought and should pull back for a year ot two,it's all manipulated.
agree-oversold. guessing, like gold, we are a ways from the bottom...
my patience must be stronger than the war chest, ha...
Actually Libya is in the news! Watch the oil dead cat bounce next week!
remember the days when a single gunshot in the middle east would spike up the oil price a few bucks?
nowadays not even ISIS can levitate oil prices
A nuclear detonation might do something still.
At first...
We WTF'd some folks.
Classic
$58.65 and rising. Nothing cures low prices like low prices... and jihadis gone wild.
I am calling the bottom, it has occurred or will occur in the next 24 hours. OPEC talking $40 and the simple fact that nearly every one is on the same side of the ship is contrarian enough for me. When nearly everyone hates something and there is blood in the streets, you buy buy buy.
Buy an Ar> then post. Z/H isn't PUSSSIES
Be a MAN, and Love your hand
I'm looking a the usd/jpy ? sorry?
Depends Undergarments? (sp)
Lol, listen my man, Ive been reading zerohedge for 5 + years, trading futures and currencies for longer, been a member of the NRA for longer than that. And the USD/JPY SMH, be a man and look at the USD/RUB if you want to make real money. Good luck yen.
aurum4040
Vote up!
0Vote down!
0Lol, liste
Start (speaking = Up)
prob take a few months to grind out a bottom into q1 if so.
Oversupply plus falling demand does not mean a bottom. Some of these shale plays need to be bankrupted before the bottom settles in
I'm doing very well.
I'm left/handed
It's already faded a bit no?
Oil will continue lower
I guess this time it really might be different.
Just kidding. The CBs are not omnipotent and cannot control every single variable that might bring down the whole sytem (at least not yet, but that is a post for another day). It's like a sinking ship with many holes that can only be plugged with what resources are available. Problem is that once you plug one hole up another one appears and so on. At some point, the resources become stretched out too thin and the ship will inevitably sink.
Same thing happening here: quick fixes with illusions of success to keep the bulls "bullish", but eventually the same inevitable sinking to the bottom of the sea of lies is the end result. It is the lies that are bringing this all down. Lies lies lies. Lies (about creation/the universe/reality) have brought down countless civilizations throughout the history of the Earth and this is not any different.
BTFD Central Banks finally got the infinite fiat jacked in.
The central banks will eventually have to come out and print to swallow up the bad debts that the banks loaned to the oil, refinery, exploration companies.
as said, price can go down until oil payment system is ready for russia, there are 2 possibilities, they wait may and see what happen, or they realize it is not working, and price go up now to not loose that much.
if price go down again before february, then we 'll have full retard spring i guess.
after WTI oil's meltdown over the last few weeks, a bounce is expected
http://bullandbearmash.com/chart/wti-oil-daily-continues-deflate-retrace...
expect wild swings trending sideways-up
After today, the world will have 80 million barrels of oil less. Tomorrow, you will need another 80 million barrels just to keep the machines oiled and not screech the armature.
Gotta have them, every day, 80 million of them.
The day after that, another 80 million barrels.
After 12 days, you've used up almost one billion barrels of oil.
In four months, you'll have used up 10 billion barrels of oil.
In forty months, 100 billion.
Every 3 1/3 years, you'll be burning 100 billion barrels of oil.
In 33 years, one trillion barrels.
Since the proven reserves are 1.6 trillion, it looks like there are approximately 50 years of recoverable oil remaining.
It would be wise to buy all of it now with the price at 58 dollars.
At a cost of about one hundred trillion dollars, it's a bargain.