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Crude Oil Prices Are Spiking (Again)
Because - everything is awesome again. So the machines run the stops for the week but fail to hit $47, and no news, no catalyst, but naturally stocks decide to inch higher on this latest algorithmic idiocy.
Here's the close-up into the NYMEX close.. and drop...
And here's why... and how - this happened, and has happened so many times before, courtesy of your friendly, stop-hunting neighborhood algo:
...In early 2007, Defendants Optiver US, LLC ("Optiver"), Optiver Holding BV C'"Optiver Holding"), and Optiver VOF C'Optiver VOF") - the U.S. and Netherlards branches of a global proprietary trading fund headquartered in the Netherlands - developed and, in March 2007, implemented a scheme to manipulate the price of futures contracts in Light Sweet Crude Oil, New York Harbor Heating Oil, and New York Harbor Gasoline on the New York Mercantile Exchange ('"NYMEX").
... least 19 separate instances during the month of March 2007, Optiver, Optiver Holding, and Optiver VOF, led by head traders, Defendant Chrstopher Dowson C'Dowson") and Defendant Randal Meijer ('"Meijer"), repeatedly attempted to manipulate market prices - or in Dowson's own words, "'bully the market" - for the above-referenced energy futures contracts towards the end of the trading day.
... On at least five of the nineteen instances, Defendants succeeded in their manipulative scheme by causing artificial prices in certain of these energy futures contracts, resulting in serious harm to other market participants and, ultimately, to the public at large
...defendants developed a scheme by which Optiver, having accumulated a large net TAS (defined below) position, traded a significant volume of futures contracts in the opposite direction, before and during the Close, with the goal to improperly influence and affect the price of futures contracts in Crude Oil, Heating Oil, and New York Harbor Gasoline
...defendants' strategy was to execute approximately 20-30% of Optiver's futures trades just before the Close and the remainder during the Close.
The full filing busting just one of the countless more HFT "banging the close" operations is below.
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Just a little short covering.
Or a LOT of short covering -- there were (and are) real reasons for crude to drop from $100 but this last $10 or so is all banksters.
I would call it Greek lightning, who knows what these crazy fucks are going to say over the weekend!!!
have a great one!
Nope - jus the central banks in buying futures......
Spy must close green
Apparently there was news out that ISIS was making a move on Mosul or something in Iraq.
Fucking Criminals!
A build of 19 million barrels in the last 2 weeks......yep fucking criminal!
Yeah. Phil Flynn called it in this morning e-mail. tip-of-the-cap Phil.
yellen telling dems to buy oil
Tyler forgot the Dead Cat Bounce icon...
Somebody is frontrunning mushroom clouds I reckon.
Sucker rally .... one of many to come.
Their machines plunder all the stops within a few bucks. Where there is the most to reap is where the price will go. This IS black gold. HAHAHAHA
Imagine if.....supply and demand determined price.
Dude, that's so 1850 of you.
BAM! Gold's top tick!
It just stop running.
Teachers unions want their cut.
Better get moving Goldman before the entire NY State Legislature is put in prison.
nothing like month-end or options/futures-expiration to drive up demand.
top cnbc headline:
Why crude won't rebound any time soonThe Cramer/Gartman complex finally opened a short
Fracklin rosie get on board"...
+1 lol
I predict it will fluctuate.
Baker-Hughes rig count announced as much lower....
The oil rig count fell to a three-year low of 1,223 this week, Baker Hughes Inc. reported.
i sense lot of "false fags" in their strings dacing ymca near refinaries
If lower oil prices were great for consumers, then higher oil prices indicate that the economy is expanding, which is also great for consumers. Win Win!
(this is sarcasm)
and it's green
Just maybe TA is right here???
The bottom in oil is around $45/bbl ???
I'm a big fan of T&A
Down vote - your comment is useless without pictures
A complete and total farce. . .
Oil is an Oligarchy game and its managed between Saud and USA...
Enuff said. What goes on behind the tinsel curtain is hard to ascertain.
The Hezbollah take over of Syrian plays must have had a chilling effect on Saud.
And an admission that they need US back-up to survive against mortal enemy, the Shia.
Potus went there expressedly to take the pulse of new king.
So the ping pong goes on on Oil price.
oil is dead
cold fusion is here
/www.extremetech.com/extreme/191754-cold-fusion-reactor-verified-by-third...
32 day documented verified test run ...
bottom line... 900 watts in ... 2700 watts out
free energy for the planet
oil is a barbaric relic
fuck cold fusion...I want cold beer...
Let me know when I can run my fridge on it.
nothing said soul glow better than the 3 grease spots left behind on the couch from the McDowell family's heads
We're still waiting, Andrea. Were it what he claimed, he'd be rich, or dead.
Absolutely! Never be allowed to get to the public. Too many interests aligned in keeping this type of free energy stuff forever unknown to us commoners.
The paper traders better get back on the stick next week. I'm not finished buying!!!
Nice job banksters to set price . what a fucking FARCE
have a great fucking weekend
Wasn't there a meeting in Norway which included Saudi and Russia today. Timing seems more than relevent.
Just the normal 2pm spurt...move along
Just gotta love those fair and transparent "markets". #epic shyte show
Some folks got "transparented"
If oil spikes we're going into recession.
Here's why:
Isis launch large-scale attack on Iraq's oil-rich Kirkuk
Islamic State (Isis) fighters have launched a surprise attack on Iraq's northern city of Kirkuk, a major oil production centre.
Isis fighters have captured land and villages to the south-west of the city, killing several peshmerga including a senior officer, according to local reports.
The attack is believed to have come from three sides, with jihadists taking advantage of a dense fog to attack Kurdish positions overnight. Also, a suicide attack in the city centre has reportedly killed peshmerga general Shirko Rauf, brigade commander of the Kurdish forces in the city.
Five other members of the Kurdish peshmerga forces were killed in clashes, while 46 more were wounded, according to AFP.
Meanwhile, a few Isis fighters, some say a dozen, have reportedly broken into Kirkuk Palace hotel and established a foothold there. They are reportedly trapped by peshmerga forces and the clashes are ongoing.
A curfew has been imposed from 10 am in the city after the attack.
The militants have also captured Sayyid Ali Bridge and part of the nearby Khabaza gas field, according to some reports.
http://www.ibtimes.co.uk/isis-large-scale-attack-iraqs-oil-rich-kirkuk-1...
Yes - better to stay ignorant LOL.
stateside
Huh? but how do I know if I am ignorant?
"fuck cold fusion...I want cold beer...'
That news is 12+ hours old already
Oh thank goodness, supply is so constrained now that any perceived threat should set crude back to ATHs
We frontran some folks
Stocks once again slumping so BTFD this is all so bullish.
It's the Fed. They have woken up to the fact that low oil prices are going to do a lot more damage than good.
The Duke brothers have set the price....nothing more to see here....move along.
Tyler you are becoming quite the contrary indicator.
If you just paid any attention to price action the last 2 day, crude was telling you downside volatility had run its course for now...the squeeze was waiting to happen. Didn't need any news to drive it, the structure was the catalyst.
Exactly like when the market hit 666 in March 2009 and the people here were expecting 400 or lower still. They were absolutely destroyed by the squeeze, same kind of disbelief when silver started collapsing from $50 and gold from $1900. This place has a bunch of linear thinkers that believe they know more than the next guy when the truth is, the information they get is the same as everyone else gets, mostly garbage.
The key is the elevated gold to oil ratio. If gold won't fall, oil has to rise, a lot. So far, gold has done well by bouncing off it's 200dma and that is part of the reason oil had to rise today. There is no way the gold oil ratio keeps climbing from here. It was exactly one gram per barrel yesterday and now it's back to 27 using front month contracts as a measure. I see oil back to 60 fairly soon if gold can crack $1300. If not, this may be dead cat action and the same for gold. Monday should be interesting.
For me, I am glad to see them both up significantly on the day since I own both.
Big picture:
Per eia.gov website, "U.S. commercial crude oil inventories...are at 406.7 million barrels, the highest level for this time of year in at least the last 80 years."
80 years.
There's no glut, right Peak Oil / Dino Graveyard fucksticks?
In 2013, the United States consumed a total of 6.89 billion barrels of petroleum products, an average of 18.89 million barrels per day.1 This total includes about 0.32 billion barrels o406.7 M barrels biofuels.
406.7 Mbarrels= 21.5 day supply.......but oversupply is definitely growing
Peak oil isn't real. It's fake, a commie plot.
I know this is true because there's an oil glut today.
I know the Zionists who run the USA are real pissed at Putin, so oil prices will probably keep declining until the $20's.
Going long right now, I worry monday the bottom will fall out of it. So many people are bottom fishing oil, which might be a good idea when the downtrend breaks, but it is still within a strong downtrend, even if it pops another $5 still intact.
Why worry about picking bottoms (or tops) when you have so much volatility every day to trade?