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Crude Jumps After API Inventories Build Less Than Expected
The last three times that API inventories reported (each notably greater than expected), crude prices tumbled (only to ramp hilariously the next day following DOE inventory data). Against Bloomberg estimates of a 3.95 million barrel build, API printed only a 2.89 million barrel build; and WTI crude prices surged to the day's highs.
Crude jumped to the highs of the day...
Breaking the pattern...
For now...
Charts: Bloomberg
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How about a pool on when inventories start to fall? May? November? Never?
For crude, brent, or other distillates? Who's inventory specifically?
Crude in the EIA report on Wednesdays. Diesel actually isn't that high in that report now.
With a burn rate still well over 18 million barrels per day and the war drums beating loudly again, I'll go with September. Anyone else remember what "unforeseen event" happened the last time a zionist fuck came to D.C.?
Up or down, doesn't seem to matter. Soon we will have $5 a gallon and $35 / barrel. Any excuse in the book is good enough for the industry to drive prices and most importantly margins higher. Glad I didn't buy a new truck or any new vehicle for that matter.
Housing, food, gas are probably 80 to 90% of the average American family's income.
I'm assuming WTI since it's in the US
We Must get gasoline prices HIGHER ASAP or else the Terrorists will win! (Bitches)
"Where is the money in my account telling me how I should feel about this?"
If you notice it went down at the release of the API about 13 ticks and turned around smashing stops trying to follow the pattern.
Posted earlier but still looking for some discussion...
http://econimica.blogspot.com/2015/02/fundamentally-flawed-chapter-9-oil.html
I don't seem to hear much about the fact that since '05 nearly all global production gains are due to US / Canadian tight oil production gains...and no other region (except Russia) increased production while the price of oil rose 5 fold. No other region was incented by 5x's higher prices?!?! And US did it via a mass of low interest lending and tax loopholes to allow a huge # of rigs w/ relatively low output...4x more rigs in the US than all the middle east which produces 3x's as much oil?!?
It is interesting. It's even more interesting if the marginal cost of many new US/Canada barrels are greater than the marginal revenue.
Another great point, apparently corporations/people are now in the business of working to lose money...
It's not the first time. GM did that for decades. Same with the airlines.
Yes, and the U.S. is still a net importer of crude. We use it for many other applications aside from gasoline...
With a burn rate still well over 18 million barrels per day, you don't have to wait long for any "supply glut" to get consumed...
math is a real bitch like that.
How much infrastructure has been built on stimulus measures vs actual demand?
Anyone care to count the years out loud?
...Bullish...
Isn't it funny that it is the expectation that is more important than what actually happened? You could get into a car acident, break 5 ribs, rupture your spleen, collapse a lung, but because your iPad sitting on the passenger's seat didn't get demolished, it would be a good day for you according to the fucks buying and selling this paper bullshit.
You have a small Krugman inside you
Yeah, he better use some of those flushable wipes when he's done squeezing the Krug out. It could get messy.
Crude price jumps because Memorial Day and Summer are on their way.
an entire 40 cents
Hilarious that 1 million barrels either way could move a market as big as oil. Just goes to show that it's all machines jumping on headlines
all the while the very value of the underlying fiat all those things are "priced" in marches to zero.
Interesting times.
2000 Tesla Superchargers now complete.
Better yet...cost of fuel is ZERO.
Model X out shortly.
Same with with gigafactory completion.
Snowmobiles, lawns mowers, motorcycles, jet skis...who knows probably aircraft shortly....no more ICE, no more fuel.
Boeing just launched the first all electric ion drive satellite on a Space X rocket. She's a slow mover, but rocket propellant just got a lot cheaper too.
And the energy required to build and charge those batteries comes from where again?
Truly shocking.
think it's called positioning
too many late and lazy shorts to get chewed up
wti has falled from 107 to below 44 and some people are getting uber short at 49 or something
in context it isn't a smart move
like paying 18200 for dow when it's rallied 7% in 5 week
you won't find many pros making those bets for more than a little day trade
I have a hunch crude is front running $usd weakness. The daily($usdx) charts have gone back to neutral, and the carry traders are slowly covering their long $usd positions. (emerging markets, japan & China covering their $ short positions)
Additionally the summer months are coming and they should take up some of the "pent-up" demand from the colder than usual winter months. Personally I think this whole shitshow is getting ready to unravel, and the markets are going to end the week much lower. I spoke of this late last week.
I hope you are right, that's how my bets are positioned...
fuck call them what they are...
I call them " calculated risks" based past, current and future observations. ;-)
You'll be okay, my friend.
If you don't mind some constructive critiicism LoP? You have a lot of people that agree with you "in principle" on Z/H.
You spend so much time defending yourself, that you don't see who your friends are.
I'm equally guilty at times. ;-)
As with stocks, supply and demand ("pricing fundamentals") has no relationship to the actual price of oil (or equities).
Algos do.
So, the refineries are done their maintenance, repairs and strikes then?
Privately issued gold and silver certificates could be just days away.
JP Morgan has amassed a truly massive hoarde of silver it is rumored.
Only one reason a money center Bank would that...
No one is buying "certificates" as far as I can tell.
Eric King, is that you?
oooooow 35 cents
NEW YORK (AP) — The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.
If this keeps up, storage tanks could approach their operational limits, known in the industry as "tank tops," by mid-April and send the price of crude — and probably gasoline, too — plummeting.
http://news.yahoo.com/us-running-room-store-oil-price-collapse-next-1710...
Long natural gas to save the children! There is something so huge going on under this whole energy story that we are not discussing. We all know that global warming and carbon credits are BS, we all know that the shuttering of coal fire power is going to disastrous, we all know that the shale boom was a joke...
But what is the end game here? It looks like they may be forcing the profitability of fracked natural gas down the road but there is something else going on here besides the obvious power grabs and scams and it's huge.