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Crude Plunges On Biggest Weekly Inventory Build In 14 Years
So much for last night's lower than expected API build, DOE data shows a massive build compared to the 3.95 mm barrels expected:
- *CRUDE OIL INVENTORIES ROSE 10.30 MLN BARRELS, EIA SAYS
This is the 8th build in a row and biggest weekly inventory rise in 14 years.
This is the fastest inventory build EVER...
and WTI has broken back below $50...
Unambiguously good still?
Charts: Bloomberg
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need moar luxury homes and apartments in fracking areas
USSA preparing for war.
There is demand! Maybe for war, maybe for precaution, maybe for agenda, maybe for price...either way there is demand and both East and West are stockpiling and that should actually be bullish. Yes demand from the manufacturing side is wanning but there is demand from other forces..hence stockpiling! I would hate if history is a guide and there is a great war ahead, either way the oil market is in for a suprise demand burst but not for mainstream reasons, so dont look at stockpiling that is something bad for the price of oil!
title is like " wtf" but as i check wti/brent , i see 50+... so, sorry tyler, FAIL.
Give it a few minutes and it'll change...
Seriously ZH? From Oil Prices rises to Crude Plunges in a span of 45min.
They just suck. A 77 cent move is now a PLUNGE. They have to fill the news void I guess with crap.
"Plunge" followed by predictions of $200 it's hard to keep up.
Oilfield service giant Nabors Industries Ltd. (NYSE: NBR) has cut nearly 3,500 jobs amid the oil crash and recent financial losses.
http://www.bizjournals.com/houston/blog/drilling-down/2015/03/oilfield-s...
Moar Middle Class private sector jobs down the Black Hole of this "Robust Rekovery".
Or down. "Plunge" is what I need to do to the throne right now. Ah, the similarities.
Now let me ask you a simple question...
How much money would you have lost if you had a Trple levered long position on 10,000 Barrels and you had bought on the news that they were blowing up pipelines?
Maybe the next step taken will be more Oil Company engineered Oil refinery fires and explosions right here...here in the USA.
$3.38 in San Diego...due to Oil Refinery explosions in Los Angeles...Torrance to be precise.
Fuck San Diego and the people that live there. I lived there for 10 years, the people and place can eat my dick.
La jolla is nice but I agree, but when this fucking traffic here n Htown ever thins out Ill be happy as a pig in shit. GO BACK HOME MOTHERFUCKERS!
Of courses La Jolla is nice. Every area in which rich people live is nice. There are nice enclaves North Dakota and Maine too! CA is such a stupid place for any financially sane middle class person to live. Wife and I actually make above average income for the OC and it's still not enough. We make more than most of our friends but never had mommy and daddy front us a $50k loan for a down payment like most so we missed out. That's ok. We are done! After 8 years in SOCal we are moving to MN. The weather really is the only thing CA has going for it anymore and even that is changing with less and less rain and more hot summers. I'll take 5-6 months of horrid winters filled with snow camping, CC skiing, ice fishing, snow mobiling, etc in order to afford a 4k sq ft house on 3 acres with a pond and 3 car garage. CA sucks donkey ck!
Fuck those assholes in La Jolla too....but especially fuck Gaycrest, point gayma, mission gaylly, downtown fagville, little gayittly, oceangay, pacific fag beach and fagsbad.
I do enjoy watching it implode form afar, hopefully taxes keep going up, the drought worsens and police keep killing the citzens (illegal aliens) over there. They even voted to raise thier own taxes. LOL
What's funny here all over the OC these mega condo/apt/townhome complexes are popping up everywhere. I mean these places are popping up in every piece of street corner left or places where some of box furniture biz went belly up. These places are huge some of them. Able to house thousands. WTF are city planners thinking? Traffic keeps getting worse, rain has been nonexistent this winter, schools and hospitals are overcrowded etc. I don't get it. How do cities allow such influxes of people without a corresponding increase in other infrastructure like roads and water etc. SOCal really is a third world. Anyone that's never lived here or worse has never lived anywhere else doesn't understand. I've lived in OR, MO, CO, and woukd take any place over SOCal. It was good to us I guess for 8 years but we've grown wiser and have kids and woke up from our dreamy unrealistic SoCal slumber.
indeed.... sounds a bit like MSM to me
Blaming the messenger? ZH just reports. It's the world that is fucked up.
It's hyperbole pumping headlines, just like the mainstream media...PLUNGE, SOAR, CRASH, CRATER!!
Give it a rest.
especially when the chart zooms in 100x on a 1 dollar drop, makes it look more dramatic.
Like Fox Business, CNBC and Bloomberg just report.
ZH is completely benelovant and without bias.
Headlines get us to read the articles...ZH knows what they are doing.....
It's the King World News school of reporting. Plunge, chaos, collapse, shocking, never before seen, etc.
at one time you could at least halfway rely on information here - now the "alternate" news sites are really just alternate msm.
I recommended not posting daily action on oil because it simply isn't worth the time... but this is ZH and the Tylers will fuck a chicken until there's not a feather left, I guess
And your problem with chicken fucking is ... ?
demand has fallen off a cliff since Jan 1. add in the massive over production, and builds will just keep happening until supply/demand fundamentals line up. maybe around $24-28 oil?
Last time I checked, oil was still an essential part of making a higher standard of living possible.
But hey, with 7+ billion people on this rock, there can't possible be any demand for that...
good luck with that logic.
Won't be after we nuke em all back into the fucking stone age!
https://www.youtube.com/watch?v=snTaSJk0n_Y
YEEEEEHHHHHHHHAAAAAAAAA!!
They all hate us anyhow...
https://www.youtube.com/watch?v=4QbUSjnhv6M
One dollar, then free.
Here's the big problem Ive been harping about... http://news.yahoo.com/us-running-room-store-oil-price-collapse-next-1710...
Storage. When the tanks top and all the mothballed tankers get filled, the price will collapse because there will be no buyers. Then you get all these investors that get caught with tanks and tankers full of crude at a price third or half of what they paid, and they are leasing space at a rate of $30k a day or more... There are going to be some seriously sad faces out there.
is the inventory build b/c of a lack of buyers or because of a lack of SELLERS, as in ppl with physical possession and holding out for a better price?
The price is wrong, BITCHEZ!
Might be some sad faces, but I won't be frowning as I fill up at lower prices, at which point I drive off and reality bitch slaps me again that it's a harbinger of things likely to happen.
No buyers? People will quit using oil because all the storage is full? Do you realize that the US imports 7m bbl/day? A reduction of 1.5m bbl/day would eliminate the increase in storage. The increases in storage are not due to increases in US production, they are due to a failure to decrease imports consistent with US oil prodction increases.
Secondly, there are two types of storage, refined and un refined. The refined storage has plenty of space to store more refined products. Wait a bit for the complete report to come out and have a look at refinery utilization and I think you will better understand why storage increased as much as it did.
As it turns out, Cushing was only up by 500k bbl and that is what WTI is based on. The other gains were 5m bbl on the West coast including 1m in transit from Alaska in the pipeline and 5m added to the gulf coast which has ample storage not in use currently.
WTI is above 50 and Brent is above 60. Nothing has plunged.
And lo, the boy cried out, "Wolf! Wolf!" But the townspeople below were bereft of any fucks to give.
http://markmanson.net/not-giving-a-fuck#Kp0Qgi:i0Da
I always get a kick out of headlines that refer to important physical commodities "plunging"...
morons...
Holy ZeroHedge hyperbole headlines, Batman!
The US crude benchmark slipped below the psychologically important $50 marker on Wednesday, ending a streak of gains after a government report showed a twice as large inventory build than what the market expected.
Now that's what I call oversimplification.
.40 cents is a plunge. A little overdone here.
Crude and Real Estate are neck and neck on the race to the bottom.
The dollar will follow soon.
Gold and silver prices will be resurrected.
"Gold and silver prices will be resurrected."
Yes.... once they actually hit a bottom.
$700-800 bottom for gold at $12 bottom for silver. at those prices, it will be time to load up. but not yet. not yet.
$700-800 bottom gold at $12 bottom for silver. at those prices, it will be time to load up.
So - who the Fuk will be selling gold at that price? NBSH! Nobody But Strong Hands will be left at that point. Good luck with your $800 bid. You'll be loading up with ... ummm, nothing. Your timing may be correct but your concept is assinine.
Don't hate the player, hate the game. 3 years ago people said the same thing about sub-$1500 gold and yet we have had that for a long time. Physical can still be bought today for spot + a small premium and that will also be the case when gold finally bottoms. All these stories about physical shortages at bottoms are just more nut job ramblings. ZH and its posters have been crying wolf for far too long.
People sold gold at $280 and silver at $3. Where there is a buyer, there is a seller.
The oil is backing up. A sea of crude oil.
It's almost as if TPTB are stocking up on supply for some strange reason.
Victoria Nuland finally in the news once again after her long recess,talking about more sanctions on Russia.I guess Obama must have thought it was safe once again to let the PMS'd bitch out of its' cage.
Prices are really low now. May not be this low again.
So we better extract more from the Strategic Petroleum Reserve and keep the glut going.
oil will continue to slide - weekly oil is not looking very bearish
http://bullandbearmash.com/chart/wti-oil-weekly-falls-25-bounce-usd-making/
historically oil has run between 10 and 30 per bbl - prices are nomalizing in the face of central bank interference to invent inflation
deflation yellen - it's here - get used to it.
Imports also increased. So what.
Oil is an infinite resource.
XOM slashing expenses by 12% (possibly more) in 2015 is huge. The entire industry is recalibrating and alot less money gets spent.
Gas prices will stay elevated so there is no real benefit to anyone other than the guys who shorted oil with both hands at $49 because they missed shorting oil at $89.
They're stockpiling for a middle-east conflict. There's no other logical explanation.
I need a new Viagra prescription.....I read PLUNGE - Get a hard-on CRASHING Get a Hard-on - CHAOS Get a hard-on.....APPOCALYPSE Get a hard on......and in between every DOOM headline is A NEW FUCKING ALL TIME HIGH...and my dick goes limp. My dick is confused. All of these false alarms.....
When 12 major refineries accounting for 20% of U.S. capacity are on strike, it doesn't seem too surprising that crude inventories build. One would expect to see a corresponding decline in inventories of refinery products like gasoline, diesel, heating oil, etc. but I've not yet located any timely data on that.
Yes agreed. Noticed that yesteday when it was first reported that the buildup was supposedly less than expected.
Distillates have been declining. Most definitely, it's in the detailed part of the report.
What are these facts you speak of?
Be gone, witch!
Bullish, prepare for the moonshot.
Time to destroy asset oversupply. We need a war!
In an extraordinarily volatile market like this one, hyperbole like "Crude Plunges" can easily make you look silly in a matter of hours, minutes and even seconds.
As of this posting, WTI's at 50.47, off 6 pennies.
Whoops! Now, "Crude Surges" to 50.83.
What a market. Interesting times, getting interestinger and interestinger.
51 + coming right up, maybe even 52 by the close.
Already rung that bell.
BTFD!!!!!!!!!!!!!!!!!!!!!!!!!!!!
It's been a winning play since late January.
January 2009 that is.
Well it's been a sure fire 2-3% winner for me to buy each USO dip and then sell it the same day. That has been working since late January is what I meant, just day trading wise.
In addition, Cushing was only up by 500,000 barrels this week, the big gains were on the west coast and the gulf coast about 5m bbl each.
Oil unplunged and is now skying. USO is smoking through the 50dma up 3% on the day.
It's pretty obvious why inventories got jumbo.
The Fed told the departments of energy and commerce who passed it on to the oil companies that the RECOVERY of 2009 was hours away from taking hold.
Naturally they don't want to be caught short.
The faster oil inventory builds the higher the spot price of oil will go.
US inventory build is absorbing global over supply finaced on a contango play and increasing the spot price of oil.
Medium term the over supply will exhaust storage then combined with continued over supply, high amounts of stored oil, and contango contracted oil being delivered all at the same time will cause a crash to likely $20 range.
Basically US is delivering a weekly over supply notice to the Saudi's telling them to cut production are see another oil price crash within the next few months.
But in the right here and right now the faster the inventory build the higher the spot price of oil.