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The Only Notable Thing About Today's Beige Book Release...
...is that while nobody actually cares about its contents, when the flashing red headlines hit, they set off a firestorm of HFT algo buying in WTI on the day of the biggest inventory build in...forever.
Just movin' along through New Paranormal market, because the binary music is still playing.
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Tyler Durden is lord of the muppets. The sun rises every day just to humiliate him and his market spin.
Sorry, just the facts, ma'am.
I will have to admit, this is probably the funniest "WTF" post in a few weeks.
i just had a good laugh watching ncbs insana and liesman are very dangerous together, talking mini ice ages
What, they're off the global warming climate change whateverthefuck meme?
the fed connected some dots and is supporting oil. ongoing fuax econ. all an illusion. not sure how much long they can keep this together. they are running out of fingers and toes. crumble on baby, crumble. insurmountable forces building as the dollar strengthens. thinks swissy...
You mean, Butt Buddies...
This all makes perfect sense....
/sarc
It had nothing to do with the Fed or the Beige Book. It was a late short covering pop over $51.00. Jesus u guys can get nuts some times.
That's a fantastic explanation asshat!
isnt he just relating what is happening no matter how bizarre
i dont see any trading calls
IT'S THE FED'S "PRIMARY DEALERS" HARD AT WORK MANIPULATING MARKETS- !!
It does appear to be that way. Every time ZH calls for lower oil, it seems to rally. Truth is no one knows what is going on, not even the Tylers.
some fat cunt sitting on the buy button backed by a printer and an organization called the Fed maketh not a market
use a different word instead of market - how about gestapo shit show? that work for you?
Fact is, you're a PINKO FASCIST COMMIE, ben_bernanke, with a '___' on his back. Ha, ha!
The algo's can only do what they are programmed to do. There is no sanity and nobody saying it's stupid. Also note that the 'firewalls' in the market only applies to the down side and at this point over-leverage is the name of the game.
Nothing in a centrally planned, HFT controlled, rigged market should be surprising.
Do While Right(Format(Date,"dddd"),3) = "day"
If "Drilling declined" Then Buy anything commodity related
Else Buy anything not commodity related
Loop
"oil and natural gas drilling declined"
But somehow you failed to notice that Cushing only rose by 500kbbl which is what determines the WTI price..........................
The big inventory gains were 5m bbl on the West Coast and 5m bbl on the Gulf Coast.
Oh yes, Yemen is collapsing and with it goes it's oil production. Next thing is for them to start interdicting ships in the Gulf of Aden and then opening up a springboard to SA for Shiite fighters.
1) Although Cushing is often reported as having 70Mbl capacity it always topped at about 50 before. Seems like they have no more place to store oil. Thus the low increase today.
2) Yemen's oil exports have dropped to a halt in 2013 and their consumption is just 140K bbl/day.
Yeah-man
(couldn't resist)
Hey, we can always drone'em back into production.
Your numbers are outdated. Cushing has 85m bbl total storage and 65m is operational. The extra 20m bbl is for blending and can be used as regular storage if needed. Cushing alwyas sells off at this level and so I expect WTI to start closing the gap with Brent.
Sure, they could have lot's of spare capacity, I only pointed out that the last time they reached 50M in 2013 it hovered there for about 7 months. Even in march-april 2013 when the price dropped $10 from about $96 to about $86 they managed to stock only about 2M more oil. They were full.
Yeah, biggest inventory builds in recent memory, almost at maximum storage capacity, price SPIKES STRAIGHT UP!!!
Makes PERFECT fucking sense in this mad mad world!
Up is down, right is wrong, black is white, wrong is right, right is wrong....
When you change money - you change EVERYTHING.
Yeah, I just saw the price of oil >$51 and was wondering what was going on, and then I remembered that everything is fucked up. Nowadays, record oversupply and plummeting demand will cause prices to go up. I got it all straight now.
What happen..? It don't know, how about, it has been discovered that on paper the U.S. and the Fed have stolen title to everything...
in any case, good luck with that.
chewbacca market
I suppose they could start storing the refined product in residential underground tanks...or asking folks to carry some extra around in their vehicles...
That might sound like you're giving the stuff away, but really, it's just being stored...in such a way that happens to require frequent replenishing and thus supports the price, but that's just a coincidence..
For 3 years I ranted about the housing bubble....and then one day it blew. Same thing this time around. Everyone knows it is going to blow....just a matter of time. What is especially sad is the media don't even bother pretending it is abnormal. Corzine blows up a billion and walks...nothing. Oil supply is going to the moon...no worries 5% bump in price. Crooked bankers are given $10's of Trillion across the world as they pay themselves $10 Million bonuses...nothing to see. Eventually people will have had enough and it will be ugly. Heck even Yellen is admitting BANKERS ARE SCUM! Bernanke admits he was wrong and confused. Greenspan wrong and confused. Heck Bill Dudley admits bankers are scum. Once Obama is gone and the media are over their wet-dream...times are going to be UGLY!!!!
Don't fret. These sabotagers you describe are merely 'Dead Men Walking'. They think they have pulled one over 'our' eyes. Truth is, a terrible fate awaits them...It will not be pretty....They will wish they could do it all over 'honestly'. Sadly, their chance for redemption has passed and only macabre things await them....It is written.
wti fell from 107 to 44, guess what. there will be some two way action at some point
and that is why i just bought some euros too :-)