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Crude Pops & Drops As API Reports Unexpected Inventory Draw
Against expectations of a 4.75 million barrel build, API reported an estimated inventory draw of 404,000 barrels - potentially ending the 8 week build streak if DOE confirms (following last week's huge DOE-reported 10,303 million barrel build). The initial reaction of the machines was a jerk higher, perfectly tagging $49.00, before tumbling back into the red.
Charts: Bloomberg
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Pump 'n Dump..
How appropriate for a viscous fluid.
Ha, nice try, Algos. The ZeroHedge-initiated "Short USO" trade is still running to us carbon-based traders' advantage.
Fingers crossed that it keeps trucking in the same direction, of course. ;)
Oil is money, not gold.
Nobody gives a shit about the API stats.
Tomorrow's EIA numbers will matter and the market will likely fade them anyhow.
There's the excuse for a 300 point advance tomorrow,
June 2015 is when the tanks are all full (on ZH).
Not really enough floating storage to change things (so far).
Then prices will really drop.
C'mon. EIA reports a 7M+ barrel build tomorrow.
That sounds like the same amount that burned up in Warren Buffett's train crashes. (That happen every two weeks)...
I wonder if Warren's insurance units are taking the hit on these train derailments, you would think probably so.
Rail lines shut down due to tanker 'crashes'. Inventory is there, just sitting on the tracks.
I would like to add for no particular reason that the Dept. of Energy is the most useless collection of kleptocrats the .gov has ever hatched
.......$38.75 crude on or about May 15th. That will mark the bottom.......a very, very flat bottom.
fog in houston has closed the channel.
Actually it's worse, a couple of ships ran into each other at Morgans Point and one leaked MTBE. When I was a kid in 1962, a chinese freighter and a swedish tanker ran into each other and exploded and burned. I remember the sailors coming in on lifeboats to Sylvan Beach. This was only about 4 miles south of where this collision took place. Then it was winter and it was foggy as well. This spot where these two ships collided is pretty much in front of a Coast Guard station. I always wondered how these collisions happen when you have pilots running the ships. This does happen to be a fairly tight spot though.
Good news is bad news....yet again.
Good news is bad news....yet again.
refinery shutdown season... seasonally adjusted basis on the API is tough to trade around... IMHO in other words ILMA (I Lose My Assets)