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Bigger Than Expected Inventory Build & Record Production Sparks WTI Slump To 6-Week Low
An initial kneejerk higher after last night's surprise API inventory draw is long forgotten as USD strength (and no signs of global growth returning) has dragged WTI Crude back to $48.01 - its lowest in almost 5 weeks... As traders awaited today's DOE inventory/production report, it appears expectations were that there will be a 4.75 million barrel build, notably divergent from API's print... and sure enough DOE printed 4.512 million barrels - the ninth weekly build in a row. That immediately sent WTI tumbling beloiw $47.50 on heavy volume. Storage concerns grow as Cushing rose a greater-than-expected 2.32mm barrels and production hit a new record high at 9.366 mm b/d.
From the kneejerk jump after the inventory draw... finding temporary support at $48.00 before today's DOE report...
Then the 9th build in a row hit...
and dumped WTI...
Its lowest in 6 weeks...
Charts: Bloomberg
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DOE Crude build of 4.5...
API's aren't worth dick
Oil to $200!!!
ROFL!! Dumbass bulls, this must hurt, as stupidity should.
The only problem is the sheep ain't driving enough but another Obozo executive order will fix that.......
Obamacare, studentdebtcare,autocare, bankcare...
Oilcare! FSA Forward!
43 by the end of the month. Silver will be negative.
Silver about to bang 6 year lows. I agree with WTI. DX at over 100?!
Can't predict anything in the central planners world anymore.
Anyone have insight on the effect of dollar strength going into Q2 for earnings fallout?
The Fed has been telling you exactly what to invest in for the last 6 years. Please follow the path they have laid out for you.
Q1 earnings - particularly S & P will get whumped - check out FactSet. Earnings down 5 - 8 %
Q 1 GDP forecast by Atlanta Fed staff at 1.2. Exports gonna get hit hard.
When the GDP & Earnings hit the fan in April, should clobber stocks. Maybe the raw-raws at CNBS will get a effing clue. Buy yer April & May Puts while they are still cheap.
Q1 earnings - particularly S & P will get whumped - check out FactSet. Earnings down 5 - 8 %
Q 1 GDP forecast by Atlanta Fed staff at 1.2. Exports gonna get hit hard.
When the GDP & Earnings hit the fan in April, should clobber stocks. Maybe the raw-raws at CNBS will get a effing clue. Buy yer April & May Puts while they are still cheap.
Q1 earnings - particularly S & P will get whumped - check out FactSet. Earnings down 5 - 8 %
Q 1 GDP forecast by Atlanta Fed staff at 1.2. Exports gonna get hit hard.
When the GDP & Earnings hit the fan in April, should clobber stocks. Maybe the raw-raws at CNBS will get a effing clue. Buy yer April & May Puts while they are still cheap.
Flirting and cock teasing with the 10 week SMA for a handful of weeks now as projected. Despite endless cheerleading appears they are having trouble sucking in enough new Pisanis. When it moves below this 49ish zone with volume and zip that's likely the start of the next leg down. Breaking 44ish sends it into the 30's.
jeez, inventory build in silver?
Dune energy out of Houston goes into Ch 11. Canadian bank has heavy exposure.
http://www.marketwatch.com/story/dune-energy-to-begin-swift-bankruptcy-p...
and they want to legalize stupid shits filming idling cars in New York. The world has gone full retard.
I ROFLMAO as they keep playing this commercial: https://www.youtube.com/watch?v=HkK6EFqwHZY&spfreload=10
Pant suited (so you take her seriously) fracking wonk keeps me laughing too. Just absurd.
It would be fun to hack the stream with cut ins of flames coming out of peoples faucets and "citizens" doubled over in pain, vomiting, turning grey and black etc.
We are down to 500k barrels a day from Saudi...use to be 2 Million.... Be a real bummer not sending the middle east billions a week. Only good thing happening on the planet!
And yet imports not down much year over year. Who's our growing exporter?
"and sure enough DOE printed 4.512 million barrels - the ninth weekly build in a row."
who do they think they are, the Fed?
This is why the serious or joking idea of taking on a bunch of debt is not a good idea. The policy of having no debt will secure you against crazy bouts of credit deflation like what is going on right now in the US the land of the printing press.
Deflation bitches
yep. second the deflation bitches.
Just look at energy consumpion in the US....Unless we've become incredibly efficient in the last 8 years or our output/consumption is shrinking in the face of massive monetary expansion. The monetary shit isn't working as planned.
Gas will keep going up at the pump.
Demand
Summer Formulation
Seasonal Adjustments
A 4.5 million build on expectations of 4.7 million build?
When any stock I own misses expectations by a penny, it gets hammered.
How can this NOT be bullish for oil?
Hell - API had a drawdown reported last night. Ran up prices overnight til the EIA number hit this morning.
It's funny that with storage running out that imports are barely lower than last year. Why all the imports?
http://ir.eia.gov/wpsr/wpsrsummary.pdf
Keep blowing up the oil.
To maintain prices.
meanwhile, gas is still $4/gallon here in my part of #Failifornia...
I've got a friend in the 'oil business'. He keeps telling me about the wells he is planning on investing in to drill. He said these are all profitable until around $25/barrel. I guess we will see if the rig counts continue to come down and if so, what is the actual depletion rate is in some of these fields.
Where the Eff is the Plunge Protection committee when we really need em!
Shouout to API! Get a bit more in synch with EIA - thanks.