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API Signals Fastest Inventory Build In At Least 34 Years
Against expectations of a 4.75 million barrel build (according to Bloomberg), API reported a 4.8 mm barrel build overall but the Cushing build (2mm barrels) was less than last week's 3mm build. This is the 11th weekly build in a row - the longest streak of builds since October 2004. The last 11 weeks have seen inventories build over 20% - the fastest pace on record.
- *API SAID TO REPORT CUSHING STOCKPILES UP 2M BBL
- *API SAID TO REPORT U.S. CRUDE STOCKPILES UP 4.8M BBL
Before the data hit, WTI popped after the data was released...
Crude Inventories are soaring at by far the fastest pace on record...
Charts: Bloomberg
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"the fastest pace on record."
c'mon. stick to the script
fastest pace since Lehman ... (and then some)
What would David Bird say about these numbers.
The first to go in the Calgary (former oil boom town) carnage is the toyz... you should see the deals right now on kijiji.ca
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
Build it and they will come.
Didn't you see the movie?
Ya, that's it.
Oilworld?
Field of Worthless Rigs??
HALLIBURTON
coming out our ass
Oilfield of broken dreams
Brokeback oil..
bullish...
<sigh>
And what is American oil production?
Minus...
American consumption
so where does all that oil keep comming from and why is nobody talking about it?
Why does America import so much surplus oil...
And who is buying the oild and paying for storage?
It’s not the drillers because they need to drill for income.
The answer to your question is refined petroleum products. They are making record margins on refined products right now. If oil prices do go up, those margins are even greater on the oil they bought at current prices. They can turn oil into plastics, gasoline, and the thousands of other products and charge insane amounts for them.
If oil is trading at $90, gasoline goes to $3.85 even if every barrel of oil used to refine said gasoline was bought for $45.
Not really.
Who’s buying and importing and paying for storage. That’s what I want to know.
I don’t believe the crap for a word. In june they say storage will be full?
I bet you a buck that it won’t get full. It’s just another scam to drive the price down, go long and crush all the lemmings who dream of 20 dollar oil And shorted it.
<-- War will soon come to fix the oil prices..
<-- War will not soon come to fix the oil prices...
The stockpiling is for the coming war..
Know your enemy
AD
Bought at 80 - 110 and could not get out did you.
Burn it all.
We don't need sales!
We have earnings!
Positive or negative, WHAT DIFFERENCE DOES IT MAKE.
Comrades, unite!
Need to get the reserves up before war
Those stockpiles where meanth to have the same effect as a ICBM launch.,intimidation. And it’s not working.
Those stockpiles?
Stockpiles = "they say" × Excell chart + idiots who believe everything writting on the big web
Old Yeller's TA soldiers gonna blow out the electricity grid slammin' keyboards trying to pump this piece of shit above the 10 week (SMA at 49.85). If/when this fails and it breaks 44 with enthusiasm low 30's can arrive rapidly.
Iran has a lot of supertankers already loaded to go and has openly said that they will increase production and bring it on full tilt to the world market if they get a nuclear agreement..Right now they are pipelining to China and Russia refines a lot of their product right now in a joint agreement.It then gets passed on to China.
http://www.forbes.com/pictures/fdhe45mhei/1-saudi-aramco-12-5-million-ba...
http://www.vox.com/2015/3/24/8283151/iran-oil-price
Wait... You're saying Obama is working toward an unconstitutional deal with an enemy state (Iran), which includes allowing them to produce and export more oil, thereby depressing the price and driving US Oil industry out of business?
IMAGINE THAT!
I'm pretty sure they sell all they want to India and China, the West has an embargo on Iranian oil, that's fine they just sell it East. It's all a game we keep buying into.
Nasdaq 10,000,or WTI $94,which comes first?
I pick the moon landing!
neither
The writing is on the wall.
SNAP DEPRESSION in next 6 months. Worldwide.
Demand is dropping like a rock. Why? Because by now, all of developed nation peoples (sheeples) have finally figures out they are screwed into retirement. Central Banks can't fix it. Governments are hopeless.
We've got a perfect storm occurring right in front of us. China free-falling. Japan is history. BRICs falling down. Europe basket case. AND to top it all of we have a broke USA. Just won't admit it yet.
Demand is going to continue to drop. Not a damn thing the Central Banks can do about it. Some outside event will trigger panic and that's all she worte. Have some gold on hand.
So it was simultaneously more than expected and less than expected? Seems like a good reason to buy.
We have to fill as many strategic storage receptacles as possible at these bargain basement prices so we can have enough for our planned war with Russia.
I'm sure gold storages are overfilling as well. Everyone returning their gold and the miners digging and panning out so much, and demand is probably dropping as well. Gold getting sold off at basement bargain prices soon just so that the gold smiths can keep the lights on in their shops.