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WTI Spikes Above $55 After Crude Inventories Rise At Slowest Pace In 14 Weeks
For the 14th week in a row, US crude inventories rose; but against expectations of a 3.5mm build (and weak API overnight), DOE printed a mere 1.294mm bbl build - the lowest since the build streak began on the first week of January. Crude prices are spiking on the news (though we note last week saw the biggest build in 30 years with the 2 week average above trend). Total crude inventrory continues to make new record highs (and pressure Cushing capacity).
Lowest build since the 14 week streak began...
But total inventory remains at record highs...
Bear in mind that averaged across 2 weeks, the pace of build remains very stable...
and the reaction...
Charts: Bloomberg
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Of course the Algos see that as good as a fall, which it ain't
All are welcome to read my latest post...
How Peaking Global Crude Oil Production is Being Trumped by Slowing Global Credit Creation, Resulting in an Oil Glut!
http://econimica.blogspot.com/2015/04/how-peaking-global-crude-oil-production.html
Called it....
https://twitter.com/Intellikon/status/587742218762526720
Oil was $55 in December. Gasoline was under $2. When Oil was around $70 in October I paid $2.09 for gas.
Oil shot up to $53 yesterday and gas stations near me went up to $2.89.
Same price in oil $1 more for a gallon of gasoline. MAKES PERFECT FUCKING SENSE!!!!
WHERE IS MY NAILGUN!!!! SOME COMMODITY TRADERS NEED TO COMMIT SUICIDE!!!!!
well JP Morgan reported awesome earning from Commodities trading if that helps!
I think oil trading should be for 5 minutes per month, or maybe per quarter....solve a shitload of problems in the world just by that.
It's complicated.
You can borrow my nail gun any time. Just wash the blood off it before you give it back.
Pretty sure Gasoline at $4.25 would kill what's left of the middle class.
Remember, these are futures contracts on"maybe, maye not" prices at close. They are betting on rumors of a hot shooter at the craps table.....
Condensate ain't crude....
It is, just a different type.
For sure the Canadian dollar is still down. And gas and oil are 2 different things.
Fucking OIL now trading more erratically than a .com bubble era MOMO stawk.
Oil is not trading erratically -- it is trading EXACTLY as Goldman has programmed it!
Even if all storage facilities are full the price won't drop. They'll just overflow the tanks and let it spill out on the ground.
And imports up year over year:
http://ir.eia.gov/wpsr/wpsrsummary.pdf
Hey since bad news is bad news for some and not others... Seems China can still buy Australia on the cheap.
Last weeks build was mostly on the back of a huge increase of imports over the prior week. Without the extra 869,000 bbl/day that build would have only been about 4mmbbl. This week imports were down by over 1mmbbl/day so there you go. Less imports, less glut, it's not ALL about domestic production.
Crude oil imports were down only 0.1 M barrels per day, not 1.0.
Better clean your eye glasses chief or clean your screen.
U.S. crude oil imports averaged over 7.1 million barrels per day last week, down by 1.1 million barrels per day from the previous week
Do these algo oil prices include OPEC's decision to increase supply?
Send your answers on the back of a nailgun please to...........................
That oil rises when OPEC announces increase supply tells you that the price is not controlled by supply or demand, but by Goldman's trading algorithms. Oil stock shorts who are waiting for $20 oil are getting hammered this week. And that, is how the big banks profit EVERY DAY!
How's that $20 oil prediction working for you Tylers?? You have been bashing oil for months based on artifical numbers just like you were a lap dog for the oil manipulators. The reality is that Goldman is NOT going to let US consumers see $2.00 gasoline this summer. I'm riding my 'buy low' oil services stocks higher and waiting for the refinery fires, Nigerian rebels, oil spills, derailments, Middle East drone attacks, and whatever else Goldman is going to do to get oil prices up to $3.00+.