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Crude Inventories Rise For Record 15th Straight Week, Production Drops
DOE Inventory data confirmed API data overnight with a 5.3mm bbl build (notably better than expectations of 3.2mm and significantly higher than last week's 1.29mm build). Cushing saw a build that was the 2nd lowest since November 2014 (even though at +738k the build was well above expectations of +550k). Crude prices appear to jumping higher on the fact that production was a 2nd consecutive production cut (albeit very modest) even though we have seen such short-term drops before (and it was only Alaska that saw a drop -3.4% - lower 48 was flat 0.0%).
Inventories rose more than expected...
But production fell modestly for the 2nd week in a row...
Driven only by Alaska... lower 48 was flat...
Which appears to be the catalyst for the pump in crude...
Charts: Bloomberg
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"Crude Inventories Rise..."
It was the word 'rise' that made the algos buy.
DavidC
Tell me Pepe, would you say we have a plethora of crude?
For now. Either storage fills up and we get a fire sale, or production drops to the point where people start getting priced out of the market. Either way, this is not good for anything other than short term.
The downtrend is over peeps. BTFD
Take your own FRNs into the casino. I wouldn't touch this with Hillary's dick.
Go ahead and jump in, after all what could possibly go wrong?
The EIA is smoking crack on the lower 48...production in the Bakken is much lower than their shitty models have speculated...they always get the turns wrong, so possibly the better oil traders are looking at the actual, not goobermint, data.
Here is a real root cause analysis of the drop in crude prices. We can not find a solution until we know the cause and often people stop short of the real root cause.
I freelance over th? internet and earn about 80-85$ an hour. I was without a job for 7 months but last month my paycheck with big fat bonus was $15000 just working on my computer from my home for 5-6 hours. Here's what i have been doing... www.globe-report.com
perfect day
gold and silver very red , and everything all right
what are you going to...stop buying gasoline....Mr Fish in Barrel?
Holy Hell gold and silver just got blasted.
"Holy Hell gold and silver just went on sale!" -- fixed...
Just sold all mine to buy some Zimbabwe Bucks.
Yup, and stocks popped - anything to keep it all going for a bit longer. The last couple of days have felt like 'hanging on by fingernails' to me. McDonalds posts crap data and the stock goes up?!
Dow now back over 18,000. Again.
DavidC
"Holy Hell gold and silver just did what they always do when the US """markets""" are open."
Closed California Walmart Built On Former Military Industrial Complex Site
Why don't you submit articles to Tyler instead of pumping your blog nonstop? Otherwise, all you do is alienate us.
Well, that is a good thing for a country that is still a net importer with a high consumption rate...
Coming soon Open Ended Gasoline tax.
Energy is cheap up until it isn't
Putin Award Winner Haliburton Lays Off 9,000
though domestic production dropped slightly week over week ... 9.366 million barrels/day versus 9.384 million barrels/day
still WELL above on year over year
9.366 million barrels/day versus 8.360 million barrels/day
Saudia Arabia no likey
Sounds like it's time for another "accidental" explosion.
Blow it up and call it an accident is SOP, isn't it?
Reduce inventory by burning it.
So, why is the price at the pump inching up?
Are you suggesting that price discovery exists in this "market"?
good luck with that.
When has supply and demand determined price in this industry?
It's the manipulation of scarcity that drives oil prices.
My definition of manipulation includes the utility of fraud.
As well as other criminal behaviour.
Imports went back up by 617,000 bbl/day which accounts for 4.3mmbbl of the increase. The Cushing inventories rose only 700kbbl. When is Cushing going to overflow? Looks like the bullshit story is falling apart and oh by the way, gasoline inventories dropped another 2.1mmbbl, that is the fourth week in a row they have dropped I think. Gulf Coast storage increased by 5.5mmbbl so most of the increase was due to increased imports, who is the irresponsible producer dumping oil on the market? Not those of us producing domestically.
But hey, whats got into gold? Storage overflowing? That shit can't get it's head above 1200 for more than a couple of hours.