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Crude Spikes After First Cushing Inventory Draw Since November
For the first time since November 2014, Cushing saw an inventory decline (-514k) last week. This has promopted a spike up to yesterday's highs in WTI Crude. The total inventgory build was 1.9mm bbl (less than the expected 3.2mm bbl) but continues the record streak to 16 weeks.
Cushing "Draw"...
But total inventories rose for the 16th week in a row...
WTI shot up to run yesterday's stops near $58...
Charts: Bloomberg
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Crude in the $20's. Yea about that ......
2500 S&P and $100 oil is the next stop.
lol what ever happened to $20 oil
how many ZH sheep bet on that?
All an illusion. Summer formulations, phoney demand numbers, please!
Yep, Spring draw down, but they don't talk about refined inventory......
Still waiting for that huge wave of defaults in the shale companies that ZH was predicting...
Watch the bond market. There are geniuses who are still buying NEW bond floats but over the summer-early fall we'll start seeing payment defaults among the weak.....
If you can't fill it up anymore does it then have to draw down?
So what you're saying is that there was a draw because of the inevitable and predictable ramping up of refineries preparing for the summer driving season? And we could quite easily extrapolate another large draw going into May? Where's that "$47 handle" now?
If you have an inground swimming pool, I will pay you fifty cents (USD) per barrel to store crude oil in your pool for 3 months.
Go to www.storecrudeinyourpool4cashmoney.com for details.
That is funny
except it is a bad link
I expect drilling copmpanies to rehire everyone, take out more loans and begin punching holes in the ground again any minute now.
It's going to stay low until the dollar is replaced.
Replaced by a NAU shit dollar.
i don't think marginal oil producers are out of the woods yet. oil inventory is usually a lot lower this time of year.
Told ya so.
But at least there is Aapl:
American Airlines planes grounded by iPad app errorhttp://www.bbc.co.uk/news/technology-32513066#sa-ns_mchannel=rss&ns_sour...
Tattoos may stop Apple Watch from workinghttp://money.cnn.com/2015/04/29/technology/apple-watch-tattoos/index.html
I am confused on whether crude price is following supply/demand, the US Dollar index, or outright market manipulation? I am short crude with a position in SCO, but it doesn't look like that will pay off in the near future. Is there still contango in my favor?
The answer to your question is outright market manipulation. Do you really think the most important commodity in the world should have 20% monthly swings?
Did you buy SCO when GS released their report of lollargager cheap crude a few weeks ago? That was actually a "short SCO" signal.
Yeah, I should have known. No, I bought it when crude had come up from 42 to about 50 on the May futures contract. So... I'm basically screwed. What else is new? :-)
SO if a tiny little draw from an overflowing storage area can cause crude to spike $2, then the market manipulators will do all they can to move a few million barrels around to make it look like demand for oil is increasing thereby fooling the algos into pumping crude prices even higher.
The entire market is manipulated. The fundamentals put crude around $30 a barrel. BUT THAT JUST WON'T STAND IN JEW LAND. It is much easier to manipulate the paper contracts to make billions out of thin air than to let producers and consumers regulate the price.
Which fundamentals, specifically?
What comes first?
1. north american union
2. new non-reserve shit dollar
Saw a headline on Bloomberg like two days ago ~ orphaned crude tanker rejected at US ports heads to east wondering if it can unload there.
Oil will break from the dollar at one point or another and follow the strength of gold if the dollar is to lose its value due to actions we will have to see yet to occur.
U know if all actions were taken and the dollar was killed and the entire value was taken out of it at one point after all the other shit was pulled out of oil (dollar, economy and inventory~ which might even hold w higher stockpiles at later date if dollar totally worth nada)... Oil would begin to act as an item of value compared to the dollar and seperate from the dollar value of nada.
That tanker was full of some of the shittiest oil available, no one will refine it here because it will destroy their tanks and piping unless heavily mixed with better oil.
Amazong that this made-up number for the inventory draw just happens to coincide with a thrashing of the US Dollar -- almost like it was PLANNED that way!
Oil scumbags trying to keep people used to paying over 2.50 a gallon in the US. Why all the talk about these "fundamentals" still?
So in the economy right... america was making money in the oil economy and it crashed and with bad financing keeping it going via gov and the price rising while peeps spend all money on obamacare and higher price oil that will kill the economy and wouldn't be the first time our gov has made this mistake!
And next quarter is fucked as since channels all stuffed to have the GDP be a whopping .2% vs -2.6%
And what's next in the magic bag of tricks are more dangerous than stimulative!
Oh oh oh and if prices of oil collapse and then all the bad financing comes tumbling there after of high yield... And quandary economics begins a life of its own.
As either way the economy be fucked...