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Crude Tumbles Despite 3rd Weekly Inventory Draw & Production Plunge
Following last night's 5.2 million barrel inventory draw reported by API, crude prices surged once again (bouncing off levels before the first inventory draw at the end of April). Consensus appears confused since Bloomberg median estimates were for a 1.75mm draw while survey respondents expected a 3.82 million barrel draw this morning. DOE data showed a disappointly lower than API, 2.67 million barrel draw - which initially sent crude prices tumbling... machines bid them back, and now they are plunging again. Production dropped 1.2% overall - its biggest weekly drop since July 2014.
3rd weekly inventory draw in a row...
And production plunged by the most in 10 months...
Which sent crude falling - then soaring - then dumping...
Retracing gains post API - as it appears the market was disappointed that the DOE draw was not as big as API had predicted
Charts: Bloomberg
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The markets are now green for the day so all is well!
.....I was having a panic attack thinking it could possibly fall by 2 or 3 points!!
God forbid!!!
Make your own gasoline!!!
https://www.youtube.com/watch?v=KCSOncuIWK8
To have any idea where crude is going, you must understand why it fell in the first place.
Crude TumblesHate to say we told you so, but quite a few of us did.
Oil & Gas are blast from the past people, infinite renewable electricity is where it's all going, MARK MY WORDS!
https://www.youtube.com/watch?v=GlOBJQlzzpM
How are you gonna use solar power to harvest the wheat crop?
No se hombre, no se...
crude production declinews all in Alaska. Lower 48 unchanged.......
Of course this is just market pumping. Oil production is always a variable but first off remember Cushing alone is a 600+ million barrel storage, so we're talking very small changes. Watch the quarterly and seasonal reports to see how the industry is really doing. Right now the summer driving season will be the make or break and if there isn't a big season, oil will take a large crap...again...
600 million barrels? Really?
Cushing is big and spread out and they've been building storage for decades. They supply most of the oil for Texas and the great plains refiners. That huge capacity is the lifeblood of the industry....
I suggest you look up Dunning-Kruger and get back to us....
BTW, http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W_EPC0_SAX_YCU...
Yep, screwed up and added a zero in my head, but still the drawdown was small.....
edit: 520 million US storage... http://www.usatoday.com/story/money/business/2015/03/29/of-storage-crunc...
It ain't all in Cushing...
Nope, and its not all US oil either, just most of it....
I am going to run right to the pump and fill up the tank, cause I know they are going to be giving that shit away now!
pods
Free gas with every donut combo.
How about lowering the price of gas you greedy fucksticks.
The price of crude has nothing to do with gas prices. It has everything to do with removing any medium to small player in the Shale plays. They want it for pennies on the dollar. It is also to hurt countries like Russia who are not complying with satan's agenda.
I'm locked into a $100/bl contract.
Sucks!
I hope you're playing. I do know there is a lot who are locked into high priced crude.
So what you're saying is, if they could jack the price for no reason, that would be a good thing.
LOL!!!! Now crude just PUMPED after the dump. Its back to 58.70
getting close to breaking pit session highs. Come on wally you can do it. Nothing says US markets like stop hunting longs and shorts. Of course you have to be a moron trading on Wednesdays.
Its back to 58.70
Chalk it up to 29.5 hr/wk jobs holders disposable income purchases.
That, or hot QE cash.
it wont last much longer. September is my guess. We shall see.
Fundstrat Global Advisors' Tom Lee says the key to the rally will be young people buying homes.
Is Cushing full yet? When will oil be $20?
I just rented a kiddie pool I bought from TG&Y to a Texan for 3k a month. Not a bad deal at all.
I wonder which central bank is buying usd/jpy? Up 60 pips on no news on already heavily overbought 1 & 4 hour charts. That pig is going to get sold hard soon. Same shit different month.
Everyone goes into fantasy land mode and tries to use the Fed. meetings/minutes for cover, to buy things that they know are full retard.
If I had to guess it would be the 2 in that pair above. Who want want either of the junk being peddled? it has to be them and maybe the other idiot - europe.
The entire theory of equity markets is the idea that no matter how overpriced shit is- there will always be a bigger fool who will buy and then sell to an even bigger fool.
This of course goes on until some lucid, rational fucker says I can live without stawks. Or tulip bulbs. One wonders when the lucid guy appears.
The radio says that this is the reason.
http://abcnews.go.com/US/wireStory/oregon-test-pay-mile-idea-replacement...
Predicting gas/oil prices with reality based data seems as effective as pulling the lever on a slot machine slots in Vegas or a palm reader
The USA might be literally plunging into a recession here....
Weekly Production plunge was 100% due to termporary decline in Alaskan production. There is nothing there to get excited about, probably a pipeline snafu.
The much bigger issue is that the lower 48 states saw produciton levels the same as last week. That is the portion that is much more econominally sensitive.
The products supply numbers the last two weeks are huge, and I think that the exports number being the exact same number out to four digits suggests some serious fudging.