This page has been archived and commenting is disabled.
WTI Crude Prices Are Plunging (Again)
It appears the oil-spoofing machines are unhappy with the 'good' news this morning on orders and US housing - or perhaps they read this - but for now, WTI Crude front-month futures are back below $58.50, down over 2% on heavy volume...
»
- 10118 reads
- Printer-friendly version
- Send to friend
- advertisements -
MOAR!!!
There’s an interesting Bild article about Obama’s threatening to boycott the upcoming G7 meeting if Germany publishes the list of the NSA’s targets in Germany.
This issue has nothing to do with the usual boogeymen, i.e., Arabs, Russians, or Chinese. Will Merkel finally unzip her fly and let her BALLS swing in the wind? ;-)
Looney
P.S. If any of youZ speak German or not lazy enough to translate it, here’s the link:
http://www.bild.de/politik/inland/bnd/affaire-bringt-merkel-probleme-mit...
down over 2% on heavy volume...
Now we're talking.
Not to mention USD/JPY blows through 123.
Highest in 8 years...
Since LehmanTM?
Careful, I got killed for saying that.
I have noticed that this pair tend to blows by a period of 6-8 months and about 1000-2000 pips depending on volatility then consolidate 6-8 months with a 200-300 range, then blows again and so on.
Last time it stalled like that was 6 months ago.
Time to see a rally to 133 ?
Edit: Last time it was in 123 handle: in July 2007 !
Edit: Last time it was in 123 handle: in July 2007 !
Do you find it interesting that July 2007 was a mere 3 months before the last market top?
crude prices plunging because of the *huge* production coming from shale fields, which can only increase going forward
metals "plunging" too
credit the strong dollar, plus people liquidating their metal positions to jump more fully into the exciting growth opportunities in emerging markets
hugs,
krugs
vince -- how you been, pal?
End of month option expiries on gold as well. Took gold to the cleaners late last month too.
Everything is always "plunging"
It is a matter of the slope of the function w.r.t. time.
If it is declining then it is written, But if it appears as a 75o + decline then it is correctly noted as a plunge.
Now perhaps you want a biased longer term time frame so that you can write declining rather than plunging..
If you want those Unicorn Fart headlines then by all means go to Yahoo Finance or Bloomberg.
Don't forget to tune into CNBS while you are at it.
It was just an aberration that gasoline spiked for the holiday, so no manipulation to be seen here.
Just move along now, move along ;-)
guess the algs aren't falling for that news about Iraq being all blowuppy with their refineries and fields again
if low to minimal volume can easily move the bar up, and it takes massively more volume to move it back down the same amount
does that say... something?
Too much inventory for the central banks to hide and not report.
Summer driving season must already be OVER.
Some of us are going nowhere fast.
In a sense it already is over. The gasoline that will be used during the summer is refined during spring. The refineries switch over to summer grade in March.
"oil spoofing machines" is good. Instead of HFT we should name them by their crimes: spoofing, front running etc.
How long can they keep up the game...this from the WSJ?
"Crude-oil exports to Canada provided a crucial relief valve for U.S. producers this year, according to a new report from data provider Genscape Inc.
Almost 19 million barrels were shipped from the U.S. Gulf Coast to Canada’s eastern coast from the beginning of the year through early May, according to Genscape. Without those shipments, storage terminals in Corpus Christi, Texas, would have run out of capacity by now, according to the report, which is slated to be released on Wednesday."
http://www.wsj.com/articles/exports-to-canada-kept-u-s-gulf-coast-storag...
That along with the reduction in US crude imports from 9mbpd to 2mbpd. Now there's a flood of oil on the world market. African tankers have been sitting full with no buyers in the spot market while the futures market prices were rallying 40% during April. Once China gets their fill of oil, watch out below.
So Canada is shipping oil to the Gulf Coast and we're sending it back to them? LOL
Canada, that self-deprecating exporter of non-value added raw materials for pennies on the dollar, has always performed this shooting itself in the foot act.
Is Cushing full yet? When will oil be $20? When will gold get over $1200 again? How much is gold down this morning? How come there is no gold spoofing machine?