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Crude Slides After API Shows Another Inventory Build
Just when everyone thought it was fixed, crude inventories start building again as API reports (for the 2nd week):
*API SAID TO REPORT CRUDE SUPPLIES ROSE 1.8M BBL LAST WEEK
This follows a surprising 1.3 million barrel build last week reporrted by API. WTI slipped back to $61.00 after hours...
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Except they were wrong last week.
Oil is now rising due to inventory build.
The Fourth of July, gentlemen, is the traditional peak for gas prices.
One more month, and this puppy falls out of bed.
rise last week after EIA said they fell last week..oh one forgot to mention that right?
An Arabian summer will fix that.
And remember, a weak dollar is high oil. AND THE DOLLAR IS LOSING IT RIGHT NOW.
It is what is in the detail of the crude slides that matters.
Great! Now Goldman can unwind their short position after hours,before the EIA releases their report tomorrow,which will show a drawdown of 2.5M BBL,just like what happened last week,and the week before that,and...
we are going to need to park some more tankers
Will you fkn consumers get out there and consume more gasoline? Damn It!
oh, okay but can we have some free money please
Inventories are flat at the peak of driving season. Refineries run the summer blend during march thru june. Wait until fall
Slide? it just broke the month-long channel top today
Betcha we get some draws right as the algos drive up the oil price for the Fourth of July.
And:
Investors cut bets on oil-price recovery
1 June 2015, by Georgi Kantchev - London (MarketWatch)
http://www.marketwatch.com/story/investors-cut-bets-on-oil-price-recovery-2015-06-01-9485337
API numbers are BS. EIA number is far more important.