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Crude Oil Jumps After API Reports Significant Inventory Draw
While API and DOE data has not exactly been consistent recently, the fact that API reported a huge 6.7 million barrel inventory draw for the last week is significant. Of course, all eyes will be focused on production data tomorrow but for now, WTI prices are up at the highs of the day.
WTI loves the news...
For some context on the size of the draw...
Charts: Bloomberg
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Game of churn. Can't make a return unless pump and dump occurs.
Past ridiculous.
But I just read that production is at a 42 year high.
Just let me know which report to trade from damn it!
Who started this silly fantasy that every move in price means something improper has taken place?
Except when gold and/or silver go up, that means all is right with the world. If they go down, it's manipulation though.
When API reported inventory builds the past two weeks, they told us API is never right and oil prices went up. Now API reports inventory draws and they're suddenly right?
No stop order left unrun.
Pump, dump, pump, dump...qui bono? Oooohhhhh, the bankers!
Mother fucking driving season! Vacay bitchez!
https://www.youtube.com/watch?v=XJ9xQejLfe0
I can't parse the day to day stuff... why the large single day draw? - but I suspect US troops are going into Syria and/or Iraq in some numbers soon - within the month, which will be a nice spike, right?
Btw - why is it everyone believes ISIS is funded through oil sales, but no one is asking who is buying the shit?
1) It's not a single day draw. It's a weekly report.
2) We don't need to go into Syria because we already have a proxy army and the Air Force and CIA there.
3) Turkey, Greece; whoever can get it for 35$/bbl. That's why those arabs are bombing tankers off the libyan coast. To be all like "oh no you didn't just take over a refinery and then cut into our market share".
So, there's your answer numbnuts.
it only takes 4 tankers....taking oil to eastern canada from the gulf of mexico....it so absurd the games they play.
We had big draws last year but oil plummeted. We have more oil this year and demand hasn't taken off.
DOE is seasonally adjusted just like everything else right?
The real story will never be known. Whatever allows the cabal to make money will be reported.
What is very strange is that gasoline went from $2.15 to $2.90 in two months, but diesel went from $3.10 to $2.80. So now many places diesel is less expensive than unleaded gas. WTF.
like you say, the CABAL knows what the prices will be. It is no longer rational, the big money drives the trade and you are either cut out or lucky to pick up the scraps if you are synced.
adr - It used to be that way when I was a kid too but of course......... after I bought a diesel it inverted!
the real story can be known, if you ignore the MSM memes and dig up the raw stats and industry(not MSM) reports.
you come from a real industry, adr, you know the reality in your industry is almost always different than the reports put out by MSM journalists or "finance analysts".
what makes you think they know any more about oil or [insert industry name here] other than to fool people who don't have a clue?
most sectors have their own industry reports and companies devoted to their industry's stats, they just do not report widely to the general public. You need to look them up yourself.
AKA spill.
Someone is manipulating oil inventory data.
SPR - Strategic Patroleum Reserve! That's all one needs to know!
lol ya think? pump and dump.
lol ya think? pump and dump.
Anything goes when some oil is extracted when marginal cost is more than marginal revenue.