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Crude Pops (On The Biggest Inventory Draw In 11 Months) & Drops (On Production Rise)
Following API's considerably larger than expeted inventory draw last night, DOE reported a huge 6.81 million barrel draw (against expectations of a 3.46mm barrel draw). This is the biggest inventory draw in 11 months. In addition production rose once again (up 0.25%) to new record highs at 9.61mm bbl/day. Crude prices are holding gains after this.
Ibnventories plunged by the most in 11 months
And production rose once again...
It seems the machines took a little time to read the production data...
Close up - the difference between computers and humans...
One wonders - if production is so high everywhere and inventories are being drawn down and tanker fees are stillhigh - is all this production just going into the storage/carry trade?
Charts: Bloomberg
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Probably just a response to all the demand that's being created by buybacks.
It's June calls, after that it's back to 38$
$38 is a little ways off and they refining at close to capacity. How good summer will be is going to determine price and if people don't vacation as expected, oil will start sliding. Also, don't forget the HY bonds which will be coming due.....
** ALERT **
Watch out ZeroHedge commenters. The DOJ could be coming for you.
http://motherboard.vice.com/read/the-government-wants-names-of-online-co...
Where is the CT who keeps suggesting oil is getting moved around? Kind of hard to explain that in light of the data this week. The key is imports, they were only at 6.6mmbbl/day.
Is Cushing full yet? When will oil be $20?
shell game requires hiding the pea / ball until the desired position is reached and the audience is spellbound - then fuck em hard and fuckem deep
Standard practice of putting it in one inch at a time, rather than all at once.
did you see the article where they are loading tankers and "exporting" to Canada? It is complete a shell game...you have record supply and production....with demand stable at best. Gas demand in the USA has been falling for a decade!
I am waiting for the Bakken stats to be updated.
Last update was March...
https://www.dmr.nd.gov/oilgas/stats/historicalbakkenoilstats.pdf
their monthly data is 2 months behind. fyi.
Crude/Dow/S&P/nasdaq all topped..so obvious.
oil could be $10,000 per barrel just as easily as it could be $5 per barrel. No price discovery means no!
thank your banker/financier overlords and their puppets in CONgress.
So are you long SCO like I am then? :-)
Biggest draw huh? Where's all this oil going? Maybe Goldman the global rapist is putting it in contango on tankers waiting for the next false flag war to take place in the Middle East, then sell it at a profit. Sounds plausible to me!
Hedge fund shysters and banksters getting richer screwing over everyone else.
lot of the draw in the heart land of the country... hard to say if this has anything to do with canadian/bakken fires or just an abberation in stat. Lot of market still seems to be short spreads/market oversupplied.
in other news the Chinese keep on buying!
"China’s proposal to expand the 35,000-bpd Petrojam refinery in Jamaica may proceed in a few weeks after approval by Petrojam’s partner, PDVSA. Jamaican Energy Minister Philip Paulwell plans to close the Kingston refinery if the expansion project does not get underway, but he did not announce a deadline. After PDVSA was unable to fulfill its promises to expand the refinery, Chinese companies proposed a financing plan."
ALL TIME LARGEST STOCK PILE OF CRUDE EVER! Why would the price bother falling...WHAT A JOKE!
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The more widely the ISIS lies are exposed the better our chances of overcoming the current tyranny.
please share
So you think the production numbers are real? Hahahahahahahahhahahahahahahhahahahah
#GibsonsParadox