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Crude Tumbles On Cushing, Gasoline Inventory Build, Lower 48 Production Rise
Following last week's major inventory draw (and last night's less than expected API-reported inventory draw), DOE reports a 2.68 million barrel draw (slightly less of a draw than expectations of 2.79 million barrels). End products saw inventories rise considerably more than expected (Gasoline +460k vs -800k exp) and Cushing saw a build (+112k vs -850k exp.). Oil prices dropped on the news despite a very modest drop in production (-0.2%) which was all Alaska (as the Lower 48 saw production rise).
While the overall inventory saw a draw, Cushing and Gasoline saw notable builds...
And production rose (in the Lower 48) once again...
The reaction is clear...
Charts: Bloomberg
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Crude is up almost a buck.
Must be Goldman doing gods work to twist mkt
Crude does not slide..................it slips!
But try running you car on KY.
This must be "panic selling"..... Worst since Lehman...
Crude stock is down and refined inventory is up. It's a good thing they aren't connected or anything....
I love Zero Hedge. Who the fuck needs spell check?
Edit: Cool, fixed it.
Oil as the HEART of the global economy has at most a decade left, if that.
The intelligent money is doing musky things.
If more oil is the future, we're fucked and have failed as a species and definitely as a technological species, if this loud, dangerous, explosive way is the best we have managed in all these years.
Viktor Schauberger was done in by Texan oil interests...
*rubs hands in glee*
And I say this as a person who loves a good car/bike as much as the next person.
Enough though....
Zero One...
https://www.youtube.com/watch?v=AqO8IxnHLUs
Hey dope ZH imports surged by 444K ex that inv draw would have been 6MB..........plus prod FELL by 20k....again i though $60 would spur rigs...u see the price manipulation afoote....break out oil above $61 then crash to rope buyers in then stop em out...wake the hell up here.
and notice dollar surge to add more fuel at exactly 10:30? idiots are folling no one
They'll gin it back up, Summer driving season!
Keep that Oil Market VOLATILE.
We need to crush the levered Derivative owners...like Douchebunk.
Collapse the Derivatives Market and the whole God damned system implodes into an ash heap.
Good Bye Fraud.
Good Bye Corruption.
Let the whold God damned system BURN.
Collapse baby collapse. Burn baby, BURN!!!
Thank you Saudis. Thank you.
Why is the price at the pump $2.95/gal (where I live) when the price of a barrel of oil is under $65?
When oil was over $90/bbl, the price at the pump was the same!
Sorry, I'm from Dumbfuckistan and I have the sneaking suspicion we are being raped.
It's $3.95 here in So Cal and I am just tickled to be alive.
It is good sign that the price of crude oil is falling inversely with the enormous strength of the global economy.
Or did I have too much sarcasm and eggs for b'fast?