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Stocks Jump, Oil Dumps After DOE Reports Bigger Than Expected Inventory Draw, Production Rises (Again)
Against expectations of a 2.0 mm bbl inventory draw, DOE reports a substantial 4.93mm bbl draw (double last week's draw) extending the streak of inventory drawdowns to 8 weeks. Crude production overall raose 0.16% to near a new cycle record high. The reaction - oil algos ran stops at highs then dumped... stocks just ripped - which allmakes perfect sense.
Inventories have fallen for 8 straight weeks...
But production near a new record high...
And the reaction... Crude down, stocks up
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ES spikes 2 minutes before the release. Unriggedly.
We have an infinite supply of abiotic oil. The vast size of the planet is producing oil at a rate that we can not keep up with.
It's not about how much oil there is, but how much money can be made. The last pump and dump was predicated on a 1.8 million barrel draw on 466 million barrels of storage. The refiners are already wondering if they can sell all the refined inventory they are making, but the futures market is too busy marking the cards to care.....
Yes, and I'd be interested to see what gasoline inventories look like for the same time period.
The question is what it will look like in August. Refiners, in order to meet demand must start refining ahead of driving season. If they are over-optimistic, they wind up eating inventory at a loss. If they guess wrong the other way, the gas price jumps a large amount, the sheep throw a shit fit and congress starts talking about hearings. They are screwed either way.....
Pulease, who goes "Driving", like a friggen' Rockefeller........We work our balls off while the kidz are at camp until school starts, what planet do you live on?
With crude 920am cst was first short signal from insider trading. 928am cst was there 2nd fill on orders. Then used quick spike at oil inventory release @930am cst to make a perfect double top to fill tribes orders. Got to make sure everyone is filled. Then quick drop and very easy money for them in a few minutes with their algos.
Normal.
crApple's up nearly 2% today as well. Anyone know why?
DavidC
It's the new Netflix
Becuz its the heaviest weighted stock in the S&P, NASD, Nasdaq, and DOW? Wanna buy an etf and own the whole market? Buy the etf AAPL....
PS good luck to you.
Yay, higher oils and gas prices! I feel better now.
The 1980s Oil Glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis. The world price of oil, which had peaked in 1980 at over US$35 per barrel ($100 per barrel today), fell in 1986 from $27 to below $10 ($58 to $22 today).[2][3] The glut began in the early 1980s as a result of slowed economic activity in industrial countries (due to the crises of the 1970s, especially in 1973 and 1979) and the energy conservation spurred by high fuel prices.[4] The inflation adjusted real 2004 dollar value of oil fell from an average of $78.2 in 1981 to an average of $26.8 per barrel in 1986
https://en.wikipedia.org/wiki/1980s_oil_glut
Got fifty miles to a gallon in a golf diesel back in those days plus 350,000 miles on the odo.
Car cost less than ten grand new too.
Again real time data in Bakken and TX show production declines while the estimated data shows a surge since march when is ZH going to finally start investigating the EIA games here? They are fudging production data to offset the inv draw to depress prices. Mike at Cornerstone Analytics has been on this all year..Tyler all u need is to call and research into it..or go to a recent oilprice.com article that exposes it.
Drilling equipment is a lot better now too.
Gotta pay for that of course...
Crude oil is now used primarily as a lubricant to un-clog buy orders on the NYSE..
I call bullshit on these drawdown figures. It's probably the DOE filling reserves or building stockpiles for some broken window, false flag, war in some far off 3rd world land.