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Crude Slips On Surprise API Inventory Build
After 8 weeks of drawdowns in crude inventories, API reports a 1.9 million barrel build in the past week. Crude's response is a 60c drop for now...
A crude build after 8 weeks of draws...
And the result...
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Buy on the rumor, sell on the news.
It's official:
Midnight in Greece...
Do you know where your IMF payment is?
this is the API's....No one gives a shit about their report.
$60 is the new $100
Get used to it
The 20:30 candle. 59.3 - 58.8 = 50c .. And by the time the article published it was less than 50c drop..
"Oh, shit...
On a side note "at least the United States has oil...
That's a pretty big build. The Chinese & Japanese Industrial production numbers are out later, so that will move CL prices around in Asia.
refreshing non-greek porn
Reminds me, the Iranian oil sanctions were supposed to end today
http://www.bloomberg.com/news/articles/2015-06-07/iran-to-boost-oil-exports-after-sanctions-even-if-prices-fall
And that just in the summer when oil has always rissen so far... promisses a lot for after the summer...
See Oilprice dot com on why EIA numbers are rigged..Tyler will u ever investigate?
Many people switching to natural gas heat.
no need for oil when you're about to have a greece fire
Bahahahaa!
It's the end of June and a ton of the capped production in Ohio, PA, and WV is coming back online.
The drillers cap wells for six months to build back pressure and then they pop the cap and get huge spikes in production.
One of the greatest lies ever told is that is costs $70 a barrel to pump shale oil. These wells are also producing far more oil and condensates than they thought. One reason why production keeps going up. The narrative about drillers going bankrupt because $60 oil is too cheap to drill is pure fiction created by the commodity speculators to give reason for their pure manipulation of the oil contracts.
How do I know this?
Because instead of reading articles published by hedge funds or listening to oilprice.com, I talk to people on the ground in St. Clairesville. There are millions of acres that have had rights sold but haven't even been touched. The guys here all know the guys in the Dakotas. The bust up there is due to too many people chasing a limited amount of work. There is simply no reason to drill and pump more oil when there isn't enough demand for what has already been pumped. If you started a new operation, but have nobody to sell ro because the market is oversupplied, of course you aren't going to make money. The wells that are producing can make a profit even with oil at $30. You really think it costs ten times more to get oil out of some rock in Ohio than some rock in Saudi Arabia?
The entire financial complex has been so far removed from real business that they don't understand the simplest concepts. If all you have ever done is produce through fraud, you can't ever make an honest buck.
"There is simply no reason to drill and pump more oil when there isn't enough demand for what has already been pumped."
many leases between landholder and producer are based on royalty from production. If production stops for any material length (outside of maintenance) then lease voids (and if it favors producers? ... no doubt legal teams of energy producers wrote favorable terms that ma & pa agreed to) ... good reason to keep pumping ... no matter what
"You really think it costs ten times more to get oil out of some rock in Ohio than some rock in Saudi Arabia?"
What a retarded statement ........
do you really think you can talk about something on which you know nothing about ?
signed a petroleum geologist
The correct word in these cases is "unexpected".
I have a better one... "unprecedented"
Or perhaps it should read "previously unreported and lied about".
Has this data been seasonally adjusted for climate x2?