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Crude Carnage Continues After Another Inventory Build & Production Rise
For the 2nd week in a row, crude oil inventories saw a build (after 8 weeks of draws) albeit a modest 384k barrels. Cushing also saw an inventory build. At the same time, production rose very modestly back to near cycle record highs (thouygh we note an extremely small drop in Lower 48 production). Crude prices have tumbled on the news as apparently yesterday's exuberance over better demand data from EIA has been long forgotten...
Another build (and near record production)...
And prices give back yesterday's exuberant gains...
Charts: Bloomberg
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All commodities are getting killed with the Chinese stock markets losing $3 trillion in last few weeks.
Even Zero hedge got killed for an hour or so.
Die POO die!
Cause I think I'm gonna need to get gas tomorrow.
Duplicate - the postman always rings twice - especially when someone has been murdered
Pop corns never tasted better.
Pop corn, pop porn and some tissues ftw.
I'm sick of constantly feeling like we are on the cusp of something big.... get it over with for cripes sake.
It's already happening. Just not here. This is all about China. Greece is the side-show that kept everyone distracted. To this day I see more Greece stories than China stories.
Agreed, but some time it'going to be global.
Cabal firing cyber nailguns at ZH? Certainly fits their petulant profile along with race baiting, Ebola, and ISIS.
whe the fuck is gas still averaging over $3 gal?
I'm still betting on a < $42 price an dmany lots lower. Demand is way off and there's tons of inventory.
$80 oil by this fall because everyone needs oil
LMAO!!!
A buck a bbl is hardly carnage. Us pm hoarders see worse than that every week.
I tried having a boating accident with my crude but... wtf! who knew oil floats on water?
Wasn't too long ago 2015 was herald as year of The Great Recovery, instead everything is coming apart at the seams.
My recipe for sucess.. got "GOLD"... Got Oil Leveraged Down..
Peak oil, peak oil they said. The sky is falling, the sky is falling. If energy companies were not a monopoly fixing prices, a gallon of regular gas would be under $2.00 a gallon now. Wait until the sanctions come off of Iran and they double there oil production output.