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Crude Extends Gains After API Reports Large Drop In Inventories
After a brief respite of 2 weeks of inventory builds, API just reported a major 7.3 million barrel inventory draw (far bigger than the 1.2mm barrel expected) and the biggest since July 2014...
WTI Crude has jumped back above $53 on the news...
Charts: Bloomberg
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but but but...... i thought the iran deal was going to send oil to new lows?
The old buy the rumor sell the news stick in the eye but in this case it's short the rumor buy the news. Biggest draw down yet if the API data is correct.
I wonder when Cushing is due to fill up? What oil really needs is about three more of these in a row to wake this market up a bit. The shorts are way too complacent and sure of themselves at this point.
Exactament; mi cher. When you get back month oil contratcs right and wait for months; one trade can make $100,000.
The useful idiots telling us that Iran will drive oil lower are looking at a 3D world with one eye.
Iran has been selling their oil on the black market, let's not kid ourselves. They've had to undercut market prices for buyers to want to risk the purchase. Saudi was losing market share to this cheaper shadow oil. Ergo Saudi "inexplicably" offering discounting to "keep" marketshare.
Now that Iran is coming back "online", they will price at actual market price and that shadow oil will no longer force Saudi to shave pricing. The gravity pulling down oil prices just got a lot lighter.
And; I"m repeating myself now; I"m long Crude for Dec.'15 from $54 even; and in the money. Why ? Because I'm a contrarian. Now you can tell your mother you met a real live contrarian. But only one.
Bull$hit...part of the "recovery" charade to boost crude prices...
I trust you.
Sing it ! .... oil pricing has everything to do with fundamentals .... la-la-la-la-la
JPM picked up a Greek tanker for pennies on the dollar to ghost ship more oil?
It'll end up next to the boat that carried gold.
Should be great news for Gold. But then again the news every day in 2015 should have been great news for Gold.
Fuck, just getting up in the morning should be great news for gold at this point.
There is no great news for gold. Before long, we may forget what it is.
You guys are being suckered in....I get all my best advice from the Yahoo financial comment sections and they say, "Buy! Buy! Buy!"
[sarc...wait until it drops to $40 which is inevitable now imo ... and my opinion is worth what you're paying for it]
Refineries are creating a supply glut in California not because of collusion, shut downs, and selling gas internationally but rather due to the premium gas retailers buying gas higher from refineries, low inventories, and taxes.
I have exhausted my odor mask and worn out the 'ol fecal gloves from sifting through the decomposing piles shit everyday readily available on financial sites.
So Iran will get online in 6 months with a supply of 500k barrels a day and that is bullish news. The fact is, as was stated by the squids, this is a global market and will be led by global financiers. Futures are priced in lower...Short squeeze?
That makes sense... NOT. The Jobs numbers were complete shit last week, and retail sales were complete shit today.
Maybe it was carryover from the holiday, and the kids just getting out of school.
7 million barrels just got loaded on tankers somewhere....there are lies and damn lies!
I'm not sure they even need to go to that much trouble. They could just lie about the inventory levels.
or they could just not bother with stupid inventories and ramp the futures whichever way will make them money on their options
http://www.hellenicshippingnews.com/third-of-chartered-vlccs-are-for-flo...
Yep.
http://www.zerohedge.com/news/2015-07-14/multi-trillion-dollar-oil-marke...
Who the hell is playing with something over 300 million gallons of crude oil.
This has to be bullshit from the markets. Someone is trying to up the price of oil, and is ain't the producers.
Need it for jets, tanks and ships. I see a major shitstorm in the works.
http://finance.yahoo.com/video/iran-supply-pushes-oil-10-115300946.html
Geee......
Another prediction that happens in a vacuum. But he got his name out there to shill his newsletter again.
So the Government should support the Dick Cheney "take out" of Baker Hughes then?
Very confusing...
Evaporation.
In light of the chess board being entirely rearranged by the new Saudi-Russia alliance, we probably better put Canada's pipeline in, like now.
Between Opec and Russian production there is something like 45% of global oil output. Where the hell are we going to get our oil if they should decide to sell elsewhere or sell at exorbitant prices?
I imagine we will continue to see the US reverse it's stance on Iran and maybe even become so doveish to offer free BJs.