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DOE Confirms Larger Than Expected Crude Inventory Draw, Production Drops Most In 2 Months
Confirming API's report of a significant inventory draw, DOE just reported that, after 2 weeks of builds, US crude inventories fell 4.346 million barrels last week. Crude production also fell 0.44% - the most in 2 months. Crude initially drooped but is rising now...
Significant draw...
And production fell the most in 2 months...
But Crude prices are dropping modestly after this draw...
Charts: Bloomberg
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but crude prices are sliding on the news...
Crude can only fall in the free and fair markets of the West ever since the Nobel Prize Winner declared a full spectrum war against Russia and its main export, energy.
Paul Craig Roberts covers all the manipulations:
The stock market is high because corporations are the biggest purchases of stock. Buying back their own stock supports or raises the share price, enabling executives and boards to sell their shares or cash in their options at a profitable price. The cash that Quantitative Easing has given to the mega-banks leaves ample room for speculating in stocks, thus pushing up the price despite the absence of fundamentals that would support a rising stock market.
In other words, in America today there are no free financial markets. The markets are rigged by the Federal Reserve’s Quantitative Easing, by gold price manipulation, by the Treasury’s Plunge Protection Team and Exchange Stabilization Fund, and by the big private banks.
Allegedly, QE is over, but it is not. The Fed intends to roll over the interest and principle from its bloated $4.5 trillion bond portfolio into purchases of more bonds, and the banks intend to fill in the gaps by using the $2.6 trillion in their cash on deposit with the Fed to purchase bonds. QE has morphed, not ended. The money the Fed paid the banks for bonds will now be used by the banks to support the bond price by purchasing bonds.
Normally when massive amounts of debt and money are created the currency collapses, but the dollar has been strengthening. The dollar gains strength from the rigging of the gold price in the futures market. The Federal Reserve’s agents, the bullion banks, print paper futures contracts representing many tonnes of gold and dump them them into the market during periods of light or nonexistent trading. This drives down the gold price despite rising demand for the physical metal. This manipulation is done in order to counteract the effect of the expansion of money and debt on the dollar’s exchange value. A declining dollar price of gold makes the dollar look strong.
The dollar also gains the appearance of strength from debt monetization by the Bank of Japan and the European Central Bank. The Bank of Japan’s Quantitative Easing program is even larger than the Fed’s. Even Switzerland is rigging the price of the Swiss franc. Since all currencies are inflating, the dollar does not decline in exchange value.
http://www.paulcraigroberts.org/2014/12/17/financial-market-manipulation...
Is it safe to say at this point that crude isn't allowed to fall be low $52 it seems that every time it does it somehow bounces right back above it. Anyone else see this? BTW Paul Craig Roberts is right on point.
If the paper gold conspiracy were true... how come there is still gold available to buy in jewelers and places?
Surely if the gold market was oversupplied with paper than physical gold would become scarcer via suppressed production (following artificially low prices) and increased demand (following artificially low prices).
This is what happened under communism, when prices were fixed by a central command. The prices would never be fixed at the required lever and this would result in scarcity of some resources and mountains of inventory of other resources.
If the gold price is wrong, then how come there isn't either a scarcity of gold or a mountain of gold?? Same applies to silver and oil.
Surly the outcome of price fixing is the same whether it is done via market manipulation or via government dictat. Yet where is the inventory evidence of price fixing to the extent that some believe??
I'm assuming you didn't notice that the US mint ran out of silver oz's, and that the gold from the vault under the WTC went missing and the gold from Ukraine, Mali, Iraq, Libya and Saudi Arabia got confiscated?
And John Corzine?
And meanwhile you should avoid noticing the heavy inventory draw from the same time last year......
In 1971 US oil production came to a peak and began to decline. The following decade saw two energy crises and extreme economic stagflation. This is also the time when the US went off the gold standard completely.
In 1987 oil production in the Soviet Union peaked and began to decline. By 1991, after political and economic collapse, the country became the Former Soviet Union.
In 1998 Argentine oil production peaked and began to decline. In 1999 the country experienced a violent economic and political collapse.
In 1999 UK North Sea oil production peaked and began a sharp decline. This was followed closely by the popping of the tech bubble, 9/11, a massive war for resources (oil) in Iraq and lots of money printing.
In 2005 global conventional crude oil production peaked (led by Mexico) and began to decline. Since then we’ve seen a great recession, more resource wars, food price inflation, food riots, the Arab Spring, Occupy Wall Street and unprecedented amounts of money printing.
What will this peak bring?
QE(x)?
Raise those rates Janet, I dare ya!
C'mon! Just 0.25%! You can do it!
Huh. They must of found a cache of empty gas stations and storage tankers...
Of course there was a drop in crude oil stocks, refinery utilization hit a new high for 2015 at 95.3% and is just .1% under the 11-year high reached in December of last year.
With refineries operating at near full capacity, one would expect a drawdown.
Short Oil Long Gas, plenty of Dax fightback left https://www.youtube.com/watch?v=cx4SbcBwPi0
Jul 15, 2015 Tip TV Finance
Natural Gas is expected to see an upside climb, while WTI crude oil sees the probability of a dip below the key %50 handle, according to Francis Hunt of The Market Sniper.
Francis explains through technical charts how it is too soon to call a bottom in oil prices. The pattern formations have failed, so the outlook remains more cloudy.
There is high chance that oil dips lower to form new lows. On Natural Gas, he explains the behaviour in prices during times of crisis events.
HFT hasn't picked up on this bullish 'Larger Than Expected Crude Inventory Draw' headline yet. In fact oil is still going down as we speak.
U.S. crude $51.67 A Barrel Now http://www.investing.com/commodities/crude-oil-streaming-chart
Cushing's inventory rose slightly (as it's done 4 of the last 5 weeks), and is currently around 80% of capacity. This time last year, Cushing's supply was around 30% of capacity. Hmm...
US crude inventories fell 4.346 million barrels last week.
BULLSHIT DELUXE.
Crude is down 2.75% at 1:00 PM EST
WTF?
Volumes go down, and prices go down?
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V-V