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WTI Crude Jumps After 'Another Huge Surprise' API Inventory Draw
In a deja-vu-all-over-again echo of last week, API reported a huge 7.3 million barrel drawdown in oil inventories this week (against expectations of a build) and sparked a headline-driven jerk higher in crude prices. Last week the same happened and the next day DOE reported a huge build (consensus for tomorrow is a 345k draw), crushing oil prices... Trade Accordingly...
Biggest inventory draw sicne July 2014...
The reaction is clear (for now)... but remember last week we saw same and it faded fast...
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That wasn't a surge, that was a three burrito fart......
I'd like to see a false flag wet fart on a storage terminal or 3 ( or the majority of saudi oilfields ) to get prices back where they were.
I'm bullish WTIC now. Chart looks good for a nice upward correction.
Where is it going? Is it being consumed or put into different storage?
Into refineries. The big one in Chicago just restarted. Venezuelan crude has someplace to go.
TY Kaiserhoff, your explaination makes sense as none of the lakes and rivers around here are boiling yet.
It went into the land of make believe where all the numbers come from.
My call exactly. US manipulated the numbers coming from frackers when Putin decided to fight for Ukraine. The chain of events can only mean that US anticipated it or caused it, the latter being much more likely (saudis anyone). Books are getting cleaner now with these sudden draws. Also the quality of fracked oil is just good enough to sell to Oil sands as diluent (diluent pays good money) to push the bitumen down south and sell it for pennies (Oil sand synthetic crude sells for $15 discount to WTI so they are getting $23 while it costs them 35-50 to produce depending on site). I call shenanigans or greatest US oil heist in the world using falsified data.
Holy cow. That cant be real.
Why not? The only reason there was any add at all last week was the 8mmbbl/day imports. If we had normal 7.4mmbbl or less, the draw would have been what API predicted. When imports dropped to 6.5mmbbl/day earlier this summer we had a 7mmbbl draw.
Golden move.
Gold needs for oil to go up badly or it's going nowhere. GOR is still 29 which is very elevated. Oil is the better bet for a move up here than gold.
Gold needs a new generation of suckers.
Give it another 25 years and bubble will re-inflate... Until then, dead money and strong support $250 an ounce.
Paperbug.
So basically WTI will be down another $2 tomorrow. Got it.
Must remember the Obama's were on vacation
A "surprise" on a planet where everything is constantly manipulated and all the numbers are surreal. Come on now.
You don't like the number so it must be manipulated.
Most of the pop has fizzled away
Last week they reported a 2.5mmbbl draw, not 7.1mmbbl. The last time they did report a big draw, they were right and in fact were low so it's likely to be even larger. Most of last weeks add was due to 8mmbbl/day imports which isn't really sustainable.
Excellent! That makes more room for Iranian crude when the nuclear deal is finalized. Spare any news of megatankers sitting out in Hurricane Country whilst the Taxi Meter remains running. tick..tock..tick..tock.. (crickets)
Dang! I didn't realize me filling up my truck would cause such a disturbance in the farce.
Sorry. Next time I will only fill up my main tank or the 46 gallon in-bed aux tank - certainly not both.
My apologies for anyone caught short at opening tomorrow. Really. You should be able to cover by late afternoon. I won't be filling up my wife's truck til after that. We are done hauling hay now. Things will steady out now for sure - you just watch!
Breaking back under 39 in ...3...2...1
Hey, the Goldman BalSach's commodity prop desk's gotta eat, right?