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DOE Confirms Major Inventory Draw, Crude Production Slowest In 3 Months
Following last night's huge drawdown in inventories, according to API, The DOE data shows a huge 5.45mm bbl draw (against expectations of a 3.7mm bbl draw). This is the biggest draw since early June and 2nd biggest draw in 13 months. Production data showed a 3rd weekly drop in a row (4th of last 5 weeks) but of lesser magnitude. WTI crude's reaction was an initial surge to test API-spike highs but then weakness ensued as Fed's Dudley started speaking...
Crude inventory tumbled...
And Production continues to slow... though only modestly
The reaction for now...Surge on oil fuindamentals and purge on Dudley...
Charts: Bloomberg
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Oops.
Regards,
Cooter
ouchhhh
Cushing stocks increased to 57.7 million bbl from 57.4 million bbl.
DOWN goes Frazier!
How the hell is the shale ponzi still in operation?
Crude or at least total energy production is a great measure of an economy. Bottom line: the world is slowing down, therefore a drop in stocks is actually a rational response, not a panic and not irrational.
Should have been a bump in crude prices due to "the hottest summer ever in the history of the world, we gotta do something NOW!"
Does someone know something about an upcoming war that will help out that ailing crude handle? Or just refiners gearing up for Labor Day?
Didn't zerohedge say yesterday that the inventory would be opposite of the API?
i didt remember
yep
the data is only legit if it fits your narrative
Oh baby. When dollars can't get oil out of the ground...
Surge on oil and purge on Dudley - ya gotta love that kind of economic reporting...