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WTI Tumbles On Crude's Biggest 2-Week Inventory Build In 5 Months Despite Production Tumble
Following last night's 2.1mm barrel build forecast from API, DOE reported a bigger than expectd 2.6mm barrel inventory build. This is the largest 2-week build in crude stocks since April and has sent crude prices tumbling. On the other side, US production levels continue to drop (-0.9% this week) to its lowest level since January 2nd 2015.
Buiggest 2-week inventory build in 5 months...
Sparking a reversal in this morning's momo rally...
Which of course drags US equities lower...
Even as production levels tumble... (a 2.3% drop in production from The Lower 48!)
Charts: Bloomberg
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AHHHHH FUCK IT! PULL IT!!!!
Damn it oil! Don't you know that higher oil prices is good for America? Go up damn it! My stawks are counting on you!
Digging pretty deep in Zero's Big Book O' Verbs calling a 30 cent shift from the day's "surge" high to current prices a "tumble".
The infamous one minute chart trap....
Typical ZH hyperbole.
The most high-larious part of all this... Zero's recent move to reactionary disillusionment vs its historical intellectual foresight... is that it's back to a "surge" up, lol.
Yeah, I've been noticing this as well.
Looks to me like crude is up 2.5% for the day. Not sure how this is a "tumble."
If US inventories are rising and US production is falling about the only other variables are refinery utilization and imports. It seems to me a meaningful piece would address both these but this being ZH little or nothing is reported on all the variables involved. Instead we get the usual verbs making a mountain out of a mole hill.
Stick a fork in it...crude is done. Energy sector is full of hopeful Bulls...we all know how Hope ends.
Ooops algos picked the wrong going upper
50 cents is hardly a crumble. More alarmist posting with a 1 minute chart!
Production is still higher than last year at almost any point. Why is oil going up?
Gasoline is now more expensive than it was last year at this time at my local station, yet crude was trading in the upper $70 range.
Oil has been trading lower than $50 for most of 2015, yet gasoline has been higher than $2 all year. Kind of odd that you could have $1.99 gasoline at the end of September 2014 with crude trading above $70, but have $2.45 gasoline in September 2015 with oil trading below $45.
Something is truly fucked up.
I think it begins with Algos and ends with Goldman Sachs.
production in the lower 48 had a 2% decline this past week. That adds to the slow declines over the past few weeks and ends up being a material change.
Good thing manipulation is a crime.
Houston and to a lesser degree Denver are taking a bloodbath. Oh yeah, then there's Edmonton and Calgary:
Why Calgary's job market is likely worse than it appearshttp://www.cbc.ca/news/business/why-calgary-s-job-market-is-likely-worse...
Zh biased exposure evident ...why I ask....need to inv it
And now comes the reversal to 47-48 bucks!
The US crude production chart is the only of value in this post.
Another 10% drop is where the Saudi's claim we need to be to stop the excess production.
Wake me up when WTI drops to $20 as predicted by ZH for this summer. These tumbles and soars headlines on .05% price shifts really annoy me.
WTI tumbles? have you forgotten that every news is bullish?
It's up 3 percent ^^
Everything is awesome! if not, it becomes more awesome!