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Oil Slides Despite Inventory Draw And Crude Production Dropping For 6th Week
Confirming last night's 'surprise' API inventory drawdown, DOE reported a 2.1mm draw, following 2 weeks of significant builds. Crude production fell for the 6th week in a row to its lowest since Dec 2014. It appears some profit-taking algos are in place as a draw combined with lower production has been met with significant selling pressure in WTI.
Inventories down... (DOE 2.1mm draw is less than the 3.1mm API draw - so maybe that is why oil is sliding!!?)
and production down for 6th week in a row... note that this was driven by a 0.4% decline in Lower 48 production (while Alaska increased production 3.8%)
and the result... a selloff
Charts: Bloomberg
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Someone wants to take out another financial firm.
Crude Slides? I see it up over a dollar.
Up is the new down.
Almost up 6% right now. I had to close some short calls up and out. My short puts look great though.
Good try though, ZH.
and layer this on-top:
Moody's lowers outlook for oil and gas majors
http://www.reuters.com/article/2015/09/16/oil-ratings-idUSL5N11M1US20150916
Moody's says plummeting oil prices will cause cash flow for the global integrated oil & gas industry to contract by 20% or more for 2015, with only a modest recovery expected in 2016
This reflects the rating agency's expectation of continued revenue declines and a negative free cash flow profile for the industry in 2015. Moody's outlook for the global integrated oil and gas industry will remain negative into 2016.
Back over $46.
Damn silver is running high today! Let it be known great minds have come together on ZH and proclaimed, "Buy silver!"
:)
Shhhh...., you're not supposed to say anything.
Especially when my local coin store is closed on Wednesdays.
This is but a harbinger of things to come. There will be a day when silver prices will move in dollars, not cents.
-Argenta
fyi
http://www.bloomberg.com/news/articles/2015-09-15/venezuela-says-opec-me...
Those one-minute charts are useless. Get yourself a 1hr or Daily chart to see the real picture. It gets tiring to hear "crashes" or "soars" on 1Min charts.
the writer is shorting oil.
I know I am. SCO long. Thanks for the morning discount manipulators.
I'm with ya in SCO. I think 30s before 50s, but could be wrong on that.
Let's not forget "plunges", "crashes",....
Hyperbole is the currency here.
Only took Tyler 3 months to acknowledge falling production.