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WTI Crude Soars Above $47 As Algos Finally Read DoE Report
It appears the machines decided to read the whole DOE report after all... and run some more stops.
WTI is up over 6% - back to 2 week highs
Seemingly running stops again...
and as goes crude, so goes US equities...
Charts: bloomberg
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6% daily move. Now that's what I call stabiliteeeeee....
another ramp of the Fraud Markets in the last hour of Trading in that shithole of a country London...
MOTHER FUCK THE QUEEN AND THE ROYAL IN BREEDS...
There was another stop run last night trying to poke the price lower. It's pretty clear it's going much higher after this 2nd shake-out.
Rates are not being raised, the dollar is plunging, everything going higher. Obviously some insiders with a lot of money have foreknowledge (ahem, leaks).
I'm still short oil. In it for the next couple months. I think we'll see the 30's before the 50's. Could be wrong of course.
Sparing a short-term spike upward, I agree. A massive reset will include oil, especially if WWIII isn't part of the equation.
total oil&products supplies increase another 8MB during the week though. so, maybe the machines didnt read the WHOLE report? distillates now up a ridiculous 20% over last year as shipping crumbles. total stocks are up 14% during the last year.
Meaningful price recovery won't occur until the House of Saud has spanked the shaleboys to their satisfaction.
Witch hunt stops to pick up shares on the short...great plan. Whose ready for $50 head fake rally into the close? Inventory reports are old news...Bring back the Andy Hall Effect!!
But I just bought a gas guzzler based on 20 dollar oil. Turn those pumps back on!
fyi
http://atimes.com/2015/09/oil-war-is-saudi-arabia-walking-into-its-own-t...