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WTI Crude Pops After API Reports Another Bigger-Than-Expected Inventory Draw
WTI crude prices jerked to the highs of the day...
after API reported another larger than expected (and bigger than last week's 3.1mm draw) inventory draw of 3.68 million barrels (and Cushing fell 490k).
Charts: Bloomberg
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there is only so much of this stuff to go around. buy low. we to low. bing dang ow
Takes fuel to move nukes into Germany and othe places spreading their legs and opening butt cheeks for the US corporation cock.
Looks like there was a leak at 1:30 Eastern.
That was a very interesting move in USO, not in oil. USO was popping while oil stayed the same. But..... how do people play oil? They short or buy the paper oil.
Labor Day draw down. Not a shocker. Returning now to your regularly scheduled crude oil builds.
Middle East news site report Saudi royal members circulating letter to remove King Salman and son.
Oil war and Yemen intervention endanger House of Saud.
You have to look at the net global surpluses. Saudi Arabia has been pumping historically high surpluses over the last few months. And when Iran comes online, global surpluses will only increase. Then you have to account for the surpluses once US refineries are put on maintainence. Net net, global surpluses.
Big oil buying it back, pumping it back into the ground, in an effort to get those fuckin prices back up?
Wake me up when it reach 26 $..