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WTI Rises On Inventory Draw Despite Biggest Production Rise In 8 Weeks
Following API's bigger than expected inventory draw, DOE confirmed a 1.925mm draw (more than expected) but the bigger story is likely that crude production rose 0.21% - the first rise in 8 weeks. Crude's initial reaction was dip but algos have morphed that into a rip now above $47.
Inventories draw again...
Seasonally we would expect drawdowns to be slowing soon...
But production rose for the first time in 8 weeks... (notably though the rise was due to Alaska with 0% growth in The Lower 48)
And so for now the machines are focused on inventories and not production...
Charts: Bloomberg
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The increase in production was all Alaska. Lower 48 unchanged.
Another pathetic attempt to bash oil?....headline speaks for itself.....
Just good old fashioned manipulation, just like when the rig count goes up or down by 5 or 6. Most people don't really know about the industry, so big headlines can push the markets. Who is buying and selling ahead of the announcements never gets talked about.....
Could not agree more. it's Obama's multispectrum war against Russia.
But then truth is treason in an empire of lies and deceit
honestly, who cares? oil surges 50 cents or drop 50 cents. inventories are at all time highs as the US, and the rest of the world enters a recession. oil will soon be under $30. my guess: within 6 months. just too funny.
I'm holding SCO just in case you are right. ;-)
Yep, just looking at the general economy shows that we're not using as much, but there's money to be made sheepherding......
There is only a month's supply in inventory even at records. In the last recession demand fell a whopping... 2%.
honestly, who cares? oil surges 50 cents or drop 50 cents. inventories are at all time highs as the US, and the rest of the world enters a recession. oil will soon be under $30. my guess: within 6 months. just too funny.
When everyone expects the same thing you can be sure it won't happen.....
Down = intelligent human, Up = machine
Great strat
Well, gasoline at my local stations is officially more expensive than this time last year with oil trading $30 below where it was.
I have a receipt from Sept 24 2014 and I paid $2.09 for a gallon of gas. The best I've seen around me recently is $2.19 and the average is still $2.35.
Thanks commodity manipulators.
“And so for now the machines are focused on inventories and not production...”
If I were a machine I would be focused on inventories too. Weekly production numbers reported are still estimates even with the better methodology EIA now uses, not a hard number. Tyler Durdan also doesn’t seem to understand that imported crude and refinery utilization also enter into the mix….yet seldom mentions or shows charts of these factors. If imports fall more than US production rises inventories will fall all else equal. Is there a really a story here based on the evidence shown?