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Crude Dumped-And-Pumped After DOE Reports Huge Inventory Build & Lowest Production Since Nov 2014
Confirming API's reported data last night, DOE reported an even bigger 3.955 million barrel inventory build last week.
This is the 2nd biggest build since April and after rallying confidently all morning (on QE hopes and Middle East tensions), WTI Crude collapsed...
We also note that Total crude production also fell to its lowest since Nov 2014...
and that has sparked buying...
Charts: Bloomberg
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Gartman continues to be the kiss of death.
Crude crushed after Russia bombs Syria.
That will teach you.
Inventory up. Production down. Must mean consumption down.
Or perhaps it means it's maintenance season for the refineries and everyone anticipated this post labor day.
"Here they come,
sailing across the ocean,
No less than 43 Iranian oil takers
All full of brand new Iranian crude.
Watch as the oil prices fall."
Sweet! Maybe I'll drive to work this morning instead of taking the sardine can (train).
That was a good idea.... 3 minutes ago. All your dreams of independent travel... crushed.
World production is 93 to 94 million barrels a day. And yet a 3.955 million barrel inventory build in a week is a huge inventory build?
Cushing was 1.1 million bbl draw.
The inventory builds in Cushing didn't start until November last year, but then they escalated quickly. By the way, Cushing was at 29% of capacity at this time last year, while they are at 75% currently. Things are going to be interesting in January.
Check your screen again. Spot crude is making new highs. The dollar move down is so 10 minutes ago.
Check your screen again. Spot crude is making new highs. The dollar move down is so 10 minutes ago.
Yet gas prices have jumped .35c a gallon here over the last couple days.
2.59 a gallon and still way too high.
"Markets"
Something in the water?
Funny, Zero usually is first in line to tell us how Cushing is doing?? I guess I'll do it's work for it. Cushing had a million barrel draw. Throw on decreased production. Throw in an EIA inventory build.
There, that explains the pump and dump better with the algos really confused. Open and unbiased reporting ain't easy.
I thought the plan was to squeeze every last drop out of Amerikan oil fields,sell it a loss,and then invade the Middle East to stop terrorism,and repeat the same process there..
I feel like I've read this headline a million times.
So many bandwagons, so little time.
I guess imports are up. Not like we'd be told and I'm too lazy to check.
Production dropped 500,000 barrels per day in three months. What goes up fast...