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Crude Plunges After Bigger-Than-Expected Inventory Build & Production Surge
In the face of a modest inventory drawdown (reported last night by API), DOE reports a major 3.073 million barrel inventory build (for the 2nd week in a row). As EIA reports, oil stocks remain at their highest in at least 80 years. Rubbing salt into the wounds, Crude production rose 0.84% WoW, the biggest surge in 5 months. WTI Crude's initial reaction is a significant sell-off...
Biggest 2-week build since May...
And production surged by the most in 4 months... (with a 0.7% rise in the Lower 48's production)
And so Crude gives back all its post-API gains...
Charts: Bloomberg
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Plunge?
One needs to watch oil over the past week and next week to see its movements.
One could say we already bottomed because the market is shrugging off any and all news...
oil field workers need food stamps too!
#oilworkerslivesmatter
#CommodityTradersLivesReallyMatterMoar long live Marc Rich
All of these news/reports/ releases (including talking Fed heads) on ….well everything, are designed for quick profit market manipulation tools for…them that profit by it. You can almost hear the quick spurts and sucks of the algo traders.
It appears they will kill off the Saudi King and replace him with one that will cut OPEC production in December and strike a deal with Russia to get out of Syria.
Informed sources told Arabic-language al-Ahd news agency that King Salman is now in the Intensive Care Unit (ICU) section of King Faisal Specialist Hospital in the Saudi capital.
The sources also said that given the Saudi king’s unstable and aggravating health conditions, officials have ceased plans to transfer him to US hospitals.
King Salman, 80, is thought to have Alzheimer’s or dementia and the government is practically administered by his Crown Prince Muhammad bin Nayef.
According to witnesses, his exact state of dementia is a source of speculation but he is known to have held cogent conversations as recently as last October. He can also forget what he said minutes ago, or faces he has known all his life. This is typical of the disease.
Sources close to the Saudi monarchy revealed earlier this year that the number of hospital visits by King Salman in the last few months has increased and that he did not walk around, as he did before. http://www.mintpressnews.com/saudi-king-hospitalized-for-dementia/210145...
Nonsense, everybody knows that pump and dump manipulation is illegal, so it's just your imagination.....
Isn't there a mandate someplace about a certain private institute and price stabiliteeee? I may not be a sharp guy, but I'm pretty sure that 8% daily moves is the opposite of stability.
No idea what you're talking about.
- Janet "cookie lady" Yellen
Didn't the Beardstown Ladies kick her out of the club?
Pretty soon people/algos are going to realize that the declining rig count is irrelevant due to the remaining rigs being far more efficient and producing more oil per well than ever before.
shhh...they haven't unloaded all the stocks and bonds on the pension funds, individuals and insurance companies
Pretty soon people/algos will realize that E&P's are "recognizing efficiency gains which lead to an upward revision of per well EUR by 38%" because it just might save their ass...et bases from completely blowing up covenants.
FWIW right now Suncor is undertaking a hostile takeover bid of Canadian Oil Sands, and doing so in a land whose freshly elected, supposedly 'lefty' gov't is currently reviewing royalty rates.
I suppose such things have happened at price peaks before...
Pretty soon people are going to realize that oil production numbers are irrelevant due to sinking demand.
Stocks giving up 1/2% in 20 minutes: is peace on the warpath?:
http://www.investing.com/indices/us-30-futures-advanced-chart
Obama closes Coke plants to supply electric coal driven cars and the fairytale story of peak oil comes to surface.
You can't make this comedy up, it writes itself.
I just got a new company car and corporate gas card. Now I don't care what it costs because the company pays. I am self-employed.
Isn't there an Obamagascard out there yet you can use? If not we need to bring it to his attention so he can fix that problem.
"Crude production rose 0.84% WoW"
Is that a Ralph Cramden "wow"?
text is tough to punch in on a 2005 Nokia
S & D .... over supply and lack of demand .... gas is cheaper, full measure and better in San Diego .... than Tijuana .... tough tits .... I fill up on US regular .... and keep the tank topped off .... with Mexican premium .... until I get back to the states ?
Heck China is exporting diesel the world is floating in oil and zero rates and new technology are making it too easy. We have RECORD AMOUNTS and the price hasn't fallen far enough!
Pro-actively convince me .... you believe in Capitalism 110% .... or I will hound you to the gates of Hell ?
but but but, tommorrow they will say some shithole country will pump 2 gallon less next 10 years and it will rocket to $55 a brrel.
Media sock puppets will need to re-run a Niger Delta terrorist scare to bump oil prices.
Or maybe they can tell us the Keystone pipeline has exploded. Even though it doesn't service much of anything.
I'm waiting to hear what Gartman sez.
He's going short, then long on a upcoming massad oil refinery attack targeting main distribution sources.
Just check his phone records and email.
It will reverse and go right back up on MOAR WAR headlines...the algos may be fast, but they are predictable.
Lets call it for what it is at this stage pure obliterated bullshit...