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WTI Crude Plunges Back To $45 Handle After API Reports Biggest Inventory Build In 6 Months
For the first time in 5 months, API has reported a third weekly inventory build in crude oil in a row. API reported a stunning 9.3 milion barrel build (against expectations of a 1.8 mm build) with Cushing rising 1.4mm barrels! The result of the biggest inventory build since April, WTI is getting hammered...
And the result...WTI back to a $45 handle
Charts: Bloomberg
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there is always a build this time of year. i don't look for crude to rally until at least after the first of the year.
Remember just a few weeks ago when all the muppets thought the declining rig count would result in the huge oil glut being depleted?
News flash dummies: demand is falling far more quickly than production due to the recession that all the macro data is pointing to.
Indeed. EIA supply data showed an 8.9 million barrel build at this time last year.
a lot of factors can come into play but all other things the same october is the high water (or oil) mark quite often. the fed let speculators send a false signal to the producers so this fall will almost certainly be a record for inventories.
Of course there's a seasonal build, but thats never stopped the speculators before. Look at every price jump in the last several months and they relied on rumor and innuendo since that works better than reality......
seasonal build, yeah, a seasonal build on steroids. lulz
as wti goes so does this shit show in stocks. Ctrl P some more motherfuckers. That and NIRP is all you bitches have left.
Down yes, but looking like support is holding. I would've expected a solid 2%+ drop on a massively bearish report like that.
Why are these experts so shock? The whole world is in recession, no one cares to use oil anymore. Everywhere I go, all i see is solar panels being put up. no traffic on highways during weekdays, cause no one has jobs.
Still far too many bears for a crash just yet. Gonna have to give the market a huge dose of hopium first. Oh, and how convenient, the FOMC meeting is right around the corner when "No hike" Yellen will do her muppet show about being data dependant, etc.
The rate hike stick has replaced the QE carrot. Now the FED doesn't have to print anymore, they just say "no hike" and the market jumps.
yellen actually is data dependent. she checks the stock market ten times a day.
Oil should be back at $110 because half the wells in the US have been capped and production is back at 2006 levels
Yea no shit, plus there are like armies from at least 4 different nations running around the desert causing troubles. How long till SA bankrupts theselves? Plus the "no rate hike" is tanking the dollar.
So, WTF? I am AMAZED at the still-low oil price. Starting to feel a little rigged now actually.
WORST CASE SENARIO if you look at the charts it's been a nice swing trade for a while now.
Buying more Thursday!
So that means it will be back to $49 tomorrow?
Still wondering how gas can be more expensive than this time last year. Oil is $25 cheaper and gas is $.30 more expensive.
Your car uses gas and not oil, the cost for refining gas has gone up.
Wholesale gasoline was $2.15 last year and is $1.30 right now. Gas in my area is $2.05, which is much cheaper than last October. You must be living in California or one of the states that jacked up fuel taxes
Wow, I bet all these producers geared up production in hopes of higher price too.
Eff em, hope its a warm winter too, let the little guy get a break
The little guy isn't going to get a break, that's not the way this works. Just because the fucking TBTFs pay zero interest doesn't the little guy pays zero interest, and just because WTI goes for < 45/barrel doesn't mean the little guy gets a break at the pump. Welcome to the new normal, where they don't even try to hide or explain the pillaging.
Couldnt make it an even 10 mil. Wow huge! At least 5 mill difference between EIA tomorrow.
Price stabiliteeeeee..., good job fed.
So about 1/2 day's use build up causes oil to plunge? Sounds legit.
The greatest stock pile of oil in over 80 years and still they try to hold the prices up....it is a joke...and it needs to go to $35 or lower....lots of company are going to fail.
OIL THE BIG BLACK SWAN!
Yep, and it'll be this way until 2026 earliest. Gotta get that Venezuelan coup d'etat underway, so's they can dollarize and take pressure off the Fed's need to keep the dollar & oil prices both up.
Let's not forget that Iran is soon going to start shipping an additional 1 million bbs daily.
When is that supposed to start up again?
"Let's not forget that Iran is soon going to start shipping an additional 1 million bbs daily."
They need to keep oil at about $30/barrel for a while to decimate the Canadians and shale producers.
Must pump more oil... must pump more oil... must pump more oil...
Well, this is fucking dogshit - I thought oil and the energy stocks were in for a big comeback after that vertical move last week. And WTF is up with the after-hours release? If I didn't know better I'd say they're just intentionally trying to fuck the retail investor. Oh well, my gut feeling based on some of the internet posts I've seen is that energy stocks are sporting pretty solid cashflows and balance sheets right now and really they're due to decouple from their correlation with the price of oil, so I've got a pretty good feeling everything's going to be great tomorrow.
Don't need to drive that much when your not working.
YEP, between the PTB wanting crude price up and a possible gooey, shiny black swan from a M.E. "accident"...tough to be short
looks like the GS induced $20/bbl short squeeze now completed...
API is worthless. There is a good chance the trap has been set and a moonshot will follow tomorrow.