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Crude Plunges To 2-Week Lows On Biggest Crude Inventory Build In Over 6 Months
While less than API's huge 9.3mm barrel build reported last night, DOE reported a 7.56mm barrel inventory build - the largest in over 6 months. This is the highest crude stock level seasonally on record. Crude prices dipped on the news but rallied back to pre-data levels - though are notably holding on to the losses from the API print... even as production dropped notably week-over-week.
Biggest crude build in 6 months...
remaining at the seasonally highest level of stocks on record...
And crude is holding losses...
Ugly now...
Even as production drops to new 11 month lows...
Charts: Bloomberg
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this must b y the Dow is up over 100 points right?
The USDJPY morning ramp is still holding.....so far, but looks to be fading. I'm not expecting to stay green....but then again fun...der...mentals mean shit.
Range trading.....Shelf of previous lows at ~$44.00 is the bottom of the recent range and support. The story will be told on that test....
When it hits $44 we will need to know what Gartman is doing. If he goes long, you know WTI is headed to $25.
"two-week lows" huh? I guess pretty soon they'll be reporting "two-hour lows".
They are running out of places to hide the surplus.
production is crashing and oil inventories keep bursting at the seems. i still think we see oil under $30 before it makes a real bottom.
It's not how much you pump, but how much you use and we aren't using as much. Not to worry though, things are just awesome in the economy.....
Was it a coincidence that shortly after Mexico opened it's doors to US oil producers, the US turned over the locations of the capos that were killing Mexican civilians by the tens of thousands, causing them to flee their country?
What was the name of the company that went into Mexico?
Nice catch.
You gotta admit though it's fun to watch these guys work.
Run the same analysis with natty and you're left scratching your head.
This explains why gas-at-the-pump is up 50/gal here.
Gart-Zero strikes again! Oil "Surges" after Zero triumphantly posts that the price "plunges"!