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Teetering Trannies? Oil "Could Get Very Very Ugly, Very Very Quickly"
As WTI Crude tests new lows this morning (Dec contract $45.32) after API reported a huge build...
Brent resumes downward trend, briefly dips below $48 to lowest level in over 2-wks. WTI extends drop toward $45 after API reports larger 7m bbl increase in U.S. crude inventories.
“API showed another huge build in crude stock yday -- now markets are awaiting today’s official EIA report for confirmation of the trend,” says Global Risk Management oil risk manager Michael Poulsen.
“Refinery utilization continues to be low due to maintenance season; could be a reason for the larger-than-expected build”
WTI at 3-week lows...
...we can't help but wonder "what happens next" in Dow Transports as the exuberant index has decoupled from oil for the 3rd time in a week...
Is third time the charm?
There is only one problem!!
Gartman on WTI CRUDE OIL:
The Contango Widens and Trend Lines Are Broken: We were fortunate enough to have exited long positions, now we have to find a point at which to enter from the short side for we fear that this could get very, very ugly and do so very, very quickly.
Charts: Bloomberg
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Teetering Trannies?
Bruce should start out on lower heels.
Brilliant, well played.
State law requires that the bartender stop serving .
Unleash the miles of Iranian tankers!
There's gonna be so much oil out there.......we're gunna puke it.
Teetering Trannies? hmmm, I thought bruce was milking...
"this could get very, very ugly and do so very, very quickly"
Gartman needs to stop looking in mirrors.
Oh, I see what you did there. Clever. :-)
You spin me right round baby, right round, like a record baby, right round round round.
imo the correlation isn't what it used to be. many trannies started heavily hedging fuel costs so that lower fuel prices can actually hurt them. add to that the greater depression and that's all she wrote.
Who is this "we" that Gartman is always refering to? Does he have an imaginary friend?
Gartman cursed the Cubbies.
Maybe there are separate plunge protection programs for commodities versus equities?
Market will await Gartman's complete procurement of his "position" in November $40 Crude puts and then promptly initiate a violent stop run to the upside thus eviscerating Gartman's puts. After Gartman tells his buddies he was stopped out with "only" a 20% loss (highly unlikely with options), then the market will resume the downtrend that has been in place since . . . . . . . well several months now.
Yaaa, lower oil prices have always been a drag on the bottom line of most transportation-centric businesses like FEDEX and UnPac as well as
the airlines. I guess that's the correlation when left is right and up is down and stupid is smart.
Look forward to about 26 more wks of net inventory builds! Can you say "oil stores higher than the peak 491mill barrels from April 2015"?
I knew you could.
Dow Transports are up just because of the holliday seanson comming up... Now FedEx, UPS and others transport more goods for the preparation for holliday season... that is all.... it will last another month, month and half... after that it will drop a lot...
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Teeterting Trannies???
Gee, I thought they were doing interviews in a fag bar around 1AM on a saturday.
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