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Crude Jumps Despite API Reporting 5th Consecutive Weekly Inventory Build
While lower than last week's levels, API reported a still considerable 4.1 million barrel crude inventory build last week. This is the 5th consecutive inventory build. However, despite the size of the overall build, crude prices are rising (extending gains off NYMEX Close ramp) which may be related to a 748k draw on crude stocks at Cushing.
5th week in a row...
And the reaction... hhmmm
Charts: Bloomberg
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Buy the fking build?
Buy low....and all that shit.
when are you going to report on Apple's earnings??
Back in the day (whenever that was) the news of an imminent sale from the SPR would monkey hammer the price.
Either this causal relation no longer stands, or the markets figure the sales rumors are only that.
getting ready for tomorrows report....$2 Down! Just a trader kicking a couple shorts today.
I'm on the other side, bought some calls today.
We'll see.
cushing down means nothing the 4.1 million barrels is stored somewhere
I agree venturen. short the shit out of it. will be down tomorrow when the EIA report comes out. seems to go up on API and then down on EIA. this is just my opinion and i have not based this on any research, data or analysis of data. oh, and i don't really know shit about trading oil.
The oil market is very close to the Vaseline market. The BS up everybody's collective ass never ends. If the price goes up and down on anything out there, even road kill, there will be people gaming it (no pun intended).
We should thank oil extractors for selling us oil below cost. Amen.
Do they have a choice? Maybe they can sell girlscout cookies to pay their bills and interest expense