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WTI Extends Gains - Tops $45 - On Large Cushing Inventory Draw
Following last night's API reported 4 million barrel inventory build (against 3.75mm bbl expectations) and Cushing draw, DOE confirms a build (but smaller, at 3.38 million barrels) and Cushing saw a draw of 785k barrels (th elargest in 4 weeks). Crude reactiopn was to extnd gains from the earlier knee-jerk and break back above $45, even as crude production rose.
- *CRUDE OIL INVENTORIES ROSE 3.38 MLN BARRELS, EIA SAYS
- *CUSHING CRUDE OIL INVENTORIES FELL 785,000 BBL, EIA SAYS
And the reaction...
On heavy volume...
As you can see, the volume at 10:30 pales in comparison to 10am $CL_F $BRN_F pic.twitter.com/BwNK4TgjL8
— Eric Scott Hunsader (@nanexllc) October 28, 2015
Even as crude production ticked back up... (though mostly from Alaska)
Charts: Bloomberg
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Cat + Mouse
The production increase was all in Alaska, which sees wide swings normally.
Lower 48 essentially unchanged.
Looky like somebody leaked the oil report early. Ramp was well underway before. Need to be on the goldman/fed tip line.
Crude prices won't be able to shake off a warm winter in North America.
"Strong El Niño to Bring Warm Winter to Much of U.S."http://time.com/4077001/el-nino-winter-weather/
These oil price fluctuations are so gay! This is just oil industry folk jerking each other off to make fake "trading" profits to offset the loss of actual revenue. What a joke.
oil industry...by that you mean some hedgefund guy in switzerland or Greenwich?
I wish the gold miners would form a cartel. Come on, boys!
Crude and gold rising are weak Dollar trades. If the Fed downgrades their economic forecast, gold and oil will both go about 10% higher in a very short amount of time. The Fed can't allow the Dollar to get any stronger than where it is right now.
The Fed are powerless because Draghi and China are doing it for them!
Doing it TO them, you mean.
Let's compare this inventory draw with distillate stocks. I might wager that they are rising significanlty as well. Refiners buying cheap and storing product.
Oil, PM's, Biotech, Financials, etc, etc. Those algo's like to alternate, day to day.
Ramp, hammer, ramp hammer; keeps us monkeys thinking there is a market.
Draw down? Military storing up for something?
So are we going to have another month end $10 ramp? Let's get this bitch above $50.
Fundamentals? Fuck fundamentals.
Last year the significant builds in Cushing didn't begin until the second week of November, and then really picked up steam in the second week of December. The inventory level there at this time last year was 30%, while the current level is at 75%. Late January will be interesting in Cushing...
I designed a tank farm there before, I can damn sure design another one for them when they're ready.
Yesterday .gov was selling the SPR at garage sale prices to make ends meet for the disabled and shaking out the sofa for coins to make budget. WTF, we are buying high and selling low at the same fucking time. I don't know if it's time to get a new hemi or a bicycle?
I love the hedge but I think it is helping make me psychotic.