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WTI Crude Algo Buying Panic Takes Out Yesterday's Highs

Submitted by Tyler Durden on 11/03/2015 09:45 -0400

The Keyser Soze bid is back... panic buying crude futures to run stops above yesterday's high before being gone... just like that...

Heavy volume in the sudden burst of bids...

No obvious catalsyst justified this move though some have commented that Libya news increased uncertainty:

*LIBYA OIL GUARD SAYS ZUEITINA PORT EXPORTS HALTED INDEFINITELY
*LIBYA GUARD: TANKERS MUST REGISTER WITH EAST GOVT FOR LOADINGS

Charts: Bloomberg

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Tue, 11/03/2015 - 09:47 | 6743436 Bank_sters

From RT an update on the plane crash forensics.

The passengers who were sitting near the back of the plane died of so-called “explosive trauma,” sustaining 90 percent skin burns and having metal pieces in their bodies, Russian tabloid LifeNews reports, citing the results of a forensic examination. Those closer to the front of the plane died of different types of injuries, including blood loss, open cranio-cerebral traumas and multiple fractures. So far, there has been no official response to these reports.

Tue, 11/03/2015 - 10:03 | 6743499 TheBoyPlunger

Gotta run the stops before the 5+ million bbl inventory build tomorrow.

Tue, 11/03/2015 - 10:17 | 6743550 negative rates

Crude oil is like cramers cock, there's no where left to put it.

Tue, 11/03/2015 - 12:18 | 6744111 Deathrips

WTI going 20s.

RIPS

Tue, 11/03/2015 - 10:11 | 6743526 thesonandheir

Rogue algo buying oil and selling gold, someones got the bool mixed up.

Tue, 11/03/2015 - 09:56 | 6743472 Oldballplayer

You did not think 44 dollar oil was going to last forever did you.

Silly rabbit.

Tue, 11/03/2015 - 09:58 | 6743483 two hoots

Keystone off the table?

Tue, 11/03/2015 - 10:15 | 6743543 NoWayJose

Yeah, that seems like a pretty obvious catalyst to me too!

Tue, 11/03/2015 - 10:03 | 6743500 LawsofPhysics

The spice must flow...

Tue, 11/03/2015 - 10:06 | 6743513 venturen

yep...everything is awesome "A few days ago we warned, confirming Goldman Sachs' earlier analysis that the world was running out of space to store crude distillate products, that China was running out of storage space for crude oil as it dramatically ramped up its Strategic Petroleum Reserve 'buy low'" plan. http://www.zerohedge.com/news/2015-10-31/crude-supertanker-rates-collaps...

Tue, 11/03/2015 - 10:30 | 6743608 falga

Everybody likes cash especially mad-max countries like Libya where it doesn't matter who is in charge as the oil will just keep flowing as long as there is a buyer, no matter the price!!!

Tue, 11/03/2015 - 10:36 | 6743636 humanstakeaction

Brazil? https://www.stratfor.com/situation-report/brazil-oil-strike-cuts-output-...

Tue, 11/03/2015 - 11:02 | 6743762 Gohigher

NEGATIVE RATES, YO !

Too , Too Awesome....... big green upvote, after I stopped laughing, Excellent ! "

Tue, 11/03/2015 - 14:55 | 6744038 CHX

Crude bears are getting roasted here as I type... ...and the metals are down the crapper once again. Must be these "efficient markets"... LOL

Tue, 11/03/2015 - 12:25 | 6744138 pebblewriter

It's all about the algos. CL has become a very powerful driver of ES/SPX prices. Not quite in USDJPY's league, but close.

At 47.45 a moment ago, it's up 3.24% since 3am -- all because ES was down a huge (sarc) 8 points overnight.

http://pebblewriter.com/beware-the-bat/

3.24% is the equivalent of 68 SPX points. A 68-pt SPX spike would make headlines.

This will be written off as normal oil price volatility. And, sure enough, it'll settle back down after the "market" closes.

http://pebblewriter.com/ratcheting-stocks-higher/

WTI Crude Algo Buying Panic Takes Out Yesterday's Highs

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