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Crude Jumps After API Reports Modest Inventory Draw (First In 8 Weeks) Despite Another Big Build At Cushing
After seven straight weeks of significant inventory builds, API reported a modest 482k draw. That was all the algos needed and WTI immediately ramped back above $41.00. However, what they likely missed was the 2nd weekly (huge) build in Cushing (1.5mm barrels) as we warned earlier on land storage starting to really fill...
Cushing saw another big build...
And crude reacted...
In short: "The US is the last place with significant onshore crude storage space left."
Which leads directly to Citi's conclusion: "'Sell the rally' near-term as fundamentals remain very sloppy and inventory constraints are becoming increasingly more binding."
Charts: Bloomberg
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And the Fed buys USO to drive the shorts out of oil.
Ignore the noise..this bitch is going down like a 2 dollar hooker at happy hour.
On deck 20s.
RIPS
... 20's on the way to teens.
Someday, into the hundreds again. Could be a good trade if you could hold that long. I don't think GS will allow it tho.
Sure, and just like the Soviet Union, we will see many things at "officially" low prices. Taking delivery will be something else altogether.
Short since 60s options. I dont need oil. Russia..only?
What about the gas rationing in the US? Whats your license plate...odd or even.
Cheers.
RIPS
Military hardware does not transport itself around the globe...
the spice must flow...
But it transports on the taxpayers dime better at 20$. Not that taxes matter whn you have a printing press.
Still.
RIPS
He who controls the Spice, controls the universe!
- Baron Vladmir Harkonnen
you are right, and maybe that line of thinking the TERRORIST attacks was just set up to let the big boy get a dip to buy.
also the stock market, I was worried about a crash, but it seems, the charts are saying we are not in a bear market yet. I was suprised, until I read this. => http://www.bit.ly/1QLcYwt
I wonder who's "inventory" is parked in thost 40 tankers sitting offshore in Galveston Texas?
Watch for oil tankers to start "mysteriously" exploding and sinking off Galveston.
Go unplug yourself WOPR. I'm getting sick of your algorithmic games.
Haven't you figured out the only way to win is not to play the game?
Imagine if commodity trading wasn't run by the computers. Why the fuck would oil rally? The moves are insane. Remember the good ol days when oil futures would move within a 10% range for an entire year. Maybe if there was a crisis you would get a $5 spike, but we trade up and down five to ten percent every few days.
We handed the keys to a group of totally corrput men who only care if they can skim millions of pennies a day. Destroying global trade doesn't matter because the machines can't see the real world. They only care about a few milliseconds of news twice a week. Somehow a meaningless number is all that counts when guaging global activity.
Can someone please cut the wire.
Bakken September 2015 v September 2014: fewer barrels produced with 1,600+ additional wells producing. The oil boom's gone boys, it ain't coming back.