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Crude Pops As API Reports Surprise Inventory Draw After 10 Weeks Of Builds
After 10 weeks of inventory builds, API reports a 1.9mm barrel draw (hugely missing DOE expectations of a 1.3mm build). The initial reaction was a knee-jerk higher by 25c, but we note that Cushing saw a 614k barrel build (5th week in a row) and is perhaps the more crucial storage level to montori. As one trader noted, "OPEC wants to produce as much as they want," and as global land (and sea) storage fills, so "$35 is clearly a level of interest."
But Cushing saw yet another build...
The reaction is not exactly exuberant...
Charts: Bloomberg
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This is cracking me up. The BS is DEEP!
my o my what a wonderful day!..... guess it took Gasoline whoelsale prices dropping to nearly 1$ a gallon to spark the burning of more fossil fuels...thus... The Worst Is Yet to Come For Energy Prices
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So, you supply the webcam and the donkey?
At 30 bucks I'm buying for the long run.
That was my plan too, but I couldn't wait and got stuck with UCO when WTI was at 42.50. We should get a bounce here for a few days though.
This last Seven years in history is gonna be a best seller for years to come.
Uh. hmmm...been saying this would happen. Get ready to short again in the 40-41 range. Planet is still slowing down on energy. Thats why the Tuesday ramp wasnt as strong.
If youre sure of a ramp to $40, buy DIG?
I'm not putting serious money long until Irans in the market.
Crude looks like an ending diagonal from an elliot wave perspective. Anyone else see this? From Oct. 9 until now.
Why am I so cynical?
The Department of Energy says there is a surprise inventory draw and I immediately think "what a coincidence that inventories have gone down after the Russians and our very own copycats started bombing the ISIS tanker trucks and their wellheads. And there is less crude in our pipeline to recovery."
I wonder if there is a pill for cynicism?