This page has been archived and commenting is disabled.

Crude Pops As API Reports Surprise Inventory Draw After 10 Weeks Of Builds

Tyler Durden's picture




 

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

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 12/08/2015 - 17:43 | 6895940 Fester
Fester's picture

This is cracking me up. The BS is DEEP!

Tue, 12/08/2015 - 17:47 | 6895959 HedgeAccordingly
HedgeAccordingly's picture

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

Tue, 12/08/2015 - 18:11 | 6896064 Angel_Eyes
Angel_Eyes's picture

Check this legitimate ways to mak? money from home, working on your own time and being your own boss... Join the many successful people who have already used the system. Only reliable internet connection needed, no prior experience neccessary, that's why where are here. Start here... www.wallstreet34.com

Tue, 12/08/2015 - 19:28 | 6896425 Saddam Miser
Saddam Miser's picture

I love 'mak?'ing money from home >.>

Tue, 12/08/2015 - 20:06 | 6896627 TheRealDrBill
TheRealDrBill's picture

So, you supply the webcam and the donkey?

Tue, 12/08/2015 - 17:45 | 6895948 Sudden Debt
Sudden Debt's picture

At 30 bucks I'm buying for the long run.

Tue, 12/08/2015 - 17:47 | 6895962 Bryan
Bryan's picture

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.

Tue, 12/08/2015 - 17:48 | 6895964 Bill of Rights
Bill of Rights's picture

This last Seven years in history is gonna be a best seller for years to come.

Tue, 12/08/2015 - 18:19 | 6896084 Francis Marx
Francis Marx's picture

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.

Tue, 12/08/2015 - 18:33 | 6896192 RadioactiveRant
RadioactiveRant's picture

If youre sure of a ramp to $40, buy DIG?

I'm not putting serious money long until Irans in the market.

Tue, 12/08/2015 - 19:27 | 6896414 Saddam Miser
Saddam Miser's picture

Crude looks like an ending diagonal from an elliot wave perspective.  Anyone else see this?  From Oct. 9 until now.

Wed, 12/09/2015 - 19:56 | 6901779 bid the soldier...
bid the soldiers shoot's picture

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?

 

 

Do NOT follow this link or you will be banned from the site!