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Crude Surges After DOE Reports Biggest Inventory Draw In 4 Months
Following last night's unexpected inventory draw reported by API, DOE reported an even bigger draw of 3.568 million barrel (against expectations of a 1.3mm barrel build). The biggest draw in almost 4 months sent crude surging back to $39. Cushing continues to fill up, with a 423k build - the 5th week in a row. Production dropped the most in 2 months (with both Alaska and The Lower 48 dropping).
Biggest crude inventory draw in 4 months...
Cushing continues to fill up
And finally, production dropped most in 2 months..
Sends crude higher still, extending overnight API gains...
Stock Bulls better hope these oil levels hold...
Charts: Bloomberg
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OK so storage capacity is almost full, the price of tankers is at a all time high. Who is lying here? My guess it was simply due to the Thanks Giving travel season.
Come here....
a little more....
come on...
WHAM!!!
Triple Double Super Top Secret Seasonal Adjustment maybe?
Who could have guessed?
RIPS
More importantly, who took the draw?
The one thing I draw from this (pun intended) War is in the cards and drawing "3 of a kind", or an "Inside straight", brings the stakes higher, to the inevitable play of "All in".
Mystery solved. Obama is selling the oil to finance ISIS
Or there is an extremely tight market hidden behind the skirts of Saudi largesse.
Russian strikes on stolen oil may have begun the great unwinding.
Just moving oil from one storage tank to another can do it, plus whatever is in the transfer pipelines. Pumping up the price and waiting on a fool to buy it.....
If storage gets too high in cost; there is a vast ocean dumping ground used routinely.
My face is red due to constant facepalms now ;) Oil traders use any excuse to manipulate the price. Daily, daily, I mean it, daily consumption in US is around 19 mbbl. And the draw is 4. Which is several times less then US oil production. It's 2 VLCCs only.
Yeah, but it rose almost everywhere except for a huge drop in the Gulf region. What was that?
The oil being blown up by the Russians, or quickly transported out by the Turks, excuse me ISIS to the Turks.
Now I will start driving more.
what sense does - prices going up - make with the biggest storage position in history on - Ships - all over the world?
Thats what my first comment was talking about it doesn't add up.
Short squeezes add up. There are a fuckton of shorts out there.is my guess.
maintenance is over , so refiners are picking up slack, to flood market again. good time to short!
transitory
Hi,
So much for the surge. As usual eia does a technical surge(meaning hits key resistance points), then all the more reason to sell again. See you at 34$
Lets see how much of a squeeze the boys can do today?
If they really start ramping next mon-tues...that means production build or incress. They always ramp before the bad news is anounced . They have insiders. They always know.
Then short.
I´ve been trying to figure out a general breakeven oil price for refracking an oil well. It seems as if refracking can be profitable if the oil price is not lower than $40 to $45 per barrel. But is there a significant portion of the oil wells which has a higher breakeven point for refracking?
I don't know the answer to that but it would be nice to know how many years these wells are going before they need to be reworked and how that is changing over time being that the good spots were hit first. Going on the cheap side the wells would be at least 8 million on average and something like 2 million on re-fracking the well.... pretty damn expensive have they made any money yet?
It would also be nice to see what the accurate decline rates on these refractured wells , betcha it will not be as stellar as they are claiming. Refracturing isn't anything new despite how they presnt it so we should have some numbers on that somewhere by now. We already know that they have meddled with how their reserves are valued.
and as London closes and all the Asia buyers go home...they tank Gold....
Heads I win, tails you lose... I shall see you at 33 sir!
Great, so now they are dumping more crude oil into the oceans.
I no longer believe ANYTHING data related that comes from our Government.
A bounce is not a surge.
Back under 38
Damn i missed it that was a Long Piss.
wonder where yellen has ordered bloated oil inventories to be dumped? gulf? antarctic?
I keep thinking -- and Zero Hedge keeps saying -- that we have hit rock bottom. But you know what? We are nowhere even close yet. It is not the end, nor even the beginning of the end. But it is possibly the end of the beginning. Being as their ain't no God, we're fecked. Just fecking fecked, you Feckers.
Feck! Arse!!! Drink!!!!!!! (Cheers, I'll have another)