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WTI Slumps Under $37 After API Reports Unexpected, Large Inventory Build
Following last week's huge draw, total crude inventories were expected to drop 1 million barrels this week driven by expectations that refinery utilization rose last week. When API reported a hugely surprising 2.3 million barrel build, crude prices, which had drifted off highs after NYMEX close, dropped further as disappointment set in, back under $37.
A majorly unexpected build...
Ansd crude prices slumped back under $27...
Charts: Bloomberg
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No crude jokes please.
A Nun, A hooker, and a Hermaphrodite walk into a bar...
What exactly is unexpected about this? Unless commodities are set to move, there is nothing going to float this back up till the next QE.
FORWARD SOVIET TANKERS!
supplies!
expected to drop 1 million barrels this week driven by expectations that refinery utilization rose last week. When API reported a hugely surprising 2.3 million barrel build
Off by 3.3 million barrels. "Missed it by that much"
Must be the common core government math .
"Unexpected"
"Large"
"Inventory Build"
How this is unexpected and not the same shit it ever was is beyond me.
Given the recent correlation between US stock & WTI, is this set for a drop tomorrow?
Bullish!!
Just think of the most unprobable thing possible and bet on it.
Like the fed rate raise being bullish for stocks and commodities.
Oil goes to 42 near term ..then back down for more muppet milking.
RIPS
To the moon and beyond
I was going to say the same thing. Crude will follow equities during tomorrow's spew-fest, regardless of inventories.
$27 or $37 a barrel? Wishful thinking?
If it were $27 people would be shitting bricks.
Let's hope the Russian people evolve a gut flora allowing them to digest crude.
another successful weekly WTI grift.
Way to go ;)
I'm looking for $20.00!
I've been guessing $25 is the bottom,
Nothing scientific. Simply an arbitrary number pulled from a hat
Congrats! You've just been nominated to the Oversight Committee of the ECB. Well done!
We have a Silver Institute to tell us about the silver trade and how demand is weaker.
API, the American Petroleum Institute releases a totally unexpected report that drives crude prices back down.
WGC, the World Gold Council publishes bearish reports regarding the gold situation monthly.
All these orgs are part of the control mechanism the squid has over commodities.
For the record, I think it's all bullshit.
Carry on.
LOL, Market boys are playing games.
Report draws to boost oil to get out of positions.
Why would the industry mouthpiece want to drive prices down?
5 minutes before release WTI was down half a percent.
wOw! Some roller coaster ride today.
Russia Sees No Oil Price Recovery In The Coming 7 Years http://www.zerohedge.com/news/2015-12-15/russia-sees-no-oil-price-recovery-coming-7-years
Oil in $20s a Risk as Citigroup Sees Crude Storage Tanks Fill Up http://www.bloomberg.com/news/articles/2015-12-15/oil-in-20s-a-risk-as-citigroup-sees-crude-storage-tanks-fill-up
Never Mind $35, The World's Cheapest Oil Is Already Close to $20 http://www.bloomberg.com/news/articles/2015-12-14/never-mind-35-the-world-s-cheapest-oil-is-already-close-to-20
OPEC History Shows It Can Deal Even Bigger Blows to Oil Price http://www.bloomberg.com/news/articles/2015-12-14/opec-history-shows-it-can-deal-even-bigger-blows-to-oil-price
Iran able to produce oil at $1 per barrel http://en.mehrnews.com/news/112794/Iran-able-to-produce-oil-at-1-per-barrel
Production Timetable: Iran’s Oil Comes Online - Bloomberg Vid http://www.bloomberg.com/news/videos/2015-12-15/production-timetable-iran-s-oil-comes-online-ii765qu9
So who's been saying we've reached a bottom yet?
lower than a snakes belly in a rut?
RE: "Ansd crude prices slumped back under $27..." Clean it up...
Vlad needs to be hunted down like a dog a la Manuel Noriega or Saddam and hung for crimes against humanity.
There is so much desperation out there to push up oil prices, but not happening any time soon. And after this coming cave-in, it will be even longer. Lots of folks gonna be out lot of money....too bad so sad!
And meanwhile, in the dystopian socialist paradise of Canuckistan we see an increase in the price of gasoline from 1.0999 to 1.1499. The price of diesel inexplicably dropped from 1.0399 to .9809
Your free market at work.
Another bankruptcy.
Magnum Hunter. $6.4mm in cash against $1.1b in total liabilities.
http://fuelfix.com/blog/2015/12/15/magnum-hunter-seeks-bankruptcy-amid-o...
ten
Oh, that "unexpected" word yet again.