Crude Crashes On Biggest 2-Week Gasoline Inventory Build On Record
Confirming API data overnight, DOE reports that while total inventories of crude rose less than expected (+234k vs +2.1mm exp.) Gasoline and Distillates saw a massive build once again. Gasoline invenrtories rose 8.44mm barrels (following last week's 10.6mm record build) is the biggest 2-week inventory build in history. Crude has crashed back from overenight "China is buying oil" demand hopes.
- *GASOLINE INVENTORIES ROSE 8.44 MLN BARRELS, EIA SAYS
- *DISTILLATE INVENTORIES ROSE 6.14 MLN BARRELS, EIA SAYS
- *CRUDE OIL INVENTORIES ROSE 234,000 BARRELS, EIA SAYS
This is the biggest 2-week gasoline inventory build in history
Worse still:
- *CUSHING CRUDE INVENTORIES REACH RECORD HIGH OF 64M BBL
And crude is reacting how it should...
And then there is this:
- *U.S. FUEL DEMAND FELL 2.15% IN PAST FOUR WEEKS, EIA SAYS
And Production rose 0.13% in The Lower 48!
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Global meltdown. No?
Gartman's weathervane just turned bearish
In other news, Boris crashes on biggest 2-week Vodka binge on record.
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I just drained my swimming pool to give the US Dept of Energy some extra storage room.
Boris is just drain bladder for to give Stolichnaya Red Label more extra storage room.
www.fsrar.ru
things have gotten such under Obama that 2 weeks after xmas nobody has cash to fill the tank.
Well when the US consumer already has zero $$ and Christmas is financed with a CC then you get this sort of 'no money for gas' situation.
I've noticed the panhandlers are out in droves right now, seems like they're on every corner.
Western Canada Select (tarsands oil) at USD $15.50.
Gartman Gartman Gartman...
Marsha, Marsha, MARSHA!
...I'm coming!
Sunny, Sunny, Sunny!
Was gonna go with Judy, Judy, Judy; but Carey Grant apparently never said that.
And Humphrey Bogart never said: "Play it again Sam"
Our world is a tissue of lies.
What if we announced an economic war and nobody showed up?
Doh!
And yet, USA import 600 kb/d more this week than previous one(including destilites). Pretty funny.
Who needs Oil.../s
this too, is, er, bullish
Clearly nobody wants you shit, so I'll make you an offer for 10c on the dollar. What do you say?
Something is about to happen geopolitically - or geo-militarily. Don't ask me where, it's gut hunch.
I've had that feeling before. It's important to listen to those feelings. That's how I've correctly predicted 11 of the last 4 recessions.
The most obvious answer is Iran and Saudia Arabia agree to lob a few missles at each other.
Just enough to spike oil higher but not so much to hurt production levels.
win - win!!!
I thought that last week, but it was just gas pains. It was a little lumpier than expected, but all expelled and I felt better.
"This is the biggest 2-week gasoline inventory build in history"
When the bad news is all marked "since Lehman" you can largely ignore it. But when it's comes marked "in history" you might want to start paying attention.
You know what's funny? People are buying bigger cars and trucks than ever and we still have these gasoline builds. Around here the fucking trucks are bigger than some of the houses, and all the rednecks have one.
Yes, they do seem to be sprouting up everywhere. Those big trucks are probably tiny penis compensators tbh.
You'll see them for a while, that is until Repo Depo starts grabbing them off the streets. After all, their owners couldn't really afford the truck let alone all of the junk they threw at it (suspension, wheels, smoked lights, running boards (or ladders), 33" tires, coffee can sized exhaust, diesel perf chip and tuner...the list is endless).
These trucks look like cartoons (like new Camaro too) and they fit well in our cartoon world....
Short term crashes can create long term price rise as the number of rigs declines, sharply.
Long wood, wind and solar.
They had everything bright green early this morning, now going red...but never fear, there is always the 3:30 rampalooza.
What is that in GMT?
"Crashes"? Please. The Fed has this. Sellers get out and Janet gets in. Everything Green today, even Gasoline with the massive builds.
We've had the largest debt in history for years now.
And now we get to listen to the jingle of the BS joo fedspeak perfectly timed to prop up this shitshow
and GM has raised its divi 6% and is increasing buybacks by 80% because blue skies...
Anyone check out the BS ramp of ChipotlEcoli today? Whatafuckingjoke.
Need QE4 to juice the price of oil back up.
I <3 cheap gas.
Theyre getting really desperate now...check out the BS pump in AAPL 10 min ago. WAFJ.
Like Yellen and her hikes effect on the economy/markets...oil is heading for a dislocating drop...
This very well may be the bottom though, sure oil came down from its high but it is holding a very good level and is actually still green.
We will see at EOD.
I'll settle on $25/barrel and gas in NY (upstate) at 1.75/gal. Sill over 2.00 here. Too high. A couple more weeks of unseasonably snowless weather should do the trick.