WTI Crude Tops $50, Breaks Above Key Technical Level

Tyler Durden's picture

For the first time since August 10th, WTI crude is trading back above $50 (following the biggest crude inventory build in 6 months and a rebound in production last week).

The gains seem driven by refinery restarts and increased IEA/OPEC demand forecasts, and improved OPEC production cut compliance. This move also follows China's lowest crude output since 2009 (amid dismal economic data).

The good news (for now) is that RBOB prices are continuing to slide as refiners and pipelines come back on line after Harvey.

WTI also broke above a key technical level...

“It seems like it’s driven by WTI, with prices above their 200-day moving average,” UBS analyst Giovanni Staunovo says of price increase

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LawsofPhysics's picture

Again, talking about the "price" of anything in a "market" that does not allow a mechanism for true price discovery is a fool's errand!!!

Ask yourself, "do consumable calories and reduced hydrocarbons have any real value?"

In the meantime...

"Full Faith and Credit"

Oracle of Kypseli's picture

Gravity is a bitch. Don't get cought long oil.

Doña K's picture

fingerprints of Aramco forcing the issue with the hurricanes as the catalyst. IPO will be epic failure.

Shorted some more this morning

Truth Eater's picture

The market controllers have eliminated all the computer jockeys that were overweight to avoid any fat finger events.  When they start bringing in boxes of donuts and pizza for the skinny crew, then we will know what the "free" market will be doing differently. 

BlindMonkey's picture

Aren't we supposed to start tracking crude in Yuan now?

A. Boaty's picture

Given its fungibility, you might as well stack actual crude. You have room for a few bbl, right?

shizzledizzle's picture

The only real indicator I have seen that things might be starting to unwind. 

NoWayJose's picture

Goldman hit the 'up' button!

Money Mantra's picture

Thia is not making sense. SHEPWAVE foretold this days ago. But makes no sense why it happened. I didn't believe them. Proof that the markets are rigged.

Money Mantra's picture

Thia is not making sense. SHEPWAVE foretold this days ago. But makes no sense why it happened. I didn't believe them. Proof that the markets are rigged.