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Crude Plunges As SPR-Release Rumor Trumps QE/Isaac Efforts
UPDATE: Isaac downgrade (from potential CAT 2 to CAT 1) is helping
In the immortal words of the movie 'Something about Mary', "we got a bleeder" in Crude oil. The front-month WTI contract just snapped over $2.50 lower as SPR-release rumors reassert on fears of Isaac's impact (and of course Jackson Hole).
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So much for the 'Isaac is the new Katrina' touts.
NEXT!
The rising price of gasoline will offset the price in crude.....soooo basically we're still screwed.
Nuking refiners hedges repeatedly is best path to higher gasoline prices. The hilarity of the head scratching behind rising gasoline prices as the oil interventions continue is a source of great joy for me. Now the refiners get to pass on even more losses to the consumer. Maybe a few more of them will burn down their buildings for the insurance money this time as well.
"Issac trumped"
Men doing God's work.
"...contract just snapped over $2.50 lower as SPR-release rumors reassert on fears of Isaac's impact (and of course Jackson Hole)."
...and of course November 6
BTFsyntheticDIP
Not to worry, as New Orlean's own Emeril Lagosse would say HAARP will "kick it up a notch!"
Easiest trade of the year! Let's see, War in the middle east lay in wait, Issac about to smash all production in the gulf for next two weeks, minimum. While Ben remains in control of the market's every breath - Oil hits 97.40 this morning, I short 300 Sept. contracts knowing Ben will Hilsenrath the oil market any moment, cuz you just can't have oil spiking headlines for the sheep to read - And WAALAA....News release "oil reserves"...Oil drops almost 3.00 bucks. Ben's nirvana remains...I get to go to San Francisco for a month and play tourist. You got to think like a Fed reprobate!!
Introducing my 2013 Rumor. It runs on bullshit and gets 105 mpg.
Not to mention it can go from 0 to 60 in three retellings.
buy the dip. duh. (after cashing out your shorts and puts of course)
The weather giveth and it taketh away.
Hurricane Bernanke getting downgraded and looks like it won't make landfall Friday.
China is very grateful for the cheap oil. I'm sure they will love to transfer it from our reserves to theirs.
Correct, and the government will happily accept their paper on your behalf.
didn't we trade that paper to China for cheap plastic crap, now they are trading it back to us for oil....wow. we're in great hands...thanks Ben/Timmy/Prez/Congress
While RBOB up 7 cents.
Bullish for anyone but the consumer heh.
the REAL hurricane is coming, head towards the exits folks if you havent already
That one is coming so slow you could crawl to the exit and make it on time. Of course if you do, you will still only be among one in a hundred that saves themselves.
Unfortunately in a world with few ants and many grasshoppers, the majority grasshoppers can just vote to confiscate the belongings of the ants, even if there isn't enough to go around, so the ant needs to have two stashes to come out OK. Them pharohs were smart with their false tombs you know.
Still shorting WTI. Feels good this morning.
dto the way to go
dto the way to go
And tomorrow we will be told that it was only a rumor.
It's now don't hide the fact your using the SPR to get re-elected.
remember: up oil because of evil speculators (not the """strong""" economy). spx up because of the """strong""" economy, not evil speculators.
Get your collective heads round this bitches.
The price of oil and every other thing in this whole wide world is zero, nothing, nada, ziltch.
Cos' our central banks print free money from thin air to give to banks to charge us non existant interest on.
Think on that this morning boys and girls.
You angry yet??
that gap's gonna fill up and then some! BTFD
Like the SPR release last time made any significant difference in output available.
Utter bullshit. Markets totally rigged - apologies for stating the obvious.
Katrina was downgraded to a cat 3 before landfall.
I trust no data that money can buy. Frankly, that is pretty much everything. Dead bodies make good TV ratings. So I am sure we will see the true after effects regardless of the pre-game baloney toss.
Obama needs an excuse to dump SPR on the market pre-election, especially in front of Bernanke's money print.
They are not stupid. They want to juice the markets pre-election with a money print, but know that the effect on gasoline prices will hurt them, so they need an SPR dump to offset that negative.
And just for a little crunch, pour on a billion rounds of yum yum dum dums to liven up the ensuing socioeconomic carnage.
Chaos is just desserts!
price of crude drops on more bullshit cat 2 to cat 1 at landfall giving people the sense that storm won't be so bad, if it does come in at a cat 2 or 3 and people get killed from it they will blame noaa and bush.
Nooooooooo they won't wait that long to blame him
NBC's Chuck Todd tries to tie Hurricane Katrina and former President George W. Bush to the GOP convention in Tampa
Burn baby Burn...
As in the money not paid or will be paid during the shuttering of the Production fields.
This is not the storm you ware looking for. Look at the gas stations instead.
Immortal is right!
That movie is sacred! Classic and I'd argue Matt Dillon plays comedy the best! He's really a comedian (and I love his brother too)......I mean, to this day, the part where Dillon is talking to Mary after the driving range in the parking lot where he confesses his real passion.....
Mongo etc......omg
Timeless!
The downgrade comes from a group who said it would hit Tampa... Nice...
Isaac has no teeth my friends. Obama doing everything to pull down WTi before Sept. 3. He wants 4 more years.
the algos are taking out the longs now. but the shitty part is if you BTFD like most will...it will drop even more. If you dont BTFD...it will go up...rinse repeat...a fleecing machine.
The next wave down has begun after WTI oil retraced about 0.618 of its previous drop.
http://bullandbearmash.com/chart/spot-wti-oil-daily-august-17-2012/
Here goes the rollercoaster, boys. Raise your arms and enjoy the ride!
Retest of WTi $93. See you there this afternoon.
I'm glad Issac is downgraded. Could it mean that those who persist in living by the sea below sea level will need a smaller bail out?
(pun intended)
everyboby knows the "Chocolate City" can't swim
funny how they may have released some lubrication
but they failed to pass any gas .....
The SPR release is really a "gift" to the refiners that CAN remain producing, the release will have no impact on the price of refined fuels as all America's current refineries are running at 100% of their current maximum production especially with all the "incidents" they have to repair, we also have to supply Venezuela whom had a lil refinery incident last week (they have refined fuel contracts).
Granting refineries running at maximum capacity more oil won't lower prices, it will just increase their profit spread.
America's greedy oil refiners thank the Obama administration and look forward to raping the taxpayers again when that SPR needs refilling again at much higher prices.
Going long these rumors has been the easiest money ive ever made..for over two years now
http://mlatrader.com/?p=52