Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Oil Algos Confused By Bigger Than Expected Crude Build, Gasoline Draw

Courtesy of ZeroHedge. View original post here.

Oil prices tumbled today (after ripping higher yesterday along with everything else) as Trump’s tariff-threats appear to be taken more seriously by market participants.

“There are concerns about the broad economic environment,” said Michael Tran, a commodity strategist at RBC Capital Markets LLC in New York. “Clearly, the biggest risk to the oil market right now is the Trump factor coupled with macro headwinds.”

After last week’s surprisingly large crude build, all eyes are on API data tonight for hints at whether the extreme long positioning in the energy complex will be squeezed any further.

API

  • Crude +2.81mm (+1.2mm exp)

  • Cushing +618k

  • Gasoline -2.833mm

  • Distillates -834k

Another bigger than expected crude build last week but draws in gasoline and distillates (again) offset the bearish bias of the build…

American drillers have boosted output to a record while pushing nationwide stockpiles to the highest since September 2017.

WTI was testing down towards a $60 handle ahead of the data and kneejerked modestly higher after the print, despite the crude build…

“We are not very much surprised that prices have come down a little bit lower,” Daniel Ghali, a TD Securities commodities strategist, said in a phone interview. “What is surprising is that the market is discounting or disregarding the increase in tensions between the U.S. and Iran after the U.S sent a clear and indisputable signal that they will not tolerate any aggression in the region.”


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!