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5% - 10% profit per day trading
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Oil, Gasoline Inventories Up; Distillates Down
NEW YORK -- U.S. crude-oil inventories in the week ended April 3 rose slightly less than analysts' expectations, according to data released Wednesday by the U.S. Department of Energy.
Crude stockpiles climbed 1.6 million barrels to 361.1 million barrels, the department's Energy Information Administration said in its weekly report. That compared with an average forecast of a 1.9 million-barrel build in a Dow Jones Newswires survey of analysts.
Gasoline stockpiles rose 656,000 barrels to 217.5 million barrels, compared with an average survey estimate of a 900,000-barrel drawdown.
Distillate stockpiles fell 3.4 million barrels to 140.8 million barrels, far more than analysts' forecasts of a 200,000-barrel draw.
Refinery use rose 0.1 percentage point to 81.8% of capacity, matching expectations. U.S. Oil Inventories: For week ended April 3
U.S. Oil Inventories:
For week ended April 3
Crude Gasoline Distillates Refinery Use
EIA data: +1.6 +0.7 -3.4 +0.1
Forecast: +1.9 -0.9 -0.2 +0.1
Figures in millions of barrels, except for refining capacity, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires
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Refiners appear to be anticipating a prolonged period of low fuel consumption, with utilization rising 0.1 percentage point to 81.8% last week. Refineries operated at 88.4% of capacity at this time two years ago.
Gasoline stocks rose by 700,000 barrels, where analysts had anticipated a decline of 900,000 barrels. Distillate inventories fell by 3.4 million barrels, far outpacing the expected 200,000 barrel drop.
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Oil inventories also fell sharply in Cushing, Okla., the closely watched delivery point for the Nymex futures contract. Stockpiles dropped 900,000 barrels to 30 million barrels, as the storage crunch continues to ease there.
NEW YORK -- U.S. crude-oil inventories in the week ended April 3 rose slightly less than analysts' expectations, according to data released Wednesday by the U.S. Department of Energy.
Crude stockpiles climbed 1.6 million barrels to 361.1 million barrels, the department's Energy Information Administration said in its weekly report. That compared with an average forecast of a 1.9 million-barrel build in a Dow Jones Newswires survey of analysts.
Gasoline stockpiles rose 656,000 barrels to 217.5 million barrels, compared with an average survey estimate of a 900,000-barrel drawdown.
Distillate stockpiles fell 3.4 million barrels to 140.8 million barrels, far more than analysts' forecasts of a 200,000-barrel draw.
Refinery use rose 0.1 percentage point to 81.8% of capacity, matching expectations. U.S. Oil Inventories: For week ended April 3
U.S. Oil Inventories:
For week ended April 3
Crude Gasoline Distillates Refinery Use
EIA data: +1.6 +0.7 -3.4 +0.1
Forecast: +1.9 -0.9 -0.2 +0.1
Figures in millions of barrels, except for refining capacity, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires
---------
Refiners appear to be anticipating a prolonged period of low fuel consumption, with utilization rising 0.1 percentage point to 81.8% last week. Refineries operated at 88.4% of capacity at this time two years ago.
Gasoline stocks rose by 700,000 barrels, where analysts had anticipated a decline of 900,000 barrels. Distillate inventories fell by 3.4 million barrels, far outpacing the expected 200,000 barrel drop.
---------
Oil inventories also fell sharply in Cushing, Okla., the closely watched delivery point for the Nymex futures contract. Stockpiles dropped 900,000 barrels to 30 million barrels, as the storage crunch continues to ease there.
Quote from spanish89:
What were teh gasoline and refinery numbers like??
I personally wouldnt sell this move until 52.26 though,
ince we got a 5million drawdown in effect,
and yet its only up 4%.
So theres ALOT more room it could spike to in the close
Hello everybody,
I have started new thread for 'Natural gas' , I am planning to expand my energy complex trading portfolio beyond oil , if interested pls. join the thread
http://www.elitetrader.com/vb/showthread.php?s=&postid=2380900#post2380900
I have started new thread for 'Natural gas' , I am planning to expand my energy complex trading portfolio beyond oil , if interested pls. join the thread
http://www.elitetrader.com/vb/showthread.php?s=&postid=2380900#post2380900
the fact that we closed below 50.00 today, is that a sign of weakness in oil?
didn't make too many trades today in oil, as i was unsure which way we were headed after the EIA report.
didn't make too many trades today in oil, as i was unsure which way we were headed after the EIA report.
MMs play book 1/2 part is correct , no pull back to high . That is the story with market , you can get 1/2 story right most of the time but not full
I think the initial 51.0 price is due to short squeeze , once it was no more big buyers MMs not able to push back to 51 .0
I think the initial 51.0 price is due to short squeeze , once it was no more big buyers MMs not able to push back to 51 .0
Quote from InvestVision:
I am expecting around 51.50 close today give or take 50 cents depending on where S&P stands.
if we go by MMs play book there should be
a) drop to 49.50
b) then pull back to 50.50
c) final 14:00 to 14:30 EST squeeze to 51.50
agian this is rule book, they can change it
crude pit market closed at 49.50 at 1430 EST which is the main action where big players and MMs are involved.
whatever we get after 1430 EST is small noise .
hmm... regarding 48.0 in 10 hours ... asian/europe market can only change around 75 cents only in normal days ( if you look at the historically ) assuming equity markets are "unchanged no influence" on oil .
I see down pressure on oil , but 48.0 level is we are talking about $1.50 down from 49.50 I doubt asian/europe market has that much volume muscle .. Asian/Europe session volume is only 5% of pit session ..
Anyway this my analysis not contradicting you .. the more we all speak opinions we all benefit from combined knowldge
whatever we get after 1430 EST is small noise .
hmm... regarding 48.0 in 10 hours ... asian/europe market can only change around 75 cents only in normal days ( if you look at the historically ) assuming equity markets are "unchanged no influence" on oil .
I see down pressure on oil , but 48.0 level is we are talking about $1.50 down from 49.50 I doubt asian/europe market has that much volume muscle .. Asian/Europe session volume is only 5% of pit session ..
Anyway this my analysis not contradicting you .. the more we all speak opinions we all benefit from combined knowldge
Quote from usman88:
i have a feeling we may drop to 48.00 in the next 10 hours
Crude Rises, But High Inventories Damp Rally
DOW JONES NEWSWIRES
NEW YORK -- Crude futures ended higher Wednesday, but a growing oil surplus held prices under $50 a barrel.
U.S. crude stockpiles are now just 1 million barrels away from their highest point since 1990, and demand is showing no sign of perking up enough to draw down on inventories.
But traders were encouraged when the U.S. Energy Information Administration reported that inventories grew by much less last week than in data from an industry group released the day before. The EIA's 1.7 million-barrel build paled in comparison with the 6.9 million-barrel increase reported by the American Petroleum Institute Tuesday.
Futures initially surged to an intraday high of $51.30 a barrel before the sheer amount of extra oil in storage caused the rally to fizzle. Oil inventories have grown steadily since late last year as the economic downturn has cut demand.
"The EIA report really didn't do much to change these bearish fundamentals," said Jim Ritterbusch, president of the trading advisory firm Ritterbusch & Associates in Galena, Ill. "It's just a lot of noise in the day's trade, but at the end of the day, we're not going to see much movement."
Newly released minutes from the Federal Reserve's March meeting threw cold water on a growing hope in equities and commodities markets that the economy would soon begin to recover.
"With the Fed minutes .. we saw a potential for the recession getting a whole lot worse," said Matt Zeman, president of trading at LaSalle Futures in Chicago.
----------------
@investvision notes: it seems crudeoil, gasoline % changes of close price ( compared to yesterday )are in same direction ( oil up, gasoline down ) to EIA report
- Light, sweet crude for May delivery settled 23 cents, or 0.5%, higher at $49.38 a barrel on the New York Mercantile Exchange
- May reformulated gasoline blendstock, or RBOB, settled down 2.08 cents, or 1.4%, at $1.4396 a gallon.
- May heating oil settled 79 points, or 0.6%, higher at $1.3982 a gallon.
- Gasoline was hit especially hard by the EIA data, which showed a build of 700,000 barrels for the fuel, where analysts had expected a 900,000 barrel decline.
- Distillate stocks, including heating oil and diesel, fell by 3.4 million barrels, exceeding the 200,000 barrel draw predicted by analysts.
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DOW JONES NEWSWIRES
NEW YORK -- Crude futures ended higher Wednesday, but a growing oil surplus held prices under $50 a barrel.
U.S. crude stockpiles are now just 1 million barrels away from their highest point since 1990, and demand is showing no sign of perking up enough to draw down on inventories.
But traders were encouraged when the U.S. Energy Information Administration reported that inventories grew by much less last week than in data from an industry group released the day before. The EIA's 1.7 million-barrel build paled in comparison with the 6.9 million-barrel increase reported by the American Petroleum Institute Tuesday.
Futures initially surged to an intraday high of $51.30 a barrel before the sheer amount of extra oil in storage caused the rally to fizzle. Oil inventories have grown steadily since late last year as the economic downturn has cut demand.
"The EIA report really didn't do much to change these bearish fundamentals," said Jim Ritterbusch, president of the trading advisory firm Ritterbusch & Associates in Galena, Ill. "It's just a lot of noise in the day's trade, but at the end of the day, we're not going to see much movement."
Newly released minutes from the Federal Reserve's March meeting threw cold water on a growing hope in equities and commodities markets that the economy would soon begin to recover.
"With the Fed minutes .. we saw a potential for the recession getting a whole lot worse," said Matt Zeman, president of trading at LaSalle Futures in Chicago.
----------------
@investvision notes: it seems crudeoil, gasoline % changes of close price ( compared to yesterday )are in same direction ( oil up, gasoline down ) to EIA report
- Light, sweet crude for May delivery settled 23 cents, or 0.5%, higher at $49.38 a barrel on the New York Mercantile Exchange
- May reformulated gasoline blendstock, or RBOB, settled down 2.08 cents, or 1.4%, at $1.4396 a gallon.
- May heating oil settled 79 points, or 0.6%, higher at $1.3982 a gallon.
- Gasoline was hit especially hard by the EIA data, which showed a build of 700,000 barrels for the fuel, where analysts had expected a 900,000 barrel decline.
- Distillate stocks, including heating oil and diesel, fell by 3.4 million barrels, exceeding the 200,000 barrel draw predicted by analysts.
------------------
wow we're off to an awfully bullish start in oil. anybody dare short this??
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