You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
CL Redux
- Thread starter schizo
- Start date
Quote from Daxspreader:
Short Brent 121.98 (Was gonna short CL, but I think that if we go down, then Brent will lead)
Wait with shorting Brent until the pair gets really stretched, possibly to 20 (it already reached 16 this year, previous historical top being 12). The oligopoly of refiners just ignores such cost differences... the customer will pay anyway. Crude oil producers won't do the arb either, because its a pittance for them. Explore for 2, extract for 18, sell for 120. Those risky additional 15% (Brent's premium over WTI) have no utility to them compared to certain 500% (their markups).
Old API data news , just found out
------------------
http://af.reuters.com/article/energyOilNews/idAFN0516204220110405
"The report is mildly supportive (for prices). The rise in
product inventories in the Gulf Coast region may help stem some
of the recent froth, but it does represent an uptick in crude
oil demand," said John Kilduff of New York hedge fund Again
Capital LLC.
"The draw in crude oil inventories makes for just the
headline that will generate further buying interest, regardless
of the internals of the report."
On the New York Mercantile Exchange, crude for May delivery
CLc1 at 4:35 p.m. EST (2035 GMT) was down 62 cents at $107.85
a barrel, little changed from before the API data.
------------------
http://af.reuters.com/article/energyOilNews/idAFN0516204220110405
"The report is mildly supportive (for prices). The rise in
product inventories in the Gulf Coast region may help stem some
of the recent froth, but it does represent an uptick in crude
oil demand," said John Kilduff of New York hedge fund Again
Capital LLC.
"The draw in crude oil inventories makes for just the
headline that will generate further buying interest, regardless
of the internals of the report."
On the New York Mercantile Exchange, crude for May delivery
CLc1 at 4:35 p.m. EST (2035 GMT) was down 62 cents at $107.85
a barrel, little changed from before the API data.
Today's Numbers:
Wednesday, April 6, 2011
7:00 AM ET. Apr 1 MBA Mortgage Applications Survey
Market Composite Index (previous 485.3)
Market Composite Index Cur Chg (previous -7.5%)
Purchase Index (S.A.) (previous 188.5)
Purchase Index (S.A.) Cur Chg (previous -1.7%)
Refinance Index (previous 2222.5)
Refinance Index Cur Chg (previous -10.1%)
8:30 AM ET. Feb Chicago Fed Midwest Manufacturing Index
Manufacturing Index (MoM) (previous +1.1%)
Manufacturing Index (YoY) (previous +9.2%)
Auto Output Index (MoM) (previous +4.1%)
Auto Output Index (YoY) (previous +8.9%)
Machinery Output Index (MoM) (previous +1%)
Machinery Output Index (YoY) (previous +14.2%)
Resource Output Index (MoM) (previous -0.7%)
Resource Output Index (YoY) (previous +4.5%)
Steel Output Index (MoM) (previous +1.3%)
Steel Output Index (YoY) (previous +18.2%)
10:30 AM ET. Apr 1 EIA Petroleum Status Report
Crude Oil Stocks (previous 355.71M)
Crude Oil Stocks (Net Change) (previous +2.95M)
Gasoline Stocks (previous 217.04M)
Gasoline Stocks (Net Change) (previous -2.68M)
Distillate Stocks (previous 153.33M)
Distillate Stocks (Net Change) (previous +0.71M)
Refinery Usage (previous 84.1%)
Total Products Supplied (previous 18.61M)
Total Products Supplied (Net Change) (previous -0.71M)
Wednesday, April 6, 2011
7:00 AM ET. Apr 1 MBA Mortgage Applications Survey
Market Composite Index (previous 485.3)
Market Composite Index Cur Chg (previous -7.5%)
Purchase Index (S.A.) (previous 188.5)
Purchase Index (S.A.) Cur Chg (previous -1.7%)
Refinance Index (previous 2222.5)
Refinance Index Cur Chg (previous -10.1%)
8:30 AM ET. Feb Chicago Fed Midwest Manufacturing Index
Manufacturing Index (MoM) (previous +1.1%)
Manufacturing Index (YoY) (previous +9.2%)
Auto Output Index (MoM) (previous +4.1%)
Auto Output Index (YoY) (previous +8.9%)
Machinery Output Index (MoM) (previous +1%)
Machinery Output Index (YoY) (previous +14.2%)
Resource Output Index (MoM) (previous -0.7%)
Resource Output Index (YoY) (previous +4.5%)
Steel Output Index (MoM) (previous +1.3%)
Steel Output Index (YoY) (previous +18.2%)
10:30 AM ET. Apr 1 EIA Petroleum Status Report
Crude Oil Stocks (previous 355.71M)
Crude Oil Stocks (Net Change) (previous +2.95M)
Gasoline Stocks (previous 217.04M)
Gasoline Stocks (Net Change) (previous -2.68M)
Distillate Stocks (previous 153.33M)
Distillate Stocks (Net Change) (previous +0.71M)
Refinery Usage (previous 84.1%)
Total Products Supplied (previous 18.61M)
Total Products Supplied (Net Change) (previous -0.71M)
http://www.bloomberg.com/news/2011-...gnals-u-s-china-demand-growth-may-falter.html
Brent Premium
Brent, the European benchmark, yesterday traded at a premium of $13.88 a barrel to U.S. crude futures, the highest since March 1
. The difference surged to a record $19.54 on Feb. 21 as unrest spread in the Middle East and North Africa and stockpiles climbed at Cushing, Oklahoma, the delivery point for New York oil contracts.
The premium averaged 76 cents last year.
Brent Premium
Brent, the European benchmark, yesterday traded at a premium of $13.88 a barrel to U.S. crude futures, the highest since March 1
. The difference surged to a record $19.54 on Feb. 21 as unrest spread in the Middle East and North Africa and stockpiles climbed at Cushing, Oklahoma, the delivery point for New York oil contracts.
The premium averaged 76 cents last year.
I can not believe CL reached 108.70 in the Asian session after 107.75 , did not bother even to put limit sell any thing above 108.50 as chances are so remote after yesterday sell off to 107.75
Hey that is why this is crude
Hey that is why this is crude