I guess there may be retest of 111.50 line
Quote from Holey Grail:
OK permabears, time for you to shine.
CL Redux
- Thread starter schizo
- Start date
If that was the TRAP , counter TRAP can be taking CL to 110 level after this 111.60 level ..
Quote from InvestVision:
<< Maybe they are on to something >>
I speculate Here is what that some thing was.
- Pre-report price high was conveniently kept at high 109.87 for hours then at 109.92 then drop back to 109.20 .
- basically showing no break of 110 when S&P is at +16 points and EUR at 200 points both rock solid no wiggling for hours.
- that not breaking 110 & that drop back to 109.20 is to create illusion that CL is not as strong as equities& EURO.
- when equities and EURO is so strong not even blinking how is it possible for CL waiting at 109.85 for long time not breaking 110 , that was planned for post Report.
- I guess all this delayed break is to TRAP new SHORTS at 109.70 levels ....
- Regardless of the Report numbers , given strong equities and EURO CL was planned for high 110.90 , report added another 50 ticks
- all reports are crude +1.5 mil , gasoline -1.8 making net neutral , the only diff this is crude also draw (-)
<b>US crude oil and product stocks fall as imports drop-EIA</b>
http://af.reuters.com/article/energyOilNews/idAFN2015232420110420?sp=true
* Crude stocks fall 2.3 mln bbls to 356.97 mln bbls
* Cushing stocks fall 770,000 bbls from record high
* Gasoline stocks off 1.58 mln barrels to 208.1 mln
* Distillates off 2.5 mln bbls to 148.34 mln
* Refinery utilization up 1.1 pct point to 82.5 pct
NEW YORK, April 20 (Reuters) - U.S. crude and oil product inventories fell last week, with gasoline stocks dipping for a ninth consecutive time, as U.S. oil imports thinned and refinery utilization rose, according to a weekly report from the Energy Information Administration on Wednesday.
<b>
1/ Domestic crude stocks unexpectedly fell 2.32 million barrels in the week to April 15 to 356.97 million barrels, the report showed, compared with expectations for a 1.1 million-barrel build
in a Reuters poll of analysts. Stocks had risen in six previous weeks.
2/ Stocks of gasoline fell for a ninth week, shedding 1.58 million barrels to 208.1 million barrels, in line with analyst expectations for a 1.5 million-barrel draw.
3/ Distillate stocks unexpectedly fell 2.5 million barrels to 148.34 million barrels, compared with analyst expectations for no change
</b>
Stocks of the motor fuel fell in spite of EIA data that showed U.S. gasoline demand fell by 1.8 percent on average over the last four weeks versus levels from the same period of 2010.
Refinery utilization rose by 1.1 percentage points to 82.5 percent from 81.4 percent in the previous week. That compared with analyst expectations for 0.8 percentage point rise.
<b>Crude imports fell by 518,000 barrels a day (bpd) to 8.02 million bpd.
Inventories at the key Cushing, Oklahoma, terminal fell by 770,000 barrels to 41.1 million barrels, from a record high in the previous week.
</b>
Cushing is the delivery point for the New York Mercantile Exchange's benchmark West Texas Intermediate crude futures.
Distillate stocks unexpectedly fell 2.5 million barrels to 148.34 million barrels, compared with analyst expectations for no change.
Oil industry group American Petroleum Institute, in its own weekly data report released on Tuesday, said domestic crude stocks rose by 667,000 barrels last week, while gasoline stocks fell 1.8 million barrels and distillates fell 3.4 million barrels.
U.S. oil futures CLc1 extended gains after the data, trading up $1.92 to
http://af.reuters.com/article/energyOilNews/idAFN2015232420110420?sp=true
* Crude stocks fall 2.3 mln bbls to 356.97 mln bbls
* Cushing stocks fall 770,000 bbls from record high
* Gasoline stocks off 1.58 mln barrels to 208.1 mln
* Distillates off 2.5 mln bbls to 148.34 mln
* Refinery utilization up 1.1 pct point to 82.5 pct
NEW YORK, April 20 (Reuters) - U.S. crude and oil product inventories fell last week, with gasoline stocks dipping for a ninth consecutive time, as U.S. oil imports thinned and refinery utilization rose, according to a weekly report from the Energy Information Administration on Wednesday.
<b>
1/ Domestic crude stocks unexpectedly fell 2.32 million barrels in the week to April 15 to 356.97 million barrels, the report showed, compared with expectations for a 1.1 million-barrel build
in a Reuters poll of analysts. Stocks had risen in six previous weeks.
2/ Stocks of gasoline fell for a ninth week, shedding 1.58 million barrels to 208.1 million barrels, in line with analyst expectations for a 1.5 million-barrel draw.
3/ Distillate stocks unexpectedly fell 2.5 million barrels to 148.34 million barrels, compared with analyst expectations for no change
</b>
Stocks of the motor fuel fell in spite of EIA data that showed U.S. gasoline demand fell by 1.8 percent on average over the last four weeks versus levels from the same period of 2010.
Refinery utilization rose by 1.1 percentage points to 82.5 percent from 81.4 percent in the previous week. That compared with analyst expectations for 0.8 percentage point rise.
<b>Crude imports fell by 518,000 barrels a day (bpd) to 8.02 million bpd.
Inventories at the key Cushing, Oklahoma, terminal fell by 770,000 barrels to 41.1 million barrels, from a record high in the previous week.
</b>
Cushing is the delivery point for the New York Mercantile Exchange's benchmark West Texas Intermediate crude futures.
Distillate stocks unexpectedly fell 2.5 million barrels to 148.34 million barrels, compared with analyst expectations for no change.
Oil industry group American Petroleum Institute, in its own weekly data report released on Tuesday, said domestic crude stocks rose by 667,000 barrels last week, while gasoline stocks fell 1.8 million barrels and distillates fell 3.4 million barrels.
U.S. oil futures CLc1 extended gains after the data, trading up $1.92 to
<<
4/20/11 EIA report day , big UP day , EOD analysis
we are forgetting to follow Nigeria post election unrest as speculated in press for last 2 weeks.
Nigeria is real OIL supplier to US not like Libya as far as OIL imports are concerned.
- given draw at Cushing and Crude stock fell , and combine that with possibility of REDUCED exports from Nigeria got the ADDITIONAL CRUDE action today ( on top of usual strength from Equities mkt& strong EURO )
- after the fact analysis: another validation factor of this Nigeria issue is , for last 2 days Brent/CL spread is decreasing indicating this upcoming Nigeria OIL import to US at REDUCED levels . That is Major part of Nigeria oil comes to US than to Europe ( Brent ...)
<b> Nigeria among the top five exporters to U.S. refiners </b>
-
>>
http://www.marketwatch.com/story/cr...-a-barrel-2011-04-20?link=MW_home_latest_news
- Post-election violence in Nigeria
- as well as a broad commodities rally,
- with gold settling at a record and other metals gaining, also helped lift oil prices.
<b>
- Violence broke out in Nigeria following weekend presidential elections, with at least 33 people killed in riots, Reuters reported Wednesday.
- Nigeria is Africaâs leading oil exporter and among the top five exporters to U.S. refiners.
</b>
- Oil had started the day higher on the weaker dollar, and extended gains after an upbeat housing report.
It shot upward after the Energy Information Administration reported oil inventories declined 2.3 million barrels in the week ended April 15.
- Earlier Wednesday, the National Association of Realtors said sales of existing U.S. homes rose 3.7% to a seasonally adjusted rate of 5.1 million in March. Economists surveyed by MarketWatch had expected a rebound to 5 million. Read more about housing-sales report.
-------------------
<b>Nigeria post election Unrest</b>
http://www.ibtimes.com/articles/136568/20110420/nigeria-election-goodluck.htm#ixzz1K5pk45ym
According to reports, more than 200 people have died in post-election violence while security forces have arrested hundreds of people.
A reporter for Al Jazeera said: "What we're hearing is that the violence is taking a new dimension. Eyewitnesses are telling us that soldiers - or men dressed in military fatigues - are conducting door-to-door searches, removing people from their homes and actually attacking and in some cases killing them."
<b>
The election results have shown the stark sectarian differences in vast, oil-rich Nigeria.</b>
4/20/11 EIA report day , big UP day , EOD analysis
we are forgetting to follow Nigeria post election unrest as speculated in press for last 2 weeks.
Nigeria is real OIL supplier to US not like Libya as far as OIL imports are concerned.
- given draw at Cushing and Crude stock fell , and combine that with possibility of REDUCED exports from Nigeria got the ADDITIONAL CRUDE action today ( on top of usual strength from Equities mkt& strong EURO )
- after the fact analysis: another validation factor of this Nigeria issue is , for last 2 days Brent/CL spread is decreasing indicating this upcoming Nigeria OIL import to US at REDUCED levels . That is Major part of Nigeria oil comes to US than to Europe ( Brent ...)
<b> Nigeria among the top five exporters to U.S. refiners </b>
-
>>
http://www.marketwatch.com/story/cr...-a-barrel-2011-04-20?link=MW_home_latest_news
- Post-election violence in Nigeria
- as well as a broad commodities rally,
- with gold settling at a record and other metals gaining, also helped lift oil prices.
<b>
- Violence broke out in Nigeria following weekend presidential elections, with at least 33 people killed in riots, Reuters reported Wednesday.
- Nigeria is Africaâs leading oil exporter and among the top five exporters to U.S. refiners.
</b>
- Oil had started the day higher on the weaker dollar, and extended gains after an upbeat housing report.
It shot upward after the Energy Information Administration reported oil inventories declined 2.3 million barrels in the week ended April 15.
- Earlier Wednesday, the National Association of Realtors said sales of existing U.S. homes rose 3.7% to a seasonally adjusted rate of 5.1 million in March. Economists surveyed by MarketWatch had expected a rebound to 5 million. Read more about housing-sales report.
-------------------
<b>Nigeria post election Unrest</b>
http://www.ibtimes.com/articles/136568/20110420/nigeria-election-goodluck.htm#ixzz1K5pk45ym
According to reports, more than 200 people have died in post-election violence while security forces have arrested hundreds of people.
A reporter for Al Jazeera said: "What we're hearing is that the violence is taking a new dimension. Eyewitnesses are telling us that soldiers - or men dressed in military fatigues - are conducting door-to-door searches, removing people from their homes and actually attacking and in some cases killing them."
<b>
The election results have shown the stark sectarian differences in vast, oil-rich Nigeria.</b>
Nigeria elections Here is quick snapshot
http://www.ibtimes.com/articles/136568/20110420/nigeria-election-goodluck.htm
- Buhari, a Muslim and a northerner, was supported by the entire northern regions of the country,
- while Jonathan, a southerner and a Christian, won almost all of the south.
Buhari told the Voice of America radio service that his party, the Congress for Progressive Change, noticed âirregularitiesâ during voting in the southern parts of the country.
"I urge people to calm down and be law-abiding as we are pursuing these irregularities with [the electoral commission] with a view to ensure justice for them," he said.
<b>
However, international observers sent to Nigeria to monitor the election determined they were free and fair. </b>
"It is regrettable that when the international observers are commending us for credible elections, we witness violence in some parts of the country, it is really regrettable because it is uncalled for," Jonathan said.
<b>
A correspondent for BBC based in Nigeria wrote: âMost of those behind the rioting have been unemployed young men - uneducated and deprived. Often they are only remembered by politicians at elections, when they are sometimes paid to do their bidding. They could send any conflict out of control, because it provides them with an opportunity to loot and attack the people they perceive as their enemies.â
He added: âIrrespective of political party and region, 12 years of civilian rule have brought little change to the lives of Nigerians. But the north is far behind the south in terms of development, education and the availability of economic opportunities. Good governance, not political platitudes from the elite, is what many say is needed for the future.â
</b>
-----
http://www.businessweek.com/news/20...ion-violence-kills-153-rights-group-says.html
The fighting displaced more than 39,000 residents and injured at least 410 people, the secretary of the Nigerian Red Cross, Umar Mairiga, said by phone from Lagos, the commercial capital. Seventeen people were killed in the city of Gombe and 71 injured, Ali Shaliza, a doctor at the Federal Medical Center in the city, said by phone.
Jonathan, a Christian from the oil-rich Niger River delta region, defeated Buhari by a 57 percent to 31 percent margin, according to the Independent National Electoral Commission. Buhariâs party rejected the election verdict.
Credible Vote
Most international observers, including the European Union, called the vote credible. The last elections, in 2007, were described by international and local monitors as flawed because of intimidation of voters and ballot fraud.
Nigeria, Africaâs most populous nation with 150 million residents, is roughly split between a mostly Muslim north and a largely Christian south, a divide reflected in voting for the election. Buhari won all of the countryâs 12 northern states while Jonathan took 23 of 24 in the mainly Christian central and southern states.
Decades of dominance in northern Nigeria by a âcorrupt eliteâ have left a huge army of unemployed and unskilled poor in the region who are increasingly attracted to radical Islamic views, Matthew Hassan Kukah, the vicar-general of the Catholic Diocese of Kaduna, said by phone today.
http://www.ibtimes.com/articles/136568/20110420/nigeria-election-goodluck.htm
- Buhari, a Muslim and a northerner, was supported by the entire northern regions of the country,
- while Jonathan, a southerner and a Christian, won almost all of the south.
Buhari told the Voice of America radio service that his party, the Congress for Progressive Change, noticed âirregularitiesâ during voting in the southern parts of the country.
"I urge people to calm down and be law-abiding as we are pursuing these irregularities with [the electoral commission] with a view to ensure justice for them," he said.
<b>
However, international observers sent to Nigeria to monitor the election determined they were free and fair. </b>
"It is regrettable that when the international observers are commending us for credible elections, we witness violence in some parts of the country, it is really regrettable because it is uncalled for," Jonathan said.
<b>
A correspondent for BBC based in Nigeria wrote: âMost of those behind the rioting have been unemployed young men - uneducated and deprived. Often they are only remembered by politicians at elections, when they are sometimes paid to do their bidding. They could send any conflict out of control, because it provides them with an opportunity to loot and attack the people they perceive as their enemies.â
He added: âIrrespective of political party and region, 12 years of civilian rule have brought little change to the lives of Nigerians. But the north is far behind the south in terms of development, education and the availability of economic opportunities. Good governance, not political platitudes from the elite, is what many say is needed for the future.â
</b>
-----
http://www.businessweek.com/news/20...ion-violence-kills-153-rights-group-says.html
The fighting displaced more than 39,000 residents and injured at least 410 people, the secretary of the Nigerian Red Cross, Umar Mairiga, said by phone from Lagos, the commercial capital. Seventeen people were killed in the city of Gombe and 71 injured, Ali Shaliza, a doctor at the Federal Medical Center in the city, said by phone.
Jonathan, a Christian from the oil-rich Niger River delta region, defeated Buhari by a 57 percent to 31 percent margin, according to the Independent National Electoral Commission. Buhariâs party rejected the election verdict.
Credible Vote
Most international observers, including the European Union, called the vote credible. The last elections, in 2007, were described by international and local monitors as flawed because of intimidation of voters and ballot fraud.
Nigeria, Africaâs most populous nation with 150 million residents, is roughly split between a mostly Muslim north and a largely Christian south, a divide reflected in voting for the election. Buhari won all of the countryâs 12 northern states while Jonathan took 23 of 24 in the mainly Christian central and southern states.
Decades of dominance in northern Nigeria by a âcorrupt eliteâ have left a huge army of unemployed and unskilled poor in the region who are increasingly attracted to radical Islamic views, Matthew Hassan Kukah, the vicar-general of the Catholic Diocese of Kaduna, said by phone today.
4/20/11 EOD Reuters report
http://www.reuters.com/article/2011/04/20/markets-energy-nymex-idUSN2058835820110420
Wed Apr 20, 2011 4:23pm EDT
* U.S. crude, products stockpiles fall last week - EIA
* Dollar weaker, equities rally, supportive to oil
* Coming up: US jobless claims data 8:30 a.m. EDT Thursday
NEW YORK, April 20 (Reuters) - U.S. crude futures jumped
2.9 percent on Wednesday on lift from government data showing
sharp drops in crude and refined products stockpiles, an
equities rally and a weaker dollar.
FUNDAMENTALS
* On the New York Mercantile Exchange, June crude CLM1
rose $3.17, or 2.93 percent to settle at $111.45 a barrel,
trading from $107.96 to $111.66.
* U.S. highway miles driven rose 0.9 percent in February
from a year earlier, according to data released by the U.S.
Transportation Department. [ID:nN20156687]
* Muammar Gaddafi's government is circumventing
international sanctions to import gasoline to western Libya by
using intermediaries who transfer the fuel between ships in
Tunisia. [ID:nLDE73J1BK]
* Gulf Arab states trying to mediate a transition of power
in Yemen will send the UAE foreign minister to Sanaa within
days, a Yemeni official said, but President Ali Abdullah Saleh
again refused to quit quickly. [ID:nLDE73J1AE]
* Syrians took to the streets in large numbers in the city
of Homs, where activists say more than 20 pro-democracy
protesters have been shot dead since Monday. [ID:nLDE73J07S]
* High oil prices have hurt demand in China and the United
States, and OPEC needs to raise output around June to stem
further price rises, the International Energy Agency's
executive director said. [ID:nL3E7FK15D]
* OPEC sees oil prices between $80 to $90 as "adequate" and
has no plans for an emergency meeting because the market is
well supplied despite unrest in Libya, Ecuador's oil minister
said. [ID:nN20155751]
* Japan's crude oil imports fell at their fastest pace in
more than a year in March. [ID:nL3E7FK00I]
<b> MARKET NEWS
* The dollar plummeted against major and emerging market
currencies as the prospect that U.S. interest rates would
remain at record lows encouraged investors to seek higher
returns elsewhere. [USD/]
* Strong profits and outlooks from tech and manufacturing
companies propelled U.S. stocks higher. [.N]
* Gold rallied above $1,500 an ounce for the first time,
extending this week's run of record highs as investors sought
to hedge growing inflation risks and bought into a broad
commodities rally. [GOL/]
</b>
UPCOMING DATA/EVENTS
* U.S. initial jobless claims data at 8:30 a.m. EDT (1230
GMT) on Thursday.
* U.S. Energy Information Administration weekly natural gas
storage data, 10:30 a.m. EDT (1430 GMT), Thursday.
http://www.reuters.com/article/2011/04/20/markets-energy-nymex-idUSN2058835820110420
Wed Apr 20, 2011 4:23pm EDT
* U.S. crude, products stockpiles fall last week - EIA
* Dollar weaker, equities rally, supportive to oil
* Coming up: US jobless claims data 8:30 a.m. EDT Thursday
NEW YORK, April 20 (Reuters) - U.S. crude futures jumped
2.9 percent on Wednesday on lift from government data showing
sharp drops in crude and refined products stockpiles, an
equities rally and a weaker dollar.
FUNDAMENTALS
* On the New York Mercantile Exchange, June crude CLM1
rose $3.17, or 2.93 percent to settle at $111.45 a barrel,
trading from $107.96 to $111.66.
* U.S. highway miles driven rose 0.9 percent in February
from a year earlier, according to data released by the U.S.
Transportation Department. [ID:nN20156687]
* Muammar Gaddafi's government is circumventing
international sanctions to import gasoline to western Libya by
using intermediaries who transfer the fuel between ships in
Tunisia. [ID:nLDE73J1BK]
* Gulf Arab states trying to mediate a transition of power
in Yemen will send the UAE foreign minister to Sanaa within
days, a Yemeni official said, but President Ali Abdullah Saleh
again refused to quit quickly. [ID:nLDE73J1AE]
* Syrians took to the streets in large numbers in the city
of Homs, where activists say more than 20 pro-democracy
protesters have been shot dead since Monday. [ID:nLDE73J07S]
* High oil prices have hurt demand in China and the United
States, and OPEC needs to raise output around June to stem
further price rises, the International Energy Agency's
executive director said. [ID:nL3E7FK15D]
* OPEC sees oil prices between $80 to $90 as "adequate" and
has no plans for an emergency meeting because the market is
well supplied despite unrest in Libya, Ecuador's oil minister
said. [ID:nN20155751]
* Japan's crude oil imports fell at their fastest pace in
more than a year in March. [ID:nL3E7FK00I]
<b> MARKET NEWS
* The dollar plummeted against major and emerging market
currencies as the prospect that U.S. interest rates would
remain at record lows encouraged investors to seek higher
returns elsewhere. [USD/]
* Strong profits and outlooks from tech and manufacturing
companies propelled U.S. stocks higher. [.N]
* Gold rallied above $1,500 an ounce for the first time,
extending this week's run of record highs as investors sought
to hedge growing inflation risks and bought into a broad
commodities rally. [GOL/]
</b>
UPCOMING DATA/EVENTS
* U.S. initial jobless claims data at 8:30 a.m. EDT (1230
GMT) on Thursday.
* U.S. Energy Information Administration weekly natural gas
storage data, 10:30 a.m. EDT (1430 GMT), Thursday.
