Short 97.25
CL Redux
- Thread starter schizo
- Start date
geez I had a sell order just above r1 and never thought it would get filled but wow what a draw down. Is it more of a technicality in the supply chain or is it actual usage?
OIL FUTURES: Crude Surges As US Inventories Drop 10.6M Bbls
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<b>While crude stocks often fall at the end of the year </b>, the size of the drop surprised analysts, who had expected a 2.4-million-barrel decline.
"A 10-million-barrel draw in crude inventories is massive," said Peter Donovan, vice president and broker at Vantage Trading in New York. "Guys on the floor were definitely taken aback."
Brent crude on the ICE futures exchange traded 41 cents higher at $107.17 a barrel.
Stockpiles typically fall towards the end of the year as refineries adjust their inventories to minimize their tax burdens.
<b>"You tend to see it every year at the end of the year," </b>said Tom Bentz, director at BNP Paribas Prime Brokerage.
- He said the <b>closing of the Houston ship channel for portions of last week may have contributed to lower stockpiles as shipments were held up. </b> In the Gulf Coast region last week, stocks fell by seven million barrels, EIA data showed.
<< ship channel close , big trades know this .. seems that why the drop to 92 level to Squeeze shorts on STOCK report day >>
Drops were significantly smaller for fuel products. Gasoline stockpiles fell by 400,000 barrels, while stocks of distillate, which include heating oil and diesel, fell 2.4 million barrels.
Analysts had expected gasoline stocks would rise 1.2 million barrels, while distillate stocks were seen falling 300,000 barrels.
In recent months, U.S. crude stockpiles have fallen as demand for fuel products globally has raised U.S. exports, in part making up for slack domestic gasoline demand.
http://online.wsj.com/article/BT-CO-20111221-708806.html
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<b>While crude stocks often fall at the end of the year </b>, the size of the drop surprised analysts, who had expected a 2.4-million-barrel decline.
"A 10-million-barrel draw in crude inventories is massive," said Peter Donovan, vice president and broker at Vantage Trading in New York. "Guys on the floor were definitely taken aback."
Brent crude on the ICE futures exchange traded 41 cents higher at $107.17 a barrel.
Stockpiles typically fall towards the end of the year as refineries adjust their inventories to minimize their tax burdens.
<b>"You tend to see it every year at the end of the year," </b>said Tom Bentz, director at BNP Paribas Prime Brokerage.
- He said the <b>closing of the Houston ship channel for portions of last week may have contributed to lower stockpiles as shipments were held up. </b> In the Gulf Coast region last week, stocks fell by seven million barrels, EIA data showed.
<< ship channel close , big trades know this .. seems that why the drop to 92 level to Squeeze shorts on STOCK report day >>
Drops were significantly smaller for fuel products. Gasoline stockpiles fell by 400,000 barrels, while stocks of distillate, which include heating oil and diesel, fell 2.4 million barrels.
Analysts had expected gasoline stocks would rise 1.2 million barrels, while distillate stocks were seen falling 300,000 barrels.
In recent months, U.S. crude stockpiles have fallen as demand for fuel products globally has raised U.S. exports, in part making up for slack domestic gasoline demand.
http://online.wsj.com/article/BT-CO-20111221-708806.html
He said the <b>closing of the Houston ship channel for portions of last week may have contributed to lower stockpiles as shipments were held up </b>. In the Gulf Coast region last week, stocks fell by seven million barrels, EIA data showed.
<< ship channel close , big trades know this is coming.. seems that is why the dumped to 92.50 level on Monday to Squeeze shorts on OIL STOCK report day >>
<< ship channel close , big trades know this is coming.. seems that is why the dumped to 92.50 level on Monday to Squeeze shorts on OIL STOCK report day >>
So bullish it's scary. That being said I'm adding to my short pretty much where I got in this morning no reason we can't plop down to 98 before we continue higher. But I'll probably just be stopped out before it does. ES reaching that all important 37.50 level as we speak should be interesting.