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Platform: NinjaTrader , Multicharts and my own system
Trading: Futures
Posts: 294 since Feb 2015
Thanks Given: 19
Thanks Received: 459
Oil inventory up 7.8 Million analyst estimate was 4.8 ..
Interesting quote from the EIA inventory report
".....Reserve) increased by 7.8 million barrels from the previous week. At 502.7 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years"
and oil is UP a few dollars on the news ....not sure what to say about that one.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,057 since Dec 2013
Thanks Given: 4,399
Thanks Received: 10,225
For this time of year is significant. Crude stocks normally peak in the spring. Last year crude stocks increased 75 million barrels in the next 3 months, 2 years ago they increased 25 million barrels. In fact in the last 16 years I believe 2003 was the only year stocks didnt increase >20million barrels in the next 3 months.
Brent is now premium again in the front of the curve, with WTI only slightly premium for the second half of the year.
Interesting article on /CL, news etc over the past week or so (esp last THU.) Article states that Russia and Saudi Arabia are the two largest exporters.
Also, I think Dudley's comments to MNI helped fan the short covering in /CL today as well as the dump in /ES.
Who knows, folks are walking on pins and needles - waiting for someone/ thing (central bank) to say BOO.