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Crude may also easily crash either on Thursday or on Friday. Brent front options expire tomorrow and IEA report is coming out in Thursday early morning (and which is usually taken very seriously).
Profits at the group rose almost 40 per cent in the six months to 31 March, reaching $654m, while margins hit 3.1 per cent, as the Switzerland-based company used its global network of traders and storage facilities to buy cheap crude and take advantage of dislocations in the oil market.
Price action-wise it still looks bullish. As long as price stays above the 60.48 area (I'm just looking at a 30 min chart)
To me, this is exactly the type of stop running pullback you should see to get the larger players long and the smaller out.
Yes, that's right. Imports down, inputs up, draw in stocks. The question is what happens when demand dries up (e.g. seasonally). Or if crude/gas prices get much higher. If production continue to be at current levels or higher, Cush will be running out of capacity at some point in the future. I think that is where fun starts.