I knew oil will settle around 49.0 today but could not catch last short as busy and way . Instead of doing a 49.0 around 14:00 (EST) MMs did take upto 49.80 first then dropped ..
DOW JONES NEWSWIRES [Dow Jones]--US crude oil stocks jumped 6.944 mln bbls - far more than expected - in the week ended Apr 3, API said Tue. Gasoline stocks rose 2.873 mln bbls, against expectations for a drop, - while distillate stocks fell 2.266 mln bbls, compared with forecasts for a smaller drop. - Refiners lifted operations by 0.2 percentage point to 82% of capacity. - Analysts surveyed by Dow Jones Newswires expected weekly surveys to show crude oil stocks rose by 2 mln bbls, with forecasts ranging from unchanged to up 3.7 mln bbls. G - asoline stocks were expected to drop by 900,000 bbls, with forecasts ranging from a rise of 2 mln bbls to a fall of 3.6 mln bbls. Distillates (heating oil/diesel) were expected to drop by 300,000 bbls, with forecasts ranging from a rise of 1 mln bbls to a drop of 1.6 mln bbls. Refiners were expected to boost operations relative to capacity by 0.2 percentage point, with forecasts ranging from a rise of 0.75 point to a fall of 0.2 point. EIA is scheduled to issue its report at 1030 AM ET Wed.
DOW JONES NEWSWIRES [Dow Jones]--US crude oil stocks jumped 6.944 mln bbls - far more than expected - in the week ended Apr 3, API said Tue. Gasoline stocks rose 2.873 mln bbls, against expectations for a drop, - while distillate stocks fell 2.266 mln bbls, compared with forecasts for a smaller drop. - Refiners lifted operations by 0.2 percentage point to 82% of capacity. - Analysts surveyed by Dow Jones Newswires expected weekly surveys to show crude oil stocks rose by 2 mln bbls, with forecasts ranging from unchanged to up 3.7 mln bbls. G - asoline stocks were expected to drop by 900,000 bbls, with forecasts ranging from a rise of 2 mln bbls to a fall of 3.6 mln bbls. Distillates (heating oil/diesel) were expected to drop by 300,000 bbls, with forecasts ranging from a rise of 1 mln bbls to a drop of 1.6 mln bbls. Refiners were expected to boost operations relative to capacity by 0.2 percentage point, with forecasts ranging from a rise of 0.75 point to a fall of 0.2 point. EIA is scheduled to issue its report at 1030 AM ET Wed.
In the separate data released by API, a trade group, U.S. crude stocks rose 6.9 million barrels, gasoline stockpiles rose 2.9 million barrels and distillate stockpiles fell by 2.3 million barrels in the week. Refinery use rose 0.2 percentage point to 82%. Analysts' Estimates Analyst Crude Gasoline Distillates Refining Alaron Trading +1 +1 +1 +0.5 BNP Paribas +1.5 -1 -1 +0.25 Cameron Hanover +5 -1.5 -1.25 +0.75 Citi Futures Persp. +1.5 -1.5 -1 -0.2 Excel Futures +1.3 -1.9 +0.5 -0.3 IAF Advisors +3 -2 unch +0.3 ICAP unch -3.6 -0.7 +0.1 JPMorgan +3.4 -1.3 +1 n/a MF Global-Fitzpatrick +3.7 -1.3 -1.6 +0.6 Ritterbusch & Assoc +1.5 -1.9 -0.2 unch Societe Generale +0.5 -0.5 +0.4 unch Summit Energy +2 -0.5 -0.75 unch Tradition Energy +0.8 +1 -0.5 -0.1 TrendMax Futures +2 +2 +1 -0.2 Average Estimate +1.9 -0.9 -0.2 +0.1
Short 48.46 Stop 48.70 holding this into the report. > moved stop to b/e >>out at 48.26, looks like crude may well spike on the report.
although reports were fairly bullish for crude, i think there's a good shorting opportunity coming up, probably at the 50.00 mark.