Oil, Gasoline Inventories Up; Distillates Down NEW YORK -- U.S. crude-oil inventories in the week ended April 3 rose slightly less than analysts' expectations, according to data released Wednesday by the U.S. Department of Energy. Crude stockpiles climbed 1.6 million barrels to 361.1 million barrels, the department's Energy Information Administration said in its weekly report. That compared with an average forecast of a 1.9 million-barrel build in a Dow Jones Newswires survey of analysts. Gasoline stockpiles rose 656,000 barrels to 217.5 million barrels, compared with an average survey estimate of a 900,000-barrel drawdown. Distillate stockpiles fell 3.4 million barrels to 140.8 million barrels, far more than analysts' forecasts of a 200,000-barrel draw. Refinery use rose 0.1 percentage point to 81.8% of capacity, matching expectations. U.S. Oil Inventories: For week ended April 3 U.S. Oil Inventories: For week ended April 3 Crude Gasoline Distillates Refinery Use EIA data: +1.6 +0.7 -3.4 +0.1 Forecast: +1.9 -0.9 -0.2 +0.1 Figures in millions of barrels, except for refining capacity, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires survey of analysts earlier in the week.
i've been scalping right now, up 400. out of the market atm. i will try a short at 50, if we reach there, with a tight stop. if we go past that level i don't really mind.
yesterday night API said crude build as +6.8 million bpd so Europe/asian market brought down to 47.50 this morning came EIA report said only 1.5 m bpd crude build , so this huge short squeeze. I am having one of the best days with this squeeze as followed from the minute report came. so we are back to 51 dollar oil ..
I posted as soon as known , see my post above with this time stamp yesterday 04-07-09 01:52 PM API report comes Tuesday 14:30 EST EIA report Wednesday 10:30 EST API has different method of calculating crude inventories , so they most of the time they show higher stock pile ( more crude in stock ) than EIA crude numbers . But most of the time the API show 0.5 to 1 million barrrels more then EIA But this time API said 6.8 million way to high , so market believed it so is the asian market drop to 47.50 level now with EIA numbers short squeeze
ooh. that sounds like a good trade strategy i never knew about. it looks like the demand is finally catching up with prices now in crude oil, though. >just took 50c on a long, it looks like the bulls are trying to squeeze out a few more shorts
I am expecting around 51.50 close today give or take 50 cents depending on where S&P stands. if we go by MMs play book there should be a) drop to 49.50 b) then pull back to 50.50 c) final 14:00 to 14:30 EST squeeze to 51.50 agian this is rule book, they can change it