If you're long, you'd better just exit now while you can, or find a nice, tall oak tree with some sturdy low hanging branches. Has there ever been a weekly build this high?
It means that there is more supply of oil than the market was anticipating. The forecast inventory build was only expected to be 800K barrels vs 9.4 million actual. More supply than the market expected *usually* means prices will drop and the market is behaving that way right now (emphasis on now).
Think thats the biggest over supply in the last few years atleast!! Never saw anything like it!! Made a few hundred ticks from it but utterly disgraceful compared to teh amount i should have made if id 'gambled'!!
yeah, Crude is actually holding up pretty well considering how big this number was. It even went up some right after the number came up and looked like it was going to snap back for a minute. An afternoon rally would not surprise me at all.
I've been wrong many times before, but it hasn't stopped me from prognosticating. I think crude sells off big time this afternoon. 112 would be demarcation. This number is just too big. I am even more confident no one will want to be long over the weekend absent some bizarre event.
My thoughts exactly. As bad as it sounded, CL should be trading at 110 or lower. But it's only down a few and Ag futures and Gold is holding up pretty well. Meanwhile, ES just reversed and started going down.