Crude Oil

My algo just threw up a bearish signal on oil.

 

Oh F. Mickey went long. There goes Hormuz. $100 oil.

 

Who controls the oil in the US inventories? Who owns them? Who feeds off of them and when?

Anyone have any info?

 

Obviously, the CL contract should have come off more yesterday - Strait of Hormuz bid keeping it firmish.

 

https://www.energy.gov/fe/services/petroleum-reserves

The US Government (taxpayers) owns the petroleum in the reserves. The crude stockpiles are stored in deep underground salt domes (caverns) along the Louisiana and Texas Coasts.

Salt mines are exceptionally stable and water/gas-tight geological structures - the Chicago CityGate Natural Gas Hub is also an underground salt mine cavern.

The US Government lists the average price of Crude Oil in the SPR as $29.70 per barrel on the DOE website.

 

Highly likely this is the bottom, my signal is a tad conflicting, need another day for confirmation.

 

Not unless you're calling a bottom to the equity markets. Ask President Xi Jinping.

 

The only bears I'm seeing are the short ETF's, they've decided to go back into a cave (can only see their bums), but everything is bullish imo. Oh, gold continues to be a cot case in USA, not so bad in Oz where our weak dollar has been good to us.

 

Ooooooo oil is going up

 

Looks pretty weak, not following this market rally.