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Dr. Fly
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,441 Blog Posts

Markets Rally After Crude Explodes Higher

Dr. Fly Wed Apr 6, 2016 11:27am EST 5 Comments

Something to do about an EIA report is today’s excuse for an oil rally.

Crude oil inventories had a draw of -4.937 mln (consensus called for a build of +3.1 mln)
Gasoline inventories had a build of +1.438 mln
Distillate inventories had a build of +1.799 mln

Crude is higher by more than 4% now, helping spur a relief rally that is bound to catch fire–should crude continue to run.

 

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The biggest gains are in biotech, now higher by 3.5%.

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5 comments

  1. el rey de cucamonga
    el rey de cucamonga
    April 6, 2016 at 11:45 am

    That gasoline build is a bit shaky, but I am not well-versed on the dynamics of refinery maintenance schedules and summer blend changeover and all that techno stuff.

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  2. boyaj
    boyaj
    April 6, 2016 at 11:48 am

    $40 seems to be the rejection point for WTI. I’m looking to go short oil stocks once we approach this price level

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    • el rey de cucamonga
      el rey de cucamonga
      April 6, 2016 at 11:53 am

      I read somewhere that $40 is a magic number for banks financing E&P co’s, wish I had kept the link.

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  3. og
    og
    April 6, 2016 at 11:50 am

    TSLA has been a monster and the short interest is still crazy.

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  4. blahblahblah
    blahblahblah
    April 6, 2016 at 12:18 pm

    all good except my super cruddy TVIX and my “oh no he din’t” BIS

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