Yes, the headline was designed to be tongue in cheek and sarcastic. Last week, crude oil spiked on a bigger than expected draw in distillates. Today, for some odd reason, the same news is causing a sell off.
Crude oil inventories had a build of +1.06 mln (consensus called for a draw between -800K & -1.75 mln barrels)
Gasoline inventories had a draw of -2.81 mln (consensus called for a draw between -1.0 & -1.2 mln barrels)
Distillate inventories had a draw of -1.96 mln
Please don’t pay attention to the fact crude inventories are rising. We don’t want to recognize that news. As bull market circle jerkers, the narrative that we will spread amongst friends and enemies alike is one that speaks to a dwindling supply of crude oil at a time when demand is robust. We will ignore all of the earnings reports that announce record oil production and we will never discuss the levels of production emanating out of the Middle East.
WTI is down. Without question, it is a buying opportunity!
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30th Anniversary Blu Ray of the Transformers Movie coming out.
Best cartoon movie ever made, starring Orsen fucking Wells.
He was fantastic as general Zod.
Still a buying opportunity after getting relentlessly destroyed today and closing at the bottom? The candle today makes me think oil is headed down… hard!