Dennis Gartman did nothing wrong. His call for a top in crude is looking good today, with oil down sharply after EIA data showed a bigger than expected build in distillates. Essentially, people are using less gasoline and other refined products.
EIA Petroleum Inventory Data
The EIA reports that for the week ending Dec 2:
Crude oil inventories had a draw of -2.389 mln barrels (consensus called for a draw of -1.032 mln barrels)
Gasoline inventories had a build of +3.425 mln barrels (consensus called for a build of +1.948 mln barrels)
Distillate inventories had a build of +2.501 mln barrels
WTI is on the brink of breaking $50. Again, this is fucking nonsense, since WTI is up 20% over the past week — ever since the Saudis jimmy-rigged prices higher.Twitter