iBankCoin
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
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EIA Report Showing Glut in Distillates Helps Crude Lower

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.

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3 comments

  1. wisprjet

    Our area is losing 86 jobs next year due to the closing of Alabama Metal Industries. They are closing three other production sites. These were $16.50 to $30 an hour jobs. These sties make bar grating which is used by domestic oil industries. Because domestic oil production costs cannot compete with foreign oil, there is no longer a demand for the grating product. Even though these plants have been profitable and well-run, it is easier to import than buy domestic.

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  2. 99 lead balloons

    You just wrote piece on Gartman shoes and now say he didn’t do anything wrong!

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