It is the 23rd of October 2019

News

WTI/RBOB Slide After Surprise Crude Build

The last two days have seen WTI/RBOB prices soar (as trade-war fears ebb and Saudi hopes for higher prices) but they gave a little back after API reported a surprise crude build and notable Gasoline build.

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WTI Sinks After Surprise Crude Build

Despite UAE oil minister jawboning, WTI/RBOB was sold today heading into the API data and extended losses after crude showed a surprise build (+1.82mm vs -2.95mm exp). Cushing saw a massive destocking and RBOB was steady after gasoline showed a surprise draw.

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Stocks Hit Record Highs As Tax Hype Trumps Nuclear Doomsday Fears

Wholesale inventories plunge and Kim shoots off some missiles... but Powell panders to TBTF banks and GOP pushes tax bill = so buy mortimer buy...

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WTI/RBOB Jump After Major Inventory Draws Across Entire Energy Complex

WTI posted a 5.2% gain in October, the first back-to-back monthly advance this year, and held up near the highs of the day into the API print. WTI/RBOB kneejerked higher as the data hit showing large inventory draws across everything...

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WTI Shrugs Despite Huge Crude Draw

A v-shaped recovery in WTI/RBOB today (amid a dollar reversal at the EU close and chatter about a big crude draw) led prices higher into the API print (but after last week's 100% incorrect API vs DOE reversal, who knows what it means). And the rumors were true - a huge crude draw (biggest in 2 months) and the first build at Cushing in 8 weeks. However WTI prices didn't move much as product builds weighed on RBOB prices.

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Dow Fails To Hold 23,000 As Yield Curve Carnage Continues

The Dow is now up 17% YTD - crushing bonds and bullion - NOTE everything changed when China’s central bank decided that it would remove a reserve requirement for financial institutions trading in FX forwards for clients by cutting it to zero from 20% currently..

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