here we go. will the bulls keep charging?

U.S. commercial crude inventories rose by 1.1 million barrels to a total of 523.6 million for the week ended Aug 5, according to the U.S. Energy Information Administration. Gasoline stockpiles fell 2.8 million barrels.

Analysts expected the EIA to cite a drawdown of about 1 million barrels each in both domestic crude and gasoline inventories.

The American Petroleum Institute (API), a trade group, issued its own inventory data on Tuesday that showed a build of 2.1 million barrels in crude and a drop of 3.9 million barrels in gasoline.

..

Top oil exporter Saudi Arabia boosted its output to a record high in July, it told OPEC, in a sign that key members remain focused on market share rather than tackling a supply glut by curbing production.

this "opec talk" is spouted from the small desperate exporters like venezuela, in very bad shape.

the big opec fellas like saudi and iran won't give 2 hoots but continue to grab market share.

i think it will take another long leg down like to 35-36 before all of them even get serious about freezing production.

we'll see who's the winner in the next 30 min.

ok, tmrw... 40?

best wait until fri for rig count.

current conditions are such that it's looking to slide further.

more chartists are now looking at 36.

about "opec talks", i thought this guy was candid.




This post has been edited by AVFAN: Aug 11 2016, 10:32 AM

there were more like that - "overly bearish", "crude and $ to trade up together", etc.

but for every bull report, there is a bear one too.

as readers, we read everything, then decide ourselves.

right now, i am feeling extremely bearish for oil.

then again, i have been wrong many times too.



the big surprise is the indices keep hitting records.

i never expected goog to hit all time highs almost everyday!

just some words, and crude spikes 3%. incredible!


Oil prices rose as much as 3 percent on Thursday after Saudi Arabia's top energy official said producers may discuss taking steps to stabilize prices and as the International Energy Agency the International Energy Agency forecast crude markets would rebalance in the next few months

yep, and everyone falls for it. time and again.

but traders love it, big chance to make big bucks.

today, from low of 41.1 to 43.3 now = 5.3%.

i last i read, usoil long:shorts = 1.7.

but yes, some shorts now scrambling for cover.

dow, s&p, nasdaq all at record highs.

looks like all overvalued... u wonder how much higher can they go.

wti looks stable now at 43.50 after a 4.3% spike.

next, we wait to read... "iran says will cooperate at opec meeting" or "iran will not attend opec meeting".

then, another rush...

something to think about...


Stock prices are at record highs, and so is speculation
http://www.cnbc.com/2016/08/11/investing-s...peculation.html

This post has been edited by AVFAN: Aug 12 2016, 02:39 AM

what i read, the long:shorts ratio has gone from 1.7 yesterday to 1.15 today.

there was short covering, but now more new shorts; both long and shorts are at record levels - a highly speculative game!

ya, think so. if it can break thru 44.50 thereabout, likely to continue higher.


we will see tonight - after china data, usa retail sales data, rig count.

This post has been edited by AVFAN: Aug 12 2016, 10:14 AM

it's more perception and traders at work, imo.

becos:

.. talked up by ONE saudi guy.
.. iea basically said "glut is over".

true or not... hard to say... or is it?

then again, even if there is 5 bil bbls excess, people willing to pay increased price, why not?

free enterprise at work!

i hope this will lower the stock prices!

all 3 indices record high, first time since 1999.

so high that i dare not buy anything!

anyone believe this?!

oil bulls can now take profit after 8% spike in 2 days.

BREAKING: US oil rigs rise by 15 to 396: Baker Hughes

you can see that it was "parked at 44.50 waiting for the report just before 1am.

if rig count was +3 or -3, the bulls would have pushed it to 45 within 5 seconds!

still, i think it will close above 44 tonight.

the force is strong with this one.

impressive... don't play play...

wti wants to break out of 44.50, a tough one.

touch and go.

will see next week.

crude price up a lot amidst volatility.

risky to be either bull or bear now...