like we have seen many times, even a small piece of positive news will send the oil bulls rallying!

Oil prices rise on Iraq loading worries; bearish investors cap gains

will see later if the usual pattern emerges - asian/european traders will push it up high, then drop like hell just before nymex opens.
but really, the fall has been too sharp, some recovery is to be expected...

i will be at the keyboard at 9.30pm.

dow futures now +7x; if it goes lower, wti will likely dive.

i will go dwti again if it stays up high.

there is no big reason for wti to rally except for the iraq thingy which is supposedly resolved now.

and the usual "weak $"...

but must not forget the fabulous api insider info syndrome later in the session.

fun night ahead.

me too!
yesterday i was talking about diving towards 44 then 42! now its shooting sharply up and up! incredicle! who r these people buying? i dont seem to find any 'good' news for crude.
What a game! i stay aside.

40 more mins.

may have to surrender...

no la... the volatility gets to you - cold feet, very normal.
looking at the gyrations in the last few minutes, i will hold until tmrw.

maybe api will report +3.3mil instead of experts estimate of -3.3mil.

then maybe eia will report -1mil.

really, hard to think it will rally another 3% after 5% today.

since iea made a statement before eia data is released, likely eia will report stock buildup too, like api.

wti retreat to <45?

ok, dow/s&p can continue to rally!
http://www.cnbc.com/2016/07/12/oil-prices-...ude-stocks.html

if u wait, sell now...27.00 only.

US crude stockpiles fall less than expected at 2.5 million barrels: EIA
4 out of 5 times, eia data is opposite to api.

so, wti should be going back to 44.xx.

hazardous times... very easily burned by uwti/dwti.

oh, yes...

looking for a chance to dive back in.

Got spammed.... 

Can we short sell this business?   

I see another bounce off the 44.5x level here.. perhaps double bottom?? 

Yeah.. of course they do but I don't think they went in buy back their oil like that just to support the market from collapsing below that number.

All they need to do is just to say the words 'cut production', and this Oil market will rally to the moon. 

Perhaps do not even need to act on it.. just say 'maybe we're thinking about cutting back xx', the bulls will jump back in as if it will definitely happen.

You know why? It is just like how in early part of this year, when OPEC and Russians were planning to talk about "freezing" production at the current level (not even cut.. just maintain only) but the talks collapsed with no agreement. Oil rallied from the lows of $26 till this level with no confirmation on what they actually did or did not do.

So far, in reality NONE of them has any production cut at all... how the heck did the market even justify the price at this level, right?  All talk only, but the bulls got very excited already.    

Also on Friday, data from oilfield services firm Baker Hughes showed U.S. drillers added oil rigs for a sixth week in the last seven. The number of oil rigs operating in U.S. fields rose by 6 to 357, compared to 638 at this time last year.
6 more rigs = not much, can rally!

well, if 6/7 weeks had rig count rise, a matter of time the stocks will incr...
no fish today...

have a good weekend!