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oil

Oil Suddenly Surges Out Of The Blue

WTI CRUDE RISES AS MUCH AS 84 CENTS TO INTRADAY HIGH OF $47.93

Ok, so something’s amiss in crude, which is on the move in a fairly “big league” way.

  • WTI CRUDE RISES AS MUCH AS 84 CENTS TO INTRADAY HIGH OF $47.93

And it’s still going. Have a look:

Crude

Although it started to rise with stocks on the Bannon story, the catalyst here isn’t immediately clear.

Note this started an hour and 20 minutes before rig count.

Indeed, it’s hard to see a connection. As Bloomberg notes, “there’s a report of a fire at the big Baytown refinery in Texas,” but that’s about it.

We’ll see.

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14 comments on “Oil Suddenly Surges Out Of The Blue

  1. Clayton Norris

    There’s more buyers than sellers. Technicaly, it broker out of a descending channel on 7-25 or so. It revisited the support over the last couple days & is now bouncing.

  2. Anonymous

    Weird thing is, CADUSD started a big move hours before. CADUSD has a super high correlation with crude prices.

  3. Clayton Norris

    Never heard that one anonymous. Makes sense, hard asset economy

  4. plunge protection causing glitch in the Matrix

  5. Clayton Norris

    equities positive….vix shrinking since mid-morning

  6. 410,000 BBD offline due to Dalian fire in China.

  7. Bob Iaccino

    It’s the Baker Hughes Rig counts

  8. Bob Iaccino

    Many physical producers get it early…including my old shop

  9. thanks for the info btw Bob. i never traded physical anything. wasn’t aware BH was something that got leaked.

  10. Clayton Norris

    The invisible hand

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