Oil Suddenly Surges Out Of The Blue
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:
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
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.
Weird thing is, CADUSD started a big move hours before. CADUSD has a super high correlation with crude prices.
Never heard that one anonymous. Makes sense, hard asset economy
plunge protection causing glitch in the Matrix
equities positive….vix shrinking since mid-morning
410,000 BBD offline due to Dalian fire in China.
Crude operations not affected at Dalian
It’s the Baker Hughes Rig counts
no.
surge started an hour and 20 minutes before BH
Many physical producers get it early…including my old shop
well, if they were buying like that then methinks they might have overestimated how bullish the data was.
Totally agree. Physical stockpiles are not very highly correlated to rig counts.
thanks for the info btw Bob. i never traded physical anything. wasn’t aware BH was something that got leaked.
The invisible hand