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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (52804)	12/19/2018 4:23:24 PM
From: Goose94	Read Replies (1) \| Respond to of 203330

Crude Oil: Josef Schachter’s EIA oil On the bullish side: Commercial crude stocks fell 0.5Mb Distillate fuel stocks fell 4.2Mb as cold weather increased usage. Overall stocks fell by 10.3Mb (excluding the SPR) and 10.7Mb including the SPR. Product supplied or used was up by 848Kb/d to 22.3Mb/d. This is up 1.8Mb/d in just the last two weeks. Proof of strong winter demand - which is up 8.8% in just two weeks. Gasoline consumption rose by 208Kb/d to 9.24Mb/d. Distillate oil demand rose by 418Kb/d on the week to 4.89Mb/d, and is up 849Kb/d or 21% in just two weeks. There was only one item for energy bears: Gasoline inventories rose by 1.8Mb as refiners build up winter grade product. Refiners worked at 95.4% of capacity up from 95.1% last week and 94.1% last year. It appears that yesterdays plunge in crude prices was due to disorderly hedge and commodity fund margin call liquidation. We may see more of this if there is a general stock market plunge. However we are getting near the end of this liquidation as fund long holdings are falling. The price of WTI should move over US$50/b in early January if this liquidation is over by then and demand continues at its current strong winter pace twitter.com