From ZHhttp://www.zerohedge.com/news/2017-01-1 ... to+zero%29
Crude Dumps'n'Pumps Despite Massive Inventory Builds, Biggest Jump In Production In 20 Months
After last week's massive product builds (and crude draw), API suggested additional builds ahead of DOE data which confirmed even bigger than expected builds in Crude, Gasoline, and Distillates. WTI gapped lower on the print then accelerated lower as US crude production rose by the most since May 2015. Then the algos decided it was time to rip oil prices higher...
Biggest crude build since November and another week of massive builds in gasoline and distillates...The 13.4 million barrel increase in total U.S. crude and refined products stocks last week is the biggest weekly gain since April 2015.
U.S. CRUDE WEEKLY CRUDE IMPORTS RISE TO HIGHEST SINCE 2012: EIA U.S.
DISTILLATE STOCKS REACH HIGHEST WEEKLY LEVELS SINCE OCTOBER 2010: EIA
Crude prices have slipped this week on, among other things, concerns of rising US crude production which exploded higher in the last week...The biggest surge since May 2015
So this is what I was saying yest.
Terrible numbers so the RORR push it HIGHER not DOWN.
This is a manipulated market. Expect this morning push up to be reverse and the trend to be DOWN through the bottom of the rectangle as per yest chart.
When will it reverse? Before they could continue it up for Wed and Thurs but I think they are weakening they power and perhaps the push is only could for today.
for this morning showing how the media is trying to spin positive -- total BS MSM spin:
"Oil prices rise as details of Saudi supply cuts start to emerge
By Amanda Cooper
LONDON (Reuters) - Oil prices rose for the first time in three days on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.
Brent crude futures were up 52 cents at $54.16 a barrel by 0950 GMT (4:50 a.m. ET), while U.S. West Texas Intermediate crude futures were up 44 cents at $51.26 a barrel.
Brent has surrendered nearly 40 percent of the gains made between late November and early January. Analysts, however, said the slide was unlikely to become more aggressive, given the likelihood of Saudi Arabia and its Gulf neighbors at least sticking to their pledge to cut output.
"Few envision that Brent crude at sub-$50 a barrel is a viable price (in H1, or the first half of 2017) amid OPEC production cuts tightening up the market," SEB commodities strategist Bjarne Schieldrop said.
"If last night’s low of $53.58/barrel turns out to be the low point remains to be seen. However, we do think that buying in the territory between the current price of $53.88/b and down to $50/b is probably as good as it gets for buyers in H1."
Saudi Arabia, the world's top oil exporter, has told some of its Asian customers that it will reduce their crude supplies slightly in February.