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Range, direction not clear. now near range low, so watch for possible rebound to range high.
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Possible fireworks at 10:30. Goldman wrote a big piece that was out last night saying Government estimate of gasoline demand had to be wrong (drop of over 6%). If Government is close to right should be epic build and prove we are in recession. If Goldman is right could trigger a relief rally.
API report last night was largest build since 2014. Market did not crater, after all it was after hours and the notoriously noisy API report, but if DOE confirms after a huge build over the last 4 weeks this may unnerve the specs. http://www.zerohedge.com/news/2017-02-0 ... -recession
API Last night
Crude: +14.227MM
Distillate: +1.373MM
Gasoline: +2.903MM
Cushing: +624K
looks like a valid range breakdown, targeting 2274.
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From Zerohedge
Following last night's shockingly massive crude build reported by API, DOE data confirmed the ugliness with a 13.83mm build (over 5 times larger than the expected 2.5mm build). Cushing also saw a major unexpected build but Gasoline and Distillates saw lower than expected builds (Gasoline draw). Production rose to a new cycle high.
Crude +13.83mm (+2.5mm exp)
Cushing +1.143mm (-500k exp)
Gasoline -869k (+1.5mm exp)
Distillates +29k (+500k exp)
The 2nd biggest build in US history for crude stocks but Gaosline unexpectedly saw a drawdown...