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no idea up or down here, guess it'll go nowhere until FOMC Wednesday.
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And the bad news for oil continues
Genscape Cushing +1.7mm bbls W/W
An expert pointed out (this weekend) that an extended world wide refinery maintenance season would reduce inputs by 2 to 3 million barrels a day in March and April.
Apparently JP Morgan put out a note Sunday night after the open that record long positions could cause a selling panic (thank you Captain Obvious!).
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According to Kemp things are following the textbook examples of a one sided trade. A reasonable number of traders saw this drop coming a week early and went short creating the liquidity hole prices dropped into at the end of the week.
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maybe it's just a vacuum up to test range high, might down from here to test range low.
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